Link to an amendment published at 86 FR 9001, Feb. 11, 2021.

1. (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) of the Act.

   1. (1) For purposes of paragraph (a) of this section, a package transaction consists of two or more component transactions executed between two or more counterparties where:

      1. (i) At least one component transaction is subject to the trade execution requirement in section 2(h)(8) of the Act;
      2. (ii) Execution of each component transaction is contingent upon the execution of all other component transactions; and
      3. (iii) The component transactions are priced or quoted together as one economic transaction with simultaneous or near-simultaneous execution of all components.
   2. (2) [Reserved]
2. (b) [Reserved]