---
kind: "section"
citation: "17 C.F.R. § 36.1"
title: "17"
number: "36.1"
heading: "Exemptions to trade execution requirement."
url: "https://uscodex.org/cfr/17/36.1"
---

# §36.1. Exemptions to trade execution requirement.

- (a) A swap transaction that is executed as a component of a package transaction that also includes a component transaction that is the issuance of a bond in a primary market is exempt from the trade execution requirement in [section 2(h)(8)](/cfr/17/2.md?p=h-8) of the Act.
  - (1) For purposes of [paragraph (a)](#a) of this section, a package transaction consists of two or more component transactions executed between two or more counterparties where:
    - (i) At least one component transaction is subject to the trade execution requirement in section 2(h)(8) of the Act;
    - (ii) Execution of each component transaction is contingent upon the execution of all other component transactions; and
    - (iii) The component transactions are priced or quoted together as one economic transaction with simultaneous or near-simultaneous execution of all components.
  - (2) [Reserved]
- (b) Section 2(h)(8) of the Act does not apply to a swap transaction that qualifies for the exception under section 2(h)(7) of the Act or an exception or exemption under [part 50](/cfr/17/part50.md) of this chapter, and for which the associated requirements are met.
- (c) Section 2(h)(8) of the Act does not apply to a swap transaction that is executed between counterparties that have eligible affiliate counterparty status pursuant to [§ 50.52(a)](/cfr/17/50.52.md?p=a) of this chapter even if the eligible affiliate counterparties clear the swap transaction.

## Notes

### Amendments

[85 FR 82328, Dec. 18, 2020, as amended at 86 FR 9001, Feb. 11, 2021]

### Authority

Authority: 7 U.S.C. 1a, 2, 5, 6, 6c, 7, 7a-2, and 7b-3, as amended by Titles VII and VIII of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Pub. L. 111-203, 124 Stat. 1376 (2010).

### Source

Source: 85 FR 82328, Dec. 18, 2020, unless otherwise noted.

### Amendments

[85 FR 82328, Dec. 18, 2020, as amended at 86 FR 9001, Feb. 11, 2021]