(a) Required reporting of swaps not accepted by any derivatives clearing organization
(2) Transition rule for preenactment swaps
(A) Swaps entered into before July 21, 2010Each 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
(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 individualsAny individual or entity that enters into a swap shall meet each requirement described in subsection (c) if the individual or entity did not—
(c) RequirementsAn 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—
(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.
Effective Date
Section effective on the later of 360 days after July 21, 2010, or, to the extent a provision of subtitle A (§§ 711–754) of title VII of Pub. L. 111–203 requires a rulemaking, not less than 60 days after publication of the final rule or regulation implementing such provision of subtitle A, see section 754 of Pub. L. 111–203, set out as an Effective Date of 2010 Amendment note under section 1a of this title.
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