---
kind: "section"
citation: "7 U.S.C. § 24a"
title: "7"
title_heading: "Agriculture"
number: "24a"
heading: "Swap data repositories"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/7/24a"
units:
  - "Chapter 1 — Commodity Exchanges"
---

# §24a. Swap data repositories

- (a) **Registration requirement—**
  - (1) **Requirement; authority of derivatives clearing organization—**
    - (A) **In general—** It shall be unlawful for any [person](/usc/7/1a.md?p=38), unless registered with the [Commission](/usc/7/1a.md?p=8), directly or indirectly to make use of the mails or any means or instrumentality of [interstate commerce](/usc/7/1a.md?p=30) to perform the functions of a [swap data repository](/usc/7/1a.md?p=48).
    - (B) **Registration of derivatives clearing organizations—** A [derivatives clearing organization](/usc/7/1a.md?p=15-A) may register as a [swap data repository](/usc/7/1a.md?p=48).
  - (2) **Inspection and examination—** Each registered [swap data repository](/usc/7/1a.md?p=48) shall be subject to inspection and examination by any representative of the [Commission](/usc/7/1a.md?p=8).
  - (3) **Compliance with core principles—**
    - (A) **In general—** To be registered, and maintain registration, as a [swap data repository](/usc/7/1a.md?p=48), the [swap data repository](/usc/7/1a.md?p=48) shall comply with—
      - (i) the requirements and core principles described in this section; and
      - (ii) any requirement that the [Commission](/usc/7/1a.md?p=8) may impose by rule or regulation pursuant to [section 12a(5) of this title](/usc/7/12a.md?p=5).
    - (B) **Reasonable discretion of swap data repository—** Unless otherwise determined by the [Commission](/usc/7/1a.md?p=8) by rule or regulation, a [swap data repository](/usc/7/1a.md?p=48) described in [subparagraph (A)](#a-3-A) shall have reasonable discretion in establishing the manner in which the [swap data repository](/usc/7/1a.md?p=48) complies with the core principles described in this section.
- (b) **Standard setting—**
  - (1) **Data identification—**
    - (A) **In general—** In accordance with [subparagraph (B)](#b-1-B), the [Commission](/usc/7/1a.md?p=8) shall prescribe standards that specify the data elements for each [swap](/usc/7/1a.md?p=47-A) that shall be collected and maintained by each registered [swap data repository](/usc/7/1a.md?p=48).
    - (B) **Requirement—** In carrying out [subparagraph (A)](#b-1-A), the [Commission](/usc/7/1a.md?p=8) shall prescribe consistent data element standards applicable to [registered entities](/usc/7/1a.md?p=40) and reporting counterparties.
  - (2) **Data collection and maintenance—** The [Commission](/usc/7/1a.md?p=8) shall prescribe data collection and data maintenance standards for [swap data repositories](/usc/7/1a.md?p=48).
  - (3) **Comparability—** The standards prescribed by the [Commission](/usc/7/1a.md?p=8) under this subsection shall be comparable to the data standards imposed by the [Commission](/usc/7/1a.md?p=8) on [derivatives clearing organizations](/usc/7/1a.md?p=15-A) in connection with their clearing of [swaps](/usc/7/1a.md?p=47-A).
- (c) **Duties—** A [swap data repository](/usc/7/1a.md?p=48) shall—
  - (1) accept data prescribed by the [Commission](/usc/7/1a.md?p=8) for each [swap](/usc/7/1a.md?p=47-A) under [subsection (b)](#b);
  - (2) confirm with both counterparties to the [swap](/usc/7/1a.md?p=47-A) the accuracy of the data that was submitted;
  - (3) maintain the data described in [paragraph (1)](#c-1) in such form, in such manner, and for such period as may be required by the [Commission](/usc/7/1a.md?p=8);
  - (4)
    - (A) provide direct electronic access to the [Commission](/usc/7/1a.md?p=8) (or any designee of the [Commission](/usc/7/1a.md?p=8), including another [registered entity](/usc/7/1a.md?p=40)); and
    - (B) provide the information described in [paragraph (1)](#c-1) in such form and at such frequency as the [Commission](/usc/7/1a.md?p=8) may require to comply with the public reporting requirements contained in [section 2(a)(13) of this title](/usc/7/2.md?p=a-13);
  - (5) at the direction of the [Commission](/usc/7/1a.md?p=8), establish automated systems for monitoring, screening, and analyzing [swap](/usc/7/1a.md?p=47-A) data, including compliance and frequency of end user clearing exemption claims by individual and affiliated entities;
  - (6) maintain the privacy of any and all [swap](/usc/7/1a.md?p=47-A) transaction information that the [swap data repository](/usc/7/1a.md?p=48) receives from a [swap dealer](/usc/7/1a.md?p=49-A), counterparty, or any other [registered entity](/usc/7/1a.md?p=40); and
  - (7) on a confidential basis pursuant to [section 12 of this title](/usc/7/12.md), upon request, and after notifying the [Commission](/usc/7/1a.md?p=8) of the request, make available [swap](/usc/7/1a.md?p=47-A) data obtained by the [swap data repository](/usc/7/1a.md?p=48), including individual counterparty trade and position data, to—
    - (A) each appropriate [prudential regulator](/usc/7/1a.md?p=39);
    - (B) the Financial Stability Oversight Council;
    - (C) the [Securities](/usc/7/1a.md?p=41) and [Exchange](/usc/7/1a.md?p=1-D) [Commission](/usc/7/1a.md?p=8);
    - (D) the Department of Justice; and
    - (E) any other [person](/usc/7/1a.md?p=38) that the [Commission](/usc/7/1a.md?p=8) determines to be appropriate, including—
      - (i) foreign financial supervisors (including [foreign futures authorities](/usc/7/1a.md?p=26));
      - (ii) foreign central [banks](/usc/7/27.md?p=a);
      - (iii) foreign ministries; and
      - (iv) other foreign authorities; and
  - (8) establish and maintain emergency procedures, backup facilities, and a plan for disaster recovery that allows for the timely recovery and resumption of operations and the fulfillment of the responsibilities and obligations of the organization.
