Page:United States Statutes at Large Volume 124.djvu/1809

 124 STAT. 1783 PUBLIC LAW 111–203—JULY 21, 2010 ‘‘(ii) each entity shall agree to indemnify the secu- rity-based swap data repository and the Commission for any expenses arising from litigation relating to the information provided under section 24. ‘‘(6) DESIGNATION OF CHIEF COMPLIANCE OFFICER.— ‘‘(A) IN GENERAL.—Each security-based swap data repository shall designate an individual to serve as a chief compliance officer. ‘‘(B) DUTIES.—The chief compliance officer shall— ‘‘(i) report directly to the board or to the senior officer of the security-based swap data repository; ‘‘(ii) review the compliance of the security-based swap data repository with respect to the requirements and core principles described in this subsection; ‘‘(iii) in consultation with the board of the security- based swap data repository, a body performing a func- tion similar to the board of the security-based swap data repository, or the senior officer of the security- based swap data repository, resolve any conflicts of interest that may arise; ‘‘(iv) be responsible for administering each policy and procedure that is required to be established pursu- ant to this section; ‘‘(v) ensure compliance with this title (including regulations) relating to agreements, contracts, or trans- actions, including each rule prescribed by the Commis- sion under this section; ‘‘(vi) establish procedures for the remediation of noncompliance issues identified by the chief compliance officer through any— ‘‘(I) compliance office review; ‘‘(II) look-back; ‘‘(III) internal or external audit finding; ‘‘(IV) self-reported error; or ‘‘(V) validated complaint; and ‘‘(vii) establish and follow appropriate procedures for the handling, management response, remediation, retesting, and closing of noncompliance issues. ‘‘(C) 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 security-based swap data repository of the chief compliance officer with respect to this title (including regulations); and ‘‘(II) each policy and procedure of the security- based swap data repository of the chief compliance officer (including the code of ethics and conflict of interest policies of the security-based swap data repository). ‘‘(ii) REQUIREMENTS.—A compliance report under clause (i) shall— ‘‘(I) accompany each appropriate financial report of the security-based swap data repository that is required to be furnished to the Commission pursuant to this section; and Regulations.