I 

116TH CONGRESS 

1ST SESSION H. R. 4895 

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 

A BILL 

To reauthorize the Commodity Futures Trading Commission. 

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. 


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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, manipulation, and disruptive 

trading 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. 

TITLE II—TECHNICAL CORRECTIONS 

Sec. 201. Correction of references. 

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. Elimination of redundant references to types of registered entities. 

Sec. 208. Clarification of Commission authority over swaps trading. 

Sec. 209. Elimination of obsolete reference to the Commodity Exchange Commission. 

Sec. 210. Elimination of obsolete references to derivative transaction execution 

facilities. 

Sec. 211. Elimination of obsolete references to exempt boards of trade. 

Sec. 212. Elimination of completed reports. 

Sec. 213. Miscellaneous corrections. 

Sec. 214. Technical amendments to section 14(e). 

Sec. 215. Technical clarifications for retail foreign currency. 

Sec. 216. Miscellaneous swap technical corrections. 


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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 

5 follows: 

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

7 term ‘foreign futures authority’ means any foreign 

8 government, or any law enforcement authority, de9 partment, central bank, ministry, agency, govern10 mental body, or regulatory organization empowered 

11 by a foreign government to administer, enforce, or 

12 prosecute a law, rule, or regulation relating to mat13 ters involving futures, options, swaps, or commod14 ities, or any such authority, department, or agency 

15 of a political subdivision of a foreign government 

16 empowered to administer, enforce, or prosecute a 

17 law, rule, or regulation as it relates to such mat18 ters.’’. 

19 (b) CONFORMING AMENDMENT.—Section 12(f) of 

20 such Act (7 U.S.C. 16(f)(1)) is amended— 

21 (1) in paragraph (1)— 

22 (A) by striking ‘‘futures or options’’ and 

23 inserting ‘‘futures, options, swaps, or commod24 ities’’; and 


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

2 and inserting ‘‘administers, enforces, or pros3 ecutes’’; and 

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

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

6 swaps, or commodities’’. 

7 SEC. 102. HONORS PROGRAM. 

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

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

10 at the end the following: 

11 ‘‘(D) HONORS PROGRAM.—The Commis12 sion may establish the Honors Program under 

13 its appointment and compensation authorities.’’. 

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

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

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

17 to establish the Honors Program under section 

18 2(a)(7)(E), the Commission may coordinate with the Of19 fice of Personnel Management, as needed.’’. 

20 SEC. 103. ADVISORY COMMITTEE CHANGES. 

21 (a) IN GENERAL.—Section 2(a)(15) of the Com22 modity Exchange Act (7 U.S.C. 2(a)(15)) is amended to 

23 read as follows: 

24 ‘‘(15) ADVISORY COMMITTEES.— 

25 ‘‘(A) ESTABLISHMENT.— 


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1 ‘‘(i) IN GENERAL.—The Commission 

2 shall establish advisory committees to serve 

3 as vehicles for discussion and communica4 tion on matters related to the regulatory 

5 activities of the Commission. 

6 ‘‘(ii) MEMBERSHIP.—The Commission 

7 shall appoint to an advisory committee 

8 such members as the Commission finds ap9 propriate to promote robust discussion of 

10 the subject mater before the advisory com11 mittee. In appointing members to an advi12 sory committee, the Commission shall seek 

13 to include a wide diversity of opinion and 

14 represent a broad cross-section of interests, 

15 as applicable to the subject matter. 

16 ‘‘(B) ACTIVITIES.—The activities of an ad17 visory committee shall include the following: 

18 ‘‘(i) To hold meetings at such inter19 vals as necessary to carry out the functions 

20 of the advisory committee. 

21 ‘‘(ii) To submit to the Commission 

22 such reports and recommendations to the 

23 Commission (including minority views, if 

24 any) as the advisory committee deems ap25 propriate. 


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1 ‘‘(iii) Such activities as the Commis2 sion determines is appropriate. 

3 ‘‘(C) APPLICABILITY OF THE FEDERAL AD4 VISORY COMMITTEE ACT.—An advisory com5 mittee established under this paragraph shall be 

6 subject to the Federal Advisory Committee 

7 Act.’’. 

8 (b) EXISTING ADVISORY COMMITTEES.—Notwith9 standing section 2(a)(15) of the Commodity Exchange 

10 Act, the Commodity Futures Trading Commission may 

11 permit an advisory committee that, as of the date of the 

12 enactment of this Act, had a charter established by the 

13 Commission, or that was established under such section 

14 as in effect before such date of enactment, to continue 

15 to operate in accordance with the charter or in accordance 

16 with such predecessor section until the sponsor of the advi17 sory committee is changed. After which such advisory 

18 committee will become subject to section 2(a)(15) of the 

19 Commodity Exchange Act. 

20 SEC. 104. ENHANCEMENT OF OFFICE OF MINORITY AND 

21 WOMEN INCLUSION AT THE COMMISSION; IN22 TERNSHIP PROGRAM. 

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

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

25 the end the following: 


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1 ‘‘(16) OFFICE OF MINORITY AND WOMEN INCLU2 SION.—Within 1 year after the date of the enactment of 

3 this paragraph, the Commission shall comply with section 

4 342 of the Dodd-Frank Wall Street Reform and Consumer 

5 Protection Act. 

6 ‘‘(17) ANNUAL INTERNSHIP PROGRAM.— 

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

8 shall establish a program to place an appropriate 

9 number of students attending qualified institutions 

10 in a semester-length internship within the Commis11 sion’s divisions and offices. 

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

13 aside an appropriate percentage of the funds allo14 cated to the office of the Chairman to enable the se15 lected interns identified in subparagraph (A) to af16 ford living expenses, including rent and a per-diem, 

17 in the metropolitan areas where the Director identi18 fies internship opportunities. 

19 ‘‘(C) QUALIFIED INSTITUTION DEFINED.—In 

20 this paragraph, the term ‘qualified institution’ 

21 means— 

22 ‘‘(i) an 1890 Institution (as defined in sec23 tion 2 of the Agricultural Research, Extension, 

24 and Education Reform Act of 1998 (7 U.S.C. 

25 7601)); 


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1 ‘‘(ii) a 1994 Institution (as defined in sec2 tion 532 of the Equity in Educational Land3 Grant Status Act of 1994 (Public Law 103– 

4 382; 7 U.S.C. 301 note)); 

5 ‘‘(iii) an eligible institution (as defined in 

6 section 1489 of the National Agricultural Re7 search, Extension, and Teaching Policy Act of 

8 1977 (7 U.S.C. 3361)); or 

9 ‘‘(iv) a Hispanic-serving institution (as de10 fined in section 1404 of the Food and Agri11 culture Act of 1977 (7 U.S.C. 3103)).’’. 

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

13 2(a)(16) of the Commodity Exchange Act, the Commodity 

14 Futures Trading Commission shall adopt the joint stand15 ards established in the Interagency Policy Statement pub16 lished in the Federal Register on June 10, 2015 (80 Fed. 

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

18 SEC. 105. DETAILING AND RESOURCE-SHARING. 

19 Section 2(a) of the Commodity Exchange Act (7 

20 U.S.C. 2(a)), as amended by section 104 of this Act, is 

21 amended by adding at the end the following: 

22 ‘‘(18) ASSISTANCE FROM FEDERAL AGEN23 CIES.— 

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

25 accept any assistance, including services, funds, 


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1 facilities, and other support services as deter2 mined by the Commission, to effectuate the 

3 purposes and provisions of this Act, from any 

4 department or agency of the United States that 

5 is authorized under other law to provide the as6 sistance. 

7 ‘‘(B) DETAIL FLEXIBILITY.—When an em8 ployee from another department or agency is 

9 detailed to the Commission, the employee may 

10 be detailed on either a reimbursable or non-re11 imbursable basis, and such detail shall be with12 out interruption or loss of civil service status or 

13 privilege. 

14 ‘‘(19) ASSISTANCE FROM FOREIGN GOVERN15 MENTAL ENTITIES.— 

16 ‘‘(A) IN GENERAL.—The Commission 

17 may— 

18 ‘‘(i) accept details of officers or em19 ployees of a foreign futures authority or 

20 any department or agency of a foreign gov21 ernment, including a central bank or min22 istry, on a temporary basis as employees of 

23 the Commission pursuant to section 12(b) 

24 of this Act, or section 3101 or 3109 of 

25 title 5, United States Code; and 


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1 ‘‘(ii) detail officers or employees of 

2 the Commission to work on a temporary 

3 basis for an entity described in clause (i). 

4 ‘‘(B) RECIPROCITY AND REIMBURSE5 MENT.— 

6 ‘‘(i) RECIPROCITY NOT REQUIRED.— 

7 Assistance described in subparagraph (A) 

8 need not be provided on a reciprocal basis. 

9 ‘‘(ii) REIMBURSEMENT.— 

10 ‘‘(I) IN GENERAL.—The Commis11 sion may provide and accept assist12 ance described in subparagraph (A) 

13 on a reimbursable or non-reimburs14 able basis, only in accordance with a 

15 written agreement between the Com16 mission and the respective foreign 

17 governmental entity. 

18 ‘‘(II) FORM.—A reimbursement 

19 to or from the Commission may be 

20 made in cash or in kind. The Commis21 sion shall credit a reimbursement re22 ceived from a foreign governmental 

23 entity to the appropriate Commission 

24 appropriation, fund, or account. 


