---
kind: "section"
citation: "17 C.F.R. § 242.832"
title: "17"
number: "242.832"
heading: "Application of the trade execution requirement to cross-border security-based swap transactions."
url: "https://uscodex.org/cfr/17/242.832"
---

# §242.832. Application of the trade execution requirement to cross-border security-based swap transactions.

- (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)](#b) of this section.
- (b) **A “covered person” means, with respect to a particular security-based swap, any person that is—**
  - (1) A U.S. person;
  - (2) A non-U.S. person whose performance under a security-based swap is guaranteed by a U.S. person; or
  - (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.

## Notes

### Source

Source: 88 FR 87285, Dec. 15, 2023, unless otherwise noted.

### Authority

Authority: 15 U.S.C. 77g, 77q(a), 77s(a), 78b, 78c, 78c-4, 78g(c)(2), 78i(a), 78j, 78k-1(c), 78 l, 78m, 78n, 78 o (b), 78 o (c), 78 o (g), 78q(a), 78q(b), 78q(h), 78w(a), 78dd-1, 78mm, 80a-23, 80a-29, 80a-37, and 8343.

### Source

Source: 62 FR 544, Jan. 3, 1997, unless otherwise noted.