4t (Statutory Provision-6t)

7 U.S.C.A. § 6t

Page 1

Effective:[See Notes]
United States Code Annotated Currentness
Title 7. Agriculture
Chapter 1. Commodity Exchanges (Refs & Annos)
§ 6t. Large swap trader reporting
(a) Prohibition
(1) In general
Except as provided in paragraph (2), it shall be unlawful for any person to enter into any
swap that the Commission determines to perform a significant price discovery function with
respect to registered entities if-(A) the person directly or indirectly enters into the swap during any 1 day in an amount
equal to or in excess of such amount as shall be established periodically by the Commission; and
(B) the person directly or indirectly has or obtains a position in the swap equal to or in excess of such amount as shall be established periodically by the Commission.
(2) Exception
Paragraph (1) shall not apply if-(A) the person files or causes to be filed with the properly designated officer of the Commission such reports regarding any transactions or positions described in subparagraphs
(A) and (B) of paragraph (1) as the Commission may require by rule or regulation; and
(B) in accordance with the rules and regulations of the Commission, the person keeps
books and records of all such swaps and any transactions and positions in any related commodity traded on or subject to the rules of any designated contract market or swap execution facility, and of cash or spot transactions in, inventories of, and purchase and sale commitments of, such a commodity.
(b) Requirements
(1) In general

© 2011 Thomson Reuters. No Claim to Orig. US Gov. Works.

7 U.S.C.A. § 6t

Page 2

Books and records described in subsection (a)(2)(B) shall-(A) show such complete details concerning all transactions and positions as the Commission may prescribe by rule or regulation;
(B) be open at all times to inspection and examination by any representative of the Commission; and
(C) be open at all times to inspection and examination by the Securities and Exchange
Commission, to the extent such books and records relate to transactions in swaps (as that
term is defined in section 1a(47) (A)(v) of this title), and consistent with the confidentiality and disclosure requirements of section 12 of this title.
(2) Jurisdiction
Nothing in paragraph (1) shall affect the exclusive jurisdiction of the Commission to prescribe recordkeeping and reporting requirements for large swap traders under this section.
(c) Applicability
For purposes of this section, the swaps, futures, and cash or spot transactions and positions of
any person shall include the swaps, futures, and cash or spot transactions and positions of any
persons directly or indirectly controlled by the person.
(d) Significant price discovery function
In making a determination as to whether a swap performs or affects a significant price discovery function with respect to registered entities, the Commission shall consider the factors described in section 6a(a)(3) of this title.

CREDIT(S)
(Sept. 21, 1922, c. 369, § 4t, as added July 21, 2010, Pub.L. 111-203, Title VII, § 730, 124
Stat. 1702.)
ENACTMENT OF SECTION

© 2011 Thomson Reuters. No Claim to Orig. US Gov. Works.

7 U.S.C.A. § 6t

Page 3

2010 Acts. Unless as otherwise provided, Pub.L. 111-203, Title VII, subtitle A, § 711 et seq.,
shall take effect on the later of 360 days after July 21, 2010, or, to the extent a provision requires a rulemaking, not less than 60 days after publication of the final rule or regulation, see
Pub.L. 111-203, § 754, set out as a note under 7 U.S.C.A. § 1a.
Current through P.L. 112-28 approved 8-12-11
Westlaw. (C) 2011 Thomson Reuters. No Claim to Orig. U.S. Govt. Works.
END OF DOCUMENT

© 2011 Thomson Reuters. No Claim to Orig. US Gov. Works.