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1 ‘‘(C) STANDARDS OF CONDUCT.—An offi2 cer or employee detailed under subparagraph 

3 (A)(i) shall be subject to the provisions of law 

4 relating to ethics, conflicts of interest, or cor5 ruption, and to any other statute governing the 

6 standards of conduct for Commission employees 

7 that are applicable to the type of appointment. 

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

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

10 hold any management position at the Commis11 sion.’’. 

12 SEC. 106. OFFICE OF THE CHIEF ECONOMIST. 

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

14 Exchange Act, as amended by sections 104 and 105 of 

15 this Act, is amended by adding at the end the following: 

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

17 ‘‘(A) ESTABLISHMENT.—There is estab18 lished in the Commission the Office of Chief 

19 Economist. 

20 ‘‘(B) HEAD.—The Office of Chief Econo21 mist shall be headed by the Chief Economist. 

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

23 shall serve as economic advisor to the Commis24 sion and perform functions such as economic 


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1 analysis, regulatory cost-benefit analysis, and 

2 research. 

3 ‘‘(D) PROFESSIONAL STAFF.— 

4 ‘‘(i) IN GENERAL.—The Commission 

5 shall appoint such other economists and 

6 any related positions as may be necessary 

7 for the Office of the Chief Economist— 

8 ‘‘(I) in accordance with the stat9 utes, rules, and regulations governing 

10 appointments in the excepted service; 

11 and 

12 ‘‘(II) notwithstanding any stat13 utes, rules, and regulations governing 

14 appointments in the competitive serv15 ice. 

16 ‘‘(ii) RULE OF CONSTRUCTION.—The 

17 appointment of a candidate to a position 

18 under authority of this subsection shall not 

19 be considered to cause such position to be 

20 converted from the competitive service to 

21 the excepted service.’’. 

22 (b) CONFORMING AMENDMENT.—Section 15(a) of 

23 such Act (7 U.S.C. 19(a)) is amended— 


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1 (1) in paragraph (1), by inserting ‘‘, after co2 ordinating with the Office of the Chief Economist,’’ 

3 before ‘‘shall’’; 

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

5 markets’’ and inserting ‘‘markets under the jurisdic6 tion of the Commission’’; 

7 (3) in subparagraph (D) by striking ‘‘and’’; 

8 (4) by redesignating subparagraphs (D) and 

9 (E) as (E) and (F); 

10 (5) by inserting, after subparagraph (C)— 

11 ‘‘(D) considerations of market liquidity;’’; 

12 and 

13 (6) in subparagraph (E), as so redesignated, by 

14 inserting ‘‘; and’’ at the end. 

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

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

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

19 (1) in the matter before subclause (I), by strik20 ing ‘‘unions, including—’’ and inserting ‘‘unions, 

21 bank holding companies, and savings and loan hold22 ing companies, including—’’; 

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

24 end; 


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

2 the end and inserting a semicolon; and 

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

4 ‘‘(IV) bank holding companies 

5 (as defined in section 2 of the Bank 

6 Holding Company Act of 1956) that 

7 have aggregated assets, including the 

8 assets of their subsidiaries, of 

9 $10,000,000,000 or less; and 

10 ‘‘(V) savings and loan holding 

11 companies (as defined in section 10 of 

12 the Home Owners’ Loan Act of 1933) 

13 that have aggregated assets, including 

14 the assets of their subsidiaries, of 

15 $10,000,000,000 or less.’’. 

16 SEC. 108. EXEMPTION OF QUALIFIED CHARITABLE ORGANI17 ZATIONS FROM REGULATION AS COMMODITY 

18 POOL OPERATORS. 

19 Section 4m of the Commodity Exchange Act (7 

20 U.S.C. 6m) is amended to read as follows: 


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1 ‘‘SEC. 4m. USE OF MAILS OR OTHER MEANS OR INSTRU2 MENTALITIES OF INTERSTATE COMMERCE 

3 BY COMMODITY TRADING ADVISORS AND 

4 COMMODITY POOL OPERATORS. 

5 ‘‘(a) PROHIBITION.—It shall be unlawful for any 

6 commodity trading advisor or commodity pool operator, 

7 unless registered under this Act, to make use of the mails 

8 or any means or instrumentality of interstate commerce 

9 in connection with his business as the commodity trading 

10 advisor or commodity pool operator. 

11 ‘‘(b) EXCEPTIONS.— 

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

13 apply to a commodity trading advisor whose com14 modity trading advice is solely incidental to the con15 duct of that person’s business, and who is a— 

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

17 cash market transactions of any commodity 

18 specifically set forth in section 2(a) of this Act 

19 before the enactment of the Commodity Fu20 tures Trading Commission Act of 1974 (or 

21 products thereof); or 

22 ‘‘(B) nonprofit, voluntary membership, 

23 general farm organization, that provides advice 

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1 fore the enactment of the Commodity Futures 

2 Trading Commission Act of 1974. 

3 ‘‘(2) CHARITABLE ORGANIZATION.—Subsection 

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

5 or commodity pool operator that is— 

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

7 in section 3(c)(10)(D) of the Investment Com8 pany Act of 1940 (15 U.S.C. 80a–3(c)(10)(D)), 

9 or a trustee, director, officer, employee, or vol10 unteer of such a charitable organization acting 

11 within the scope of the employment or duties of 

12 the person with the organization, whose advi13 sory or pool activities are conducted only on be14 half of, or with respect to, one or more of— 

15 ‘‘(i) any such charitable organization; 

16 or 

17 ‘‘(ii) an investment trust, syndicate, 

18 or similar form of enterprise excluded from 

19 the definition of ‘investment company’ pur20 suant to section 3(c)(10) of the Investment 

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

22 3(c)(10)), or the trustees, administrators, 

23 settlors (or potential settlors), or bene24 ficiaries of the foregoing; or 


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1 ‘‘(B) any plan, company, or account de2 scribed in section 3(c)(14) of the Investment 

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

4 3(c)(14)), any person or entity who establishes 

5 or maintains such a plan, company, or account, 

6 or any trustee, director, officer, employee, or 

7 volunteer for any of the foregoing plans, per8 sons, or entities acting within the scope of the 

9 employment or duties of the person with the or10 ganization, whose advisory or pool activities are 

11 conducted only on behalf of, or with respect to, 

12 any investment trust, syndicate, or similar form 

13 of enterprise excluded from the definition of ‘in14 vestment company’ pursuant to section 3(c)(14) 

15 of the Investment Company Act of 1940 (15 

16 U.S.C. 80a–3(c)(14)). 

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

18 Subsection (a) shall not apply to any commodity 

19 trading advisor who, during the course of the pre20 ceding 12 months, has not furnished commodity 

21 trading advice to more than 15 persons and who 

22 does not hold himself out generally to the public as 

23 a commodity trading advisor. 

24 ‘‘(4) SEC-REGISTERED.— 


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1 ‘‘(A) IN GENERAL.—Subsection (a) shall 

2 not apply to any commodity trading advisor 

3 that is registered with the Securities and Ex4 change Commission as an investment adviser 

5 whose business does not consist primarily of 

6 acting as a commodity trading advisor and that 

7 does not act as a commodity trading advisor to 

8 any commodity pool that is primarily engaged 

9 in trading commodity interests. 

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

11 of this paragraph, a commodity trading advisor 

12 or a commodity pool shall be considered to be 

13 ‘engaged primarily’ in the business of being a 

14 commodity trading advisor or commodity pool if 

15 it is or holds itself out to the public as being 

16 engaged primarily, or proposes to engage pri17 marily, in the business of advising on com18 modity interests or investing, reinvesting, own19 ing, holding, or trading in commodity interests, 

20 respectively. 

21 ‘‘(C) COMMODITY INTERESTS.—For pur22 poses of this paragraph, commodity interests 

23 shall include contracts of sale of a commodity 

24 for future delivery, options on such contracts, 

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1 eign exchange, spot and forward contracts on 

2 physical commodities, and any monies held in 

3 an account used for trading commodity inter4 ests. 

5 ‘‘(5) SUBJECT TO PROCEEDINGS.—A person de6 scribed in paragraphs (1) and (2) shall be subject to 

7 proceedings under section 14. 

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

9 this Act shall relieve any person of any obligation or duty, 

10 or affect the availability of any right or remedy available 

11 to the Securities and Exchange Commission or any private 

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

13 77a et seq.) or the Securities Exchange Act of 1934 (15 

14 U.S.C. 78a et seq.) governing the issuance, offer, pur15 chase, or sale of securities of a commodity pool, or of per16 sons engaged in transactions with respect to the securities, 

17 or reporting by a commodity pool. 

18 ‘‘(d) DISCLOSURE CONCERNING EXEMPTED CHARI19 TABLE ORGANIZATIONS.—A commodity trading advisor or 

20 commodity pool operator that is an organization or person 

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

22 any investment trust, syndicate, or similar form of enter23 prise excluded from the definition of ‘investment company’ 

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1 vide disclosure in accordance with section 7(e) of that Act 

2 (15 U.S.C. 80a–7(e)).’’. 

