Page:United States Statutes at Large Volume 124.djvu/1705

124 STAT. 1679 PUBLIC LAW 111–203—JULY 21, 2010 ‘‘(5) REPORTING TRANSITION RULES.—Rules adopted by the Commission under this section shall provide for the reporting of data, as follows: ‘‘(A) Swaps entered into before the date of the enact- ment of this subsection shall be reported to a registered swap data repository or the Commission no later than 180 days after the effective date of this subsection. ‘‘(B) Swaps entered into on or after such date of enact- ment shall be reported to a registered swap data repository or the Commission no later than the later of— ‘‘(i) 90 days after such effective date; or ‘‘(ii) such other time after entering into the swap as the Commission may prescribe by rule or regulation. ‘‘(6) CLEARING TRANSITION RULES.— ‘‘(A) Swaps entered into before the date of the enact- ment of this subsection are exempt from the clearing requirements of this subsection if reported pursuant to paragraph (5)(A). ‘‘(B) Swaps entered into before application of the clearing requirement pursuant to this subsection are exempt from the clearing requirements of this subsection if reported pursuant to paragraph (5)(B). ‘‘(7) EXCEPTIONS.— ‘‘(A) IN GENERAL.—The requirements of paragraph (1)(A) shall not apply to a swap if 1 of the counterparties to the swap— ‘‘(i) is not a financial entity; ‘‘(ii) is using swaps to hedge or mitigate commercial risk; and ‘‘(iii) notifies the Commission, in a manner set forth by the Commission, how it generally meets its financial obligations associated with entering into non- cleared swaps. ‘‘(B) OPTION TO CLEAR.—The application of the clearing exception in subparagraph (A) is solely at the discretion of the counterparty to the swap that meets the conditions of clauses (i) through (iii) of subparagraph (A). ‘‘(C) FINANCIAL ENTITY DEFINITION.— ‘‘(i) IN GENERAL.—For the purposes of this para- graph, the term ‘financial entity’ means— ‘‘(I) a swap dealer; ‘‘(II) a security-based swap dealer; ‘‘(III) a major swap participant; ‘‘(IV) a major security-based swap participant; ‘‘(V) a commodity pool; ‘‘(VI) a private fund as defined in section 202(a) of the Investment Advisers Act of 1940 (15 U.S.C. 80-b-2(a)); ‘‘(VII) an employee benefit plan as defined in paragraphs (3) and (32) of section 3 of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1002); ‘‘(VIII) a person predominantly engaged in activities that are in the business of banking, or in activities that are financial in nature, as defined in section 4(k) of the Bank Holding Company Act of 1956. Notification.