Designation under Title VII of the Dodd-Frank Act for any entity whose non-security-based swap activity satisfies one of three tests, including the "substantial position" test and the "substantial counterparty exposure" test, in certain categories of swap activity, but which is less than the de minimis notional amount of swap activity required for designation as a swap dealer under Title VII (see Practice Note, US Derivatives Regulation: Swap Dealer and SBSD Registration Thresholds: Definitions of Major Swap Participant (MSP) and Major Security-Based Swap Participant (MSBSP)). MSPs must register with the CFTC and are subject to an extensive framework of regulatory requirements under Title VII rulemaking, including internal and external business conduct rules and other obligations and restrictions (see US Derivatives Regulation: Requirements for Swap Dealers and MSPs Checklist) regardless of whether or not they are located in the US (see Practice Note, US Derivatives Regulation: Cross-Border Application of Swaps Rules). Though the notional threshold is lower for MSPs than for SDs, there are many more registered SDs than registered MSPs.