Data Collection Initiation Date and Contingent Phase-In Termination Date for the De Minimis Notional Thresholds of Security-Based Swap Dealing

The definition of "security-based swap dealer' is subject to a de minimis exception whereby a person is deemed not to be a security- based swap dealer as a result of security-based swap dealing activity that falls below certain de minimis thresholds. These de minimis thresholds are subject to temporarily higher, phase-in levels of security-based swap dealing activity that will be in effect until the "phase-in termination date.' The phase-in termination date will be determined in part by reference to a "data collection initiation date.' The Commission is making this announcement to confirm that the data collection initiation date was November 8, 2021, and, absent additional Commission action, the phase-in termination date shall be November 8, 2026.