3 SEC. 109. DIGITAL COMMODITY. 

4 (a) REQUIREMENTS APPLICABLE TO BOARDS OF

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

6 is amended— 

7 (1) by striking all that precedes ‘‘board of 

8 trade’’ and inserting the following: 

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

10 ‘‘(A) IN GENERAL.—The’’; 

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

12 and (B) as clauses (i) and (ii), respectively, and 

13 moving each of such provisions 2 ems to the right; 

14 and 

15 (3) by adding after and below the end the fol16 lowing: 

17 ‘‘(B) DIGITAL COMMODITY.—With regard 

18 to a contract on the contract market that ref19 erences a digital commodity available on a cash 

20 market, the Commission shall adopt rules de21 tailing the content and availability of trade and 

22 trader data and other information the board of 

23 trade must be able to access from the ref24 erenced cash markets and data sources in order 

25 to comply with this paragraph.’’. 


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1 (b) REQUIREMENTS APPLICABLE TO SWAP EXECU2 TION FACILITIES.—Section 5h(f)(4) of such Act (7 U.S.C. 

3 7b–3(f)(4)) is amended— 

4 (1) by striking all that precedes ‘‘swap execu5 tion facility shall’’ and inserting the following: 

6 ‘‘(4) MONITORING OF TRADING AND TRADE

7 PROCESSING.— 

8 ‘‘(A) IN GENERAL.—The’’; 

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

10 of subparagraph (A) as subclauses (I) and (II), re11 spectively, and moving each of such provisions 2 ems 

12 to the right; 

13 (3) by redesignating subparagraphs (A) and 

14 (B) as clauses (i) and (ii), respectively, and moving 

15 each of such provisions 2 ems to the right; and 

16 (4) by adding after and below the end the fol17 lowing: 

18 ‘‘(B) DIGITAL COMMODITY.—With regard 

19 to a swap on the swap execution facility that 

20 references a digital commodity available on a 

21 cash market, the Commission shall adopt rules 

22 detailing the content and availability of trade 

23 and trader data and other information the swap 

24 execution facility must be able to access from 


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1 the referenced cash markets and data sources 

2 in order to comply with this paragraph.’’. 

3 SEC. 110. SYSTEM SAFEGUARDS. 

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

5 Commodity Exchange Act (7 U.S.C. 7(d)(20)) is amend6 ed— 

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 re14 silient; 

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 board of 

24 trade’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 (b) CLEARINGHOUSES.—Section 5b(c)(2)(I) of such 

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

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

12 all that follows and inserting ‘‘through the— 

13 ‘‘(I) implementation of appro14 priate controls and procedures; and 

15 ‘‘(II) development and operation 

16 of automated systems that— 

17 ‘‘(aa) are reliable, secure, 

18 and resilient; 

19 ‘‘(bb) have adequate scalable 

20 capacity; and 

21 ‘‘(cc) maintain the confiden22 tiality, integrity, and availability 

23 of the data that they contain;’’; 

24 (2) in clause (ii), by striking ‘‘allows’’ and in25 serting ‘‘allow’’; and 


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

2 that follows and inserting ‘‘tests to— 

3 ‘‘(I) verify the reliability, secu4 rity, resilience, and capacity of the de5 rivatives clearing organization’s auto6 mated systems; 

7 ‘‘(II) verify the confidentiality, 

8 integrity, and availability of the data 

9 contained in those systems; and 

10 ‘‘(III) verify that the backup re11 sources of the derivatives clearing or12 ganization are sufficient to ensure 

13 daily processing, clearing, and settle14 ment.’’. 

15 (c) SWAP EXECUTION FACILITIES.—Section 

16 5h(f)(14) of such Act (7 U.S.C. 7b–3(f)(14)) is amend17 ed— 

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

19 and all that follows and inserting ‘‘through— 

20 ‘‘(i) the implementation of appropriate 

21 controls and procedures; and 

22 ‘‘(ii) the development and operation of 

23 automated systems that— 

24 ‘‘(I) are reliable, secure, and re25 silient; 


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1 ‘‘(II) have adequate scalable ca2 pacity; and 

3 ‘‘(III) maintain the confiden4 tiality, integrity, and availability of 

5 the data they contain;’’; and 

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

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

8 ‘‘(i) verify the reliability, security, re9 silience, and capacity of the board of 

10 trade’s automated systems; 

11 ‘‘(ii) verify the confidentiality, integ12 rity, and availability of the data contained 

13 in those systems; and 

14 ‘‘(iii) verify that backup resources are 

15 sufficient to ensure continued order proc16 essing and trade matching, price reporting, 

17 market surveillance, and maintenance of a 

18 comprehensive and accurate audit trail.’’. 

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

20 such Act (7 U.S.C. 24a(f)) is amended by redesignating 

21 paragraph (4) as paragraph (5) and inserting after para22 graph (3) the following: 

23 ‘‘(4) SYSTEM SAFEGUARDS.—Each swap data 

24 repository shall— 


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

2 risk analysis and oversight to identify and mini3 mize sources of operational risk, through— 

4 ‘‘(i) the implementation of appropriate 

5 controls and procedures; and 

6 ‘‘(ii) the development and operation of 

7 automated systems that— 

8 ‘‘(I) are reliable, secure, and re9 silient; 

10 ‘‘(II) have adequate scalable ca11 pacity; and 

12 ‘‘(III) maintain the confiden13 tiality, integrity, and availability of 

14 the data they contain; 

15 ‘‘(B) establish and maintain emergency 

16 procedures, backup facilities, and a plan for dis17 aster recovery that allow for— 

18 ‘‘(i) the timely recovery and resump19 tion of operations; and 

20 ‘‘(ii) the fulfillment of the responsibil21 ities and obligations of the swap data re22 pository; and 

23 ‘‘(C) periodically conduct tests to— 


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1 ‘‘(i) verify the reliability, security, re2 silience, and capacity of the automated 

3 systems of the swap data repository; 

4 ‘‘(ii) verify the confidentiality, integ5 rity, and availability of the data contained 

6 in those systems; and 

7 ‘‘(iii) verify that backup resources are 

8 sufficient to ensure continued fulfillment of 

9 all duties and obligations of the swap data 

10 repository established by this Act or the 

11 regulations of the Commission.’’. 

12 SEC. 111. ADMINISTRATION OF SWAP EXECUTION FACILI13 TIES. 

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

15 7b–3) is amended— 

16 (1) in subsection (a)(1), by striking ‘‘or proc17 essing’’; 

18 (2) in subsection (f)(8), by striking all that fol19 lows ‘‘cooperation with the Commission’’ and insert20 ing ‘‘and other registered entities, as is necessary 

21 and appropriate, to facilitate the liquidation or 

22 transfer of open positions in any swap, or to suspend 

23 or curtail trading in a swap.’’; and 

24 (3) in subsection (f)(15)— 


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

2 end the following: ‘‘The individual may also 

3 perform other responsibilities for the swap exe4 cution facility, if— 

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

6 between the other responsibilities and the 

7 duties and obligations of the chief compli8 ance officer under this Act and the regula9 tions thereto; and 

10 ‘‘(ii) the other responsibilities do not 

11 limit the ability of the chief compliance of12 ficer to carry out the responsibilities of the 

13 chief compliance officer.’’; 

14 (B) in subparagraph (B)— 

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

16 and inserting the following: 

17 ‘‘(iii) establish and administer— 

18 ‘‘(I) policies and procedures, in 

19 consultation with the board of the fa20 cility, a body performing a function 

21 similar to that of a board, or the sen22 ior officer of the facility, that are rea23 sonably designed, as determined by 

24 the Commission, to resolve any con25 flicts of interest that may arise; 


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1 ‘‘(II) the policies and procedures 

2 required to be established pursuant to 

3 this section; and 

4 ‘‘(III) policies and procedures 

5 that reasonably ensure, as determined 

6 by the Commission, compliance with 

7 this Act and the rules and regulations 

8 issued under this Act, including rules 

9 prescribed by the Commission pursu10 ant to this section; and’’; and 

11 (ii) by designating clause (vi) as 

12 clause (iv); 

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

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

15 (D) in subparagraph (D)— 

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

17 sign’’; and 

18 (ii) in clause (ii)— 

19 (I) in the matter preceding sub20 clause (I), by inserting ‘‘or senior offi21 cer’’ after ‘‘officer’’; and 

22 (II) in subclause (II), by insert23 ing ‘‘materially’’ before ‘‘accurate’’. 


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1 SEC. 112. APPLICABILITY OF PROHIBITIONS ON FRAUD, MA2 NIPULATION, AND DISRUPTIVE TRADING TO 

3 ACTIVITIES OUTSIDE THE UNITED STATES. 

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

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

6 ‘‘(h) APPLICABILITY TO ACTIVITIES OUTSIDE THE

7 UNITED STATES.— 

8 ‘‘(1) APPLICABILITY.—The provisions of this 

9 Act prohibiting fraud, manipulation, attempted 

10 fraud, and attempted manipulation, and providing 

11 for enforcement by the Commission or the United 

12 States of such prohibitions (including sections 4b, 

13 4c(a)(1)–(4), 4c(a)(7), 4c(b), 4o, 4s(h)(1), 4s(h)(4), 

14 6(c), 6(e)(1)–(3), 6c, 9(a), 9(c), 9(d), and 9(e), in15 cluding any rule or regulation promulgated there16 under), shall apply to activities outside the United 

17 States where such activities, independently or in con18 junction with activities in the United States, have or 

19 would have a reasonably foreseeable substantial ef20 fect within the United States. 

