7 USC 6r - Reporting and recordkeeping for uncleared swaps

U.S Code last checked for updates: Nov 22, 2024

§ 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

(C)

Effective date

(3)

Reporting obligations

(A)

Swaps in which only 1 counterparty is a swap dealer or major swap participant

(B)

Swaps in which 1 counterparty is a swap dealer and the other a major swap participant

(C)

Other swaps

(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

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

(Sept. 21, 1922, ch. 369, § 4r, as added Pub. L. 111–203, title VII, § 729, July 21, 2010, 124 Stat. 1701.)

cite as: 7 USC 6r