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7 U.S.C. § 24a — Swap data repositories
Federal law — U.S. Code and appendices · legal_authorities
**(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 12a(5) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section12a/5&num=0&edition=prelim).
(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 subparagr
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Source file: Laws/federal/codes/united-states-code/title-7/section-24a-swap-data-repositories--ea6926a470.md
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Source location: Title 7, Chapter 1, § 24a; chapter-001-commodity-exchanges.md
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**(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 12a(5) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section12a/5&num=0&edition=prelim).
(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) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section2/a/13&num=0&edition=prelim);
(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 12 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section12&num=0&edition=prelim), upon request, and after notifying the Commission of the request, make available swap 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;
(iii) foreign ministries; and
(iv) other foreign authorities; 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 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 12 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section12&num=0&edition=prelim) relating to the information on swap transactions that is provided.
**(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 chapter (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 chapter (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 chapter, 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) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1a/48&num=0&edition=prelim) 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.
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Federal law — U.S. Code and appendices · legal_authorities
As used in this chapter:
(1) **Alternative trading system** — The term “alternative trading system” means an organization, association, or group of persons that—
(A) is registered as a broker or dealer pursuant to section 15(b) of the Securities Exchange Act of 1934 [[15 U.S.C. 78](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78&num=0&edition=prelim)o(b)] (except paragraph (11) thereof);
(B) performs the functions commonly performed by an exchange (as defined in section 3(a)(1) of the Securities Exchange Act of 1934 [[15 U.S.C. 78c(a)(1)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78c/a/1&num=0&edition=prelim)]);
(C) does not—
(i) set rules governing the conduct of subscribers other than the conduct of such subscribers’ trading on the alternative trading system; or
(ii) discipline subscribers other than by exclusion from trading; and
(D) is exempt from the definition of the term “exchange” under such section 3(a)(1) [[15 U.S.C. 78c(a)(1)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78c/a/1&num=0&edition=prelim)] by rule or regulation of the Securities and Exchange Commission on terms that require compliance with regulations of its trading functions.
(2) **Appropriate Federal banking agency** — The term “appropriate Federal banking agency”—
(A) has the meaning given the term in [section 1813 of title 12](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813&num=0&edition=prelim);
(B) means the Board in the case of a noninsured State bank; and
(C) is the Farm Credit Administration for farm credit system institutions.
(3) **Associated person of a security-based swap dealer or major security-based swap participant** — T
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Investigations respecting operations of boards of trade and others subject to this chapter; publication of results; restrictions; information received from foreign futures authorities; undercover operations; notice of investigations and enforcement actions**
(1) For the efficient execution of the provisions of this chapter, and in order to provide information for the use of Congress, the Commission may make such investigations as it deems necessary to ascertain the facts regarding the operations of boards of trade and other persons subject to the provisions of this chapter. The Commission may publish from time to time the results of any such investigation and such general statistical information gathered therefrom as it deems of interest to the public: Provided, That except as otherwise specifically authorized in this chapter, the Commission may not publish data and information that would separately disclose the business transactions or market positions of any person and trade secrets or names of customers: Provided further, That the Commission may withhold from public disclosure any data or information concerning or obtained in connection with any pending investigation of any person. The Commission shall not be compelled to disclose any information or data obtained from a foreign futures authority if—
(A) the foreign futures authority has in good faith determined and represented to the Commission that disclosure of such information or data by that foreign futures authority would violate the laws applicable to that foreign futures authority; and
(B) the Commission obtains such information pursuant to—
(i) such procedure as the Commission may authorize for use in connection with the administration or enforcement of this chapter; or
(ii) a memorandu
Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 12
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Federal law — U.S. Code and appendices · legal_authorities
**(a) CFTC** The Commodity Futures Trading Commission shall consult with the Board of Governors—
(1) prior to exercising its authorities under sections 2(h)(2)(C), 2(h)(3)(A), 2(h)(3)(C), 2(h)(4)(A), and 2(h)(4)(B) of title 7, as amended by the Wall Street Transparency and Accountability Act of 2010;
(2) with respect to any rule or rule amendment of a derivatives clearing organization for which a stay of certification has been issued under section 745(b)(3) 11 See References in Text note below. of the Wall Street Transparency and Accountability Act of 2010; and
(3) prior to exercising its rulemaking authorities under section 728 of the Wall Street Transparency and Accountability Act of 2010 [[7 U.S.C. 24a](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section24a&num=0&edition=prelim)].
