§78m–1 Reporting and recordkeeping for certain security-based swaps

Summary

Every security-based swap that is not cleared by a clearing agency or derivatives clearing organization must be reported either to a registered security-based swap data repository or, if no repository will accept it, to the Commission. For swaps made before July 21, 2010 and still active on that date, the report must be filed by a deadline no later than 30 days after the interim final rule is issued (or another period the Commission sets). The Commission must create that interim final rule within 90 days of July 21, 2010, and the reporting rules were effective on July 21, 2010. If only one counterparty is a security-based swap dealer or a major security-based swap participant, that party must file the report. If one counterparty is a dealer and the other a major participant, the dealer must report. For all other swaps, the counterparties must pick who will report. Any person or firm that entered into a security-based swap and did not clear it or did not have its data accepted by a repository must, if the Commission asks in writing, give reports in the form requested and keep books and records in the form, manner, and for the time the Commission requires. Those records must be open to inspection by representatives of the Commission, an appropriate prudential regulator, the Commodity Futures Trading Commission, the Financial Stability Oversight Council, and the Department of Justice. The Commission must require that the information submitted is at least as detailed as the data collected by security-based swap data repositories.