Page:United States Statutes at Large Volume 124.djvu/1730

 124 STAT. 1704 PUBLIC LAW 111–203—JULY 21, 2010 ‘‘(A) IN GENERAL.—The application shall be made in such form and manner as prescribed by the Commission, and shall contain such information, as the Commission considers necessary concerning the business in which the applicant is or will be engaged. ‘‘(B) CONTINUAL REPORTING.—A person that is reg- istered as a swap dealer or major swap participant shall continue to submit to the Commission reports that contain such information pertaining to the business of the person as the Commission may require. ‘‘(3) EXPIRATION.—Each registration under this section shall expire at such time as the Commission may prescribe by rule or regulation. ‘‘(4) RULES.—Except as provided in subsections (d) and (e), the Commission may prescribe rules applicable to swap dealers and major swap participants, including rules that limit the activities of swap dealers and major swap participants. ‘‘(5) TRANSITION.—Rules under this section shall provide for the registration of swap dealers and major swap participants not later than 1 year after the date of enactment of the Wall Street Transparency and Accountability Act of 2010. ‘‘(6) STATUTORY DISQUALIFICATION.—Except to the extent otherwise specifically provided by rule, regulation, or order, it shall be unlawful for a swap dealer or a major swap partici- pant to permit any person associated with a swap dealer or a major swap participant who is subject to a statutory disquali- fication to effect or be involved in effecting swaps on behalf of the swap dealer or major swap participant, if the swap dealer or major swap participant knew, or in the exercise of reasonable care should have known, of the statutory disquali- fication. ‘‘(c) DUAL REGISTRATION.— ‘‘(1) SWAP DEALER.—Any person that is required to be reg- istered as a swap dealer under this section shall register with the Commission regardless of whether the person also is a depository institution or is registered with the Securities and Exchange Commission as a security-based swap dealer. ‘‘(2) MAJOR SWAP PARTICIPANT.—Any person that is required to be registered as a major swap participant under this section shall register with the Commission regardless of whether the person also is a depository institution or is registered with the Securities and Exchange Commission as a major security- based swap participant. ‘‘(d) RULEMAKINGS.— ‘‘(1) IN GENERAL.—The Commission shall adopt rules for persons that are registered as swap dealers or major swap participants under this section. ‘‘(2) EXCEPTION FOR PRUDENTIAL REQUIREMENTS.— ‘‘(A) IN GENERAL.—The Commission may not prescribe rules imposing prudential requirements on swap dealers or major swap participants for which there is a prudential regulator. ‘‘(B) APPLICABILITY.—Subparagraph (A) does not limit the authority of the Commission to prescribe rules as directed under this section. ‘‘(e) CAPITAL AND MARGIN REQUIREMENTS.— ‘‘(1) IN GENERAL.— Regulations. Regulations. Deadline.