---
kind: "section"
citation: "15 U.S.C. § 78m–1"
title: "15"
title_heading: "Commerce and Trade"
number: "78m–1"
heading: "Reporting and recordkeeping for certain security-based swaps"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/15/78m-1"
units:
  - "Chapter 2B — Securities Exchanges"
---

# §78m–1. Reporting and recordkeeping for certain security-based swaps

- (a) **Required reporting of security-based swaps not accepted by any clearing agency or derivatives clearing organization—**
  - (1) **In general—** Each [security-based swap](/usc/15/78c.md?p=a-68-A) that is not accepted for clearing by any [clearing agency](/usc/15/78c.md?p=a-23-A) or derivatives clearing organization shall be reported to—
    - (A) a [security-based swap data repository](/usc/15/78c.md?p=a-75) described in [section 78m(n) of this title](/usc/15/78m.md?p=n); or
    - (B) in the case in which there is no [security-based swap data repository](/usc/15/78c.md?p=a-75) that would accept the [security-based swap](/usc/15/78c.md?p=a-68-A), to the [Commission](/usc/15/78c.md?p=a-15) pursuant to this section within such time period as the [Commission](/usc/15/78c.md?p=a-15) may by rule or regulation prescribe.
  - (2) **Transition rule for preenactment security-based swaps—**
    - (A) **Security-based swaps entered into before July 21, 2010—** Each [security-based swap](/usc/15/78c.md?p=a-68-A) entered into before July 21, 2010, the terms of which have not expired as of July 21, 2010, shall be reported to a registered [security-based swap data repository](/usc/15/78c.md?p=a-75) or the [Commission](/usc/15/78c.md?p=a-15) by a date that is not later than—
      - (i) 30 days after issuance of the interim final rule; or
      - (ii) such other period as the [Commission](/usc/15/78c.md?p=a-15) determines to be appropriate.
    - (B) **Commission rulemaking—** The [Commission](/usc/15/78c.md?p=a-15) shall promulgate an interim final rule within 90 days of July 21, 2010, providing for the reporting of each [security-based swap](/usc/15/78c.md?p=a-68-A) entered into before July 21, 2010, as referenced in [subparagraph (A)](#a-2-A).
    - (C) **Effective date—** The reporting provisions described in this section shall be effective upon July 21, 2010.
  - (3) **Reporting obligations—**
    - (A) **Security-based swaps in which only 1 counterparty is a security-based swap dealer or major security-based swap participant—** With respect to a [security-based swap](/usc/15/78c.md?p=a-68-A) in which only 1 counterparty is a [security-based swap dealer](/usc/15/78c.md?p=a-71-A) or [major security-based swap participant](/usc/15/78c.md?p=a-67-A), the [security-based swap dealer](/usc/15/78c.md?p=a-71-A) or [major security-based swap participant](/usc/15/78c.md?p=a-67-A) shall report the [security-based swap](/usc/15/78c.md?p=a-68-A) as required under paragraphs [(1)](#a-1) and [(2)](#a-2).
    - (B) **Security-based swaps in which 1 counterparty is a security-based swap dealer and the other a major security-based swap participant—** With respect to a [security-based swap](/usc/15/78c.md?p=a-68-A) in which 1 counterparty is a [security-based swap dealer](/usc/15/78c.md?p=a-71-A) and the other a [major security-based swap participant](/usc/15/78c.md?p=a-67-A), the [security-based swap dealer](/usc/15/78c.md?p=a-71-A) shall report the [security-based swap](/usc/15/78c.md?p=a-68-A) as required under paragraphs [(1)](#a-1) and [(2)](#a-2).
    - (C) **Other security-based swaps—** With respect to any other [security-based swap](/usc/15/78c.md?p=a-68-A) not described in subparagraph [(A)](#a-3-A) or [(B)](#a-3-B), the counterparties to the [security-based swap](/usc/15/78c.md?p=a-68-A) shall select a counterparty to report the [security-based swap](/usc/15/78c.md?p=a-68-A) as required under paragraphs [(1)](#a-1) and [(2)](#a-2).
- (b) **Duties of certain individuals—** Any individual or entity that enters into a [security-based swap](/usc/15/78c.md?p=a-68-A) shall meet each requirement described in [subsection (c)](#c) if the individual or entity did not—
  - (1) clear the [security-based swap](/usc/15/78c.md?p=a-68-A) in accordance with [section 78c–3(a)(1) of this title](/usc/15/78c–3.md?p=a-1); or
  - (2) have the data regarding the [security-based swap](/usc/15/78c.md?p=a-68-A) accepted by a [security-based swap data repository](/usc/15/78c.md?p=a-75) in accordance with rules (including timeframes) adopted by the [Commission](/usc/15/78c.md?p=a-15) under this chapter.
- (c) **Requirements—** An individual or entity described in [subsection (b)](#b) shall—
  - (1) upon written request from the [Commission](/usc/15/78c.md?p=a-15), provide reports regarding the [security-based swaps](/usc/15/78c.md?p=a-68-A) held by the individual or entity to the [Commission](/usc/15/78c.md?p=a-15) in such form and in such manner as the [Commission](/usc/15/78c.md?p=a-15) may request; and
  - (2) maintain books and [records](/usc/15/78c.md?p=a-37) pertaining to the [security-based swaps](/usc/15/78c.md?p=a-68-A) held by the individual or entity in such form, in such manner, and for such period as the [Commission](/usc/15/78c.md?p=a-15) may require, which shall be open to inspection by—
    - (A) any representative of the [Commission](/usc/15/78c.md?p=a-15);
    - (B) an appropriate [prudential regulator](/usc/15/78c.md?p=a-74);
    - (C) the Commodity Futures Trading [Commission](/usc/15/78c.md?p=a-15);
    - (D) the Financial Stability Oversight Council; and
    - (E) the Department of Justice.
- (d) **Identical data—** In prescribing rules under this section, the [Commission](/usc/15/78c.md?p=a-15) shall require individuals and entities described in [subsection (b)](#b) to submit to the [Commission](/usc/15/78c.md?p=a-15) a report that contains data that is not less comprehensive than the data required to be collected by [security-based swap data repositories](/usc/15/78c.md?p=a-75) under this chapter.

## Source credit

(June 6, 1934, ch. 404, title I, § 13A, as added Pub. L. 111–203, title VII, § 766(a), July 21, 2010, 124 Stat. 1797.)

## Notes

### Editorial Notes

### References in Text

This chapter, referred to in subsecs. (b)(2) and (d), was in the original “this title”. See References in Text note set out under section 78a of this title.

### Statutory Notes and Related Subsidiaries

### Effective Date

Section effective on the later of 360 days after July 21, 2010, or, to the extent a provision of subtitle B (§§ 761–774) of title VII of Pub. L. 111–203 requires a rulemaking, not less than 60 days after publication of the final rule or regulation implementing such provision of subtitle B, see section 774 of Pub. L. 111–203, set out as an Effective Date of 2010 Amendment note under section 77b of this title.