Definitions

Further definition of Swap Dealer, Major Swap Participant, Security-Based Swap Dealer, and Major Security-Based Swap Participant

The CFTC and SEC issued final rules and interpretive guidance to implement the Dodd-Frank Wall Street Reform and Consumer Protection Act to further define the terms “swap dealer,” “major swap participant,” “security-based swap dealer,” “major security-based swap participant,” and “eligible contract participant.”

Information regarding these further definitions are provided below.

Related Federal Register Releases

Final Rule:  83 FR 56666 // PDF Version
11/13/2018
17 CFR Part 1
De Minimis Exception to the Swap Dealer Definition

Effective Date: Tuesday, November 13, 2018

Proposed Rule: 83 FR 27444 // PDF Version
6/12/2018
17 CFR Part 1
De Minimis Exception to the Swap Dealer Definition
Comment File - Closing Date: 8/13/2018

Correction: 77 FR 39626 // PDF Version
7/5/2012
17 CFR Part 1
Further Definition of ``Swap Dealer,'' ``Security-Based Swap Dealer,'' ``Major Swap Participant,'' ``Major Security-Based Swap Participant'' and ``Eligible Contract Participant''; Correction

----See Also----
Final Rule: 77 FR 30596 // PDF
5/23/2012
17 CFR Part 240
Further Definition of ‘‘Swap Dealer,’’ ‘‘Security-Based Swap Dealer,’’ ‘‘Major Swap Participant,’’ ‘‘Major Security-Based Swap Participant’’ and ‘‘Eligible Contract Participant’’

Effective Date: July 23, 2012
Comment File – Closing Date: 7/23/2012

Proposed Rule: 75 FR 80174 // PDF Version
12/21/2010
Commodity Futures Trading Commission 17 CFR Part 1 Securities and Exchange Commission 17 CFR Part 240 Further Definition of "Swap Dealer," "Security-Based Swap Dealer," "Major Swap Participant," "Major Security-Based Swap Participant" and "Eligible Contract Participant"
Comment File -  Extended Date: 6/3/2011

Advance Notice of Proposed Rulemaking: 75 FR 51429 // PDF Version
8/20/2010
Commodity Futures Trading Commission 17 CFR Part 1 Securities and Exchange Commission 17 CFR Part 240 Definitions Contained in Title VII of Dodd-Frank Wall Street Reform and Consumer Protection Act
Comment File - Closing Date: 9/20/2010

Additional Information

Fact Sheet:  Adopting Permanent $8 Billion De Minimis Exception to the Swap Dealer Definition

Event:  CFTC to Hold an Open Commission Meeting on November 5

Swap Dealer De Minimis Exception Final Staff Report, August 15 2016

Swap Dealer De Minimis Exception Preliminary Report, November 18, 2015

Fact Sheet: Final Rules Regarding Further Defining “Swap Dealer,” “Major Swap Participant” and “Eligible Contract Participant”
Q&A: Final Rules Regarding Further Defining “Swap Dealer,” “Major Swap Participant” and “Eligible Contract Participant”

Event: CFTC to Hold Open Meeting to Consider Two Final Rules

Event: CFTC and SEC Staff Public Roundtable Discussion on Proposed Dealer and Major Participant Definitions under Dodd-Frank Act

Fact Sheet: Proposed Rules Further Defining “Swap Dealer,” “Major Swap Participant” and “Eligible Contract Participant”
Q&A: Further Defining “Swap Dealer,” “Major Swap Participant” and “Eligible Contract Participant.”

Event: Open Meeting on Sixth Series of Proposed Rules under the Dodd-Frank Act