Interest rate swap eligible contract participant forex

Um guia prático para a definição de Participante de Contrato Elegível (ECP): um QampA para bancos e mutuários O Commodity Exchange Act (o ldquoCEArdquo), modificado pelo Título VII da Lei Dodd-Frank e interpretado pela Comissão de Futuros Negociação de Commodities (ldquoCFTCrdquo) , restringe os tipos de participantes do mercado que têm permissão para firmar ou fornecer garantias com relação a um ldquoswap, um termo definido pelo CEA para incluir qualquer swap de taxa de juros usado por um mutuário para se proteger contra o aumento dos custos de empréstimos de um empréstimo. Em particular, com exceção limitada, todas as contrapartes ou garantidores de um swap usado para fins de hedge de risco de taxa de juros sob um empréstimo devem se qualificar como um participante contratual elegível, conforme definido pela Seção 1a (18) do CEA (um ldquoECPrdquo). Preparamos este ldquoQampArdquo para fornecer aos bancos, bem como aos mutuários, uma visão geral dos principais princípios legais dos requisitos de elegibilidade do ECP no âmbito do CEA e regras relacionadas promulgadas pelo CFTC. Este QampA não constitui aconselhamento legal e, portanto, você deve consultar um advogado qualificado para determinar como esses princípios podem se aplicar aos fatos de sua situação particular. A Commodity Exchange Act impõe restrições sobre quais devedores são elegíveis para usar um swap de taxa de juros para cobrir a exposição ao risco da taxa de juros sob um empréstimo Sim. O mutuário deve ser um participante contratual elegível, conforme definido na seção 1a (18) do Commodity Exchange Act (ldquoCEArdquo), a fim de utilizar um swap de taxa de juros para cobrir o risco de taxa de juros incorrido por aquele mutuário em uma operação de empréstimo comercial. Por que é que o caso Porque a seção 2 (e) do CEA torna ilegal para uma pessoa que não é um participante do contrato elegível para entrar em um ndash swap mesmo se para fins de hedge ndash a menos que esse swap é celebrado em uma placa de comércio que foi designado pela Commodity Futures Trading Commission como um mercado de contratos (por exemplo, uma bolsa de futuros). Em uma carta interpretativa de outubro de 2012, o Escritório de Advocacia Geral da CFTCrsquos (ldquoOGCrdquo) declarou ainda que a Seção 2 (e) claramente torna ilegal para uma não ECP ser uma contraparte conjunta e solidariamente responsável por swap, porque tal conduta constituiria a entrada em um swap, que a CEA proíbe de executar, a menos que o swap seja celebrado em ou sobre uma bolsa de futuros. Carta CFTC nº 12-17 de outubro de 2012 (ldquoCFTC, Carta 12-17). Como o CEA define um contrato elegível? A Seção 1a (18) do CEA define um participante elegível do contrato (ou ldquoECPrdquo) como uma entidade ou um indivíduo que satisfaz os critérios específicos enumerados no estatuto, conforme implementado pela Regra 1.3 do CFTC (m ). Para os propósitos deste QampA, optamos por focar nos meios primários pelos quais um tomador de empréstimo usando um swap de taxa de juros para fins de hedge (um ldquoBorrower Counterpartyrdquo) normalmente se qualificaria como um ECP ndash, deve-se notar que não tentamos capturar todos os testes de qualificação de ECP possíveis. Em vez disso, nos concentramos em duas categorias que a maioria dos bancos e tomadores de empréstimos procura descobrir a categoria de ECP, de um lado, e a categoria estrutural de ECP, de outro. Categoria I: Testes de elegibilidade do ECP onde a Contraparte do Mutuário é uma corporação, parceria, propriedade, organização, fideicomisso ou outra entidade (que não seja uma entidade governamental) Entidade Total de Ativos ECP ndash Uma contraparte do Mutuário pode se qualificar como ECP se tiver mais de 10 milhões no total de ativos. Seção 1a (18) (v) (I) do CEA Para fins de qualificação sob este teste de 10 milhões de ativos totais, uma Contraparte do Mutuário que realmente recebe os recursos de um empréstimo é permitida a contabilizar esses recursos em relação a seus ativos totais. Baseado na orientação interpretativa da Carta 12-17 da CFTC na página 5. Além disso, na CFTC, Carta 12-17, a CFTC concedeu um alívio sem ação que permite que uma Contraparte do Mutuário contabilize os recursos do empréstimo em relação ao total de seus ativos antes que o mutuário receba tais recursos. contanto que essas condições sejam atendidas: O swap para o qual o status ECP é necessário destina-se a administrar o risco de taxa de juros flutuante da Contraparte do Mutuário no Empréstimo A Contraparte do Mutuário recebeu um compromisso de empréstimo de boa fé para tal empréstimo, com o esclarecimento O compromisso será de boa fé se: a) For por escrito; b) O fechamento do empréstimo estiver sujeito apenas à satisfação de condições comercialmente razoáveis ​​para fechamento; e c) O compromisso de empréstimo é celebrado unicamente para fins comerciais não relacionados à qualificação como ECP. Se o empréstimo for desembolsado em etapas (por meio de exemplo não limitativo, um empréstimo de construção), então esses desembolsos e o respectivo compromisso de financiar o empréstimo somente poderão estar sujeitos a: Condições de fechamento comercialmente razoáveis ​​e / ou A ocorrência, após desembolsos de empréstimos foram iniciados, de quaisquer eventos estabelecidos na documentação do empréstimo ou swap que desculpem a obrigação do credor de continuar financiando o empréstimo (desde que tais eventos não sejam projetados para permitir que o credor deixe de financiar o empréstimo enquanto deixa o swap e O empréstimo é financiado em um valor que fará com que a Contraparte do Mutuário se qualifique como ECP de Entidade de Ativos Totais, a menos que deixe de financiar condições de fechamento comercialmente razoáveis ​​ou a ocorrência de eventos pós-fechamento que desculpem os credores obrigação de continuar financiando o empréstimo. O OGC notou que espera que um swap seja terminado automaticamente ou contemporaneamente com o término do empréstimo relacionado, a CFTC fez esta observação no contexto de levantar preocupações sobre o uso deste alívio de não-ação com a finalidade de escapar da exigência estatutária de que apenas PCEs podem entrar em swaps. Carta CFTC 12-17 na nota 56. Entidade Patrimônio Líquido ECP ndash Uma contraparte do mutuário pode se qualificar como uma ECP se tiver um patrimônio líquido superior a 1 milhão e entrar no swap em conexão com a condução de seus negócios ou administrar o risco associado a um ativo ou passivo de propriedade ou incorrido ou razoavelmente provável de ser possuído ou incorrido por ele na condução de seus negócios. Seção 1a (18) (iv) (III) do CEA Contando o Patrimônio Líquido dos Proprietários de ECP A regra 1.3 (m) (7) do CFTC permite que uma Contraparte do Mutuário conte o patrimônio líquido de seus proprietários, sujeito a vários requisitos técnicos. Em particular, ao determinar seu patrimônio líquido, uma Contraparte do Mutuário pode contabilizar o patrimônio líquido de seus proprietários, desde que: O swap seja usado pela Contraparte do Mutuário para proteger ou mitigar o risco comercial, de uma maneira que satisfaça as condições da Regra CFTC. 1,3 (kkk). Um swap de taxa de juros usado por uma Contraparte do Mutuário para cobrir o risco de taxa de juros relacionado a um empréstimo usado pelo mutuário para fins comerciais geralmente satisfaz as condições dessa regra Todos os seus proprietários são ECPs Se qualquer proprietário for uma pessoa física, essa pessoa pode ser um CdPoproprietário apenas se o status de titularidade da pessoa for independente do negócio conduzido pela Contraparte do Mutuário (ou seja, essa pessoa operar ativamente uma empresa que não seja a Contraparte do Mutuário) Essa pessoa detém diretamente todos os ativos da outra empresa é diretamente responsável pelas obrigações dos outros negócios e essa pessoa adquire sua participação na Contraparte do Mutuário (i) em conexão com a conduta da titularidade do indivíduo ou (ii) para gerenciar o risco associado a um ativo ou passivo detido ou incorridas ou razoavelmente susceptíveis de serem detidas ou incorridas pela empresa. Ao determinar o patrimônio líquido de seus proprietários, a Contraparte do Mutuário deve procurar por meio de qualquer empresa-fantasma que seja a proprietária da contraparte. Em outras palavras, todo proprietário de uma empresa-fantasma deve ser uma ECP. Uma empresa "baixa" significa qualquer entidade que limita suas participações a interesses diretos ou indiretos em entidades que dependem da Regra 1.3 (m) (7) da CFTC. Além disso, conforme explicado pelo CFTC, a empresa-fantasma ldquolook throughrdquo requisito ldquomay aplicar repetidamente em uma cadeia. Por exemplo, se ao determinar se uma entidade pode basear-se na Regra 1.3 (m) (7) da CFTC, um proprietário dessa entidade que é uma empresa-fantasma é desconsiderado, então se o proprietário dessa empresa-fantasma também for uma empresa-fantasma, a segunda companhia de fachada também é desconsiderada, e assim por diante. de acordo com a Regra CFTC 1.3 (m) (7) Garantia Entidade Conferida ECP ndash Uma Contraparte do Mutuário pode qualificar como uma ECP, se suas obrigações sob o swap forem garantidas por uma entidade (o ldquoGuarantorrdquo) Qualquer uma das seguintes entidades: Entidade de Ativos Totais ECP (ou seja, corporação, parceria, propriedade, organização, fideicomisso ou outra entidade com mais de 10 milhões de ativos totais) Uma instituição financeira Uma companhia de seguros regulada pelo Estado Uma empresa de investimento Uma mercadoria conjunto com 5.000.000 de ativos totais e que atende a determinadas outras condições especificadas Uma entidade governamental Uma agência, instrumento ou departamento de uma entidade governamental que possui e investe discricionariamente 50.000.000 ou mais em investimentos Uma entidade que a CFTC designa, sob autoridade concedida na seção 1a (18) (C) do CEA, como sendo elegível para conferir status de ECP a uma Contraparte do Mutuário. Tal designação é rara e é provável que se aplique a um único solicitante (por exemplo, um único banco que busca alívio para uma classe muito particular de sua base de clientes), em vez de se basear em uma base industrial mais ampla. Assim, como matéria aprática, este último item é provavelmente de utilidade limitada. Seção 1a (18) (v) (II) do CEA Na Carta CFTC 12-17, o OGC afirmou que não recomendaria que a CFTC perseguisse uma ação de execução contra um Garante que garantisse as obrigações de swap de um terceiro que não é uma ECP (tal terceiro não ECP, uma Parte Contratada de Swap Garantida), bem como o beneficiário da garantia (o ldquoBeneficiaryrdquo), se todas as condições seguintes forem satisfeitas. O Garantidor é: Uma corporação, parceria, propriedade, organização, confiança ou outra entidade que tenha um patrimônio líquido superior a 1 milhão ou Uma propriedade indireta que consista de um indivíduo (ou indivíduos, na medida em que as leis do estado em que a empresa proprietária permite que uma empresa seja composta por mais de uma pessoa) com i) patrimônio líquido superior a 1 milhão ou ii) valores investidos em uma base discricionária superior a 5 milhões. Para os propósitos deste alívio, o OGC definiu uma propriedade indireta como, uma pessoa física com mais de 1 milhão em patrimônio líquido ou mais de 5 milhões em valores investidos em uma base discricionária que opera pequenos negócios por meio de entidades para um ou mais negócios legítimos. razões, incluindo protecção do credor e eficiência fiscal, e procura garantir swaps contratados por essas pequenas empresas para gerir o risco de taxa de juro flutuante dos seus empréstimos comerciais e Todas as seguintes condições, se aplicáveis, também são satisfeitas: A Contraparte de Swap Garantida entra nos swaps exclusivamente para administrar o risco de taxa de juros flutuante associado a um empréstimo recebido, ou razoavelmente passível de ser recebido, pela Contraparte de Swap Garantida na condução de seus negócios. É mais provável que um empréstimo seja recebido, se o mutuário tiver recebido um compromisso de empréstimo de boa-fé ou um contrato de empréstimo de boa-fé de um credor, conforme descrito mais detalhadamente na seção II. B da Carta 12-17 da CFTC. No caso de todos os Fiadores que não sejam um Fiador de propriedade, o Fiador é um dono da Contraparte de Troca Garantida e desempenha um papel ativo na operação dos negócios de tal Contraparte de Troca Garantida No caso de um fiador de propriedade, o Garante e o Swap Garantido As contrapartes são co-proprietárias O Avalista calcula seu patrimônio líquido ou montantes investidos em uma base discricionária de acordo com o GAAP, aplicado consistentemente (desde que o valor do imóvel possa ser determinado de boa fé usando o valor justo de mercado) A Contraparte Garantida de Swap entra em os swaps garantidos apenas como principal e O Beneficiário (por exemplo, o banco fazendo o empréstimo ao mutuário) verifica se a Contraparte do Garantidor e do Swap Garantido satisfazem todas essas condições. Como um ponto final de esclarecimento, o alívio sem ação oferece aos participantes do mercado a certeza de que o OGC não recomendará que a CFTC traga ações de fiscalização sob o CEA. No entanto, na implementação de programas de conformidade ECP, alguns bancos estão optando por depender apenas do estatuto (Seção 1a (18) (v) (II) do CEA) e, em essência, não estão utilizando o alívio concedido sob a Carta CFTC 12- 17 em relação à capacidade de um Garante para conferir o status de ECP. Categoria II: Testes de elegibilidade do ECP em que a Contraparte do Mutuário é uma pessoa física (diferente de uma pessoa física que busca se qualificar como titularidade na Categoria I) Total Investimentos discricionários Pessoa Natural ECP ndash Uma contraparte do mutuário pode se qualificar como ECP se tiver quantias investido numa base discricionária superior a 10 milhões. Seção 1a (18) (xi) (I) do Investimento Total Discricionário do CEA Natural do ECP ndash Uma contraparte do mutuário pode se qualificar como uma ECP se ele tiver quantias investidas em uma base discricionária superior a 5 milhões, contanto que ele / ela está entrando no swap em conexão com a condução de seus negócios ou para gerenciar o risco associado a um ativo ou passivo de propriedade ou incorrido ou razoavelmente provável de ser possuído ou incorrido por ele na condução de seus negócios. Secção 1a (18) (xi) (II) do CEA O OGC indicou que o valor das quantias investidas numa base discricionária pode ser determinado da mesma maneira que os investimentos para efeitos da Norma SEC 2a51-1 no âmbito da Sociedade de Investimento. Lei de 1940. Essa regra contém um índice de itens a considerar na determinação do valor de qualquer