§ 240.13Aa-2T Interim rule for reporting pre-enactment security-based swap transactions.  


Latest version.
  • (a) Definitions. For purposes of this rule, the following definitions shall apply:

    (1) Clearing agency shall have the same meaning as set forth in Section 3(a)(23) of the Exchange Act;

    (2) Exchange Act shall mean the Securities Exchange Act of 1934, as amended;

    (3) Major security-based swap participant shall have the meaning provided in Section 3(a)(67) of the Exchange Act and any rules or regulations thereunder;

    (4) Pre-enactment security-based swap transaction shall mean a security-based swap that was entered into prior to, and that had not expired as of, July 21, 2010;

    (5) Security-based swap shall have the meaning provided in Section 3(a)(68) of the Exchange Act and any rules or regulations thereunder;

    (6) Security-based swap dealer shall have the meaning provided in Section 3(a)(71) of the Exchange Act and any rules or regulations thereunder; and

    (7) Security-based swap data repository shall have the meaning provided in Section 3(a)(75) of the Exchange Act and any rules or regulations thereunder.

    (b) Reporting of pre-enactment security-based swap transactions. A counterparty to a pre-enactment security-based swap transaction as provided in paragraph (c) of this section shall:

    (1) Report to a registered security-based swap data repository or the Commission by the compliance date established in the reporting rules required under Sections 3C(e) and 13 A(a)(1) of the Exchange Act, or within 60 days after a registered security-based swap data repository commences operations to receive and maintain data concerning such security-based swap, whichever occurs first, the following information with respect to the pre-enactment security-based swap transaction:

    (i) A copy of the transaction confirmation, in electronic form, if available, or in written form, if there is no electronic copy; and

    (ii) The time, if available, the transaction was executed; and

    (2) Report to the Commission, in a form and manner as prescribed by the Commission, upon request any information relating to the security-based swap transaction.

    Note to paragraphs (b)(1) and (2): In order to comply with the above reporting requirements, each counterparty to a pre-enactment security-based swap transaction that may be required to report such transaction shall retain, in its existing format, all information and documents, if available, to the extent and in such form as they currently exist, relating to the terms of a pre-enactment security-based swap transaction, including but not limited to: any information necessary to identify and value the transaction; the date and time of execution of the transaction; all information from which the price of the transaction was derived; whether the transaction was accepted for clearing by any clearing agency or derivatives clearing organization and, if so, the identity of such clearing agency or derivatives clearing organization; any modification(s) to the terms of the transaction; and the final confirmation of the transaction.

    (c) Reporting party. The counterparties to a pre-enactment security-based swap transaction shall report the information required under paragraph (b) of this section as follows:

    (1) Where only one counterparty to a pre-enactment security-based swap transaction is a security-based swap dealer or a major security-based swap participant, the security-based swap dealer or major security-based swap participant shall report the transaction;

    (2) Where one counterparty to a pre-enactment security-based swap transaction is a security-based swap dealer and the other counterparty is a major security-based swap participant, the security-based swap dealer shall report the transaction; and

    (3) Where neither counterparty to a pre-enactment security-based swap transaction is security-based swap dealer or a major security-based swap participant, the counterparties to the transaction shall select the counterparty who will report the transaction.

    (d) Effective Date. This section shall be effective beginning October 20, 2010 until January 12, 2012. If the Commission publishes permanent recordkeeping and reporting rules for security-based transactions before January 12, 2012, that rule will terminate the effectiveness of this section.

    Effective Date Note:   At 75 FR 64653, Oct. 20, 2010, §240.13Aa–2T was added, effective October 20, 2010 through January 12, 2012.