§24a Swap Data Repositories

Summary

People must register with the Commodity Futures Trading Commission before running a swap data repository or using the mail or interstate commerce to do that work. Derivatives clearing organizations may also register as a swap data repository. Registered repositories can be inspected by the Commission. To register and stay registered, a repository must follow the required core rules and any rules the Commission makes under section 12a(5). The Commission will set uniform standards for what data about each swap must be collected, kept, and how it must be stored; those standards will match the data rules the Commission applies to clearing organizations. A registered repository must take the required swap data, confirm the data with both counterparties, keep it as long as the Commission requires, give the Commission direct electronic access, and provide information for public reporting under section 2(a)(13). It must run automated monitoring and screening systems when the Commission asks, protect the privacy of swap information, and—after getting written promises to keep data confidential—share data with U.S. and foreign regulators (such as prudential regulators, the Financial Stability Oversight Council, the SEC, the Department of Justice, central banks and foreign supervisors). Repositories must have emergency plans, backups, and disaster recovery. Each must name a chief compliance officer who reports to the board, checks and enforces rules, handles conflicts of interest, runs remediation procedures, and files an annual signed compliance report with the Commission. Repositories must not adopt rules that unreasonably block competition, must have transparent governance, minimize conflicts, and follow any extra duties the Commission may add. Anyone who must register must do so even if they are a bank or are registered with the SEC, and the Commission will issue rules governing registrants.