cfr_sections
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31 rows where part_number = 49 and title_number = 17 sorted by section_id
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| section_id ▼ | title_number | title_name | chapter | subchapter | part_number | part_name | subpart | subpart_name | section_number | section_heading | agency | authority | source_citation | amendment_citations | full_text |
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| 17:17:2.0.1.1.8.0.1.1 | 17 | Commodity and Securities Exchanges | I | 49 | PART 49—SWAP DATA REPOSITORIES | § 49.1 Scope. | CFTC | The provisions of this part apply to any swap data repository as defined under Section 1a(48) of the Act which is registered or is required to register as such with the Commission pursuant to Section 21(a) of the Act. | |||||||
| 17:17:2.0.1.1.8.0.1.10 | 17 | Commodity and Securities Exchanges | I | 49 | PART 49—SWAP DATA REPOSITORIES | § 49.10 Acceptance and validation of data. | CFTC | [85 FR 75595, Nov. 25, 2020, as amended at 85 FR 75657, Nov. 25, 2020] | (a) General requirements —(1) Generally. A swap data repository shall establish, maintain, and enforce policies and procedures reasonably designed to facilitate the complete and accurate reporting of SDR data. A swap data repository shall promptly accept, validate, and record SDR data. (2) Electronic connectivity. For the purpose of accepting SDR data, the swap data repository shall adopt policies and procedures, including technological protocols, which provide for electronic connectivity between the swap data repository and designated contract markets, derivatives clearing organizations, swap execution facilities, swap dealers, major swap participants and non-SD/MSP/DCO reporting counterparties who report such data. The technological protocols established by a swap data repository shall provide for the receipt of SDR data. The swap data repository shall ensure that its mechanisms for SDR data acceptance are reliable and secure. (b) Duty to accept SDR data. A swap data repository shall set forth in its application for registration as described in § 49.3 the specific asset class or classes for which it will accept SDR data. If a swap data repository accepts SDR data of a particular asset class, then it shall accept SDR data from all swaps of that asset class, unless otherwise prescribed by the Commission. (c) Duty to validate SDR data. A swap data repository shall validate SDR data as soon as technologically practicable after such data is accepted according to the validation conditions approved in writing by the Commission. A swap data repository shall validate SDR data by providing data validation acceptance messages and data validation error messages, as provided in this paragraph (c). (1) Data validation acceptance message. A swap data repository shall validate each SDR data report submitted to the swap data repository and notify the reporting counterparty, swap execution facility, designated contract market, or third-party service provider submitting the report whether the report satisfied the d… | ||||||
| 17:17:2.0.1.1.8.0.1.11 | 17 | Commodity and Securities Exchanges | I | 49 | PART 49—SWAP DATA REPOSITORIES | § 49.11 Verification of swap data accuracy. | CFTC | [85 FR 75658, Nov. 25, 2020] | (a) General requirement. Each swap data repository shall verify the accuracy and completeness of swap data that it receives from swap execution facilities, designated contract markets, reporting counterparties, or third-party service providers acting on their behalf, in accordance with paragraph (b) of this section. (b) Verifying swap data accuracy and completeness —(1) Swap data access. Each swap data repository shall provide a mechanism that allows each reporting counterparty that is a user of the swap data repository to access all swap data maintained by the swap data repository for each open swap for which the reporting counterparty is serving as the reporting counterparty, as specified in paragraph (b)(2) of this section. This mechanism shall allow sufficient access, provide sufficient information, and be in a form and manner to enable each reporting counterparty to perform swap data verification as required under § 45.14 of this chapter. (2) Scope of swap data access. The swap data accessible through the mechanism provided by each swap data repository shall accurately reflect the most current swap data maintained by the swap data repository, as of the time the reporting counterparty accesses the swap data using the provided mechanism, for each data field that the reporting counterparty was required to report for each relevant open swap pursuant to part 45 of this chapter, except as provided in paragraph (b)(3) of this section. The swap data accessible through the mechanism provided by each swap data repository shall include sufficient information to allow reporting counterparties to successfully perform the swap data verification required under § 45.14 of this chapter. (3) Confidentiality. The swap data access each swap data repository shall provide pursuant to this section is subject to all applicable confidentiality requirements of the Act and this chapter, including, but not limited to, § 49.17. The swap data accessible to any reporting counterparty shall not include any swap data that the re… | ||||||
| 17:17:2.0.1.1.8.0.1.12 | 17 | Commodity and Securities Exchanges | I | 49 | PART 49—SWAP DATA REPOSITORIES | § 49.12 Swap data repository recordkeeping requirements. | CFTC | [85 FR 75658, Nov. 25, 2020] | (a) General requirement. A swap data repository shall keep full, complete, and systematic records, together with all pertinent data and memoranda, of all activities relating to the business of the swap data repository, including, but not limited to, all SDR information and all SDR data that is reported to the swap data repository pursuant to this chapter. (b) Maintenance of records. A swap data repository shall maintain all records required to be kept by this section in accordance with this paragraph (b). (1) A swap data repository shall maintain all SDR information, including, but not limited to, all documents, policies, and procedures required by the Act and the Commission's regulations, correspondence, memoranda, papers, books, notices, accounts, and other such records made or received by the swap data repository in the course of its business. All SDR information shall be maintained in accordance with § 1.31 of this chapter. (2) A swap data repository shall maintain all SDR data and timestamps reported to or created by the swap data repository pursuant to this chapter, and all messages related to such reporting, throughout the existence of the swap that is the subject of the SDR data and for five years following final termination of the swap, during which time the records shall be readily accessible by the swap data repository and available to the Commission via real-time electronic access, and for a period of at least ten additional years in archival storage from which such records are retrievable by the swap data repository within three business days. (c) Records of data errors and omissions. A swap data repository shall create and maintain records of data validation errors and SDR data reporting errors and omissions in accordance with this paragraph (c). (1) A swap data repository shall create and maintain an accurate record of all reported SDR data that fails to satisfy the swap data repository's data validation procedures including, but not limited to, all SDR data reported to the swap data rep… | ||||||
