IB 

Union Calendar No. 254 

116TH CONGRESS 

1ST SESSION H. R. 4895 

[Report No. 116–313] 

To reauthorize the Commodity Futures Trading Commission. 

IN THE HOUSE OF REPRESENTATIVES 

OCTOBER 29, 2019 

Mr. PETERSON (for himself, Mr. CONAWAY, Mr. DAVID SCOTT of Georgia, and 

Mr. AUSTIN SCOTT of Georgia) introduced the following bill; which was 

referred to the Committee on Agriculture 

NOVEMBER 26, 2019 

Additional sponsors: Ms. FUDGE, Mr. THOMPSON of Pennsylvania, Mr. VELA, 

Mr. CRAWFORD, Ms. SPANBERGER, Mr. RODNEY DAVIS of Illinois, Mr. 

COX of California, Mr. ALLEN, Ms. CRAIG, Mr. BOST, Mr. VAN DREW, 

Mr. ROUZER, Mr. HARDER of California, Mr. COMER, Mr. SEAN PATRICK

MALONEY of New York, Mr. MARSHALL, Mr. LAWSON of Florida, Mr. 

DUNN, Mr. PANETTA, Mr. JOHNSON of South Dakota, Mrs. KIRKPATRICK, Mr. BAIRD, Mrs. AXNE, Mr. JOHNSON of Georgia, and Mrs. 

HAYES

NOVEMBER 26, 2019 

Reported with an amendment, committed to the Committee of the Whole 

House on the State of the Union, and ordered to be printed 

[Strike out all after the enacting clause and insert the part printed in italic] 

[For text of introduced bill, see copy of bill as introduced on October 29, 2019] 


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A BILL 

To reauthorize the Commodity Futures Trading Commission. 


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1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘CFTC Reauthorization 

5 Act of 2019’’. 

6 SEC. 2. TABLE OF CONTENTS. 

7 The table of contents of this Act is as follows: 

Sec. 1. Short title. 

Sec. 2. Table of contents. 

TITLE I—POLICY AMENDMENTS 

Sec. 101. Foreign futures authority. 

Sec. 102. Honors program. 

Sec. 103. Advisory committee changes. 

Sec. 104. Enhancement of Office of Minority and Women Inclusion at the Commission; internship program. 

Sec. 105. Detailing and resource-sharing. 

Sec. 106. Office of the Chief Economist. 

Sec. 107. Equal consideration for holding companies. 

Sec. 108. Exemption of qualified charitable organizations from regulation as commodity pool operators. 

Sec. 109. Digital commodity. 

Sec. 110. System safeguards. 

Sec. 111. Administration of swap execution facilities. 

Sec. 112. Applicability of prohibitions on fraud and manipulation to activities 

outside the United States. 

Sec. 113. Privilege retention. 

Sec. 114. Proprietary information. 

Sec. 115. Authority to provide food and incidental assistance to foreign officials 

hosted by the Commission. 

Sec. 116. Extension of operations. 

Sec. 117. Aiding and abetting. 

Sec. 118. Modernization of authority of the Commission to conduct research, development, demonstration, and information programs. 

Sec. 119. Protecting customer property during commodity broker bankruptcy. 

Sec. 120. Elimination of the double-sided confirmation requirement for swap data 

repositories. 

Sec. 121. Whistleblower protections for internal disclosures. 

Sec. 122. Updating standards for natural persons to meet requirements for qualified eligible persons. 

Sec. 123. Government Accountability Office study on aluminum markets. 

Sec. 124. Response to foreign regulatory authority. 

Sec. 125. Affiliate conditions. 

TITLE II—TECHNICAL CORRECTIONS 

Sec. 201. Correction of references. 


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Sec. 202. Elimination of obsolete references to dealer options. 

Sec. 203. Updated trade data publication requirement. 

Sec. 204. Flexibility for all registered entities. 

Sec. 205. Elimination of obsolete references to electronic trading facilities. 

Sec. 206. Elimination of obsolete reference to alternative swap execution facilities. 

Sec. 207. Clarification of Commission authority over swaps trading. 

Sec. 208. Elimination of obsolete reference to the Commodity Exchange Commission. 

Sec. 209. Elimination of obsolete references to derivative transaction execution facilities. 

Sec. 210. Elimination of obsolete references to exempt boards of trade. 

Sec. 211. Elimination of completed reports. 

Sec. 212. Miscellaneous corrections. 

Sec. 213. Technical amendments to section 14(e). 

Sec. 214. Technical clarifications for retail foreign currency. 

Sec. 215. Miscellaneous swap technical corrections. 

1 TITLE I—POLICY AMENDMENTS 

2 SEC. 101. FOREIGN FUTURES AUTHORITY. 

3 (a) IN GENERAL.—Section 1a(26) of the Commodity 

4 Exchange Act (7 U.S.C. 1a(26)) is amended to read as fol5 lows: 

6 ‘‘(26) FOREIGN FUTURES AUTHORITY.—The term 

7 ‘foreign futures authority’ means any foreign govern8 ment, or any law enforcement authority, department, 

9 central bank, ministry, agency, governmental body, or 

10 regulatory organization empowered by a foreign gov11 ernment to administer, enforce, or prosecute a law, 

12 rule, or regulation relating to matters involving fu13 tures, options, swaps, or commodities, or any such 

14 authority, department, or agency of a political sub15 division of a foreign government empowered to ad16 minister, enforce, or prosecute a law, rule, or regula17 tion as it relates to such matters.’’. 


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1 (b) CONFORMING AMENDMENT.—Section 12(f) of such 

2 Act (7 U.S.C. 16(f)) is amended— 

3 (1) in paragraph (1)— 

4 (A) by striking ‘‘futures or options’’ and in5 serting ‘‘futures, options, swaps, or commod6 ities’’; and 

7 (B) by striking ‘‘administers or enforces’’ 

8 and inserting ‘‘administers, enforces, or pros9 ecutes’’; and 

10 (2) in paragraph (2)(A), by striking ‘‘in futures 

11 and options’’ and inserting ‘‘in futures, options, 

12 swaps, or commodities’’. 

13 SEC. 102. HONORS PROGRAM. 

14 (a) IN GENERAL.—Section 2(a)(7) of the Commodity 

15 Exchange Act (7 U.S.C. 2(a)(7)) is amended by adding at 

16 the end the following: 

17 ‘‘(D) HONORS PROGRAM.—The Commission 

18 may establish the Honors Program under its ap19 pointment and compensation authorities.’’. 

20 (b) CONFORMING AMENDMENT.—Section 12(b)(1) of 

21 such Act (7 U.S.C. 16(b)(1)) is amended by adding at the 

22 end the following: ‘‘To clarify the Commission’s authority 

23 to establish the Honors Program under section 2(a)(7)(D), 

24 the Commission may coordinate with the Office of Personnel 

25 Management, as needed.’’. 


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1 SEC. 103. ADVISORY COMMITTEE CHANGES. 

2 (a) IN GENERAL.—Section 2(a)(15) of the Commodity 

3 Exchange Act (7 U.S.C. 2(a)(15)) is amended to read as 

4 follows: 

5 ‘‘(15) ADVISORY COMMITTEES.— 

6 ‘‘(A) ESTABLISHMENT.— 

7 ‘‘(i) IN GENERAL.—The Commission 

8 shall establish advisory committees to serve 

9 as vehicles for discussion and communica10 tion on matters related to the regulatory ac11 tivities of the Commission. 

12 ‘‘(ii) MEMBERSHIP.—The Commission 

13 shall appoint to an advisory committee such 

14 members as the Commission finds appro15 priate to promote robust discussion of the 

16 subject mater before the advisory committee. 

17 In appointing members to an advisory com18 mittee, the Commission shall seek to include 

19 a wide diversity of opinion and represent a 

20 broad cross-section of interests, as applica21 ble to the subject matter. 

22 ‘‘(B) ACTIVITIES.—The activities of an ad23 visory committee shall include the following: 

24 ‘‘(i) to hold meetings at such intervals 

25 as necessary to carry out the functions of 

26 the advisory committee; 


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1 ‘‘(ii) to submit to the Commission such 

2 reports and recommendations to the Com3 mission (including minority views, if any) 

4 as the advisory committee deems appro5 priate; and 

6 ‘‘(iii) such activities as the Commis7 sion determines is appropriate. 

8 ‘‘(C) APPLICABILITY OF THE FEDERAL AD9 VISORY COMMITTEE ACT.—An advisory com10 mittee established under this paragraph shall be 

11 subject to the Federal Advisory Committee Act.’’. 

12 (b) EXISTING ADVISORY COMMITTEES.—Notwith13 standing section 2(a)(15) of the Commodity Exchange Act, 

14 the Commodity Futures Trading Commission may permit 

15 an advisory committee that, as of the date of the enactment 

16 of this Act, had a charter established by the Commission, 

17 or that was established under such section as in effect before 

18 such date of enactment, to continue to operate in accordance 

19 with the charter or in accordance with such predecessor sec20 tion until the sponsor of the advisory committee is changed. 

21 After which such advisory committee will become subject to 

22 section 2(a)(15) of the Commodity Exchange Act. 


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1 SEC. 104. ENHANCEMENT OF OFFICE OF MINORITY AND 

2 WOMEN INCLUSION AT THE COMMISSION; IN3 TERNSHIP PROGRAM. 

4 (a) IN GENERAL.—Section 2(a) of the Commodity Ex5 change Act (7 U.S.C. 2(a)) is amended by adding at the 

6 end the following: 

7 ‘‘(16) OFFICE OF MINORITY AND WOMEN INCLU8 SION.—Within 1 year after the date of the enactment 

9 of this paragraph, the Commission shall comply with 

10 section 342 of the Dodd-Frank Wall Street Reform 

11 and Consumer Protection Act. 

12 ‘‘(17) ANNUAL INTERNSHIP PROGRAM.— 

13 ‘‘(A) IN GENERAL.—The Executive Director 

14 shall establish a program to place an appro15 priate number of students attending qualified in16 stitutions in a semester-length internship within 

17 the Commission’s divisions and offices. 

18 ‘‘(B) FUNDING.—The Commission shall set 

19 aside an appropriate percentage of the funds al20 located to the office of the Chairman to enable 

21 the selected interns identified in subparagraph 

22 (A) to afford living expenses, including rent and 

23 a per-diem, in the metropolitan areas where the 

24 Director identifies internship opportunities. 


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1 ‘‘(C) QUALIFIED INSTITUTION DEFINED.— 

2 In this paragraph, the term ‘qualified institu3 tion’ means— 

4 ‘‘(i) an 1890 Institution (as defined in 

5 section 2 of the Agricultural Research, Ex6 tension, and Education Reform Act of 1998 

7 (7 U.S.C. 7601)); 

8 ‘‘(ii) a 1994 Institution (as defined in 

9 section 532 of the Equity in Educational 

10 Land-Grant Status Act of 1994 (Public 

11 Law 103–382; 7 U.S.C. 301 note)); 

12 ‘‘(iii) an eligible institution (as defined 

13 in section 1489 of the National Agricultural 

14 Research, Extension, and Teaching Policy 

15 Act of 1977 (7 U.S.C. 3361)); or 

16 ‘‘(iv) a Hispanic-serving institution 

17 (as defined in section 1404 of the Food and 

18 Agriculture Act of 1977 (7 U.S.C. 3103)).’’. 

19 (b) JOINT STANDARDS.—In carrying out section 

20 2(a)(16) of the Commodity Exchange Act, the Commodity 

21 Futures Trading Commission shall adopt the joint stand22 ards established in the Interagency Policy Statement pub23 lished in the Federal Register on June 10, 2015 (80 Fed. 

24 Reg. 33016), or any successor Policy Statement. 


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1 SEC. 105. DETAILING AND RESOURCE-SHARING. 

2 Section 2(a) of the Commodity Exchange Act (7 U.S.C. 

3 2(a)), as amended by section 104 of this Act, is amended 

4 by adding at the end the following: 

5 ‘‘(18) ASSISTANCE FROM FEDERAL AGENCIES.— 

6 ‘‘(A) IN GENERAL.—The Commission may 

7 accept any assistance, including services, funds, 

8 facilities, and other support services as deter9 mined by the Commission, to effectuate the pur10 poses and provisions of this Act, from any de11 partment or agency of the United States that is 

12 authorized under other law to provide the assist13 ance. 