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

22 in this subsection affects the application or interpre23 tation of, or liability under, any other provision of 

24 this Act, including section 22.’’. 


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1 SEC. 113. PRIVILEGE RETENTION. 

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

3 12) is amended— 

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

5 following: 

6 ‘‘(e) DISCLOSURE AUTHORITIES.— 

7 ‘‘(1) IN GENERAL.— 

8 ‘‘(A) PREVIOUSLY DISCLOSED.—The Com9 mission may disclose and make public, where 

10 such information has previously been disclosed 

11 publicly in accordance with the provisions of 

12 this section, the names and addresses of all 

13 traders on the boards of trade on the com14 modity markets with respect to whom the Com15 mission has information, and any other infor16 mation in the possession of the Commission re17 lating to the amount of commodities purchased 

18 or sold by each such trader. 

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

20 request of any committee of either House of 

21 Congress, acting within the scope of its jurisdic22 tion, the Commission shall furnish to the com23 mittee the names and addresses of all traders 

24 on the boards of trade with respect to whom the 

25 Commission has information, and any other in26 formation in the possession of the Commission 


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1 relating to the amount of any commodity pur2 chased or sold by each such trader. 

3 ‘‘(2) DOMESTIC AGENCIES.— 

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

5 any department or agency of the Government of 

6 the United States, acting within the scope of its 

7 jurisdiction, the Commission may furnish to the 

8 department or agency any information in the 

9 possession of the Commission obtained in con10 nection with the administration of this Act. 

11 ‘‘(B) CONDITIONS.—Any information fur12 nished under this paragraph to any Federal de13 partment or agency shall not be disclosed by 

14 the department or agency except in any action 

15 or proceeding under the laws of the United 

16 States to which the department or agency, the 

17 Commission, or the United States is a party. 

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

19 paragraph, the term ‘agency’ includes the Fed20 eral Reserve Banks. 

21 ‘‘(3) STATE AGENCIES.— 

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

23 any department or agency of any State or any 

24 political subdivision thereof, acting within the 

25 scope of its jurisdiction, the Commission may 


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1 furnish to the department, agency, or political 

2 subdivision any information in the possession of 

3 the Commission obtained in connection with the 

4 administration of this Act. 

5 ‘‘(B) CONDITIONS.—Any information fur6 nished to any department or agency of any 

7 State or political subdivision thereof shall not 

8 be disclosed by the department or agency except 

9 in connection with an adjudicatory action or 

10 proceeding under this Act or the laws of the 

11 State or political subdivision to which the State, 

12 political subdivision, department, or agency is a 

13 party. 

14 ‘‘(4) FOREIGN AGENCIES.— 

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

16 any foreign futures authority, or any depart17 ment, central bank, ministry, or agency of any 

18 foreign government or any political subdivision 

19 thereof, acting within the scope of its jurisdic20 tion, the Commission may furnish to the foreign 

21 futures authority, department, central bank, 

22 ministry, agency of any foreign government, or 

23 any political subdivision thereof, any informa24 tion in the possession of the Commission obVerDate Sep 11 2014 22:39 Nov 04, 2019 Jkt 099200 PO 00000 Frm 00033 Fmt 6652 Sfmt 6201 E:\BILLS\H4895.IH H4895

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1 tained in connection with the administration of 

2 this Act. 

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

4 not furnish any information to a foreign futures 

5 authority or to a department, central bank, 

6 ministry, or agency of a foreign government or 

7 political subdivision thereof, unless the Commis8 sion is satisfied that the information will not be 

9 disclosed by the foreign futures authority, de10 partment, central bank, ministry, or agency of 

11 any foreign government or any political subdivi12 sion thereof, except in connection with an adju13 dicatory action or proceeding under the laws of 

14 the foreign government or political subdivision 

15 to which the foreign government, political sub16 division, department, agency, central bank, min17 istry, or foreign futures authority is a party.’’; 

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

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

20 (3) by inserting after subsection (g) the fol21 lowing: 

22 ‘‘(h) SHARING PRIVILEGED INFORMATION WITH

23 OTHER AUTHORITIES.— 

24 ‘‘(1) PRIVILEGE DEFINITION.—The term ‘privi25 lege’ includes any applicable work-product privilege, 


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1 attorney-client privilege, governmental privilege, or 

2 other privilege recognized under Federal, State, or 

3 foreign law. 

4 ‘‘(2) PRIVILEGED INFORMATION PROVIDED BY

5 THE COMMISSION.—The Commission shall not be 

6 considered to have waived any privilege by transfer7 ring information to or permitting that information 

8 to be used in accordance with section 8a(6) or para9 graphs (2), (3), and (4) of subsection (e) of this sec10 tion. 

11 ‘‘(3) NONDISCLOSURE OF PRIVILEGED INFOR12 MATION PROVIDED TO THE COMMISSION.—The Com13 mission shall not be compelled to disclose privileged 

14 information obtained from any foreign futures au15 thority if the authority has in good faith determined 

16 and represented to the Commission that the infor17 mation is privileged, except as provided for in sub18 section (a)(1). 

19 ‘‘(4) NONWAIVER OF PRIVILEGED INFORMATION

20 PROVIDED TO THE COMMISSION.— 

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

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

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

24 have waived any privilege by transferring inforVerDate Sep 11 2014 22:39 Nov 04, 2019 Jkt 099200 PO 00000 Frm 00035 Fmt 6652 Sfmt 6201 E:\BILLS\H4895.IH H4895

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1 mation to or permitting information to be used 

2 by the Commission. 

3 ‘‘(B) EXCEPTION.—Subparagraph (A) 

4 shall not apply to an entity listed in section 

5 8a(6) with respect to information obtained by 

6 the Commission in an investigation relating to 

7 or in any action against the entity. 

8 ‘‘(5) RULE OF CONSTRUCTION.—Nothing in 

9 this subsection shall authorize the Commission to 

10 withhold information from the Congress or prevent 

11 the Commission from complying with an order of a 

12 court of the United States in an action commenced 

13 by the United States or the Commission.’’. 

14 SEC. 114. PROPRIETARY INFORMATION. 

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

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

17 by adding at the end the following: 

18 ‘‘(k) PROPRIETARY INFORMATION.— 

19 ‘‘(1) IN GENERAL.—For any proprietary infor20 mation provided to the Commission, the Commission 

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

22 adopt rules and regulations to apply any of the pro23 visions of this section to such information it obtains 

24 or receives, as it deems necessary, to the extent such 


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1 information is not already covered by the provisions 

2 of this section. 

3 ‘‘(A) POLICIES.—With regard to propri4 etary information it obtains or receives, the 

5 Commission shall adopt policies, as determined 

6 by the Commission, after notice and comment, 

7 to— 

8 ‘‘(i) address circumstances when the 

9 Commission requests proprietary informa10 tion; 

11 ‘‘(ii) safeguard the information, tak12 ing into consideration the level of sensi13 tivity of the information; 

14 ‘‘(iii) limit access to the information 

15 to appropriate staff, as determined by the 

16 Commission; and 

17 ‘‘(iv) protect the information from un18 lawful use or disclosure. 

19 ‘‘(B) SHARING.—To the extent the Com20 mission adopts rules or regulations, pursuant to 

21 paragraph (1), regarding the sharing of such 

22 proprietary information with other govern23 mental entities, the Commission shall receive 

24 assurances that such other governmental entity 


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1 shall maintain sufficient safeguards consistent 

2 with— 

3 ‘‘(i) policies that achieve the objectives 

4 of clauses (ii), (iii), and (iv) of subpara5 graph (A); and 

6 ‘‘(ii) the limitations set forth in para7 graphs (2), (3), and (4) of subsection (e) 

8 concerning the confidentiality of any such 

9 information received.’’. 

10 SEC. 115. AUTHORITY TO PROVIDE FOOD AND INCIDENTAL 

11 ASSISTANCE TO FOREIGN OFFICIALS HOSTED 

12 BY THE COMMISSION. 

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

14 U.S.C. 16(b)) is amended by adding at the end the fol15 lowing: 

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

17 consultations and meetings hosted by the Commis18 sion with foreign governmental and other regulatory 

19 officials to exchange views concerning derivatives 

20 matters, such expenses to include necessary logistic 

21 and administrative expenses, including— 

22 ‘‘(A) meals; 

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

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


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1 SEC. 116. EXTENSION OF OPERATIONS. 

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

3 U.S.C. 16(d)) is amended by striking ‘‘2008 through 

4 2013’’ and inserting ‘‘2020 through 2025’’. 

5 SEC. 117. AIDING AND ABETTING. 

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

7 U.S.C. 13c(a)) is amended— 

8 (1) by inserting ‘‘or recklessly provides substan9 tial assistance to,’’ after ‘‘commission of,’’; and 

10 (2) by inserting ‘‘, or who by recklessly pro11 viding substantial assistance to another,’’ before 

12 ‘‘causes to act’’. 

