cleared swaps and non-cleared security-based swaps with respect to a particular counterparty on the compliance dates in paragraph (e) of this section, the covered swap entity shall remain subject to the requirements of this [part] with respect to that counterparty. (g)(1) If a covered swap counterparty changes its status such that a non-cleared entity’s swap or non-cleared security-based swap with that counterparty becomes subject to stricter margin requirements under this [part] (such as if the status changes from a counterparty’s financial end user without material swaps exposure to a financial end user with material swaps exposure), then the covered swap entity shall comply with the stricter margin requirements for any non-cleared swap or non-cleared security-based swap entered into with that counterparty after the counterparty changes its status. If a covered swap counterparty changes its status such that a non-cleared entity’s swap or non-cleared security-based swap with that counterparty becomes subject to less strict margin requirements under this [part] (such as if the status changes from a counterparty’s financial end user with material swaps exposure to a financial end user without material swaps exposure), then the covered swap entity may comply with the less strict margin requirements for any non-cleared swap or non-cleared security-based swap entered into with that counterparty after the counterparty changes its status as well as for any outstanding non-cleared swap or non- cleared security-based swap entered into after the applicable compliance date in paragraph (e) of this section and before the counterparty changed its status. § .2 Definitions. A company is an affiliate of another company if: Affiliate.
cleared swaps and non-cleared security-based swaps with respect to a particular counterparty on the compliance dates in paragraph (e) of this section, the covered swap entity shall remain subject to the requirements of this [part] with respect to that counterparty. (g)(1) If a covered swap entity’s counterparty changes its status such that a non-cleared swap or non-cleared security-based swap with that counterparty becomes subject to stricter margin requirements under this [part] (such as if the counterparty’s status changes from a financial end user without material swaps exposure to a financial end user with material swaps exposure), then the covered swap entity shall comply with the stricter margin requirements for any non-cleared swap or non-cleared security-based swap entered into with that counterparty after the counterparty changes its status. If a covered swap entity’s counterparty changes its status such that a non-cleared swap or non-cleared security-based swap with that counterparty becomes subject to less strict margin requirements under this [part] (such as if the counterparty’s status changes from a financial end user with material swaps exposure to a financial end user without material swaps exposure), then the covered swap entity may comply with the less strict margin requirements for any non-cleared swap or non-cleared security-based swap entered into with that counterparty after the counterparty changes its status as well as for any outstanding non-cleared swap or non- cleared security-based swap entered into after the applicable compliance date in paragraph (e) of this section and before the counterparty changed its status. § .2 Definitions. Affiliate. A company is an affiliate of another company if:
80%20FR%2074840.docx