14 ‘‘(B) DETAIL FLEXIBILITY.—When an em15 ployee from another department or agency is de16 tailed to the Commission, the employee may be 

17 detailed on either a reimbursable or non-reim18 bursable basis, and such detail shall be without 

19 interruption or loss of civil service status or 

20 privilege. 

21 ‘‘(19) ASSISTANCE FROM FOREIGN GOVERN22 MENTAL ENTITIES.— 

23 ‘‘(A) IN GENERAL.—The Commission 

24 may— 

25 ‘‘(i) accept details of officers or em26 ployees of a foreign futures authority or any 


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1 department or agency of a foreign govern2 ment, including a central bank or ministry, 

3 on a temporary basis as employees of the 

4 Commission pursuant to section 12(b) of 

5 this Act, or section 3101 or 3109 of title 5, 

6 United States Code; and 

7 ‘‘(ii) detail officers or employees of the 

8 Commission to work on a temporary basis 

9 for an entity described in clause (i). 

10 ‘‘(B) RECIPROCITY AND REIMBURSEMENT.— 

11 ‘‘(i) RECIPROCITY NOT REQUIRED.— 

12 Assistance described in subparagraph (A) 

13 need not be provided on a reciprocal basis. 

14 ‘‘(ii) REIMBURSEMENT.— 

15 ‘‘(I) IN GENERAL.—The Commis16 sion may provide and accept assistance 

17 described in subparagraph (A) on a re18 imbursable or non-reimbursable basis, 

19 only in accordance with a written 

20 agreement between the Commission 

21 and the respective foreign governmental 

22 entity. 

23 ‘‘(II) FORM.—A reimbursement to 

24 or from the Commission may be made 

25 in cash or in kind. The Commission 


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1 shall credit a reimbursement received 

2 from a foreign governmental entity to 

3 the appropriate Commission appro4 priation, fund, or account. 

5 ‘‘(C) STANDARDS OF CONDUCT.—An officer 

6 or employee detailed under subparagraph (A)(i) 

7 shall be subject to the provisions of law relating 

8 to ethics, conflicts of interest, or corruption, and 

9 to any other statute governing the standards of 

10 conduct for Commission employees that are ap11 plicable to the type of appointment. 

12 ‘‘(D) LIMITATION.—An officer or employee 

13 detailed under subparagraph (A)(i) may not 

14 hold any management position at the Commis15 sion.’’. 

16 SEC. 106. OFFICE OF THE CHIEF ECONOMIST. 

17 (a) IN GENERAL.—Section 2(a) of the Commodity Ex18 change Act, as amended by sections 104 and 105 of this 

19 Act, is amended by adding at the end the following: 

20 ‘‘(20) OFFICE OF THE CHIEF ECONOMIST.— 

21 ‘‘(A) ESTABLISHMENT.—There is estab22 lished in the Commission the Office of the Chief 

23 Economist. 

24 ‘‘(B) HEAD.—The Office of the Chief Econo25 mist shall be headed by the Chief Economist. 


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1 ‘‘(C) FUNCTIONS.—The Chief Economist 

2 shall serve as economic advisor to the Commis3 sion and perform functions such as economic 

4 analysis, regulatory cost-benefit analysis, and re5 search. 

6 ‘‘(D) PROFESSIONAL STAFF.— 

7 ‘‘(i) IN GENERAL.—The Commission 

8 shall appoint such other economists and 

9 any related positions as may be necessary 

10 for the Office of the Chief Economist— 

11 ‘‘(I) in accordance with the stat12 utes, rules, and regulations governing 

13 appointments in the excepted service; 

14 and 

15 ‘‘(II) notwithstanding any stat16 utes, rules, and regulations governing 

17 appointments in the competitive serv18 ice. 

19 ‘‘(ii) RULE OF CONSTRUCTION.—The 

20 appointment of a candidate to a position 

21 under authority of this subsection shall not 

22 be considered to cause such position to be 

23 converted from the competitive service to the 

24 excepted service.’’. 


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1 (b) CONFORMING AMENDMENT.—Section 15(a) of such 

2 Act (7 U.S.C. 19(a)) is amended— 

3 (1) in paragraph (1), by inserting ‘‘, after co4 ordinating with the Office of the Chief Economist,’’ 

5 before ‘‘shall’’; 

6 (2) in paragraph (2)(B), by striking ‘‘futures 

7 markets’’ and inserting ‘‘markets under the jurisdic8 tion of the Commission’’; 

9 (3) in paragraph (2), by redesignating subpara10 graphs (D) and (E) as subparagraphs (E) and (F); 

11 and 

12 (4) in paragraph (2), by inserting after subpara13 graph (C) the following: 

14 ‘‘(D) considerations of market liquidity;’’. 

15 SEC. 107. EQUAL CONSIDERATION FOR HOLDING COMPA16 NIES. 

17 Section 2(h)(7)(C)(ii) of the Commodity Exchange Act 

18 (7 U.S.C. 2(h)(7)(C)(ii)) is amended— 

19 (1) in the matter before subclause (I), by striking 

20 ‘‘unions, including—’’ and inserting ‘‘unions, bank 

21 holding companies, and savings and loan holding 

22 companies, including—’’; 

23 (2) in subclause (II), by striking ‘‘or’’ at the end; 

24 (3) in subclause (III), by striking the period at 

25 the end and inserting a semicolon; and 


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1 (4) by adding at the end the following: 

2 ‘‘(IV) bank holding companies (as 

3 defined in section 2 of the Bank Hold4 ing Company Act of 1956) that have 

5 aggregated assets, including the assets 

6 of their subsidiaries, of 

7 $10,000,000,000 or less; and 

8 ‘‘(V) savings and loan holding 

9 companies (as defined in section 10 of 

10 the Home Owners’ Loan Act of 1933) 

11 that have aggregated assets, including 

12 the assets of their subsidiaries, of 

13 $10,000,000,000 or less.’’. 

14 SEC. 108. EXEMPTION OF QUALIFIED CHARITABLE ORGANI15 ZATIONS FROM REGULATION AS COMMODITY 

16 POOL OPERATORS. 

17 Section 4m of the Commodity Exchange Act (7 U.S.C. 

18 6m) is amended to read as follows: 

19 ‘‘SEC. 4m. USE OF MAILS OR OTHER MEANS OR INSTRUMEN20 TALITIES OF INTERSTATE COMMERCE BY 

21 COMMODITY TRADING ADVISORS AND COM22 MODITY POOL OPERATORS. 

23 ‘‘(a) PROHIBITION.—It shall be unlawful for any com24 modity trading advisor or commodity pool operator, unless 

25 registered under this Act, to make use of the mails or any 


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1 means or instrumentality of interstate commerce in connec2 tion with business as the commodity trading advisor or 

3 commodity pool operator. 

4 ‘‘(b) EXCEPTIONS.— 

5 ‘‘(1) IN GENERAL.—Subsection (a) shall not 

6 apply to a commodity trading advisor whose com7 modity trading advice is solely incidental to the con8 duct of that person’s business, and who is a— 

9 ‘‘(A) dealer, processor, broker, or seller in 

10 cash market transactions of any commodity spe11 cifically set forth in section 2(a) of this Act be12 fore the enactment of the Commodity Futures 

13 Trading Commission Act of 1974 (or products 

14 thereof); or 

15 ‘‘(B) nonprofit, voluntary membership, gen16 eral farm organization, that provides advice on 

17 the sale or purchase of any commodity specifi18 cally set forth in section 2(a) of this Act before 

19 the enactment of the Commodity Futures Trad20 ing Commission Act of 1974. 

21 ‘‘(2) CHARITABLE ORGANIZATION.—Subsection 

22 (a) shall not apply to any commodity trading advisor 

23 or commodity pool operator that is— 

24 ‘‘(A) a charitable organization, as defined 

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1 pany Act of 1940 (15 U.S.C. 80a–3(c)(10)(D)), 

2 or a trustee, director, officer, employee, or volun3 teer of such a charitable organization acting 

4 within the scope of the employment or duties of 

5 the person with the organization, whose advisory 

6 or pool activities are conducted only on behalf of, 

7 or with respect to, 1 or more of— 

8 ‘‘(i) any such charitable organization; 

9 or 

10 ‘‘(ii) an investment trust, syndicate, or 

11 similar form of enterprise excluded from the 

12 definition of ‘investment company’ pursu13 ant to section 3(c)(10) of the Investment 

14 Company Act of 1940 (15 U.S.C. 80a– 

15 3(c)(10)), or the trustees, administrators, 

16 settlors (or potential settlors), or bene17 ficiaries of the foregoing; or 

18 ‘‘(B) any plan, company, or account de19 scribed in section 3(c)(14) of the Investment 

20 Company Act of 1940 (15 U.S.C. 80a–3(c)(14)), 

21 any person or entity who establishes or main22 tains such a plan, company, or account, or any 

23 trustee, director, officer, employee, or volunteer 

24 for any of the foregoing plans, persons, or enti25 ties acting within the scope of the employment or 


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1 duties of the person with the organization, whose 

2 advisory or pool activities are conducted only on 

3 behalf of, or with respect to, any investment 

4 trust, syndicate, or similar form of enterprise ex5 cluded from the definition of ‘investment com6 pany’ pursuant to section 3(c)(14) of the Invest7 ment Company Act of 1940 (15 U.S.C. 80a– 

8 3(c)(14)). 

9 ‘‘(3) SMALL COMMODITY TRADING ADVISORS.— 

10 Subsection (a) shall not apply to any commodity 

11 trading advisor who, during the course of the pre12 ceding 12 months, has not furnished commodity trad13 ing advice to more than 15 persons and who does not 

14 hold themselves out generally to the public as a com15 modity trading advisor. 

16 ‘‘(4) SEC-REGISTERED.— 

17 ‘‘(A) IN GENERAL.—Subsection (a) shall not 

18 apply to any commodity trading advisor that is 

19 registered with the Securities and Exchange 

20 Commission as an investment adviser whose 

21 business does not consist primarily of acting as 

22 a commodity trading advisor and that does not 

23 act as a commodity trading advisor to any com24 modity pool that is primarily engaged in trad25 ing commodity interests. 


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1 ‘‘(B) ENGAGED PRIMARILY.—For purposes 

2 of this paragraph, a commodity trading advisor 

3 or a commodity pool shall be considered to be 

4 ‘engaged primarily’ in the business of being a 

5 commodity trading advisor or commodity pool if 

6 it is or holds itself out to the public as being en7 gaged primarily, or proposes to engage pri8 marily, in the business of advising on com9 modity interests or investing, reinvesting, own10 ing, holding, or trading in commodity interests, 

11 respectively. 

12 ‘‘(C) COMMODITY INTERESTS.—For pur13 poses of this paragraph, commodity interests 

14 shall include contracts of sale of a commodity for 

15 future delivery, options on such contracts, secu16 rity futures, swaps, leverage contracts, foreign 

17 exchange, spot and forward contracts on physical 

18 commodities, and any monies held in an account 

19 used for trading commodity interests. 

20 ‘‘(5) SUBJECT TO PROCEEDINGS.—A person de21 scribed in paragraphs (1) and (2) shall be subject to 

22 proceedings under section 14. 

23 ‘‘(c) RELATIONSHIP TO OTHER LAW.—Nothing in this 

24 Act shall relieve any person of any obligation or duty, or 

25 affect the availability of any right or remedy available to 


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1 the Securities and Exchange Commission or any private 

2 party arising under the Securities Act of 1933 (15 U.S.C. 

3 77a et seq.) or the Securities Exchange Act of 1934 (15 

4 U.S.C. 78a et seq.) governing the issuance, offer, purchase, 

5 or sale of securities of a commodity pool, or of persons en6 gaged in transactions with respect to the securities, or re7 porting by a commodity pool. 

8 ‘‘(d) DISCLOSURE CONCERNING EXEMPTED CHARI9 TABLE ORGANIZATIONS.—A commodity trading advisor or 

10 commodity pool operator that is an organization or person 

11 described in subsection (b)(2)(A) of this section to or of any 

12 investment trust, syndicate, or similar form of enterprise 

13 excluded from the definition of ‘investment company’ pur14 suant to section 3(c)(10)(B) of the Investment Company Act 

15 of 1940 (15 U.S.C. 80a–3(c)(10)(B)) shall provide disclo16 sure in accordance with section 7(e) of that Act (15 U.S.C. 

17 80a–7(e)).’’. 

