Survey Results: End-User Exception for Swaps

1. When it comes to the end-user exception to the clearing requirement for swaps and board review and approval of the decision to use the exception, our company: (Total responses: n=35)
(select only one)
n=4 (11.43%) We have already implemented a board approval policy before the need for the exception arises
n=22 (62.86%) We have started the process of adopting a board approval policy but have not done so yet
n=1 (2.86%) We have decided that we don't anticipate ever needing the exception so we have not adopted a board approval policy
n=0 (0.00%) We have decided to seek board approval on a swap-by-swap basis rather than annually
n=8 (22.86%) We have not yet decided what to do

2. For those companies that plan on relying on the end-user exception, will the company: (Total responses: n=34)
(select only one)
n=9 (26.47%) Make an annual filing of the electing counterparty information ahead of the first swap transaction
n=2 (5.88%) Report the electing counterparty information on a swap-by-swap basis
n=23 (67.65%) We have not yet decided what to do