Page:United States Statutes at Large Volume 124.djvu/1819

 124 STAT. 1793 PUBLIC LAW 111–203—JULY 21, 2010 clearing activities or making determinations as to accepting clearing customers are separated by appropriate informa- tional partitions within the firm from the review, pressure, or oversight of persons whose involvement in pricing, trading, or clearing activities might potentially bias their judgment or supervision and contravene the core principles of open access and the business conduct standards described in this title; and ‘‘(B) address such other issues as the Commission determines to be appropriate. ‘‘(6) ANTITRUST CONSIDERATIONS.—Unless necessary or appropriate to achieve the purposes of this title, the security- based swap dealer or major security-based swap participant shall not— ‘‘(A) adopt any process or take any action that results in any unreasonable restraint of trade; or ‘‘(B) impose any material anticompetitive burden on trading or clearing. ‘‘(7) RULES.—The Commission shall prescribe rules under this subsection governing duties of security-based swap dealers and major security-based swap participants. ‘‘(k) DESIGNATION OF CHIEF COMPLIANCE OFFICER.— ‘‘(1) IN GENERAL.—Each security-based swap dealer and major security-based swap participant shall designate an indi- vidual to serve as a chief compliance officer. ‘‘(2) DUTIES.—The chief compliance officer shall— ‘‘(A) report directly to the board or to the senior officer of the security-based swap dealer or major security-based swap participant; ‘‘(B) review the compliance of the security-based swap dealer or major security-based swap participant with respect to the security-based swap dealer and major secu- rity-based swap participant requirements described in this section; ‘‘(C) in consultation with the board of directors, a body performing a function similar to the board, or the senior officer of the organization, resolve any conflicts of interest that may arise; ‘‘(D) be responsible for administering each policy and procedure that is required to be established pursuant to this section; ‘‘(E) ensure compliance with this title (including regula- tions) relating to security-based swaps, including each rule prescribed by the Commission under this section; ‘‘(F) establish procedures for the remediation of non- compliance 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 ‘‘(G) establish and follow appropriate procedures for the handling, management response, remediation, re- testing, and closing of noncompliance issues. ‘‘(3) ANNUAL REPORTS.—