13 SEC. 118. MODERNIZATION OF AUTHORITY OF THE COM14 MISSION TO CONDUCT RESEARCH, DEVELOP15 MENT, DEMONSTRATION, AND INFORMATION 

16 PROGRAMS. 

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

18 22) is amended to read as follows: 

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

20 ‘‘(a) PROGRAMS.—The Commission, as part of its on21 going operations, shall establish and maintain research, 

22 development, demonstration, and information programs 

23 that further the purposes of this Act, including programs 

24 that— 

25 ‘‘(1) facilitate the understanding by the Com26 mission of emerging technologies, technological adVerDate Sep 11 2014 22:39 Nov 04, 2019 Jkt 099200 PO 00000 Frm 00039 Fmt 6652 Sfmt 6201 E:\BILLS\H4895.IH H4895

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1 vances, and innovations and their potential applica2 tion to and effect on the transactions and markets 

3 under the jurisdiction of the Commission, and asso4 ciated implications for cybersecurity, data security, 

5 and systemic risk; 

6 ‘‘(2) provide an environment where emerging 

7 technologies, technological advances, and innovations 

8 may be explored by the Commission with developers 

9 and potential users to evaluate potential effects on 

10 the Commission and the markets under the jurisdic11 tion of the Commission; 

12 ‘‘(3) identify areas where the Commission 

13 should adapt its administration of this Act in light 

14 of emerging technologies, technological advances, 

15 and innovations to benefit the markets under the ju16 risdiction of the Commission; and 

17 ‘‘(4) develop educational and other informa18 tional materials for dissemination and use among 

19 producers, market-users, and the general public re20 garding— 

21 ‘‘(A) derivatives; 

22 ‘‘(B) emerging technologies, technological 

23 advances, and innovations in markets under the 

24 jurisdiction of the Commission; and 


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1 ‘‘(C) applicable requirements of this Act 

2 and the regulations prescribed under this Act 

3 with regard to the subjects described in sub4 paragraphs (A) and (B). 

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

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

7 notice and comment, adopt a research and develop8 ment plan for a program established under sub9 section (a). 

10 ‘‘(2) CONDITIONS.—A research and develop11 ment plan adopted pursuant to paragraph (1) shall 

12 identify— 

13 ‘‘(A) specific areas of interest to the Com14 mission; 

15 ‘‘(B) potential activities the Commission 

16 will undertake to investigate an area of interest; 

17 and 

18 ‘‘(C) how the authority described in sub19 section (c) will be utilized in the program. 

20 ‘‘(c) OTHER TRANSACTION AUTHORITY.— 

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

22 of Federal Procurement Policy Act of 1974 and the 

23 Competition in Contracting Act, the Commission 

24 may enter into and perform a transaction (other 

25 than a standard contract) for the purpose of aiding 


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1 or facilitating the programs and activities under sub2 section (a). 

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

4 into a transaction under this subsection only if— 

5 ‘‘(A) the transaction is used only in fur6 therance of a research and development plan es7 tablished under subsection (b); 

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

9 competitive process, where appropriate, when 

10 determining the parties to the transaction; and 

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

12 either not feasible or not appropriate. 

13 ‘‘(3) POLICIES.—The Commission shall, after 

14 notice and comment, establish and publish written 

15 policies setting forth the manner and criteria for uti16 lizing the authority provided by this subsection. 

17 ‘‘(d) GIFT ACCEPTANCE AUTHORITY.— 

18 ‘‘(1) IN GENERAL.—The Commission may ac19 cept and use, on behalf of the United States, any 

20 non-monetary gift of a provision of access, use of fa21 cilities, personal property, or services, that is related 

22 to— 

23 ‘‘(A) sharing of research, data, or other in24 formation; 

25 ‘‘(B) public presentations; or 


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

2 systems. 

3 ‘‘(2) CONDITIONS.— 

4 ‘‘(A) IN GENERAL.—A gift may be accept5 ed pursuant to this subsection only if it is in 

6 furtherance of a research and development plan 

7 established under subsection (b). 

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

9 not accept a gift if— 

10 ‘‘(i) conditions inconsistent with appli11 cable laws or regulations apply to the gift; 

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

13 require, the expenditure of appropriated 

14 funds not available to the Commission; 

15 ‘‘(iii) using a standard contract or 

16 other transaction authority under sub17 section (c) to acquire the gift is either fea18 sible or appropriate; or 

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

20 ‘‘(I) reflect unfavorably on the 

21 ability of the Commission to carry out 

22 its responsibilities or official duties in 

23 a fair and objective manner, or com24 promise the integrity or the appear25 ance of the integrity of its programs 


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1 or any official involved in its pro2 grams, or 

3 ‘‘(II) give the endorsement or the 

4 appearance of the endorsement by the 

5 Commission or Commission staff of 

6 the products, services, activities, or 

7 policies of the donor. 

8 ‘‘(C) SOLICITATION PROHIBITION.— 

9 ‘‘(i) IN GENERAL.—Except as pro10 vided in clause (ii), no gift may be solicited 

11 by any Commissioner, employee of, or con12 tractor at the Commission. 

13 ‘‘(ii) EXCEPTION.—A Commissioner 

14 or employee of the Commission may solicit 

15 only for a gift described in paragraph 

16 (1)(B). 

17 ‘‘(D) DURATION.—To the extent applica18 ble, the Commission shall return any gift ac19 cepted pursuant to this subsection within 90 

20 days after accepting the gift. 

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

22 notice and comment, establish and publish writ23 ten rules setting forth the manner and criteria 

24 to be used in determining whether a gift meets 

25 the conditions of this paragraph. 


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1 ‘‘(3) DISCLOSURE.—Within 30 days after ac2 cepting a gift pursuant to this subsection, the Com3 mission shall publish in the Federal Register a no4 tice detailing— 

5 ‘‘(A) the source of the gift; 

6 ‘‘(B) the nature of the gift; 

7 ‘‘(C) whether the gift was solicited pursu8 ant to paragraph (2)(C)(ii), and if so, by whom; 

9 and 

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

11 forth in paragraph (2). 

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

13 subsection may not be exercised on or after October 

14 1, 2025. 

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

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

17 to the Committee on Agriculture, Nutrition, and Forestry 

18 of the Senate and the Committee on Agriculture of the 

19 House of Representatives a report on all transactions en20 tered into under subsection (c) and all gifts accepted 

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

22 the following: 

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

24 such transaction or gift, with an explanation of— 


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

2 or the markets regulated by the Commission; 

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

4 of the research and development plan estab5 lished under subsection (b); and 

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

7 ‘‘(2) The information required to published pur8 suant to subsection (d)(3). 

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

10 Commission in connection with a transaction entered 

11 into under subsection (c), and, if readily ascertain12 able, the value of any gift accepted under subsection 

13 (d).’’. 

14 SEC. 119. PROTECTING CUSTOMER PROPERTY DURING 

15 COMMODITY BROKER BANKRUPTCY. 

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

17 U.S.C. 24(a)) is amended— 

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

19 (4); 

20 (2) by striking the period at the end of para21 graph (5) and inserting ‘‘; and’’; and 

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

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

24 the estate of a commodity broker, including the 

25 trading or operating accounts of the commodity 


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1 broker and commodities held in inventory by the 

2 commodity broker, shall, subject to any otherwise 

3 unavoidable security interest, or otherwise unavoid4 able contractual offset or netting rights of creditors 

5 (including rights set forth in a rule or bylaw of a de6 rivatives clearing organization or a clearing agency) 

7 in respect of such property, be included in customer 

8 property, but only to the extent that the property 

9 that is otherwise customer property is insufficient to 

10 satisfy the net equity claims of public customers (as 

11 such term may be defined by the Commission by 

12 rule or regulation) of the commodity broker.’’. 

13 SEC. 120. ELIMINATION OF THE DOUBLE-SIDED CONFIRMA14 TION REQUIREMENT FOR SWAP DATA RE15 POSITORIES. 

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

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

18 ‘‘(2) confirm with any counterparty to the 

19 swap, as determined by the Commission, the accu20 racy of the data that was submitted, and the 

21 counterparty shall comply with any request of a 

22 swap data repository to confirm the accuracy of the 

23 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 func9 tions; or 

10 ‘‘(II) another individual working 

11 for the employer described in sub12 clause (I) who the whistleblower rea13 sonably believes has the authority— 

14 ‘‘(aa) to investigate, dis15 cover, or terminate the mis16 conduct; or 

17 ‘‘(bb) to take any other ac18 tion to address the misconduct.’’. 

19 (b) CLAIMS PROCESSING.— 

20 (1) IN GENERAL.—Section 23(b) of the Com21 modity Exchange Act (7 U.S.C. 26) is amended by 

22 adding at the end the following: 

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

24 ‘‘(A) INITIAL DISPOSITION.— 


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1 ‘‘(i) IN GENERAL.—Except as pro2 vided in subparagraph (B), and subject to 

3 clause (ii), the Commission shall make an 

4 initial disposition with respect to a claim 

5 submitted by a whistleblower for an award 

6 under this section (referred to in this para7 graph as an ‘award claim’) not later than 

8 1 year after the deadline established by the 

9 Commission, by rule, for the whistleblower 

10 to file the award claim. 

11 ‘‘(ii) MULTIPLE ACTIONS.—If a cov12 ered judicial or administrative action in13 volves one or more related actions, the re14 quirement under clause (i) shall apply with 

15 respect to the latest deadline with respect 

16 to the actions. 

