(a) Swaps entered into before July 21, 2010 shall be exempt from the clearing requirement under §50.2 of this part if reported to a swap data repository pursuant to section 2(h)(5)(A) of the Act and §46.3(a) of this chapter.

(b) Swaps entered into before the application of the clearing requirement for a particular class of swaps under §§50.2 and 50.4 of this part shall be exempt from the clearing requirement if reported to a swap data repository pursuant to section 2(h)(5)(B) of the Act and either §46.3(a) or §§45.3 and 45.4 of this chapter, as appropriate.