15 USC 78m-1 - Reporting and recordkeeping for certain security-based swaps

U.S Code last checked for updates: Apr 26, 2024

§ 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

(C)

Effective date

(3)

Reporting obligations

(A)

Security-based swaps in which only 1 counterparty is a security-based swap dealer or major security-based swap participant

(B)

Security-based swaps in which 1 counterparty is a security-based swap dealer and the other a major security-based swap participant

(C)

Other security-based swaps

(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

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

(June 6, 1934, ch. 404, title I, § 13A, as added Pub. L. 111–203, title VII, § 766(a), July 21, 2010, 124 Stat. 1797.)

cite as: 15 USC 78m-1