The CFTC issued its preliminary report on the de minimis exception from swap dealer registration, in which it analyzed swap data provided to date to assess the exception. Currently, swap dealers who exceed $8 billion in gross notional swap dealing activity over a twelve-month period are required to register with the CFTC. Today, there are approximately 100 swap dealers provisionally registered with the CFTC. The $8 billion threshold for registration is scheduled to fall to $3 billion in December 2017 absent further action by the CFTC.
The report does not contain recommendations to the CFTC Commissioners. The preliminary report generated approximately 30 comments from industry participants and trade associations, including ISDA and SIFMA. Once the CFTC has analyzed the public comments, it will issue a final report on the de minimis exception.