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    <description>Amendments add a Master Direction-based definition of credit default swaps and authorize Category I AIFs to engage in hedging, including credit default swaps, while permitting Category II and Category III AIFs to buy or sell credit default swaps, all subject to conditions specified by the Board. Sponsors or Managers of Category I and Category II AIFs transacting in credit default swaps must appoint a custodian registered with the Board and comply with Board-specified terms and conditions.</description>
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