17 ‘‘(B) EXCEPTIONS.— 

18 ‘‘(i) INITIAL EXTENSION.—If the Di19 rector of the Division of Enforcement of 

20 the Commission (referred to in this para21 graph as the ‘Director’), or the designee of 

22 the Director, determines that an award 

23 claim is sufficiently complex or involves 

24 more than 1 whistleblower, or if other good 

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1 not reasonably satisfy the requirement 

2 under subparagraph (A), the Director or 

3 the designee, as applicable, after providing 

4 notice to the Chairman of the Commission 

5 (referred to in this paragraph as the 

6 ‘Chairman’), may extend the deadline with 

7 respect to the satisfaction of that subpara8 graph by not more than 180 days. 

9 ‘‘(ii) ADDITIONAL EXTENSIONS.—If, 

10 after providing an extension under clause 

11 (i), the Director, or the designee of the Di12 rector, determines that the Commission 

13 cannot reasonably satisfy the requirement 

14 under subparagraph (A) with respect to an 

15 award claim, as extended under that 

16 clause, the Director or the designee, as ap17 plicable, after providing notice to the 

18 Chairman, may extend the period in which 

19 the Commission may satisfy subparagraph 

20 (A) by 1 additional 180-day period. 

21 ‘‘(iii) NOTICE TO WHISTLEBLOWER

22 REQUIRED.—If the Director, or the des23 ignee of the Director, exercises authority 

24 under clause (i) or (ii), the Director or the 

25 designee, as applicable, shall submit to the 


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1 whistleblower who filed the award claim 

2 that is subject to that action by the Direc3 tor or the designee a written notification of 

4 that action by the Director or the designee. 

5 ‘‘(C) APPLICABILITY.—This paragraph 

6 shall apply only to an award claim that is time7 ly submitted under a deadline established by 

8 the Commission after the date of enactment of 

9 this paragraph.’’. 

10 (2) RULES.—The Commodity Futures Trading 

11 Commission may issue any rules that are necessary 

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

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

14 added by paragraph (1)). 

15 (c) CFTC WHISTLEBLOWER PROGRAM EDUCATION

16 INITIATIVES.—Section 23(g)(2) of the Commodity Ex17 change Act (7 U.S.C. 26(g)(2)) is amended— 

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

19 the end; 

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

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

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

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

24 educate stakeholders regarding the incentives 

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1 cluding the benefits of those incentives and pro2 tections.’’. 

3 (d) DEPOSITS INTO CFTC CONSUMER PROTECTION

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

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

6 ‘‘$100,000,000’’ and inserting ‘‘$150,000,000’’. 

7 (e) AVAILABILITY OF CERTAIN CFTC INFORMATION

8 TO GOVERNMENT AGENCIES.—Section 23(h)(2)(C) of the 

9 Commodity Exchange Act (7 U.S.C. 26(h)(2)(C)) is 

10 amended— 

11 (1) in clause (i)— 

12 (A) in subclause (II), by striking ‘‘jurisdic13 tion;’’ and inserting the following: ‘‘jurisdiction, 

14 including— 

15 ‘‘(aa) the Federal Trade 

16 Commission; 

17 ‘‘(bb) the Internal Revenue 

18 Service; and 

19 ‘‘(cc) the Department of 

20 State;’’; and 

21 (B) in subclause (VI), by inserting ‘‘or 

22 other foreign law enforcement authority’’ before 

23 the period at the end; and 

24 (2) in clause (ii)— 


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

2 following: 

3 ‘‘(I) IN GENERAL.—Each’’; 

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

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

6 ‘‘clause (i)’’; and 

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

8 ‘‘(II) FOREIGN AUTHORITIES.— 

9 An entity described in subclause (VI) 

10 of clause (i) shall maintain informa11 tion described in that clause in ac12 cordance with such assurances of con13 fidentiality as the Commission deter14 mines appropriate.’’. 

15 SEC. 122. UPDATING STANDARDS FOR NATURAL PERSONS 

16 TO MEET REQUIREMENTS FOR QUALIFIED 

17 ELIGIBLE PERSONS. 

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

19 the enactment of this section, the Commodity Futures 

20 Trading Commission shall adopt a rule to update its regu21 lations governing the requirements for natural persons to 

22 be qualified eligible persons who must satisfy portfolio re23 quirements, for the purposes of providing relief to com24 modity trading advisors and commodity pool operators in 

25 their dealings with qualified eligible persons pursuant to 


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1 section 4.7 of title 17, Code of Federal Regulations, so 

2 that a natural person, to be a qualified eligible person who 

3 must satisfy the portfolio requirement, must meet the re4 quirement of paragraph (1) and the requirement of para5 graph (2): 

6 (1) MEANS.—The requirement of this para7 graph is that the person must have— 

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

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

10 the time of the opening of an exempt account 

11 or purchase of one or more participation units 

12 in an exempt commodity pool, to qualify the 

13 person as an accredited advisor, as defined in 

14 section 230.501(a)(5) of title 17, Code of Fed15 eral Regulations, as if that regulation were 

16 amended by striking ‘‘$1,000,000’’ and insert17 ing ‘‘$5,000,000’’; or 

18 (B) individual income, or joint income with 

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

20 $500,000 in each of the 2 most recent years, 

21 and have a reasonable expectation of reaching 

22 the same income level in the current year. 

23 (2) PORTFOLIO.—The requirement of this para24 graph is that the person must meet a portfolio re25 quirement under section 4.7(a)(1)(v) of title 17, 


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1 Code of Federal Regulations, as if that regulation 

2 were amended— 

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

4 ‘‘$5,000,000’’; 

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

6 ‘‘$500,000’’; 

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

8 ‘‘2,500,000’’; and 

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

10 ‘‘$250,000’’. 

11 (b) INFLATION.—In adopting a rule pursuant to sub12 section (a), the Commission shall— 

13 (1) include provisions providing for adjusting 

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

15 inflation every three years to the nearest $1,000 to 

16 reflect the change in the Consumer Price Index for 

17 All Urban Consumers published by the Bureau of 

18 Labor Statistics; and 

19 (2) allow any natural person who meets the re20 quirements of a qualified eligible person and is a 

21 participant in a commodity pool or the customer of 

22 a commodity trading advisor provided relief under 

23 section 4.7 of title 17, Code of Federal Regulations, 

24 before the date of any adjustment in such require25 ments established pursuant to this rule to remain a 


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1 qualified eligible person, notwithstanding such ad2 justments established pursuant to this rule, if— 

3 (A) the natural person continues to meet 

4 the requirements of qualified eligible persons 

5 pursuant to section 4.7 of title 17, Code of Fed6 eral Regulations, as in effect before the date of 

7 any adjustment in such requirements estab8 lished pursuant to this rule; and 

9 (B) the natural person does not— 

10 (i) sell all shares of its participation in 

11 such exempt commodity pool; 

12 (ii) withdraw all assets from any ac13 count managed by such exempt commodity 

14 trading advisor; 

15 (iii) purchase any new shares of par16 ticipation in such exempt commodity pool; 

17 or 

18 (iv) contribute additional assets to 

19 any account managed by such exempt com20 modity trading advisor. 

21 SEC. 123. GOVERNMENT ACCOUNTABILITY OFFICE STUDY 

22 ON ALUMINUM MARKETS. 

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

24 States shall conduct a study of— 


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1 (1) the aluminum markets in the United States 

2 and globally, in general; 

3 (2) the effectiveness and efficiency of the mar4 kets for purchasers of aluminum; 

5 (3) what factors and policies influence the sup6 ply, demand, and movement of aluminum around the 

7 world; and 

8 (4) the effectiveness of government oversight 

9 over the markets. 

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

11 enactment of this Act, the Comptroller General shall sub12 mit to the Committee on Agriculture of the House of Rep13 resentatives and the Committee on Agriculture, Nutrition, 

14 and Forestry of the Senate a written report that contains 

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

16 TITLE II—TECHNICAL 

17 CORRECTIONS 

18 SEC. 201. CORRECTION OF REFERENCES. 

19 (a) Section 2(h)(8)(A)(ii) of the Commodity Ex20 change Act (7 U.S.C. 2(h)(8)(A)(ii)) is amended by strik21 ing ‘‘5h(f) of this Act’’ and inserting ‘‘5h(g)’’. 

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

23 2(c)(5)(C)(i)) is amended by striking ‘‘1a(2)(i))’’ and in24 serting ‘‘1a(19)(i))’’. 


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1 (c) Section 23(f) of such Act (7 U.S.C. 26(f)) is 

2 amended by striking ‘‘section 7064’’ and inserting ‘‘sec3 tion 706’’. 

4 SEC. 202. ELIMINATION OF OBSOLETE REFERENCES TO 

5 DEALER OPTIONS. 

6 (a) IN GENERAL.—Section 4c of the Commodity Ex7 change Act (7 U.S.C. 6c) is amended by striking sub8 sections (d) and (e) and redesignating subsections (f) and 

9 (g) as subsections (d) and (e), respectively. 

10 (b) CONFORMING AMENDMENTS.— 

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

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

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

14 6f(a)(4)(A)(i)) is amended by striking ‘‘, (d), (e), 

15 and (g)’’ and inserting ‘‘and (e)’’. 

