#aad? ,,congress  #a/ ,session  ,h4 ,r4 
#acag  ,,an ,,act  ,to am5d ! ,commodity
 ,ex*ange ,act & ! ,securities ,ex*ange 
,act ( #aicd to specify h[ cle>+        
requirem5ts apply to c]ta9 affiliate    
transactions1 & = o!r purposes4  #a4    
,treatm5t ( affiliate transactions  7a7 
,commodity ,ex*ange ,act am5dm5ts       
,section #b7;h77#g77;,d7 ( ! ,commodity 
,ex*ange ,act 7#g ,u4,s4,c4             
#b7;h77#g77;,d77 is am5d$-- 7#a7 by     
r$esignat+ clause 7iii7 z clause 7v72   
7#b7 by /rik+ clauses 7i7 & 7ii7 &      
ins]t+ ! foll[+3  7i7 ,9 g5]al ,an      
affiliate ( a p]son t qualifies = an    
exception "u subp>agraph 7,a7 7includ+  
affiliate entities pr$om9antly engag$ 9 
provid+ f9anc+ = ! pur*ase ( ! m]*&ise  
or manufactur$ goods ( ! p]son7 may     
qualify = ! exception only if !         
affiliate--  7,i7 ent]s into ! swap to  
h$ge or mitigate ! comm]cial risk ( !   
p]son or o!r affiliate ( ! p]son t is n 
a f9ancial entity1 & ! comm]cial risk t 
! affiliate is h$g+ or mitigat+ has be5 

transf]r$ to ! affiliate2  7,,ii7 is    
directly & :olly-own$ by ano!r affiliate
 qualifi$ = ! exception "u ?is          
subp>agraph or an entity t is n a       
f9ancial entity2  7,,iii7 is n          
indirectly majority-own$ by a f9ancial  
entity2  7,,iv7 is n ultimately own$ by 
a p>5t company t is a f9ancial entity2 &
  7,v7 does n provide any s]vices1      
f9ancial or o!rwise1 to any affiliate t 
is a nonbank f9ancial company sup]vis$  
by ! ,bo>d ( ,gov]nors 7z def9$ "u      
section #ajb ( ! ,f9ancial ,/ability    
,act ( #bjaj74  7ii7 ,limitation on     
qualify+ affiliates ,! exception 9      
clause 7i7 %all n apply if ! affiliate  
is--  7,i7 a swap deal]2  7,,ii7 a      
security-bas$ swap deal]2  7,,iii7 a    
major swap p>ticipant2  7,,iv7 a major  
security-bas$ swap p>ticipant2  7,v7 a  
commodity pool2  7,,vi7 a bank hold+    
company2  7,,vii7 a private fund1 z     
def9$ 9 section #bjb7;a7 ( ! ,inve/m5t  
,advis]s ,act ( #aidj 7#ae ,u4,s4,c4    
#hj-;b-#b7;a772  7,,viii7 an employee   

b5efit plan or gov]nm5t plan1 z def9$ 9 
p>agraphs 7#c7 & 7#cb7 ( section #c ( ! 
,employee ,retirem5t ,income ,security  
,act ( #aigd 7#bi ,u4,s4,c4 #ajjb72     
7,,ix7 an insur$ depository in/itution2 
7,x7 a f>m cr$it sy/em in/itution2      
7,,xi7 a cr$it union2  7,,xii7 a nonbank
 f9ancial company sup]vis$ by ! ,bo>d ( 
,gov]nors 7z def9$ "u section #ajb ( !  
,f9ancial ,/ability ,act ( #bjaj72 or   
7,,xiii7 an entity engag$ 9 ! bus9ess ( 
insurance & subject to capital          
requirem5ts e/abli%$ by an insurance    
gov]nm5tal au?ority ( a ,/ate1 a        
t]ritory ( ! ,unit$ ,/ates1 ! ,di/rict (
 ,columbia1 a c\ntry o!r ?an ! ,unit$   
,/ates1 or a political subdivision ( a  
c\ntry o!r ?an ! ,unit$ ,/ates t is     
engag$ 9 ! sup]vision ( insurance       
companies "u insurance law4  7iii7      
,limitation on affiliates' affiliates   
,unless ! ,commission det]m9es1 by ord]1
 rule1 or regulation1 t x is 9 ! public 
int]e/1 ! exception 9 clause 7i7 %all n 
apply ) respect to an affiliate if !    

affiliate is itself affiliat$ )--  7,i7 
a major security-bas$ swap p>ticipant2  
7,,ii7 a security-bas$ swap deal]2      
7,,iii7 a major swap p>ticipant2 or     
7,,iv7 a swap deal]4  7iv7 ,conditions  
on transactions ,) respect to an        
affiliate t qualifies = ! exception 9   
clause 7i7-- 7,i7 ! affiliate may n ent]
 into any swap o!r ?an = ! purpose (    
h$g+ or mitigat+ comm]cial risk2 &      
7,,ii7 nei!r ! affiliate nor any p]son  
affiliat$ ) ! affiliate t is n a        
f9ancial entity may ent] into a swap )  
or on behalf ( any affiliate t is a     
f9ancial entity or o!rwise assume1 net1 
comb9e1 or consolidate ! risk ( swaps   
ent]$ into by any su* f9ancial entity1  
except "o t is an affiliate t qualifies 
= ! exception "u clause 7i74  2 &  7#c7 
by add+ at ! end ! foll[+3  7vi7 ,risk  
managem5t program ,any swap ent]$ into  
by an affiliate t qualifies = !         
exception 9 clause 7i7 %all be subject  
to a c5traliz$ risk managem5t program ( 
! affiliate1 :i* is reasonably design$  

