7 U.S.C. § 24a: Swap data repositories

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. A derivatives clearing organization may register as a swap data repository. Each registered swap data repository shall be subject to inspection and examination by any representative of the Commission. the requirements and core principles described in this section; and any requirement that the Commission may impose by rule or regulation pursuant to section 12a(5) of this title . 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. 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. In carrying out subparagraph (A), the Commission shall prescribe consistent data element standards applicable to registered entities and reporting counterparties. The Commission shall prescribe data collection and data maintenance standards for swap data repositories. 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. accept data prescribed by the Commission for each swap under subsection (b); confirm with both counterparties to the swap the accuracy of the data that was submitted; maintain the data described in paragraph (1) in such form, in such manner, and for such period as may be required by the Commission; provide direct electronic access to the Commission (or any designee of the Commission, including another registered entity); and 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 ; 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; 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 each appropriate prudential regulator; the Financial Stability Oversight Council; the Securities and Exchange Commission; the Department of Justice; and foreign financial supervisors (including foreign futures authorities); foreign central banks; foreign ministries; and other foreign authorities; and 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. 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 relating to the information on swap transactions that is provided. Each swap data repository shall designate an individual to serve as a chief compliance officer. report directly to the board or to the senior officer of the swap data repository; review the compliance of the swap data repository with respect to the requirements and core principles described in this section; 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; be responsible for administering each policy and procedure that is required to be established pursuant to this section; ensure compliance with this chapter (including regulations) relating to agreements, contracts, or transactions, including each rule prescribed by the Commission under this section; compliance office review; look-back; internal or external audit finding; self-reported error; or validated complaint; and establish and follow appropriate procedures for the handling, management response, remediation, retesting, and closing of noncompliance issues. the compliance of the swap data repository of the chief compliance officer with respect to this chapter (including regulations); and 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). accompany each appropriate financial report of the swap data repository that is required to be furnished to the Commission pursuant to this section; and include a certification that, under penalty of law, the compliance report is accurate and complete. adopt any rule or take any action that results in any unreasonable restraint of trade; or impose any material anticompetitive burden on the trading, clearing, or reporting of transactions. to fulfill public interest requirements; and to support the objectives of the Federal Government, owners, and participants. establish and enforce rules to minimize conflicts of interest in the decision-making process of the swap data repository; and establish a process for resolving conflicts of interest described in subparagraph (A). The Commission may develop 1 or more additional duties applicable to swap data repositories. In developing additional duties under subparagraph (A), the Commission may take into consideration any evolving standard of the United States or the international community. The Commission shall establish additional duties for any registrant described in section 1a(48) of this title in order to minimize conflicts of interest, protect data, ensure compliance, and guarantee the safety and security of the swap data repository. 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. The Commission shall adopt rules governing persons that are registered under this section.