Excluded from the defi nition of “swap dealer” are entities entering into swaps for their own account and “not as part of a regular business.”16 Accordingly, it is likely that many private funds would be excluded from the defi nition, in the same way that private funds are generally considered to be “traders” and not “dealers” under Section 3(a)(5) of the Exchange Act because they buy and sell securities for their own account and not as part of a regular business. Additionally, a person or entity that engages in a de minimis quantity of swap dealing is not.