18 SEC. 109. DIGITAL COMMODITY. 

19 (a) REQUIREMENTS APPLICABLE TO BOARDS OF

20 TRADE.—Section 5(d)(4) of such Act (7 U.S.C. 7(d)(4)) is 

21 amended— 

22 (1) by striking all that precedes ‘‘board of trade’’ 

23 and inserting the following: 

24 ‘‘(4) PREVENTION OF MARKET DISRUPTION.— 

25 ‘‘(A) IN GENERAL.—The’’; 


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1 (2) by redesignating each of subparagraphs (A) 

2 and (B) as clauses (i) and (ii), respectively, and mov3 ing each of such provisions 2 ems to the right; and 

4 (3) by adding after and below the end the fol5 lowing: 

6 ‘‘(B) DIGITAL COMMODITY.—With regard to 

7 a contract on the contract market that references 

8 a digital commodity available on a cash market, 

9 the Commission shall adopt rules detailing the 

10 content and availability of trade and trader data 

11 and other information the board of trade must be 

12 able to access from the referenced cash markets 

13 and data sources in order to comply with this 

14 paragraph.’’. 

15 (b) REQUIREMENTS APPLICABLE TO SWAP EXECUTION

16 FACILITIES.—Section 5h(f)(4) of such Act (7 U.S.C. 7b– 

17 3(f)(4)) is amended— 

18 (1) by striking all that precedes ‘‘swap execution 

19 facility shall’’ and inserting the following: 

20 ‘‘(4) MONITORING OF TRADING AND TRADE PROC21 ESSING.— 

22 ‘‘(A) IN GENERAL.—The’’; 

23 (2) by redesignating each of clauses (i) and (ii) 

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1 spectively, and moving each of such provisions 2 ems 

2 to the right; 

3 (3) by redesignating subparagraphs (A) and (B) 

4 as clauses (i) and (ii), respectively, and moving each 

5 of such provisions 2 ems to the right; and 

6 (4) by adding after and below the end the fol7 lowing: 

8 ‘‘(B) DIGITAL COMMODITY.—With regard to 

9 a swap on the swap execution facility that ref10 erences a digital commodity available on a cash 

11 market, the Commission shall adopt rules detail12 ing the content and availability of trade and 

13 trader data and other information the swap exe14 cution facility must be able to access from the 

15 referenced cash markets and data sources in 

16 order to comply with this paragraph.’’. 

17 SEC. 110. SYSTEM SAFEGUARDS. 

18 (a) CONTRACT MARKETS.—Section 5(d)(20) of the 

19 Commodity Exchange Act (7 U.S.C. 7(d)(20)) is amend20 ed— 

21 (1) in subparagraph (A), by striking ‘‘through’’ 

22 and all that follows and inserting ‘‘through— 

23 ‘‘(i) the implementation of appropriate 

24 controls and procedures; and 


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1 ‘‘(ii) the development and operation of 

2 automated systems that— 

3 ‘‘(I) are reliable, secure, and resil4 ient; 

5 ‘‘(II) have adequate scalable ca6 pacity; and 

7 ‘‘(III) maintain the confiden8 tiality, integrity, and availability of 

9 the data they contain;’’; and 

10 (2) in subparagraph (C), by striking ‘‘tests to’’ 

11 and all that follows and inserting ‘‘tests to— 

12 ‘‘(i) verify the reliability, security, re13 silience, and capacity of the board of trade’s 

14 automated systems; 

15 ‘‘(ii) verify the confidentiality, integ16 rity, and availability of the data contained 

17 in those systems; and 

18 ‘‘(iii) verify that backup resources are 

19 sufficient to ensure continued order proc20 essing and trade matching, price reporting, 

21 market surveillance, and maintenance of a 

22 comprehensive and accurate audit trail.’’. 

23 (b) CLEARINGHOUSES.—Section 5b(c)(2)(I) of such 

24 Act (7 U.S.C. 7a–1(c)(2)(I)) is amended— 


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1 (1) in clause (i), by striking ‘‘through the’’ and 

2 all that follows and inserting ‘‘through the— 

3 ‘‘(I) implementation of appro4 priate controls and procedures; and 

5 ‘‘(II) development and operation 

6 of automated systems that— 

7 ‘‘(aa) are reliable, secure, 

8 and resilient; 

9 ‘‘(bb) have adequate scalable 

10 capacity; and 

11 ‘‘(cc) maintain the confiden12 tiality, integrity, and availability 

13 of the data that they contain;’’; 

14 (2) in clause (ii), by striking ‘‘allows’’ and in15 serting ‘‘allow’’; and 

16 (3) in clause (iii), by striking ‘‘tests to’’ and all 

17 that follows and inserting ‘‘tests to— 

18 ‘‘(I) verify the reliability, secu19 rity, resilience, and capacity of the de20 rivatives clearing organization’s auto21 mated systems; 

22 ‘‘(II) verify the confidentiality, 

23 integrity, and availability of the data 

24 contained in those systems; and 


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1 ‘‘(III) verify that the backup re2 sources of the derivatives clearing orga3 nization are sufficient to ensure daily 

4 processing, clearing, and settlement.’’. 

5 (c) SWAP EXECUTION FACILITIES.—Section 5h(f)(14) 

6 of such Act (7 U.S.C. 7b-3(f)(14)) is amended— 

7 (1) in subparagraph (A), by striking ‘‘through’’ 

8 and all that follows and inserting ‘‘through— 

9 ‘‘(i) the implementation of appropriate 

10 controls and procedures; and 

11 ‘‘(ii) the development and operation of 

12 automated systems that— 

13 ‘‘(I) are reliable, secure, and resil14 ient; 

15 ‘‘(II) have adequate scalable ca16 pacity; and 

17 ‘‘(III) maintain the confiden18 tiality, integrity, and availability of 

19 the data they contain;’’; and 

20 (2) in subparagraph (C), by striking ‘‘tests to’’ 

21 and all that follows and inserting ‘‘tests to— 

22 ‘‘(i) verify the reliability, security, re23 silience, and capacity of the swap execution 

24 facility’s automated systems; 


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1 ‘‘(ii) verify the confidentiality, integ2 rity, and availability of the data contained 

3 in those systems; and 

4 ‘‘(iii) verify that backup resources are 

5 sufficient to ensure continued order proc6 essing and trade matching, price reporting, 

7 market surveillance, and maintenance of a 

8 comprehensive and accurate audit trail.’’. 

9 (d) SWAP DATA REPOSITORIES.—Section 21(f) of such 

10 Act (7 U.S.C. 24a(f)) is amended by redesignating para11 graph (4) as paragraph (5) and inserting after paragraph 

12 (3) the following: 

13 ‘‘(4) SYSTEM SAFEGUARDS.—Each swap data re14 pository shall— 

15 ‘‘(A) establish and maintain a program of 

16 risk analysis and oversight to identify and mini17 mize sources of operational risk, through— 

18 ‘‘(i) the implementation of appropriate 

19 controls and procedures; and 

20 ‘‘(ii) the development and operation of 

21 automated systems that— 

22 ‘‘(I) are reliable, secure, and resil23 ient; 

24 ‘‘(II) have adequate scalable ca25 pacity; and 


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1 ‘‘(III) maintain the confiden2 tiality, integrity, and availability of 

3 the data they contain; 

4 ‘‘(B) establish and maintain emergency pro5 cedures, backup facilities, and a plan for disaster 

6 recovery that allow for— 

7 ‘‘(i) the timely recovery and resump8 tion of operations; and 

9 ‘‘(ii) the fulfillment of the responsibil10 ities and obligations of the swap data repos11 itory; and 

12 ‘‘(C) periodically conduct tests to— 

13 ‘‘(i) verify the reliability, security, re14 silience, and capacity of the automated sys15 tems of the swap data repository; 

16 ‘‘(ii) verify the confidentiality, integ17 rity, and availability of the data contained 

18 in those systems; and 

19 ‘‘(iii) verify that backup resources are 

20 sufficient to ensure continued fulfillment of 

21 all duties and obligations of the swap data 

22 repository established by this Act or the reg23 ulations of the Commission.’’. 


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1 SEC. 111. ADMINISTRATION OF SWAP EXECUTION FACILI2 TIES. 

3 Section 5h of the Commodity Exchange Act (7 U.S.C. 

4 7b–3) is amended— 

5 (1) in subsection (f)(8), by striking all that fol6 lows ‘‘cooperation with the Commission’’ and insert7 ing ‘‘and other registered entities, as is necessary and 

8 appropriate, to facilitate the liquidation or transfer of 

9 open positions in any swap, or to suspend or curtail 

10 trading in a swap.’’; and 

11 (2) in subsection (f)(15)— 

12 (A) in subparagraph (A), by adding at the 

13 end the following: ‘‘The individual may also per14 form other responsibilities for the swap execution 

15 facility, if— 

16 ‘‘(i) there are no conflicts of interest 

17 between the other responsibilities and the 

18 duties and obligations of the chief compli19 ance officer under this Act and the regula20 tions thereto; and 

21 ‘‘(ii) the other responsibilities do not 

22 limit the ability of the chief compliance offi23 cer to carry out the responsibilities of the 

24 chief compliance officer.’’; 

25 (B) in subparagraph (B)— 


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1 (i) by striking clauses (iii) through (v) 

2 and inserting the following: 

3 ‘‘(iii) establish and administer— 

4 ‘‘(I) policies and procedures, in 

5 consultation with the board of the fa6 cility, a body performing a function 

7 similar to that of a board, or the senior 

8 officer of the facility, that are reason9 ably designed, as determined by the 

10 Commission, to resolve any conflicts of 

11 interest that may arise; 

12 ‘‘(II) the policies and procedures 

13 required to be established pursuant to 

14 this section; and 

15 ‘‘(III) policies and procedures 

16 that reasonably ensure, as determined 

17 by the Commission, compliance with 

18 this Act and the rules and regulations 

19 issued under this Act, including rules 

20 prescribed by the Commission pursu21 ant to this section; and’’; and 

22 (ii) by redesignating clause (vi) as 

23 clause (iv); 

24 (C) in subparagraph (C), by striking 

25 ‘‘(B)(vi)’’ and inserting ‘‘(B)(iv)’’; and 


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1 (D) in subparagraph (D)— 

2 (i) in clause (i), by striking ‘‘and 

3 sign’’; and 

4 (ii) in clause (ii)— 

5 (I) in the matter preceding sub6 clause (I), by inserting ‘‘or senior offi7 cer’’ after ‘‘officer’’; and 

8 (II) in subclause (II), by inserting 

9 ‘‘materially’’ before ‘‘accurate’’. 

10 SEC. 112. APPLICABILITY OF PROHIBITIONS ON FRAUD AND 

11 MANIPULATION TO ACTIVITIES OUTSIDE THE 

12 UNITED STATES. 

13 Section 6 of the Commodity Exchange Act (7 U.S.C. 

14 8) is amended by adding at the end the following: 

15 ‘‘(h) APPLICABILITY TO ACTIVITIES OUTSIDE THE

16 UNITED STATES.— 

17 ‘‘(1) APPLICABILITY.—The provisions of this Act 

18 prohibiting fraud, manipulation, attempted fraud, 

19 and attempted manipulation, and providing for en20 forcement by the Commission or the United States of 

21 such prohibitions (including sections 4b, 4c(a)(1)–(4), 

22 4c(a)(7), 4c(b), 4o, 4s(h)(1), 4s(h)(4), 6(c), 6(e)(1)– 

23 (3), 6c, 9(a), 9(c), 9(d), and 9(e), including any rule 

24 or regulation promulgated thereunder), shall apply to 

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1 ties, independently or in conjunction with activities 

2 in the United States, have or would have a reasonably 

3 foreseeable substantial effect within the United States. 

4 ‘‘(2) EFFECT ON OTHER AUTHORITY.—Nothing 

5 in this subsection affects the application or interpre6 tation of, or liability under, any other provision of 

7 this Act, including section 22.’’. 

8 SEC. 113. PRIVILEGE RETENTION. 

9 Section 8 of the Commodity Exchange Act (7 U.S.C. 

10 12) is amended— 

11 (1) by striking subsection (e) and inserting the 

12 following: 

13 ‘‘(e) DISCLOSURE AUTHORITIES.— 

14 ‘‘(1) IN GENERAL.— 

15 ‘‘(A) PREVIOUSLY DISCLOSED.—The Com16 mission may disclose and make public, where 

17 such information has previously been disclosed 

18 publicly in accordance with the provisions of this 

19 section, the names and addresses of all traders on 

20 the boards of trade on the commodity markets 

21 with respect to whom the Commission has infor22 mation, and any other information in the posses23 sion of the Commission relating to the amount of 

24 commodities purchased or sold by each such 

25 trader. 


