Page:United States Statutes at Large Volume 124.djvu/1784

 124 STAT. 1758 PUBLIC LAW 111–203—JULY 21, 2010 ‘associated person of a security-based swap dealer or major security-based swap participant’ does not include any per- son associated with a security-based swap dealer or major security-based swap participant whose functions are solely clerical or ministerial. ‘‘(71) SECURITY-BASED SWAP DEALER.— ‘‘(A) IN GENERAL.—The term ‘security-based swap dealer’ means any person who— ‘‘(i) holds themself out as a dealer in security- based swaps; ‘‘(ii) makes a market in security-based swaps; ‘‘(iii) regularly enters into security-based swaps with counterparties as an ordinary course of business for its own account; or ‘‘(iv) engages in any activity causing it to be com- monly known in the trade as a dealer or market maker in security-based swaps. ‘‘(B) DESIGNATION BY TYPE OR CLASS.—A person may be designated as a security-based swap dealer for a single type or single class or category of security-based swap or activities and considered not to be a security-based swap dealer for other types, classes, or categories of security- based swaps or activities. ‘‘(C) EXCEPTION.—The term ‘security-based swap dealer’ does not include a person that enters into security- based swaps for such person’s own account, either individ- ually or in a fiduciary capacity, but not as a part of regular business. ‘‘(D) DE MINIMIS EXCEPTION.—The Commission shall exempt from designation as a security-based swap dealer an entity that engages in a de minimis quantity of security- based swap dealing in connection with transactions with or on behalf of its customers. The Commission shall promul- gate regulations to establish factors with respect to the making of any determination to exempt. ‘‘(72) APPROPRIATE FEDERAL BANKING AGENCY.—The term ‘appropriate Federal banking agency’ has the same meaning as in section 3(q) of the Federal Deposit Insurance Act (12 U.S.C. 1813(q)). ‘‘(73) BOARD.—The term ‘Board’ means the Board of Gov- ernors of the Federal Reserve System. ‘‘(74) PRUDENTIAL REGULATOR.—The term ‘prudential regu- lator’ has the same meaning as in section 1a of the Commodity Exchange Act (7 U.S.C. 1a). ‘‘(75) SECURITY-BASED SWAP DATA REPOSITORY.—The term ‘security-based swap data repository’ means any person that collects and maintains information or records with respect to transactions or positions in, or the terms and conditions of, security-based swaps entered into by third parties for the pur- pose of providing a centralized recordkeeping facility for secu- rity-based swaps. ‘‘(76) SWAP DEALER.—The term ‘swap dealer’ has the same meaning as in section 1a of the Commodity Exchange Act (7 U.S.C. 1a). ‘‘(77) SECURITY-BASED SWAP EXECUTION FACILITY.—The term ‘security-based swap execution facility’ means a trading system or platform in which multiple participants have the