624 
‘‘(A) DATA
IDENTIFICATION.—The Com-
mission shall prescribe standards that specify 
the data elements for each security-based swap 
that shall be collected and maintained by each 
security-based swap repository. 
‘‘(B) DATA
COLLECTION
AND
MAINTE-
NANCE.—The Commission shall prescribe data 
collection and data maintenance standards for 
security-based swap repositories. 
‘‘(C) 
COMPARABILITY.—The 
standards 
prescribed by the Commission under this sub-
section shall be comparable to the data stand-
ards imposed by the Commission on clearing 
agencies that clear security-based swaps. 
‘‘(3) DUTIES.—A security-based swap reposi-
tory shall— 
‘‘(A) accept data prescribed by the Com-
mission for each security-based swap under this 
paragraph (2); 
‘‘(B) maintain such data in such form and 
manner and for such period as may be required 
by the Commission; 
‘‘(C) provide to the Commission, or its des-
ignee, such information as is required by, and 
in a form and at a frequency to be determined 
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by, the Commission, in order to comply with the 
public reporting requirements contained in sub-
section (m); and 
‘‘(D) make available, on a confidential 
basis, all data obtained by the security-based 
swap 
repository, 
including 
individual 
counterparty trade and position data, to the 
Commission, the appropriate Federal banking 
agencies, the Commodity Futures Trading 
Commission, the Financial Services Oversight 
Council, and the Department of Justice or to 
other persons the Commission deems appro-
priate, including foreign financial supervisors 
(including foreign futures authorities), foreign 
central banks, and foreign ministries. 
‘‘(4) REQUIRED REGISTRATION FOR SECURITY- 
BASED SWAP REPOSITORIES.—Any person that is re-
quired to be registered as a securities-based swap re-
pository under this subsection shall register with the 
Commission, regardless of whether that person also 
is registered with the Commodity Futures Trading 
Commission as a swap repository. 
‘‘(5) HARMONIZATION
OF
RULES.—Not later 
than 180 days after the date of enactment of the 
Over-the-Counter Derivatives Markets Act of 2009, 
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the Commission and the Commodity Futures Trad-
ing Commission shall jointly adopt uniform rules 
governing persons that are registered under this sec-
tion and persons that are registered as swap reposi-
tories under the Commodity Exchange Act (7 U.S.C. 
1, et seq.), including uniform rules that specify the 
data elements that shall be collected and maintained 
by each repository. 
‘‘(6) EXEMPTIONS.—The Commission may ex-
empt, conditionally or unconditionally, a security- 
based swap repository from the requirements of this 
section if the Commission finds that such security- 
based swap repository is subject to comparable, com-
prehensive supervision or regulation on a consoli-
dated basis by the Commodity Futures Trading 
Commission, a Prudential Regulator or the appro-
priate governmental authorities in the organization’s 
home country.’’. 
SEC. 3204. REGISTRATION AND REGULATION OF SWAP 
DEALERS AND MAJOR SWAP PARTICIPANTS. 
The Securities Exchange Act of 1934 (15 U.S.C. 78a, 
et seq.) is amended by inserting after section 15E (15 
U.S.C. 78o-7) the following: 
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‘‘SEC. 15F. REGISTRATION AND REGULATION OF SECURITY- 
BASED SWAP DEALERS AND MAJOR SECU-
RITY-BASED SWAP PARTICIPANTS. 
‘‘(a) REGISTRATION.— 
‘‘(1) It shall be unlawful for any person to act 
as a security-based swap dealer unless such person 
is registered as a security-based swap dealer with 
the Commission. 
‘‘(2) It shall be unlawful for any person to act 
as a major security-based swap participant unless 
such 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.—The application shall be 
made in such form and manner as prescribed by the 
Commission, giving any information and facts as the 
Commission may deem necessary concerning the 
business in which the applicant is or will be engaged. 
Such person, when registered as a security-based 
swap dealer or major security-based swap partici-
pant, shall continue to report and furnish to the 
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Commission such information pertaining to such 
person’s business as the Commission may require. 
‘‘(3) EXPIRATION.—Each registration shall ex-
pire at such time as the Commission may by rule or 
regulation prescribe. 
‘‘(4) RULES.—Except as provided in sub-
sections (c), (d) and (e), the Commission may pre-
scribe rules applicable to security-based swap dealers 
and major security-based swap participants, includ-
ing rules that limit the activities of security-based 
swap dealers and major security-based swap partici-
pants. Except as provided in subsections (c) and (e), 
the Commission may provide conditional or uncondi-
tional exemptions from rules prescribed under this 
section for security-based swap dealers and major 
security-based swap participants that are subject to 
substantially similar requirements as brokers or 
dealers. 
‘‘(5) TRANSITION.—Rules adopted under this 
section shall provide for the registration of security- 
based swap dealers and major security-based swap 
participants no later than 1 year after the effective 
date of the Over-the-Counter Derivatives Markets 
Act of 2009. 
‘‘(c) DUAL REGISTRATION.— 
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