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The CFTC proposed to amend the de minimis exception within its regulations' "swap dealer" definition in several ways, including:
- Setting the aggregate gross notional amount threshold for the de minimis exception at $8 billion in swap dealing activity entered into by a person over the preceding 12 months;
- Excepting from consideration when calculating the aggregate gross notional amount of a person's swap dealing activity for purposes of the de minimis threshold: Swaps entered into with a customer by an insured depository institution in connection with originating a loan to that customer;
- Swaps entered into to hedge financial or physical positions; and
- Swaps resulting from multilateral portfolio compression exercises.
The proposal further provides that the CFTC may determine the methodology to be used to calculate the notional amount for any group, category, type or class of swaps, and delegates to the director of the Division of Swap Dealer and Intermediary Oversight (DSIO) the authority to make such determinations.
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