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    CFTC Amends De Minimis Exception Under the Swap Dealer Definition

    April 01, 2019

    CFTC is amending the de minimis exception within the swap dealer definition in its regulations by establishing as a factor in the de minimis threshold determination whether a given swap has specified characteristics of swaps entered into by insured depository institutions in connection with originating loans to customers. The effective date for this rule is April 01, 2019

    CFTC had, in June 2018, issued a proposed rule to amend the de minimis exception while it had adopted the USD 8 billion de minimis threshold in November 2018. The current release does not include discussion about these other aspects of the proposed rule as they were addressed in the adopting release for the USD 8 billion threshold. In this adopting release, CFTC is amending the de minimis exception by establishing as a factor in the aggregate gross notional amount threshold determination whether a given swap has specified characteristics of swaps entered into by insured depository institutions in connection with originating loans to customers. CFTC may in the future separately propose or adopt rules addressing any aspect of the proposed rule that is not finalized in this release, or that has not already been finalized. The amendment being adopted in this release:

    • Supports a clearer and more streamlined application of the de minimis exception
    • Provides greater clarity on which swaps need to be counted toward the aggregate gross notional amount threshold
    • Accounts for practical considerations relevant to swaps in different circumstances

     

    Related Link: Federal Register Notice

    Effective Date: April 01, 2019

    Keywords: Americas, US, Banking, Securities, De Minimis Exception, Aggregate Gross Notional Amount Threshold, Swap Dealer, Insured Depository Institutions, Swaps, CFTC

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