Key takeaways:

• The CFTC has granted temporary no-action relief from the requirements to include certain transactions in determining whether a person (1) is eligible for the de minimis exception from swap dealer registration and (2) is a major swap participant.
• The no-action relief is limited and covers, to varying extents, the following transactions: (1) swaps entered into by "utility special entities" related to their utility operations; (2) swaps in agricultural and exempt commodities that are executed or traded on an exempt commercial market, (3) foreign exchange forwards and swaps covered by any exemption which may be issued in 2012 by the Treasury Secretary and (4) swaps between certain non-U.S. persons.
• Additionally, the CFTC granted temporary no-action relief from its registration requirements to persons who would otherwise be required to register as a commodity pool operator or commodity trading advisor solely as a result of their foreign exchange swap and forward activities.