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15 U.S. Code § 78o-10. Registration and regulation of security-based swap dealers and major security-based swap participants
(a) Registration
(1) Security-based swap dealers
It shall be unlawful for any person to act as a security-based swap dealer unless the person is registered as a security-based swap dealer with the Commission.
(2) Major security-based swap participants
It shall be unlawful for any person to act as a major security-based swap participant unless the person is registered as a major security-based swap participant with the Commission.
(b) Requirements
(1) In general
A person shall register as a security-based swap dealer or major security-based swap participant by filing a registration application with the Commission.
(2) Contents
(A) In general
The application shall be made in such form and manner as prescribed by the Commission, and shall contain such information, as the Commission considers necessary concerning the business in which the applicant is or will be engaged.
(B) Continual reporting
A person that is registered as a security-based swap dealer or major security-based swap participant shall continue to submit to the Commission reports that contain such information pertaining to the business of the person as the Commission may require.
(3) Expiration
Each registration under this section shall expire at such time as the Commission may prescribe by rule or regulation.
(4) Rules
Except as provided in subsections (d) and (e), the Commission may prescribe rules applicable to security-based swap dealers and major security-based swap participants, including rules that limit the activities of non-bank security-based swap dealers and major security-based swap participants.
(5) Transition
Not later than 1 year after July 21, 2010, the Commission shall issue rules under this section to provide for the registration of security-based swap dealers and major security-based swap participants.
(6) Statutory disqualification
Except to the extent otherwise specifically provided by rule, regulation, or order of the Commission, it shall be unlawful for a security-based swap dealer or a major security-based swap participant to permit any person associated with a security-based swap dealer or a major security-based swap participant who is subject to a statutory disqualification to effect or be involved in effecting security-based swaps on behalf of the security-based swap dealer or major security-based swap participant, if the security-based swap dealer or major security-based swap participant knew, or in the exercise of reasonable care should have known, of the statutory disqualification.
(c) Dual registration
(1) Security-based swap dealer
Any person that is required to be registered as a security-based swap dealer under this section shall register with the Commission, regardless of whether the person also is registered with the Commodity Futures Trading Commission as a swap dealer.
(2) Major security-based swap participant
Any person that is required to be registered as a major security-based swap participant under this section shall register with the Commission, regardless of whether the person also is registered with the Commodity Futures Trading Commission as a major swap participant.
(d) Rulemaking
(1) In general
The Commission shall adopt rules for persons that are registered as security-based swap dealers or major security-based swap participants under this section.
(2) Exception for prudential requirements
(A) In general
The Commission may not prescribe rules imposing prudential requirements on security-based swap dealers or major security-based swap participants for which there is a prudential regulator.
(B) Applicability
Subparagraph (A) does not limit the authority of the Commission to prescribe rules as directed under this section.