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

17 6k(5)(A)) is amended by striking ‘‘, (d), (e), and 

18 (g)’’ and inserting ‘‘and (e)’’. 

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

20 7b–1(b)(1)(A)) is amended by striking ‘‘, (e), and 

21 (g)’’ and inserting ‘‘and (e)’’. 

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

23 13(a)(2)) is amended by striking ‘‘through (e) of 

24 subsection’’ and inserting ‘‘through (c) of section’’. 


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1 SEC. 203. UPDATED TRADE DATA PUBLICATION REQUIRE2 MENT. 

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

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

5 inserting ‘‘each designated contract market and swap exe6 cution facility’’. 

7 SEC. 204. FLEXIBILITY FOR ALL REGISTERED ENTITIES. 

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

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

10 derivatives transaction execution facility, or electronic 

11 trading facility’’ each place it appears and inserting ‘‘reg12 istered entity’’. 

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

14 2(b)(1)) is amended— 

15 (1) by striking ‘‘(1) IN GENERAL.—A’’ and in16 serting the following: 

17 ‘‘(1) DELEGATION.— 

18 ‘‘(A) IN GENERAL.—A’’; 

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

20 price discovery contract’’; and 

21 (3) by adding after and below the end the fol22 lowing: 

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

24 described in subparagraph (A), a registered en25 tity may also comply with any applicable core 

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1 tion of any relevant function to a registered na2 tional securities association.’’. 

3 SEC. 205. ELIMINATION OF OBSOLETE REFERENCES TO 

4 ELECTRONIC TRADING FACILITIES. 

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

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

7 ‘‘(other than an electronic trading facility with respect to 

8 a significant price discovery contract)’’. 

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

10 amended— 

11 (1) by adding ‘‘and’’ at the end of subpara12 graph (D); and 

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

14 inserting a period. 

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

16 amended— 

17 (1) in the first sentence— 

18 (A) by striking ‘‘or by any electronic trad19 ing facility’’; 

20 (B) by striking ‘‘or on an electronic trad21 ing facility’’; and 

22 (C) by striking ‘‘or electronic trading facil23 ity’’ each place it appears; and 


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1 (2) in the second sentence, by striking ‘‘or elec2 tronic trading facility with respect to a significant 

3 price discovery contract’’. 

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

5 amended by striking ‘‘any significant price discovery con6 tract traded or executed on an electronic trading facility 

7 or’’. 

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

9 (1) by striking ‘‘, or any significant price dis10 covery contract traded or executed on an electronic 

11 trading facility’’; and 

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

13 (f) Section 6(b) of such Act (7 U.S.C. 8(b)) is amend14 ed by striking ‘‘or electronic trading facility’’ each place 

15 it appears. 

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

17 is amended by striking ‘‘in the case of—’’ and all that 

18 follows and inserting ‘‘in the case of an agreement, con19 tract, or transaction that is excluded from this Act under 

20 section 2(c) or 2(f) of this Act or title IV of the Com21 modity Futures Modernization Act of 2000, or exempted 

22 under section 4(c) of this Act (regardless of whether any 

23 such agreement, contract, or transaction is otherwise sub24 ject to this Act).’’. 


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1 SEC. 206. ELIMINATION OF OBSOLETE REFERENCE TO AL2 TERNATIVE SWAP EXECUTION FACILITIES. 

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

4 U.S.C. 7b–3(h)) is amended by striking ‘‘alternative’’ be5 fore ‘‘swap’’. 

6 SEC. 207. ELIMINATION OF REDUNDANT REFERENCES TO 

7 TYPES OF REGISTERED ENTITIES. 

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

9 13a) is amended in the first sentence by striking ‘‘as set 

10 forth in sections 5 through 5c’’. 

11 SEC. 208. CLARIFICATION OF COMMISSION AUTHORITY 

12 OVER SWAPS TRADING. 

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

14 12a) is amended— 

15 (1) in paragraph (7)— 

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

17 traders and to assure fair dealing in swaps, 

18 for’’ after ‘‘appropriate for’’; 

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

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

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

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

23 (2) in paragraph (9)— 

24 (A) by inserting ‘‘swap or’’ after ‘‘or liq25 uidation of any’’; and 


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

2 levels on any’’. 

3 SEC. 209. ELIMINATION OF OBSOLETE REFERENCE TO THE 

4 COMMODITY EXCHANGE COMMISSION. 

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

6 U.S.C. 13c(c)) is amended by striking ‘‘or the Commis7 sion’’. 

8 SEC. 210. ELIMINATION OF OBSOLETE REFERENCES TO DE9 RIVATIVE TRANSACTION EXECUTION FACILI10 TIES. 

11 (a) Section 1a(12)(B)(vi) of the Commodity Ex12 change Act (7 U.S.C. 1a(12)(B)(vi)) is amended by strik13 ing ‘‘derivatives transaction execution facility’’ and insert14 ing ‘‘swap execution facility’’. 

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

16 amended— 

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

18 A DERIVATIVES TRANSACTION EXECUTION FACIL19 ITY’’; and 

20 (2) by striking ‘‘or derivatives transaction exe21 cution facility’’ each place it appears. 

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

23 1a(35)(B)(iii)(I)) is amended by striking ‘‘or registered 

24 derivatives transaction execution facility’’. 


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

2 2(a)(1)(C)(ii)) is amended— 

3 (1) by striking ‘‘, or register a derivatives 

4 transaction execution facility that trades or exe5 cutes,’’; 

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

7 execution facility shall trade or execute such con8 tracts of sale (or options on such contracts) for fu9 ture delivery’’; and 

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

11 execution facility,’’. 

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

13 2(a)(1)(C)(v)(I)) is amended by striking ‘‘, or any deriva14 tives transaction execution facility on which such contract 

15 or option is traded,’’. 

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

17 2(a)(1)(C)(v)(II)) is amended by striking ‘‘or derivatives 

18 transaction execution facility’’ each place it appears. 

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

20 2(a)(1)(C)(v)(V)) is amended by striking ‘‘or registered 

21 derivatives transaction execution facility’’. 

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

23 2(a)(1)(D)(i)) is amended in the matter preceding sub24 clause (I)— 


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

2 transaction execution facility’’; and 

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

4 transaction execution facility for,’’. 

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

6 2(a)(1)(D)(i)(IV)) is amended by striking ‘‘registered de7 rivatives transaction execution facility,’’ each place it ap8 pears. 

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

10 2(a)(1)(D)(ii)(I)) is amended to read as follows: 

11 ‘‘(I) the transaction is conducted on or subject 

12 to the rules of a board of trade that has been des13 ignated by the Commission as a contract market in 

14 such security futures product; or’’. 

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

16 2(a)(1)(D)(ii)(II)) is amended by striking ‘‘or registered 

17 derivatives transaction execution facility’’. 

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

19 2(a)(1)(D)(ii)(III)) is amended by striking ‘‘or registered 

20 derivatives transaction execution facility member’’. 

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

22 2(a)(9)(B)(ii)) is amended— 

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

24 appears; 


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1 (2) by striking ‘‘or derivatives transaction exe2 cution facility’’ each place it appears; 

3 (3) by striking ‘‘or register’’; 

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

5 (5) by striking ‘‘registration,’’. 

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

7 amended by striking ‘‘or a derivatives transaction execu8 tion facility’’ each place it appears. 

9 (o) Section 4(a) of such Act (7 U.S.C. 6(a)) is 

10 amended by striking ‘‘or derivatives transaction execution 

11 facility’’ each place it appears. 

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

13 amended— 

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

15 (2) by striking ‘‘or derivatives transaction exe16 cution facility’’. 

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

18 is amended— 

19 (1) by striking ‘‘or derivatives transaction exe20 cution facilities’’; and 

21 (2) by striking ‘‘or derivatives transaction exe22 cution facility’’. 

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

24 amended— 


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1 (1) by striking ‘‘, derivatives transaction execu2 tion facility,’’ each place it appears; and 

3 (2) by striking ‘‘or derivatives transaction exe4 cution facility’’. 

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

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

7 striking ‘‘or derivatives transaction execution facility’’ 

8 each place it appears. 

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

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

11 each place it appears. 

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

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

14 (v) Section 4f(a) of such Act (7 U.S.C. 6f(a)) is 

15 amended by striking ‘‘or registered derivatives transaction 

16 execution facility’’. 

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

18 amended by striking ‘‘or derivatives transaction execution 

19 facility’’ each place it appears. 

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

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

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

23 (1) in the heading by striking ‘‘AND REG24 ISTERED DERIVATIVES TRANSACTION EXECU25 TION FACILITIES’’; 


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1 (2) in subsection (a), by striking ‘‘and reg2 istered derivatives transaction execution facility’’; 

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

4 derivatives transaction execution facility’’; and 

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

6 derivatives transaction execution facility members’’. 

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

8 by striking ‘‘or registered derivatives transaction execution 

9 facility’’. 

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

11 by striking ‘‘or derivative transaction execution facilities’’ 

12 each place it appears. 

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

14 amended by striking ‘‘, or derivatives transaction execu15 tion facilities’’. 

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

17 amended by striking ‘‘derivatives transaction execution fa18 cility,’’. 

