§ 49.2 - Definitions.

§ 49.2 Definitions.

Cross Reference

Link to an amendment published at 85 FR 75595, Nov. 25, 2020.

Cross Reference

Link to an amendment published at 85 FR 75656, Nov. 25, 2020.

(a) As used in this part:

(1)

Affiliate

. The term “affiliate”

means a person that directly, or indirectly, controls, is controlled by, or is under common control with, the swap data repository.

(2) Asset class. The term “asset class” means the particular broad category of goods, services or commodities

As soon as technologically practicable means as soon as possible, taking into consideration the prevalence, implementation, and use of technology by comparable market participants.

Asset class means a broad category of commodities including, without limitation, any “excluded commodity” as defined in section 1a(19) of the Act, with common characteristics underlying a swap. The asset classes include

credit, equity,

interest

rates

rate, foreign exchange, credit, equity, other

commodities

commodity, and such other asset classes as may be determined by the Commission.

(3)

Commercial use

. The term “commercial use”

means the use of

swap

SDR data held and maintained by a

registered

swap data repository for a profit or business purposes.

The

A swap data repository's use of

swap

SDR data for regulatory purposes and/or

responsibilities by a registered swap data repository

to perform its regulatory responsibilities would not be considered a commercial use regardless of whether the

registered

swap data repository charges a fee for reporting such

swap

SDR data.

(4)

Control

. The term “control”

(including the terms “controlled

by”

by” and “under common control

with”

with”) means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a person, whether through the ownership of voting securities, by contract, or otherwise.

(5) Foreign Regulator. The term “foreign regulator”

Data validation acceptance message means a notification that SDR data satisfied the data validation procedures applied by a swap data repository.

Data validation error means that a specific data element of SDR data did not satisfy the data validation procedures applied by a swap data repository.

Data validation error message means a notification that SDR data contained one or more data validation error(s).

Data validation procedures procedures established by a swap data repository pursuant to § 49.10 to validate SDR data reported to the swap data repository.

Foreign regulator means a foreign futures authority as defined in

Section

section 1a(26) of the Act, foreign financial supervisors, foreign central banks, foreign ministries, and other foreign authorities.

(6)

Independent perspective

. The term “independent perspective”

means a viewpoint that is impartial regarding competitive, commercial, or industry concerns and contemplates the effect of a decision on all constituencies involved.

(7)

Market participant

. The term “market participant”

means any person participating in the swap market, including, but not limited to, designated contract markets, derivatives clearing organizations,

swaps

swap execution facilities, swap dealers, major swap participants, and any other

counterparties

counterparty to a swap transaction.

(8)

Non-affiliated third party

. The term “non-affiliated third party”

means any person except:

(

i

1) The swap data repository;

(

ii

2) The swap data repository's affiliate; or

(

iii

3) A person jointly employed by a swap data repository and any entity that is not the swap data repository's affiliate (

and

the term “non-affiliated third party” includes such entity that jointly employs the person).

(9) Person associated with a swap data repository. The term “person

Open swap means an executed swap transaction that has not reached maturity or expiration, and has not been fully exercised, closed out, or terminated.

Person associated with a swap data repository

”

means:

(

i

1) Any partner, officer, or director of such swap data repository (or any person occupying a similar status or performing similar functions);

(

ii

2) Any person directly or indirectly controlling, controlled by, or under common control with such swap data repository; or

(

iii

3) Any person employed by such swap data repository

. (10) Position. The term “position”

, including a jointly employed person.

Position means the gross and net notional amounts of open swap transactions aggregated by one or more attributes, including, but not limited to, the:

(

i

1) Underlying instrument;

(

ii

2) Index, or reference entity;

(

iii

3) Counterparty;

(

iv

4) Asset class;

(

v

5) Long risk of the underlying instrument, index, or reference entity; and

(

vi

6) Short risk of the underlying instrument, index, or reference entity.

(11) Registered swap data repository. The term “registered swap data repository” means a swap data repository that is registered under Section 21 of the Act.

(12) Reporting entity. The term “reporting entity” means those entities that are required to report swap data to a registered swap data repository. These reporting entities include designated contract markets, swaps execution facilities, derivatives clearing organizations, swap dealers, major swap participants and certain non-swap dealers/non-major swap participant counterparties.

(13) SDR Information. The term “SDR Information”

Reporting counterparty means the counterparty required to report SDR data pursuant to part 43, 45, or 46 of this chapter.

SDR data means the specific data elements and information required to be reported to a swap data repository or disseminated by a swap data repository pursuant to two or more of parts 43, 45, 46, and/or 49 of this chapter, as applicable in the context.

SDR information means any information that the swap data repository receives or maintains

. (14) Section 8 Material. The term “Section 8 Material”

related to the business of the swap data repository that is not SDR data.

Section 8 material means the business transactions,

trade

SDR data, or market positions of any person and trade secrets or names of customers.

(15)

Swap data

. The term “swap data”

means the specific data elements and information

set forth in

required to be reported to a swap data repository pursuant to part 45 of this chapter

that is

or made available to the Commission pursuant to this part, as applicable.

Swap transaction and pricing data means the specific data elements and information required to be reported

by a reporting entity

to a

registered

swap data repository or publicly disseminated by a swap data repository pursuant to part 43 of this chapter, as applicable.

(b) Defined Other defined terms. Capitalized terms Terms not defined in this part shall have the meanings assigned to them the terms in § 1.3 of this chapter.

[76 FR 54575, Sept. 1, 2011, as amended at 83 FR 27436, June 12, 2018; 85 FR 75595, 75656, Nov. 25, 2020]