(a) through (c) [Reserved]
(d) Specified NPCs--(1) Specified NPCs before January 1, 2016. For payments made after March 18, 2012, and before January 1, 2016, a specified NPC is any NPC if--
(1) Specified NPCs before January 1, 2016. For payments made after March 18, 2012, and before January 1, 2016, a specified NPC is any NPC if--
(i) In connection with entering into the contract, any long party to the contract transfers the underlying security to any short party to the contract;
(ii) In connection with the termination of the contract, any short party to the contract transfers the underlying security to any long party to the contract;
(iii) The underlying security is not readily tradable on an established securities market; or
(iv) In connection with entering into the contract, the underlying security is posted as collateral by any short party to the contract with any long party to the contract.
(d)(2) through (n) [Reserved]
(2) through (n) [Reserved]
(o) Effective/applicability date. This section applies to payments made on or after January 23, 2012. [T.D. 9648, 78 FR 73080, Dec. 5, 2013]