July 23, 2012 effective date; 169 pages. Excerpt (at p. 30681 in the Federal Register): "Consistent with the position expressed in the Proposing Release, the [SEC and the Commodity Futures Trading Commission, or the 'Commissions'] interpret the ERISA hedging exclusion in the first statutory major participant test to be broader than that test's commercial risk hedging exclusion. This reflects the facts that the ERISA hedging exclusion is not limited to 'commercial' risk, and that the ERISA hedging exclusion addresses positions that have a 'primary' hedging purpose (which suggests that those positions may have a secondary nonhedging purpose).... [The Commissions] interpret the meaning of the term 'maintain' -- in the context of the statutory provision that the swap or security-based swap position be 'maintained by' an employee benefit plan--not only to include positions in which the plan is a counterparty, but also to include positions in which the counterparty is a trust or pooled vehicle that holds plan assets. Thus, for example, the exclusion would be available to trusts or pooled vehicles that solely hold assets of the types of plans identified in the statutory definition. The exclusion further may be available to entities that hold such plan assets in conjunction with other assets, but only to the extent that the entity enters into swap or security-based swap positions for the purpose of hedging risks associated with the plan assets. The exclusion does not extend to positions that hedge risks of other assets, even if those are managed in conjunction with plan assets."

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