investimento, incluindo a exigência de que a propriedade de participações em uma empresa de capital fechado só contará se a empresa possuir acionistas em excesso de capital. de 50 milhões. Carta CFTC 12-17 Os requisitos de elegibilidade de ECP aplicam-se a um fiador de um swap Sim, na Carta 12-17 da CFTC, o OGC reiterou a exigência de que cada fiador de um swap deve qualificar-se como ECP. Embora essa posição interpretativa tenha entrado em vigor após a emissão, o OGC ofereceu alívio da No-Action durante o período encerrado em 31 de março de 2013, de ações de execução pela CFTC contra um Garantidor, beneficiário ou contraparte de swap por violações do CEA, em circunstâncias em que um O swap é garantido por um fiador que não se qualifica como ECP. Nota . O requisito de que cada Garante seja uma ECP é uma questão diferente da capacidade de um Garante conferir o status de ECP, conforme previsto na Seção 1a (18) (v) (II) do CEA e discutido na questão anterior. Como os requisitos de elegibilidade de ECP se aplicam a outros acordos de suporte de crédito em relação a um swap Na Carta CFTC 12-17, o OGC afirmou que sua interpretação sob essa carta exigindo que cada garantidor de um swap deva ser um ECP, ldquohellipis limitado a garantias de swaps e não trata de quaisquer outros acordos de suporte de crédito. Assim, por exemplo, um não-ECP pode fornecer garantias para apoiar as obrigações de swap de terceiros que são (Nota de Rodapé 12). Em fevereiro de 2013, a Associação de Sindicatos e Comércio de Empréstimos (ldquoLSTArdquo) emitiu um comunicado de mercado afirmando que a aplicação dos requisitos de qualificação do ECP aos interesses de segurança é incerta, e os credores deveriam considerar a necessidade de limitar as obrigações garantidas por qualquer concessão de um empréstimo. juros de garantia por um fiador não ECP de modo a garantir apenas as obrigações de empréstimo e não as obrigações de swap. No entanto, em abril de 2013, a Associação Internacional de Swaps e Derivados (ISDA) publicou os Termos Exclusivos do ISDA não ECP Garante (o ldquoISDA Termos Exclusivos) e em uma exposição explicativa relacionada declararam que, como a posição interpretativa da OGC está limitada explicitamente a garantias e exclui outros arranjos de suporte de crédito, os Termos Exclusivos da ISDA são similarmente limitados a situações em que uma pessoa atua como fiadora ou fiança e não incluem pessoas que fornecem garantia ou outro suporte de crédito em conexão com um Em outras palavras, a LSTA parece ter tomado a posição de que obrigações de empréstimo garantidoras não-ECP só podem prometer ativos para sustentar o empréstimo (e não o swap), enquanto o ISDA parece ter tomado a posição de que A ECP pode prometer ativos para apoiar o swap (assim como o empréstimo, é claro). Arquivado sob TaggedUnited States. As novas definições da CFTC e da SEC Swap Entity Originalmente publicadas em 30 de abril de 2012 Palavras-chave: CFTC, SEC, Definições de Entidade de Swap, Futuros de Commodity, Comissão de Negociação, adoção de lançamento Introdução Em 27 de abril de 2012, a Comissão de Negociação Futura de Commodities dos EUA (CFTC) e A Securities and Exchange Commission (SEC) (coletivamente, as Comissões) liberaram o texto (Adopting Release) 1 de sua regulamentação final definindo ainda os termos dealer de swap, negociante de swap baseado em segurança, grande participante de swap, maior participante de swap baseado em segurança e participante do contrato elegível. 2 Oferecemos abaixo as observações selecionadas sobre as regras finais e as orientações interpretativas da Comissão39 no Adopting Release. Uma questão importante geralmente não abordada pelas Comissões é como essas definições e as várias isenções se aplicarão às atividades de swap de entidades fora dos Estados Unidos. As Comissões observam que as questões de extraterritorialidade serão abordadas separadamente. Esta atualização não pretende ser um resumo completo do Adopting Release ou das novas regras que o acompanham. Definição do Revendedor de Swap A regra final essencialmente repete as quatro garras legais Dodd-Frank da definição do revendedor: (1) mantendo-se como revendedor (2) fazendo um mercado de swaps (3) regularmente realizando swaps como um curso normal de negócios para uma conta própria ou (4) envolver-se em qualquer atividade que se torne comumente conhecida no comércio como comerciante ou criador de mercado. As Comissões enfatizam o aspecto disjuntivo da definição. O processo de tomada de decisão para determinar o status do negociante de swap é descrito a seguir: (a) determinar se a atividade é negociação de swap (b) determinar se qualquer um dos swaps em questão não deve ser considerado porque está excluído (por exemplo, instituição depositária segurada swaps relacionados a originação de empréstimos, swaps entre afiliadas de propriedade majoritária, swaps entre uma cooperativa e seus membros, swaps de hedge de posições físicas e certos swaps contratados por traders registrados e (c) aplicar os critérios de minimis (descritos abaixo). Ao final desta análise, a entidade conclui que é um negociante de swap e, em seguida, pode considerar a possibilidade de limitar sua designação a categorias específicas de swaps ou atividades específicas relacionadas a swaps 3 A NEGOCIAÇÃO DE ATIVIDADES DE ATIVIDADE Isso é um fato e análise de circunstâncias considerando todas as atividades do participante de swap para identificar as pessoas para as quais a regulação é garantida: (i) devido à natureza de suas interações com contrapartes ou (ii) promover a estabilidade do mercado e a transparência, tendo em vista o papel que essas pessoas ocupam nos mercados de swaps de swap e de segurança. A Comissão adota, em princípio, a distinção entre o negociante e os valores mobiliários da SEC, mas cada um o faz de forma seletiva. Por exemplo, a SEC enfatiza sua opinião de que os revendedores fornecem serviços de consultoria ou estruturação de permuta, têm uma clientela regular e ativamente solicitam os mesmos e usam corretores intermediários. Outros fatores que ambas as Comissões consideram como indicativos de negociação de swap incluem: atuar em uma capacidade de formador de mercado em um sistema de negociação fornecendo liquidez acomodando demanda ou facilitando juros e mantendo-se como disposto a entrar em swaps (independente se outra parte já expressou interesse, mas mesmo que se limite à vontade de negociar apenas um lado do mercado). Associação de associação comercial é um indicador de manter-se fora ou ser comumente conhecido como um comerciante. As relações com clientes ou contrapartes não são um pré-requisito. Um swap para fins de hedge, ausente de outra atividade, provavelmente não é indicativo de negociação. A criação de mercado incluiria rotineiramente: (i) cotação de propostas ou preços de oferta ou outros termos para troca em troca (ii) responder a pedidos feitos diretamente ou através de intermediários em swaps negociados bilateralmente e (iii) colocar ordens limite para swaps ou ações em uma capacidade de criador de mercado em um sistema de troca ou negociação. A disposição para rotineiramente ficar pronto para entrar em swaps a pedido ou demanda de uma contraparte. em seguida, para entrar em posições de compensação, seja no mercado de swap ou em outros mercados é anotado, embora transações de dois lados não são uma condição necessária. O curso normal de negócios e negócios regulares são mesclados, lidos em todos os pontos da definição e são indicados por: (i) entrar em swaps com o propósito de satisfazer a. necessidades da contraparte, (ii) manter uma declaração PL separada para atividade de swap ou (iii) ter pessoal e recursos disponíveis para atividades do tipo revendedor com contrapartes. A isenção final de minimis é baseada na quantia nocional agregada de swaps relacionada com a atividade de negociação que uma entidade e suas afiliadas comumente controladas celebraram durante um período retrospectivo (veja abaixo) que, inicialmente, começa na data efetiva da transação. definições de produto a serem emitidas e serão expandidas para um período de 12 meses com o decorrer do tempo após essa data de vigência. As Comissões aumentaram consideravelmente os limites de valor nocional propostos para a maioria dos swaps (ver período de entrada de fase abaixo), além daqueles com entidades especiais, para os quais foi retido um limite nocional de US $ 25 milhões. As limitações propostas quanto ao número de swaps e contrapartes não foram mantidas na regra final. As Comissões desconsideraram os comentários de que a referência estatutária aos clientes deveria ser efetivada ao não contar os swaps com não-clientes para os limites de minimis. Cada limiar mínimo de 8 bilhões (swaps e credit default swaps (CDS) com base em segurança, com exceção de entidades especiais) permanecerá em vigor não mais que até o final de um período de coleta de dados de cinco anos. 4 A cessação antecipada do período de introdução progressiva pode ocorrer nove meses após a publicação dos relatórios do pessoal da Comissão (que serão sujeitos a comentários públicos), analisando os limiares de minimis e outros aspetos das definições da entidade à luz dos dados recolhidos. Nessa altura, o limiar pós-entrada de 3 mil milhões substituirá o limite de 8 mil milhões ou a Comissão poderá propor um nível de minimis alternativo. Para os swaps não baseados em segurança CDS (que não sejam entidades especiais), os limites mínimos são de 400 milhões (fase inicial) e 150 milhões (permanentes). Os participantes do mercado não encontrarão qualquer duração mínima previsível confiável para os períodos de integração. As regras especificam prazos (30 meses para a CFTC ou três anos para a SEC após o início da coleta de dados) para os relatórios da equipe, mas não exigem que a equipe espere por um período mínimo de coleta de dados antes de emitir seus relatórios. Além disso, as regras estabelecem que uma Comissão pode alterar os requisitos da isenção de minimis, deixando em aberto a possibilidade de alterar os níveis de minimis mesmo antes da publicação dos relatórios de classificação. O limite de minimis leva em conta swaps relacionados à atividade de negociação (agregando swaps entre afiliadas comumente controladas) celebrados durante o período que remonta à data efetiva da regulamentação de definição de swap de swap / security (ou, após o primeiro aniversário de tal data de vigência , um período retrospectivo de 12 meses). As regras permitem um período de registo de dois meses após o final do mês em que uma pessoa já não é capaz de tirar partido da isenção de minimis. Conexão à Atividade de Negociação A CFTC, em particular, oferece orientação mínima quanto à identificação de swaps relacionados à atividade de negociação. A SEC afirma que os swaps baseados em segurança que protegem ou compensam as posições assumidas como parte da atividade de negociação contam para o limite de minimis. A CFTC faz a afirmação mais geral de que a questão relevante é se os swaps estão dentro de sua definição de negociante de swap. Os swaps excluídos da exclusão de originação de empréstimo (vide abaixo) não são contabilizados para os limites de minimis da instituição depositária segurada. Agregação de Afiliadas39 Atividade Ao agregar as posições de swap de um grupo de empresas para fins de limites de minimis, o regulamento final adota um padrão de controle comum para agregação que atinge um conjunto mais amplo de entidades do que aquelas vinculadas por participações de uma participação majoritária e portanto elegíveis para a exclusão inter-afiliada (ver abaixo). Como resultado, grupos que englobam afiliadas que não são majoritárias e participam de swaps intragrupo ou swaps baseados em segurança podem ter que efetivamente duplicar as posições de compensação. Os swaps entre afiliados vinculados por participações de participação majoritária não são levados em consideração na análise do dealer. As Comissões consideram a participação maioritária comum como um alinhamento de interesse económico que é suficiente para eliminar as preocupações que sustentam a regulamentação dos concessionários. A consolidação das demonstrações contábeis não é um requisito da exclusão inter-afiliada. EXCLUSÃO DA ORIGEM DO EMPRÉSTIMO Conforme adotado, a exclusão está disponível para instituições depositárias seguradas para swaps 5 se (i) um termo subjacente do swap estiver ou estiver diretamente relacionado a um termo financeiro do empréstimo ou (ii) o swap for exigido, como um condição do empréstimo ao abrigo do critério de subscrição da instituição, para estar no local, a fim de cobrir os riscos de preços inerentes ao negócio do mutuário e decorrentes de potenciais mudanças no preço de uma mercadoria (que não seja uma mercadoria excluída). O regulamento final não estende a isenção a agências e agências não seguradas de bancos não americanos. A exclusão é limitada a swaps celebrados dentro de 90 dias antes ou 180 dias após a execução do empréstimo ou transferências de principal para o mutuário de acordo com o empréstimo. Para ser elegível para a exclusão, a instituição deve ser uma fonte de fundos para o empréstimo (seja diretamente ou através de distribuição, participação, atribuição, compra, financiamento ou outro). Se a instituição não for a única fonte de recursos, seu compromisso deve ser igual ou superior a 10% do valor principal máximo ou o valor nocional agregado de todos os swaps com o cliente em relação aos termos financeiros do empréstimo. Entre os relatórios e outras condições para a exclusão, o montante nocional agregado de todos os swaps contratados pelo cliente em conexão com os termos financeiros do empréstimo deve, a qualquer momento, não ser mais do que o valor do principal agregado em aberto sob o empréstimo naquele momento. Tempo. Não é indicado se uma instituição depositária segurada pode se basear em declarações ou convênios do mutuário no contrato de swap ou crédito para satisfazer essa condição. Os swaps realizados por uma instituição depositária segurada com a finalidade de proteger ou demitir o risco de um swap coberto pela exclusão de originação de empréstimo não serão considerados para a isenção de minimis ou a análise geral do negociante. 