§6r Reporting and recordkeeping for uncleared swaps

Summary

All swaps that are not accepted for clearing must be reported. They should go to a registered swap data repository under section 24a. If no repository will take the swap, the swap must be reported to the Commission within the time the Commission sets by rule. Swaps entered before July 21, 2010 whose terms had not expired by that date must be reported to a registered swap data repository or the Commission no later than 30 days after the interim final rule is issued (or within another period the Commission sets). The Commission had to issue that interim final rule within 90 days of July 21, 2010, and the reporting rules took effect when the law was enacted. Who reports depends on the parties. If only one side is a swap dealer or a major swap participant, that side must report. If one side is a swap dealer and the other is a major swap participant, the swap dealer must report. For other swaps, the parties pick which counterparty reports. Anyone who entered a swap that was not cleared under section 2(h)(1) or whose data was not accepted by a swap data repository must, on written request from the Commission, provide reports and keep books and records in the form, manner, and for the period the Commission requires. Those records must be open to inspection by Commission representatives, appropriate prudential regulators, the Securities and Exchange Commission, the Financial Stability Oversight Council, and the Department of Justice. The Commission must require reports to include at least as much data as swap data repositories collect under section 24a.