Sec. 921. Internal risk controls
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/bill/115/hr/6258/rh/section-921·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The Securities Exchange Act of 1934 ( 15 U.S.C. 78a et seq.) is amended— by inserting after section 4E the following: Each of the following entities, in consultation with the Chief Economist, shall develop comprehensive internal risk control mechanisms to safeguard and govern the storage of all market data by such entity, all market data sharing agreements of such entity, and all academic research performed at such entity using market data: The Commission. Each national securities association registered pursuant to section 15A.
The operator of the consolidated audit trail created by a national market system plan approved pursuant to section 242.613 of title 17, Code of Federal Regulations (or any successor regulation). The operator described in paragraph
(3)of subsection
(a)may not accept market data (or shall cease accepting market data) until the operator has developed the mechanisms required by such subsection. Any requirement for a person to provide market data to the operator shall not apply during any time when the operator is prohibited by this subsection from accepting such data. The development of comprehensive internal risk control mechanisms required by subsection
(a)may occur, in whole or in part, before the date of the enactment of this section, if such development and such mechanisms meet the requirements of such subsection (including consultation with the Chief Economist). ; and in section 3(a)— by redesignating the second paragraph
(80)(relating to funding portals) as paragraph (81); and by adding at the end the following: The term Chief Economist means the Director of the Division of Economic and Risk Analysis, or an employee of the Commission with comparable authority, as determined by the Commission. .
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Sec. 921
Internal risk controls
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