§ 240.3a71-5. Exception for cleared transactions executed on a swap execution facility.
176 words·~1 min read·
/us/cfr/t17/s§ 240.3a71-5·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)For purposes of § 240.3a71-3(b)(1), a non-U.S. person, other than a conduit affiliate, shall not include its security-based swap transactions that are entered into anonymously on an execution facility or national securities exchange and are cleared through a clearing agency; and
(b)For purposes of § 240.3a71-3(b)(2), a person shall not include security-based swap transactions of an affiliated non-U.S. person, other than a conduit affiliate, when such transactions are entered into anonymously on an execution facility or national securities exchange and are cleared through a clearing agency.
(c)The exceptions in paragraphs
(a)and
(b)of this section shall not apply to any security-based swap transactions of a non-U.S. person or of an affiliated non-U.S. person connected with the person's security-based swap dealing activity that are arranged, negotiated, or executed by personnel of such non-U.S. person located in a U.S. branch or office, or by personnel of an agent of such non-U.S. person located in a U.S. branch or office. \[79 FR 47370, Aug. 12, 2014, as amended at 81 FR 8637, Feb. 19, 2016\]