124 STAT. 1676 PUBLIC LAW 111–203—JULY 21, 2010 organization that is registered under this Act or a deriva- tives clearing organization that is exempt from registration under this Act if the swap is required to be cleared. ‘‘(B) OPEN ACCESS.—The rules of a derivatives clearing organization described in subparagraph (A) shall— ‘‘(i) prescribe that all swaps (but not contracts of sale of a commodity for future delivery or options on such contracts) submitted to the derivatives clearing organization with the same terms and conditions are economically equivalent within the derivatives clearing organization and may be offset with each other within the derivatives clearing organization; and ‘‘(ii) provide for non-discriminatory clearing of a swap (but not a contract of sale of a commodity for future delivery or option on such contract) executed bilaterally or on or through the rules of an unaffiliated designated contract market or swap execution facility. ‘‘(2) COMMISSION REVIEW.— ‘‘(A) COMMISSION-INITIATED REVIEW.— ‘‘(i) The Commission on an ongoing basis shall review each swap, or any group, category, type, or class of swaps to make a determination as to whether the swap or group, category, type, or class of swaps should be required to be cleared. ‘‘(ii) The Commission shall provide at least a 30- day public comment period regarding any determina- tion made under clause (i). ‘‘(B) SWAP SUBMISSIONS.— ‘‘(i) A derivatives clearing organization shall submit to the Commission each swap, or any group, category, type, or class of swaps that it plans to accept for clearing, and provide notice to its members (in a manner to be determined by the Commission) of the submission. ‘‘(ii) Any swap or group, category, type, or class of swaps listed for clearing by a derivative clearing organization as of the date of enactment of this sub- section shall be considered submitted to the Commis- sion. ‘‘(iii) The Commission shall— ‘‘(I) make available to the public submissions received under clauses (i) and (ii); ‘‘(II) review each submission made under clauses (i) and (ii), and determine whether the swap, or group, category, type, or class of swaps described in the submission is required to be cleared; and ‘‘(III) provide at least a 30-day public comment period regarding its determination as to whether the clearing requirement under paragraph (1)(A) shall apply to the submission. ‘‘(C) DEADLINE.—The Commission shall make its deter- mination under subparagraph (B)(iii) not later than 90 days after receiving a submission made under subpara- graphs (B)(i) and (B)(ii), unless the submitting derivatives clearing organization agrees to an extension for the time limitation established under this subparagraph. Public comment. Time period. Public information. Notice. Public comment. Time period.
