The indemnification process requires any U.S. or foreign entity other than the Securities and Exchange Commission (SEC) that wants to access data from a security-based swap data repository (i.e. data related to derivatives markets) to provide indemnity (protection) for any litigation expenses arising from the information provided.
Before a swap data repository can share information with any entity, it must receive a written confidentiality agreement from each entity that requests access.
This legislation would take effect as if it had been part of the original Dodd-Frank Act -- meaning that it would immediately be applicable to swap data repositories and entities requesting access to that data.