7 USC 6r – Reporting and recordkeeping for uncleared swaps
(a) Required reporting of swaps not accepted by any derivatives clearing organization
(1) In general
Each swap that is not accepted for clearing by any derivatives clearing organization shall be reported to—
(A) a swap data repository described in section 24a of this title; or
(B) in the case in which there is no swap data repository that would accept the 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 swaps
(A) Swaps entered into before July 21, 2010
Each 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 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 swap entered into before July 21, 2010.
(C) Effective date
The reporting provisions described in this section shall be effective upon the enactment of this section.
(3) Reporting obligations
(A) Swaps in which only 1 counterparty is a swap dealer or major swap participant
With respect to a swap in which only 1 counterparty is a swap dealer or major swap participant, the swap dealer or major swap participant shall report the swap as required under paragraphs (1) and (2).
(B) Swaps in which 1 counterparty is a swap dealer and the other a major swap participant
With respect to a swap in which 1 counterparty is a swap dealer and the other a major swap participant, the swap dealer shall report the swap as required under paragraphs (1) and (2).
(C) Other swaps
With respect to any other swap not described in subparagraph (A) or (B), the counterparties to the swap shall select a counterparty to report the swap as required under paragraphs (1) and (2).
(b) Duties of certain individuals
Any individual or entity that enters into a swap shall meet each requirement described in subsection (c) if the individual or entity did not—
(1) clear the swap in accordance with section 2(h)(1) of this title; or
(2) have the data regarding the swap accepted by a swap data repository in accordance with rules (including timeframes) adopted by the Commission under section 24a of this title.
(c) Requirements
Terms Used In 7 USC 6r
- Commission: means the Commodity Futures Trading Commission established under section 2(a)(2) of this title. See 7 USC 1a
- derivatives clearing organization: means a clearinghouse, clearing association, clearing corporation, or similar entity, facility, system, or organization that, with respect to an agreement, contract, or transaction&mdash. See 7 USC 1a
- 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 swap participant: means any person who is not a swap dealer, and&mdash. See 7 USC 1a
- Oversight: Committee review of the activities of a Federal agency or program.
- prudential regulator: means &mdash. See 7 USC 1a
- swap: includes a master agreement that provides for an agreement, contract, or transaction that is a swap under subparagraph (A), together with each supplement to any master agreement, without regard to whether the master agreement contains an agreement, contract, or transaction that is not a swap pursuant to subparagraph (A). See 7 USC 1a
- 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, swaps entered into by third parties for the purpose of providing a centralized recordkeeping facility for swaps. See 7 USC 1a
- swap dealer: means any person who&mdash. See 7 USC 1a
An individual or entity described in subsection (b) shall—
(1) upon written request from the Commission, provide reports regarding the 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 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 Securities and Exchange 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 swap data repositories under section 24a of this title.