Code of Federal Regulations Title 17. Commodity and Securities Exchanges § 17.240.3a71–5 Exception for cleared transactions executed on a swap execution facility

(a) For purposes of § 240.3a71–3(b)(1), a non–U.S. person, other than a conduit affiliate, shall not include its security-based swap transactions that are entered into anonymously on an execution facility or national securities exchange and are cleared through a clearing agency;  and

(b) For purposes of § 240.3a71–3(b)(2), a person shall not include security-based swap transactions of an affiliated non–U.S. person, other than a conduit affiliate, when such transactions are entered into anonymously on an execution facility or national securities exchange and are cleared through a clearing agency.

(c) The exceptions in paragraphs (a) and (b) of this section shall not apply to any security-based swap transactions of a non–U.S. person or of an affiliated non–U.S. person connected with the person's security-based swap dealing activity that are arranged, negotiated, or executed by personnel of such non–U.S. person located in a U.S. branch or office, or by personnel of an agent of such non–U.S. person located in a U.S. branch or office.