A Practice Note explaining thresholds and other criteria that require certain parties to register with the CFTC as swap dealers (SDs) or major swap participants (MSPs), or with the SEC as security-based swap dealers (SBSDs) or major security-based swap participants (MSBSPs). SDs and MSPs are subject to a comprehensive CFTC regulatory framework, while SBSDs and MSBSPs are subject to an analogous SEC regulatory framework.