De minimis exception
(1) De minimis exception. In connection with the de minimis exception to the definition of security-based swap dealer, the report generally should assess whether any of the de minimis thresholds set forth in paragraph (a)(1) of 240.3a71-2 should be increased or decreased; (2) General security-based swap dealer analysis. In connection with the definition of security-based swap dealer, the report generally should consider the factors that are useful for identifying security-based swap dealing activity, including the application of the dealer-trader distinction for that purpose, and the potential use of more objective tests or safe harbors as part of the analysis; (3) General major security-based swap participant analysis. In connection with the definition of major security-based swap participant, the report generally should consider the tests used to identify the presence of a substantial position in a major category of security-based swaps, and the tests used to identify persons whose security-based swap positions create substantial counterparty exposure, including the potential use of alternative tests or thresholds; (4) Commercial risk hedging exclusion. In connection with the definition of major security-based swap participant, the report generally should consider the definition of hedging or mitigating commercial risk, including whether that latter definition inappropriately permits certain positions to be excluded from the substantial position analysis, and whether the continued availability of the exclusion for such hedging positions should be conditioned on a person assessing and documenting the hedging effectiveness of those positions; (5) Highly leveraged financial entities. In connection with the definition of major security-based swap participant, the report generally should consider the definition of highly leveraged, including whether alternative approaches should be used to identify highly leveraged financial entities; (6) Inter-affiliate exclusions. In connection with the definitions of security-based swap dealer and major security-based swap participant, the report generally should consider the impact of rule provisions excluding inter-affiliate transactions from the relevant analyses, and should assess potential alternative approaches for such exclusions; and (7) Other topics. Any other analysis of security-based swap data and information the Commission or the staff deem relevant to this rule.