In work on US swaps, such as registering swap dealers and other participants, submitting swaps for clearing, reporting transaction data, keeping trade records, and exchanging margin, the starting point is the section of Title VII that each rule rests on.

What the rules require

The Dodd-Frank Act (the Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law 111-203) is a US federal law enacted on July 21, 20101. Title VII is titled "Wall Street Transparency and Accountability." Title VII itself has the short title "Wall Street Transparency and Accountability Act of 2010"2. The first part (Subtitle A) sets rules for the over-the-counter swap markets, and the second part (Subtitle B) sets rules for the security-based swap markets3.

The statute states the aims of these rules in several places. They are to make swap transaction and pricing data public to improve price discovery4, to cover the larger risks of uncleared swaps with capital and margin5, and to take the mitigation of systemic risk into account when deciding which swaps must be cleared6.

The Volcker Rule, which restricts banks' proprietary trading, rests on Title VI, not Title VII.

The structure of Title VII is as follows. In many of its sections, Title VII inserts new sections into the Commodity Exchange Act (CEA) and the Securities Exchange Act of 1934 (the Exchange Act)3.

Part Sections What it sets out
Subtitle A, Part I (Regulatory Authority) Sec. 711–720 Definitions, review of regulatory authority, the prohibition on federal bailouts of entities such as swap dealers (Sec. 716), and more
Subtitle A, Part II (Regulation of Swap Markets) Sec. 721–754 Amendments to the CEA (definitions, jurisdiction, clearing, reporting, registration, trading venues, margin, and more)
Subtitle B (Regulation of Security-Based Swap Markets) Sec. 761–774 Amendments to the Exchange Act (the definition of security-based swap, clearing, reporting, registration, and more)

The Commodity Futures Trading Commission (CFTC) administers swaps, and the Securities and Exchange Commission (SEC) administers security-based swaps. The capital and margin rules for swap dealers and similar entities are set by the prudential regulators for the entities they cover7. The members of the prudential regulators, the definitions of swap and security-based swap, and how jurisdiction is divided between the CFTC and the SEC are explained in The Roles of the CFTC and SEC.

The following table lists the main sections of Title VII and the CEA or Exchange Act sections they amended.

Title VII section Section amended What it sets out
Sec. 721 CEA section 1a Definitions of "swap," "swap dealer," "major swap participant," "swap execution facility," and other terms8
Sec. 723 CEA section 2(h) The clearing requirement and the requirement to trade on a trading venue9
Sec. 727 CEA section 2(a)(13) Public availability of transaction data4
Sec. 728 CEA section 21 Registration of swap data repositories (SDRs), the US counterpart of a trade repository1011
Sec. 729 CEA section 4r Reporting and recordkeeping for uncleared swaps12
Sec. 731 CEA section 4s Registration and regulation of swap dealers and major swap participants13
Sec. 733 CEA section 5h Swap execution facilities14
Sec. 763 Exchange Act sections 3C and 3D, among others Clearing, trading venues, and reporting for security-based swaps15
Sec. 764 Exchange Act section 15F Registration and regulation of security-based swap dealers and major security-based swap participants16

The statutory text was checked as published between October 3 and 12, 2026 (the law as enacted, and the rules in the eCFR as of October 1, 2026)17.

Covered transactions and parties

Covered transactions

Title VII added the definition of "swap" to the CEA8. The definition broadly covers options and exchanges of payments based on the value of interest rates, currencies, commodities, securities, indices, and similar underlyings. The statute gives examples including an interest rate swap, a cross-currency swap, a total return swap, a credit default swap, and a commodity swap18. Some things are excluded from the definition, such as futures and transactions covered by securities laws19.

The statute provides that an FX swap and a foreign exchange forward are treated as swaps unless the Secretary of the Treasury determines otherwise in writing20. The Secretary issued a determination, effective November 20, 2012, that removed both from the definition of "swap." After the determination, FX swaps and foreign exchange forwards are still subject to reporting to a swap data repository (or the CFTC if there is none). The business conduct standards for swap dealers and major swap participants also still apply21.

Covered parties

The categories of parties that enter into swaps are as follows.

