Clients can be classified under US legislation as Guaranteed Affiliates, where they are: (i) affiliated with a US person, and (ii) their trading activity is supported by a guarantee from any US person. *A Guarantee in this sense: – is not a traditional guarantee of payment or performance of the related swaps – is the substance, rather than the form, of the arrangement that determines whether the arrangement should be considered a guarantee; and – includes other formal arrangements that support the non-US person?s ability to pay or perform its swap obligations with respect to its swaps.
