(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 13(n); 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 the
date of enactment of the Wall Street Transparency and Accountability
Act of 2010. Each security-based swap entered into before the
date of enactment of the Wall Street Transparency and Accountability
Act of 2010, the terms of which have not expired as of the date of
enactment of that Act, 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 the date of enactment
of this section providing for the reporting of each security-based
swap entered into before the date of enactment as referenced in subparagraph
(A).
(C) Effective date. The reporting provisions described in this section
shall be effective upon the date of the enactment of this section.
(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 3C(a)(1);
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 title.
(c) Requirements. 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
title.
[15 USC 78m-1. As added by act of July 21, 2010 (124
Stat. 1797).]
