Key takeaways:

• The CFTC granted no-action relief from the requirement to include "compression exercise swaps" in determining whether a person is eligible for the de minimis exception from swap dealer registration.
• In a separate no-action letter, the CFTC granted temporary relief permitting the treatment of compo equity swaps as security-based swaps, rather than as mixed swaps, subject to certain conditions.
• In order to rely on this relief for compo equity swaps, a person must act reasonably and in good faith in progressing to full compliance with all requirements applicable to mixed swaps with respect to compo equity swaps by July 1, 2013, and must retain records for all covered transactions.