Page:United States Statutes at Large Volume 124.djvu/1736

124 STAT. 1710 PUBLIC LAW 111–203—JULY 21, 2010 ‘‘(ii) before the initiation of the transaction, disclose to the Special Entity in writing the capacity in which the swap dealer is acting; and ‘‘(B) the Commission may establish such other stand- ards and requirements as the Commission may determine are appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of this Act. ‘‘(6) RULES.—The Commission shall prescribe rules under this subsection governing business conduct standards for swap dealers and major swap participants. ‘‘(7) APPLICABILITY.—This section shall not apply with respect to a transaction that is— ‘‘(A) initiated by a Special Entity on an exchange or swap execution facility; and ‘‘(B) one in which the swap dealer or major swap participant does not know the identity of the counterparty to the transaction. ‘‘(i) DOCUMENTATION STANDARDS.— ‘‘(1) IN GENERAL.—Each registered swap dealer and major swap participant shall conform with such standards as may be prescribed by the Commission by rule or regulation that relate to timely and accurate confirmation, processing, netting, documentation, and valuation of all swaps. ‘‘(2) RULES.—The Commission shall adopt rules governing documentation standards for swap dealers and major swap participants. ‘‘(j) DUTIES.—Each registered swap dealer and major swap participant at all times shall comply with the following require- ments: ‘‘(1) MONITORING OF TRADING.—The swap dealer or major swap participant shall monitor its trading in swaps to prevent violations of applicable position limits. ‘‘(2) RISK MANAGEMENT PROCEDURES.—The swap dealer or major swap participant shall establish robust and professional risk management systems adequate for managing the day- to-day business of the swap dealer or major swap participant. ‘‘(3) DISCLOSURE OF GENERAL INFORMATION.—The swap dealer or major swap participant shall disclose to the Commis- sion and to the prudential regulator for the swap dealer or major swap participant, as applicable, information concerning— ‘‘(A) terms and conditions of its swaps; ‘‘(B) swap trading operations, mechanisms, and prac- tices; ‘‘(C) financial integrity protections relating to swaps; and ‘‘(D) other information relevant to its trading in swaps. ‘‘(4) ABILITY TO OBTAIN INFORMATION.—The swap dealer or major swap participant shall— ‘‘(A) establish and enforce internal systems and proce- dures to obtain any necessary information to perform any of the functions described in this section; and ‘‘(B) provide the information to the Commission and to the prudential regulator for the swap dealer or major swap participant, as applicable, on request.