The Dodd-Frank Act amended the Commodity Exchange Act (the Act) to create a new regulatory framework for swaps, and added Section 2(i) to require the application of the Dodd-Frank Act swap requirements to activities that occur outside the United States only if they have a direct and significant connection with activities in, or effect on, US commerce, or to prevent evasion of the Act’s swap provisions. The US Commodity Futures Trading Commission (CFTC or Commission) interprets Section 2(i) of the Act to provide relief for certain swaps and persons from the swap-related registration, entity level, and transaction-level requirements under its proposal, depending on the extent to which a person’s swap related activities reflect a “direct and significant” connection with, or effect on, US commerce.