§78m–1 Reporting and Recordkeeping for Certain Security-based Swaps

Summary

Report every security-based swap that is not cleared to a registered security-based swap data repository. If no repository will take the swap, report it to the Securities and Exchange Commission (the Commission). Swaps made before July 21, 2010 that had not ended by that date must be reported by a deadline set by the Commission: no later than 30 days after the Commission issues an interim final rule, unless the Commission gives a different deadline. The Commission must issue that interim final rule within 90 days of July 21, 2010. The reporting rules began on July 21, 2010. If only one counterparty is a security-based swap dealer or a major security-based swap participant, that party must report. If one counterparty is a dealer and the other is a major participant, the dealer must report. Otherwise, the parties must agree who will report. Anyone who did not clear a swap or whose data was not accepted by a repository must provide reports when the Commission asks and keep books and records the Commission requires. Those records must be open to inspection by the Commission, any appropriate prudential regulator, the Commodity Futures Trading Commission, the Financial Stability Oversight Council, and the Department of Justice. The Commission must require that reports to it include at least as much data as the repositories collect.