§ 24a. Swap data repositories

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1922

   Wall Street Transparency and Accountability Act of 2010

   Pub. L. 111–203 title VII § 728 · 124 Stat. 1376

   Enacted · 7 U.S.C. § 24a

   Sept. 21, 1922, ch. 369, § 21, as added Pub. L. 111–203, title VII, § 728, July 21, 2010, 124 Stat. 1697

   Source evidence

   Code source credit
   Sept. 21, 1922, ch. 369, § 21, as added Pub. L. 111–203, title VII, § 728, July 21, 2010, 124 Stat. 1697

   Enacted provision · exact public law section
   SEC. 728. SWAP DATA REPOSITORIES.   The Commodity Exchange Act is amended by inserting after section 20 (7 U.S.C. 24) the following: “SEC. 21. SWAP DATA REPOSITORIES. “(a) Registration Requirement.— “(1) Requirement; authority of derivatives clearing organization.— “(A) In general.— It shall be unlawful for any person, unless registered with the Commission, directly or indirectly to make use of the mails or any means or instrumentality of interstate commerce to perform the functions of a swap data repository. “(B) Registration of derivatives clearing organizations.— A derivatives clearing organization may register as a swap data repository. “(2) Inspection and examination.— Each registered swap data repository shall be subject to inspection and examination by any representative of the Commission. “(3) Compliance with core principles.— “(A) In general.— To be registered, and maintain registration, as a swap data repository, the swap data repository shall comply with— “(i) the requirements and core principles described in this section; and “(ii) any requirement that the Commission may impose by rule or regulation pursuant to section 8a(5). “(B) Reasonable discretion of swap data repository.— Unless otherwise determined by the Commission by rule or regulation, a swap data repository described in subparagraph (A) shall have reasonable discretion in establishing the manner in which the swap data repository complies with the core principles described in this section. “(b) Standard Setting.— “(1) Data identification.— “(A) In general.— In accordance with subparagraph (B), the Commission shall prescribe standards that specify the data elements for each swap that shall be collected and maintained by each registered swap data repository. “(B) Requirement.— In carrying out subparagraph (A), the Commission shall prescribe consistent data element standards applicable to registered entities and reporting counterparties. “(2) Data collection and maintenance.— The Commission shall prescribe data collection and data maintenance standards for swap data repositories. “(3) Comparability.— The standards prescribed by the Commission under this subsection shall be comparable to the data standards imposed by the Commission on derivatives clearing organizations in connection with their clearing of swaps. “(c) Duties.— A swap data repository shall— “(1) accept data prescribed by the Commission for each swap under subsection (b); “(2) confirm with both counterparties to the swap the accuracy of the data that was submitted; “(3) maintain the data described in paragraph (1) in such form, in such manner, and for such period as may be required by the Commission; “(4) (A) provide direct electronic access to the Commission (or any designee of the Commission, including another registered entity); and “(B) provide the information described in paragraph (1) in such form and at such frequency as the Commission may require to comply with the public reporting requirements contained in section 2(a)(13); “(5) at the direction of the Commission, establish automated systems for monitoring, screening, and analyzing swap data, including compliance and frequency of end user clearing exemption claims by individual and affiliated entities; “(6) maintain the privacy of any and all swap transaction information that the swap data repository receives from a swap dealer, counterparty, or any other registered entity; and “(7) on a confidential basis pursuant to section 8, upon request, and after notifying the Commission of the request, make available all data obtained by the swap data repository, including individual counterparty trade and position data, to— “(A) each appropriate prudential regulator; “(B) the Financial Stability Oversight Council; “(C) the Securities and Exchange Commission; “(D) the Department of Justice; and “(E) any other person that the Commission determines to be appropriate, including— “(i) foreign financial supervisors (including foreign futures authorities); “(ii) foreign central banks; and “(iii) foreign ministries; and “(8) establish and maintain emergency procedures, backup facilities, and a plan for disaster recovery that allows for the timely recovery and resumption of operations and the fulfillment of the responsibilities and obligations of the organization. “(d) Confidentiality and Indemnification Agreement.— Before the swap data repository may share information with any entity described in subsection (c)(7)— “(1) the swap data repository shall receive a written agreement from each entity stating that the entity shall abide by the confidentiality requirements described in section 8 relating to the information on swap transactions that is provided; and “(2) each entity shall agree to indemnify the swap data repository and the Commission for any expenses arising from litigation relating to the information provided under section 8. “(e) Designation of Chief Compliance Officer.— “(1) In general.— Each swap data repository shall designate an individual to serve as a chief compliance officer. “(2) Duties.— The chief compliance officer shall— “(A) report directly to the board or to the senior officer of the swap data repository; “(B) review the compliance of the swap data repository with respect to the requirements and core principles described in this section; “(C) in consultation with the board of the swap data repository, a body performing a function similar to the board of the swap data repository, or the senior officer of the swap data repository, resolve any conflicts of interest that may arise; “(D) be responsible for administering each policy and procedure that is required to be established pursuant to this section; “(E) ensure compliance with this Act (including regulations) relating to agreements, contracts, or transactions, including each rule prescribed by the Commission under this section; “(F) establish procedures for the remediation of noncompliance issues identified by the chief compliance officer through any— “(i) compliance office review; “(ii) look-back; “(iii) internal or external audit finding; “(iv) self-reported error; or “(v) validated complaint; and “(G) establish and follow appropriate procedures for the handling, management response, remediation, retesting, and closing of noncompliance issues. “(3) Annual reports.— “(A) In general.— In accordance with rules prescribed by the Commission, the chief compliance officer shall annually prepare and sign a report that contains a description of— “(i) the compliance of the swap data repository of the chief compliance officer with respect to this Act (including regulations); and “(ii) each policy and procedure of the swap data repository of the chief compliance officer (including the code of ethics and conflict of interest policies of the swap data repository). “(B) Requirements.— A compliance report under subparagraph (A) shall— “(i) accompany each appropriate financial report of the swap data repository that is required to be furnished to the Commission pursuant to this section; and “(ii) include a certification that, under penalty of law, the compliance report is accurate and complete. “(f) Core Principles Applicable To Swap Data Repositories.— “(1) Antitrust considerations.— Unless necessary or appropriate to achieve the purposes of this Act, a swap data repository shall not— “(A) adopt any rule or take any action that results in any unreasonable restraint of trade; or “(B) impose any material anticompetitive burden on the trading, clearing, or reporting of transactions. “(2) Governance arrangements.— Each swap data repository shall establish governance arrangements that are transparent— “(A) to fulfill public interest requirements; and “(B) to support the objectives of the Federal Government, owners, and participants. “(3) Conflicts of interest.— Each swap data repository shall— “(A) establish and enforce rules to minimize conflicts of interest in the decision-making process of the swap data repository; and “(B) establish a process for resolving conflicts of interest described in subparagraph (A). “(4) Additional duties developed by commission.— “(A) In general.— The Commission may develop 1 or more additional duties applicable to swap data repositories. “(B) Consideration of evolving standards.— In developing additional duties under subparagraph (A), the Commission may take into consideration any evolving standard of the United States or the international community. “(C) Additional duties for commission designees.— The Commission shall establish additional duties for any registrant described in section 1a(48) in order to minimize conflicts of interest, protect data, ensure compliance, and guarantee the safety and security of the swap data repository. “(g) Required Registration for Swap Data Repositories.— Any person that is required to be registered as a swap data repository under this section shall register with the Commission regardless of whether that person is also licensed as a bank or registered with the Securities and Exchange Commission as a swap data repository. “(h) Rules.— The Commission shall adopt rules governing persons that are registered under this section.” .

