---
kind: "section"
citation: "17 C.F.R. § 49.21"
title: "17"
number: "49.21"
heading: "Conflicts of interest (Core Principle 3)."
url: "https://uscodex.org/cfr/17/49.21"
---

# §49.21. Conflicts of interest (Core Principle 3).

- (a) **General.**
  - (1) Each swap data repository shall establish and enforce rules to minimize conflicts of interest in the decision-making process of the swap data repository, and establish a process for resolving such conflicts of interest.
  - (2) Nothing in this section shall supersede any requirement applicable to the swap data repository pursuant to [§ 49.20](/cfr/17/49.20.md) of this part.
- (b) **Policies and procedures.**
  - (1) Each swap data repository shall establish, maintain, and enforce written procedures to:
    - (i) Identify, on an ongoing basis, existing and potential conflicts of interest; and
    - (ii) **Make decisions in the event of a conflict of interest.** Such procedures shall include rules regarding the recusal, in applicable circumstances, of parties involved in the making of decisions.
  - (2) As further described in [§ 49.20](/cfr/17/49.20.md) of this part, the chief compliance officer of the swap data repository shall, in consultation with the board of directors or a senior officer of the swap data repository, as applicable, resolve any such conflicts of interest.
- (c) **Compliance with core principle.** The chief compliance officer of the swap data repository shall review the compliance of the swap data repository with this core principle.

## Notes

### Authority

Authority: 7 U.S.C. 1a, 2(a), 6r, 12a, and 24a, as amended by Title VII of the Wall Street Reform and Consumer Protection Act of 2010, Pub. L. 111-203, 124 Stat. 1376 (Jul. 21, 2010), unless otherwise noted.

### Source

Source: 76 FR 54575, Sept. 1, 2011, unless otherwise noted.