External Meetings: Definitions and End User Phone Call with NRU CFC

The phone call discussed the attached comments and suggested language submitted by NRU CFC, which include (i) a suggested blanket exception from the definition of "swap" that would cover NRU CFC's activities; (ii) two alternative suggestions for the commercial end user exemption from the clearing requirement; and (iii) suggested options to define a de minimis amount of swap dealing that are intended to exclude cooperatives from the definition of swap dealer.