17 CFR § 49.21 - Conflicts of interest (Core Principle 3).

---
identifier: "/us/cfr/t17/s49.21"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "17 CFR § 49.21 - Conflicts of interest (Core Principle 3)."
title_number: 17
title_name: "Commodity and Securities Exchanges"
section_number: "49.21"
section_name: "Conflicts of interest (Core Principle 3)."
chapter_name: "COMMODITY FUTURES TRADING COMMISSION"
part_number: "49"
part_name: "SWAP DATA REPOSITORIES"
positive_law: false
currency: "2026-04-05"
last_updated: "2026-04-05"
format_version: "1.1.0"
generator: "[email protected]"
authority: "7 U.S.C. 1a, 2(a), 6r, 12a, and 24a, as amended by Title VII of the Wall Street Reform and Consumer Protection Act of 2010, Pub. L. 111-203, 124 Stat. 1376 (Jul. 21, 2010), unless otherwise noted."
regulatory_source: "76 FR 54575, Sept. 1, 2011, unless otherwise noted."
cfr_part: "49"
---


# 49.21 Conflicts of interest (Core Principle 3).

(a) *General.* (1) Each swap data repository shall establish and enforce rules to minimize conflicts of interest in the decision-making process of the swap data repository, and establish a process for resolving such conflicts of interest.

(2) Nothing in this section shall supersede any requirement applicable to the swap data repository pursuant to § 49.20 of this part.

(b) *Policies and procedures.* (1) Each swap data repository shall establish, maintain, and enforce written procedures to:

(i) Identify, on an ongoing basis, existing and potential conflicts of interest; and

(ii) Make decisions in the event of a conflict of interest. Such procedures shall include rules regarding the recusal, in applicable circumstances, of parties involved in the making of decisions.

(2) As further described in § 49.20 of this part, the chief compliance officer of the swap data repository shall, in consultation with the board of directors or a senior officer of the swap data repository, as applicable, resolve any such conflicts of interest.

(c) *Compliance with core principle.* The chief compliance officer of the swap data repository shall review the compliance of the swap data repository with this core principle.