   Effective date note
   Amendment by Pub. L. 114–94 effective as if enacted as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Pub. L. 111–203, see section 86001(d) of Pub. L. 114–94, set out as a note under section 7a–1 of this title.

2. 2015

   Fixing America’s Surface Transportation Act

   Pub. L. 114–94 § 86001(b)(1)(A) · 129 Stat. 1312

   Substituted · 7 U.S.C. § 24a(c)(7)

   Pub. L. 114–94, § 86001(b)(1)(A), substituted “swap” for “all” in introductory provisions

   Source evidence

   Code amendment note
   Subsec. (c)(7). Pub. L. 114–94, § 86001(b)(1)(A), substituted “swap” for “all” in introductory provisions.

   Enacted provision · exact public law section
   (A) in the matter preceding subparagraph (A), by striking “all” and inserting “swap”; and

   Effective date note
   Amendment by Pub. L. 114–94 effective as if enacted as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Pub. L. 111–203, see section 86001(d) of Pub. L. 114–94, set out as a note under section 7a–1 of this title.

3. 2015

   Fixing America’s Surface Transportation Act

   Pub. L. 114–94 § 86001(b)(1)(B) · 129 Stat. 1312

   Added · 7 U.S.C. § 24a(c)(7)(E)(iv)

   Pub. L. 114–94, § 86001(b)(1)(B), added cl. (iv)

   Source evidence

   Code amendment note
   Subsec. (c)(7)(E)(iv). Pub. L. 114–94, § 86001(b)(1)(B), added cl. (iv).

   Enacted provision · exact public law section
   (B) in subparagraph (E)— (i) in clause (ii), by striking “and” at the end; and (ii) by adding at the end the following: “(iv) other foreign authorities; and” ; and

   Effective date note
   Amendment by Pub. L. 114–94 effective as if enacted as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Pub. L. 111–203, see section 86001(d) of Pub. L. 114–94, set out as a note under section 7a–1 of this title.

4. 2015

   Fixing America’s Surface Transportation Act

   Pub. L. 114–94 § 86001(b)(2) · 129 Stat. 1312

   1. Added · 7 U.S.C. § 24a(d)

      Pub. L. 114–94, § 86001(b)(2), added subsec. (d)

   2. Struck · 7 U.S.C. § 24a(d)

      Pub. L. 114–94, § 86001(b)(2), struck out former subsec. (d) which related to confidentiality and indemnification agreement

   Source evidence

   Code amendment note
   Subsec. (d). Pub. L. 114–94, § 86001(b)(2), added subsec. (d) and struck out former subsec. (d) which related to confidentiality and indemnification agreement.

   Enacted provision · exact public law section
   (2) by striking subsection (d) and inserting the following: “(d) Confidentiality Agreement.— Before the swap data repository may share information with any entity described in subsection (c)(7), the swap data repository shall receive a written agreement from each entity stating that the entity shall abide by the confidentiality requirements described in section 8 relating to the information on swap transactions that is provided.” .

   Effective date note
   Amendment by Pub. L. 114–94 effective as if enacted as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Pub. L. 111–203, see section 86001(d) of Pub. L. 114–94, set out as a note under section 7a–1 of this title.

5 of 5 references resolved to an enrolled provision