Category Key points of the statutory definition
A person that holds itself out as a dealer Type 1 of swap dealer. A person that holds itself out as a dealer in swaps22
A person that makes a market Type 2 of swap dealer. A person that makes a market in swaps
A person that regularly trades for its own account Type 3 of swap dealer. A person that regularly enters into swaps for its own account as an ordinary course of business
A person known as a dealer Type 4 of swap dealer. A person that is commonly known in the trade as a dealer or market maker in swaps
A person excluded from dealer An insured depository institution (only for swaps offered with a loan), and a person that deals in only a de minimis quantity of swaps
A person with a substantial position Type 1 of major swap participant. A person that is not a swap dealer and that maintains a substantial position in swaps, excluding positions held for hedging commercial risk23
A person that creates large counterparty exposure Type 2 of major swap participant. A person that is not a swap dealer and that creates substantial counterparty exposure
A highly leveraged financial entity Type 3 of major swap participant. A person that is not a swap dealer and that is a highly leveraged financial entity with a substantial position
Categories for security-based swaps Security-based swap dealers and major security-based swap participants. Their definitions are in the Exchange Act
Financial entity A category used to decide the exception to the clearing requirement. It is not a registration category24

An insured depository institution that offers a swap to a customer in connection with originating a loan is not included in the definition of swap dealer, to that extent. The CFTC excludes a person that deals in only a de minimis quantity of swaps.

For the second type of major swap participant, substantial counterparty exposure means exposure from outstanding swaps that could have serious adverse effects on the stability of the US banking system or financial markets. For type 3, the financial entity is highly leveraged relative to its capital and is not subject to capital requirements of a federal banking agency.

A financial entity includes swap dealers, major swap participants, commodity pools, private funds, employee benefit plans, and persons predominantly engaged in activities that are banking or financial in nature24.

A swap dealer registers with the CFTC together with major swap participants, regardless of whether it is a depository institution or is registered with the SEC as a security-based swap dealer1325. A person in a security-based category registers with the SEC16.

A person that is not an eligible contract participant may enter into a swap only on, or subject to the rules of, a designated contract market (DCM)26.

What is required

Section numbers show the Title VII section (Sec.) next to the amended CEA or Exchange Act section.

Requirement Sections Content Authority
Clearing Sec. 723 (CEA section 2(h)), Sec. 763 (Exchange Act section 3C) A swap that is required to be cleared is submitted to a registered or registration-exempt derivatives clearing organization (DCO; a clearing agency for security-based swaps)27 CFTC, SEC
Trading on a trading venue Sec. 723 (CEA section 2(h)(8)), Sec. 733 (CEA section 5h), Sec. 763 (Exchange Act section 3D) A swap that is required to be cleared is executed on a DCM or a swap execution facility (SEF)28 CFTC, SEC
Reporting Sec. 727–730, 763, 766 (CEA sections 2(a)(13), 21, 4r, 4t, and others) Transaction and pricing data are made public in real time and reported to a swap data repository (SDR) and other recipients29 CFTC, SEC
Registration Sec. 731 (CEA section 4s(a)), Sec. 764 (Exchange Act section 15F(a)) Swap dealers and major swap participants register with the CFTC, and persons in the security-based categories register with the SEC13 CFTC, SEC
Capital and margin Sec. 731 (CEA section 4s(e)), Sec. 764 (Exchange Act section 15F(e)) Uncleared swaps require initial margin and variation margin30 Prudential regulators, CFTC, SEC
Business conduct and records Sec. 731 (CEA section 4s(f)–(k)), Sec. 764 (Exchange Act section 15F) Requirements cover fraud prevention, supervision, documentation, daily trading records, and the designation of a chief compliance officer31 CFTC, SEC

The CFTC reviews swaps and decides which are covered by the clearing requirement27. The requirement to trade on a trading venue does not apply to a swap that no DCM or SEF makes available to trade28. Reporting also covers large traders29.

The capital and margin rules also permit non-cash collateral, to the extent the regulator determines it is consistent with market integrity and financial system stability. These capital and margin requirements do not apply to swaps of a counterparty that qualifies for the clearing exception, a counterparty that qualifies for the cooperative exemption the statute provides, or a counterparty that meets another criterion the statute sets. Rules are made by the prudential regulators for entities they cover, and otherwise by the CFTC (by the SEC for security-based swaps)30.

The clearing requirement has an exception. It does not apply when one of the parties meets all three of the following conditions. The party is not a financial entity, it uses the swap to hedge or mitigate commercial risk, and it notifies the CFTC how it generally meets its financial obligations. Only a party that meets these conditions decides whether to use the exception32. The exception also bears on the requirement to trade on a trading venue28. CFTC rules also set out the non-financial end-user exception and others33.

Example: applying the clearing exception

Consider a hypothetical example in which a swap of a type required to be cleared is entered into.