| 17:17:2.0.1.1.8.0.1.13 | 17 | Commodity and Securities Exchanges | I | 49 | PART 49—SWAP DATA REPOSITORIES | § 49.13 Monitoring, screening and analyzing swap data. | CFTC | [76 FR 54575, Sept. 1, 2011, as amended at 85 FR 75659, Nov. 25, 2020] | (a) Duty to monitor, screen and analyze SDR data. A swap data repository shall monitor, screen, and analyze all relevant SDR data in its possession in such a manner as the Commission may require. A swap data repository shall routinely monitor, screen, and analyze SDR data for the purpose of any standing swap surveillance objectives that the Commission may establish as well as perform specific monitoring, screening, and analysis tasks based on ad hoc requests by the Commission. (b) Capacity to monitor, screen and analyze SDR data. A swap data repository shall establish and maintain sufficient information technology, staff, and other resources to fulfill the requirements in this § 49.13 in a manner prescribed by the Commission. A swap data repository shall monitor the sufficiency of such resources at least annually, and adjust its resources as its responsibilities, or the volume of swap transactions subject to monitoring, screening, and analysis, increase. | ||||||
| 17:17:2.0.1.1.8.0.1.14 | 17 | Commodity and Securities Exchanges | I | 49 | PART 49—SWAP DATA REPOSITORIES | § 49.14 Monitoring, screening and analyzing end-user clearing exemption claims by individual and affiliated entities. | CFTC | A swap data repository shall have automated systems capable of identifying, aggregating, sorting, and filtering all swap transactions that are reported to it which are exempt from clearing pursuant to Section 2(h)(7) of the Act. Such capabilities shall be applicable to any information provided to a swap data repository by or on behalf of an end user regarding how such end user meets the requirements of Sections 2(h)(7)(A)(i), 2(h)(7)(A)(ii), and 2(h)(7)(A)(iii) of the Act and any Commission regulations thereunder. | |||||||
| 17:17:2.0.1.1.8.0.1.15 | 17 | Commodity and Securities Exchanges | I | 49 | PART 49—SWAP DATA REPOSITORIES | § 49.15 Real-time public reporting by swap data repositories. | CFTC | [85 FR 75659, Nov. 25, 2020] | (a) Scope. The provisions of this section apply to the real-time public reporting of swap transaction and pricing data submitted to a swap data repository pursuant to part 43 of this chapter. (b) Systems to accept and disseminate data in connection with real-time public reporting. A swap data repository shall establish such electronic systems as are necessary to accept and publicly disseminate swap transaction and pricing data submitted to the swap data repository pursuant to part 43 of this chapter in order to meet the real-time public reporting obligations of part 43 of this chapter. Any electronic system established for this purpose shall be capable of accepting and ensuring the public dissemination of all data fields required by part 43 this chapter. (c) Duty to notify the Commission of untimely data. A swap data repository shall notify the Commission of any swap transaction for which the real-time swap data was not received by the swap data repository in accordance with part 43 of this chapter. | ||||||
| 17:17:2.0.1.1.8.0.1.16 | 17 | Commodity and Securities Exchanges | I | 49 | PART 49—SWAP DATA REPOSITORIES | § 49.16 Privacy and confidentiality requirements of swap data repositories. | CFTC | [85 FR 75659, Nov. 25, 2020] | (a) Each swap data repository shall: (1) Establish, maintain, and enforce written policies and procedures reasonably designed to protect the privacy and confidentiality of any and all SDR information and all SDR data that is not swap transaction and pricing data disseminated under part 43 of this chapter. Such policies and procedures shall include, but are not limited to, policies and procedures to protect the privacy and confidentiality of any and all SDR information and all SDR data (except for swap transaction and pricing data disseminated under part 43 of this chapter) that the swap data repository shares with affiliates and non-affiliated third parties; and (2) Establish and maintain safeguards, policies, and procedures reasonably designed to prevent the misappropriation or misuse, directly or indirectly, of: (i) Section 8 material; (ii) Other SDR information or SDR data; and/or (iii) Intellectual property, such as trading strategies or portfolio positions, by the swap data repository or any person associated with a swap data repository. Such safeguards, policies, and procedures shall include, but are not limited to: (A) Limiting access to such section 8 material, other SDR information or SDR data, and intellectual property; (B) Standards controlling persons associated with a swap data repository trading for their personal benefit or the benefit of others; and (C) Adequate oversight to ensure compliance with this paragraph (a)(2). (b) A swap data repository shall not, as a condition of accepting SDR data from any swap execution facility, designated contract market, or reporting counterparty, require the waiver of any privacy rights by such swap execution facility, designated contract market, or reporting counterparty. (c) Subject to section 8 of the Act, a swap data repository may disclose aggregated SDR data on a voluntary basis or as requested, in the form and manner prescribed by the Commission. | ||||||
| 17:17:2.0.1.1.8.0.1.17 | 17 | Commodity and Securities Exchanges | I | 49 | PART 49—SWAP DATA REPOSITORIES | § 49.17 Access to SDR data. | CFTC | [76 FR 54575, Sept. 1, 2011, as amended at 83 FR 27436, June 12, 2018; 85 FR 75659, Nov. 25, 2020] | (a) Purpose. This section provides a procedure by which the Commission, other domestic regulators and foreign regulators may obtain access to the SDR data held and maintained by registered SDR data repositories. Except as specifically set forth in this section, the Commission's duties and obligations regarding the confidentiality of business transactions or market positions of any person and trade secrets or names of customers identified in section 8 of the Act are not affected. (b) Definitions. For purposes of this § 49.17, the following terms shall be defined as follows: (1) Appropriate domestic regulator. The term “ appropriate domestic regulator” shall mean: (i) The Securities and Exchange Commission; (ii) Each prudential regulator identified in Section 1a(39) of the Act with respect to requests related to any of such regulator's statutory authorities, without limitation to the activities listed for each regulator in Section 1a(39); (iii) The Financial Stability Oversight Council; (iv) The Department of Justice; (v) Any Federal Reserve Bank; (vi) The Office of Financial Research; and (vii) Any other person the Commission determines to be appropriate pursuant to the process set forth in paragraph (h) of this section. (2) Appropriate foreign regulator. The term “ appropriate foreign regulator” shall mean those foreign regulators the Commission determines to be appropriate pursuant to the process set forth in paragraph (h) of this section. (3) Direct electronic access. For the purposes of this section, the term “ direct electronic access” shall mean an electronic system, platform, framework, or other technology that provides internet-based or other form of access to real-time SDR data that is acceptable to the Commission and also provides scheduled data transfers to Commission electronic systems. (c) Commission access. A swap data repository shall provide access to the Commission for all SDR data maintained by the swap data repository pursuant to this chapter in accordance with this pa… | ||||||
