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Federal Register / Vol. 86, No. 4 / Thursday, January 7, 2021 / Rules and Regulations clearing of swaps, as of the last day of the fiscal quarter.
iii Prompt notice regarding any change in the home country regulatory regime that is material to the exempt derivatives clearing organizations continuing observance of the Principles for Financial Market Infrastructures or compliance with any of the requirements set forth in this section or in the order of exemption issued by the Commission;
iv As available to the exempt derivatives clearing organization, any assessment of the exempt derivatives clearing organizations or the home country regulators observance of the Principles for Financial Market Infrastructures, or any portion thereof, by a home country regulator or other national authority, or an international financial institution or international organization;
v As available to the exempt derivatives clearing organization, any examination report, examination findings, or notification of the commencement of any enforcement or disciplinary action by a home country regulator;
vi Immediate notice of any change with respect to the exempt derivatives clearing organizations licensure, registration, or other authorization to act as a derivatives clearing organization in its home country;
vii In the event of a default by a U.S.
person or futures commission merchant clearing swaps, with such event of default determined in accordance with the rules of the exempt derivatives clearing organization, immediate notice of the default including the name of the U.S. person or futures commission merchant clearing swaps, a list of the positions held by the U.S. person or futures commission merchant, and the amount of the U.S. persons or futures commission merchants financial obligation; and viii Notice of action taken against a U.S. person or futures commission merchant clearing swaps by an exempt derivatives clearing organization, no later than two business days after the exempt derivatives clearing organization takes such action against a U.S. person or futures commission merchant.
d Swap data reporting requirements.
If an exempt derivatives clearing organization accepts for clearing a swap that has been reported to a swap data repository pursuant to part 45 of this chapter, the exempt derivatives clearing organization shall report to a swap data repository data regarding the two swaps resulting from the novation of the original swap. The exempt derivatives clearing organization shall also report
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the termination of the original swap to the swap data repository to which the original swap was reported. In order to avoid duplicative reporting for such transactions, the exempt derivatives clearing organization shall have rules that prohibit the reporting, pursuant to part 45 of this chapter, of the two new swaps by the counterparties to the original swap.
e Application procedures. 1 An entity seeking to be exempt from registration as a derivatives clearing organization shall file an application for exemption with the Secretary of the Commission in the format and manner specified by the Commission. The Commission will review the application for exemption and may approve or deny the application or, if deemed appropriate, exempt the applicant from registration as a derivatives clearing organization subject to conditions in addition to those set forth in paragraph b of this section.
2 Application. An applicant for exemption from registration as a derivatives clearing organization shall submit to the Commission the information and documentation described in this section. Such information and documentation shall be clearly labeled as outlined in this section. The Commission will not commence processing an application unless the applicant has filed a complete application. Upon its own initiative, an applicant may file with its completed application for exemption additional information that may be necessary or helpful to the Commission in processing the application. The application shall include:
i A cover letter containing the following information:
A Exact name of applicant as specified in its charter, and the name under which business will be conducted including acronyms;
B Address of applicants principal office;
C List of principal offices and addresses where clearing activities are/
will be conducted;
D A list of all regulatory licenses or registrations of the applicant or exemptions from any licensing requirement and the regulator granting such license or registration;
E Date of the applicants fiscal year end;
F Contact information for the person or persons to whom the Commission should address questions and correspondence regarding the application; and G A signature and date by a duly authorized representative of the applicant.

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ii A description of the applicants business plan for providing clearing services as an exempt derivatives clearing organization, including information as to the classes of swaps that will be cleared and whether the swaps are subject to a clearing requirement issued by the Commission or the applicants home country regulator;
iii Documents that demonstrate that the applicant is organized in a jurisdiction in which its home country regulator applies to the applicant, on an ongoing basis, statutes, rules, regulations, policies, or a combination thereof that, taken together, are consistent with the Principles for Financial Market Infrastructures;
iv A written representation from the applicants home country regulator that the applicant is in good regulatory standing;
v Copies of the applicants most recent disclosures that are necessary to observe the Principles for Financial Market Infrastructures, including the financial market infrastructure disclosure template set forth in Annex A to the Disclosure Framework and Assessment Methodology for the Principles for Financial Market Infrastructures, any other such disclosure framework issued under the authority of the International Organization of Securities Commissions that is required for observance of the Principles for Financial Market Infrastructures, and the URL to the specific pages on the applicants website where such disclosures may be found;
vi A representation that the applicant will comply with each of the requirements and conditions of exemption set forth in paragraphs b, c, and d of this section, and the terms and conditions of its order of exemption as issued by the Commission;
vii A copy of the applicants rules that meet the requirements of paragraphs b2 and d of this section, as applicable; and viii The applicants consent to jurisdiction in the United States, and the name and address of the applicants designated agent in the United States, pursuant to paragraph b3 of this section.
3 Submission of supplemental information. At any time during its review of the application for exemption from registration as a derivatives clearing organization, the Commission may request that the applicant submit supplemental information in order for the Commission to process the application, and the applicant shall file such supplemental information in the
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