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1 ‘‘(B) CONGRESSIONAL ACCESS.—Upon the 

2 request of any committee of either House of Con3 gress, acting within the scope of its jurisdiction, 

4 the Commission shall furnish to the committee 

5 the names and addresses of all traders on the 

6 boards of trade with respect to whom the Com7 mission has information, and any other infor8 mation in the possession of the Commission re9 lating to the amount of any commodity pur10 chased or sold by each such trader. 

11 ‘‘(2) DOMESTIC AGENCIES.— 

12 ‘‘(A) IN GENERAL.—Upon the request of 

13 any department or agency of the Government of 

14 the United States, acting within the scope of its 

15 jurisdiction, the Commission may furnish to the 

16 department or agency any information in the 

17 possession of the Commission obtained in connec18 tion with the administration of this Act. 

19 ‘‘(B) CONDITIONS.—Any information fur20 nished under this paragraph to any Federal de21 partment or agency shall not be disclosed by the 

22 department or agency except in any action or 

23 proceeding under the laws of the United States 

24 to which the department or agency, the Commis25 sion, or the United States is a party. 


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1 ‘‘(C) FEDERAL RESERVE BANKS.—In this 

2 paragraph, the term ‘agency’ includes the Fed3 eral Reserve Banks. 

4 ‘‘(3) STATE AGENCIES.— 

5 ‘‘(A) IN GENERAL.—Upon the request of 

6 any department or agency of any State or any 

7 political subdivision thereof, acting within the 

8 scope of its jurisdiction, the Commission may 

9 furnish to the department, agency, or political 

10 subdivision any information in the possession of 

11 the Commission obtained in connection with the 

12 administration of this Act. 

13 ‘‘(B) CONDITIONS.—Any information fur14 nished to any department or agency of any State 

15 or political subdivision thereof shall not be dis16 closed by the department or agency except in 

17 connection with an adjudicatory action or pro18 ceeding under this Act or the laws of the State 

19 or political subdivision to which the State, polit20 ical subdivision, department, or agency is a 

21 party. 

22 ‘‘(4) FOREIGN AGENCIES.— 

23 ‘‘(A) IN GENERAL.—Upon the request of 

24 any foreign futures authority, or any depart25 ment, central bank, ministry, or agency of any 


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1 foreign government or any political subdivision 

2 thereof, acting within the scope of its jurisdic3 tion, the Commission may furnish to the foreign 

4 futures authority, department, central bank, 

5 ministry, agency of any foreign government, or 

6 any political subdivision thereof, any informa7 tion in the possession of the Commission ob8 tained in connection with the administration of 

9 this Act. 

10 ‘‘(B) CONDITIONS.—The Commission shall 

11 not furnish any information to a foreign futures 

12 authority or to a department, central bank, min13 istry, or agency of a foreign government or polit14 ical subdivision thereof, unless the Commission is 

15 satisfied that the information will not be dis16 closed by the foreign futures authority, depart17 ment, central bank, ministry, or agency of any 

18 foreign government or any political subdivision 

19 thereof, except in connection with an adjudica20 tory action or proceeding under the laws of the 

21 foreign government or political subdivision to 

22 which the foreign government, political subdivi23 sion, department, agency, central bank, min24 istry, or foreign futures authority is a party.’’; 


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1 (2) by redesignating subsections (h) and (i) as 

2 subsections (i) and (j), respectively; and 

3 (3) by inserting after subsection (g) the fol4 lowing: 

5 ‘‘(h) SHARING PRIVILEGED INFORMATION WITH

6 OTHER AUTHORITIES.— 

7 ‘‘(1) PRIVILEGE DEFINITION.—The term ‘privi8 lege’ includes any applicable work-product privilege, 

9 attorney-client privilege, governmental privilege, or 

10 other privilege recognized under Federal, State, or 

11 foreign law. 

12 ‘‘(2) PRIVILEGED INFORMATION PROVIDED BY

13 THE COMMISSION.—The Commission shall not be con14 sidered to have waived any privilege by transferring 

15 information to or permitting that information to be 

16 used in accordance with section 8a(6) or paragraphs 

17 (2), (3), and (4) of subsection (e) of this section. 

18 ‘‘(3) NONDISCLOSURE OF PRIVILEGED INFORMA19 TION PROVIDED TO THE COMMISSION.—The Commis20 sion shall not be compelled to disclose privileged in21 formation obtained from any foreign futures author22 ity if the authority has in good faith determined and 

23 represented to the Commission that the information is 

24 privileged, except as provided for in subsection (a)(1). 


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1 ‘‘(4) NONWAIVER OF PRIVILEGED INFORMATION

2 PROVIDED TO THE COMMISSION.— 

3 ‘‘(A) IN GENERAL.—The entities listed in 

4 paragraphs (2), (3), and (4) of subsection (e) 

5 and section 8(a)(6) shall not be considered to 

6 have waived any privilege by transferring infor7 mation to or permitting information to be used 

8 by the Commission. 

9 ‘‘(B) EXCEPTION.—Subparagraph (A) shall 

10 not apply to an entity listed in section 8a(6) 

11 with respect to information obtained by the Com12 mission in an investigation relating to or in any 

13 action against the entity. 

14 ‘‘(5) RULE OF CONSTRUCTION.—Nothing in this 

15 subsection shall authorize the Commission to withhold 

16 information from the Congress or prevent the Com17 mission from complying with an order of a court of 

18 the United States in an action commenced by the 

19 United States or the Commission.’’. 

20 SEC. 114. PROPRIETARY INFORMATION. 

21 Section 8 of the Commodity Exchange Act (7 U.S.C. 

22 12), as amended by section 113 of this Act, is amended by 

23 adding at the end the following: 

24 ‘‘(k) PROPRIETARY INFORMATION.— 


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1 ‘‘(1) IN GENERAL.—For any proprietary infor2 mation provided to the Commission, the Commission 

3 may, in its discretion, after notice and comment, 

4 adopt rules and regulations to apply any of the provi5 sions of this section to such information it obtains or 

6 receives, as it deems necessary, to the extent such in7 formation is not already covered by the provisions of 

8 this section. 

9 ‘‘(2) POLICIES.—With regard to proprietary in10 formation it obtains or receives, the Commission shall 

11 adopt policies, as determined by the Commission, 

12 after notice and comment, to— 

13 ‘‘(A) address circumstances when the Com14 mission requests proprietary information; 

15 ‘‘(B) safeguard the information, taking into 

16 consideration the level of sensitivity of the infor17 mation; 

18 ‘‘(C) limit access to the information to ap19 propriate staff, as determined by the Commis20 sion; and 

21 ‘‘(D) protect the information from unlawful 

22 use or disclosure. 

23 ‘‘(3) SHARING.—To the extent the Commission 

24 adopts rules or regulations, pursuant to paragraph 

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1 mation with other governmental entities, the Commis2 sion shall receive assurances that such other govern3 mental entity shall maintain sufficient safeguards 

4 consistent with— 

5 ‘‘(A) policies that achieve the objectives of 

6 subparagraphs (B), (C), and (D) of paragraph 

7 (2) of this subsection; and 

8 ‘‘(B) the limitations set forth in paragraphs 

9 (2), (3), and (4) of subsection (e) concerning the 

10 confidentiality of any such information re11 ceived.’’. 

12 SEC. 115. AUTHORITY TO PROVIDE FOOD AND INCIDENTAL 

13 ASSISTANCE TO FOREIGN OFFICIALS HOSTED 

14 BY THE COMMISSION. 

15 Section 12(b) of the Commodity Exchange Act (7 

16 U.S.C. 16(b)) is amended by adding at the end the fol17 lowing: 

18 ‘‘(5) The Commission may incur expenses for 

19 consultations and meetings hosted by the Commission 

20 with foreign governmental and other regulatory offi21 cials to exchange views concerning derivatives mat22 ters, such expenses to include necessary logistic and 

23 administrative expenses, including— 

24 ‘‘(A) meals; 

25 ‘‘(B) local travel and transportation; and 


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1 ‘‘(C) related incidental expenses.’’. 

2 SEC. 116. EXTENSION OF OPERATIONS. 

3 Section 12(d) of the Commodity Exchange Act (7 

4 U.S.C. 16(d)) is amended by striking ‘‘2008 through 2013’’ 

5 and inserting ‘‘2020 through 2025’’. 

6 SEC. 117. AIDING AND ABETTING. 

7 Section 13(a) of the Commodity Exchange Act (7 

8 U.S.C. 13c(a)) is amended— 

9 (1) by inserting ‘‘or recklessly provides substan10 tial assistance to,’’ after ‘‘commission of,’’; and 

11 (2) by inserting ‘‘, or who by recklessly pro12 viding substantial assistance to another,’’ before 

13 ‘‘causes an act’’. 

14 SEC. 118. MODERNIZATION OF AUTHORITY OF THE COMMIS15 SION TO CONDUCT RESEARCH, DEVELOP16 MENT, DEMONSTRATION, AND INFORMATION 

17 PROGRAMS. 

18 Section 18 of the Commodity Exchange Act (7 U.S.C. 

19 22) is amended to read as follows: 

20 ‘‘SEC. 18. RESEARCH AND DEVELOPMENT PROGRAMS. 

21 ‘‘(a) PROGRAMS.—The Commission, as part of its on22 going operations, shall establish and maintain research, de23 velopment, demonstration, and information programs that 

24 further the purposes of this Act, including programs that— 


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1 ‘‘(1) facilitate the understanding by the Commis2 sion of emerging technologies, technological advances, 

3 and innovations and their potential application to 

4 and effect on the transactions and markets under the 

5 jurisdiction of the Commission, and associated impli6 cations for cybersecurity, data security, and systemic 

7 risk; 

8 ‘‘(2) provide an environment where emerging 

9 technologies, technological advances, and innovations 

10 may be explored by the Commission with developers 

11 and potential users to evaluate potential effects on the 

12 Commission and the markets under the jurisdiction of 

13 the Commission; 

14 ‘‘(3) identify areas where the Commission should 

15 adapt its administration of this Act in light of emerg16 ing technologies, technological advances, and innova17 tions to benefit the markets under the jurisdiction of 

18 the Commission; and 

19 ‘‘(4) develop educational and other informational 

20 materials for dissemination and use among pro21 ducers, market-users, and the general public regard22 ing— 

23 ‘‘(A) derivatives; 


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1 ‘‘(B) emerging technologies, technological 

2 advances, and innovations in markets under the 

3 jurisdiction of the Commission; and 

4 ‘‘(C) applicable requirements of this Act 

5 and the regulations prescribed under this Act 

6 with regard to the subjects described in subpara7 graphs (A) and (B). 

8 ‘‘(b) RESEARCH AND DEVELOPMENT PLAN.— 

9 ‘‘(1) IN GENERAL.—The Commission may, after 

10 notice and comment, adopt a research and develop11 ment plan for a program established under subsection 

12 (a). 

13 ‘‘(2) CONDITIONS.—A research and development 

14 plan adopted pursuant to paragraph (1) shall iden15 tify— 

16 ‘‘(A) specific areas of interest to the Com17 mission; 

18 ‘‘(B) potential activities the Commission 

19 will undertake to investigate an area of interest; 

20 and 

21 ‘‘(C) how the authority described in sub22 section (c) will be utilized in the program. 

23 ‘‘(c) OTHER TRANSACTION AUTHORITY.— 

24 ‘‘(1) IN GENERAL.—Notwithstanding the Office 

25 of Federal Procurement Policy Act of 1974 and the 


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1 Competition in Contracting Act, the Commission may 

2 enter into and perform a transaction (other than a 

3 standard contract) for the purpose of aiding or facili4 tating the programs and activities under subsection 

5 (a). 

6 ‘‘(2) CONDITIONS.—The Commission may enter 

7 into a transaction under this subsection only if— 

8 ‘‘(A) the transaction is used only in further9 ance of a research and development plan estab10 lished under subsection (b); 

11 ‘‘(B) the Commission endeavored to use a 

12 competitive process, where appropriate, when de13 termining the parties to the transaction; and 

14 ‘‘(C) using a standard contract to do so is 

15 either not feasible or not appropriate. 