- (d) **Confidentiality agreement—** Before the [swap data repository](/usc/7/1a.md?p=48) may share information with any entity described in [subsection (c)(7)](#c-7), the [swap data repository](/usc/7/1a.md?p=48) shall receive a written agreement from each entity stating that the entity shall abide by the confidentiality requirements described in [section 12 of this title](/usc/7/12.md) relating to the information on [swap](/usc/7/1a.md?p=47-A) transactions that is provided.
- (e) **Designation of chief compliance officer—**
  - (1) **In general—** Each [swap data repository](/usc/7/1a.md?p=48) shall designate an individual to serve as a chief compliance officer.
  - (2) **Duties—** The chief compliance officer shall—
    - (A) report directly to the [board](/usc/7/1a.md?p=5) or to the senior officer of the [swap data repository](/usc/7/1a.md?p=48);
    - (B) review the compliance of the [swap data repository](/usc/7/1a.md?p=48) with respect to the requirements and core principles described in this section;
    - (C) in consultation with the [board](/usc/7/1a.md?p=5) of the [swap data repository](/usc/7/1a.md?p=48), a body performing a function similar to the [board](/usc/7/1a.md?p=5) of the [swap data repository](/usc/7/1a.md?p=48), or the senior officer of the [swap data repository](/usc/7/1a.md?p=48), resolve any conflicts of interest that may arise;
    - (D) be responsible for administering each policy and procedure that is required to be established pursuant to this section;
    - (E) ensure compliance with this chapter (including regulations) relating to agreements, contracts, or transactions, including each rule prescribed by the [Commission](/usc/7/1a.md?p=8) under this section;
    - (F) establish procedures for the remediation of noncompliance issues identified by the chief compliance officer through any—
      - (i) compliance office review;
      - (ii) look-back;
      - (iii) internal or external audit finding;
      - (iv) self-reported error; or
      - (v) validated complaint; and
    - (G) establish and follow appropriate procedures for the handling, management response, remediation, retesting, and closing of noncompliance issues.
  - (3) **Annual reports—**
    - (A) **In general—** In accordance with rules prescribed by the [Commission](/usc/7/1a.md?p=8), the chief compliance officer shall annually prepare and sign a report that contains a description of—
      - (i) the compliance of the [swap data repository](/usc/7/1a.md?p=48) of the chief compliance officer with respect to this chapter (including regulations); and
      - (ii) each policy and procedure of the [swap data repository](/usc/7/1a.md?p=48) of the chief compliance officer (including the code of ethics and conflict of interest policies of the [swap data repository](/usc/7/1a.md?p=48)).
    - (B) **Requirements—** A compliance report under [subparagraph (A)](#e-3-A) shall—
      - (i) accompany each appropriate financial report of the [swap data repository](/usc/7/1a.md?p=48) that is required to be furnished to the [Commission](/usc/7/1a.md?p=8) pursuant to this section; and
      - (ii) include a certification that, under penalty of law, the compliance report is accurate and complete.
- (f) **Core principles applicable to swap data repositories—**
  - (1) **Antitrust considerations—** Unless necessary or appropriate to achieve the purposes of this chapter, a [swap data repository](/usc/7/1a.md?p=48) shall not—
    - (A) adopt any rule or take any action that results in any unreasonable restraint of trade; or
    - (B) impose any material anticompetitive burden on the trading, clearing, or reporting of transactions.
  - (2) **Governance arrangements—** Each [swap data repository](/usc/7/1a.md?p=48) shall establish governance arrangements that are transparent—
    - (A) to fulfill public interest requirements; and
    - (B) to support the objectives of the Federal Government, owners, and participants.
  - (3) **Conflicts of interest—** Each [swap data repository](/usc/7/1a.md?p=48) shall—
    - (A) establish and enforce rules to minimize conflicts of interest in the decision-making process of the [swap data repository](/usc/7/1a.md?p=48); and
    - (B) establish a process for resolving conflicts of interest described in [subparagraph (A)](#f-3-A).
  - (4) **Additional duties developed by Commission—**
    - (A) **In general—** The [Commission](/usc/7/1a.md?p=8) may develop 1 or more additional duties applicable to [swap data repositories](/usc/7/1a.md?p=48).
    - (B) **Consideration of evolving standards—** In developing additional duties under [subparagraph (A)](#f-4-A), the [Commission](/usc/7/1a.md?p=8) may take into consideration any evolving standard of the United States or the international community.
    - (C) **Additional duties for Commission designees—** The [Commission](/usc/7/1a.md?p=8) shall establish additional duties for any registrant described in [section 1a(48) of this title](/usc/7/1a.md?p=48) in order to minimize conflicts of interest, protect data, ensure compliance, and guarantee the safety and [security](/usc/7/1a.md?p=41) of the [swap data repository](/usc/7/1a.md?p=48).
- (g) **Required registration for swap data repositories—** Any [person](/usc/7/1a.md?p=38) that is required to be registered as a [swap data repository](/usc/7/1a.md?p=48) under this section shall register with the [Commission](/usc/7/1a.md?p=8) regardless of whether that [person](/usc/7/1a.md?p=38) is also licensed as a [bank](/usc/7/27.md?p=a) or registered with the [Securities](/usc/7/1a.md?p=41) and [Exchange](/usc/7/1a.md?p=1-D) [Commission](/usc/7/1a.md?p=8) as a [swap data repository](/usc/7/1a.md?p=48).
- (h) **Rules—** The [Commission](/usc/7/1a.md?p=8) shall adopt rules governing [persons](/usc/7/1a.md?p=38) that are registered under this section.