6 POSSIBILIDADES FÍSICAS DE COBERTURAS A CFTC adotou como regra final interina (com um período de comentário fechando-se 60 dias após a publicação do Termo de Adoção no Registro Federal) uma exclusão para determinados swaps que cobrem posições físicas. Entre outras condições, o swap deve ser um substituto para transações ou posições presentes ou futuras em um canal de marketing físico, e deve ser economicamente apropriado para a redução do risco de uma pessoa na conduta e gestão de uma empresa comercial. As razões de cautela do CFTC em relação a uma exclusão que abrangeria todos os swaps de hedge parecem originar-se da preocupação em distinguir com segurança uma regra per se entre swaps com propósito de hedge e aquelas que têm apenas uma conseqüência de hedge, mas também constituem atividade de negociação. SWAPS BY COOPERATIVES Swaps entre um membro e uma cooperativa de produtores (excluindo as commodities excluídas), a instituição do Sistema de Crédito Agrícola ou o Banco Federal de Empréstimo Federal são geralmente excluídos, mas devem ser reportados e apropriadamente gerenciados por risco. Definição dos Principais Participantes Existem três partes na definição Dodd-Frank de participante principal: (1) uma pessoa que mantém uma posição substancial em qualquer uma das principais categorias de swap, excluindo posições mantidas para cobertura ou mitigando risco comercial e posições mantidas por determinado funcionário planos de benefícios para cobertura ou mitigação de riscos na operação do plano (2) uma pessoa cujos swaps em circulação criam uma exposição substancial da contraparte que poderia ter sérios efeitos adversos na estabilidade financeira do sistema bancário ou mercados financeiros dos Estados Unidos ou (3) entidade altamente alavancada em relação ao montante de capital que a entidade detém e que não está sujeita a requisitos de capital estabelecidos por uma agência bancária federal apropriada e que mantém uma posição substancial em qualquer uma das principais categorias de swap. IMPLEMENTAÇÃO DA PRIMEIRA PARTE DA DEFINIÇÃO ESTATUTÁRIA As Comissões optaram por seguir a abordagem geral da regra proposta para a definição de posição substancial, incluindo a utilização combinada da exposição atual e dos potenciais testes de exposição futura. A Comissão também reteve os limiares quantitativos propostos para uma posição substancial, rejeitando os argumentos dos comentadores de que os limiares propostos eram inadequadamente baixos. Assim, existe uma posição substancial em que a exposição diária inadimplente atual média associada aos swaps de uma pessoa em uma categoria principal (ou seja, swaps de taxa, swaps de crédito, equity swaps e commodity swaps) totalizam 1 bilhão ou mais (ou 3 bilhões no caso de ou a média diária da soma da exposição atual não garantida mais a exposição futura potencial associada com suas posições em uma categoria principal totalizam 2 bilhões ou mais (ou 6 bilhões para a categoria swap de taxa). the final rule does not prescribe a particular methodology for measuring current exposure or for valuing collateral posted, but instead requires the use of standard industry practices the Commissions rejected requests from commenters to approve particular methodologies or provide a safe harbor for good faith valuations the final rule expands the recognition of netting for purposes of measuring uncollateralized current exposure (i. e. as compared to the proposal), by extending netting principles to any financial instruments that may be netted for purposes of applicable bankruptcy law and the final rule also includes several adjustments to the proposed method for calculating potential future exposure, including a reduction of the potential future exposure associated with positions that are subject to central clearing. Definition of Hedging or Mitigating Commercial Risk As proposed, the Commissions39 respective final rules implementing the commercial risk hedging exclusion are different from one another in certain regards, but both Commissions: adopt the proposed economically appropriate standard for determining whether a swap is eligible for the commercial risk hedging exclusions confirm that the commercial risk hedging exclusion is available to financial entities, the Commissions having rejected the argument from some commenters that commercial risk should be limited to risks related to nonfinancial activities. However, because the final rule makes the exclusion unavailable to swaps that hedge positions held for speculation, investment or trading, the Commissions note that the ability of financial entities to take advantage of the exclusion will be limited and confirm that the exclusion is available to positions that hedge financial or balance sheet risks, and that the exclusion would apply not only to the hedging of a person39s own risks but also would extend to the hedging of the risks of a person39s majority-owned affiliate. In calculating exposures under the first test of the major participant definition, an employee benefit plan as defined under ERISA is permitted to exclude its hedging positions. The final rule confirms that the exclusion is broader than the commercial risk hedging exclusion (described above) and thus may include positions that have a primary hedging purpose directly associated with the operation of the plan. The Commissions do not foresee that the use of swaps to replicate exposure to a foreign market or to a particular asset class will meet the primary test. The final rule also clarifies that the exclusion is available to trusts or pooled vehicles that hold plan assets. IMPLEMENTATION OF SECOND PART OF STATUTORY DEFINITION Consistent with the proposal, the final rule defines substantial counterparty exposure based on the same current uncollateralized exposure and potential future exposure tests that are used to identify a substantial position under the first statutory test for a major participant. The final rule also follows the approach of the proposed rule with respect to quantitative thresholds: for swaps, the threshold for major participant is 5 billion or more in daily average uncollateralized exposure or 8 billion or more in daily average uncollateralized exposure plus potential future exposure for security-based swaps, the thresholds are 2 billion and 4 billion, respectively. The Commissions generally rejected comments on the proposed rule suggesting that hedging positions should be excluded and that the proposed thresholds should be changed. IMPLEMENTATION OF THIRD PART OF STATUTORY DEFINITION As proposed, financial entity is defined in the same way as in the definition used for the exception from mandatory clearing for end users, including commodity pools, private funds, employee benefit plans and persons predominantly engaged in banking or in activities that are financial in nature as defined in the Bank Holding Company Act. However, the Commissions have decided to exclude from the definition of financial entity in this context certain centralized hedging and treasury entities, because it would discourage the use of such entities whose purpose is to hedge or mitigate commercial risks of other entities within a corporate group. For these purposes, highly leveraged is defined, as recommended by the comments, as a ratio of liabilities to equity in excess of 12 to 1. The ratios would be calculated under GAAP as of the close of the last business day of the applicable fiscal quarter. OTHER MAJOR PARTICIPANT INTERPRETATIONS Majority-Owned Affiliate as Counterparty The final rule provides that the major participant definitions should not include swaps for which the counterparty is a majority-owned affiliate. This liberalizes the approach of the proposed rule which required that the affiliate be whollyowned. Attribution of Swap Positions to Parent Companies and Affiliates The Adopting Release modifies the proposed approach with respect to aggregating swap positions at a parent company and with respect to the effect of affiliate guarantees: Swap positions would be attributed to a parent company, other affiliate or guarantor for major participant purposes only if the counterparties would have recourse to that entity. Moreover, a guarantee would not attribute a swap position to the guarantor if the guarantor is a US banking entity subject to US banking regulation (including capital requirements) or to capital regulation by the CFTC or the SEC. The Commissions have adopted the interpretation that investment advisers and other asset managers will not include the swap positions of their managed accounts in determining major participant status. With respect to beneficial owners of swap positions, the Adopting Release provides that the swap positions will be attributed to them only if the counterparties have recourse against the beneficial owners. For example, if they have recourse only to the assets in the account, the beneficial owner (e. g. the owner of shares in a registered investment company) will not be required to count those positions in its major participant analysis. The same approach of attribution when there is recourse is adopted in the context of insurance company separate accounts and master-feeder fund arrangements. Exclusion of Certain Entities Public commenters had requested that certain categories of entities be excluded from the definition of major participant. The Commissions adopted none of these blanket exclusions because: legacy entities that hold swaps in run-off status may still pose a systemic risk to the US financial system and should therefore not get a categorical exclusion domestic entities that are otherwise regulated such as insurance companies, broker-dealers, etc. are not excluded. However, the Commissions will seek to coordinate their regulatory oversight of such entities to avoid unnecessary duplication and in the CFTC39s view, foreign entities such as foreign governments, foreign central banks, international financial institutions like the IMF and sovereign wealth funds are not immune from US jurisdiction for their commercial activities. 7 The final rule implements the statutory exclusion for captive subsidiaries whose primary business is providing financing for the sale of products of their parent companies and that use derivatives for purposes of hedging underlying commercial risks related to interest rate and foreign currency exposures. The CFTC stated that this exclusion applies when the subsidiary39s financing activity finances the purchase of products sold by the parent company in a broad sense, including service, labor, component parts and attachments that are related to the products. Under new safe harbors added to the final rule, a person will not be deemed to be a major participant if: the express terms of the person39s arrangements relating to swaps with its counterparties at no time would permit that person to maintain a total uncollateralized exposure of more than 100 million, and the person does not maintain notional swap positions of more than 2 billion in any major category of swaps or more than 4 billion in the aggregate the express terms of the person39s arrangements relating to swaps with its counterparties at no time would permit the person to maintain a total uncollateralized exposure of more than 200 million, and the person performs the major participant calculations (e. g. the substantial position and substantial counterparty exposure calculations associated with the major participant tests) as of the end of every month, and the results of each of those monthly calculations indicate that the person39s swap positions lead to no more than one-half of th e level of current exposure plus potential future exposure that would cause the person to be a major participant the person39s current uncollateralized exposure in connection with a major category of swaps is less than 500 million (or less than 1.5 billion with regard to the rate swap category) and the person performs certain modified major participant calculations (e. g. the substantial position and substantial counterparty exposure calculations, simplified based on assumptions that are adverse to the person) as of the end of every month, and the results of each of those monthly calculations indicate that the person39s swap positions in each major category are less than one-half of the substantial position threshold or its monthly calculations indicate that the person39s swap positions across all major categories of swaps are significantly less than the substantial counterparty exposure threshold. Eligible Contract Participant Definition Dodd-Frank effectively prohibits a person who is not an eligible contract participant (ECP) from entering into a swap/security-based swap except on or subject to the rules of a designated contract market/national securities exchange. The Commissions were granted authority to define ECP beyond the statutory definition, 8 and the Commissions used this authority to: starting in 2013, prohibit a commodity pool from qualifying as an ECP for the purpose of entering into retail forex transactions 9 if such Forex Pool and has one or more direct participants that are not ECPs 10 notwithstanding the fact that a Forex Pool has one or more direct participants that are not ECPs, it may qualify as an ECP if it (a) is not formed for the purpose of evading regulation under Sections 2(c)(2)(B) or (C) of the Commodity Exchange Act (CEA) or related rules, regulations or orders, (b) has total assets exceeding 10 million and (c) starting in 2013, is formed and operated by a registered commodity pool operator (CPO) or by a CPO who is exempt from registration in determining whether a direct participant is an ECP, the indirect participants in a Forex Pool will not be considered unless such Forex Pool, a commodity pool holding a direct or indirect (through one or more intermediate tiers of pools) interest in such Forex Pool, or any commodity pool in which such Forex Pool holds a direct or indirect interest has been structured to evade Subtitle A of Title VII of the Dodd-Frank Act starting in 2013, prohibit a commodity pool from qualifying as an ECP unless it has total assets exceeding 5 million and is operated by certain persons described in CEA Section 1a(18)(A)(iv)(II) explicitly include swap dealers, security-based swap dealers, major swap participants and major security-based swap participants in the definition of ECP and permit a non-ECP to qualify as an ECP, with respect to swaps (but not security-based swaps or mixed swaps) used to hedge or mitigate its commercial risk (by meeting conditions in the major participant definition of that same phrase) if the owners are ECPs (based on any prong of the definition) and each owner has a net worth exceeding 1 million. 11 1 Available at cftc. gov/ucm/groups/public/newsroom/documents/file/federalregister041812b. pdf. In discussing common aspects of the CFTC39s and the SEC39s analysis, we use the term swap to encompass securitybased swaps and the terms dealer and major participant to encompass both the CFTC - and the SEC-regulated variants of such entities. 2 The regulation of swaps is largely driven by Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), and the Adopting Release is part of the Commissions39 ongoing efforts to issue implementing rules for the statutory provisions therein. 