Utility Special Entity Representation Letter & User Guide

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This Utility Special Entity Representation Letter will generally be sought by an entity engaged in certain derivatives trading activity and documenting its due diligence in relation to Swap Dealer/Major Swap Participant registration requirements.

Solely for purposes of determining whether an entity’s Swap dealing activity with Special Entities has exceeded the $25 million aggregate gross notional amount threshold for Swap Dealer registration set forth in CFTC Regulation 1.3 (ggg)(4)(i)A) for Swaps in which the counterparty is a Special Entity, CFTC Regulation 1.3 (ggg)(4)(i)(B)(1) allows an entity to exclude “utility operations-related swaps” in which the Special Entity counterparty is a “utility special entity.”

In order to allow an entity to rely on the foregoing exclusion of “utility operations-related swaps” in which the Special Entity is a “utility special entity” under CFTC Regulation 1.3 (ggg)(4)(B)(1), the Special Entity can provide the representations set forth in the IECA’s Utility Special Entity Representation Letter (“Representation Letter”’ see the form attached as Exhibit A).