(a) Non-spot-month position limits. The position limits set forth in Sec. 151.4(b) of this chapter may be exceeded to the extent that positions in Referenced Contracts remain open and were entered into in good faith prior to the effective date of any rule, regulation, or order that specifies a position limit under this part.
(b) Spot-month position limits. Notwithstanding the pre-existing exemption in non-spot months, a person must comply with spot month limits.
(c) Pre-Dodd-Frank and transition period swaps. The initial position limits established under Sec. 151.4 shall not apply to any swap positions entered into in good faith prior to the effective date of such initial limits. Swap positions in Referenced Contracts entered into in good faith prior to the effective date of such initial limits may be netted with post-effective date swap and swaptions for the purpose of applying any position limit.
(d) Exemptions. Exemptions granted by the Commission under Sec. 1.47 for swap risk management shall not apply to swap positions entered into after the effective date of initial position limits established under Sec. 151.4.