Key takeaways

• The CFTC's Division of Swap Dealer and Intermediary Oversight has issued a Final Report regarding the de minimis exception from the swap dealer registration requirement.
• The Final Report supplements the November 2015 Preliminary Report on the de minimis exception by analyzing an additional one-year period of data and reexamining potential dealing activity in interest rate swaps, credit default swaps and non-financial commodity swaps.
• The Final Report does not contain any recommendation as to the appropriate level for the de minimis threshold or endorse any alternative approach, nor does it recommend eliminating or extending the automatic phase-in of the $3 billion threshold set to take place on December 31, 2017.