7 U.S.C. § 6t — Large swap trader reporting

(a) Prohibition (1) In general. Unless the exception in paragraph (2) applies, it's illegal to enter a swap that the Commission has determined performs a significant price discovery function for registered entities, once you cross two thresholds the Commission sets periodically: (A) entering that swap in an amount equal to or above a limit the Commission sets, in a single day; and (B) holding a position in that swap equal to or above a limit the Commission sets. (2) Exception. Paragraph (1) doesn't apply if: (A) you file the reports the Commission requires about those trades and positions; and (B) following Commission rules, you keep books and records of all such swaps, plus related trades and positions in that commodity on any designated contract market or swap execution facility, and your cash or spot trades, inventories, and purchase-and-sale commitments in that commodity. (b) Requirements (1) Those books and records must: (A) show whatever complete details the Commission requires; (B) always be open to inspection by any Commission representative; and (C) always be open to inspection by the SEC, to the extent they relate to swaps defined in section 1a(47)(A)(v), consistent with section 12's confidentiality rules. (2) Jurisdiction. This doesn't take away the Commission's exclusive power to set recordkeeping and reporting rules for large swap traders under this section. (c) Applicability Your swaps, futures, and cash or spot trades and positions include those of anyone you control, directly or indirectly. (d) Significant price discovery function When deciding whether a swap performs or affects a significant price discovery function for registered entities, the Commission must consider the factors listed in section 6a(a)(3).