15 U.S. Code § 78m–1 - Reporting and recordkeeping for certain security-based swaps

prev | next
(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
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.

Source

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

This chapter, referred to in subsecs. (b)(2) and (d), was in the original “this title”. See References in Text note set out under section 78a of this title.
Effective Date

Section effective on the later of 360 days after July 21, 2010, or, to the extent a provision of subtitle B (§§ 761–774) of title VII of Pub. L. 111–203requires a rulemaking, not less than 60 days after publication of the final rule or regulation implementing such provision of subtitle B, see section 774 ofPub. L. 111–203, set out as an Effective Date of 2010 Amendment note under section 77b of this title.

This is a list of parts within the Code of Federal Regulations for which this US Code section provides rulemaking authority.

This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].

It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.


12 CFR - Banks and Banking

12 CFR Part 11 - SECURITIES EXCHANGE ACT DISCLOSURE RULES

12 CFR Part 192 - CONVERSIONS FROM MUTUAL TO STOCK FORM

12 CFR Part 193 - ACCOUNTING REQUIREMENTS

12 CFR Part 194 - SECURITIES OF FEDERAL SAVINGS ASSOCIATIONS

12 CFR Part 197 - SECURITIES OFFERINGS

12 CFR Part 335 - SECURITIES OF NONMEMBER INSURED BANKS

12 CFR Part 390 - REGULATIONS TRANSFERRED FROM THE OFFICE OF THRIFT SUPERVISION

12 CFR Part 563b - CONVERSIONS FROM MUTUAL TO STOCK FORM

12 CFR Part 563c - ACCOUNTING REQUIREMENTS

12 CFR Part 563d - SECURITIES OF SAVINGS ASSOCIATIONS

12 CFR Part 563g - SECURITIES OFFERINGS

17 CFR - Commodity and Securities Exchanges

17 CFR Part 200 - ORGANIZATION; CONDUCT AND ETHICS; AND INFORMATION AND REQUESTS

17 CFR Part 201 - RULES OF PRACTICE

17 CFR Part 210 - FORM AND CONTENT OF AND REQUIREMENTS FOR FINANCIAL STATEMENTS, SECURITIES ACT OF 1933, SECURITIES EXCHANGE ACT OF 1934, INVESTMENT COMPANY ACT OF 1940, INVESTMENT ADVISERS ACT OF 1940, AND ENERGY POLICY AND CONSERVATION ACT OF 1975

17 CFR Part 229 - STANDARD INSTRUCTIONS FOR FILING FORMS UNDER SECURITIES ACT OF 1933, SECURITIES EXCHANGE ACT OF 1934 AND ENERGY POLICY AND CONSERVATION ACT OF 1975—REGULATION S-K

17 CFR Part 230 - GENERAL RULES AND REGULATIONS, SECURITIES ACT OF 1933

17 CFR Part 232 - REGULATION S-T—GENERAL RULES AND REGULATIONS FOR ELECTRONIC FILINGS

17 CFR Part 239 - FORMS PRESCRIBED UNDER THE SECURITIES ACT OF 1933

17 CFR Part 240 - GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934

17 CFR Part 242 - REGULATIONS M, SHO, ATS, AC, AND NMS AND CUSTOMER MARGIN REQUIREMENTS FOR SECURITY FUTURES

17 CFR Part 249 - FORMS, SECURITIES EXCHANGE ACT OF 1934

17 CFR Part 249b - FURTHER FORMS, SECURITIES EXCHANGE ACT OF 1934

17 CFR Part 270 - RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940

17 CFR Part 274 - FORMS PRESCRIBED UNDER THE INVESTMENT COMPANY ACT OF 1940

 

LII has no control over and does not endorse any external Internet site that contains links to or references LII.