§24a Swap Data Repositories

Summary

You must register with the Commission before you collect and keep swap trade data or call yourself a swap data repository. A derivatives clearing organization may also register to be a swap data repository. Registered repositories must allow Commission inspections. The Commission will set the standards for what data must be collected, how it must be kept, and will make those standards consistent across reporting parties and comparable to rules for clearing organizations. Repositories must follow the core rules and any extra rules the Commission makes, but they can use reasonable judgment about how to meet those rules unless the Commission says otherwise. A registered repository must accept the required swap data, confirm the data’s accuracy with both counterparties, keep the data as the Commission requires, and give the Commission direct electronic access and the information needed for public reports. At the Commission’s direction, a repository must run automated monitoring and screening, protect the privacy of swap information, and keep emergency plans, backups, and disaster recovery systems. It may share data confidentially with U.S. regulators, the Financial Stability Oversight Council, the SEC, the Department of Justice, and certain foreign authorities, but only after getting a written confidentiality agreement from the recipient and notifying the Commission. Each repository must name a chief compliance officer who reports to the board, checks and fixes compliance issues, handles conflicts of interest, runs required policies, and writes an annual signed compliance report that must accompany the repository’s financial reports. Repositories must avoid unreasonable restraints on trade, have clear and transparent governance, and limit conflicts of interest. The Commission may add more duties and must issue rules for all registered repositories.