‘‘(3) EXTRA-TERRITORIAL
SWAP
TRANSACTION 
APPLICATION OF TITLE VII.— 
‘‘(A) IN GENERAL.—A security-based swap 
entered into between— 
‘‘(i) a security-based swap dealer that 
is registered with the Commission who is ei-
ther— 
‘‘(I) a U.S. person, or 
‘‘(II) a person that has a parent 
company that is a U.S. person, and 
‘‘(ii) a person who is a U.S. or non- 
U.S. subsidiary, branch, affiliate, or parent 
company of such security-based swap deal-
er, 
shall not be subject to the provisions of title VII 
of the Dodd-Frank Wall Street Reform and Con-
sumer Protection Act, and of amendments added 
by such title, so long as each security-based swap 
dealer described under clause (i) reports such se-
curity-based swap to a security-based swap data 
repository registered with the Commission. 
‘‘(B) SECURITY-BASED
SWAPS
ENTERED 
INTO BY REGISTERED NON-U.S. PERSONS.— 
‘‘(i) IN GENERAL.—A non-U.S. person 
that registers as a security-based swap deal-
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er with the Commission shall only be subject 
to the requirements of title VII of the Dodd- 
Frank Wall Street Reform and Consumer 
Protection Act, and of amendments added 
by such title, with respect to security-based 
swaps that such person enters into with a 
U.S. person who is not a U.S. subsidiary, 
branch, or affiliate of such non-U.S. person. 
‘‘(ii) 
CAPITAL
REQUIREMENTS.—A 
non-U.S. person that registers as a security- 
based swap dealer with the Commission 
shall be permitted by the Commission to 
comply with the capital requirements under 
subsection (e) by complying with com-
parable requirements established by the ap-
propriate governmental authorities in the 
home country of the non-U.S. person, so 
long as such home country is a signatory to 
the Basel Accords. 
‘‘(C) NON-U.S. PERSON.—For purposes of 
this paragraph, the term ‘non-U.S. person’ in-
cludes— 
‘‘(i) any person that is not a U.S. per-
son; 
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‘‘(ii) any discretionary account or 
similar account (other than an estate or 
trust) held for the benefit or account of a 
non-U.S. person by a dealer or other profes-
sional fiduciary organized, incorporated, or 
(if an individual) resident in the United 
States; 
‘‘(iii) any agency or branch of a U.S. 
person located outside the United States 
if— 
‘‘(I) the agency or branch operates 
for valid business reasons; and 
‘‘(II) the agency or branch is en-
gaged in the business of insurance or 
banking and is subject to substantive 
insurance or banking regulation, re-
spectively, in the jurisdiction where it 
is located; 
‘‘(iv) any trust of which any profes-
sional fiduciary acting as trustee is a U.S. 
person, if— 
‘‘(I) a trustee who is a non-U.S. 
person has sole or shared investment 
discretion with respect to the trust as-
sets; and 
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‘‘(II) no beneficiary of the trust 
(and no settlor if the trust is revocable) 
is a U.S. person; 
‘‘(v) an employee benefit plan estab-
lished and administered in accordance with 
the law, customary practices, and docu-
mentation of a country other than the 
United States; and 
‘‘(vi) 
the 
International 
Monetary 
Fund, the International Bank for Recon-
struction and Development, the Inter-Amer-
ican Development Bank, the Asian Develop-
ment Bank, the African Development Bank, 
the United Nations, a central bank or its 
functional equivalent which is located in a 
non-U.S. jurisdiction and that is a signa-
tory to the Basel Accords, and their agen-
cies, affiliates and pension plans, and any 
other similar international organizations, 
their agencies, affiliates and pension plans. 
‘‘(D) U.S. PERSON.—For purposes of this 
paragraph, the term ‘U.S. person’ includes— 
‘‘(i) any natural person resident in the 
United States; 
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‘‘(ii) any partnership or corporation 
organized or incorporated under the laws of 
the United States; 
‘‘(iii) any estate of which any executor 
or administrator is a U.S. person; 
‘‘(iv) any trust of which any trustee is 
a U.S. person; 
‘‘(v) any agency or branch of a foreign 
entity located in the United States; 
‘‘(vi) any non-discretionary account or 
similar account (other than an estate or 
trust) held by a dealer or other fiduciary for 
the benefit or account of a United States 
person; 
‘‘(vii) any discretionary account or 
similar account (other than an estate or 
trust) held by a dealer or other fiduciary or-
ganized, incorporated, or (if an individual) 
resident in the United States; and 
‘‘(viii) any partnership or corpora-
tion— 
‘‘(I) organized or incorporated 
under the laws of any foreign jurisdic-
tion; and 
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