16 ‘‘(3) POLICIES.—The Commission shall, after no17 tice and comment, establish and publish written poli18 cies setting forth the manner and criteria for utilizing 

19 the authority provided by this subsection. 

20 ‘‘(d) GIFT ACCEPTANCE AUTHORITY.— 

21 ‘‘(1) IN GENERAL.—The Commission may accept 

22 and use, on behalf of the United States, any non-mon23 etary gift of a provision of access, use of facilities, 

24 personal property, or services, that is related to— 


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1 ‘‘(A) sharing of research, data, or other in2 formation; 

3 ‘‘(B) public presentations; or 

4 ‘‘(C) non-commercially available services or 

5 systems. 

6 ‘‘(2) CONDITIONS.— 

7 ‘‘(A) IN GENERAL.—A gift may be accepted 

8 pursuant to this subsection only if it is in fur9 therance of a research and development plan es10 tablished under subsection (b). 

11 ‘‘(B) LIMITATIONS.—The Commission may 

12 not accept a gift if— 

13 ‘‘(i) conditions inconsistent with appli14 cable laws or regulations apply to the gift; 

15 ‘‘(ii) the gift is conditioned on, or will 

16 require, the expenditure of appropriated 

17 funds not available to the Commission; 

18 ‘‘(iii) using a standard contract or 

19 other transaction authority under sub20 section (c) to acquire the gift is either fea21 sible or appropriate; or 

22 ‘‘(iv) acceptance of the gift would— 

23 ‘‘(I) reflect unfavorably on the 

24 ability of the Commission to carry out 

25 its responsibilities or official duties in 


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1 a fair and objective manner, or com2 promise the integrity or the appear3 ance of the integrity of its programs or 

4 any official involved in its programs, 

5 or 

6 ‘‘(II) give the endorsement or the 

7 appearance of the endorsement by the 

8 Commission or Commission staff of the 

9 products, services, activities, or policies 

10 of the donor. 

11 ‘‘(C) SOLICITATION PROHIBITION.— 

12 ‘‘(i) IN GENERAL.—Except as provided 

13 in clause (ii), no gift may be solicited by 

14 any Commissioner, employee of, or con15 tractor at the Commission. 

16 ‘‘(ii) EXCEPTION.—A Commissioner or 

17 employee of the Commission may solicit 

18 only for a gift described in paragraph 

19 (1)(B). 

20 ‘‘(D) DURATION.—To the extent applicable, 

21 the Commission shall return any gift accepted 

22 pursuant to this subsection within 90 days after 

23 accepting the gift. 

24 ‘‘(E) RULES.—The Commission shall, after 

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1 ten rules setting forth the manner and criteria to 

2 be used in determining whether a gift meets the 

3 conditions of this paragraph. 

4 ‘‘(3) DISCLOSURE.—Within 30 days after accept5 ing a gift pursuant to this subsection, the Commission 

6 shall publish in the Federal Register a notice detail7 ing— 

8 ‘‘(A) the source of the gift; 

9 ‘‘(B) the nature of the gift; 

10 ‘‘(C) whether the gift was solicited pursuant 

11 to paragraph (2)(C)(ii), and if so, by whom; and 

12 ‘‘(D) how the gift meets the conditions set 

13 forth in paragraph (2). 

14 ‘‘(4) SUNSET.—The authority provided in this 

15 subsection may not be exercised on or after October 1, 

16 2025. 

17 ‘‘(e) ANNUAL REPORT.—Not later than 60 days after 

18 the end of each fiscal year, the Commission shall submit 

19 to the Committee on Agriculture, Nutrition, and Forestry 

20 of the Senate and the Committee on Agriculture of the 

21 House of Representatives a report on all transactions en22 tered into under subsection (c) and all gifts accepted under 

23 subsection (d) in the fiscal year, which shall include the 

24 following: 


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1 ‘‘(1) A brief description of the subject of each 

2 such transaction or gift, with an explanation of— 

3 ‘‘(A) its potential utility to the Commission 

4 or the markets regulated by the Commission; 

5 ‘‘(B) how it fulfills the goals and objectives 

6 of the research and development plan established 

7 under subsection (b); and 

8 ‘‘(C) the status of all related projects. 

9 ‘‘(2) The information required to be published 

10 pursuant to subsection (d)(3). 

11 ‘‘(3) A description of all sums expended by the 

12 Commission in connection with a transaction entered 

13 into under subsection (c), and, if readily ascertain14 able, the value of any gift accepted under subsection 

15 (d).’’. 

16 SEC. 119. PROTECTING CUSTOMER PROPERTY DURING 

17 COMMODITY BROKER BANKRUPTCY. 

18 Section 20(a) of the Commodity Exchange Act (7 

19 U.S.C. 24(a)) is amended— 

20 (1) by striking ‘‘and’’ at the end of paragraph 

21 (4); 

22 (2) by striking the period at the end of para23 graph (5) and inserting ‘‘; and’’; and 

24 (3) by adding at the end the following: 


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1 ‘‘(6) that cash, securities, or other property of the 

2 estate of a commodity broker, including the trading or 

3 operating accounts of the commodity broker and com4 modities held in inventory by the commodity broker, 

5 shall, subject to any otherwise unavoidable security 

6 interest, or otherwise unavoidable contractual offset or 

7 netting rights of creditors (including rights set forth 

8 in a rule or bylaw of a derivatives clearing organiza9 tion or a clearing agency) in respect of such property, 

10 be included in customer property, but only to the ex11 tent that the property that is otherwise customer 

12 property is insufficient to satisfy the net equity 

13 claims of public customers (as such term may be de14 fined by the Commission by rule or regulation) of the 

15 commodity broker.’’. 

16 SEC. 120. ELIMINATION OF THE DOUBLE-SIDED CONFIRMA17 TION REQUIREMENT FOR SWAP DATA REPOSI18 TORIES. 

19 Section 21(c)(2) of the Commodity Exchange Act (7 

20 U.S.C. 24a(c)(2)) is amended to read as follows: 

21 ‘‘(2) confirm with any counterparty to the swap, 

22 as determined by the Commission, the accuracy of the 

23 data that was submitted, and the counterparty shall 

24 comply with the rules or procedures of a swap data 

25 repository to confirm the accuracy of the data;’’. 


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1 SEC. 121. WHISTLEBLOWER PROTECTIONS FOR INTERNAL 

2 DISCLOSURES. 

3 (a) INTERNAL REPORTING.—Section 23 of the Com4 modity Exchange Act (7 U.S.C. 26) is amended— 

5 (1) in subsection (a)(7)— 

6 (A) by striking ‘‘The term’’ and inserting 

7 the following: 

8 ‘‘(A) IN GENERAL.—The term’’; and 

9 (B) by adding at the end the following: 

10 ‘‘(B) SPECIAL RULE.—Solely for the pur11 poses of subsection (h)(1), the term ‘whistle12 blower’ includes any individual who takes, or 2 

13 or more individuals acting jointly who take, an 

14 action described in subsection (h)(1)(A).’’; and 

15 (2) in subsection (h)(1)(A)— 

16 (A) in clause (i), by striking ‘‘or’’ at the 

17 end; 

18 (B) in clause (ii), by striking the period at 

19 the end and inserting ‘‘; or’’; and 

20 (C) by adding at the end the following: 

21 ‘‘(iii) in providing information regard22 ing any conduct that the whistleblower rea23 sonably believes constitutes a violation of 

24 any law, rule, or regulation subject to the 

25 jurisdiction of the Commission to— 


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1 ‘‘(I) a person with supervisory 

2 authority over the whistleblower at the 

3 employer of the whistleblower, if that 

4 employer is an entity registered with, 

5 or required to be registered with, the 

6 Commission, a self-regulatory organi7 zation, or a State securities commis8 sion or office performing like functions; 

9 or 

10 ‘‘(II) another individual working 

11 for the employer described in subclause 

12 (I) who the whistleblower reasonably 

13 believes has the authority— 

14 ‘‘(aa) to investigate, discover, 

15 or terminate the misconduct; or 

16 ‘‘(bb) to take any other ac17 tion to address the misconduct.’’. 

18 (b) CLAIMS PROCESSING.— 

19 (1) IN GENERAL.—Section 23(b) of the Com20 modity Exchange Act (7 U.S.C. 26) is amended by 

21 adding at the end the following: 

22 ‘‘(3) TIMELY PROCESSING OF CLAIMS.— 

23 ‘‘(A) INITIAL DISPOSITION.— 

24 ‘‘(i) IN GENERAL.—Except as provided 

25 in subparagraph (B), and subject to clause 


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1 (ii), the Commission shall make an initial 

2 disposition with respect to a claim sub3 mitted by a whistleblower for an award 

4 under this section (referred to in this para5 graph as an ‘award claim’) not later than 

6 1 year after the deadline established by the 

7 Commission, by rule, for the whistleblower 

8 to file the award claim. 

9 ‘‘(ii) MULTIPLE ACTIONS.—If a covered 

10 judicial or administrative action involves 1 

11 or more related actions, the requirement 

12 under clause (i) shall apply with respect to 

13 the latest deadline with respect to the ac14 tions. 

15 ‘‘(B) EXCEPTIONS.— 

16 ‘‘(i) INITIAL EXTENSION.—If the Direc17 tor of the Division of Enforcement of the 

18 Commission (referred to in this paragraph 

19 as the ‘Director’), or the designee of the Di20 rector, determines that an award claim is 

21 sufficiently complex or involves more than 1 

22 whistleblower, or if other good cause exists 

23 such that the Commission cannot reason24 ably satisfy the requirement under subpara25 graph (A), the Director or the designee, as 


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1 applicable, after providing notice to the 

2 Chairman of the Commission (referred to in 

3 this paragraph as the ‘Chairman’), may ex4 tend the deadline with respect to the satis5 faction of that subparagraph by not more 

6 than 180 days. 

7 ‘‘(ii) ADDITIONAL EXTENSIONS.—If, 

8 after providing an extension under clause 

9 (i), the Director, or the designee of the Di10 rector, determines that the Commission can11 not reasonably satisfy the requirement 

12 under subparagraph (A) with respect to an 

13 award claim, as extended under that clause, 

14 the Director or the designee, as applicable, 

15 after providing notice to the Chairman, 

16 may extend the period in which the Com17 mission may satisfy subparagraph (A) by 1 

18 additional 180-day period. 

19 ‘‘(iii) NOTICE TO WHISTLEBLOWER RE20 QUIRED.—If the Director, or the designee of 

21 the Director, exercises authority under 

22 clause (i) or (ii), the Director or the des23 ignee, as applicable, shall submit to the 

24 whistleblower who filed the award claim 

25 that is subject to that action by the Director 


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1 or the designee a written notification of that 

2 action by the Director or the designee. 

3 ‘‘(C) APPLICABILITY.—This paragraph shall 

4 apply only to an award claim that is timely 

5 submitted under a deadline established by the 

6 Commission after the date of enactment of this 

7 paragraph.’’. 

8 (2) RULES.—The Commodity Futures Trading 

9 Commission may issue any rules that are necessary 

10 to carry out paragraph (3) of section 23(b) of the 

11 Commodity Exchange Act (7 U.S.C. 26(b)) (as added 

12 by paragraph (1)). 

13 (c) CFTC WHISTLEBLOWER PROGRAM EDUCATION

14 INITIATIVES.—Section 23(g)(2) of the Commodity Ex15 change Act (7 U.S.C. 26(g)(2)) is amended— 

16 (1) in subparagraph (A), by striking ‘‘and’’ at 

17 the end; 

18 (2) in subparagraph (B), by striking the period 

19 at the end and inserting ‘‘; and’’; and 

20 (3) by adding at the end the following: 

21 ‘‘(C) the funding of initiatives designed to 

22 educate stakeholders regarding the incentives and 

23 protections available under this section, includ24 ing the benefits of those incentives and protec25 tions.’’. 


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1 (d) DEPOSITS INTO CFTC CUSTOMER PROTECTION

2 FUND.—Section 23(g)(3)(A) of the Commodity Exchange 

3 Act (7 U.S.C. 26(g)(3)(A)) is amended by striking 

4 ‘‘$100,000,000’’ and inserting ‘‘$150,000,000’’. 

