{"data":{"id":"us/17-cfr-242.832","jurisdiction":"us","citation":"17 CFR 242.832","heading":"Application of the trade execution requirement to cross-border security-based swap transactions.","body":"(a) The trade execution requirement set forth in section 3C(h) of the Act shall not apply in connection with a security-based swap unless at least one counterparty to the security-based swap is a “covered person” as defined in paragraph (b) of this section.\n(b) A “covered person” means, with respect to a particular security-based swap, any person that is:\n(1) A U.S. person;\n(2) A non-U.S. person whose performance under a security-based swap is guaranteed by a U.S. person; or\n(3) A non-U.S. person who, in connection with its security-based swap dealing activity, uses U.S. personnel located in a U.S. branch or office, or personnel of an agent of such non-U.S. person located in a U.S. branch or office, to arrange, negotiate, or execute a transaction.","path":["Title 17—Commodity and Securities Exchanges","CHAPTER II—SECURITIES AND EXCHANGE COMMISSION","PART 242—REGULATIONS M, SHO, ATS, AC, NMS, SE, AND SBSR, AND CUSTOMER MARGIN REQUIREMENTS FOR SECURITY FUTURES"],"source_url":"https://www.ecfr.gov/api/versioner/v1/full/2026-08-25/title-17.xml","current_through":"2026-08-25","vintage":"","retrieved_at":"2026-08-27T02:24:31Z","sha256":"5d4ce6558c29a1eee72e7efedb8188a62a1c94800c36b76a723f2e6aa244c045","source_id":"us-cfr","stale":true,"prev":"us/17-cfr-242.831","next":"us/17-cfr-242.833"},"notice":"GroundRules: Original legal text. Not legal advice."}