Page:United States Statutes at Large Volume 124.djvu/1790

 124 STAT. 1764 PUBLIC LAW 111–203—JULY 21, 2010 ‘‘(2) DEADLINE.—The Commission shall complete a review undertaken pursuant to paragraph (1) not later than 90 days after issuance of the stay, unless the clearing agency that clears the security-based swap, or group, category, type, or class of security-based swaps, agrees to an extension of the time limitation established under this paragraph. ‘‘(3) DETERMINATION.—Upon completion of the review undertaken pursuant to paragraph (1), the Commission may— ‘‘(A) determine, unconditionally or subject to such terms and conditions as the Commission determines to be appropriate, that the security-based swap, or group, category, type, or class of security-based swaps, must be cleared pursuant to this subsection if it finds that such clearing is consistent with subsection (b)(4); or ‘‘(B) determine that the clearing requirement of sub- section (a)(1) shall not apply to the security-based swap, or group, category, type, or class of security-based swaps. ‘‘(4) RULES.—Not later than 1 year after the date of the enactment of this section, the Commission shall adopt rules for reviewing, pursuant to this subsection, a clearing agency’s clearing of a security-based swap, or a group, category, type, or class of security-based swaps, that it has accepted for clearing. ‘‘(d) PREVENTION OF EVASION.— ‘‘(1) IN GENERAL.—The Commission shall prescribe rules under this section (and issue interpretations of rules prescribed under this section), as determined by the Commission to be necessary to prevent evasions of the mandatory clearing requirements under this Act. ‘‘(2) DUTY OF COMMISSION TO INVESTIGATE AND TAKE CER- TAIN ACTIONS.—To the extent the Commission finds that a particular security-based swap or any group, category, type, or class of security-based swaps that would otherwise be subject to mandatory clearing but no clearing agency has listed the security-based swap or the group, category, type, or class of security-based swaps for clearing, the Commission shall— ‘‘(A) investigate the relevant facts and circumstances; ‘‘(B) within 30 days issue a public report containing the results of the investigation; and ‘‘(C) take such actions as the Commission determines to be necessary and in the public interest, which may include requiring the retaining of adequate margin or cap- ital by parties to the security-based swap or the group, category, type, or class of security-based swaps. ‘‘(3) EFFECT ON AUTHORITY.—Nothing in this subsection— ‘‘(A) authorizes the Commission to adopt rules requiring a clearing agency to list for clearing a security- based swap or any group, category, type, or class of secu- rity-based swaps if the clearing of the security-based swap or the group, category, type, or class of security-based swaps would threaten the financial integrity of the clearing agency; and ‘‘(B) affects the authority of the Commission to enforce the open access provisions of subsection (a)(2) with respect to a security-based swap or the group, category, type, or class of security-based swaps that is listed for clearing by a clearing agency. Deadline. Reports. Regulations. Deadline.