| 17:17:2.0.1.1.8.0.1.18 | 17 | Commodity and Securities Exchanges | I | 49 | PART 49—SWAP DATA REPOSITORIES | § 49.18 Confidentiality arrangement. | CFTC | [83 FR 27438, June 12, 2018, as amended at 85 FR 75661, Nov. 25, 2020] | (a) Confidentiality arrangement required prior to disclosure of swap data by a swap data repository to an appropriate domestic regulator or appropriate foreign regulator. Prior to a swap data repository providing access to swap data to any appropriate domestic regulator or appropriate foreign regulator, each as defined in § 49.17(b), the swap data repository shall receive from such appropriate domestic regulator or appropriate foreign regulator, pursuant to Section 21(d) of the Act, an executed confidentiality arrangement between the Commission and the appropriate domestic regulator or appropriate foreign regulator, as applicable, in the form set forth in appendix B to this part 49 or, in the Commission's discretion as set forth in § 49.17(d)(6), in a different form, provided that such confidentiality arrangement contains the elements required in paragraph (b) of this section. Such confidentiality arrangement must include, either as Exhibit A to the form set forth in appendix B of this part or similarly appended, a description of the appropriate domestic regulator's or appropriate foreign regulator's jurisdiction. Once a swap data repository is notified, in writing, that a confidentiality arrangement received from an appropriate domestic regulator or appropriate foreign regulator no longer is in effect, the swap data repository shall not provide access to swap data to such appropriate domestic regulator or appropriate foreign regulator. (b) Elements of confidentiality arrangement. The confidentiality arrangement required pursuant to paragraph (a) of this section shall, at a minimum, include all elements included in the form of confidentiality arrangement set forth in appendix B of this part. (c) Reporting failures to fulfill the terms of a confidentiality arrangement. A swap data repository shall immediately report to the Commission any known failure to fulfill the terms of a confidentiality arrangement that it receives pursuant to paragraph (a) of this section. (d) Failures to fulfill the terms of the … | ||||||
| 17:17:2.0.1.1.8.0.1.19 | 17 | Commodity and Securities Exchanges | I | 49 | PART 49—SWAP DATA REPOSITORIES | § 49.19 Core principles applicable to swap data repositories. | CFTC | [76 FR 54575, Sept. 1, 2011, as amended at 85 FR 75661, Nov. 25, 2020] | (a) Compliance with core principles. To be registered, and maintain registration, a swap data repository shall comply with the core principles as described in this section. Unless otherwise determined by the Commission by rule or regulation, a swap data repository shall have reasonable discretion in establishing the manner in which the swap data repository complies with the core principles described in this section. (b) Antitrust considerations (Core Principle 1). Unless necessary or appropriate to achieve the purposes of the Act, a swap data repository shall avoid adopting any rule or taking any action that results in any unreasonable restraint of trade; or imposing any material anticompetitive burden on trading, clearing or reporting swaps. (c) Governance arrangements (Core Principle 2). Swap data repositories shall establish governance arrangements as set forth in § 49.20. (d) Conflicts of interest (Core Principle 3). Swap data repositories shall manage and minimize conflicts of interest and establish processes for resolving such conflicts of interest as set forth in § 49.21. (e) Additional duties (Core Principle 4). Swap data repositories shall also comply with the following additional duties: (1) Financial resources. Swap data repositories shall maintain sufficient financial resources as set forth in § 49.25; (2) Disclosure requirements of swap data repositories. Swap data repositories shall furnish an appropriate disclosure document setting forth the risks and costs of swap data repository services as detailed in § 49.26; and (3) Access and Fees. Swap data repositories shall adhere to Commission requirements regarding fair and open access and the charging of any fees, dues or other similar type charges as detailed in § 49.27. | ||||||
| 17:17:2.0.1.1.8.0.1.2 | 17 | Commodity and Securities Exchanges | I | 49 | PART 49—SWAP DATA REPOSITORIES | § 49.2 Definitions. | CFTC | [76 FR 54575, Sept. 1, 2011, as amended at 83 FR 27436, June 12, 2018; 85 FR 75595, 75656, Nov. 25, 2020] | (a) As used in this part: Affiliate means a person that directly, or indirectly, controls, is controlled by, or is under common control with, the swap data repository. As soon as technologically practicable means as soon as possible, taking into consideration the prevalence, implementation, and use of technology by comparable market participants. Asset class means a broad category of commodities including, without limitation, any “excluded commodity” as defined in section 1a(19) of the Act, with common characteristics underlying a swap. The asset classes include interest rate, foreign exchange, credit, equity, other commodity, and such other asset classes as may be determined by the Commission. Commercial use means the use of SDR data held and maintained by a swap data repository for a profit or business purposes. A swap data repository's use of SDR data for regulatory purposes and/or to perform its regulatory responsibilities would not be considered a commercial use regardless of whether the swap data repository charges a fee for reporting such SDR data. Control (including the terms “ controlled by” and “ under common control with” ) means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a person, whether through the ownership of voting securities, by contract, or otherwise. Data validation acceptance message means a notification that SDR data satisfied the data validation procedures applied by a swap data repository. Data validation error means that a specific data element of SDR data did not satisfy the data validation procedures applied by a swap data repository. Data validation error message means a notification that SDR data contained one or more data validation error(s). Data validation procedures procedures established by a swap data repository pursuant to § 49.10 to validate SDR data reported to the swap data repository. Foreign regulator means a foreign futures authority as defined in section 1a(26) of the Act, forei… | ||||||
