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GAO-12-398R 1 (2012-01-27)

handle is hein.gao/gaobadona0001 and id is 1 raw text is: Accountability * Integrity * Reliability United States Government Accountability Office Washington, DC 20548 B-322997 January 27, 2012 The Honorable Debbie Stabenow Chairman The Honorable Pat Roberts Ranking Member Committee on Agriculture, Nutrition, and Forestry United States Senate The Honorable Frank D. Lucas Chairman The Honorable Collin C. Peterson Ranking Member Committee on Agriculture House of Representatives Subject: Commodity Futures Trading Commission: Swap Data Recordkeeping and Reporting Requirements Pursuant to section 801 (a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Commodity Futures Trading Commission (Commission), entitled Swap Data Recordkeeping and Reporting Requirements (RIN: 3038-AD19). We received the rule on January 13, 2012. It was published in the Federal Register as a final rule on January 13, 2012, with an effective date of March 13, 2012. 77 Fed. Reg. 2136. The final rule implements the Commodity Exchange Act (CEA or Act) relating to swap data recordkeeping and reporting requirements. These sections of the CEA were added by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). The rules being adopted apply to swap data recordkeeping and reporting requirements for swap data repositories, derivatives clearing organizations, designated contract markets, swap execution facilities, swap dealers, major swap participants, and swap counterparties who are neither swap dealers nor major swap participants. The recordkeeping and reporting requirements of this rule further the goals of the Dodd-Frank Act to reduce systemic risk, increase transparency, and promote market integrity within the financial system. GAO-12-398R

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