5 (e) AVAILABILITY OF CERTAIN CFTC INFORMATION TO

6 GOVERNMENT AGENCIES.—Section 23(h)(2)(C) of the Com7 modity Exchange Act (7 U.S.C. 26(h)(2)(C)) is amended— 

8 (1) in clause (i)— 

9 (A) in subclause (II), by striking ‘‘jurisdic10 tion;’’ and inserting the following: ‘‘jurisdiction, 

11 including— 

12 ‘‘(aa) the Federal Trade 

13 Commission; 

14 ‘‘(bb) the Internal Revenue 

15 Service; and 

16 ‘‘(cc) the Department of 

17 State;’’; and 

18 (B) in subclause (VI), by inserting ‘‘or other 

19 foreign law enforcement authority’’ before the pe20 riod at the end; and 

21 (2) in clause (ii)— 

22 (A) by striking ‘‘Each’’ and inserting the 

23 following: 

24 ‘‘(I) IN GENERAL.—Each’’; 


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1 (B) in subclause (I) (as so designated), by 

2 inserting ‘‘subclauses (I) through (V) of’’ before 

3 ‘‘clause (i)’’; and 

4 (C) by adding at the end the following: 

5 ‘‘(II) FOREIGN AUTHORITIES.— 

6 An entity described in subclause (VI) 

7 of clause (i) shall maintain informa8 tion described in that clause in accord9 ance with such assurances of confiden10 tiality as the Commission determines 

11 appropriate.’’. 

12 SEC. 122. UPDATING STANDARDS FOR NATURAL PERSONS 

13 TO MEET REQUIREMENTS FOR QUALIFIED EL14 IGIBLE PERSONS. 

15 (a) IN GENERAL.—Within 1 year after the date of the 

16 enactment of this section, the Commodity Futures Trading 

17 Commission shall adopt a rule to update its regulations 

18 governing the requirements for natural persons to be quali19 fied eligible persons who must satisfy portfolio require20 ments, for the purposes of providing relief to commodity 

21 trading advisors and commodity pool operators in their 

22 dealings with qualified eligible persons pursuant to section 

23 4.7 of title 17, Code of Federal Regulations, so that a nat24 ural person, to be a qualified eligible person who must satVerDate Sep 11 2014 21:25 Nov 26, 2019 Jkt 099200 PO 00000 Frm 00054 Fmt 6652 Sfmt 6203 E:\BILLS\H4895.RH H4895

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1 isfy the portfolio requirement, must meet the requirement 

2 of paragraph (1) and the requirement of paragraph (2): 

3 (1) MEANS.—The requirement of this paragraph 

4 is that the person must have— 

5 (A) an individual net worth, or joint net 

6 worth with the spouse, if any, of the person, at 

7 the time of the opening of an exempt account or 

8 purchase of 1 or more participation units in an 

9 exempt commodity pool, to qualify the person as 

10 an accredited investor, as defined in section 

11 230.501(a)(5) of title 17, Code of Federal Regu12 lations, as if that regulation were amended by 

13 striking ‘‘$1,000,000’’ and inserting 

14 ‘‘$5,000,000’’; or 

15 (B) individual income, or joint income with 

16 the spouse, if any, of the person, in excess of 

17 $500,000 in each of the 2 most recent years, and 

18 have a reasonable expectation of reaching the 

19 same income level in the current year. 

20 (2) PORTFOLIO.—The requirement of this para21 graph is that the person must meet a portfolio re22 quirement under section 4.7(a)(1)(v) of title 17, Code 

23 of Federal Regulations, as if that regulation were 

24 amended— 


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1 (A) by striking ‘‘$2,000,000’’ and inserting 

2 ‘‘$5,000,000’’; 

3 (B) by striking ‘‘$200,000’’ and inserting 

4 ‘‘$500,000’’; 

5 (C) by striking ‘‘$1,000,000’’ and inserting 

6 ‘‘2,500,000’’; and 

7 (D) by striking ‘‘$100,000’’ and inserting 

8 ‘‘$250,000’’. 

9 (b) INFLATION.—In adopting a rule pursuant to sub10 section (a), the Commission shall— 

11 (1) include provisions providing for adjusting 

12 the dollar amounts referred to in subsection (a) for 

13 inflation every three years to the nearest $1,000 to re14 flect the change in the Consumer Price Index for All 

15 Urban Consumers published by the Bureau of Labor 

16 Statistics; and 

17 (2) allow any natural person who meets the re18 quirements of a qualified eligible person and is a par19 ticipant in a commodity pool or the customer of a 

20 commodity trading advisor provided relief under sec21 tion 4.7 of title 17, Code of Federal Regulations, be22 fore the date of any adjustment in such requirements 

23 established pursuant to this rule to remain a quali24 fied eligible person, notwithstanding such adjustments 

25 established pursuant to this rule, if— 


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1 (A) the natural person continues to meet the 

2 requirements of qualified eligible persons pursu3 ant to section 4.7 of title 17, Code of Federal 

4 Regulations, as in effect before the date of any 

5 adjustment in such requirements established pur6 suant to this rule; and 

7 (B) the natural person does not— 

8 (i) sell all shares of its participation 

9 in such exempt commodity pool; 

10 (ii) withdraw all assets from any ac11 count managed by such exempt commodity 

12 trading advisor; 

13 (iii) purchase any new shares of par14 ticipation in such exempt commodity pool; 

15 or 

16 (iv) contribute additional assets to any 

17 account managed by such exempt com18 modity trading advisor. 

19 SEC. 123. GOVERNMENT ACCOUNTABILITY OFFICE STUDY 

20 ON ALUMINUM MARKETS. 

21 (a) STUDY.—The Comptroller General of the United 

22 States shall conduct a study of— 

23 (1) the aluminum markets in the United States 

24 and globally, in general; 


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1 (2) the effectiveness and efficiency of the markets 

2 for purchasers of aluminum; 

3 (3) what factors and policies influence the sup4 ply, demand, and movement of aluminum around the 

5 world; and 

6 (4) the effectiveness of government oversight over 

7 the markets. 

8 (b) REPORT.—Within 180 days after the date of the 

9 enactment of this Act, the Comptroller General shall submit 

10 to the Committee on Agriculture of the House of Representa11 tives and the Committee on Agriculture, Nutrition, and 

12 Forestry of the Senate a written report that contains the 

13 results of the study required by subsection (a). 

14 SEC. 124. RESPONSE TO FOREIGN REGULATORY AUTHOR15 ITY. 

16 Where a foreign authority seeks to assert direct super17 visory authority over derivatives clearing organizations 

18 domiciled in the United States, the Commodity Futures 

19 Trading Commission should review the appropriateness of 

20 the exemptions granted to foreign entities, including clear21 inghouses, under the jurisdiction of the foreign authority. 

22 SEC. 125. AFFILIATE CONDITIONS. 

23 Section 2(h)(7)(D)(iv) of the Commodity Exchange Act 

24 (7 U.S.C. 2(h)(7)(D)(iv)) is amended— 


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1 (1) in subclause (I), by striking ‘‘risk; and’’ and 

2 inserting ‘‘risk, unless the affiliate can demonstrate to 

3 the Commission, as determined by the Commission, 

4 that— 

5 ‘‘(aa) the affiliate has uti6 lized the exception in clause (i) 

7 only to hedge or mitigate commer8 cial risk; and 

9 ‘‘(bb) the affiliate complies, 

10 as a financial entity, with the ob11 ligations of the affiliate with re12 spect to any swap for which the 

13 exception in clause (i) is not exer14 cised; and’’; and 

15 (2) in subclause (II), by striking ‘‘neither the af16 filiate nor any person affiliated with the affiliate that 

17 is not a financial entity’’ and inserting ‘‘neither the 

18 affiliate that qualifies for the exception in clause (i) 

19 nor any person affiliated with the affiliate, that is di20 rectly or indirectly wholly- or majority-owned by the 

21 same ultimate parent, and that enters into swaps 

22 with the affiliate’’. 


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1 TITLE II—TECHNICAL 

2 CORRECTIONS 

3 SEC. 201. CORRECTION OF REFERENCES. 

4 (a) Section 2(h)(8)(A)(ii) of the Commodity Exchange 

5 Act (7 U.S.C. 2(h)(8)(A)(ii)) is amended by striking ‘‘5h(f) 

6 of this Act’’ and inserting ‘‘5h(g)’’. 

7 (b) Section 5c(c)(5)(C)(i) of such Act (7 U.S.C. 7a– 

8 2(c)(5)(C)(i)) is amended by striking ‘‘1a(2)(i))’’ and in9 serting ‘‘1a(19)(i))’’. 

10 (c) Section 23(f) of such Act (7 U.S.C. 26(f)) is amend11 ed by striking ‘‘section 7064’’ and inserting ‘‘section 706’’. 

12 SEC. 202. ELIMINATION OF OBSOLETE REFERENCES TO 

13 DEALER OPTIONS. 

14 (a) IN GENERAL.—Section 4c of the Commodity Ex15 change Act (7 U.S.C. 6c) is amended by striking subsections 

16 (d) and (e) and redesignating subsections (f) and (g) as sub17 sections (d) and (e), respectively. 

18 (b) CONFORMING AMENDMENTS.— 

19 (1) Section 2(d) of such Act (7 U.S.C. 2(d)) is 

20 amended by striking ‘‘(g) of’’ and inserting ‘‘(e) of’’. 

21 (2) Section 4f(a)(4)(A)(i) of such Act (7 U.S.C. 

22 6f(a)(4)(A)(i)) is amended by striking ‘‘, (d), (e), and 

23 (g)’’ and inserting ‘‘and (e)’’. 


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1 (3) Section 4k(5)(A) of such Act (7 U.S.C. 

2 6k(5)(A)) is amended by striking ‘‘, (d), (e), and (g)’’ 

3 and inserting ‘‘and (e)’’. 

4 (4) Section 5f(b)(1)(A) of such Act (7 U.S.C. 7b– 

5 1(b)(1)(A)) is amended by striking ‘‘, (e), and (g)’’ 

6 and inserting ‘‘and (e)’’. 

7 (5) Section 9(a)(2) of such Act (7 U.S.C. 

8 13(a)(2)) is amended by striking ‘‘through (e) of sub9 section’’ and inserting ‘‘through (c) of section’’. 

10 SEC. 203. UPDATED TRADE DATA PUBLICATION REQUIRE11 MENT. 

12 Section 4g(e) of the Commodity Exchange Act (7 

13 U.S.C. 6g(e)) is amended by striking ‘‘the exchange’’ and 

14 inserting ‘‘each designated contract market and swap execu15 tion facility’’. 

16 SEC. 204. FLEXIBILITY FOR ALL REGISTERED ENTITIES. 

17 (a) Section 5c(b) of the Commodity Exchange Act (7 

18 U.S.C. 7a–2(b)) is amended by striking ‘‘contract market, 

19 derivatives transaction execution facility, or electronic trad20 ing facility’’ each place it appears and inserting ‘‘registered 

21 entity’’. 

22 (b) Section 5c(b)(1) of such Act (7 U.S.C. 7a–2(b)(1)) 

23 is amended— 

24 (1) by striking ‘‘(1) IN GENERAL.—A’’ and in25 serting the following: 


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1 ‘‘(1) DELEGATION.— 

2 ‘‘(A) IN GENERAL.—A’’; 

3 (2) by striking ‘‘with respect to a significant 

4 price discovery contract’’; and 

5 (3) by adding after and below the end the fol6 lowing: 

7 ‘‘(B) SWAPS.—In addition to the authority 

8 described in subparagraph (A), a registered enti9 ty may also comply with any applicable core 

10 principle, as it applies to swaps, through delega11 tion of any relevant function to a registered na12 tional securities association.’’. 

13 SEC. 205. ELIMINATION OF OBSOLETE REFERENCES TO 

14 ELECTRONIC TRADING FACILITIES. 

15 (a) Section 1a(18)(A)(x) of the Commodity Exchange 

16 Act (7 U.S.C. 1a(18)(A)(x)) is amended by striking ‘‘(other 

17 than an electronic trading facility with respect to a signifi18 cant price discovery contract)’’. 

19 (b) Section 1a(40) of such Act (7 U.S.C. 1a(40)) is 

20 amended— 

21 (1) by adding ‘‘and’’ at the end of subparagraph 

22 (D); and 

23 (2) by striking all that follows ‘‘section 21’’ and 

24 inserting a period. 


