15 U.S.C. § 78m–1: Reporting and recordkeeping…

Summary

All security-based swaps that are not accepted for clearing must be reported. The report must go to a registered security-based swap data repository. If no repository will take the swap, it must be reported to the Commission in the time the Commission sets. Swaps made before July 21, 2010 that were still active on that date must be reported by no later than 30 days after the Commission issues an interim final rule, unless the Commission allows a different time. The Commission had to issue that interim final rule within 90 days of July 21, 2010. The reporting rules took effect on July 21, 2010. Who reports depends on the parties. If only one side is a security-based swap dealer or major participant, that side must report. If one side is a dealer and the other is a major participant, the dealer must report. For other swaps, the parties choose who reports. Anyone who did not clear a swap or whose data was not accepted must, when asked, give reports to the Commission and keep books and records in the form and for the time the Commission requires. Those records must be available for inspection by the Commission, certain bank regulators, the Commodity Futures Trading Commission, the Financial Stability Oversight Council, and the Department of Justice. The Commission must require that the report include at least as much detailed data as registered repositories collect.

Title 15, §78m–1

Commerce and Trade, Source: USLM XML via OLRC

(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)a security-based swap data repository described in section 78m(n) of this title; 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)Security-based swaps entered into before July 21, 2010

Each security-based swap entered into before July 21, 2010, the terms of which have not expired as of July 21, 2010, 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

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

(C)Effective date

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

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

Notes & Related Subsidiaries

Editorial Notes

References in Text

This chapter, referred to in subsecs. (b)(2) and (d), was in the original “this title”. See

References in Text

note set out under section 78a of this title.

Statutory Notes and Related Subsidiaries

Effective Date

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

Effective Date

of 2010 Amendment note under section 77b of this title.

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

Summary

Title 15, §78m–1

Notes & Related Subsidiaries

Editorial Notes

References in Text

References in Text

Statutory Notes and Related Subsidiaries

Effective Date

Effective Date

Citations & Metadata