3 If limited designation is granted, the person must consider whether it is a major participant in connection with positions that fall outside its limited dealer designation. More generally, persons who are not swap dealers yet engage in swap activities of potentially systemically significant size needed to do the major participant analysis described below swap dealers do not. 4 Swaps and security-based swaps with special entities are subject to a 25 million notional amount threshold with no phase-in. With certain exceptions, the phase-in level is not available to the extent a person engages in security-based swap dealing activity with natural persons. 5 This exclusion does not appear in the definition of security-based swap dealer. 6 This categorical statement of exclusion is tempered by the Commissions39 note that an institution seeking out counterparties to such hedging swaps would generally emphasis added not be accommodating demand. or facilitating interest. 7 However, the CFTC also concludes under principles of international comity that Congress did not intend to reach foreign governments, foreign central banks and international financial institutions. This rationale is not extended to sovereign wealth funds and foreign commercial entities. The SEC will address these issues in its separate release on entities outside the United States. 8 The Dodd-Frank Act also amended the existing statutory definition of ECP by: (i) providing that, for certain purposes, the term ECP does not include a commodity pool in which any participant is not itself an ECP (ii) raising the monetary threshold that governmental entities may use to qualify as ECPs, in certain situations, from 25 million in investments owned and invested on a discretionary basis to 50 million in investments owned and invested on a discretionary basis and (iii) replacing the total asset standard for individuals to qualify as ECPs with an amounts invested on a discretionary basis standard. 9 Retail forex transactions are off-exchange foreign currency futures off-exchange options on foreign currency futures off-exchange options on foreign currency leveraged or margined foreign currency transactions and foreign currency transactions that are financed by the offeror, the counterparty or a person acting in concert with the offeror or counterparty on a similar basis. 10 The Commission will, however, deem Forex Pools with no US participants operated by commodity pool operators located outside the United States to be ECPs. 11 Each person, other than a shell company, holding a direct ownership interest in the otherwise non-ECP entity is considered an owner for these purposes. Shell companies in the non-ECP entity39s ownership chain will be disregarded instead, a shell company39s owners will be considered to be the owners of the otherwise non-ECP entity. Mayer Brown is a global legal services provider comprising legal practices that are separate entities (the Mayer Brown Practices). The Mayer Brown Practices are: Mayer Brown LLP and Mayer Brown Europe ndash Brussels LLP, both limited liability partnerships established in Illinois USA Mayer Brown International LLP, a limited liability partnership incorporated in England and Wales (authorized and regulated by the Solicitors Regulation Authority and registered in England and Wales number OC 303359) Mayer Brown, a SELAS established in France Mayer Brown JSM, a Hong Kong partnership and its associated entities in Asia and Tauil Chequer Advogados, a Brazilian law partnership with which Mayer Brown is associated. Mayer Brown and the Mayer Brown logo are the trademarks of the Mayer Brown Practices in their respective jurisdictions. Copyright 2012. The Mayer Brown Practices. Todos os direitos reservados. This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein. Para imprimir este artigo, tudo que você precisa é ser registrado na Mondaq. Click to Login as an existing user or Register so you can print this article.7 U. S. Code 1a - Definitions As used in this chapter: (1) Alternative trading system The term alternative trading system means an organization, association, or group of persons that is registered as a broker or dealer pursuant to section 15(b) of the Securities Exchange Act of 1934 15 U. S.C. 78 o (b) (except paragraph (11) thereof) performs the functions commonly performed by an exchange (as defined in section 3(a)(1) of the Securities Exchange Act of 1934 15 U. S.C. 78c(a)(1) ) set rules governing the conduct of subscribers other than the conduct of such subscribers trading on the alternative trading system or discipline subscribers other than by exclusion from trading and is exempt from the definition of the term exchange under such section 3(a)(1) 15 U. S.C. 78c(a)(1) by rule or regulation of the Securities and Exchange Commission on terms that require compliance with regulations of its trading functions. (2) Appropriate Federal banking agency The term appropriate Federal banking agency means the Board in the case of a noninsured State bank and is the Farm Credit Administration for farm credit system institutions. (3) Associated person of a security-based swap dealer or major security-based swap participant The term associated person of a security-based swap dealer or major security-based swap participant has the meaning given the term in section 3(a) of the Securities Exchange Act of 1934 (15 U. S.C. 78c(a) ). (4) Associated person of a swap dealer or major swap participant (A) In general The term associated person of a swap dealer or major swap participant means a person who is associated with a swap dealer or major swap participant as a partner, officer, employee, or agent (or any person occupying a similar status or performing similar functions), in any capacity that involves the solicitation or acceptance of swaps or the supervision of any person or persons so engaged. Other than for purposes of section 6s(b)(6) of this title. the term associated person of a swap dealer or major swap participant does not include any person associated with a swap dealer or major swap participant the functions of which are solely clerical or ministerial. The term Board means the Board of Governors of the Federal Reserve System. (6) Board of trade The term board of trade means any organized exchange or other trading facility. The term cleared swap means any swap that is, directly or indirectly, submitted to and cleared by a derivatives clearing organization registered with the Commission. The term Commission means the Commodity Futures Trading Commission established under section 2(a)(2) of this title . The term commodity means wheat, cotton, rice, corn, oats, barley, rye, flaxseed, grain sorghums, mill feeds, butter, eggs, Solanum tuberosum (Irish potatoes), wool, wool tops, fats and oils (including lard, tallow, cottonseed oil, peanut oil, soybean oil, and all other fats and oils), cottonseed meal, cottonseed, peanuts, soybeans, soybean meal, livestock, livestock products, and frozen concentrated orange juice, and all other goods and articles, except onions (as provided by section 131 of this title ) and motion picture box office receipts (or any index, measure, value, or data related to such receipts), and all services, rights, and interests (except motion picture box office receipts, or any index, measure, value or data related to such receipts) in which contracts for future delivery are presently or in the future dealt in. (10) Commodity pool (A) In general The term commodity pool means any investment trust, syndicate, or similar form of enterprise operated for the purpose of tra ding in commodity interests, including any commodity for future delivery, security futures product, or swap commodity option authorized under section 6c of this title or leverage transaction authorized under section 23 of this title . (B) Further definition The Commission, by rule or regulation, may include within, or exclude from, the term commodity pool any investment trust, syndicate, or similar form of enterprise if the Commission determines that the rule or regulation will effectuate the purposes of this chapter. (11) Commodity pool operator (A) In general The term commodity pool operator means any person (i) engaged in a business that is of the nature of a commodity pool, investment trust, syndicate, or similar form of enterprise, and who, in connection therewith, solicits, accepts, or receives from others, funds, securities, or property, either directly or through capital contributions, the sale of stock or other forms of securities, or otherwise, for the purpose of trading in commodity interests, including any commodity for future delivery, security futures product, or swap commodity option authorized under section 6c of this title or leverage transaction authorized under section 23 of this title or who is registered with the Commission as a commodity pool operator. (B) Further definition The Commission, by rule or regulation, may include within, or exclude from, the term commodity pool operator any person engaged in a business that is of the nature of a commodity pool, investment trust, syndicate, or similar form of enterprise if the Commission determines that the rule or regulation will effectuate the purposes of this chapter. (12) Commodity trading advisor (A) In general Except as otherwise provided in this paragraph, the term commodity trading advisor means any person who (i) for compensation or profit, engages in the business of advising others, either directly or through publications, writings, or electronic media, as to the value of or the advisability of trading in any contract of sale of a commodity for future delivery, security futures product, or swap any commodity option authorized under section 6c of this title or any leverage transaction authorized under section 23 of this title for compensation or profit, and as part of a regular business, issues or promulgates analyses or reports concerning any of the activities referred to in clause (i). is registered with the Commission as a commodity trading advisor or the Commission, by rule or regulation, may include if the Commission determines that the rule or regulation will effectuate the purposes of this chapter. (B) Exclusions Subject to subparagraph (C), the term commodity trading advisor does not include any bank or trust company or any person acting as an employee thereof any news reporter, news columnist, or news editor of the print or electronic media, or any lawyer, accountant, or teacher any floor broker or futures commission merchant the publisher or producer of any print or electronic data of general and regular dissemination, including its employees the fiduciary of any defined benefit plan that is subject to the Employee Retirement Income Security Act of 1974 (29 U. S.C. 1001 et seq.) any contract market or derivatives transaction execution facility and such other persons not within the intent of this paragraph as the Commission may specify by rule, regulation, or order. (C) Incidental services Subparagraph (B) shall apply only if the furnishing of such services by persons referred to in subparagraph (B) is solely incidental to the conduct of their business or profession. The Commission, by rule or regulation, may include within the term commodity trading advisor, any person advising as to the value of commodities or issuing reports or analyses concerning commodities if the Commission determines that the rule or regulation will effectuate the purposes of this paragraph. (13) Contract of sale The term contract of sale includes sales, agreements of sale, and agreements to sell. (14) Cooperative association of producers The term cooperative association of producers means any cooperative association, corporate, or otherwise, not less than 75 percent in good faith owned or controlled, directly or indirectly, by producers of agricultural products and otherwise complying with sections 291 and 292 of this title, including any organization acting for a group of such associations and owned or controlled by such associations, except that business done for or with the United States, or any agency thereof, shall not be considered either member or nonmember business in determining the compliance of any such association with this chapter. (15) Derivatives clearing organization (A) In general The term derivatives clearing organization means a clearinghouse, clearing association, clearing corporation, or similar entity, facility, system, or organization that, with respect to an agreement, contract, or transaction enables each party to the agreement, contract, or transaction to substitute, through novation or otherwise, the credit of the derivatives clearing organization for the credit of the parties arranges or provides, on a multilateral basis, for the settlement or netting of obligations resulting from such agreements, contracts, or transactions executed by participants in the derivatives clearing organization or otherwise provides clearing services or arrangements that mutualize or transfer among participants in the derivatives clearing organization the credit risk arising from such agreements, contracts, or transactions executed by the participants. (B) Exclusions The term derivatives clearing organization does not include an entity, facility, system, or organization solely because it arranges or provides for settlement, netting, or novation of obligations resulting from agreements, contracts, or transactions, on a bilateral basis and without a central counterparty settlement or netting of cash payments through an interbank payment system or settlement, netting, or novation of obligations resulting from a sale of a commodity in a transaction in the spot market for the commodity. (16) Electronic trading facility The term electronic trading facility means a trading facility that operates by means of an electronic or telecommunications network and maintains an automated audit trail of bids, offers, and the matching of orders or the execution of transactions on the facility. (17) Eligible commercial entity The term eligible commercial entity means, with respect to an agreement, contract or transaction in a commodity (A) an eligible contract participant described in clause (i), (ii), (v), (vii), (viii), or (ix) of paragraph (18)(A) that, in connection with its business has a demonstrable ability, directly or through separate contractual arrangements, to make or take delivery of the underlying commodity incurs risks, in addition to price risk, related to the commodity or is a dealer that regularly provides risk management or hedging services to, or engages in market-making activities with, the foregoing entities involving