Hypothetical transaction Condition that applies and conclusion
A manufacturing company enters into an interest rate swap to protect against changes in the interest rate on its borrowing. It is not a financial entity, and it has notified the CFTC how it generally meets its financial obligations The three conditions (not a financial entity, hedging, notice given) are met, so the clearing requirement does not apply32
A private fund and a commodity pool enter into an interest rate swap for a purpose other than hedging. Both are financial entities Both are listed as financial entities24, so the condition that one party is not a financial entity is not met, and the exception does not apply

Prohibition and approval provisions

The following table lists three distinctive provisions of Title VII.

Provision Content
Sec. 716 (15 U.S.C. 8305) A prohibition on federal assistance (such as Federal Reserve credit facilities and federal deposit insurance guarantees) to swap dealers and similar entities34
Sec. 723(c)(3) A prohibition on agricultural swaps, except under a rule or order under CEA section 4(c)35
CEA section 2(j) (Sec. 723(b)) Committee approval when an issuer of registered securities uses the exceptions to clearing and to trading on a trading venue36

As enacted, this prohibition limited the activities of insured depository institutions to hedging and similar activities. A law enacted on December 16, 2014 amended the provision. The prohibition now does not apply to an insured depository institution whose swap activities are limited to hedging and other risk-mitigating activities, swaps other than those based on asset-backed securities (structured finance swaps), and structured finance swaps that meet certain conditions34.

Except under a rule or order under CEA section 4(c), an agricultural swap may not be offered, entered into, or confirmed35. For an issuer of registered securities to use the exceptions to clearing and to trading on a trading venue, an appropriate committee of its board of directors or equivalent body must review and approve the decision to enter into the swap36.

Implementation and transition

Unless otherwise provided, each part of Title VII takes effect on the later of 360 days after enactment or, for a provision that requires rulemaking, not less than 60 days after publication of the final rule37. The general effective date, as the CFTC states it, is July 16, 201138. Some provisions, such as some of the reporting provisions, took effect on enactment39.

Figure 1 lists the main dates in the table below in chronological order.

July 21,2010The Dodd-Frank Act is enactedJuly 16,2011General effective date, as the CFTCstates itMarch 9,2012The real-time public reporting ruletakes effectNovember 20,2012The Treasury determination on FXswaps takes effectMarch 11,2013Clearing compliance begins (somedeterminations, Category 1)August 5,2013The SEF rule takes effectApril 1,2016The margin and capital rules takeeffectSeptember 1,2016Compliance with the CFTC's marginrule beginsSeptember 1,2022The last phase of initial margincompliance
Figure 1Main dates from enactment to margin compliance
Figure description

The figure arranges the main dates from enactment to margin compliance from oldest to newest. The milestones are the enactment of the Act and the start of CFTC margin compliance. Effective dates and compliance dates differ by rule, and it took a long time from enactment to the last compliance stage. The spacing is not proportional to the length of time.

The effective date of a rule and its compliance date are different. The following table lists the main dates. An effective date is the date given in the Federal Register, and a compliance date is the date in the eCFR provision. In the table, "Category 1 entities" means swap dealers, security-based swap dealers, major swap participants, major security-based swap participants, and active funds above a set number of trades40.

Date Type Content
July 21, 2010 Enactment The Dodd-Frank Act was enacted1
July 14, 2011 Effective date The CFTC issued an order for temporary relief from CEA provisions on terms that require further definition (published July 19)38
July 16, 2011 General effective date The general effective date of Sec. 754, as the CFTC states it38
March 9, 2012 Effective date The real-time public reporting rule (published in the Federal Register on January 9)41
March 13, 2012 Effective date The swap data reporting and recordkeeping rule (published on January 13)42
July 23, 2012 Effective date The rule further defining swap dealer, major swap participant, and related terms (published on May 23)43
October 12, 2012 Effective date The rule further defining "swap" and related terms (published in the Federal Register on August 13)44
November 20, 2012 Effective date The Treasury Secretary's determination on FX swaps and foreign exchange forwards21
February 11, 2013 Effective date The CFTC's clearing requirement determination (published on December 13, 2012)45
March 11, 2013 Compliance begins Under the determination above, the compliance date for Category 1 entities for one type of euro interest rate swap and one type of North American CDS index46
August 5, 2013 Effective date The SEF rule (published on June 4)47
December 16, 2014 Amendment The Act that amended Sec. 716 (Pub. L. 113-235)34
April 1, 2016 Effective date The prudential regulators' margin and capital rule (published on November 30, 2015)48
April 1, 2016 Effective date The CFTC's margin rule (published on January 6, 2016)48
September 1, 2016 to September 1, 2022 Compliance begins The phased compliance dates of the CFTC's margin rule (next table)49
October 8, 2026 Effective date The rule published by the CFTC on September 8, 2026, which revises the scope of clearing for Canadian dollar and Mexican peso interest rate swaps, took effect50

For the same types, the compliance dates for parties other than Category 1 entities are June 10 and September 9, 201346.

