Code of Federal Regulations Title 17. Commodity and Securities Exchanges § 17.240.3a71–2(b))

A registered security-based swap dealer, a registered security-based swap execution facility, or an entity engaging in dealing activity in security-based swaps that is eligible for an exception under § 240.3a71–2(a) (or subject to the period set forth in § 240.3a71–2(b)) shall be exempt from inclusion in the term “clearing agency,” as defined in section 3(a)(23)(A) of the Act, where such registered security-based swap dealer, registered security-based swap execution facility, or entity engaging in dealing activity in security-based swaps that is eligible for an exception under § 240.3a71–2(a) (or subject to the period set forth in § 240.3a71–2(b)) would be deemed to be a clearing agency solely by reason of: