REPORTING COUNTERPARTYENTITY 

END-USER CLEARING EXCEPTION /EXEMPTION 

SWAP-BY-SWAP DATA INSTRUCTIONS

Rule

Section 2(h)(7)(A) of the CEA and CFTC Regulations §50.50 and §50.51, as well asapplicable CFTC Staff No- Action 

Letter 13-22Letters, provide for an exceptiona number of exceptions and exemptions from required clearing for swaps 

entered into by certain End- Users (non-financial end users, financial cooperatives, treasury affiliates, bank holding 

companies and savings and loan holding companies, and community development financial institutions (collectively, the 

“End-User Exception”). 

The full reporting requirements are listedReporting Entity, as defined in CFTC Regulation

§50.50(a) through §50.50(d) and can be found at: 

http://www.cftc.gov/LawRegulation/FederalRegister/FinalRules/2012-17291 

Pursuant to CFTC Regulation §50.50(b), 49.2 (“Reporting Entity”), may satisfy its reporting obligations may be satisfied on 

a swap-by-swap basis if the counterparty that is claiming the End-User Exception (“Electing Counterparty”) counterparty 

has not submitted an Annual End-User Clearing Exception Form as specified in CFTC Regulation §50.50(b)(2) or Reporting 

Condition (v) in CFTC Staff No-Action Letter 13-22./Exemption Form. If the Reporting CounterpartyEntity elects to satisfy 

its reporting obligations on a swap-by-swap basis, the Reporting CounterpartyEntity is responsible for delivering the 

required data to the DTCC Data Repository (U.S.) LLC (“DDR”) via the attached Reporting CounterpartyEntity End-User 

Clearing Exception Swap-by-Swap Data Form (“Swap-by-Swap Form”). 

The data provided in the Swap-by-Swap Form will be linkedmatched, in a weekly report, to each swap for which the 

exception in CFTC Regulation §50.50, the exemption in CFTC Regulation §50.51, or the relief in CFTC Staff No- Action 

Letter 13-22 is elected that involves the Reporting CounterpartyEntity and the counterparty that elects relief from required 

clearing (“Electing Counterparty”) specified in the Swap-by-Swap Form. The Reporting CounterpartyEntity may provide 

the required data in lieu of the Electing Counterparty submitting an annual form as specified in CFTC Regulations 

§50.50(b)(2) and §), 50.51(c) or Reporting Condition (v) in), and applicable CFTC Staff No-Action Letter 13-22Letters. The 

Swap-by-Swap Form attached hereto will need to be submitted for each Electing Counterparty with whom the Reporting 

CounterpartyEntity engages in a swap activity (regardless of whether a different Reporting CounterpartyEntity has 

submitted a form for that Electing Counterparty). 

Consistent with CFTC regulations, the Reporting Counterparty certifies By executing the Swap-by-Swap Form , the 

Reporting Entity certifies that it has formed a reasonable basis to believe that the Electing Counterparty satisfies the 

requirements of CFTC Regulation §50.50 or §, 50.51 or the General Conditions and Reporting Conditions of CFTC Staff 

No-Action Letter 13-22, as , or applicable CFTC Letters. 
The following elections and representations must be reported by the Reporting CounterpartyEntity on aeach swap- byswap basis (See Step 2 below): they submit where the End-User Exception has been elected:

1. Notice of election of the End-User Exception; 

2. The identity of the counterparty or counterparties(s) making the election.; and

3. The type of clearing exception or exemption being claimed. 

The Swap-by-Swap Form must be updated as soon as practicable in the event that the Reporting CounterpartyEntity

reasonably believes that any of the information contained on the Swap-by-Swap Form has changed. If no changes have 

occurred, the Reporting CounterpartyEntity must submit a new Swap-by-Swap Form on at least an annual basis. 

In the event that both counterparties to a swap have elected to utilize the End-User Exception for an individual swap, 

an End-User Clearing Exception Form or a Swap-by-Swap Form, as applicable, must be on file with the DDR. 

STEP 1: Reporting CounterpartyEntity Form – Reporting CounterpartyEntity

Process

Prior to claiming the End-User Exception onfor a swap-by-swap basis, each Reporting CounterpartyEntity should 

complete and return a Swap-by-Swap Form. The process for filing a Swap-by-Swap Form is as follows: 

1. The Reporting Counterparty contact goes to pages 7-9 of this document. The Reporting Counterparty 

contact can either print the PDF document or download the PDF. 

1. The Reporting CounterpartyEntity contact completes the Reporting Counterparty Swap-by-Swap Form (located 

at the end of this document) electronically (Adobe) or manually as a hard copy (See form instructions below)..

2. The Reporting CounterpartyEntity contact returns completed document to the operations e-mail inbox at 

GTREndUserExemption@dtcc.com either as a hard copy file or electronically through Adobe..

The Swap-by-Swap Form provides information required by the regulations, as well as a contact for the Reporting 

Counterparty. Since the Reporting Counterparty is providing information relating to the Electing Counterparty, it is 

required that the Reporting Counterparty has formed a reasonable basis to believe that the content of the Swap-bySwap Form is accurate and that the information provided is accurate for each swap entered into between the Reporting 

Counterparty and the Electing Counterparty. 

Until all required information is provided, the Swap-by-Swap Form will not be considered complete. The information 

requested is as follows:

The information requested on the Swap-by-Swap Form is as follows: 

A) ELECTING COUNTERPARTY INFORMATION

1. Full Legal Name of the Electing Counterparty; 

2. DTCC account number of the Electing Counterparty – this is optional. If the Electing Counterparty has a 

DTCC account number, it should bemaybe provided; and 

3. CICI/Legal Entity Identifier (“LEI - each Electing Counterparty will have this number as a CICI/”) – The 

Reporting Entity must provide the LEI is for the Electing Counterparty as required for the filing of this form 
and required pursuant to by Part 45 of the CFTC’s regulations. If the Electing Counterparty is an individual 

Person, and ineligible to register for a LEI, then “Individual” may be entered in this field.

B) REPORTING CounterpartyENTITY INFORMATION

1. Full Legal Name of the Reporting CounterpartyEntity; 

2. DTCC account number, which is required for the Reporting CounterpartyEntity; 

3. CICI/LEI – Provide the Reporting CounterpartyEntity LEI/CICI; 

4. Contact Name - the name of the person responsible for filing the Swap-by-Swap Form. This information is 

needed so DDR can contact the person if there is an issue with the form, (e.g. required information is not 

provided or, DDR has a questions aroundabout the information that is provided;, etc.);

5. Contact Phone; and 

6. Contact E-mail. 

C) REQUIRED REGULATORY INFORMATION

1. Electing Counterparty Financial Entity Status – Pursuant to CFTC Regulation §50.50(b), the Reporting 

CounterpartyEntity must disclose whether the Electing Counterparty it is a Financial Entity and, if so, what type of 

Financial Entity. The inclusionIn particular, the form includes the following types of Financial Entities: an 

Eligible Treasury Affiliate section is also provided pursuant to conditions of the Treasury Affiliate No-Action 

Reliefinsured small bank, savings association, farm credit system institution or credit union; a captive finance 

company; an exempt cooperative; an eligible treasury affiliate; a bank holding company or savings and loan 

holding company; and a community development financial institution. 

2. Hedge or Mitigate Commercial Risk of the Electing Counterparty - This section is required to be checked for 

any statuswhen the selected Financial Entity Status of the Electing Counterparty is anything other than Exempt 

Cooperatives or Eligible Treasury Affiliate. 

3. Eligible Treasury Affiliate Relief - Consistent with theCFTC requirements of CFTC Staff No- Action Letter 

13-22,, this section is required to be checked if the Reporting CounterpartyEntity has a reasonable basis to believe 

that the Electing Counterparty meets the General conditions contained in CFTC Staff No-Action Letter 13-

22No. 14-144. 

4. Exempt Cooperative - Consistent with the requirements of CFTC Regulation §50.51, this section is required to be 

checked if the Reporting CounterpartyEntity has a reasonable basis to believe that the Electing Counterparty will 

only elect the cooperative exemption for: 

 swaps entered into with a member of the exempt cooperative in connection with originating a loan or 

loans for that member, which satisfies the requirements of CFTC Regulation §1.3(ggg)(5)(i)-(iii); or 

 swaps that hedge or mitigate commercial risk related to loans to or swaps with members (as 

such swaps are described above). 

5. 5.   Financial Obligations – Pursuant to CFTC Regulation §50.50(b), the Reporting Counterparty mustthis section 

is required to be checked to indicate how the Electing Counterparty generally meets its financial obligations 

associated with entering into non-cleared swaps. At least one of the choices must be checked, but more than one 

choice may be checked. Additionally, the Reporting Entity has the option of providing information regarding the 

“other” methods of meeting financial obligations on behalf of the Electing Counterparty.

6. Electing Counterparty is an 

Issuer of Securities – Reporting Counterparty must- Consistent with CFTC requirements, this section is required 

to be checked to indicate whether the Electing Counterparty is an issuer of securities, yes or no. If the Electing 

Counterparty is an issuer of securities, then this section should also indicate whether the box indicating that 

theElecting Counterparty’s appropriate committee of

6. the board of directors (or equivalent body) has reviewed and approved the decision to enter into swaps that are not 
cleared must be checked.

D) SIGNATURE BLOCK

The following information about the person completing the Reporting CounterpartySwap-by-Swap Form is required: 

1. Signature – physical/wet or Electronic. 

2. Name of the signatory. 

3. Title of the signatory. 

4. Date executed and submitted. 

E) ANNUAL FORM – DDR PROCESS

Once the Reporting CounterpartyEntity has returned the Swap-by-Swap Form, DDR will perform the following 

processes: 

1. DDR will check to see if the Electing Counterparty has filed an Annual End User Clearing Exception/Exemption

Form. If they have, DDR will contact the Reporting CounterpartyEntity and let them know the Annual End 

User Clearing Exception/Exemption Form will govern and the Swap-by-Swap Form will be not be utilized or 

retained by DDR. 

2. Each submitted Swap-by-Swap Form will be reviewed for completeness. If any required field or question is left 

blank, DDR will communicate to the contact person that the form is incomplete and will need to be completed 

fully before processing. 

1. Once the Swap-by-Swap Form is complete, DDR will review the information provided and will discuss any 

questions with the contact person. 

2. Once the review by DDR is completed, DDR will send a report to the Reporting Counterparty listing all of 

the Electing Counterparties for which it has filed a Swap-by-Swap Form. 

3. DDR will maintain a tracking spreadsheet showing the Reporting CounterpartyEntity name, the End User 

Electing Counterparty name, the CICILEI for each and the date on which the verifiedcompleted Swap-bySwap Form was filed. 

4. DDR will create a report showing all: 1) Reporting Entities and Electing Counterparties to swaps that have elected 

the End-User Clearing Exception to validate that an, and 2) each Electing Counterparty for which a valid Annual 

End-User Clearing Exception/Exemption Form or a Swap-by- Swap Form has been providedsubmitted. The 

report will be made available to the CFTC on a weekly basis. 

3. Although submitting updated Swap-by-Swap Forms on at least an annual basis is the obligation of the 

Reporting Party, DDR will track the date the Swap-by-Swap Form is completed and notify the Reporting 

Counterparty when the next Swap-by-Swap Form needs to be filed. 

STEP 2: Swap by Swap Elections

CFTC Regulation §43.4(b) requires that the counterparties Reporting Entity indicate on real time messages that the 

clearingEnd-User Exception has been elected. There is no requirement to identify the party claiming exception or the type of 

exemption being claimed, on real time messages. A True/False flag is provided for counterparties on the real time message

for counterparties to indicate that the clearing exception is elected and the flag can exist on either party block. 

<!-- This indicates Clearing Exception has been invoked -->

<endUserException>true</endUserException> 
Applicable message types Real-Time 

RT-PET* 

RT PET *If a true/false flag is used on combination messages, firms would need to update the position with the name of the

party claiming clearing exception to be compliant with the CFTC rules The recommendation is that this flag

CFTC Regulation §50.5045.3 requires indication the Reporting Entity to the swap to report the election of the electionEndUser Exception, the type of clearing exception and identification of the Electing Counterparty, which refers to the 

counterparty(s) making the election on a swap‐by‐. The Reporting Entity to the swap basis. This is donecan indicate the 

Electing Counterparty by including a related party reference with the role of 

‘ClearingExceptionParty’,“ClearingExceptionParty”, or “Cooperative” as well as one of the standard identifiers for the party 

claiming the exception or exemption. 

DDR will accept the message from its clients and derive the “Clearing Exception Type” field based on the on the role 

provided for the related party reference below shouldas follows. 

a. The “Clearing Exception Type” field will be populated on the related party block of the non‐claiming party, and

reference the party claiming the exception as the related party.with a value of “End-User” when:

//partyTradeInformation/relatedParty[role="ClearingExceptionParty"] 

OR 

//tradeHeader/partyTradeInformation/endUserException/text() - has a value of ‘true’ 

Please note that the Part 43 real time message with the enduserexception flag set to true only indicates that the exemption is 

being elected, without identifying the counterparty making the election. In order to satisfy the Part 45 requirement that the 

reporting entity must identify the counterparty that is electing the end user exemption, the reporting entity must also send in a 

PET message identifying the counterparty electing the end user exception. 

b. The “Clearing Exception Type” field will be populated with a value of “Cooperative” when: 

//partyTradeInformation/relatedParty[role=”Cooperative”] 

A) FpML 

The related party reference below should be populated on the related party block of the Reporting Entity, and reference 

the Electing Counterparty as the related party. 

The role should be specified as “ClearingExceptionParty” if the clearing exception type is “End-User”; or 

“Cooperative” if the clearing exception type is “Cooperative”. 

Example 1: 

Counterparty A claiming an End-User exception: 

For example, if the non-Reporting PartyEntity is claiming the clearing exceptionElecting Counterparty, then the party 

reference should be included on the Reporting Party’sEntity’s related party block with reference to the non-Reporting 

PartyEntity. 

<!-- This indicates Clearing Exception has been invoked for BankACounterparty A-->

<relatedParty> 

<partyReference href="BankACounterpartyA"/> 

<role>ClearingExceptionParty</role> 

<!—This role indicates the value of “End-user” should be auto-populated by DDR into the clearing exception type 
field-->

</relatedParty> 

<!-- Prefix and Value for BankCounterparty A -->

<party id="BankACounterpartyA"> 

<partyId partyIdScheme="http://www.dtcc.com/coding‐scheme/party‐idhttp://www.dtcc.com/codingscheme/party-id">00001111</partyId> 

Example 2: 

CounterParty A claiming a Cooperative exemption: 

<!-- This indicates Clearing Exception has been invoked for Counterparty A-->

<relatedParty> 

<partyReference href="CounterpartyA"/> 

<role>Cooperative</role> 

<!—This role indicates the value of “Cooperative” should be auto-populated by DDR into the clearing exception 

type field-->

</relatedParty> 

<!-- Prefix and Value for Counterparty A -->

<party id="CounterpartyA"> 

<partyId partyIdScheme="http://www.dtcc.com/coding-scheme/party-id">00001111</partyId> 

Applicable message types RT* 

PET 

RT-PET* 

Confirm 

PET-Confirm 

RT-PET-Confirm* 

Snapshot 

*If the RT message or any of the RT combination messages are sent in with the indication of the party claiming

exception as opposed to the true/false flag described above, the GTRDDR will still disseminate a true/false indicator

publicallypublicly. 

B) .CSV 

Clearing Exception or Exemption Party Prefix (Conditional) Prefix of the party claiming end-user 

exception 

Clearing Exception or Exemption Party Value “true” or “false” or Party ID Value of the party 

claiming end-user exception. The Clearing 

Exception Party Prefix will be applicable only 

when Party ID value is provided. 
Clearing Exception or Exemption Type “End-User” or 

“Cooperative” 

While the Clearing Exception Type field is auto-populated by DDR for FpML submissions based on the role provided 

in the FpML message, participants should submit the clearing exception or exemption type field with one of the 

appropriate values selected when submitting using CSV. 

In case of both CSV and FPML – if the submission is done on behalf of one party – the End-User Clearing Exception 

party information will be applied only on that side of the position. 

If the submission is done on behalf of both parties – the Clearing Exception party information will be applied on 

both sides of the position. 

   
REPORTING 

COUNTERPARTYENTITY

END-USER CLEARING EXCEPTION/EXEMPTION SWAP-BY-SWAP REPORTING 

DATAFORM

This form is being submitted by the Reporting Counterparty for one or more swaps with the counterparty 

identified below that elects relief from required clearing (the “Electing Counterparty”). This form is only 

valid for swaps executed between the Reporting and Electing Counterparties identified below. The data 

provided hereunder will be applied to each swap entered into between the Reporting and Electing 

Counterparties to comply with CFTC Regulations §50.50 and §50.51 or CFTC Staff No-Action Letter 13-22 

for which an exception, exemption, or other relief from required clearing is being elected and is in lieu of the 

Electing Counterparty submitting an annual form as specified in CFTC Regulation §50.50(b)(2) or Reporting 

Condition (v) in CFTC Staff No-Action Letter 13-22. In executing this form the Reporting Counterparty 

certifies that it has a formed a reasonable basis to believe that the Electing Counterparty satisfies the 

requirements of CFTC Regulations §50.50, §50.51 or the General Conditions and Reporting Conditions of 

CFTC Staff No-Action Letter 13-22, as applicable. 

This form will be linked to each swap for which the exception in CFTC Regulation §50.50, the exemption in 

CFTC Regulation §50.51, or the relief in CFTC Staff No-Action Letter 13-22 is elected by the Electing 

Counterparty and reported by the Reporting Counterparty. Because this form will be used for reporting on a 

swap-by-swap basis, the Reporting Counterparty must have a reasonable basis to believe that the information 

provided in this form is accurate with respect to the swap and the Electing Counterparty at the time the swap is 

reported to the DTCC Data Repository (U.S.) LLC. At a minimum, this form must be updated annually, or in 

the event that the Reporting Counterparty has formed a reasonable basis to believe that any of the information 

contained on this form has changed, as soon as practicable. 

ELECTING COUNTERPARTY INFORMATION

Full Legal Name: ___________________________________________________________________________

DTCC Account Number (if applicable):CICI/):_____________ LEI: _____________ __________

REPORTING COUNTERPARTYENTITY

INFORMATION

Full Legal Name: ________________________________________________________________________

DTCC Account Number: CICI/LE: (required):__________________ 

 LEI:_________________________

Contact Name: 

Name: _________________________________________________________________________________ 

Contact Phone: ___________________________ E-mail::_______________________
DTCC Public (White) (White)

ELECTING COUNTERPARTY FINANCIAL ENTITY STATUS

The Reporting CounterpartyEntity has a reasonable basis to believe that the Electing 

Counterparty is: (One must be checked)

☐ Not a Financial Entity, as defined in Section 2(h)(7)(C)(i) of the Commodity Exchange Act 

☐ An Insured Small Bank, Savings Association, Farm Credit System Institution or Credit Union exempted under 

CFTC Regulation §50.50(d) 

☐ A Captive Finance Company excepted under Section 2(h)(7)(C)(iii) of the Commodity Exchange Act

☐ An Eligible Treasury Affiliate-Agent Entity excepted under Section 2(h)(7)(D) of the Commodity Exchange Act 

☐ A Cooperative exempted under CFTC Regulation §50.51(a) 

☐ An Eligible Treasury Affiliate meeting the conditions of theCFTC Letter No-Action Relief issued by. 14-144 

☐ A Bank Holding Company or Savings and Loan Holding Company meeting the conditions of CFTC Letter No. 