| 17:17:2.0.1.1.8.0.1.20 | 17 | Commodity and Securities Exchanges | I | 49 | PART 49—SWAP DATA REPOSITORIES | § 49.20 Governance arrangements (Core Principle 2). | CFTC | [76 FR 54575, Sept. 1, 2011, as amended at 85 FR 75661, Nov. 25, 2020] | (a) General. (1) Each swap data repository shall establish governance arrangements that are transparent to fulfill public interest requirements, and to support the objectives of the Federal Government, owners, and participants. (2) Each swap data repository shall establish governance arrangements that are well-defined and include a clear organizational structure with consistent lines of responsibility and effective internal controls, including with respect to administration, accounting, and the disclosure of confidential information. § 49.22 of this part contains rules on internal controls applicable to administration and accounting. § 49.16 of this part contains rules on internal controls applicable to the disclosure of confidential information. (b) Transparency of governance arrangements. (1) Each swap data repository shall state in its charter documents that its governance arrangements are transparent to support, among other things, the objectives of the Federal Government pursuant to Section 21(f)(2) of the Act. (2) Each swap data repository shall, at a minimum, make the following information available to the public and relevant authorities, including the Commission: (i) The mission statement of the swap data repository; (ii) The mission statement and/or charter of the board of directors, as well as of each committee of the swap data repository that has: (A) The authority to act on behalf of the board of directors or (B) The authority to amend or constrain actions of the board of directors; (iii) The board of directors nomination process for the swap data repository, as well as the process for assigning members of the board of directors or other persons to any committee referenced in paragraph (b)(2)(ii) of this section; (iv) For the board of directors and each committee referenced in paragraph (b)(2)(ii) of this section, the names of all members; (v) A description of the manner in which the board of directors, as well as any committee referenced in paragraph (b)(2)(ii) of this section, consider… | ||||||
| 17:17:2.0.1.1.8.0.1.21 | 17 | Commodity and Securities Exchanges | I | 49 | PART 49—SWAP DATA REPOSITORIES | § 49.21 Conflicts of interest (Core Principle 3). | CFTC | (a) General. (1) Each swap data repository shall 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 such conflicts of interest. (2) Nothing in this section shall supersede any requirement applicable to the swap data repository pursuant to § 49.20 of this part. (b) Policies and procedures. (1) Each swap data repository shall establish, maintain, and enforce written procedures to: (i) Identify, on an ongoing basis, existing and potential conflicts of interest; and (ii) Make decisions in the event of a conflict of interest. Such procedures shall include rules regarding the recusal, in applicable circumstances, of parties involved in the making of decisions. (2) As further described in § 49.20 of this part, the chief compliance officer of the swap data repository shall, in consultation with the board of directors or a senior officer of the swap data repository, as applicable, resolve any such conflicts of interest. (c) Compliance with core principle. The chief compliance officer of the swap data repository shall review the compliance of the swap data repository with this core principle. | |||||||
| 17:17:2.0.1.1.8.0.1.22 | 17 | Commodity and Securities Exchanges | I | 49 | PART 49—SWAP DATA REPOSITORIES | § 49.22 Chief compliance officer. | CFTC | [76 FR 54575, Sept. 1, 2011, as amended at 83 FR 27439, June 12, 2018; 85 FR 75661, Nov. 25, 2020] | (a) Definition of board of directors. For purposes of this part 49, the term “board of directors” means the board of directors of a swap data repository, or for those swap data repositories whose organizational structure does not include a board of directors, a body performing a function similar to that of a board of directors. (b) Designation and qualifications of chief compliance officer —(1) Chief compliance officer required. Each swap data repository shall establish the position of chief compliance officer, and designate an individual to serve in that capacity. (i) The position of chief compliance officer shall carry with it the authority and resources to develop and enforce policies and procedures necessary to fulfill the duties set forth for chief compliance officers in the Act and Commission regulations. (ii) The chief compliance officer shall have supervisory authority over all staff acting at the direction of the chief compliance officer. (2) Qualifications of chief compliance officer. The individual designated to serve as chief compliance officer shall have the background and skills appropriate for fulfilling the responsibilities of the position and shall be subject to the following requirements: (i) No individual disqualified from registration pursuant to section 8a(2) or 8a(3) of the Act may serve as a chief compliance officer. (ii) The chief compliance officer may not be a member of the swap data repository's legal department or serve as its general counsel. (c) Appointment, supervision, and removal of chief compliance officer —(1) Appointment and compensation of chief compliance officer determined by board of directors. A swap data repository's chief compliance officer shall be appointed by its board of directors. The board of directors shall also approve the compensation of the chief compliance officer and shall meet with the chief compliance officer at least annually. The appointment of the chief compliance officer and approval of the chief compliance officer's compensation shall … | ||||||