bo? to monitor & manage ! risks         
associat$ ) ! swap & to id5tify ea* ( ! 
affiliates on ^: behalf a swap 0 ent]$  
into4  4  7b7 ,securities ,ex*ange ,act 
( #aicd am5dm5t ,section #c;,c7g77#d7 ( 
! ,securities ,ex*ange ,act ( #aicd 7#ae
 ,u4,s4,c4 #gh;c-#c7;g77#d77 is am5d$-- 
7#a7 by r$esignat+ subp>agraph 7,c7 z   
subp>agraph 7,e72  7#b7 by /rik+        
subp>agraphs 7,a7 & 7,b7 & ins]t+ !     
foll[+3  7,a7 ,9 g5]al ,an affiliate ( a
 p]son t qualifies = an exception "u ?is
 subsection 7includ+ affiliate entities 
pr$om9antly engag$ 9 provid+ f9anc+ = ! 
pur*ase ( ! m]*&ise or manufactur$ goods
 ( ! p]son7 may qualify = ! exception   
only if ! affiliate-- 7i7 ent]s into !  
security-bas$ swap to h$ge or mitigate !
 comm]cial risk ( ! p]son or o!r        
affiliate ( ! p]son t is n a f9ancial   
entity1 & ! comm]cial risk t ! affiliate
 is h$g+ or mitigat+ has be5 transf]r$  
to ! affiliate2  7ii7 is directly &     
:olly-own$ by ano!r affiliate qualifi$ =
 ! exception "u ?is p>agraph or an      

entity t is n a f9ancial entity2  7iii7 
is n indirectly majority-own$ by a      
f9ancial entity2  7iv7 is n ultimately  
own$ by a p>5t company t is a f9ancial  
entity2 &  7v7 does n provide any       
s]vices1 f9ancial or o!rwise1 to any    
affiliate t is a nonbank f9ancial       
company sup]vis$ by ! ,bo>d ( ,gov]nors 
7z def9$ "u section #ajb ( ! ,f9ancial  
,/ability ,act ( #bjaj74  7,b7          
,limitation on qualify+ affiliates ,!   
exception 9 subp>agraph 7,a7 %all n     
apply if ! affiliate is-- 7i7 a swap    
deal]2  7ii7 a security-bas$ swap deal]2
  7iii7 a major swap p>ticipant2  7iv7 a
 major security-bas$ swap p>ticipant2   
7v7 a commodity pool2  7vi7 a bank hold+
 company2  7vii7 a private fund1 z def9$
 9 section #bjb7;a7 ( ! ,inve/m5t       
,advis]s ,act ( #aidj 7#ae ,u4,s4,c4    
#hj-;b-#b7;a772  7viii7 an employee     
b5efit plan or gov]nm5t plan1 z def9$ 9 
p>agraphs 7#c7 & 7#cb7 ( section #c ( ! 
,employee ,retirem5t ,income ,security  
,act ( #aigd 7#bi ,u4,s4,c4 #ajjb72     

7ix7 an insur$ depository in/itution2   
7x7 a f>m cr$it sy/em in/itution2  7xi7 
a cr$it union2  7xii7 a nonbank f9ancial
 company sup]vis$ by ! ,bo>d ( ,gov]nors
 7z def9$ "u section #ajb ( ! ,f9ancial 
,/ability ,act ( #bjaj72 or  7xiii7 an  
entity engag$ 9 ! bus9ess ( insurance & 
subject to capital requirem5ts e/abli%$ 
by an insurance gov]nm5tal au?ority ( a 
,/ate1 a t]ritory ( ! ,unit$ ,/ates1 !  
,di/rict ( ,columbia1 a c\ntry o!r ?an !
 ,unit$ ,/ates1 or a political          
subdivision ( a c\ntry o!r ?an ! ,unit$ 
,/ates t is engag$ 9 ! sup]vision (     
insurance companies "u insurance law4   
7,c7 ,limitation on affiliates'         
affiliates ,unless ! ,commission        
det]m9es1 by ord]1 rule1 or regulation1 
t x is 9 ! public int]e/1 ! exception 9 
subp>agraph 7,a7 %all n apply ) respect 
to an affiliate if su* affiliate is     
itself affiliat$ )-- 7i7 a major        
security-bas$ swap p>ticipant2  7ii7 a  
security-bas$ swap deal]2  7iii7 a major
 swap p>ticipant2 or  7iv7 a swap deal]4

  7,d7 ,conditions on transactions ,)   
respect to an affiliate t qualifies = ! 
exception 9 subp>agraph 7,a7--  7i7 su* 
affiliate may n ent] into any           
security-bas$ swap o!r ?an = ! purpose (
 h$g+ or mitigat+ comm]cial risk2 &     
7ii7 nei!r su* affiliate nor any p]son  
affiliat$ ) su* affiliate t is n a      
f9ancial entity may ent] into a         
security-bas$ swap ) or on behalf ( any 
affiliate t is a f9ancial entity or     
o!rwise assume1 net1 comb9e1 or         
consolidate ! risk ( security-bas$ swaps
 ent]$ into by any su* f9ancial entity1 
except "o t is an affiliate t qualifies 
= ! exception "u subp>agraph 7,a74  2 & 
7#c7 by add+ at ! end ! foll[+3  7,f7   
,risk managem5t program ,any            
security-bas$ swap ent]$ into by an     
affiliate t qualifies = ! exception 9   
subp>agraph 7,a7 %all be subject to a   
c5traliz$ risk managem5t program ( !    
affiliate1 :i* is reasonably design$ bo?
 to monitor & manage ! risks associat$ )
 ! security-bas$ swap & to id5tify ea* (

 ! affiliates on ^: behalf a            
security-bas$ swap 0 ent]$ into4  4     
,pass$ ! ,h\se ( ,repres5tatives        
,novemb] #af1 #bjae4;,cl]k4