Designation under Title VII of the Dodd-Frank Act for an entity whose security-based swap (SBS) activity does not reach certain de minimis levels that would require registering as security-based swap dealers (SBSDs), but which is significant enough for the entity to warrant special regulation under Title VII. The aggregate notional tests for MSBSPs are similar to those for major swap participants (MSPs), only they are conducted with respect to activity in the SBS categories. The SEC holds regulatory jurisdiction over MSBSPs though MSBSPs are not yet required to register with the SEC and the SEC has yet to implement a full complement of rules for MSBSPs as the CFTC has for MSPs. For details on these tests and other considerations in making a MSBSP determination, 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).