transactions to purchase or sell the commodity or derivative agreements, contracts, or transactions in the commodity (B) an eligible contract participant, other than a natural person or an instrumentality, department, or agency of a State or local governmental entity, that regularly enters into transactions to purchase or sell the commodity or derivative agreements, contracts, or transactions in the commodity and (I) in the case of a collective investment vehicle whose participants include persons other than qualified eligible persons, as defined in Commission rule 4.7(a) (17 CFR 4.7(a)) accredited investors, as defined in Regulation D of the Securities and Exchange Commission under the Securities Act of 1933 15 U. S.C. 77a et seq. (17 CFR 230.501(a)). with total assets of 2,000,000 or qualified purchasers, as defined in section 2(a)(51)(A) of the Investment Company Act of 1940 15 U. S.C. 80a2(a)(51)(A) in each case as in effect on December 21, 2000. has, or is one of a group of vehicles under common control or management having in the aggregate, 1,000,000,000 in total assets or in the case of other persons, has, or is one of a group of persons under common control or management having in the aggregate, 100,000,000 in total assets or such other persons as the Commission shall determine appropriate and shall designate by rule, regulation, or order. (18) Eligible contract participant The term eligible contract participant means (A) acting for its own account a financial institution an insurance company that is regulated by a State, or that is regulated by a foreign government and is subject to comparable regulation as determined by the Commission, including a regulated subsidiary or affiliate of such an insurance company an investment company subject to regulation under the Investment Company Act of 1940 (15 U. S.C. 80a1 et seq.) or a foreign person performing a similar role or function subject as such to foreign regulation (regardless of whether each investor in the investment company or the foreign person is itself an eligible contract participant) (iv) a commodity pool that has total assets exceeding 5,000,000 and is formed and operated by a person subject to regulation under this chapter or a foreign person performing a similar role or function subject as such to foreign regulation (regardless of whether each investor in the co mmodity pool or the foreign person is itself an eligible contract participant) provided, however, that for purposes of section 2(c)(2)(B)(vi) of this title and section 2(c)(2)(C)(vii) of this title. the term eligible contract participant shall not include a commodity pool in which any participant is not otherwise an eligible contract participant (v) a corporation, partnership, proprietorship, organization, trust, or other entity that has total assets exceeding 10,000,000 the obligations of which under an agreement, contract, or transaction are guaranteed or otherwise supported by a letter of credit or keepwell, support, or other agreement by an entity described in subclause (I), in clause (i), (ii), (iii), (iv), or (vii), or in subparagraph (C) or has a net worth exceeding 1,000,000 and enters into an agreement, contract, or transaction in connection with the conduct of the entitys business or to manage the risk associated with an asset or liability owned or incurred or reasonably likely to be owned or incurred by the entity in the conduct of the entitys business (vi) an employee benefit plan subject to the Employee Retirement Income Security Act of 1974 (29 U. S.C. 1001 et seq.), a governmental employee benefit plan, or a foreign person performing a similar role or function subject as such to foreign regulation that has total assets exceeding 5,000,000 or (II) the investment decisions of which are made by an investment adviser or commodity trading advisor subject to regulation under the Investment Advisers Act of 1940 (15 U. S.C. 80b1 et seq.) or this chapter a foreign person performing a similar role or function subject as such to foreign regulation a financial institution or an insurance company described in clause (ii), or a regulated subsidiary or affiliate of such an insurance company a governmental entity (including the United States, a State, or a foreign government) or political subdivision of a governmental entity a multinational or supranational government entity or an instrumentality, agency, or department of an entity described in subclause (I) or (II) except that such term does not include an entity, instrumentality, agency, or department referred to in subclause (I) or (III) of this clause unless (aa) the entity, instrumentality, agency, or department is a person described in clause (i), (ii), or (iii) of paragraph (17)(A) (bb) the entity, instrumentality, agency, or department owns and invests on a discretionary basis 50,000,000 or more in investments or (cc) the agreement, contract, or transacti on is offered by, and entered into with, an entity that is listed in any of subclauses (I) through (VI) of section 2(c)(2)(B)(ii) of this title a broker or dealer subject to regulation under the Securities Exchange Act of 1934 (15 U. S.C. 78a et seq.) or a foreign person performing a similar role or function subject as such to foreign regulation, except that, if the broker or dealer or foreign person is a natural person or proprietorship, the broker or dealer or foreign person shall not be considered to be an eligible contract participant unless the broker or dealer or foreign person also meets the requirements of clause (v) or (xi) an associated person of a registered broker or dealer concerning the financial or securities activities of which the registered person makes and keeps records under section 15C(b) or 17(h) of the Securities Exchange Act of 1934 (15 U. S.C. 78 o 5(b), 78q(h)) an investment bank holding company (as defined in section 17(i) 2 of the Securities Exchange Act of 1934 (15 U. S.C. 78q(i) ) 3 a futures commission merchant subject to regulation under this chapter or a foreign person performing a similar role or function subject as such to foreign regulation, except that, if the futures commission mercha nt or foreign person is a natural person or proprietorship, the futures commission merchant or foreign person shall not be considered to be an eligible contract participant unless the futures commission merchant or foreign person also meets the requirements of clause (v) or (xi) a floor broker or floor trader subject to regulation under this chapter in connection with any transaction that takes place on or through the facilities of a registered entity (other than an electronic trading facility with respect to a significant price discovery contract) or an exempt board of trade, or any affiliate thereof, on which such person regularly trades or (xi) an individual who has amounts invested on a discretionary basis, the aggregate of which is in excess of 5,000,000 and who enters into the agreement, contract, or transaction in order to manage the risk associated with an asset owned or liability incurred, or reasonably likely to be owned or incurred, by the individual a person described in cl ause (i), (ii), (iv), (v), (viii), (ix), or (x) of subparagraph (A) or in subparagraph (C), acting as broker or performing an equivalent agency function on behalf of another person described in subparagraph (A) or (C) or an investment adviser subject to regulation under the Investment Advisers Act of 1940 15 U. S.C. 80b1 et seq., a commodity trading advisor subject to regulation under this chapter, a foreign person performing a similar role or function subject as such to foreign regulation, or a person described in clause (i), (ii), (iv), (v), (viii), (ix), or (x) of subparagraph (A) or in subparagraph (C), in any such case acting as investment manager or fiduciary (but excluding a person acting as broker or performing an equivalent agency function) for another person described in subparagraph (A) or (C) and who is authorized by such person to commit such person to the transaction or any other person that the Commission determines to be eligible in light of the financial or other qualifications of the person. (19) Excluded commodity The term excluded commodity means an interest rate, exchange rate, currency, security, security index, credit risk or measure, debt or equity instrument, index or measure of inflation, or other macroeconomic index or measure (ii) any other rate, differential, index, or measure of economic or commercial risk, return, or value that is not based in substantial part on the value of a narrow group of commodities not described in clause (i) or based solely on one or more commodities that have no cash market any economic or commercial index based on prices, rates, values, or levels that are not within the control of any party to the relevant contract, agreement, or transaction or (iv) an occurrence, extent of an occurrence, or contingency (other than a change in the price, rate, value, or level of a commodity not described in clause (i)) that is beyond the control of the parties to the relevant contract, agreement, or transaction and associated with a financial, commer cial, or economic consequence. (20) Exempt commodity The term exempt commodity means a commodity that is not an excluded commodity or an agricultural commodity. (21) Financial institution The term financial institution means a corporation operating under the fifth undesignated paragraph of section 25 of the Federal Reserve Act (12 U. S.C. 603 ), commonly known as an agreement corporation a corporation organized under section 25A of the Federal Reserve Act (12 U. S.C. 611 et seq.), commonly known as an Edge Act corporation an institution that is regulated by the Farm Credit Administration a Federal credit union or State credit union (as defined in section 1752 of title 12 ) a depository institution (as defined in section 1813 of title 12 ) a foreign bank or a branch or agency of a foreign bank (each as defined in section 3101 of title 12 ) any financial holding company (as defined in section 1841 of title 12 ) a trust company or a similarly regulated subsidiary or affiliate of an entity described in any of subparagraphs (A) through (H). (22) Floor broker (A) In general The term floor broker means any person (i) who, in or surrounding any pit, ring, post, or other place provided by a contract market for the meeting of persons similarly engaged, shall purchase or sell for any other person any commodity for future delivery, security futures product, or swap or any commodity option authorized under section 6c of this title or who is registered with the Commission as a floor broker. (B) Further definition The Commission, by rule or regulation, may include within, or exclude from, the term floor broker any person in or surrounding any pit, ring, post, or other place provided by a contract market for the meeting of persons similarly engaged who trades for any other person if the Commission determines that the rule or regulation will effectuate the purposes of this chapter. (23) Floor trader (A) In general The term floor trader means any person (i) who, in or surrounding any pit, ring, post, or other place provided by a contract market for the meeting of persons similarly engaged, purchases, or sells solely for such persons own account any commodity for future delivery, security futures product, or swap or any commodity option authorized under section 6c of this title or who is registered with the Commission as a floor trader. (B) Further definition The Commission, by rule or regulation, may include within, or exclude from, the term floor trader any person in or surrounding any pit, ring, post, or other place provided by a contract market for the meeting of persons similarly engaged who trades solely for such persons own account if the Commission determines that the rule or regulation will effectuate the purposes of this chapter. (24) Foreign exchange forward The term foreign exchange forward means a transaction that solely involves the exchange of 2 different currencies on a specific future date at a fixed rate agreed upon on the inception of the contract covering the exchange. (25) Foreign exchange swap The term foreign exchange swap means a transaction that solely involves an exchange of 2 different currencies on a specific date at a fixed rate that is agreed upon on the inception of the contract covering the exchange and a reverse exchange of the 2 currencies described in subparagraph (A) at a later date and at a fixed rate that is agreed upon on the inception of the contract covering the exchange. (26) Foreign futures authority The term foreign futures authority means any foreign government, or any department, agency, governmental body, or regulatory organization empowered by a foreign government to administer or enforce a law, rule, or regulation as it relates to a futures or options matter, or any department or agency of a political subdivision of a foreign government empowered to administer or enforce a law, rule, or regulation as it relates to a futures or options matter. (27) Future delivery The term future delivery does not include any sale of any cash commodity for deferred shipment or delivery. (28) Futures commission merchant (A) In general The term futures commission merchant means an individual, association, partnership, corporation, or trust (aa) engaged in soliciting or in accepting orders for the purchase or sale of a commodity for future delivery does not accept any money, securities, or property (or extend credit in lieu thereof) to margin, guarantee, or secure any trades or contracts that result or may result therefrom or who is registered with the Commission as an introducing broker. (B) Further definition The Commission, by rule or regulation, may include within, or exclude from, the term introducing broker any person who engages in soliciting or accepting orders for any agreement, contract, or transaction subject to this chapter, and who does not accept any money, securities, or property (or extend credit in lieu thereof) to margin, guarantee, or secure any trades or contracts that result or may result therefrom, if the Commission determines that the rule or regulation will effectuate the purposes of this chapter. (32) Major security-based swap participant The term major security-based swap participant has the meaning given the term in section 3(a) of the Securities Exchange Act of 1934 (15 U. S.C. 78c(a) ). (33) Major swap participant (A) In general The term major swap participant means any person who is not a swap dealer, and (i) maintains a substantial position in swaps for any of the major swap categories as determined by the Commission, excluding positions held for