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‘‘(iv) that take into account whether 
the public disclosure will materially reduce 
market liquidity. 
‘‘(F) TIMELINESS OF REPORTING.—Parties 
to a security-based swap (including agents of the 
parties to a security-based swap) shall be respon-
sible for reporting security-based swap trans-
action information to the appropriate registered 
entity in a timely manner as may be prescribed 
by the Commission. 
‘‘(2) SEMIANNUAL AND ANNUAL PUBLIC REPORT-
ING OF AGGREGATE SECURITY-BASED SWAP DATA.— 
‘‘(A) IN
GENERAL.—In accordance with 
subparagraph (B), the Commission shall issue a 
written report on a semiannual and annual 
basis to make available to the public information 
relating to— 
‘‘(i) the trading and clearing in the 
major security-based swap categories; and 
‘‘(ii) the market participants and de-
velopments in new products. 
‘‘(B) USE; CONSULTATION.—In preparing a 
report under subparagraph (A), the Commission 
shall—
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‘‘(i) use information from security- 
based swap data repositories and deriva-
tives clearing organizations; and 
‘‘(ii) consult with the Office of the 
Comptroller of the Currency, the Bank for 
International Settlements, and such other 
regulatory bodies as may be necessary. 
‘‘(n) SECURITY-BASED SWAP DATA REPOSITORIES.— 
‘‘(1) REGISTRATION REQUIREMENT.—It shall be 
unlawful for any person, unless registered with the 
Commission, directly or indirectly, to make use of the 
mails or any means or instrumentality of interstate 
commerce to perform the functions of a security-based 
swap data repository. 
‘‘(2) INSPECTION AND EXAMINATION.—Each reg-
istered security-based swap data repository shall be 
subject to inspection and examination by any rep-
resentative of the Commission. 
‘‘(3) COMPLIANCE WITH CORE PRINCIPLES.— 
‘‘(A) IN GENERAL.—To be registered, and 
maintain registration, as a security-based swap 
data repository, the security-based swap data re-
pository shall comply with— 
‘‘(i) the core principles described in 
this subsection; and
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‘‘(ii) any requirement that the Com-
mission may impose by rule or regulation. 
‘‘(B) REASONABLE
DISCRETION
OF
SECU-
RITY-BASED
SWAP
DATA
REPOSITORY.—Unless 
otherwise determined by the Commission, by rule 
or regulation, a security-based swap data reposi-
tory described in subparagraph (A) shall have 
reasonable discretion in establishing the manner 
in which the security-based swap data repository 
complies with the core principles described in 
this subsection. 
‘‘(4) STANDARD SETTING.— 
‘‘(A) DATA IDENTIFICATION.—The Commis-
sion shall prescribe standards that specify the 
data elements for each security-based swap that 
shall be collected and maintained by each reg-
istered security-based swap data repository. 
‘‘(B) DATA
COLLECTION
AND
MAINTE-
NANCE.—The Commission shall prescribe data 
collection and data maintenance standards for 
security-based swap data repositories. 
‘‘(C) COMPARABILITY.—The standards pre-
scribed by the Commission under this subsection 
shall be comparable to the data standards im-
posed by the Commission on clearing agencies in
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connection with their clearing of security-based 
swaps. 
‘‘(5) DUTIES.—A security-based swap data re-
pository shall— 
‘‘(A) accept data prescribed by the Commis-
sion for each security-based swap under sub-
section (b); 
‘‘(B) confirm with both counterparties to 
the security-based swap the accuracy of the data 
that was submitted; 
‘‘(C) maintain the data described in sub-
paragraph (A) in such form, in such manner, 
and for such period as may be required by the 
Commission; 
‘‘(D)(i) provide direct electronic access to 
the Commission (or any designee of the Commis-
sion, including another registered entity); and 
‘‘(ii) provide the information described in 
subparagraph (A) in such form and at such fre-
quency as the Commission may require to com-
ply with the public reporting requirements set 
forth in subsection (m); 
‘‘(E) at the direction of the Commission, es-
tablish 
automated 
systems 
for 
monitoring,
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screening, and analyzing security-based swap 
data; 
‘‘(F) maintain the privacy of any and all 
security-based swap transaction information that 
the security-based swap data repository receives 
from a security-based swap dealer, counterparty, 
or any other registered entity; and 
‘‘(G) on a confidential basis pursuant to 
section 24, upon request, and after notifying the 
Commission of the request, make available all 
data obtained by the security-based swap data 
repository, including individual counterparty 
trade and position data, to— 
‘‘(i) each appropriate prudential regu-
lator; 
‘‘(ii) the Financial Stability Oversight 
Council; 
‘‘(iii) the Commodity Futures Trading 
Commission; 
‘‘(iv) the Department of Justice; and 
‘‘(v) any other person that the Com-
mission determines to be appropriate, in-
cluding— 
‘‘(I) foreign financial supervisors 
(including foreign futures authorities);
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† HR 4173 PP
‘‘(5) MARGIN
REQUIREMENTS.—In prescribing 
margin requirements under this subsection, the ap-
propriate Federal banking agency with respect to se-
curity-based swap dealers and major security-based 
swap participants that are depository institutions, 
and the Commission with respect to security-based 
swap dealers and major security-based swap partici-
pants that are not depository institutions may permit 
the use of noncash collateral, as the agency or the 
Commission determines to be consistent with— 
‘‘(A) preserving the financial integrity of 
markets trading security-based swaps; and 
‘‘(B) preserving the stability of the United 
States financial system. 
‘‘(6) COMPARABILITY OF CAPITAL AND MARGIN 
REQUIREMENTS.— 
‘‘(A) IN GENERAL.—The appropriate Fed-
eral banking agencies, the Commission, and the 
Securities and Exchange Commission shall peri-
odically (but not less frequently than annually) 
consult on minimum capital requirements and 
minimum initial and variation margin require-
ments. 
‘‘(B) COMPARABILITY.—The entities de-
scribed in subparagraph (A) shall, to the max-