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1 (c) Section 4a(e) of such Act (7 U.S.C. 6a(e)) is 

2 amended— 

3 (1) in the first sentence— 

4 (A) by striking ‘‘or by any electronic trad5 ing facility’’; 

6 (B) by striking ‘‘or on an electronic trading 

7 facility’’; and 

8 (C) by striking ‘‘or electronic trading facil9 ity’’ each place it appears; and 

10 (2) in the second sentence, by striking ‘‘or elec11 tronic trading facility with respect to a significant 

12 price discovery contract’’. 

13 (d) Section 4g(a) of such Act (7 U.S.C. 6g(a)) is 

14 amended by striking ‘‘any significant price discovery con15 tract traded or executed on an electronic trading facility 

16 or’’. 

17 (e) Section 4i of such Act (7 U.S.C. 6i) is amended— 

18 (1) by striking ‘‘, or any significant price dis19 covery contract traded or executed on an electronic 

20 trading facility’’; and 

21 (2) by striking ‘‘or electronic trading facility’’. 

22 (f) Section 6(b) of such Act (7 U.S.C. 8(b)) is amended 

23 by striking ‘‘or electronic trading facility’’ each place it ap24 pears. 


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1 (g) Section 12(e)(2) of such Act (7 U.S.C. 16(e)(2)) 

2 is amended by striking ‘‘in the case of—’’ and all that fol3 lows and inserting ‘‘in the case of an agreement, contract, 

4 or transaction that is excluded from this Act under section 

5 2(c) or 2(f) of this Act or title IV of the Commodity Futures 

6 Modernization Act of 2000, or exempted under section 4(c) 

7 of this Act (regardless of whether any such agreement, con8 tract, or transaction is otherwise subject to this Act).’’. 

9 SEC. 206. ELIMINATION OF OBSOLETE REFERENCE TO AL10 TERNATIVE SWAP EXECUTION FACILITIES. 

11 Section 5h(h) of the Commodity Exchange Act (7 

12 U.S.C. 7b–3(h)) is amended by striking ‘‘alternative’’ before 

13 ‘‘swap’’. 

14 SEC. 207. CLARIFICATION OF COMMISSION AUTHORITY 

15 OVER SWAPS TRADING. 

16 Section 8a of the Commodity Exchange Act (7 U.S.C. 

17 12a) is amended— 

18 (1) in paragraph (7)— 

19 (A) by inserting ‘‘the protection of swaps 

20 traders and to assure fair dealing in swaps, for’’ 

21 after ‘‘appropriate for’’; 

22 (B) in subparagraph (A), by inserting 

23 ‘‘swaps or’’ after ‘‘conditions in’’; and 

24 (C) in subparagraph (B), by inserting ‘‘or 

25 swaps’’ after ‘‘future delivery’’; and 


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1 (2) in paragraph (9)— 

2 (A) by inserting ‘‘swap or’’ after ‘‘or liq3 uidation of any’’; and 

4 (B) by inserting ‘‘swap or’’ after ‘‘margin 

5 levels on any’’. 

6 SEC. 208. ELIMINATION OF OBSOLETE REFERENCE TO THE 

7 COMMODITY EXCHANGE COMMISSION. 

8 Section 13(c) of the Commodity Exchange Act (7 

9 U.S.C. 13c(c)) is amended by striking ‘‘or the Commission’’. 

10 SEC. 209. ELIMINATION OF OBSOLETE REFERENCES TO DE11 RIVATIVE TRANSACTION EXECUTION FACILI12 TIES. 

13 (a) Section 1a(12)(B)(vi) of the Commodity Exchange 

14 Act (7 U.S.C. 1a(12)(B)(vi)) is amended by striking ‘‘de15 rivatives transaction execution facility’’ and inserting 

16 ‘‘swap execution facility’’. 

17 (b) Section 1a(34) of such Act (7 U.S.C. 1a(34)) is 

18 amended— 

19 (1) in the heading, by striking ‘‘; MEMBER OF A

20 DERIVATIVES TRANSACTION EXECUTION FACILITY’’; 

21 and 

22 (2) by striking ‘‘or derivatives transaction execu23 tion facility’’ each place it appears. 


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1 (c) Section 1a(35)(B)(iii)(I) of such Act (7 U.S.C. 

2 1a(35)(B)(iii)(I)) is amended by striking ‘‘or registered de3 rivatives transaction execution facility’’. 

4 (d) Section 2(a)(1)(C)(ii) of such Act (7 U.S.C. 

5 2(a)(1)(C)(ii)) is amended— 

6 (1) by striking ‘‘, or register a derivatives trans7 action execution facility that trades or executes,’’; 

8 (2) by striking ‘‘, and no derivatives transaction 

9 execution facility shall trade or execute such contracts 

10 of sale (or options on such contracts) for future deliv11 ery’’; and 

12 (3) by striking ‘‘or the derivatives transaction 

13 execution facility,’’. 

14 (e) Section 2(a)(1)(C)(v)(I) of such Act (7 U.S.C. 

15 2(a)(1)(C)(v)(I)) is amended by striking ‘‘, or any deriva16 tives transaction execution facility on which such contract 

17 or option is traded,’’. 

18 (f) Section 2(a)(1)(C)(v)(II) of such Act (7 U.S.C. 

19 2(a)(1)(C)(v)(II)) is amended by striking ‘‘or derivatives 

20 transaction execution facility’’ each place it appears. 

21 (g) Section 2(a)(1)(C)(v)(V) of such Act (7 U.S.C. 

22 2(a)(1)(C)(v)(V)) is amended by striking ‘‘or registered de23 rivatives transaction execution facility’’. 


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1 (h) Section 2(a)(1)(D)(i) of such Act (7 U.S.C. 

2 2(a)(1)(D)(i)) is amended in the matter preceding subclause 

3 (I)— 

4 (1) by striking ‘‘in, or register a derivatives 

5 transaction execution facility’’; and 

6 (2) by striking ‘‘, or registered as a derivatives 

7 transaction execution facility for,’’. 

8 (i) Section 2(a)(1)(D)(i)(IV) of such Act (7 U.S.C. 

9 2(a)(1)(D)(i)(IV)) is amended by striking ‘‘registered de10 rivatives transaction execution facility,’’ each place it ap11 pears. 

12 (j) Section 2(a)(1)(D)(ii)(I) of such Act (7 U.S.C. 

13 2(a)(1)(D)(ii)(I)) is amended to read as follows: 

14 ‘‘(I) the transaction is conducted on or subject to 

15 the rules of a board of trade that has been designated 

16 by the Commission as a contract market in such secu17 rity futures product;’’. 

18 (k) Section 2(a)(1)(D)(ii)(II) of such Act (7 U.S.C. 

19 2(a)(1)(D)(ii)(II)) is amended by striking ‘‘or registered de20 rivatives transaction execution facility’’. 

21 (l) Section 2(a)(1)(D)(ii)(III) of such Act (7 U.S.C. 

22 2(a)(1)(D)(ii)(III)) is amended by striking ‘‘or registered 

23 derivatives transaction execution facility member’’. 

24 (m) Section 2(a)(9)(B)(ii) of such Act (7 U.S.C. 

25 2(a)(9)(B)(ii)) is amended— 


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1 (1) by striking ‘‘or registration’’ each place it 

2 appears; 

3 (2) by striking ‘‘or derivatives transaction execu4 tion facility’’ each place it appears; 

5 (3) by striking ‘‘or register’’; 

6 (4) by striking ‘‘, registering,’’; and 

7 (5) by striking ‘‘registration,’’. 

8 (n) Section 2(c)(2) of such Act (7 U.S.C. 2(c)(2)) is 

9 amended by striking ‘‘or a derivatives transaction execution 

10 facility’’ each place it appears. 

11 (o) Section 4(a) of such Act (7 U.S.C. 6(a)) is amend12 ed— 

13 (1) by striking ‘‘or derivatives transaction execu14 tion facility’’ each place it appears; and 

15 (2) in paragraph (1), by striking ‘‘or registered’’. 

16 (p) Section 4(c)(1) of such Act (7 U.S.C. 6(c)(1)) is 

17 amended— 

18 (1) by striking ‘‘or registered’’; and 

19 (2) by striking ‘‘or derivatives transaction execu20 tion facility’’. 

21 (q) Section 4a(a)(1) of such Act (7 U.S.C. 6a(a)(1)) 

22 is amended— 

23 (1) by striking ‘‘or derivatives transaction execu24 tion facilities’’; and 


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1 (2) by striking ‘‘or derivatives transaction execu2 tion facility’’. 

3 (r) Section 4a(e) of such Act (7 U.S.C. 6a(e)) is 

4 amended— 

5 (1) by striking ‘‘, derivatives transaction execu6 tion facility,’’ each place it appears; and 

7 (2) by striking ‘‘or derivatives transaction execu8 tion facility’’. 

9 (s) Section 4c(e) of such Act (7 U.S.C. 6c(g)), as so 

10 redesignated by section 202(a) of this Act, is amended by 

11 striking ‘‘or derivatives transaction execution facility’’ each 

12 place it appears. 

13 (t) Section 4d of such Act (7 U.S.C. 6d) is amended 

14 by striking ‘‘or derivatives transaction execution facility’’ 

15 each place it appears. 

16 (u) Section 4e of such Act (7 U.S.C. 6e) is amended 

17 by striking ‘‘or derivatives transaction execution facility’’. 

18 (v) Section 4f(a) of such Act (7 U.S.C. 6f(a)) is amend19 ed by striking ‘‘or registered derivatives transaction execu20 tion facility’’. 

21 (w) Section 4f(b) of such Act (7 U.S.C. 6f(b)) is 

22 amended by striking ‘‘or derivatives transaction execution 

23 facility’’ each place it appears. 

24 (x) Section 4i of such Act (7 U.S.C. 6i) is amended 

25 by striking ‘‘or derivatives transaction execution facility’’. 


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1 (y) Section 4j of such Act (7 U.S.C. 6j) is amended— 

2 (1) in the heading by striking ‘‘AND REG3 ISTERED DERIVATIVES TRANSACTION EXECU4 TION FACILITIES’’; 

5 (2) in subsection (a), by striking ‘‘and registered 

6 derivatives transaction execution facility’’; 

7 (3) in subsection (b), by striking ‘‘or registered 

8 derivatives transaction execution facility’’; and 

9 (4) in subsection (c), by striking ‘‘or registered 

10 derivatives transaction execution facility members’’. 

11 (z) Section 4k of such Act (7 U.S.C. 6k) is amended 

12 by striking ‘‘or registered derivatives transaction execution 

13 facility’’. 

14 (aa) Section 4l of such Act (7 U.S.C. 6l) is amended 

15 by striking ‘‘or derivatives transaction execution facilities’’ 

16 each place it appears 

17 (bb) Section 4p(a) of such Act (7 U.S.C. 6p(a)) is 

18 amended by striking ‘‘, or derivatives transaction execution 

19 facilities’’. 

20 (cc) Section 4p(b) of such Act (7 U.S.C. 6p(b)) is 

21 amended by striking ‘‘derivatives transaction execution fa22 cility,’’. 

23 (dd) Section 5(e) of such Act (7 U.S.C. 7(e)) is amend24 ed— 


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1 (1) by striking ‘‘(e)’’ and all that follows through 

2 ‘‘a contract for’’ and inserting the following: 

3 ‘‘(e) CURRENT AGRICULTURAL COMMODITIES.—A con4 tract for’’; and 

5 (2) by striking paragraph (2). 

6 (ee) Section 5c(b) of such Act (7 U.S.C. 7a–2(b)) is 

7 amended by striking ‘‘, derivatives transaction execution fa8 cility,’’ each place it appears. 

9 (ff) Section 5c(f) of such Act (7 U.S.C. 7a–2(f)) is 

10 amended by striking ‘‘and registered derivatives transaction 

11 execution facility’’. 

12 (gg) Section 5c(f)(1) of such Act (7 U.S.C. 7a–2(f)(1)) 

13 is amended by striking ‘‘or registered derivatives trans14 action execution facility’’. 

15 (hh) Section 6 of such Act (7 U.S.C. 8) is amended— 

16 (1) in subsection (a), by striking ‘‘or registered’’; 

17 (2) by striking ‘‘or derivatives transaction execu18 tion facility’’ each place it appears; and 

19 (3) by striking ‘‘or registration’’ each place it 

20 appears. 

