On 22 May 2014, the Commodity Futures Trading Commission (“CFTC”) issued a proposed rule amendment to adjust the de minimis threshold for determining if an entity that enters into swaps with utility special entities must register as a swap dealer. The proposal would amend the CFTC’s swap dealer definition to permit a person dealing in “utility operations-related swaps” with “utility special entities” to exclude those swaps in determining whether that person has exceeded the de minimis threshold specific to dealing with special entities. Under the proposal, however, such swaps would be counted for determining whether the general dealing de minimis threshold applies

The full text of the proposed rule is available at:

http://www.cftc.gov/ucm/groups/public/@newsroom/documents/file/federalregist er052214-a1.pdf.