Page:United States Statutes at Large Volume 124.djvu/1820

 124 STAT. 1794 PUBLIC LAW 111–203—JULY 21, 2010 ‘‘(A) IN GENERAL.—In accordance with rules prescribed by the Commission, the chief compliance officer shall annually prepare and sign a report that contains a descrip- tion of— ‘‘(i) the compliance of the security-based swap dealer or major swap participant with respect to this title (including regulations); and ‘‘(ii) each policy and procedure of the security- based swap dealer or major security-based swap participant of the chief compliance officer (including the code of ethics and conflict of interest policies). ‘‘(B) REQUIREMENTS.—A compliance report under subparagraph (A) shall— ‘‘(i) accompany each appropriate financial report of the security-based swap dealer or major security- based swap participant that is required to be furnished to the Commission pursuant to this section; and ‘‘(ii) include a certification that, under penalty of law, the compliance report is accurate and complete. ‘‘(l) ENFORCEMENT AND ADMINISTRATIVE PROCEEDING AUTHORITY.— ‘‘(1) PRIMARY ENFORCEMENT AUTHORITY.— ‘‘(A) SECURITIES AND EXCHANGE COMMISSION.—Except as provided in subparagraph (B), (C), or (D), the Commis- sion shall have primary authority to enforce subtitle B, and the amendments made by subtitle B of the Wall Street Transparency and Accountability Act of 2010, with respect to any person. ‘‘(B) PRUDENTIAL REGULATORS.—The prudential regu- lators shall have exclusive authority to enforce the provi- sions of subsection (e) and other prudential requirements of this title (including risk management standards), with respect to security-based swap dealers or major security- based swap participants for which they are the prudential regulator. ‘‘(C) REFERRAL.— ‘‘(i) VIOLATIONS OF NONPRUDENTIAL REQUIRE- MENTS.—If the appropriate Federal banking agency for security-based swap dealers or major security-based swap participants that are depository institutions has cause to believe that such security-based swap dealer or major security-based swap participant may have engaged in conduct that constitutes a violation of the nonprudential requirements of this section or rules adopted by the Commission thereunder, the agency may recommend in writing to the Commission that the Commission initiate an enforcement proceeding as authorized under this title. The recommendation shall be accompanied by a written explanation of the con- cerns giving rise to the recommendation. ‘‘(ii) VIOLATIONS OF PRUDENTIAL REQUIREMENTS.— If the Commission has cause to believe that a securi- ties-based swap dealer or major securities-based swap participant that has a prudential regulator may have engaged in conduct that constitute a violation of the prudential requirements of subsection (e) or rules adopted thereunder, the Commission may recommend Certification.