Scope.

§ 23.150 Scope. (a) The margin requirements set forth in §§ 23.150 through 23.161 shall apply to uncleared swaps, as defined in § 23.151, that are executed after the applicable compliance dates set forth in § 23.161. (b) The requirements set forth in §§ 23.150 through 23.161 shall not apply to a swap if the counterparty: (1) Qualifies for an exception from clearing under section 2(h)(7)(A) of the Act and implementing regulations; (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) Satisfies the criteria in section 2(h)(7)(D) of the Act and implementing regulations.