On November 18, 2015, the Commodity Futures Trading Commission
("CFTC") issued for public comment the Swap Dealer
De Minimis Exception Preliminary Report (the
"Preliminary Report").1 The de
minimis exception from the swap dealer ("SD")
registration requirement currently provides an $8 billion threshold
(in aggregate gross notional swap dealing activity measured over
the prior 12-month period).2 The $8 billion
threshold, however, was intended as a "phase-in" amount
under the Dodd-Frank Act, and is scheduled to decrease to $3
billion on December 31, 2017, unless the CFTC takes prior action to
set a different termination date or to modify the de
minimis exception.3 The Preliminary
Report was issued by the CFTC to assess the de
minimis exception and to allow public comment on the
relevant policy considerations. Following publication of, and
public comment on, a subsequent "final report," the CFTC
may either extend the phase-in period or issue a notice of
