Regulatory Alerts2018-06-12 | 2018-12362De Minimis Exception to the Swap Dealer Definition
The Commodity Futures Trading Commission proposes to permanently set the de minimis exception threshold for swap dealer registration at $8 billion in aggregate gross notional swap dealing activity over a 12-month period. The proposal exempts specific transactions from this calculation, including swaps entered into by insured depository institutions to originate loans, swaps used to hedge financial or physical positions, and swaps resulting from multilateral portfolio compression exercises. Additionally, the Commission seeks public comment on potential further changes such as adding minimum counterparty and transaction count thresholds, and excluding exchange-traded, cleared, or non-deliverable forward swaps from the calculation.
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