Page:United States Statutes at Large Volume 124.djvu/1811

 124 STAT. 1785 PUBLIC LAW 111–203—JULY 21, 2010 ‘‘SEC. 15F. REGISTRATION AND REGULATION OF SECURITY-BASED SWAP DEALERS AND MAJOR SECURITY-BASED SWAP PARTICIPANTS. ‘‘(a) REGISTRATION.— ‘‘(1) SECURITY-BASED SWAP DEALERS.—It shall be unlawful for any person to act as a security-based swap dealer unless the person is registered as a security-based swap dealer with the Commission. ‘‘(2) MAJOR SECURITY-BASED SWAP PARTICIPANTS.—It shall be unlawful for any person to act as a major security-based swap participant unless the person is registered as a major security-based swap participant with the Commission. ‘‘(b) REQUIREMENTS.— ‘‘(1) IN GENERAL.—A person shall register as a security- based swap dealer or major security-based swap participant by filing a registration application with the Commission. ‘‘(2) CONTENTS.— ‘‘(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 security-based swap dealer or major security- based swap participant shall continue to submit to the Commission reports that contain such information per- taining 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 security- based swap dealers and major security-based swap participants, including rules that limit the activities of non-bank security- based swap dealers and major security-based swap participants. ‘‘(5) TRANSITION.—Not later than 1 year after the date of enactment of the Wall Street Transparency and Account- ability Act of 2010, the Commission shall issue rules under this section to provide for the registration of security-based swap dealers and major security-based swap participants. ‘‘(6) STATUTORY DISQUALIFICATION.—Except to the extent otherwise specifically provided by rule, regulation, or order of the Commission, it shall be unlawful for a security-based swap dealer or a major security-based swap participant to permit any person associated with a security-based swap dealer or a major security-based swap participant who is subject to a statutory disqualification to effect or be involved in effecting security-based swaps on behalf of the security-based swap dealer or major security-based swap participant, if the security- based swap dealer or major security-based swap participant knew, or in the exercise of reasonable care should have known, of the statutory disqualification. ‘‘(c) DUAL REGISTRATION.— ‘‘(1) SECURITY-BASED SWAP DEALER.—Any person that is required to be registered as a security-based swap dealer under this section shall register with the Commission, regardless Deadline. 15 USC 78o–8.