{"abstract":"The Securities and Exchange Commission (\"SEC\" or \"Commission\") is adopting amendments to Exchange Act rules 3a71-3 and 3a71-5 that address the application of the de minimis exception to security-based swap transactions connected with a non-U.S. person's security-based swap dealing activity that are arranged, negotiated, or executed by personnel of such person located in a U.S. branch or office, or by personnel of such person's agent, located in a U.S. branch or office.","action":"Final rule.","agencies":[{"raw_name":"SECURITIES AND EXCHANGE COMMISSION","name":"Securities and Exchange Commission","id":466,"url":"https://www.federalregister.gov/agencies/securities-and-exchange-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/466","parent_id":null,"slug":"securities-and-exchange-commission"}],"body_html_url":"https://www.federalregister.gov/documents/full_text/html/2016/02/19/2016-03178.html","cfr_references":[{"chapter":null,"citation_url":null,"part":240,"title":17}],"citation":"81 FR 8598","comment_url":null,"comments_close_on":null,"correction_of":null,"corrections":["https://www.federalregister.gov/api/v1/documents/C1-2016-03178"],"dates":"Effective Date: April 19, 2016. Compliance Date: The later of (a) February 21, 2017 or (b) the SBS Entity Counting Date, as defined in Section VII of the Supplementary Information.","disposition_notes":null,"docket_ids":["Release No. 34-77104","File No. S7-06-15"],"dockets":[],"document_number":"2016-03178","effective_on":"2016-04-19","end_page":8637,"executive_order_notes":null,"executive_order_number":null,"full_text_xml_url":"https://www.federalregister.gov/documents/full_text/xml/2016/02/19/2016-03178.xml","html_url":"https://www.federalregister.gov/documents/2016/02/19/2016-03178/security-based-swap-transactions-connected-with-a-non-us-persons-dealing-activity-that-are-arranged","images":{"ER19FE16.003":{"large":"https://img.federalregister.gov/ER19FE16.003/ER19FE16.003_large.png","original_size":"https://img.federalregister.gov/ER19FE16.003/ER19FE16.003_original_size.png"},"ER19FE16.001":{"large":"https://img.federalregister.gov/ER19FE16.001/ER19FE16.001_large.png","original_size":"https://img.federalregister.gov/ER19FE16.001/ER19FE16.001_original_size.png"},"ER19FE16.002":{"large":"https://img.federalregister.gov/ER19FE16.002/ER19FE16.002_large.png","original_size":"https://img.federalregister.gov/ER19FE16.002/ER19FE16.002_original_size.png"}},"images_metadata":{"ER19FE16.003":{"large":{"identifier":"ER19FE16.003","content_type":"image/png","size":29811,"width":823,"sha":"bb931241021c8b7533ccc37cafe0c5db","url":"https://img.federalregister.gov/ER19FE16.003/ER19FE16.003_large.png","height":533},"original_size":{"identifier":"ER19FE16.003","content_type":"image/png","size":51906,"width":3861,"sha":"324a8874a5d92ab6540147f02d882d03","url":"https://img.federalregister.gov/ER19FE16.003/ER19FE16.003_original_size.png","height":2502}},"ER19FE16.001":{"large":{"identifier":"ER19FE16.001","content_type":"image/png","size":52881,"width":823,"sha":"4749be68b519a07fc5825d2e3a2da378","url":"https://img.federalregister.gov/ER19FE16.001/ER19FE16.001_large.png","height":628},"original_size":{"identifier":"ER19FE16.001","content_type":"image/png","size":109278,"width":3892,"sha":"850516cdd0925e44b75345cb2362bf9f","url":"https://img.federalregister.gov/ER19FE16.001/ER19FE16.001_original_size.png","height":2971}},"ER19FE16.002":{"large":{"identifier":"ER19FE16.002","content_type":"image/png","size":32704,"width":823,"sha":"08080fbabb03ef1ca2c3aec16d2067dc","url":"https://img.federalregister.gov/ER19FE16.002/ER19FE16.002_large.png","height":589},"original_size":{"identifier":"ER19FE16.002","content_type":"image/png","size":47374,"width":3908,"sha":"e3dd04706631029f1b3b377c80d4bd8f","url":"https://img.federalregister.gov/ER19FE16.002/ER19FE16.002_original_size.png","height":2797}}},"json_url":"https://www.federalregister.gov/api/v1/documents/2016-03178?publication_date=2016-02-19","mods_url":"https://www.govinfo.gov/metadata/granule/FR-2016-02-19/2016-03178/mods.xml","not_received_for_publication":null,"page_length":40,"page_views":{"count":3304,"last_updated":"2026-09-21 22:15:07 -0400"},"pdf_url":"https://www.govinfo.gov/content/pkg/FR-2016-02-19/pdf/2016-03178.pdf","presidential_document_number":null,"proclamation_number":null,"public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2016-03178.pdf?1455803126","publication_date":"2016-02-19","raw_text_url":"https://www.federalregister.gov/documents/full_text/text/2016/02/19/2016-03178.txt","regulation_id_number_info":{"3235-AL73":{"issue":"201510","html_url":"https://www.federalregister.gov/regulations/3235-AL73/application-of-certain-title-vii-requirements-to-security-based-swap-transactions-involving-conduct-","title":"Application of Certain Title VII Requirements to Security-Based Swap Transactions Involving Conduct Within the United States, and Certain Other Transactions","xml_url":"http://www.reginfo.gov/public/do/eAgendaViewRule?pubId=201510&RIN=3235-AL73&operation=OPERATION_EXPORT_XML","priority_category":"Substantive, Nonsignificant"}},"regulation_id_numbers":["3235-AL73"],"regulations_dot_gov_info":{"checked_regulationsdotgov_at":"2016-03-10T06:00:11Z"},"regulations_dot_gov_url":null,"significant":false,"signing_date":null,"start_page":8598,"subtype":null,"title":"Security-Based Swap Transactions Connected With a Non-U.S. Person's Dealing Activity That Are Arranged, Negotiated, or Executed by Personnel Located in a U.S. Branch or Office or in a U.S. Branch or Office of an Agent; Security-Based Swap Dealer De Minimis Exception","toc_doc":"Security-Based Swap Transactions Connected with a Non-U.S. Person's Dealing Activity that are Arranged, Negotiated, or Executed by Personnel Located in a U.S. Branch or Office or in a U.S. Branch or Office of an Agent","toc_subject":"Security-Based Swap Dealer De Minimis Exceptions:","topics":["Brokers","Confidential business information","Fraud","Reporting and recordkeeping requirements","Securities"],"type":"Rule","volume":81}