| 17:17:2.0.1.1.8.0.1.23 | 17 | Commodity and Securities Exchanges | I | 49 | PART 49—SWAP DATA REPOSITORIES | § 49.23 Emergency authority policies and procedures. | CFTC | [76 FR 54575, Sept. 1, 2011, as amended at 85 FR 75661, Nov. 25, 2020] | (a) Emergency policies and procedures required. A swap data repository shall establish policies and procedures for the exercise of emergency authority in the event of any emergency, including but not limited to natural, man-made, and information technology emergencies. Such policies and procedures shall also require a swap data repository to exercise its emergency authority upon request by the Commission. A swap data repository's policies and procedures for the exercise of emergency authority shall be transparent to the Commission and to market participants whose SDR data resides at the swap data repository. (b) Invocation of emergency authority. A swap data repository's policies and procedures for the exercise of emergency authority shall enumerate the circumstances under which the swap data repository is authorized to invoke its emergency authority and the procedures that it shall follow to declare an emergency. Such policies and procedures shall also address the range of measures that it is authorized to take when exercising such emergency authority. (c) Designation of persons authorized to act in an emergency. A swap data repository shall designate one or more officials of the swap data repository as persons authorized to exercise emergency authority on its behalf. A swap data repository shall also establish a chain of command to be used in the event that the designated person(s) is unavailable. A swap data repository shall notify the Commission of the person(s) designated to exercise emergency authority. (d) Conflicts of interest. A swap data repository's policies and procedures for the exercise of emergency authority shall include provisions to avoid conflicts of interest in any decisions made pursuant to emergency authority. Such policies and procedures shall also include provisions to consult the swap data repository's chief compliance officer in any emergency decision that may raise potential conflicts of interest. (e) Notification to the Commission. A swap data repository's policies and pr… | ||||||
| 17:17:2.0.1.1.8.0.1.24 | 17 | Commodity and Securities Exchanges | I | 49 | PART 49—SWAP DATA REPOSITORIES | § 49.24 System safeguards. | CFTC | [76 FR 54575, Sept. 1, 2011, as amended at 81 FR 64315, Sept. 19, 2016; 85 FR 75661, Nov. 25, 2020] | (a) Each swap data repository shall, with respect to all SDR data in its custody: (1) Establish and maintain a program of risk analysis and oversight to identify and minimize sources of operational risk through the development of appropriate controls and procedures and the development of automated systems that are reliable, secure, and have adequate scalable capacity; (2) Establish and maintain emergency procedures, backup facilities, and a business continuity-disaster recovery plan that allow for the timely recovery and resumption of operations and the fulfillment of the duties and obligations of the swap data repository; and (3) Periodically conduct tests to verify that backup resources are sufficient to ensure continued fulfillment of all duties of the swap data repository established by the Act or the Commission's regulations. (b) A swap data repository's program of risk analysis and oversight with respect to its operations and automated systems shall address each of the following categories of risk analysis and oversight: (1) Enterprise risk management and governance. This category includes, but is not limited to: Assessment, mitigation, and monitoring of security and technology risk; security and technology capital planning and investment; board of directors and management oversight of technology and security; information technology audit and controls assessments; remediation of deficiencies; and any other elements of enterprise risk management and governance included in generally accepted best practices. (2) Information security. This category includes, but is not limited to, controls relating to: Access to systems and data (including least privilege, separation of duties, account monitoring and control); user and device identification and authentication; security awareness training; audit log maintenance, monitoring, and analysis; media protection; personnel security and screening; automated system and communications protection (including network port control, boundary defenses, encryption); sys… | ||||||
| 17:17:2.0.1.1.8.0.1.25 | 17 | Commodity and Securities Exchanges | I | 49 | PART 49—SWAP DATA REPOSITORIES | § 49.25 Financial resources. | CFTC | [76 FR 54575, Sept. 1, 2011, as amended at 85 FR 75662, Nov. 25, 2020] | (a) General rule. (1) A swap data repository shall maintain sufficient financial resources to perform its statutory and regulatory duties set forth in this chapter. (2) An entity that operates as both a swap data repository and a derivatives clearing organization shall also comply with the financial resource requirements applicable to derivatives clearing organizations under § 39.11 of this chapter. (3) Financial resources shall be considered sufficient if their value is at least equal to a total amount that would enable the swap data repository, or applicant for registration, to cover its operating costs for a period of at least one year, calculated on a rolling basis. (4) The financial resources described in this paragraph (a) must be independent and separately dedicated to ensure that assets and capital are not used for multiple purposes. (b) Types of financial resources. Financial resources available to satisfy the requirements of paragraph (a) of this section may include: (1) The swap data repository's own capital; and (2) Any other financial resource deemed acceptable by the Commission. (c) Computation of financial resource requirement. A swap data repository shall, on a quarterly basis, based upon its fiscal year, make a reasonable calculation of its projected operating costs over a 12-month period in order to determine the amount needed to meet the requirements of paragraph (a) of this section. The swap data repository shall have reasonable discretion in determining the methodology used to compute such projected operating costs. The Commission may review the methodology and require changes as appropriate. (d) Valuation of financial resources. At appropriate intervals, but not less than quarterly, a swap data repository shall compute the current market value of each financial resource used to meet its obligations under paragraph (a) of this section. Reductions in value to reflect market and credit risk (haircuts) shall be applied as appropriate. (e) Liquidity of financial resources. The … | ||||||
| 17:17:2.0.1.1.8.0.1.26 | 17 | Commodity and Securities Exchanges | I | 49 | PART 49—SWAP DATA REPOSITORIES | § 49.26 Disclosure requirements of swap data repositories. | CFTC | [76 FR 54575, Sept. 1, 2011, as amended at 85 FR 75662, Nov. 25, 2020] | Before accepting any SDR data from a swap execution facility, designated contract market, or reporting counterparty; or upon a swap execution facility's, designated contract market's, or reporting counterparty's request; a swap data repository shall furnish to the swap execution facility, designated contract market, or reporting counterparty a disclosure document that contains the following written information, which shall reasonably enable the swap execution facility, designated contract market, or reporting counterparty to identify and evaluate accurately the risks and costs associated with using the services of the swap data repository: (a) The swap data repository's criteria for providing others with access to services offered and SDR data maintained by the swap data repository; (b) The swap data repository's criteria for those seeking to connect