The participants discussed NEFI's comment (from its joint comment letter with the Petroleum Marketers Association of America) that the forward contract exclusion should include "residential fuel storage contracts, such as residential propane tank storage contracts or agreements").  Mr. Collura explained that propane dealers often lease propane tanks to residential consumers, who often prepay for the propane to be delivered to the tanks, which consumers use for various household purposes.

Discussion of information provided by ACLI in attached document.

Implementation of clearing and trading requirements, use of FCMs, connectivity, use of vendors, data reporting, margin for uncleared swaps, documentation of credit support arrangements.

The participants discussed the look through element of the proposed further definition of ECP.

The meeting discussed points made by the Financial Services Roundtable in a comment letter submitted on October 17, 2011, primarily regarding the exclusion in the definition of swap dealer for swaps entered into by insured depository institutions in connection with the origination of loans.  The Roundtable is particularly concerned by any requirement that such swaps be entered into contemporaneously with the origination of a loan.  Also, they believe any swap closely linked to the loan should be covered by the exclusion (rather than limiting the exclusion to swaps related to the fi

The participants discussed various purposes for feeder funds and use thereby by U.S. tax exempt investors.

The commenters called to discuss the small financial institution exception to the financial entity definition in the end-user rule.  The commenters generally use swaps to meet banking client needs to hedge interest rate risk on loans and occasionally FX and commodity risks.  Occasionally, the commenters use swaps to hedge balance sheet risks.  They do not hold themselves out as dealers.

Participants discussed the swap definition, and in particular the NPRM's proposed further definition of swap that would exclude insurance.  NAIC provided clarification that foreign insurers that write insurance policies in the U.S., and domestic reinsurers of risks ceded by foreign insurers, are subject to state insurance regulator supervision.  Moreover, NAIC noted that federal health care act exchanges and the other exchanges it mentioned in its comment letter are not exchanges in the conventional sense, as there is no trading of insurance policies s

Participants discussed the owned-non-financial exemption from the aggregation requirements in the position limits rulemaking.  Mr. Pantano urged the Commission to retain the ONFE exemption as proposed and stated that the retention of the Independent Account Controller (IAC) exemption did not provide sufficient relief to commercial firms, and that the Commission had not provided sufficient notice to commenters in the event that it did not retain the proposed ONFE exemption and instead re-instate the IAC exemption.

Mr. Young called to discuss two issues in the position limits rulemaking:  (1) ability of DCMs to revise estimates of "deliverable supply" prior to the imposition of new spot month limits under the new rule; and (2) whether amounts of commodities subject to long-term supply contracts could be counted in calculations of the amount of deliverable supply.