19 (dd) Section 5(e) of such Act (7 U.S.C. 7(e)) is 

20 amended— 

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

22 through ‘‘a contract for’’ and inserting the following: 

23 ‘‘(e) CURRENT AGRICULTURAL COMMODITIES.—A 

24 contract for’’; and 

25 (2) by striking paragraph (2). 


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

2 amended by striking ‘‘, derivatives transaction execution 

3 facility,’’ each place it appears. 

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

5 amended by striking ‘‘and registered derivatives trans6 action execution facility’’. 

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

8 2(f)(1)) is amended by striking ‘‘or registered derivatives 

9 transaction execution facility’’. 

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

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

12 (2) by striking ‘‘or derivatives transaction exe13 cution facility’’ each place it appears; and 

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

15 appears. 

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

17 amended— 

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

19 (2) by striking ‘‘or a derivatives transaction 

20 execution facility’’; and 

21 (3) by inserting ‘‘shall’’ before ‘‘exclude’’ the 

22 first place it appears. 

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

24 amended— 

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


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1 (2) by striking ‘‘or a derivatives transaction 

2 execution facility’’. 

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

4 is amended by striking ‘‘derivatives transaction execution 

5 facility,’’. 

6 SEC. 211. ELIMINATION OF OBSOLETE REFERENCES TO EX7 EMPT BOARDS OF TRADE. 

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

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

10 an exempt board of trade’’. 

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

12 16(e)(1)(B)(i)) is amended by striking ‘‘or exempt board 

13 of trade’’. 

14 SEC. 212. ELIMINATION OF COMPLETED REPORTS. 

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

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

17 (iii). 

18 (b) Section 26 of the Futures Trading Act of 1978 

19 (7 U.S.C. 16a) is amended by striking subsection (b) and 

20 redesignating subsection (c) as subsection (b). 

21 SEC. 213. MISCELLANEOUS CORRECTIONS. 

22 (a) Section 1a(12)(A)(i)(II) of the Commodity Ex23 change Act (7 U.S.C. 1a(12)(A)(i)(II)) is amended by 

24 adding at the end a semicolon. 


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

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

3 ems to the right. 

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

5 2(a)(1)(C)(iii)) is amended by moving the provision 2 ems 

6 to the right. 

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

8 2(a)(1)(C)(iv)) is amended by striking ‘‘under or’’ and in9 serting ‘‘under’’. 

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

11 2(a)(1)(C)(v)) is amended by moving the provision 2 ems 

12 to the right. 

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

14 2(a)(1)(C)(v)(VI)) is amended by striking ‘‘III’’ and in15 serting ‘‘(III)’’. 

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

17 amended by striking the second comma. 

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

19 6(c)(3)(H)) is amended by striking ‘‘state’’ and inserting 

20 ‘‘State’’. 

21 (i) Section 4c(c) of such Act (7 U.S.C. 6c(c)) is 

22 amended to read as follows: 

23 ‘‘(c) The Commission shall issue regulations to con24 tinue to permit the trading of options on contract markets 


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1 under such terms and conditions that the Commission 

2 from time to time may prescribe.’’. 

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

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

5 inserting ‘‘subsection (a)(2)’’. 

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

7 6f(c)(3)(A)) is amended by striking the first comma. 

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

9 6f(c)(4)(A)) is amended by striking ‘‘in developing’’ and 

10 inserting ‘‘In developing’’. 

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

12 6f(c)(4)(B)) is amended by striking ‘‘1817(a)’’ and insert13 ing ‘‘1817(a))’’. 

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

15 by redesignating subsections (c) through (e) as sub16 sections (b) through (d), respectively. 

17 (o) Section 5b of such Act (7 U.S.C. 7a–1) is amend18 ed by redesignating subsection (k) as subsection (j). 

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

20 1(b)(1)) is amended by striking ‘‘section 5f’’ and inserting 

21 ‘‘this section’’. 

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

23 amended 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 ‘‘In3 vestors’’ and inserting ‘‘Investor’’. 

4 (s) Section 9(a)(2) of such Act (7 U.S.C. 13(a)(2)) 

5 is amended by striking ‘‘subsection 4c’’ and inserting ‘‘sec6 tion 4c’’. 

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

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

9 (u) Section 14(a)(2) of such Act (7 U.S.C. 18(a)(2)) 

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

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

12 21(b)(9)(D)) is amended by striking the semicolon and in13 serting a period. 

14 (w) Section 17(b)(10)(C)(ii) of such Act (7 U.S.C. 

15 21(b)(10)(C)(ii)) is amended by striking ‘‘and’’ at the end. 

16 (x) Section 17(b)(11) of such Act (7 U.S.C. 

17 21(b)(11)) is amended by striking the period and inserting 

18 a semicolon. 

19 (y) Section 17(b)(12) of such Act (7 U.S.C. 

20 21(b)(12)) is amended— 

21 (1) by striking ‘‘(A)’’; and 

22 (2) by striking the period and inserting ‘‘; 

23 and’’. 

24 (z) Section 17(b)(13) of such Act (7 U.S.C. 

25 21(b)(13)) is amended by striking ‘‘A’’ and inserting ‘‘a’’. 


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1 (aa) Section 17 of such Act (7 U.S.C. 21) is amended 

2 by redesignating subsection (q), as added by section 

3 233(5) of Public Law 97–444, and subsection (r) as sub4 sections (r) and (s), respectively. 

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

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

7 a registered’’. 

8 (cc) Section 22(b)(4) of such Act (7 U.S.C. 25(b)(4)) 

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

10 SEC. 214. TECHNICAL AMENDMENTS TO SECTION 14(e). 

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

12 U.S.C. 18(e)) is amended— 

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

14 (2) in the 1st sentence— 

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

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

17 ‘‘under this section’’; and 

18 (C) by striking ‘‘the appellee’’ and insert19 ing ‘‘an appellee’’; 

20 (3) in the 2nd sentence— 

21 (A) by striking ‘‘Such appeal’’ and insert22 ing ‘‘If the order requires the petitioner to pay 

23 reparation, or upholds a prior order requiring 

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


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1 (B) by striking ‘‘appellant’’ and inserting 

2 ‘‘petitioner’’; and 

3 (C) by striking ‘‘for the appellee, if the ap4 pellee shall prevail’’ and inserting ‘‘as set forth 

5 below’’; 

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

7 inserting ‘‘An’’; 

8 (5) in the 5th sentence— 

9 (A) by striking ‘‘The’’ and inserting ‘‘An’’; 

10 (B) by inserting ‘‘participates in the pro11 ceedings before the Court of Appeals through 

12 counsel and’’ before ‘‘prevails’’; and 

13 (C) by striking ‘‘his’’ and inserting ‘‘the 

14 appellee’s’’; and 

15 (6) by adding after and below the end the fol16 lowing: 

17 ‘‘(2) In paragraph (1), the term ‘appellee’ 

18 means a party to a proceeding before the Commis19 sion under this section in whose favor the Commis20 sion ruled in an order that is the subject of a peti21 tion for review under paragraph (1) and whose inter22 ests are adverse to those of the petitioner.’’. 


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1 SEC. 215. TECHNICAL CLARIFICATIONS FOR RETAIL FOR2 EIGN CURRENCY. 

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

4 U.S.C. 2(c)(2)) is amended— 

5 (1) in subparagraph (B)— 

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

7 (ff) as item (ee); 

8 (B) by striking ‘‘(gg)’’ each place it ap9 pears and inserting ‘‘(ee)’’; 

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

11 of clause (i)(II) of this subparagraph’’ and in12 serting ‘‘or (dd) of clause (i)(II)’’; and 

13 (D) in clause (iv)— 

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

15 by striking ‘‘(ee), or (ff)’’ each place it ap16 pears and inserting ‘‘or (dd)’’; 

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

18 ‘‘, or otherwise act as a commodity trading 

19 advisor with respect to any agreement, 

20 contract, or transaction described in clause 

21 (i)’’ before the semicolon; and 

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

23 ‘‘(ff)’’ and inserting ‘‘(dd)’’; 

24 (2) in subparagraph (C)— 

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

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


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1 (B) in clause (iii)— 

2 (i) in subclause (I)(bb), by inserting 

3 ‘‘, or otherwise act as a commodity trading 

4 advisor with respect to any agreement, 

5 contract, or transaction described in clause 

6 (i)’’ before the semicolon; and 

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

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

9 ‘‘items (aa) through (dd)’’; and 

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

11 (C)(i)(I)’’ after ‘‘(B)(i)(I)’’. 

12 SEC. 216. MISCELLANEOUS SWAP TECHNICAL CORREC13 TIONS. 

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

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

16 ‘‘sections 5 through 5c’’. 

17 (b) Section 8a of such Act (7 U.S.C. 12a) is amend18 ed— 

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

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

21 (2) in paragraph (9), by striking ‘‘futures con22 tract’’ and inserting ‘‘contract of sale for future de23 livery or swap contract’’ each place it occurs. 

24 (c) Section 12(f) of such Act (7 U.S.C. 16(f)) is 

25 amended— 


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1 (1) in paragraph (1), by striking ‘‘futures and 

2 options’’; and 

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

4 and options’’ and inserting ‘‘such’’. 

5 (d) Section 15(b) of such Act (7 U.S.C. 19(b)) is 

6 amended by striking ‘‘contract market’’ and inserting 

7 ‘‘registered entity’’. 

Æ 


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