§ 242.832. Application of the trade execution requirement to cross-border security-based swap transactions.
126 words·~1 min read·
/us/cfr/t17/s§ 242.832·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)The trade execution requirement set forth in section 3C(h) of the Act shall not apply in connection with a security-based swap unless at least one counterparty to the security-based swap is a "covered person" as defined in paragraph
(b)of this section.
(b)A "covered person" means, with respect to a particular security-based swap, any person that is:
(1)A U.S. person;
(2)A non-U.S. person whose performance under a security-based swap is guaranteed by a U.S. person; or
(3)A non-U.S. person who, in connection with its security-based swap dealing activity, uses U.S. personnel located in a U.S. branch or office, or personnel of an agent of such non-U.S. person located in a U.S. branch or office, to arrange, negotiate, or execute a transaction.