8301 et seq.) and, where the Commissions find inconsistencies in any such rules, orders, or interpretive guidance, shall jointly issue new rules, orders, or interpretive guidance to resolve such inconsistencies. 872. Treatment of transactions between affiliates (a) Commodity Exchange Act Section 1a(47) of the Commodity Exchange Act ( 7 U.S.C. 1a(47) ) is amended by adding at the end the following: (G) Treatment of swap transactions between affiliates (i) Exemption from swap rules Except as provided under clause (ii), the Commission may not regulate a swap under this Act if all of the following apply to such swap: (I) Affiliation One counterparty, directly or indirectly, holds a majority ownership interest in the other counterparty, or a third party, directly or indirectly, holds a majority ownership interest in both counterparties. (II) Financial statements The affiliated counterparty that holds the majority interest in the other counterparty or the third party that, directly or indirectly, holds the majority interests in both affiliated counterparties, reports its financial statements on a consolidated basis under generally accepted accounting principles or International Financial Reporting Standards, or other similar standards, and the financial statements include the financial results of the majority-owned affiliated counterparty or counterparties. (ii) Requirements for exempted swaps With respect to a swap described under clause (i): (I) Reporting requirement If at least one counterparty is a swap dealer or major swap participant, that counterparty shall report the swap pursuant to section 4r, within such time period as the Commission may by rule or regulation prescribe— (aa) to a swap data repository