## Source credit

(Sept. 21, 1922, ch. 369, § 21, as added Pub. L. 111–203, title VII, § 728, July 21, 2010, 124 Stat. 1697; amended Pub. L. 114–94, div. G, title LXXXVI, § 86001(b), Dec. 4, 2015, 129 Stat. 1797.)

## Notes

### Editorial Notes

### Prior Provisions

A prior section 21 of act Sept. 21, 1922, ch. 369, as added by Pub. L. 96–276, § 7, June 17, 1980, 94 Stat. 542, related to silver markets activity and was set out as a note under section 4a of this title prior to repeal by Pub. L. 102–546, title IV, § 402(13), Oct. 28, 1992, 106 Stat. 3625.

### Amendments

2015—Subsec. (c)(7). Pub. L. 114–94, § 86001(b)(1)(A), substituted “swap” for “all” in introductory provisions.

Subsec. (c)(7)(E)(iv). Pub. L. 114–94, § 86001(b)(1)(B), added cl. (iv).

Subsec. (d). Pub. L. 114–94, § 86001(b)(2), added subsec. (d) and struck out former subsec. (d) which related to confidentiality and indemnification agreement.

### Statutory Notes and Related Subsidiaries

### Effective Date of 2015 Amendment

Amendment by Pub. L. 114–94 effective as if enacted as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Pub. L. 111–203, see section 86001(d) of Pub. L. 114–94, set out as a note under section 7a–1 of this title.

### Effective Date

Section effective on the later of 360 days after July 21, 2010, or, to the extent a provision of subtitle A (§§ 711–754) 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 A, see section 754 of Pub. L. 111–203, set out as an Effective Date of 2010 Amendment note under section 1a of this title.