21 (ii) Section 6a(a) of such Act (7 U.S.C. 10a(a)) is 

22 amended— 

23 (1) by striking ‘‘or registered’’; 

24 (2) by striking ‘‘or a derivatives transaction exe25 cution facility’’; and 


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1 (3) by inserting ‘‘shall’’ before ‘‘exclude’’ the first 

2 place it appears. 

3 (jj) Section 6a(b) of such Act (7 U.S.C. 10a(b)) is 

4 amended— 

5 (1) by striking ‘‘or registered’’; and 

6 (2) by striking ‘‘or a derivatives transaction exe7 cution facility’’. 

8 (kk) Section 6d(1) of such Act (7 U.S.C. 13a–2(1)) is 

9 amended by striking ‘‘derivatives transaction execution fa10 cility,’’. 

11 SEC. 210. ELIMINATION OF OBSOLETE REFERENCES TO EX12 EMPT BOARDS OF TRADE. 

13 (a) Section 1a(18)(A)(x) of the Commodity Exchange 

14 Act (7 U.S.C. 1a(18)(A)(x)) is amended by striking ‘‘or an 

15 exempt board of trade’’. 

16 (b) Section 12(e)(1)(B)(i) of such Act (7 U.S.C. 

17 16(e)(1)(B)(i)) is amended by striking ‘‘or exempt board 

18 of trade’’. 

19 SEC. 211. ELIMINATION OF COMPLETED REPORTS. 

20 (a) Section 23(h)(2)(C) of the Commodity Exchange 

21 Act (7 U.S.C. 26(h)(2)(C)) is amended by striking clause 

22 (iii). 

23 (b) Section 26 of the Futures Trading Act of 1978 (7 

24 U.S.C. 16a) is amended by striking subsection (b) and re25 designating subsection (c) as subsection (b). 


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1 SEC. 212. MISCELLANEOUS CORRECTIONS. 

2 (a) Section 1a(12)(A)(i)(II) of the Commodity Ex3 change Act (7 U.S.C. 1a(12)(A)(i)(II)) is amended by add4 ing at the end a semicolon. 

5 (b) Section 2(a)(1)(C)(ii)(III) of such Act (7 U.S.C. 

6 2(a)(1)(C)(ii)(III)) is amended by moving the provision 2 

7 ems to the right. 

8 (c) Section 2(a)(1)(C)(iii) of such Act (7 U.S.C. 

9 2(a)(1)(C)(iii)) is amended by moving the provision 2 ems 

10 to the right. 

11 (d) Section 2(a)(1)(C)(iv) of such Act (7 U.S.C. 

12 2(a)(1)(C)(iv)) is amended by striking ‘‘under or’’ and in13 serting ‘‘under’’. 

14 (e) Section 2(a)(1)(C)(v) of such Act (7 U.S.C. 

15 2(a)(1)(C)(v)) is amended by moving the provision 2 ems 

16 to the right. 

17 (f) Section 2(a)(1)(C)(v)(VI) of such Act (7 U.S.C. 

18 2(a)(1)(C)(v)(VI)) is amended by striking ‘‘III’’ and insert19 ing ‘‘(III)’’. 

20 (g) Section 2(c)(1) of such Act (7 U.S.C. 2(c)(1)) is 

21 amended by striking the second comma. 

22 (h) Section 4(c)(3)(H) of such Act (7 U.S.C. 

23 6(c)(3)(H)) is amended by striking ‘‘state’’ and inserting 

24 ‘‘State’’. 

25 (i) Section 4c(c) of such Act (7 U.S.C. 6c(c)) is amend26 ed to read as follows: 


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1 ‘‘(c) The Commission shall issue regulations to con2 tinue to permit the trading of options on contract markets 

3 under such terms and conditions that the Commission from 

4 time to time may prescribe.’’. 

5 (j) Section 4d(b) of such Act (7 U.S.C. 6d(b)) is 

6 amended by striking ‘‘paragraph (2) of this section’’ and 

7 inserting ‘‘subsection (a)(2)’’. 

8 (k) Section 4f(c)(3)(A) of such Act (7 U.S.C. 

9 6f(c)(3)(A)) is amended by striking the first comma. 

10 (l) Section 4f(c)(4)(A) of such Act (7 U.S.C. 

11 6f(c)(4)(A)) is amended by striking ‘‘in developing’’ and in12 serting ‘‘In developing’’. 

13 (m) Section 4f(c)(4)(B) of such Act (7 U.S.C. 

14 6f(c)(4)(B)) is amended by striking ‘‘1817(a)’’ and insert15 ing ‘‘1817(a))’’. 

16 (n) Section 5 of such Act (7 U.S.C. 7) is amended by 

17 redesignating subsections (c) through (e) as subsections (b) 

18 through (d), respectively. 

19 (o) Section 5b of such Act (7 U.S.C. 7a–1) is amended 

20 by redesignating subsection (k) as subsection (j). 

21 (p) Section 5f(b)(1) of such Act (7 U.S.C. 7b–1(b)(1)) 

22 is amended by striking ‘‘section 5f’’ and inserting ‘‘this sec23 tion’’. 

24 (q) Section 6(a) of such Act (7 U.S.C. 8(a)) is amended 

25 by striking ‘‘the the’’ and inserting ‘‘the’’. 


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1 (r) Section 8a of such Act (7 U.S.C. 12a) is amended 

2 in each of paragraphs (2)(E) and (3)(B) by striking ‘‘Inves3 tors’’ and inserting ‘‘Investor’’. 

4 (s) Section 12(b)(4) of such Act (7 U.S.C. 16(b)(4)) 

5 is amended by moving the provision 2 ems to the left. 

6 (t) Section 14(a)(2) of such Act (7 U.S.C. 18(a)(2)) 

7 is amended by moving the margin of the provision 2 ems 

8 to the left. 

9 (u) Section 17(b)(9)(D) of such Act (7 U.S.C. 

10 21(b)(9)(D)) is amended by striking the semicolon and in11 serting a period. 

12 (v) Section 17(b)(10)(C)(ii) of such Act (7 U.S.C. 

13 21(b)(10)(C)(ii)) is amended by striking ‘‘and’’ at the end. 

14 (w) Section 17(b)(11) of such Act (7 U.S.C. 21(b)(11)) 

15 is amended by striking the period and inserting a semi16 colon. 

17 (x) Section 17(b)(12) of such Act (7 U.S.C. 21(b)(12)) 

18 is amended— 

19 (1) by striking ‘‘(A)’’; and 

20 (2) by striking the period and inserting ‘‘; and’’. 

21 (y) Section 17(b)(13) of such Act (7 U.S.C. 21(b)(13)) 

22 is amended by striking ‘‘A’’ and inserting ‘‘a’’. 

23 (z) Section 17 of such Act (7 U.S.C. 21) is amended 

24 by redesignating subsection (q), as added by section 233(5) 


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1 of Public Law 97–444, and subsection (r) as subsections (r) 

2 and (s), respectively. 

3 (aa) Section 22(b)(3) of such Act (7 U.S.C. 25(b)(3)) 

4 is amended by striking ‘‘of registered’’ and inserting ‘‘of 

5 a registered’’. 

6 (bb) Section 22(b)(4) of such Act (7 U.S.C. 25(b)(4)) 

7 is amended by inserting a comma after ‘‘entity’’. 

8 SEC. 213. TECHNICAL AMENDMENTS TO SECTION 14(e). 

9 Section 14(e) of the Commodity Exchange Act (7 

10 U.S.C. 18(e)) is amended— 

11 (1) by inserting ‘‘(1)’’ after ‘‘(e)’’; 

12 (2) in the 1st sentence— 

13 (A) by inserting ‘‘final’’ after ‘‘Any’’; 

14 (B) by striking ‘‘hereunder’’ and inserting 

15 ‘‘under this section’’; and 

16 (C) by striking ‘‘the appellee’’ and inserting 

17 ‘‘an appellee’’; 

18 (3) in the 2nd sentence— 

19 (A) by striking ‘‘Such appeal’’ and insert20 ing ‘‘If the order requires the petitioner to pay 

21 reparation, or upholds a prior order requiring 

22 such a payment, the petition for review’’; 

23 (B) by striking ‘‘appellant’’ each place it 

24 appears and inserting ‘‘petitioner’’; 


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1 (C) by striking ‘‘for the appellee, if the ap2 pellee shall prevail’’ and inserting ‘‘as set forth 

3 below’’; 

4 (4) in the 4th sentence, by striking ‘‘The’’ and 

5 inserting ‘‘An’’; and 

6 (5) in the 5th sentence— 

7 (A) by inserting ‘‘participates in the pro8 ceedings before the Court of Appeals through 

9 counsel and’’ before ‘‘prevails’’; and 

10 (B) by striking ‘‘his’’ and inserting ‘‘the ap11 pellee’s’’; and 

12 (6) by adding after and below the end the fol13 lowing: 

14 ‘‘(2) In paragraph (1), the term ‘appellee’ means a 

15 party to a proceeding before the Commission under this sec16 tion in whose favor the Commission ruled in an order that 

17 is the subject of a petition for review under paragraph (1) 

18 and whose interests are adverse to those of the petitioner.’’. 

19 SEC. 214. TECHNICAL CLARIFICATIONS FOR RETAIL FOR20 EIGN CURRENCY. 

21 Section 2(c)(2) of the Commodity Exchange Act (7 

22 U.S.C. 2(c)(2)) is amended— 

23 (1) in subparagraph (B)— 

24 (A) in clause (i)(II), by redesignating item 

25 (ff) as item (ee); 


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1 (B) by striking ‘‘(gg)’’ each place it appears 

2 and inserting ‘‘(ee)’’; 

3 (C) in clause (iii), by striking ‘‘(ee), or (ff) 

4 of clause (i)(II) of this subparagraph’’ and in5 serting ‘‘or (dd) of clause (i)(II)’’; and 

6 (D) in clause (iv)— 

7 (i) in each of subclauses (I) and (II), 

8 by striking ‘‘(ee), or (ff)’’ each place it ap9 pears and inserting ‘‘or (dd)’’; 

10 (ii) in subclause (I)(bb), by inserting 

11 ‘‘, or otherwise act as a commodity trading 

12 advisor with respect to any agreement, con13 tract, or transaction described in clause (i)’’ 

14 before the semicolon; and 

15 (iii) in subclause (IV)(aa), by striking 

16 ‘‘(ff)’’ and inserting ‘‘(dd)’’; 

17 (2) in subparagraph (C)— 

18 (A) by striking ‘‘(ee), or (ff)’’ each place it 

19 appears and inserting ‘‘or (dd)’’; and 

20 (B) in clause (iii)— 

21 (i) in subclause (I)(bb), by inserting ‘‘, 

22 or otherwise act as a commodity trading 

23 advisor with respect to any agreement, con24 tract, or transaction described in clause (i)’’ 

25 before the semicolon; and 


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1 (ii) in subclause (IV)(aa), by striking 

2 ‘‘item (aa) through (ff)’’ and inserting 

3 ‘‘items (aa) through (dd)’’; and 

4 (3) in subparagraph (E)(ii)(I), by inserting ‘‘or 

5 (C)(i)(I)’’ after ‘‘(B)(i)(I)’’. 

6 SEC. 215. MISCELLANEOUS SWAP TECHNICAL CORREC7 TIONS. 

8 (a) Section 6b of the Commodity Exchange Act (7 

9 U.S.C. 13a) is amended by inserting ‘‘or section 5h’’ after 

10 ‘‘sections 5 through 5c’’. 

11 (b) Section 8a of such Act (7 U.S.C. 12a) is amend12 ed— 

13 (1) in paragraph (7)(A), by inserting ‘‘or swap 

14 contracts’’ after ‘‘contracts of sale’’; and 

15 (2) in paragraph (9), by striking ‘‘futures con16 tract’’ and inserting ‘‘contract of sale for future deliv17 ery or swap contract’’ each place it occurs. 

18 (c) Section 15(b) of such Act (7 U.S.C. 19(b)) is 

19 amended by striking ‘‘contract market’’ and inserting ‘‘reg20 istered entity’’. 


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Union Calendar No. 254 

116TH CONGRESS 

1ST SESSION H. R. 4895 

[Report No. 116–313] 

A BILL 

To reauthorize the Commodity Futures Trading 

Commission. 

NOVEMBER 26, 2019 

Reported with an amendment, committed to the Comand ordered to be printed mittee of the Whole House on the State of the Union, 


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