Page:United States Statutes at Large Volume 124.djvu/1718

 124 STAT. 1692 PUBLIC LAW 111–203—JULY 21, 2010 ‘‘(M) INFORMATION-SHARING.—Each derivatives clearing organization shall— ‘‘(i) enter into, and abide by the terms of, each appropriate and applicable domestic and international information-sharing agreement; and ‘‘(ii) use relevant information obtained from each agreement described in clause (i) in carrying out the risk management program of the derivatives clearing organization. ‘‘(N) ANTITRUST CONSIDERATIONS.—Unless necessary or appropriate to achieve the purposes of this Act, a deriva- tives clearing organization shall not— ‘‘(i) adopt any rule or take any action that results in any unreasonable restraint of trade; or ‘‘(ii) impose any material anticompetitive burden. ‘‘(O) GOVERNANCE FITNESS STANDARDS.— ‘‘(i) GOVERNANCE ARRANGEMENTS.—Each deriva- tives clearing organization shall establish governance arrangements that are transparent— ‘‘(I) to fulfill public interest requirements; and ‘‘(II) to permit the consideration of the views of owners and participants. ‘‘(ii) FITNESS STANDARDS.—Each derivatives clearing organization shall establish and enforce appro- priate fitness standards for— ‘‘(I) directors; ‘‘(II) members of any disciplinary committee; ‘‘(III) members of the derivatives clearing organization; ‘‘(IV) any other individual or entity with direct access to the settlement or clearing activities of the derivatives clearing organization; and ‘‘(V) any party affiliated with any individual or entity described in this clause. ‘‘(P) CONFLICTS OF INTEREST.—Each derivatives clearing organization shall— ‘‘(i) establish and enforce rules to minimize con- flicts of interest in the decision-making process of the derivatives clearing organization; and ‘‘(ii) establish a process for resolving conflicts of interest described in clause (i). ‘‘(Q) COMPOSITION OF GOVERNING BOARDS.—Each derivatives clearing organization shall ensure that the com- position of the governing board or committee of the deriva- tives clearing organization includes market participants. ‘‘(R) LEGAL RISK.—Each derivatives clearing organiza- tion shall have a well-founded, transparent, and enforceable legal framework for each aspect of the activities of the derivatives clearing organization.’’. (d) CONFLICTS OF INTEREST.—The Commodity Futures Trading Commission shall adopt rules mitigating conflicts of interest in connection with the conduct of business by a swap dealer or a major swap participant with a derivatives clearing organization, board of trade, or a swap execution facility that clears or trades swaps in which the swap dealer or major swap participant has a material debt or material equity investment. Regulations. 7 USC 7a–1 note. Regulations. Contracts.