**(b) SEC** The Commission shall consult with the Board of Governors—
(1) prior to exercising its authorities under sections 78c–3(a)(2)(C), 78c–3(a)(3)(A), 78c–3(a)(3)(C), 78c–3(a)(4)(A), and 78c–3(a)(4)(B) of title 15, as amended by the Wall Street Transparency and Accountability Act of 2010;
(2) with respect to any proposed rule change of a clearing agency for which an extension of the time for review has been designated under [section 78s(b)(2) of title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78s/b/2&num=0&edition=prelim); and
(3) prior to exercising its rulemaking authorities under [section 78m(n) of title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78m/n&num=0&edition=prelim), as added by section 763(i) of the Wall Street Transparency and Accountability Act of 2010.
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Federal law — U.S. Code and appendices · legal_authorities
**(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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section24a&num=0&edition=prelim); 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* — 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**
(A) *Swaps in which only 1 counterparty is a swap dealer or major swap participant* — With respect to a swap in which only 1 counterparty is a swap dealer or major swap participant, the swap dealer or major swap participant shall report the swap as required under paragraphs (1) and (2).
(B) *Swaps in which 1 counterparty is a swap dealer and the other a major swap participant* — W
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Registration requirement**
(1) **In general** — Except as provided in paragraph (2), it shall be unlawful for a derivatives clearing organization, directly or indirectly, to make use of the mails or any means or instrumentality of interstate commerce to perform the functions of a derivatives clearing organization with respect to—
(A) a contract of sale of a commodity for future delivery (or an option on the contract of sale) or option on a commodity, in each case, unless the contract or option is—
(i) excluded from this chapter by subsection (a)(1)(C)(i), (c), or (f) of [section 2 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section2&num=0&edition=prelim); or
(ii) a security futures product cleared by a clearing agency registered with the Securities and Exchange Commission under the Securities Exchange Act of 1934 ([15 U.S.C. 78a](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78a&num=0&edition=prelim) et seq.); or
(B) a swap.
(2) **Exception** — Paragraph (1) shall not apply to a derivatives clearing organization that is registered with the Commission.
**(b) Voluntary registration** A person that clears 1 or more agreements, contracts, or transactions that are not required to be cleared under this chapter may register with the Commission as a derivatives clearing organization.
**(c) Registration of derivatives clearing organizations**
(1) **Application** — A person desiring to register as a derivatives clearing organization shall submit to the Commission an application in such form and containing such information as the Commission may require for the purpose of making the determinations required for approval under paragraph (2).
(2) **Core principles for derivatives clearing
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Federal law — U.S. Code and appendices · legal_authorities
Page 146
TITLE 7—AGRICULTURE
§ 24a
cally identifiable to a particular customer in a
specific capacity;
(3) the method by which the business of such
commodity broker is to be conducted or liq-
uidated after the date of the filing of the peti-
tion under such chapter, including the pay-
ment and allocation of margin with respect to
commodity contracts not specifically identifi-
able to a particular customer pending their or-
derly liquidation;
(4) any persons to which customer property
and commodity contracts may be transferred
under section 766 of title 11; and
(5) how the net equity of a customer is to be
determined.
(b) Definitions
As used in this section, the terms ‘‘commodity
broker’’, ‘‘commodity contract’’, ‘‘customer’’,
‘‘customer property’’, ‘‘member property’’, ‘‘net
equity’’, and ‘‘security’’ have the meanings as-
signed such terms for the purposes of subchapter
IV of chapter 7 of title 11.
(c) Portfolio margining accounts
The Commission shall exercise its authority
to ensure that securities held in a portfolio mar-
gining account carried as a futures account are
customer property and the owners of those ac-
counts are customers for the purposes of sub-
chapter IV of chapter 7 of title 11.
(Sept. 21, 1922, ch. 369, § 20, formerly § 19, as added
Pub. L. 95–598, title III, § 302, Nov. 6, 1978, 92 Stat.
2673; renumbered and amended Pub. L. 97–222,
§ 20, July 27, 1982, 96 Stat. 241; Pub. L. 111–203,
title VII, § 713(c), July 21, 2010, 124 Stat. 1647.)
Editorial Notes
AMENDMENTS
2010—Subsec. (c). Pub. L. 111–203 added subsec. (c).
1982—Subsec. (a)(3). Pub. L. 97–222, § 20(b), inserted
‘‘, including the payment and allocation of margin
with respect to commodity contracts not specifically
identifiable to a particular customer pending thei
Source: Supplied 2024 U.S. Code historical extraction · 7 U.S.C. § 24a
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