to or link with the swap data repository; (c) A description of the swap data repository's policies and procedures regarding its safeguarding of SDR data and operational reliability to protect the confidentiality and security of such data, as described in § 49.24; (d) The swap data repository's policies and procedures reasonably designed to protect the privacy of any and all SDR data that the swap data repository receives from a swap execution facility, designated contract market, or reporting counterparty, as described in § 49.16; (e) The swap data repository's policies and procedures regarding its non-commercial and/or commercial use of the SDR data that it receives from a swap execution facility, designated contract market, or reporting counterparty; (f) The swap data repository's dispute resolution procedures; (g) A description of all the swap data repository's services, including any ancillary services; (h) The swap data repository's updated schedule of any fees, rates, dues, unbundled prices, or other charges for all of its services, including any ancillary services; any discounts or rebates offered; and the criteria to benefit from such discounts or reb… | ||||||
| 17:17:2.0.1.1.8.0.1.27 | 17 | Commodity and Securities Exchanges | I | 49 | PART 49—SWAP DATA REPOSITORIES | § 49.27 Access and fees. | CFTC | [76 FR 54575, Sept. 1, 2011, as amended at 85 FR 75662, Nov. 25, 2020] | (a) Fair, open and equal access. (1) A swap data repository, consistent with Section 21 of the Act, shall provide its services to market participants, including but not limited to designated contract markets, swap execution facilities, derivatives clearing organizations, swap dealers, major swap participants and any other counterparties, on a fair, open and equal basis. For this purpose, a swap data repository shall not provide access to its services on a discriminatory basis but is required to provide its services to all market participants for swaps it accepts in an asset class. (2) Consistent with the principles of open access set forth in paragraph (a)(1) of this section, a swap data repository shall not tie or bundle the offering of mandated regulatory services with other ancillary services that a swap data repository may provide to market participants. (b) Fees. (1) Any fees or charges imposed by a swap data repository in connection with the reporting of SDR data and any other supplemental or ancillary services provided by such swap data repository shall be equitable and established in a uniform and non-discriminatory manner. Fees or charges shall not be used as an artificial barrier to access to the swap data repository. Swap data repositories shall not offer preferential pricing arrangements to any market participant on any basis, including volume discounts or reductions unless such discounts or reductions apply to all market participants uniformly and are not otherwise established in a manner that would effectively limit the application of such discount or reduction to a select number of market participants. (2) All fees or charges are to be fully disclosed and transparent to market participants. At a minimum, the swap data repository shall provide a schedule of fees and charges that is accessible by all market participants on its Web site. (3) The Commission notes that it will not specifically approve the fees charged by swap data repositories. However, any and all fees charged by swap data repo… | ||||||
| 17:17:2.0.1.1.8.0.1.28 | 17 | Commodity and Securities Exchanges | I | 49 | PART 49—SWAP DATA REPOSITORIES | § 49.28 Operating hours of swap data repositories. | CFTC | [85 FR 75662, Nov. 25, 2020] | (a) Except as otherwise provided in this paragraph (a), a swap data repository shall have systems in place to continuously accept and promptly record all SDR data reported to the swap data repository as required in this chapter and, as applicable, publicly disseminate all swap transaction and pricing data reported to the swap data repository as required in part 43 of this chapter. (1) A swap data repository may establish normal closing hours to perform system maintenance during periods when, in the reasonable estimation of the swap data repository, the swap data repository typically receives the least amount of SDR data. A swap data repository shall provide reasonable advance notice of its normal closing hours to market participants and to the public. (2) A swap data repository may declare, on an ad hoc basis, special closing hours to perform system maintenance that cannot wait until normal closing hours. A swap data repository shall schedule special closing hours during periods when, in the reasonable estimation of the swap data repository in the context of the circumstances prompting the special closing hours, the special closing hours will be the least disruptive to the swap data repository's SDR data reporting responsibilities. A swap data repository shall provide reasonable advance notice of its special closing hours to market participants and to the public whenever possible, and, if advance notice is not reasonably possible, shall provide notice of its special closing hours to market participants and to the public as soon as reasonably possible after declaring special closing hours. (b) A swap data repository shall comply with the requirements under part 40 of this chapter in adopting or amending normal closing hours and special closing hours. (c) During normal closing hours and special closing hours, a swap data repository shall have the capability to accept and hold in queue any and all SDR data reported to the swap data repository during the normal closing hours or special closing hours. (1) Upon re… | ||||||
| 17:17:2.0.1.1.8.0.1.29 | 17 | Commodity and Securities Exchanges | I | 49 | PART 49—SWAP DATA REPOSITORIES | § 49.29 Information relating to swap data repository compliance. | CFTC | [85 FR 75663, Nov. 25, 2020] | (a) Requests for information. Upon the Commission's request, a swap data repository shall file with the Commission information related to its business as a swap data repository and such information as the Commission determines to be necessary or appropriate for the Commission to perform the duties of the Commission under the Act and regulations in 17 CFR chapter I. The swap data repository shall file the information requested in the form and manner and within the time period the Commission specifies in the request. (b) Demonstration of compliance. Upon the Commission's request, a swap data repository shall file with the Commission a written demonstration, containing supporting data, information, and documents, that it is in compliance with its obligations under the Act and the Commission's regulations in 17 CFR chapter I, as the Commission specifies in the request. The swap data repository shall file the written demonstration in the form and manner and within the time period the Commission specifies in the request. | ||||||
