Page:United States Statutes at Large Volume 124.djvu/1726

 124 STAT. 1700 PUBLIC LAW 111–203—JULY 21, 2010 ‘‘(v) validated complaint; and ‘‘(G) establish and follow appropriate procedures for the handling, management response, remediation, re- testing, 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 descrip- tion of— ‘‘(i) the compliance of the swap data repository of the chief compliance officer with respect to this Act (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 REPOSI- TORIES.— ‘‘(1) ANTITRUST CONSIDERATIONS.—Unless necessary or appropriate to achieve the purposes of this Act, 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 reposi- tory shall establish governance arrangements that are trans- parent— ‘‘(A) to fulfill public interest requirements; and ‘‘(B) to support the objectives of the Federal Govern- ment, 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 commu- nity. ‘‘(C) ADDITIONAL DUTIES FOR COMMISSION DESIGNEES.— The Commission shall establish additional duties for any registrant described in section 1a(48) in order to minimize Regulations. Certification.