§ 242.900 Definitions. Terms used in §§ 242.900 through 242.909 that appear in Section 3 of the Exchange Act (15 U.S.C. 78c) have the same meaning as in Section 3 of the Exchange Act and the rules or regulations thereunder. In addition, for purposes of Regulation SBSR (§§ 242.900 through 242.909), the following definitions shall apply: ( a ) *Affiliate* means any person that, directly or indirectly, controls, is controlled by, or is under common control with, a person.
( b ) *Asset class* means those security-based swaps in a particular broad category, including, but not limited to, credit derivatives and equity derivatives.
( c ) [Reserved].
( d ) *Branch ID* means the UIC assigned to a branch or other unincorporated office of a participant.
( e ) *Broker ID* means the UIC assigned to a person acting as a broker for a participant.
( f ) *Business day* means a day, based on U.S. Eastern Time, other than a Saturday, Sunday, or a U.S. federal holiday.
( g ) *Clearing transaction* means a security-based swap that has a registered clearing agency as a direct counterparty.
( h ) *Control* means, for purposes of §§ 242.900 through 242.909, the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a person, whether through the ownership of voting securities, by contract, or otherwise. A person is presumed to control another person if the person: ( 1 ) Is a director, general partner or officer exercising executive responsibility (or having similar status or functions);
( 2 ) Directly or indirectly has the right to vote 25 percent or more of a class of voting securities or has the power to sell or direct the sale of 25 percent or more of a class of voting securities; or
( 3 ) In the case of a partnership, has the right to receive, upon dissolution, or has contributed, 25 percent or more of the capital.
( i ) *Counterparty* means a person that is a direct counterparty or indirect counterparty of a security-based swap.
( j ) *Counterparty ID* means the UIC assigned to a counterparty to a security-based swap.
( k ) *Direct counterparty* means a person that is a primary obligor on a security-based swap.
( l ) *Direct electronic access* has the same meaning as in § 240.13n-4(a)(5) of this chapter.
( m ) *Exchange Act* means the Securities Exchange Act of 1934 (15 U.S.C. 78a *et seq.*), as amended.
( n ) *Execution agent ID* means the UIC assigned to any person other than a broker or trader that facilitates the execution of a security-based swap on behalf of a direct counterparty.
( o ) *Foreign branch* has the same meaning as in § 240.3a71-3(a)(1) of this chapter.
( p ) *Indirect counterparty* means a guarantor of a direct counterparty's performance of any obligation under a security-based swap such that the direct counterparty on the other side can exercise rights of recourse against the indirect counterparty in connection with the security-based swap; for these purposes a direct counterparty has rights of recourse against a guarantor on the other side if the direct counterparty has a conditional or unconditional legally enforceable right, in whole or in part, to receive payments from, or otherwise collect from, the guarantor in connection with the security-based swap.
( q ) *Life cycle event* means, with respect to a security-based swap, any event that would result in a change in the information reported to a registered security-based swap data repository under § 242.901(c), (d), or (i), including: An assignment or novation of the security-based swap; a partial or full termination of the security-based swap; a change in the cash flows originally reported; for a security-based swap that is not a clearing transaction, any change to the title or date of any master agreement, collateral agreement, margin agreement, or any other agreement incorporated by reference into the security-based swap contract; or a corporate action affecting a security or securities on which the security-based swap is based (e.g., a merger, dividend, stock split, or bankruptcy). Notwithstanding the above, a life cycle event shall not include the scheduled expiration of the security-based swap, a previously described and anticipated interest rate adjustment (such as a quarterly interest rate adjustment), or other event that does not result in any change to the contractual terms of the security-based swap.
( r ) *Non-mandatory report* means any information provided to a registered security-based swap data repository by or on behalf of a counterparty other than as required by §§ 242.900 through 242.909.
( s ) *Non-U.S. person* means a person that is not a U.S. person.
( t ) *Parent* means a legal person that controls a participant.
( u ) *Participant,* with respect to a registered security-based swap data repository, means: ( 1 ) A counterparty, that meets the criteria of § 242.908(b), of a security-based swap that is reported to that registered security-based swap data repository to satisfy an obligation under § 242.901(a);
( 2 ) A platform that reports a security-based swap to that registered security-based swap data repository to satisfy an obligation under § 242.901(a);
( 3 ) A registered clearing agency that is required to report to that registered security-based swap data repository whether or not it has accepted a security-based swap for clearing pursuant to § 242.901(e)(1)(ii); or
( 4 ) A registered broker-dealer (including a registered security-based swap execution facility) that is required to report a security-based swap to that registered security-based swap data repository by § 242.901(a).
( v ) *Platform* means a national securities exchange or security-based swap execution facility that is registered or exempt from registration.
( w ) *Platform ID* means the UIC assigned to a platform on which a security-based swap is executed.
( x ) *Post-trade processor* means any person that provides affirmation, confirmation, matching, reporting, or clearing services for a security-based swap transaction.
( y ) *Pre-enactment security-based swap* means any security-based swap executed before July 21, 2010 (the date of enactment of the Dodd-Frank Act (Pub. L. 111-203, H.R. 4173)), the terms of which had not expired as of that date.
( z ) *Price* means the price of a security-based swap transaction, expressed in terms of the commercial conventions used in that asset class.
( aa ) *Product* means a group of security-based swap contracts each having the same material economic terms except those relating to price and size.
( bb ) *Product ID* means the UIC assigned to a product.
( cc ) *Publicly disseminate* means to make available through the Internet or other electronic data feed that is widely accessible and in machine-readable electronic format.
( dd ) [Reserved].
( ee ) *Registered clearing agency* means a person that is registered with the Commission as a clearing agency pursuant to section 17A of the Exchange Act (15 U.S.C. 78q-1) and any rules or regulations thereunder.
( ff ) *Registered security-based swap data repository* means a person that is registered with the Commission as a security-based swap data repository pursuant to section 13(n) of the Exchange Act (15 U.S.C. 78m(n)) and any rules or regulations thereunder.
( gg ) *Reporting side* means the side of a security-based swap identified by § 242.901(a)(2).
( hh ) *Side* means a direct counterparty and any guarantor of that direct counterparty's performance who meets the definition of indirect counterparty in connection with the security-based swap.
( ii ) *Time of execution* means the point at which the counterparties to a security-based swap become irrevocably bound under applicable law.
( jj ) *Trader ID* means the UIC assigned to a natural person who executes one or more security-based swaps on behalf of a direct counterparty.
( kk ) *Trading desk* means, with respect to a counterparty, the smallest discrete unit of organization of the participant that purchases or sells security-based swaps for the account of the participant or an affiliate thereof.
( ll ) *Trading desk ID* means the UIC assigned to the trading desk of a participant.
( mm ) *Transaction ID* means the UIC assigned to a specific security-based swap transaction.
( nn ) *Transitional security-based swap* means a security-based swap executed on or after July 21, 2010, and before the first date on which trade-by-trade reporting of security-based swaps in that asset class to a registered security-based swap data repository is required pursuant to §§ 242.900 through 242.909.
( oo ) *Ultimate parent* means a legal person that controls a participant and that itself has no parent.
( pp ) *Ultimate parent ID* means the UIC assigned to an ultimate parent of a participant.
( qq ) Unique Identification Code or UIC means a unique identification code assigned to a person, unit of a person, product, or transaction.
( rr ) *United States* has the same meaning as in § 240.3a71-3(a)(5) of this chapter.
( ss ) *U.S. person* has the same meaning as in § 240.3a71-3(a)(4) of this chapter.
( tt ) *Widely accessible,* as used in paragraph (cc) of this section, means widely available to users of the information on a non-fee basis.
[80 FR 14728, Mar. 19, 2015, as amended at 81 FR 53653, Aug. 12, 2016]