Sec. 304. Study of swap dealer de minimis exemption level
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The Commodity Futures Trading Commission shall conduct a study of the appropriate de minimis exemption level of swap dealing under section 1a(49)(D) of the Commodity Exchange Act ( 7 U.S.C. 1a(49)(D) ). In conducting the study described in subsection (a), the Commission may consider— the potential impact of modifying the de minimis threshold; whether the de minimis threshold should be increased or decreased; the factors that are useful for identifying swap dealing activity, including the application of the dealer trader distinction for that purpose, and the potential use of objective tests or safe harbors as part of the analysis; and any other factors, or any other analysis of swap data and information relating to swaps, that the Commission considers to be relevant.
Based on the information gathered in the study under this section, the Commission, through a rulemaking, shall promulgate a regulation that sets an appropriate swap dealer de minimis exemption level. The swap dealer de minimis exemption level in effect on the date of enactment of this Act shall remain in effect until changed by the Commission through a rulemaking described in paragraph (1). Any Commission regulation that changes the swap dealer de minimis exemption level shall take effect not less than 1 year after the date on which the final regulation is published in the Federal Register.
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Sec. 304
Study of swap dealer de minimis exemption level
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