End-User Exception to Mandatory Clearing of Security-Based Swaps

In accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 ("Dodd-Frank Act'), the Securities and Exchange Commission ("Commission') is proposing new Rule 3Cg-1 under the Securities Exchange Act of 1934 ("Exchange Act') governing the exception to mandatory clearing of security-based swaps available for counterparties meeting certain conditions. The Commission is requesting comments on the proposed rule and related matters.