102 Sec. 207 FEDERAL CREDIT UNION ACT
any agreement or transaction referred to in sub-
clause (I), (III), (IV), or (V), including any guar-
antee or reimbursement obligation in connection
with any agreement or transaction referred to in
any such subclause.
For purposes of this clause, the term ‘‘qualified foreign
government security’’ means a security that is a direct
obligation of, or that is fully guaranteed by, the cen-
tral government of a member of the Organization for
Economic Cooperation and Development (as deter-
mined by regulation or order adopted by the appro-
priate Federal banking authority).
(vi) S
WAP AGREEMENT
.—The term ‘‘swap agree-
ment’’ means—
(I) any agreement, including the terms and
conditions incorporated by reference in any such
agreement, which is an interest rate swap, option,
future, or forward agreement, including a rate
floor, rate cap, rate collar, cross-currency rate
swap, and basis swap; a spot, same day-tomorrow,
tomorrow-next, forward, or other foreign ex-
change, precious metals, or other commodity
agreement; a currency swap, option, future, or for-
ward agreement; an equity index or equity swap,
option, future, or forward agreement; a debt index
or debt swap, option, future, or forward agree-
ment; a total return, credit spread or credit swap,
option, future, or forward agreement; a commodity
index or commodity swap, option, future, or for-
ward agreement; weather swap, option, future, or
forward agreement; an emissions swap, option, fu-
ture, or forward agreement; or an inflation swap,
option, future, or forward agreement;
(II) any agreement or transaction that is simi-
lar to any other agreement or transaction referred
to in this clause and that is of a type that has
been, is presently, or in the future becomes, the
subject of recurrent dealings in the swap or other
derivatives markets (including terms and condi-
tions incorporated by reference in such agreement)
and that is a forward, swap, future, option, or spot
transaction on one or more rates, currencies, com-
modities, equity securities or other equity instru-
ments, debt securities or other debt instruments,
quantitative measures associated with an occur-
rence, extent of an occurrence, or contingency as-
sociated with a financial, commercial, or economic
consequence, or economic or financial indices or
measures of economic or financial risk or value;
(III) any combination of agreements or trans-
actions referred to in this clause;
(IV) any option to enter into any agreement or
transaction referred to in this clause;
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As Amended Through P.L. 117-286, Enacted December 27, 2022