; or (bb) if there is no swap data repository that would accept the agreement, contract or transaction, to the Commission. (II) Risk management requirement If at least one counterparty is a swap dealer or major swap participant, the swap shall be subject to a centralized risk management program pursuant to section 4s(j) that is reasonably designed to monitor and to manage the risks associated with the swap. (III) Anti-evasion requirement The swap shall not be structured to evade the Dodd-Frank Wall Street Reform and Consumer Protection Act in violation of any rule promulgated by the Commission pursuant to section 721(c) of such Act. . (b) Securities Exchange Act of 1934 Section 3(a)(68) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c(a)(68) ) is amended by inserting before subsection (b) the following: (F) Treatment of security-based swap transactions between affiliates (i) Exemption from security-based swap rules Except as provided under clause (ii), the Commission may not regulate a security-based swap under this Act if all of the following apply to such security-based 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 security-based swaps With respect to a security-based swap described under clause (i): (I) Reporting requirement If at least one counterparty is a security-based