Swap Data Repository and Clearinghouse Indemnification Correction Act of 2013

Bill 113 hr 742, also known as the Swap Data Repository and Clearinghouse Indemnification Correction Act of 2013, was introduced in the US Congress to address issues related to the indemnification requirements for swap data repositories and clearinghouses. The bill aimed to amend the Commodity Exchange Act to clarify that swap data repositories and clearinghouses are not required to indemnify regulators for any costs or expenses incurred as a result of their provision of data or services.

The bill sought to provide greater clarity and certainty for swap data repositories and clearinghouses, as well as to ensure that regulators are not burdened with unnecessary costs or liabilities. The legislation was intended to promote transparency and efficiency in the derivatives market, while also protecting the interests of market participants and the broader financial system.

Overall, the Swap Data Repository and Clearinghouse Indemnification Correction Act of 2013 was designed to streamline regulatory requirements and promote a more effective and efficient regulatory framework for the derivatives market. The bill received bipartisan support in Congress and was ultimately signed into law, marking an important step forward in the ongoing efforts to strengthen and modernize the regulation of the financial industry.