| 17:17:2.0.1.1.8.0.1.3 | 17 | Commodity and Securities Exchanges | I | 49 | PART 49—SWAP DATA REPOSITORIES | § 49.3 Procedures for registration. | CFTC | [76 FR 54575, Sept. 1, 2011, as amended at 85 FR 75657, Nov. 25, 2020] | (a) Application procedures. (1) An applicant, person or entity desiring to be registered as a swap data repository shall file electronically an application for registration on Form SDR provided in appendix A to this part, with the Secretary of the Commission at its headquarters in Washington, DC in a format and in the manner specified by the Secretary of the Commission in accordance with the instructions contained therein. (2) The application shall include information sufficient to demonstrate compliance with core principles specified in Section 21 of the Act and the regulations thereunder. Form SDR consists of instructions, general questions and a list of Exhibits (documents, information and evidence) required by the Commission in order to determine whether an applicant is able to comply with the core principles. An application will not be considered to be materially complete unless the applicant has submitted, at a minimum, the exhibits as required in Form SDR. If the application is not materially complete, the Commission shall notify the applicant that the application will not be deemed to have been submitted for purposes of the 180-day review procedures. (3) 180-Day review procedures. The Commission will review the application for registration as a swap data repository within 180 days of the date of the filing of such application. In considering an application for registration as a swap data repository, the staff of the Commission shall include in its review, an applicant's past relevant submissions and compliance history. At or prior to the conclusion of the 180-day period, the Commission will either by order grant registration; extend, by order, the 180-day review period for good cause; or deny the application for registration as a swap data repository. The 180-day review period shall commence once a completed submission on Form SDR is submitted to the Commission. The determination of when such submission on Form SDR is complete shall be at the sole discretion of the Commission. If deemed appropriate,… | ||||||
| 17:17:2.0.1.1.8.0.1.30 | 17 | Commodity and Securities Exchanges | I | 49 | PART 49—SWAP DATA REPOSITORIES | § 49.30 Form and manner of reporting and submitting information to the Commission. | CFTC | [85 FR 75663, Nov. 25, 2020] | Unless otherwise instructed by the Commission, a swap data repository shall submit SDR data reports and any other information required under this part to the Commission, within the time specified, using the format, coding structure, and electronic data transmission procedures approved in writing by the Commission. | ||||||
| 17:17:2.0.1.1.8.0.1.31 | 17 | Commodity and Securities Exchanges | I | 49 | PART 49—SWAP DATA REPOSITORIES | § 49.31 Delegation of authority to the Directors of the Division of Market Oversight and Division of Data relating to certain part 49 matters. | CFTC | [89 FR 71813, Sept. 4, 2024] | (a) The Commission hereby delegates, until such time as the Commission orders otherwise, the following functions to the Director of the Division of Market Oversight and to such members of the Commission staff acting under their direction as they may designate: (1) All functions reserved to the Commission in § 49.5. (2) All functions reserved to the Commission in § 49.12. (3) All functions reserved to the Commission in § 49.13. (4) All functions reserved to the Commission in § 49.16. (5) All functions reserved to the Commission in § 49.17. (6) All functions reserved to the Commission in § 49.18. (7) All functions reserved to the Commission in § 49.22. (8) All functions reserved to the Commission in § 49.23. (9) All functions reserved to the Commission in § 49.24 (10) All functions reserved to the Commission in § 49.25. (11) All functions reserved to the Commission in § 49.29. (12) All functions reserved to the Commission in § 49.30. (b) The Commission hereby delegates, until such time as the Commission orders otherwise, the following functions to the Director of the Division of Data and to such members of the Commission staff acting under their direction as they may designate: (1) All functions reserved to the Commission in § 49.9. (2) All functions reserved to the Commission in § 49.10. (c) The Director of the Division of Market Oversight, and, separately, the Director of the Division of Data may submit to the Commission for its consideration any matter that has been delegated under this section. (d) Nothing in this section may prohibit the Commission, at its election, from exercising the authority delegated in this section. | ||||||
| 17:17:2.0.1.1.8.0.1.4 | 17 | Commodity and Securities Exchanges | I | 49 | PART 49—SWAP DATA REPOSITORIES | § 49.4 Withdrawal from registration. | CFTC | [76 FR 54575, Sept. 1, 2011, as amended at 85 FR 75595, 75657, Nov. 25, 2020] | (a)(1) A swap data repository may withdraw its registration by giving notice in writing to the Commission requesting that its registration as a swap data repository be withdrawn. Such notice shall be served at least 60 days prior to the date named therein as the date when the withdrawal of registration shall take effect. The request to withdraw shall be made by a person duly authorized by the swap data repository and shall specify: (i) The name of the swap data repository for which withdrawal of registration is being requested; (ii) The name, address and telephone number of the swap data repository that will have custody of data and records of the swap data repository; and (iii) The address where such data and records will be located. (2) Prior to filing a request to withdraw, a swap data repository shall execute an agreement with the custodial swap data repository governing the custody of the withdrawing swap data repository's data and records. The custodial swap data repository shall retain such records for at least as long as the remaining period of time the swap data repository withdrawing from registration would have been required to retain such records pursuant to this part. (b) A notice of withdrawal from registration filed by a swap data repository shall become effective for all matters (except as provided in this paragraph (b)) on the 60th day after the filing thereof with the Commission, within such longer period of time as to which such swap data repository consents or which the Commission, by order, may determine as necessary or appropriate in the public interest. (c) Revocation of registration for false application. If, after notice and opportunity for hearing, the Commission finds that any swap data repository has obtained its registration by making any false or misleading statements with respect to any material fact or has violated or failed to comply with any provision of the Act and regulations thereunder, the Commission, by order, may revoke the registration. Pending final determination … | ||||||