hedging or mitigating commercial risk and positions maintained by any employee benefit plan (or any contract held by such a plan) as defined in paragraphs (3) and (32) of section 3 of the Employee Retirement Income Security Act of 1974 (29 U. S.C. 1002 ) for the primary purpose of hedging or mitigating any risk directly associated with the operation of the plan whose outstanding swaps create substantial counterparty exposure that could have serious adverse effects on the financial stability of the United States banking system or financial markets or is a financial entity that is highly leveraged relative to the amount of capital it holds and that is not subject to capital requirements established by an appropriate Federal ba nking agency and maintains a substantial position in outstanding swaps in any major swap category as determined by the Commission. (B) Definition of substantial position For purposes of subparagraph (A), the Commission shall define by rule or regulation the term substantial position at the threshold that the Commission determines to be prudent for the effective monitoring, management, and oversight of entities that are systemically important or can significantly impact the financial system of the United States. In setting the definition under this subparagraph, the Commission shall consider the persons relative position in uncleared as opposed to cleared swaps and may take into consideration the value and quality of collateral held against counterparty exposures. (C) Scope of designation For purposes of subparagraph (A), a person may be designated as a major swap participant for 1 or more categories of swaps without being classified as a major swap participant for all classes of swaps. The definition under this paragraph shall not include an entity whose primary business is providing financing, and uses derivatives for the purpose of hedging underlying commercial risks related to interest rate and foreign currency exposures, 90 percent or more of which arise from financing that facilitates the purchase or lease of products, 90 percent or more of which are manufactured by the parent company or another subsidiary of the parent company. (34) Member of a registered entity member of a derivatives transaction execution facility The term member means, with respect to a registered entity or derivatives transaction execution facility, an individual, association, partnership, corporation, or trust owning or holding membership in, or admitted to membership representation on, the registered entity or derivatives transaction execution facility or having trading privileges on the registered entity or derivatives transaction execution facility. Um participante de um sistema de negociação alternativo que seja designado como um mercado de contrato de acordo com a seção 7b1 deste título é considerado um membro do mercado de contrato para fins de transações em produtos futuros de segurança através do mercado de contrato. (35) Narrow-based security index (A) The term narrow-based security index means an index that has 9 or fewer component securities in which a component security comprises more than 30 percent of the indexs weighting in which the five highest weighted component securities in the aggregate comprise more than 60 percent of the indexs weighting or in which the lowest weighted component securities comprising, in the aggregate, 25 percent of the indexs weighting have an aggregate dollar value of average daily trading volume of less than 50,000,000 (or in the case of an index with 15 or more component securities, 30,000,000), except that if there are two or more securities with equal weighting that could be included in the calculation of the lowest weighted component securities comprising, in the aggregate, 25 percent of the indexs weighting, such securities shall be ranked from lowest to highest dollar value of average daily trading volume and shall be included in the calculation based on the ir ranking starting with the lowest ranked security. (B) Notwithstanding subparagraph (A), an index is not a narrow-based security index if it has at least 9 component securities no component security comprises more than 30 percent of the indexs weighting and (III) each component security is registered pursuant to section 12 of the Securities Exchange Act of 1934 15 U. S.C. 78 l one of 750 securities with the largest market capitalization and one of 675 securities with the largest dollar value of average daily trading volume a board of trade was designated as a contract market by the Commodity Futures Trading Commission with respect to a contract of sale for future delivery on the index, before December 21, 2000 a contract of sale for future delivery on the index traded on a designated contract market or registered derivatives transaction execution facility for at least 30 days as a contract of sale for future delivery on an index that was not a narrow-based security index and it has been a narrow-based security index for no more than 45 business days over 3 consecutive calendar months a contract of sale for future delivery on the index is traded on or subject to the rules of a foreign board of trade and meets such requirements as are jointly established by rule or regulation by the Commission and the Securities and Exchange Commission (v) no more than 18 months have passed since December 21, 2000. and it is traded on or subject to the rules of a foreign board of trade the offer and sale in the United States of a contract of sale for future delivery on the index was authorized before December 21, 2000 and the conditions of such authorization continue to be met or a contract of sale for future delivery on the index is traded on or subject to the rules of a board of trade and meets such requirements as are jointly established by rule, regulation, or order by the Commission and the Securities and Exchange Commission. Within 1 year after December 21, 2000. the Commission and the Securities and Exchange Commission jointly shall adopt rules or regulations that set forth the requirements under subparagraph (B)(iv). An index that is a narrow-based security index solely because it was a narrow-based security index for more than 45 business days over 3 consecutive calendar months pursuant to clause (iii) of subparagraph (B) shall not be a narrow-based security index for the 3 following calendar months. (E) For purposes of subparagraphs (A) and (B) the dollar value of average daily trading volume and the market capitalization shall be calculated as of the preceding 6 full calendar months and the Commission and the Securities and Exchange Commission shall, by rule or regulation, jointly specify the method to be used to determine market capitalization and dollar value of average daily trading volume. The term option means an agreement, contract, or transaction that is of the character of, or is commonly known to the trade as, an option, privilege, indemnity, bid, offer, put, call, advance guaranty, or decline guaranty. (37) Organized exchange The term organized exchange means a trading facility that (A) permits trading by or on behalf of a person that is not an eligible contract participant or by persons other than on a principal-to-principal basis or (B) has adopted (directly or through another nongovernmental entity) rules that govern the conduct of participants, other than rules that govern the submission of orders or execution of transactions on the trading facility and include disciplinary sanctions other than the exclusion of participants from trading. The term person imports the plural or singular, and includes individuals, associations, partnerships, corporations, and trusts. (39) Prudential regulator The term prudential regulator means (A) the Board in the case of a swap dealer, major swap participant, security-based swap dealer, or major security-based swap participant that is a State-chartered bank that is a member of the Federal Reserve System a State-chartered branch or agency of a foreign bank any foreign bank which does not operate an insured branch any organization operating under section 25A of the Federal Reserve Act 12 U. S.C. 611 et seq. or having an agreement with the Board under section 225 of the Federal Reserve Act 4 any bank holding company (as defined in section 2 of the Bank Holding Company Act of 1965 (12 U. S.C. 1841 )), any foreign bank (as defined in section 3101(7) of title 12 ) that is treated as a bank holding company under section 3106(a) of title 12. and any subsidiary of such a company or foreign bank (other than a subsidiary that is described in subparagraph (A) or (B) or that is required to be registered with the Commission as a swap dealer or major swap participant under this chapter or with the Securities and Exchange Commission as a security-based swap dealer or major security-based swap participant) after the transfer date (as defined in section 311 of the Dodd-Frank Wall Street Reform and Consumer Protection Act 12 U. S.C. 5411 ), any savings and loan holding company (as defined in section 1467a of title 12 ) and any subsidiary of such company (other than a subsidiary that is described in subpara graph (A) or (B) or that is required to be registered as a swap dealer or major swap participant with the Commission under this chapter or with the Securities and Exchange Commission as a security-based swap dealer or major security-based swap participant) or any organization operating under section 25A of the Federal Reserve Act (12 U. S.C. 611 et seq.) or having an agreement with the Board under section 25 of the Federal Reserve Act (12 U. S.C. 601 et seq.) (B) the Office of the Comptroller of the Currency in the case of a swap dealer, major swap participant, security-based swap dealer, or major security-based swap participant that is a national bank a federally chartered branch or agency of a foreign bank or any Federal savings association (C) the Federal Deposit Insurance Corporation in the case of a swap dealer, major swap participant, security-based swap dealer, or major security-based swap participant that is a State-chartered bank that is not a member of the Federal Reserve System or any State savings association the Farm Credit Administration, in the case of a swap dealer, major swap participant, security-based swap dealer, or major security-based swap participant that is an institution chartered under the Farm Credit Act of 1971 (12 U. S.C. 2001 et seq.) and the Federal Housing Finance Agency in the case of a swap dealer, major swap participant, security-based swap dealer, or major security-based swap participant that is a regulated entity (as such term is defined in section 4502 of title 12 ). (40) Registered entity The term registered entity means a board of trade designated as a contract market under section 7 of this title a derivatives clearing organization registered under section 7a1 of this title a board of trade designated as a contract market under section 7b1 of this title a swap execution facility registered under section 7b3 of this title a swap data repository registered under section 24a of this title and with respect to a contract that the Commission determines is a significant price discovery contract, any electronic trading facility on which the contract is executed or traded. The term security means a security as defined in section 2(a)(1) of the Securities Act of 1933 (15 U. S.C. 77b(a)(1) ) or section 3(a)(10) of the Securities Exchange Act of 1934 (15 U. S.C. 78c(a)(10) ). (42) Security-based swap The term security-based swap has the meaning given the term in section 3(a) of the Securities Exchange Act of 1934 (15 U. S.C. 78c(a) ). (43) Security-based swap dealer The term security-based swap dealer has the meaning given the term in section 3(a) of the Securities Exchange Act of 1934 (15 U. S.C. 78c(a) ). (44) Security future The term security future means a contract of sale for future delivery of a single security or of a narrow-based security index, including any interest therein or based on the value thereof, except an exempted security under section 3(a)(12) of the Securities Exchange Act of 1934 15 U. S.C. 78c(a)(12) as in effect on January 11, 1983 (other than any municipal security as defined in section 3(a)(29) of the Securities Exchange Act of 1934 15 U. S.C. 78c(a)(29) as in effect on January 11, 1983 ). The term security future does not include any agreement, contract, or transaction excluded from this chapter under section 2(c). 2(d). 2(f). or 2(g) of this title (as in effect on December 21, 2000 ) or sections 27 to 27f of this title. (45) Security futures product The term security futures product means a security future or any put, call, straddle, option, or privilege on any security future. (46) Significant price discovery contract The term significant price discovery contract means an agreement, contract, or transaction subject to section 2(h)(5) of this title . (A) In general Except as provided in subparagraph (B), the term swap means any agreement, contract, or transaction that is a put, call, cap, floor, collar, or similar option of any kind that is for the purchase or sale, or based on the value, of 1 or more interest or other rates, currencies, commodities, securities, instruments of indebtedness, indices, quantitative measures, or other financial or economic interests or property of any kind that provides for any purchase, sale, payment, or delivery (other than a dividend on an equity security) that is dependent on the occurrence, nonoccurrence, or the extent of the occurrence of an event or contingency associated with a potential financial, economic, or commercial consequence (iii) that provides on an executory basis for the exchange, on a fixed or contingent basis, of 1 or more payments based on the value or level of 1 or more interest or other rates, currencies, commodities, securities, instruments of indebtedness, indices, quantitati ve measures, or other financial or economic interests or property of any kind, or any interest therein or based on the value thereof, and that transfers, as between the parties to the transaction, in whole or in part, the financial risk associated with a future change in any such value or level without also conveying a current or future direct or indirect ownership interest in an asset (including any enterprise or investment pool) or liability that incorporates the financial risk so transferred, including any agreement, contract, or transaction commonly known as an interest rate swap that is an agreement, contract, or transaction that is, or in the future becomes, commonly known to the trade as a swap including any security-based swap agreement which meets the definition of swap agreement as defined