The compliance dates of the CFTC's margin rule depend on the combined average daily aggregate notional amount of uncleared swaps and similar instruments of the swap dealer or similar entity and its counterparty. The amount is measured in March through May of the year shown in the table, and each party's amount includes its affiliates49.

Compliance date Margin required Covered parties (combined average daily aggregate notional amount)
September 1, 2016 Initial margin and variation margin Over USD 3 trillion (March–May 2016)
March 1, 2017 Variation margin All other counterparties
September 1, 2017 Initial margin Over USD 2.25 trillion (March–May 2017)
September 1, 2018 Initial margin Over USD 1.5 trillion (March–May 2018)
September 1, 2019 Initial margin Over USD 0.75 trillion (March–May 2019)
September 1, 2021 Initial margin Over USD 50 billion (March–May 2021)
September 1, 2022 Initial margin All other counterparties

Among the rules for security-based swaps, which the SEC administers, the rule on the registration process took effect on October 13, 2015, and the capital, margin, and segregation rule took effect on October 21, 201951.

Practical impact

The main deadlines after execution are as follows. A swap that is required to be cleared is submitted, as soon as technologically practicable after execution and no later than the end of the day of execution, to a DCO that accepts it for clearing52. Real-time public reporting is done as soon as technologically practicable after execution53. Creation data are reported by the end of the next business day after execution when a SEF, DCM, swap dealer, major swap participant, or DCO reports53.

What this page does not cover

The compliance dates of the SEC's rules for security-based swaps are not covered on this page. The provisions of the clearing exception other than the three conditions in the example, such as the cooperative exemption, are not covered on this page.

Notes

  1. The closing line of Public Law 111-203 ("Approved July 21, 2010"). ↩ ↩2

  2. The table of contents and Sec. 701 of Public Law 111-203 (the short title). ↩

  3. The table of contents of Public Law 111-203 (Subtitle A and Subtitle B of Title VII) and the headings of Sec. 711 through Sec. 774. Sec. 723, 731, and others insert sections into the CEA, and Sec. 763 and 764 insert sections into the Exchange Act. ↩ ↩2

  4. Public Law 111-203 Sec. 727 (CEA section 2(a)(13)), paragraph (B) (purpose) and paragraph (C) (the swaps covered by real-time public reporting). ↩ ↩2

  5. Public Law 111-203 Sec. 731 (CEA section 4s(e)(3)(A)). The capital and margin standards that offset the greater risk of uncleared swaps. ↩

  6. Public Law 111-203 Sec. 723 (CEA section 2(h)(2)(D)(ii)), the five factors to consider, including subclause (III). ↩

  7. Public Law 111-203 Sec. 731 (CEA section 4s(e)(1) and (2)). The prudential regulators jointly set the rules for an entity one of them covers, and the CFTC sets them for an entity that no prudential regulator covers. For security-based swaps, Sec. 764 (Exchange Act section 15F(e)(2)). ↩

  8. Public Law 111-203 Sec. 721(a). It sets out CEA section 1a paragraphs (33) (major swap participant), (47) (swap), (49) (swap dealer), and (50) (SEF), among others. Sec. 711 provides that the terms have their meanings in CEA section 1a. ↩ ↩2

  9. Public Law 111-203 Sec. 723(a)(3) (CEA section 2(h), paragraph (1) on the clearing requirement and paragraph (8) on execution of transactions). ↩

  10. Public Law 111-203 Sec. 728 (CEA section 21), paragraph (a). It makes it unlawful to perform the functions of an SDR without registration. ↩

  11. Financial Stability Board, "OTC Derivatives Market Reforms: Implementation progress in 2022" (November 2022), Table D, the US row, and note (b). ↩

  12. Public Law 111-203 Sec. 729 (CEA section 4r), paragraph (a)(1) (reporting to an SDR or the CFTC of a swap that a DCO does not accept). ↩

  13. Public Law 111-203 Sec. 731 (CEA section 4s), paragraphs (a)(1) and (2) (registration of swap dealers and major swap participants with the CFTC). ↩ ↩2 ↩3

