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regarding any transactions or positions described in sub- paragraphs (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.— Records. ‘‘(1) IN GENERAL.—Books and records described in sub- section (a)(2)(B) shall— ‘‘(A) show such complete details concerning all trans- actions 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)), and con- sistent with the confidentiality and disclosure requirements of section 8. ‘‘(2) JURISDICTION.—Nothing in paragraph (1) shall affect the exclusive jurisdiction of the Commission to prescribe record- keeping 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 4a(a)(3).’’.

SEC. 731. REGISTRATION AND REGULATION OF SWAP DEALERS AND MAJOR SWAP PARTICIPANTS. The Commodity Exchange Act (7 U.S.C. 1 et seq.) is amended by inserting after section 4r (as added by section 729) the following:

‘‘SEC. 4s. REGISTRATION AND REGULATION OF SWAP DEALERS AND 7 USC 6s. MAJOR SWAP PARTICIPANTS. ‘‘(a) REGISTRATION.— ‘‘(1) SWAP DEALERS.—It shall be unlawful for any person to act as a swap dealer unless the person is registered as a swap dealer with the Commission. ‘‘(2) MAJOR SWAP PARTICIPANTS.—It shall be unlawful for

any person to act as a major swap participant unless the person is registered as a major swap participant with the Commission. ‘‘(b) REQUIREMENTS.— ‘‘(1) IN GENERAL.—A person shall register as a swap dealer

LAWS or major swap participant by filing a registration application with the Commission. ‘‘(2) CONTENTS.—PUBLIC with on anorris VerDate Nov 24 2008 12:08 Aug 19, 2010 Jkt 089139 PO 00000 Frm 00329 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 GPO1 PsN: PUBL203