Page:United States Statutes at Large Volume 124.djvu/1743

 124 STAT. 1717 PUBLIC LAW 111–203—JULY 21, 2010 ‘‘(B) DUTIES.—The chief compliance officer shall— ‘‘(i) report directly to the board or to the senior officer of the facility; ‘‘(ii) review compliance with the core principles in this subsection; ‘‘(iii) in consultation with the board of the facility, a body performing a function similar to that of a board, or the senior officer of the facility, resolve any conflicts of interest that may arise; ‘‘(iv) be responsible for establishing and admin- istering the policies and procedures required to be established pursuant to this section; ‘‘(v) ensure compliance with this Act and the rules and regulations issued under this Act, including rules prescribed by the Commission pursuant to this section; and ‘‘(vi) establish procedures for the remediation of noncompliance issues found during compliance office reviews, look backs, internal or external audit findings, self-reported errors, or through validated complaints. ‘‘(C) REQUIREMENTS FOR PROCEDURES.—In establishing procedures under subparagraph (B)(vi), the chief compli- ance officer shall design the procedures to establish the handling, management response, remediation, retesting, and closing of noncompliance issues. ‘‘(D) ANNUAL REPORTS.— ‘‘(i) IN GENERAL.—In accordance with rules pre- scribed by the Commission, the chief compliance officer shall annually prepare and sign a report that contains a description of— ‘‘(I) the compliance of the swap execution facility with this Act; and ‘‘(II) the policies and procedures, including the code of ethics and conflict of interest policies, of the swap execution facility. ‘‘(ii) REQUIREMENTS.—The chief compliance officer shall— ‘‘(I) submit each report described in clause (i) with the appropriate financial report of the swap execution facility that is required to be sub- mitted to the Commission pursuant to this section; and ‘‘(II) include in the report a certification that, under penalty of law, the report is accurate and complete. ‘‘(g) EXEMPTIONS.—The Commission may exempt, conditionally or unconditionally, a swap execution facility from registration under this section if the Commission finds that the facility is subject to comparable, comprehensive supervision and regulation on a consolidated basis by the Securities and Exchange Commission, a prudential regulator, or the appropriate governmental authorities in the home country of the facility. ‘‘(h) RULES.—The Commission shall prescribe rules governing the regulation of alternative swap execution facilities under this section.’’. Certification.