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PUBLIC LAW 111–203—JULY 21, 2010 124 STAT. 1765

‘‘(e) REPORTING TRANSITION RULES.—Rules adopted by the Deadlines. Commission under this section shall provide for the reporting of data, as follows: ‘‘(1) Security-based swaps entered into before the date of the enactment of this section shall be reported to a registered security-based swap data repository or the Commission no later than 180 days after the effective date of this section. ‘‘(2) Security-based swaps entered into on or after such date of enactment shall be reported to a registered security- based swap data repository or the Commission no later than the later of— ‘‘(A) 90 days after such effective date; or ‘‘(B) such other time after entering into the security- based swap as the Commission may prescribe by rule or regulation. ‘‘(f) CLEARING TRANSITION RULES.— ‘‘(1) Security-based swaps entered into before the date of the enactment of this section are exempt from the clearing requirements of this subsection if reported pursuant to sub- section (e)(1). ‘‘(2) Security-based swaps entered into before application of the clearing requirement pursuant to this section are exempt from the clearing requirements of this section if reported pursu- ant to subsection (e)(2). ‘‘(g) EXCEPTIONS.— ‘‘(1) IN GENERAL.—The requirements of subsection (a)(1) shall not apply to a security-based swap if 1 of the counterpar- ties to the security-based swap— ‘‘(A) is not a financial entity; ‘‘(B) is using security-based swaps to hedge or mitigate commercial risk; and ‘‘(C) notifies the Commission, in a manner set forth Notification. by the Commission, how it generally meets its financial obligations associated with entering into non-cleared secu- rity-based swaps. ‘‘(2) OPTION TO CLEAR.—The application of the clearing exception in paragraph (1) is solely at the discretion of the counterparty to the security-based swap that meets the condi- tions of subparagraphs (A) through (C) of paragraph (1). ‘‘(3) FINANCIAL ENTITY DEFINITION.— ‘‘(A) IN GENERAL.—For the purposes of this subsection, the term ‘financial entity’ means— ‘‘(i) a swap dealer; ‘‘(ii) a security-based swap dealer; ‘‘(iii) a major swap participant; ‘‘(iv) a major security-based swap participant; ‘‘(v) a commodity pool as defined in section 1a(10) of the Commodity Exchange Act; ‘‘(vi) a private fund as defined in section 202(a) of the Investment Advisers Act of 1940 (15 U.S.C. 80–b–2(a)); ‘‘(vii) an employee benefit plan as defined in para- graphs (3) and (32) of section 3 of the Employee Retire- LAWS ment Income Security Act of 1974 (29 U.S.C. 1002); ‘‘(viii) a person predominantly engaged in activities that are in the business of banking or financial inPUBLIC with on anorris VerDate Nov 24 2008 12:08 Aug 19, 2010 Jkt 089139 PO 00000 Frm 00391 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 GPO1 PsN: PUBL203