124 STAT. 1772 PUBLIC LAW 111–203—JULY 21, 2010 and transmit and disseminate trade information with respect to transactions executed on or through the facility. ‘‘(9) RECORDKEEPING AND REPORTING.— ‘‘(A) IN GENERAL.—A security-based swap execution facility shall— ‘‘(i) maintain records of all activities relating to the business of the facility, including a complete audit trail, in a form and manner acceptable to the Commis- sion for a period of 5 years; and ‘‘(ii) report to the Commission, in a form and manner acceptable to the Commission, such informa- tion as the Commission determines to be necessary or appropriate for the Commission to perform the duties of the Commission under this title. ‘‘(B) REQUIREMENTS.—The Commission shall adopt data collection and reporting requirements for security- based swap execution facilities that are comparable to cor- responding requirements for clearing agencies and security- based swap data repositories. ‘‘(10) ANTITRUST CONSIDERATIONS.—Unless necessary or appropriate to achieve the purposes of this title, the security- based swap execution facility shall not— ‘‘(A) adopt any rules or taking any actions that result in any unreasonable restraint of trade; or ‘‘(B) impose any material anticompetitive burden on trading or clearing. ‘‘(11) CONFLICTS OF INTEREST.—The security-based swap execution facility shall— ‘‘(A) establish and enforce rules to minimize conflicts of interest in its decision-making process; and ‘‘(B) establish a process for resolving the conflicts of interest. ‘‘(12) FINANCIAL RESOURCES.— ‘‘(A) IN GENERAL.—The security-based swap execution facility shall have adequate financial, operational, and managerial resources to discharge each responsibility of the security-based swap execution facility, as determined by the Commission. ‘‘(B) DETERMINATION OF RESOURCE ADEQUACY.—The financial resources of a security-based swap execution facility shall be considered to be adequate if the value of the financial resources— ‘‘(i) enables the organization to meet its financial obligations to its members and participants notwith- standing a default by the member or participant cre- ating the largest financial exposure for that organiza- tion in extreme but plausible market conditions; and ‘‘(ii) exceeds the total amount that would enable the security-based swap execution facility to cover the operating costs of the security-based swap execution facility for a 1-year period, as calculated on a rolling basis. ‘‘(13) SYSTEM SAFEGUARDS.—The security-based swap execution facility shall— Process. Regulations. Time period.
