Page:United States Statutes at Large Volume 124.djvu/1696

 124 STAT. 1670 PUBLIC LAW 111–203—JULY 21, 2010 for the purpose of providing a centralized recordkeeping facility for swaps. ‘‘(49) SWAP DEALER.— ‘‘(A) IN GENERAL.—The term ‘swap dealer’ means any person who— ‘‘(i) holds itself out as a dealer in swaps; ‘‘(ii) makes a market in swaps; ‘‘(iii) regularly enters into swaps with counterpar- ties as an ordinary course of business for its own account; or ‘‘(iv) engages in any activity causing the person to be commonly known in the trade as a dealer or market maker in swaps, provided however, in no event shall an insured depository institution be considered to be a swap dealer to the extent it offers to enter into a swap with a customer in connection with originating a loan with that customer. ‘‘(B) INCLUSION.—A person may be designated as a swap dealer for a single type or single class or category of swap or activities and considered not to be a swap dealer for other types, classes, or categories of swaps or activities. ‘‘(C) EXCEPTION.—The term ‘swap dealer’ does not include a person that enters into swaps for such person’s own account, either individually or in a fiduciary capacity, but not as a part of a regular business. ‘‘(D) DE MINIMIS EXCEPTION.—The Commission shall exempt from designation as a swap dealer an entity that engages in a de minimis quantity of swap dealing in connec- tion with transactions with or on behalf of its customers. The Commission shall promulgate regulations to establish factors with respect to the making of this determination to exempt. ‘‘(50) SWAP EXECUTION FACILITY.—The term ‘swap execution facility’ means a trading system or platform in which multiple participants have the ability to execute or trade swaps by accepting bids and offers made by multiple participants in the facility or system, through any means of interstate com- merce, including any trading facility, that— ‘‘(A) facilitates the execution of swaps between persons; and ‘‘(B) is not a designated contract market.’’. (22) in paragraph (51) (as redesignated by paragraph (1)), in subparagraph (A)(i), by striking ‘‘partipants’’ and inserting ‘‘participants’’. (b) AUTHORITY TO DEFINE TERMS.—The Commodity Futures Trading Commission may adopt a rule to define— (1) the term ‘‘commercial risk’’; and (2) any other term included in an amendment to the Com- modity Exchange Act (7 U.S.C. 1 et seq.) made by this subtitle. (c) MODIFICATION OF DEFINITIONS.—To include transactions and entities that have been structured to evade this subtitle (or an amendment made by this subtitle), the Commodity Futures Trading Commission shall adopt a rule to further define the terms ‘‘swap’’, ‘‘swap dealer’’, ‘‘major swap participant’’, and ‘‘eligible contract participant’’. 15 USC 8321. 15 USC 8321.