  14. Public Law 111-203 Sec. 733 (CEA section 5h), paragraph (a)(1). It prohibits operating a facility for trading or processing swaps unless it is registered as a SEF or a DCM. ↩

  15. Public Law 111-203 Sec. 763(a) (Exchange Act section 3C, clearing of security-based swaps), section 3D that Sec. 763 inserts (trading venues), and section 13(m) (public availability of transaction data). ↩

  16. Public Law 111-203 Sec. 764 (Exchange Act section 15F), paragraph (a) (registration of security-based swap dealers and major security-based swap participants with the SEC). ↩ ↩2

  17. Checked against the Amendments notes in the Cornell Law School versions of CEA sections 2, 1a, 4s, and 5h and of section 716, and against the rules in the eCFR as of October 1, 2026 and the Federal Register. ↩

  18. The CEA section 1a(47)(A) clauses (i) to (vi) that Public Law 111-203 Sec. 721(a)(21) inserts. The examples in clause (iii) include an interest rate swap, a currency swap, a total return swap, a credit default swap, and a commodity swap. ↩

  19. CEA section 1a(47)(B), clause (i) (futures and options on them), clause (ii) (deferred delivery intended to be physically settled), clauses (iii), (v), and (vi) (transactions covered by securities laws and the Exchange Act), and clauses (viii) to (x). Subparagraph (D) includes a swap with the features of both in security-based swaps. ↩

  20. CEA section 1a(47)(E) (Public Law 111-203 Sec. 721(a)). Clause (E)(i) treats them as swaps absent a written determination of the Secretary of the Treasury. Clause (E)(iii) requires reporting and clause (E)(iv) requires the business conduct standards (CEA section 4s(h)) even if a determination is made. ↩

  21. Department of the Treasury determination (77 FR 69694; dated November 16, 2012, published and effective November 20), DATES, and paragraphs (c)(2) and (d) (reporting, business conduct standards, and the prohibition on manipulation for those traded on a SEF or DCM). ↩ ↩2

  22. CEA section 1a(49) (Public Law 111-203 Sec. 721(a)), subparagraph (A) (the four types, and the exclusion of an insured depository institution that offers a swap in connection with originating a loan), subparagraph (C) (exclusion of transactions for its own account that are not in the ordinary course of business), and subparagraph (D) (the "de minimis" exclusion, with criteria set by the CFTC). ↩

  23. CEA section 1a(33)(A) (Public Law 111-203 Sec. 721(a)), clauses (i), (ii), and (iii). Subparagraph (B) provides that the CFTC defines "substantial position" by rule. ↩

  24. CEA section 2(h)(7)(C)(i) (Public Law 111-203 Sec. 723(a)(3)), subclauses (I) through (VIII) (the definition of financial entity). ↩ ↩2 ↩3

  25. Public Law 111-203 Sec. 731 (CEA section 4s(c)(1)). ↩

  26. CEA section 2(e) (Public Law 111-203 Sec. 723(a)(2)). A person other than an eligible contract participant may not enter into a swap except on, or subject to the rules of, a designated contract market under section 5. ↩

  27. CEA section 2(h)(1)(A) (the obligation to submit for clearing) and paragraph (2) (the CFTC's review). Exchange Act section 3C(a) for security-based swaps (Public Law 111-203 Sec. 723(a)(3) and 763(a)). ↩ ↩2

  28. CEA section 2(h)(8), subparagraph (A) (execution on a DCM or SEF) and subparagraph (B) (no application when the swap is not made available to trade, or to a transaction under the exception in paragraph (7)). Exchange Act section 3D for security-based swaps (Public Law 111-203 Sec. 763). ↩ ↩2 ↩3

  29. CEA sections 2(a)(13), 21, 4r, and 4t (including reporting by large swap traders). For security-based swaps, Exchange Act sections 13(m) and 13A (Public Law 111-203 Sec. 727 to 730, 763, and 766). ↩ ↩2

  30. CEA section 4s(e)(1) to (4) (Public Law 111-203 Sec. 731). Paragraph (3)(C) covers non-cash collateral, and paragraph (4) covers the counterparties to which the margin requirements do not apply (including those that meet the criteria in section 2(h)(7)(D)). For security-based swaps, section 15F(e) (Sec. 764). ↩ ↩2

  31. CEA section 4s(f) (reporting and records), (g) (daily trading records), (h)(1) (business conduct standards), (i) (documentation), and (k) (chief compliance officer). For security-based swaps, Exchange Act section 15F(f) to (k) (Public Law 111-203 Sec. 731 and 764). ↩