in section 206A of the Gramm-Leach-Bliley Act (15 U. S.C. 78c note) of which a material term is based on the price, yield, value, or volatility of any security or any group or index of securities, or any interest therein or that is any combination or permutation of, or option on, any agreement, contract, or transaction described in any of clauses (i) through (v). (B) Exclusions The term swap does not include any contract of sale of a commodity for future delivery (or option on such a contract), leverage contract authorized under section 23 of this title. security futures product, or agreement, contract, or transaction described in section 2(c)(2)(C)(i) of this title or section 2(c)(2)(D)(i) of this title any sale of a nonfinancial commodity or security for deferred shipment or delivery, so long as the transaction is intended to be physically settled (iii) any put, call, straddle, option, or privilege on any security, certificate of deposit, or group or index of securities, including any interest therein or based on the value thereof, that is subject to the Securities Act of 1933 (15 U. S.C. 77a et seq.) and the Securities Exchange Act of 1934 (15 U. S.C. 78a et seq.) any put, call, straddle, option, or privilege relating to a foreign currency entered into on a national securities exchange registered pursuant to section 6(a) of the Securities Exchange Act of 1934 (15 U. S.C. 78f(a) ) (v) any agreement, contract, or transaction providing for the purchase or sale of 1 or more securities on a fixed basis that is subject to the Securities Act of 1933 (15 U. S.C. 77a et seq.) and the Securities Exchange Act of 1934 (15 U. S.C. 78a et seq.) any agreement, contract, or transaction providing for the purchase or sale of 1 or more securities on a contingent basis that is subject to the Securities Act of 1933 (15 U. S.C. 77a et seq.) and the Securities Exchange Act of 1934 (15 U. S.C. 78a et seq.), unless the agreement, contract, or transaction predicates the purchase or sale on the occurrence of a bona fide contingency that might reasonably be expected to affect or be affected by the creditworthiness of a party other than a party to the agreement, contract, or transaction any note, bond, or evidence of indebtedness that is a security, as defined in section 2(a)(1) of the Securities Act of 1933 (15 U. S.C. 77b(a)(1) ) (viii) any agreement, contract, or transaction that is based on a security and entered into directly or through an underwriter (as defined in section 2(a)(11) of the Securities Act of 1933 (15 U. S.C. 77b(a)(11) ) 5 by the issuer of such sec urity for the purposes of raising capital, unless the agreement, contract, or transaction is entered into to manage a risk associated with capital raising any agreement, contract, or transaction a counterparty of which is a Federal Reserve bank, the Federal Government, or a Federal agency that is expressly backed by the full faith and credit of the United States and any security-based swap, other than a security-based swap as described in subparagraph (D). (C) Rule of construction regarding master agreements Except as provided in clause (ii), the term swap includes a master agreement that provides for an agreement, contract, or transaction that is a swap under subparagraph (A), together with each supplement to any master agreement, without regard to whether the master agreement contains an agreement, contract, or transaction that is not a swap pursuant to subparagraph (A). For purposes of clause (i), the master agreement shall be considered to be a swap only with respect to each agreement, contract, or transaction covered by the master agreement that is a swap pursuant to subparagraph (A). The term security-based swap includes any agreement, contract, or transaction that is as described in section 3(a)(68)(A) of the Securities Exchange Act of 1934 (15 U. S.C. 78c(a)(68)(A) ) and also is based on the value of 1 or more interest or other rates, currencies, commodities, instruments of indebtedness, indices, quantitative measures, other financial or economic interest or property of any kind (other than a single security or a narrow-based security index), or the occurrence, non-occurrence, or the extent of the occurrence of an event or contingency associated with a potential financial, economic, or commercial consequence (other than an event described in subparagraph (A)(iii)). (E) Treatment of foreign exchange swaps and forwards (i) In general Foreign exchange swaps and foreign exchange forwards shall be considered swaps under this paragraph unless the Secretary makes a written determination under section 1b of this title that either foreign exchange swaps or foreign exchange forwards or both should be not be regulated as swaps under this chapter and are not structured to evade the Dodd-Frank Wall Street Reform and Consumer Protection Act in violation of any rule promulgated by the Commission pursuant to section 721(c) of that Act 15 U. S.C. 8321(b) . (ii) Congressional notice effectiveness The Secretary shall submit any written determination under clause (i) to the appropriate committees of Congress, including the Committee on Agriculture, Nutrition, and Forestry of the Senate and the Committee on Agriculture of the House of Representatives. Any such written determination by the Secretary shall not be effective until it is submitted to the appropriate committees of Congress. Notwithstanding a written determination by the Secretary under clause (i), all foreign exchange swaps and foreign exchange forwards shall be reported to either a swap data repository, or, if there is no swap data repository that would accept such swaps or forwards, to the Commission pursuant to section 6r of this title within such time period as the Commission may by rule or regulation prescribe. (iv) Business standards Notwithstanding a written determination by the Secretary pursuant to clause (i), any party to a foreign exchange swap or forward that is a swap dealer or major swap participant shall conform to the business conduct standards contained in section 6s(h) of this title . For purposes of this subparagraph, the term Secretary means the Secretary of the Treasury. (F) Exception for certain foreign exchange swaps and forwards (i) Registered entities Any foreign exchange swap and any foreign exchange forward that is listed and traded on or subject to the rules of a designated contract market or a swap execution facility, or that is cleared by a derivatives clearing organization, shall not be exempt from any provision of this chapter or amendments made by the Wall Street Transparency and Accountability Act of 2010 prohibiting fraud or manipulation. (ii) Retail transactions Nothing in subparagraph (E) shall affect, or be construed to affect, the applicability of this chapter or the jurisdiction of the Commission with respect to agreements, contracts, or transactions in foreign currency pursuant to section 2(c)(2) of this title . (48) Swap data repository The term swap data repository means any person that collects and maintains information or records with respect to transactions or positions in, or the terms and conditions of, swaps entered into by third parties for the purpose of providing a centralized recordkeeping facility for swaps. (A) In general The term swap dealer means any person who holds itself out as a dealer in swaps makes a market in swaps regularly enters into swaps with counterparties as an ordinary course of business for its own account or engages in any activity causing the person to be commonly known in the trade as a dealer or market maker in swaps, provided however, in no event shall an insured depository institution be considered to be a swap dealer to the extent it offers to enter into a swap with a customer in connection with originating a loan with that customer. A person may be designated as a swap dealer for a single type or single class or category of swap or activities and considered not to be a swap dealer for other types, classes, or categories of swaps or activities. The term swap dealer does not include a person that enters into swaps for such persons own account, either individually or in a fiduciary capacity, but not as a part of a regular business. (D) De minimis exception The Commission shall exempt from designation as a swap dealer an entity that engages in a de minimis quantity of swap dealing in connection with transactions with or on behalf of its customers. The Commission shall promulgate regulations to establish factors with respect to the making of this determination to exempt. (50) Swap execution facility The term swap execution facility means a trading system or platform in which multiple participants have the ability to execute or trade swaps by accepting bids and offers made by multiple participants in the facility or system, through any means of interstate commerce, including any trading facility, that facilitates the execution of swaps between persons and is not a designated contract market. (51) Trading facility (A) In general The term trading facility means a person or group of persons that constitutes, maintains, or provides a physical or electronic facility or system in which multiple participants have the ability to execute or trade agreements, contracts, or transactions by accepting bids or offers made by other participants that are open to multiple participants in the facility or system or through the interaction of multiple bids or multiple offers within a system with a pre-determined non-discretionary automated trade matching and execution algorithm. (B) Exclusions The term trading facility does not include a person or group of persons solely because the person or group of persons constitutes, maintains, or provides an electronic facility or system that enables participants to negotiate the terms of and enter into bilateral transactions as a result of communications exchanged by the parties and not from interaction of multiple bids and multiple offers within a predetermined, nondiscretionary automated trade matching and execution algorithm a government securities dealer or government securities broker, to the extent that the dealer or broker executes or trades agreements, contracts, or transactions in government securities, or assists persons in communicating about, negotiating, entering into, executing, or trading an agreement, contract, or transaction in government securities (as the terms government securities dealer, government securities broker, and government securities are defined in section 3(a) of the Securities Exchange A ct of 1934 (15 U. S.C. 78c(a) )) or facilities on which bids and offers, and acceptances of bids and offers effected on the facility, are not binding. Any person, group of persons, dealer, broker, or facility described in clause (i) or (ii) is excluded from the meaning of the term trading facility for the purposes of this chapter without any prior specific approval, certification, or other action by the Commission. A person or group of persons that would not otherwise constitute a trading facility shall not be considered to be a trading facility solely as a result of the submission to a derivatives clearing organization of transactions executed on or through the person or group of persons. 1 So in original. Probably should be followed by a semicolon. 2 See References in Text note below. 3 So in original. The semicolon probably should be preceded by an additional closing parenthesis. 4 See References in Text note below. 5 So in original. A third closing parenthesis probably should appear. References in Text The Employee Retirement Income Security Act of 1974, referred to in pars. (12)(B)(v) and (18)(A)(vi), is Pub. L. 93406. Sept. 2, 1974. 88 Stat. 829. which is classified principally to chapter 18 ( 1001 et seq.) of Title 29, Labor. For complete classification of this Act to the Code, see Short Title note set out under section 1001 of Title 29 and Tables. The Securities Act of 1933, referred to in pars. (17)(B)(ii)(I)(bb) and (47)(B)(iii)(I), (v)(I), (vi), is title I of act May 27, 1933, ch. 38, 48 Stat. 74. which is classified generally to subchapter I ( 77a et seq.) of chapter 2A of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see section 77a of Title 15 and Tables. The Investment Company Act of 1940, referred to in par. (18)(A)(iii), is title I of act Aug. 22, 1940, ch. 686, 54 Stat. 789. which is classified generally to subchapter I ( 80a1 et seq.) of chapter 2D of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see section 80a51 of Title 15 and Tables. The Investment Advisers Act of 1940, referred to in par. (18)(A)(vi)(II)(aa), (B)(ii), is title II of act Aug. 22, 1940, ch. 686, 54 Stat. 847. which is classified generally to subchapter II ( 80b1 et seq.) of chapter 2D of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see section 80b20 of Title 15 and Tables. The Securities Exchange Act of 1934, referred to in pars. (18)(A)(viii)(I) and (47)(B)(iii)(II), (v)(II), (vi), is act June 6, 1934, ch. 404, 48 Stat. 881. which is classified principally to chapter 2B ( 78a et seq.) of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see section 78a of Title 15 and Tables. Subsec. (i) of section 17 of the Securities Exchange Act of 1934, referred to in par. (18)(A)(viii)(III), was struck out and subsec. (j) was redesignated (i) by Pub. L. 111203, title VI. 617(a), July 21, 2010. 124 Stat. 1616 . Section 25A of the Federal Reserve Act, referred to in pars. (21)(B) and (39)(A)(iv), (vii), popularly known as the Edge Act, is classified to subchapter II ( 611 et seq.) of chapter 6 of Title 12, Banks and Banking. For complete classification of this Act to the Code, see Short Title note set out under section 611 of Title 12 and Tables. Section 225 of the Federal Reserve Act, referred to in par. (39)(A)(iv), probably should be a reference to section 25 of the Federal Reserve Act, which is classified to subchapter I ( 601 et seq.) of chapter 6 of Title 12, Banks and Banking. Section 2 of the Bank Holding Company Act of 1965, referred to in par. (39)(A)(v), probably should be a reference to section 2 of the Bank Holding Company Act of 1956, act May 9, 1956, ch. 240, 70 Stat. 133. which is classified to section 1841 of Title 12. Banks and Banking. Section 25 of the Federal Reserve Act, referred to in par. (39)(A)(vii), is classified to subchapter I ( 601 et seq.) of chapter 6 of Title 12, Banks and Banking. The Farm Credit Act of 1971, referred to in par. (39)(D), is Pub. L. 92181. Dec. 10, 1971. 