Page:United States Statutes at Large Volume 124.djvu/1671

 124 STAT. 1645 PUBLIC LAW 111–203—JULY 21, 2010 Exchange Commission determine are necessary and appro- priate, in the public interest, and for the protection of investors. (B) TRADE REPOSITORY RECORDKEEPING.—Notwith- standing any other provision of this title, the Commodity Futures Trading Commission and the Securities and Exchange Commission, in consultation with the Board of Governors, shall engage in joint rulemaking to jointly adopt a rule or rules governing the books and records that are required to be kept and maintained regarding security- based swap agreements by persons that are registered as swap data repositories under the Commodity Exchange Act, including uniform rules that specify the data elements that shall be collected and maintained by each repository. (C) BOOKS AND RECORDS.—Notwithstanding any other provision of this title, the Commodity Futures Trading Commission and the Securities and Exchange Commission, in consultation with the Board of Governors, shall engage in joint rulemaking to jointly adopt a rule or rules gov- erning books and records regarding security-based swap agreements, including daily trading records, for swap dealers, major swap participants, security-based swap dealers, and security-based swap participants. (D) COMPARABLE RULES.—Rules and regulations pre- scribed jointly under this title by the Commodity Futures Trading Commission and the Securities and Exchange Commission shall be comparable to the maximum extent possible, taking into consideration differences in instruments and in the applicable statutory requirements. (E) TRACKING UNCLEARED TRANSACTIONS.—Any rules prescribed under subparagraph (A) shall require the maintenance of records of all activities relating to security- based swap agreement transactions defined under subpara- graph (A) that are not cleared. (F) SHARING OF INFORMATION.—The Commodity Futures Trading Commission shall make available to the Securities and Exchange Commission information relating to security-based swap agreement transactions defined in subparagraph (A) that are not cleared. (3) FINANCIAL STABILITY OVERSIGHT COUNCIL.—In the event that the Commodity Futures Trading Commission and the Secu- rities and Exchange Commission fail to jointly prescribe rules pursuant to paragraph (1) or (2) in a timely manner, at the request of either Commission, the Financial Stability Oversight Council shall resolve the dispute— (A) within a reasonable time after receiving the request; (B) after consideration of relevant information provided by each Commission; and (C) by agreeing with 1 of the Commissions regarding the entirety of the matter or by determining a compromise position. (4) JOINT INTERPRETATION.—Any interpretation of, or guid- ance by either Commission regarding, a provision of this title, shall be effective only if issued jointly by the Commodity Futures Trading Commission and the Securities and Exchange Commission, after consultation with the Board of Governors,