  32. CEA section 2(h)(7), subparagraph (A) (the three conditions of the exception) and subparagraph (B) (use of the exception is at the sole discretion of a party that meets the conditions) (Public Law 111-203 Sec. 723(a)(3)). ↩ ↩2

  33. 17 CFR 50.50 (Non-financial end-user exception to the clearing requirement; eCFR as of October 1, 2026). ↩

  34. 15 U.S.C. 8305 (Public Law 111-203 Sec. 716), paragraph (a) (prohibition on federal assistance), paragraph (d) (activities to which the prohibition does not apply, and the definition of structured finance swap), and the 2014 entry in the Amendments section (Pub. L. 113-235, § 630). The provision as enacted is Sec. 716(d). ↩ ↩2 ↩3

  35. Public Law 111-203 Sec. 723(c)(3) (Agricultural swaps), subparagraphs (A) and (B). ↩ ↩2

  36. CEA section 2(j) (Public Law 111-203 Sec. 723(b)). ↩ ↩2

  37. Public Law 111-203 Sec. 754 (effective date of Subtitle A) and Sec. 774 (effective date of Subtitle B). Both begin "Unless otherwise provided." ↩

  38. CFTC, "Effective Date for Swap Regulation" (76 FR 42508, July 19, 2011), the summary and DATES. The effective date in the Federal Register metadata is July 14, 2011. ↩ ↩2 ↩3

  39. Public Law 111-203 Sec. 729 (CEA section 4r(a)(2)(C)). The reporting provisions take effect on enactment. ↩

  40. 17 CFR 50.25(a) (definition of Category 1 Entity; eCFR as of October 1, 2026) and (b)(1). ↩

  41. CFTC, "Real-Time Public Reporting of Swap Transaction Data" (77 FR 1182, published January 9, 2012, effective March 9, 2012). ↩

  42. CFTC, "Swap Data Recordkeeping and Reporting Requirements" (77 FR 2136, published January 13, 2012, effective March 13, 2012). ↩

  43. CFTC and SEC, "Further Definition of 'Swap Dealer,' ..." (77 FR 30596, published May 23, 2012, effective July 23, 2012). ↩

  44. CFTC and SEC, "Further Definition of 'Swap,' ..." (77 FR 48208, published August 13, 2012, effective October 12, 2012). ↩

  45. CFTC, "Clearing Requirement Determination Under Section 2(h) of the CEA" (77 FR 74284, published December 13, 2012, effective February 11, 2013). ↩

  46. 17 CFR 50.26(a), table (the row for euro interest rate swaps based on EURIBOR), and (b), table (the row for CDX.NA.IG). eCFR as of October 1, 2026. ↩ ↩2

  47. CFTC, "Core Principles and Other Requirements for Swap Execution Facilities" (78 FR 33476, published June 4, 2013, effective August 5, 2013). ↩

  48. Prudential regulators' rule (80 FR 74840, published November 30, 2015, effective April 1, 2016) and CFTC rule (81 FR 636, published January 6, 2016, effective April 1, 2016). The effective dates are from the Federal Register metadata. ↩ ↩2

  49. 17 CFR 23.161(a)(1) to (7) and (b) (eCFR as of October 1, 2026). Paragraph (a)(1) sets how affiliates are included and what is totaled, and each paragraph sets an amount. ↩ ↩2

  50. CFTC rule (91 FR 57063, published September 8, 2026), the summary. The effective date of October 8, 2026 is from the Federal Register metadata. ↩

  51. SEC, registration process rule (80 FR 48964, published August 14, 2015, effective October 13, 2015), and capital, margin, and segregation rule (84 FR 43872, published August 22, 2019, effective October 21, 2019). The effective dates are from the Federal Register metadata. ↩

  52. 17 CFR 50.2(a) and (c), and 50.1 (definition of "Day of execution"; eCFR as of October 1, 2026). ↩ ↩2 ↩3

  53. 17 CFR 45.3(a) and (b) (eCFR as of October 1, 2026), and 17 CFR 43.3(a)(1). ↩ ↩2 ↩3

  54. Public Law 111-203 Sec. 731 (CEA section 4s(g)(1)). ↩

  55. Public Law 111-203 Sec. 731 (CEA section 4s(k)), paragraphs (1) and (2)(A). ↩

  56. 17 CFR 43.3(a)(1) to (3) (eCFR as of October 1, 2026). ↩