§6r Reporting and Recordkeeping for Uncleared Swaps

Summary

Every swap that a derivatives clearing organization will not accept must be reported to a registered swap data repository. If no repository will accept it, the swap must be reported to the Commission within the time the Commission sets. Swaps made before July 21, 2010 that were still active on that date must be reported no later than 30 days after the Commission issues an interim final rule (or another period the Commission sets). The Commission must issue that interim final rule within 90 days of July 21, 2010. The reporting rules took effect when the law was enacted. If only one side of a swap 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 two parties must decide who will report. Anyone who did not clear the swap or did not have the trade accepted by a swap data repository must follow the reporting and recordkeeping rules. On request, they must give reports to the Commission in the form the Commission asks for. They must keep books and records about the swaps for the time and in the way the Commission requires, and allow inspection by the Commission, an appropriate prudential regulator, the Securities and Exchange Commission, the Financial Stability Oversight Council, and the Department of Justice. The Commission must require data at least as detailed as what swap data repositories collect.