Page:United States Statutes at Large Volume 124.djvu/1788

 124 STAT. 1762 PUBLIC LAW 111–203—JULY 21, 2010 (B) in subsection (g), by striking ‘‘(as defined in section 206B of the Gramm-Leach-Bliley Act)’’. SEC. 763. AMENDMENTS TO THE SECURITIES EXCHANGE ACT OF 1934. (a) CLEARING FOR SECURITY-BASED SWAPS.—The Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) is amended by inserting after section 3B (as added by section 717 of this Act): ‘‘SEC. 3C. CLEARING FOR SECURITY -BASED SWAPS. ‘‘(a) IN GENERAL.— ‘‘(1) STANDARD FOR CLEARING.—It shall be unlawful for any person to engage in a security-based swap unless that person submits such security-based swap for clearing to a clearing agency that is registered under this Act or a clearing agency that is exempt from registration under this Act if the security-based swap is required to be cleared. ‘‘(2) OPEN ACCESS.—The rules of a clearing agency described in paragraph (1) shall— ‘‘(A) prescribe that all security-based swaps submitted to the clearing agency with the same terms and conditions are economically equivalent within the clearing agency and may be offset with each other within the clearing agency; and ‘‘(B) provide for non-discriminatory clearing of a secu- rity-based swap executed bilaterally or on or through the rules of an unaffiliated national securities exchange or security-based swap execution facility. ‘‘(b) COMMISSION REVIEW.— ‘‘(1) COMMISSION-INITIATED REVIEW.— ‘‘(A) The Commission on an ongoing basis shall review each security-based swap, or any group, category, type, or class of security-based swaps to make a determination that such security-based swap, or group, category, type, or class of security-based swaps should be required to be cleared. ‘‘(B) The Commission shall provide at least a 30-day public comment period regarding any determination under subparagraph (A). ‘‘(2) SWAP SUBMISSIONS.— ‘‘(A) A clearing agency shall submit to the Commission each security-based swap, or any group, category, type, or class of security-based swaps that it plans to accept for clearing and provide notice to its members (in a manner to be determined by the Commission) of such submission. ‘‘(B) Any security-based swap or group, category, type, or class of security-based swaps listed for clearing by a clearing agency as of the date of enactment of this sub- section shall be considered submitted to the Commission. ‘‘(C) The Commission shall— ‘‘(i) make available to the public any submission received under subparagraphs (A) and (B); ‘‘(ii) review each submission made under subpara- graphs (A) and (B), and determine whether the secu- rity-based swap, or group, category, type, or class of security-based swaps, described in the submission is required to be cleared; and ‘‘(iii) provide at least a 30-day public comment period regarding its determination whether the Public comment. Public information. Notice. Public comment. 15 USC 78c–3.