| 17:17:2.0.1.1.8.0.1.5 | 17 | Commodity and Securities Exchanges | I | 49 | PART 49—SWAP DATA REPOSITORIES | § 49.5 Equity interest transfers. | CFTC | [85 FR 75657, Nov. 25, 2020] | (a) Equity interest transfer notification. A swap data repository shall file with the Commission a notification of each transaction involving the direct or indirect transfer of ten percent or more of the equity interest in the swap data repository. The Commission may, upon receiving such notification, request that the swap data repository provide supporting documentation of the transaction. (b) Timing of notification. The equity interest transfer notice described in paragraph (a) of this section shall be filed electronically with the Secretary of the Commission at its Washington, DC headquarters at submissions@cftc.gov and the Division of Market Oversight at DMOSubmissions@cftc.gov, at the earliest possible time but in no event later than the open of business ten business days following the date upon which a firm obligation is made to transfer, directly or indirectly, ten percent or more of the equity interest in the swap data repository. (c) Certification. Upon a transfer, whether directly or indirectly, of an equity interest of ten percent or more in a swap data repository, the swap data repository shall file electronically with the Secretary of the Commission at its Washington, DC headquarters at submissions@cftc.gov and the Division of Market Oversight at DMOSubmissions@cftc.gov, a certification that the swap data repository meets all of the requirements of section 21 of the Act and the Commission regulations in 17 CFR chapter I, no later than two business days following the date on which the equity interest of ten percent or more was acquired. | ||||||
| 17:17:2.0.1.1.8.0.1.6 | 17 | Commodity and Securities Exchanges | I | 49 | PART 49—SWAP DATA REPOSITORIES | § 49.6 Request for transfer of registration. | CFTC | [85 FR 75657, Nov. 25, 2020] | (a) Request for approval. A swap data repository seeking to transfer its registration from its current legal entity to a new legal entity as a result of a corporate change shall file a request for approval to transfer such registration with the Secretary of the Commission in the form and manner specified by the Commission. (b) Timing for filing a request for transfer of registration. A swap data repository shall file a request for transfer of registration as soon as practicable prior to the anticipated corporate change. (c) Required information. The request for transfer of registration shall include the following: (1) The underlying documentation that governs the corporate change; (2) A description of the corporate change, including the reason for the change and its impact on the swap data repository, including the swap data repository's governance and operations, and its impact on the rights and obligations of market participants; (3) A discussion of the transferee's ability to comply with the Act, including the core principles applicable to swap data repositories and the Commission's regulations; (4) The governance documents adopted by the transferee, including a copy of any constitution; articles or certificate of incorporation, organization, formation, or association with all amendments thereto; partnership or limited liability agreements; and any existing bylaws, operating agreement, or rules or instruments corresponding thereto; (5) The transferee's rules marked to show changes from the current rules of the swap data repository; and (6) A representation by the transferee that it: (i) Will be the surviving entity and successor-in-interest to the transferor swap data repository and will retain and assume the assets and liabilities of the transferor, except if otherwise indicated in the request; (ii) Will assume responsibility for complying with all applicable provisions of the Act and the Commission's regulations; and (iii) Will notify market participants of all changes to the transferor's ru… | ||||||
| 17:17:2.0.1.1.8.0.1.7 | 17 | Commodity and Securities Exchanges | I | 49 | PART 49—SWAP DATA REPOSITORIES | § 49.7 Swap data repositories located in foreign jurisdictions. | CFTC | Any swap data repository located outside of the United States applying for registration pursuant to § 49.3 of this part shall certify on Form SDR and provide an opinion of counsel that the swap data repository, as a matter of law, is able to provide the Commission with prompt access to the books and records of such swap data repository and that the swap data repository can submit to onsite inspection and examination by the Commission. | |||||||
| 17:17:2.0.1.1.8.0.1.8 | 17 | Commodity and Securities Exchanges | I | 49 | PART 49—SWAP DATA REPOSITORIES | § 49.8 Procedures for implementing swap data repository rules. | CFTC | (a) Request for Commission approval of rules. An applicant for registration as a swap data repository may request that the Commission approve under Section 5c(c) of the Act, any or all of its rules and subsequent amendments thereto, prior to their implementation or, notwithstanding the provisions of Section 5c(c)(2) of the Act, at anytime thereafter, under the procedures of § 40.5 of this chapter. (b) Notwithstanding the timeline under § 40.5(c) of this chapter, the rules of a swap data repository that have been submitted for Commission approval at the same time as an application for registration under § 49.3 of this part or to reinstate the registration of a dormant swap data repository, as defined in § 40.1 of this chapter, will be deemed approved by the Commission no earlier than when the swap data repository is deemed to be registered or reinstated. (c) Self-certification of rules. Rules of a swap data repository not voluntarily submitted for prior Commission approval pursuant to paragraph (a) of this section must be submitted to the Commission with a certification that the rule or rule amendment complies with the Act or rules thereunder pursuant to the procedures of § 40.6 of this chapter, as applicable. | |||||||
| 17:17:2.0.1.1.8.0.1.9 | 17 | Commodity and Securities Exchanges | I | 49 | PART 49—SWAP DATA REPOSITORIES | § 49.9 Open swaps reports provided to the Commission. | CFTC | [85 FR 75657, Nov. 25, 2020] | Each swap data repository shall provide reports of open swaps to the Commission in accordance with this section. (a) Content of the open swaps report. In order to satisfy the requirements of this section, each swap data repository shall provide the Commission with open swaps reports that contain an accurate reflection, as of the time the swap data repository compiles the open swaps report, of the swap data maintained by the swap data repository for every swap data field required to be reported for swaps pursuant to part 45 of this chapter for every open swap. The report shall be organized by the unique identifier created pursuant to § 45.5 of this chapter that is associated with each open swap. (b) Transmission of the open swaps report. Each swap data repository shall transmit all open swaps reports to the Commission as instructed by the Commission. Such instructions may include, but are not limited to, the method, timing, and frequency of transmission, as well as the format of the swap data to be transmitted. |
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