WASHINGTON — The Commodity Futures Trading Commission Thursday unanimously agreed to propose pay-to-play restrictions and other business-conduct standards for swap dealers and major swap participants working with “special entities” such as states and localities. The pay-to-play restrictions mirror new Securities and Exchange Commission rules for investment advisers.

The CFTC also voted 3 to 2 to propose an exemption for so-called commercial end-users from mandatory clearing of swaps. The provisions generally allow non-financial institutions to avoid mandatory clearing for swaps used to hedge or mitigate commercial risk.

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