15 U.S.C. § 78m–1 | Reporting and recordkeeping for certain security-based swaps

(a)

Required reporting of security-based swaps not accepted by any clearing agency or derivatives clearing organization

(1)

In general

Each security-based swap that is not accepted for clearing by any clearing agency or derivatives clearing organization shall be reported to—

(A)

section 78m(n) of this title a security-based swap data repository described in ; or

(B)

in the case in which there is no security-based swap data repository that would accept the security-based swap, to the Commission pursuant to this section within such time period as the Commission may by rule or regulation prescribe.

(2)

Transition rule for preenactment security-based swaps

(A)

July 21, 2010 Security-based swaps entered into before

July 21, 2010July 21, 2010Each security-based swap entered into before , the terms of which have not expired as of , shall be reported to a registered security-based swap data repository or the Commission by a date that is not later than—

(i)

30 days after issuance of the interim final rule; or

(ii)

such other period as the Commission determines to be appropriate.

(B)

Commission rulemaking

July 21, 2010July 21, 2010The Commission shall promulgate an interim final rule within 90 days of , providing for the reporting of each security-based swap entered into before , as referenced in subparagraph (A).

(C)

Effective date

July 21, 2010The reporting provisions described in this section shall be effective upon .

(3)

Reporting obligations

(A)

Security-based swaps in which only 1 counterparty is a security-based swap dealer or major security-based swap participant

With respect to a security-based swap in which only 1 counterparty is a security-based swap dealer or major security-based swap participant, the security-based swap dealer or major security-based swap participant shall report the security-based swap as required under paragraphs (1) and (2).

(B)

Security-based swaps in which 1 counterparty is a security-based swap dealer and the other a major security-based swap participant

With respect to a security-based swap in which 1 counterparty is a security-based swap dealer and the other a major security-based swap participant, the security-based swap dealer shall report the security-based swap as required under paragraphs (1) and (2).

(C)

Other security-based swaps

With respect to any other security-based swap not described in subparagraph (A) or (B), the counterparties to the security-based swap shall select a counterparty to report the security-based swap as required under paragraphs (1) and (2).

(b)

Duties of certain individuals

Any individual or entity that enters into a security-based swap shall meet each requirement described in subsection (c) if the individual or entity did not—

(1)

section 78c–3(a)(1) of this title clear the security-based swap in accordance with ; or

(2)

have the data regarding the security-based swap accepted by a security-based swap data repository in accordance with rules (including timeframes) adopted by the Commission under this chapter.

(c)

Requirements

An individual or entity described in subsection (b) shall—

(1)

upon written request from the Commission, provide reports regarding the security-based swaps held by the individual or entity to the Commission in such form and in such manner as the Commission may request; and

(2)

maintain books and records pertaining to the security-based swaps held by the individual or entity in such form, in such manner, and for such period as the Commission may require, which shall be open to inspection by—

(A)

any representative of the Commission;

(B)

an appropriate prudential regulator;

(C)

the Commodity Futures Trading Commission;

(D)

the Financial Stability Oversight Council; and

(E)

the Department of Justice.

(d)

Identical data

In prescribing rules under this section, the Commission shall require individuals and entities described in subsection (b) to submit to the Commission a report that contains data that is not less comprehensive than the data required to be collected by security-based swap data repositories under this chapter.

June 6, 1934, ch. 404 Pub. L. 111–203, title VII, § 766(a)July 21, 2010124 Stat. 1797(, title I, § 13A, as added , , .)

Editorial Notes

References in Text

section 78a of this titleThis chapter, referred to in subsecs. (b)(2) and (d), was in the original “this title”. See References in Text note set out under .

Statutory Notes and Related Subsidiaries

Effective Date

July 21, 2010Pub. L. 111–203 section 774 of Pub. L. 111–203 section 77b of this titleSection effective on the later of 360 days after , or, to the extent a provision of subtitle B (§§ 761–774) of title VII of requires a rulemaking, not less than 60 days after publication of the final rule or regulation implementing such provision of subtitle B, see , set out as an Effective Date of 2010 Amendment note under .