On October 17th, the Division of Swap Dealer and Intermediary Oversight ("DSIO") of the Commodity Futures Trading Commission ("CFTC") issued a no-action letter providing relief for certain non-U.S. persons that are not guaranteed or conduit affiliates of U.S. persons with respect to counting for purposes of the de minimis calculation. The relief provides that DSIO will not recommend an enforcement action against any non-U.S. person that is not a guaranteed or affiliate conduit of a U.S. person for failure to include, in its de minimis calculation for purposes of the swap dealer definition under Commission Regulation 1.3(ggg)(4), a swap executed with a guaranteed affiliate of a U.S. person on or before the date such non-U.S. person is required to register with the Commission as a swap dealer under Commission Regulation 1.3(ggg)(4)(iii), provided that (1) the guaranteed affiliate is affiliated with a swap dealer registered with the Commission; (2) the guaranteed affiliate has crossed the de minimis threshold; and (3) the guaranteed affiliate represents in writing, that (a) such guaranteed affiliate intends to register as a swap dealer; and (b) the date its registration is required under Commission Regulation 1.3(ggg)(4)(iii). CFTC Press Release.