85 Stat. 583. which is classified principally to chapter 23 ( 2001 et seq.) of Title 12, Banks and Banking. For complete classification of this Act to the Code, see Short Title note set out under section 2001 of Title 12 and Tables. Section 206A of the Gramm-Leach-Bliley Act, referred to in par. (47)(A)(v), is section 206A of Pub. L. 106102 which is set out as a note under section 78c of Title 15. Commerce and Trade. The Dodd-Frank Wall Street Reform and Consumer Protection Act, referred to in par. (47)(E)(i)(II), is Pub. L. 111203. July 21, 2010. 124 Stat. 1376. which enacted chapter 53 ( 5301 et seq.) of Title 12, Banks and Banking, and chapters 108 ( 8201 et seq.) and 109 ( 8301 et seq.) of Title 15, Commerce and Trade, and enacted, amended, and repealed numerous other sections and notes in the Code. For complete classification of this Act to the Code, see Short Title note set out under section 5301 of Title 12 and Tables. The Wall Street Transparency and Accountability Act of 2010, referred to in par. (47)(F)(i), is title VII of Pub. L. 111203. July 21, 2010. 124 Stat. 1641. which enacted chapter 109 ( 8301 et seq.) of Title 15, Commerce and Trade, and enacted and amended numerous other sections and notes in the Code. For complete classification of this Act to the Code, see Short Title note set out under section 8301 of Title 15 and Tables. 2010Pub. L. 111203. 721(a)(1), redesignated pars. (2), (3), and (4), (5) to (17), (18) to (23), (24) to (28), (29), (30), (31) to (33), and (34) as (6), (8), and (9), (11) to (23), (26) to (31), (34) to (38), (40), (41), (44) to (46), and (51), respectively. Pars. (2), (3). Bar. L. 111203. 721(a)(2), added pars. (2) and (3). Former pars. (2) and (3) redesignated (6) and (8), respectively. Par. (4). Bar. L. 111203. 721(a)(4), which directed amendment of par. (9), as redesignated by Pub. L. 111203. 721(a)(1), by substituting except onions (as provided by section 131 of this title ) and motion picture box office receipts (or any index, measure, value, or data related to such receipts), and all services, rights, and interests (except motion picture box office receipts, or any index, measure, value or data related to such receipts) in which contracts for future delivery are presently or in the future dealt in. for except onions as provided in section 131 of this title. and all services, rights, and interests in which contracts for future delivery are presently or in the future dealt in., was executed by making the substitution in par. (4). Amendment was executed before amendment by Pub. L. 111203. 721(a)(1), to reflect the probable intent of Congress, notwithstanding effective date provisions in sections 721(f) and 754 of Pub. L. 111203. See Effective Date of 2010 Amendment notes below. Bar. L. 111203. 721(a)(2), added par. (4). Antigo par. (4) redesignated (9). Par. (5). Bar. L. 111203. 721(a)(2), added par. (5). Antigo par. (5) redesignated (11). Par. (7). Bar. L. 111203. 721(a)(3), added par. (7). Antigo par. (7) redesignated (13). Par. (10). Bar. L. 111203. 721(a)(5), added par. (10). Antigo par. (10) redesignated (16). Par. (11). Bar. L. 111203. 721(a)(6), added par. (11) and struck out former par. (11). Prior to amendment, text read as follows: The term commodity pool operator means any person engaged in a business that is of the nature of an investment trust, syndicate, or similar form of enterprise, and who, in connection therewith, solicits, accepts, or receives from others, funds, securities, or property, either directly or through capital contributions, the sale of stock or other forms of securities, or otherwise, for the purpose of trading in any commodity for future delivery on or subject to the rules of any contract market or derivatives transaction execution facility, except that the term does not include such persons not within the intent of the definition of the term as the Commission may specify by rule, regulation, or order. Par. (12)(A)(i)(I). Bar. L. 111203. 721(a)(7)(A)(i), substituted , security futures product, or swap for made or to be made on or subject to the rules of a contract market or derivatives transaction execution facility. Par. (12)(A)(i)(II) to (IV). Bar. L. 111203. 721(a)(7)(A)(ii), (iii), added subcl. (II) and redesignated former subcls. (II) and (III) as (III) and (IV), respectively. Par. (17)(A). Bar. L. 111203. 721(a)(8), substituted paragraph (18)(A) for paragraph (12)(A) in introductory provisions. Par. (18)(A)(iv)(II). Bar. L. 111203. 741(b)(10), which directed amendment of par. (19)(A)(iv)(II) by inserting before semicolon at end provided, however, that for purposes of section 2(c)(2)(B)(vi) of this title and section 2(c)(2)(C)(vii) of this title. the term eligible contract participant shall not include a commodity pool in which any participant is not otherwise an eligible contract participant, was executed by making the insertion in par. (18)(A)(iv)(II) to reflect the probable intent of Congress. Par. (18)(A)(vii). Bar. L. 111203. 721(a)(9)(A)(i), substituted paragraph (17)(A) for paragraph (11)(A) and 50,000,000 for 25,000,000 in concluding provisions. Par. (18)(A)(xi). Bar. L. 111203. 721(a)(9)(A)(ii), substituted amounts invested on a discretionary basis, the aggregate of which is for total assets in an amount in introductory provisions. Par. (22). Bar. L. 111203. 721(a)(10), added par. (22) and struck out former par. (22). Prior to amendment, text read as follows: The term floor broker means any person who, in or surrounding any pit, ring, post, or other place provided by a contract market or derivatives transaction execution facility for the meeting of persons similarly engaged, shall purchase or sell for any other person any commodity for future delivery on or subject to the rules of any contract market or derivatives transaction execution facility. Par. (23). Bar. L. 111203. 721(a)(11), added par. (23) and struck out former par. (23). Prior to amendment, text read as follows: The term floor trader means any person who, in or surrounding any pit, ring, post, or other place provided by a contract market or derivatives transaction execution facility for the meeting of persons similarly engaged, purchases, or sells solely for such persons own account, any commodity for future delivery on or subject to the rules of any contract market or derivatives transaction execution facility. Pars. (24), (25). Bar. L. 111203. 721(a)(12), added pars. (24) and (25). Former pars. (24) and (25) redesignated (34) and (35), respectively. Par. (28). Bar. L. 111203. 721(a)(13), added par. (28) and struck out former par. (28) which defined futures commission merchant. Par. (30)(B). Bar. L. 111203. 721(a)(14), substituted State for state. Par. (31). Bar. L. 111203. 721(a)(15), added par. (31) and struck out former par. (31). Prior to amendment, text read as follows: The term introducing broker means any person (except an individual who elects to be and is registered as an associated person of a futures commission merchant) engaged in soliciting or in accepting orders for the purchase or sale of any commodity for future delivery on or subject to the rules of any contract market or derivatives transaction execution facility who does not accept any money, securities, or property (or extend credit in lieu thereof) to margin, guarantee, or secure any trades or contracts that result or may result therefrom. Pars. (32), (33). Bar. L. 111203. 721(a)(16), added pars. (32) and (33). Former pars. (32) and (33) redesignated (45) and (46), respectively. Par. (40)(B) to (F). Bar. L. 111203. 721(a)(18), added subpars. (D) and (E), redesignated former subpars. (C), (D), and (E) as (B), (C), and (F), respectively, and struck out former subpar. (B) which read as follows: a derivatives transaction execution facility registered under section 7a of this title . Pars. (47) to (50). Bar. L. 111203. 721(a)(21), added pars. (47) to (50). Par. (51)(A)(i). Bar. L. 111203. 721(a)(22), substituted participants for partipants. 2008Par. (12)(A)(x). Bar. L. 110246. 13203(a), inserted (other than an electronic trading facility with respect to a significant price discovery contract) after registered entity. Par. (33). Bar. L. 110246. 13201(a), added par. (33). Antigo par. (33) redesignated (34). Par. (33)(A). Bar. L. 110246. 13105(j), substituted transactions for transactions by accepting bids and offers made by other participants that are open to multiple participants in the facility or system. in introductory provisions and added cls. (i) and (ii). Par. (34). Bar. L. 110246. 13201(a)(1), redesignated par. (33) as (34). 2000Par. (1). Bar. L. 106554. 1(a)(5) title I, 101(2), added par. (1). Antigo par. (1) redesignated (2). Par. (2). Bar. L. 106554. 1(a)(5) title I, 101(3), added par. (2) and struck out heading and text of former par. (2). Text read as follows: The term board of trade means any exchange or association, whether incorporated or unincorporated, of persons who are engaged in the business of buying or selling any commodity or receiving the same for sale on consignment. Bar. L. 106554. 1(a)(5) title I, 101(1), redesignated par. (1) as (2). Antigo par. (2) redesignated (3). Pars. (3), (4). Bar. L. 106554. 1(a)(5) title I, 101(1), redesignated pars. (2) and (3) as (3) and (4), respectively. Antigo par. (4) redesignated (5). Par. (5). Bar. L. 106554. 1(a)(5) title I, 123(a)(1)(A), inserted or derivatives transaction execution facility after contract market. Bar. L. 106554. 1(a)(5) title I, 101(1), redesignated par. (4) as (5). Antigo par. (5) redesignated (6). Par. (6). Bar. L. 106554. 1(a)(5) title I, 123(a)(1)(A), inserted or derivatives transaction execution facility after contract market in subpars. (A)(i)(I) and (B)(vi). Bar. L. 106554. 1(a)(5) title I, 101(1), redesignated par. (5) as (6). Antigo par. (6) redesignated (7). Pars. (7), (8). Bar. L. 106554. 1(a)(5) title I, 101(1), redesignated pars. (6) and (7) as (7) and (8), respectively. Antigo par. (8) redesignated (16). Pars. (9) to (15). Bar. L. 106554. 1(a)(5) title I, 101(4), added pars. (9) to (15). Former pars. (9) to (12) and (13) to (15) redesignated (17) to (20) and (22) to (24), respectively. Par. (16). Bar. L. 106554. 1(a)(5) title I, 123(a)(1)(A), inserted or derivatives transaction execution facility after contract market in two places. Bar. L. 106554. 1(a)(5) title I, 101(1), redesignated par. (8) as (16). Antigo par. (16) redesignated (28). Par. (17). Bar. L. 106554. 1(a)(5) title I, 123(a)(1)(A), inserted or derivatives transaction execution facility after contract market in two places. Pars. (18), (19). Bar. L. 106554. 1(a)(5) title I, 101(1), redesignated pars. (10) and (11) as (18) and (19), respectively. Par. (20). Bar. L. 106554. 1(a)(5) title I, 101(1), redesignated par. (12) as (20). Par. (20)(A). Bar. L. 106554. 1(a)(5) title I, 123(a)(1)(A), inserted or derivatives transaction execution facility after contract market. Par. (22). Bar. L. 106554. 1(a)(5) title I, 101(1), redesignated par. (13) as (22). Par. (23). Bar. L. 106554. 1(a)(5) title I, 123(a)(1)(A), inserted or derivatives transaction execution facility after contract market. Bar. L. 106554. 1(a)(5) title I, 101(1), redesignated par. (14) as (23). Par. (24). Bar. L. 106554. 1(a)(5) title I, 123(a)(1)(B), substituted registered entity for contract market wherever appearing in heading and text and inserted concluding provisions. Bar. L. 106554. 1(a)(5) title I, 101(6), added par. (24) and struck out heading and text of former par. (24). Text read as follows: The term member of a contract market means an individual, association, partnership, corporation, or trust owning or holding membership in, or admitted to membership representation on, a contract market or given members trading privileges thereon. Bar. L. 106554. 1(a)(5) title I, 101(1), redesignated par. (15) as (24). Pars. (25) to (27). Bar. L. 106554. 1(a)(5) title I, 101(6), added pars. (25) to (27). Par. (28). Bar. L. 106554. 1(a)(5) title I, 101(1), redesignated par. (16) as (28). Pars. (29) to (33). Bar. L. 106554. 1(a)(5) title I, 101(7), added pars. (29) to (33). Effective Date of 2010 Amendment Notwithstanding any other provision of this Act see Tables for classification, the amendments made by subsection (a)(4) amending this section shall take effect on June 1, 2010 . Unless otherwise provided in this title see Tables for classification, the provisions of this subtitle subtitle A ( 711754) of title VII of Pub. L. 111203. see Tables for classification shall take effect on the later of 360 days after the date of the enactment of this subtitle July 21, 2010 or, to the extent a provision of this subtitle requires a rulemaking, not less than 60 days after publication of the final rule or regulation implementing such provision of this subtitle. Effective Date of 2008 Amendment Amendment of this section and repeal of Pub. L. 110234 by Pub. L. 110246 effective May 22, 2008. the date of enactment of Pub. L. 110234. except as otherwise provided, see section 4 of Pub. L. 110246. set out as an Effective Date note under section 8701 of this title . Unless otherwise provided by the amendments made by this subtitle subtitle A ( 711754) of title VII of Pub. L. 111203. see Tables for classification, the amendments made by this subtitle do not divest any appropriate Federal banking agency, the Commodity Futures Trading Commission, the Securities and Exchange Commission, or other Federal or State agency of any authority derived from any other applicable law. For definitions of appropriate Federal banking agency and State as used in section 743 of Pub. L. 111203. set out above, see section 5301 of Title 12. Banks and Banking. This is a list of parts within the Code of Federal Regulations for which this US Code section provides rulemaking authority. Não é garantido que seja preciso ou atualizado, embora atualizemos o banco de dados semanalmente. Mais limitações na precisão são descritas no site do GPO. 12 CFR - Banks and Banking 12 CFR Part 22 - LOANS IN AREAS HAVING SPECIAL FLOOD HAZARDS 17 CFR - Commodity and Securities Exchanges 17 CFR Part 1 - GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT 17 CFR Part 4 - COMMODITY POOL OPERATORS AND COMMODITY TRADING ADVISORS 17 CFR Part 20 - LARGE TRADER REPORTING FOR PHYSICAL COMMODITY SWAPS 17 CFR Part 23 - SWAP DEALERS AND MAJOR SWAP PARTICIPANTS 17 CFR Part 30 - FOREIGN FUTURES AND FOREIGN OPTIONS TRANSACTIONS 17 CFR Part 32 - REGULATION OF COMMODITY OPTION TRANSACTIONS 17 CFR Part 33 - REGULATION OF COMMODITY OPTION TRANSACTIONS THAT ARE OPTIONS ON CONTRACTS OF SALE OF A COMMODITY FOR FUTURE DELIVERY 17 CFR Part 37 - SWAP EXECUTION FACILITIES 17 CFR Part 38 - DESIGNATED CONTRACT MARKETS 17 CFR Part 40 - PROVISIONS COMMON TO REGISTERED ENTITIES 17 CFR Part 41 - SECURITY FUTURES PRODUCTS 17 CFR Part 42 - ANTI-MONEY LAUNDERING, TERRORIST FINANCING 17 CFR Part 151 - POSITION LIMITS FOR FUTURES AND SWAPS 17 CFR Part 166 - CUSTOMER PROTECT ION RULES