§6r Reporting and Recordkeeping for Uncleared Swaps

Summary

Uncleared swaps must be reported to a registered swap data repository (SDR). If no SDR will take the swap, the swap must be reported to the Commission within the time the Commission sets. Swaps made before July 21, 2010 that had not ended by that date had to be reported by no later than 30 days after the Commission issued an interim final rule (or another deadline the Commission set). The Commission had to issue that interim final rule within 90 days of July 21, 2010, and the reporting rules became effective when the law passed. If only one party is a swap dealer or a major swap participant, that party must report. If one party is a swap dealer and the other is a major swap participant, the dealer must report. For other swaps, the two sides must agree which party will report. Anyone who entered a swap that was not cleared or not accepted by an SDR must give reports to the Commission when it asks and keep books and records about the swaps in the form, manner, and for the time the Commission requires. Those records must be open to inspection by a Commission representative, an appropriate prudential regulator, the Securities and Exchange Commission, the Financial Stability Oversight Council, and the Department of Justice. The Commission must require the reports to include at least as much data as SDRs collect.