16-01 

☐ A Community Development Financial Institution meeting the CFTC’s Division of Clearing and Risk on June 

4, 2013 (CFTC Letter No. 13-22)conditions of CFTC Letter No. 16-02

HEDGE OR MITIGATE COMMERCIAL RISK OF THE ELECTING 

COUNTERPARTY

(Does not apply to Cooperative Exemption or Eligible Treasury Affiliate Relief in CFTC Staff 

No-Action Letter 13-22) 

Consistent with the requirements of Section 2(h)(7)(A)(ii) of the Commodity Exchange Act and CFTC 

Regulation 

§50.50(c), ☐ The Reporting CounterpartyEntity has a reasonable basis to believe that the Electing Counterparty 

will only elect the end-user exception for swaps that hedge or mitigate commercial risk. as described in 

Section 2(h)(7)(A)(ii) of the Commodity Exchange Act and CFTC Regulation 50.50(c).

ELIGIBLE TREASURY AFFILIATE RELIEF

Consistent with the requirements of CFTC Staff No-Action Letter 13-22, ☐ The Reporting 

CounterpartyEntity has a reasonable basis to believe that the Electing Counterparty meets the General 

conditions contained in CFTC Staff No-Action Letter 13-2214-144. 

EXEMPT COOPERATIVE

Consistent with the requirements of CFTC Regulation §50.51(b), ☐ The Reporting CounterpartyEntity

has a reasonable basis to believe that the Electing Counterparty will only elect the cooperative 

exemption for: 

 swaps entered into with a member of the exempt cooperative in connection with originating a loan or 
10

DTCC Public (White) (White)

loans for that member, which satisfies the requirements of CFTC Regulation §1.3(ggg)(5)(i)-(iii); or 

 swaps that hedge or mitigate commercial risk related to loans to or swaps with members (as such swaps 

are described above). 

FINANCIAL OBLIGATIONS

The Reporting CounterpartyEntity has a reasonable basis to believe that the Electing Counterparty generally 

meets its financial obligations associated with entering into non-cleared swaps through the following means: 

(Check all that apply. At least one must be checked.) 

☐ A written credit support agreement 

☐ Pledged or segregated assets (including posting or receiving margin pursuant to a credit support 

agreement or otherwise) 

☐ A written guarantee from another party 

☐ The electing counterparty’s available financial resources 

☐ Means other than those described above (optional description of other means may be provided 

below) 

ELECTING COUNTERPARTY IS AN ISSUER OF SECURITIES

Yes No

Is the Electing Counterparty an issuer of securities registered under section 12 of, or is required to file reports 

under section 15(d) of, the Securities Exchange Act of 1934? 

☐ YES 

☐ NO 

If YES, please provide the required information below: 

SEC Central Index Key number::_____________________

☐ The Reporting CounterpartyEntity has formed a reasonable basis to believe that the appropriate 

committee of the board of directors (or equivalent body) for the Electing Counterparty, has 

reviewed and approved the decision to enter into swaps that are exempt from the clearing 

requirement of section 2(h)(1), and section 2(h)(8) of the Commodity Exchange Act. 

The Reporting CounterpartyEntity hereby certifies that it has formed a reasonable belief, based on 

representations from the Electing Counterparty or the through other means, that the information contained in 

this End-User Clearing Exception DataSwap-by-Swap Form is true and accurate. The Reporting 

CounterpartyEntity also certifies that if the information provided in this form changes or is determined to be 

incorrect, that the Reporting CounterpartyEntity will provide the DTCC Data Repository (U.S.) LLC with an 

updated this End-User Clearing Exception DataSwap-by-Swap Form as soon as practicable. 

Signature::______________________________ Date::___________________________________

Name: Title:Name: ______________________ Title:___________________________________