(b) The requirements set forth in §§ 23.150 through 23.161 shall not apply to a swap if the counterparty:

1. (1) Qualifies for an exception from clearing under section 2(h)(7)(A) of the Act and implementing regulations;
2. (2) Qualifies for an exemption from clearing under a rule, regulation, or order issued by the Commission pursuant to section 4(c)(1) of the Act concerning cooperative entities that would otherwise be subject to the requirements of section 2(h)(1)(A) of the Act; or
3. (3) Satisfies the criteria in section 2(h)(7)(D) of the Act and implementing regulations.