Section 23.505 - End user exception documentation(a)For swaps excepted from a mandatory clearing requirement. Each swap dealer and major swap participant shall obtain documentation sufficient to provide a reasonable basis on which to believe that its counterparty meets the statutory conditions required for an exception from a mandatory clearing requirement, as defined in section 2h(7) of the Act and § 50.50 of this chapter. Such documentation shall include:(1) The identity of the counterparty;(2) That the counterparty has elected not to clear a particular swap under section 2h(7) of the Act and § 50.50 of this chapter;(3) That the counterparty is a non-financial entity, as defined in section 2h(7)(C) of the Act;(4) That the counterparty is hedging or mitigating a commercial risk; and(5) That the counterparty generally meets its financial obligations associated with non-cleared swaps. Provided, that a swap dealer or major swap participant need not obtain documentation of paragraphs (a)(3), (4), or (5) of this section if it obtains documentation that its counterparty has reported the information listed in § 50.50(b)(1) (iii) in accordance with § 50.50(b)(2) of this chapter.(b)Recordkeeping. Each swap dealer and major swap participant shall maintain all documents required to be obtained pursuant to this section in accordance with § 23.203 and shall make them available promptly upon request to any representative of the Commission or any applicable prudential regulator, or with regard to swaps defined in section 1a(47)(A)(v) of the Act, to any representative of the Commission, the Securities and Exchange Commission, or any applicable prudential regulator.77 FR 55960, Sep. 11, 2012, as amended at 78 FR 21046, Apr. 9, 2013 77 FR 55960, 9/11/2012, as amended at 78 FR 21046, 4/9/2013