15 USC 78m-1 – Reporting and recordkeeping for certain security-based swaps
(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
Terms Used In 15 USC 78m-1
- clearing agency: means any person who acts as an intermediary in making payments or deliveries or both in connection with transactions in securities or who provides facilities for comparison of data respecting the terms of settlement of securities transactions, to reduce the number of settlements of securities transactions, or for the allocation of securities settlement responsibilities. See 15 USC 78c
- Commission: means the Securities and Exchange Commission established by section 78d of this title. See 15 USC 78c
- dealer: means any person engaged in the business of buying and selling securities (not including security-based swaps, other than security-based swaps with or for persons that are not eligible contract participants) for such person's own account through a broker or otherwise. See 15 USC 78c
- individual: shall include every infant member of the species homo sapiens who is born alive at any stage of development. See 1 USC 8
- major security-based swap participant: means any person&mdash. See 15 USC 78c
- Oversight: Committee review of the activities of a Federal agency or program.
- participant: when used with respect to a clearing agency means any person who uses a clearing agency to clear or settle securities transactions or to transfer, pledge, lend, or hypothecate securities. See 15 USC 78c
- records: means accounts, correspondence, memorandums, tapes, discs, papers, books, and other documents or transcribed information of any type, whether expressed in ordinary or machine language. See 15 USC 78c
- security-based swap: includes any agreement, contract, or transaction that is as described in subparagraph (A) and also is based on the value of 1 or more interest or other rates, currencies, commodities, instruments of indebtedness, indices, quantitative measures, other financial or economic interest or property of any kind (other than a single security or a narrow-based security index), or the occurrence, non-occurrence, or the extent of the occurrence of an event or contingency associated with a potential financial, economic, or commercial consequence (other than an event described in subparagraph (A)(ii)(III)). See 15 USC 78c
- security-based swap data repository: means any person that collects and maintains information or records with respect to transactions or positions in, or the terms and conditions of, security-based swaps entered into by third parties for the purpose of providing a centralized recordkeeping facility for security-based swaps. See 15 USC 78c
- security-based swap dealer: means any person who&mdash. See 15 USC 78c
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.