De Minimis Exception to the Swap Dealer Definition

Document Headings Document headings vary by document type but may contain the following: the agency or agencies that issued and signed a document the number of the CFR title and the number of each part the document amends, proposes to amend, or is directly related to the agency docket number / agency internal file number the RIN which identifies each regulatory action listed in the Unified Agenda of Federal Regulatory and Deregulatory Actions See the Document Drafting Handbook for more details. Commodity Futures Trading Commission 17 CFR Part 1 RIN 3038-AE68 AGENCY: Commodity Futures Trading Commission. ACTION: Final rule. SUMMARY: The Commodity Futures Trading Commission (“Commission” or “CFTC”) is amending the de minimis exception within the “swap dealer” definition in the Commission's regulations by setting the aggregate gross notional amount threshold for the de minimis exception at $8 billion in swap dealing activity entered into by a person over the preceding 12 months. DATES: This rule is effective November 13, 2018. FOR FURTHER INFORMATION CONTACT: Matthew Kulkin, Director, 202-418-5213, mkulkin@cftc.gov , Rajal Patel, Associate Director, 202-418-5261, rpatel@cftc.gov , or Jeffrey Hasterok, Data and Risk Analyst, 646-746-9736, jhasterok@cftc.gov , Division of Swap Dealer and Intermediary Oversight; Bruce Tuckman, Chief Economist, 202-418-5624, btuckman@cftc.gov or Scott Mixon, Associate Director, 202-418-5771, smixon@cftc.gov , Office of the Chief Economist; or Mark Fajfar, Assistant General Counsel, 202-418-6636, mfajfar@cftc.gov , Office of General Counsel, Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st Street, NW, Washington, DC 20581. SUPPLEMENTARY INFORMATION: Table of Contents I. Background A. Statutory and Regulatory Background 1. Statutory Authority 2. Regulatory History 3. Policy Considerations 4. De Minimis Calculation B. The Proposal II. Final Rule—$8 Billion Threshold A. Proposal …