I 

112TH CONGRESS 

1ST SESSION H. R. 1573 

To facilitate implementation of title VII of the Dodd-Frank Wall Street 

Reform and Consumer Protection Act, promote regulatory coordination, 

and avoid market disruption. 

IN THE HOUSE OF REPRESENTATIVES 

APRIL 15, 2011 

Mr. LUCAS (for himself, Mr. BACHUS, Mr. CONAWAY, and Mr. GARRETT) introduced the following bill; which was referred to the Committee on Financial Services, and in addition to the Committee on Agriculture, for a 

period to be subsequently determined by the Speaker, in each case for 

consideration of such provisions as fall within the jurisdiction of the committee concerned 

A BILL 

To facilitate implementation of title VII of the Dodd-Frank 

Wall Street Reform and Consumer Protection Act, promote regulatory coordination, and avoid market disruption. 

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

3 SECTION 1. EFFECTIVE DATES. 

4 Section 712(f) of the Dodd-Frank Wall Street Re5 form and Consumer Protection Act (Public Law 111–203) 

6 is amended to read as follows: 


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1 ‘‘(f) RULES AND REGISTRATION BEFORE FINAL EF2 FECTIVE DATES.— 

3 ‘‘(1) IN GENERAL.—Beginning on the date of 

4 enactment of this Act and notwithstanding the effec5 tive date of any provision of this Act, the Com6 modity Futures Trading Commission and the Securi7 ties and Exchange Commission may, in order to pre8 pare for the effective dates of the provisions of this 

9 Act— 

10 ‘‘(A) promulgate rules, regulations, or or11 ders permitted or required by this Act; 

12 ‘‘(B) conduct studies and prepare reports 

13 and recommendations required by this Act; 

14 ‘‘(C) register persons under the provisions 

15 of this Act; and 

16 ‘‘(D) exempt persons, agreements, con17 tracts, or transactions from provisions of this 

18 Act, under the terms contained in this Act. 

19 ‘‘(2)(A) Notwithstanding paragraph (1), an ac20 tion by the Commodity Futures Trading Commission 

21 or the Securities and Exchange Commission de22 scribed in paragraph (1) shall not become effective 

23 before the effective date applicable to the action 

24 under this Act, except as provided in paragraph (3). 


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1 ‘‘(B) Notwithstanding any provision of this Act 

2 (other than paragraph (3)), this title and the regula3 tions under this title shall become effective on the 

4 latest of— 

5 ‘‘(i) December 31, 2012; 

6 ‘‘(ii) 90 days after the publication of the 

7 relevant final rule or regulation in the Federal 

8 Register or such later date as may be specified 

9 in the final rule or regulation; or 

10 ‘‘(iii) the effective date otherwise applicable 

11 to this title. 

12 ‘‘(3) EXCEPTIONS.— 

13 ‘‘(A) CERTAIN DEFINITIONS.—Notwith14 standing any other provision of this Act, in 

15 order to assist persons subject to this title in 

16 coming into compliance with the provisions of 

17 this title on a timely basis, the Commodity Fu18 tures Trading Commission and the Securities 

19 and Exchange Commission, in consultation with 

20 the Board of Governors, shall adopt definitions 

21 further defining the terms specified in sub22 section (d)(1) not later than 360 days after the 

23 date of the enactment of this Act. Such defini24 tions shall become effective 90 days after their 

25 publication in the Federal Register. 


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1 ‘‘(B) REGULATORY REPORTING.— 

2 ‘‘(i) SWAP DATA REPORTING.—Sec3 tions 2(h)(5) and 4r of the Commodity Ex4 change Act and the rules and regulations 

5 of the Commodity Futures Trading Com6 mission issued under such sections shall 

7 become effective on the later of— 

8 ‘‘(I) 90 days after the publication 

9 of the relevant final rule or regulation 

10 in the Federal Register, or such later 

11 date as may be specified in the final 

12 rule or regulation; or 

13 ‘‘(II) the effective date otherwise 

14 applicable to such sections. 

15 ‘‘(ii) SECURITY-BASED SWAP DATA

16 REPORTING.—Sections 3C(e) and 13A(a) 

17 of the Securities Exchange Act of 1934 

18 and the rules and regulations of the Secu19 rities and Exchange Commission issued 

20 under such sections shall become effective 

21 on the later of— 

22 ‘‘(I) 90 days after the publication 

23 of the relevant final rule or regulation 

24 in the Federal Register, or such later 


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1 date as may be specified in the rule or 

2 regulation; or 

3 ‘‘(II) the effective date otherwise 

4 applicable to such sections. 

5 ‘‘(iii) SWAP DATA REPOSITORIES.—To 

6 facilitate compliance, before December 31, 

7 2012, with the regulatory reporting provi8 sions of this section, the Commodity Fu9 tures Trading Commission and the Securi10 ties and Exchange Commission may au11 thorize the reporting of swap data and se12 curity-based swap data to any person then 

13 conducting the business described in sec14 tion 1a(48) of the Commodity Exchange 

15 Act (7 U.S.C. 1a(48)) or section 3(a)(75) 

16 of the Securities Exchange Act of 1934 

17 (15 U.S.C. 78m), respectively, who has— 

18 ‘‘(I) provided notice to the rel19 evant Commission of its intention to 

20 register as a swap data repository or 

21 security-based swap data repository, 

22 as applicable; and 

23 ‘‘(II) made such undertakings to 

24 the relevant Commission as such 

25 Commission has determined to be apVerDate Mar 15 2010 23:44 Apr 19, 2011 Jkt 099200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6201 E:\BILLS\H1573.IH H1573

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1 propriate and in the public interest, 

2 consistent with this title.’’. 

3 SEC. 2. IMPLEMENTATION ANALYSIS. 

4 Section 712 of the Dodd-Frank Wall Street Reform 

5 and Consumer Protection Act (Public Law 111–203), as 

6 amended by section 1 of this Act, is amended by adding 

7 at the end the following: 

8 ‘‘(g) IMPLEMENTATION ANALYSIS.—Notwithstanding 

9 any other provision of this title, the Commodity Futures 

10 Trading Commission and the Securities and Exchange 

11 Commission shall, before prescribing final rules and regu12 lations under this title— 

13 ‘‘(1) conduct public hearings and roundtables 

14 and take testimony of affected market participants, 

15 experts and other interested parties, and solicit pub16 lic comment, regarding— 

17 ‘‘(A) the time and resources that would be 

18 required of affected parties in order to develop 

19 systems and infrastructure necessary to comply 

20 with any rules and regulations proposed or then 

21 contemplated by the relevant Commission; 

22 ‘‘(B) any alternative approaches capable of 

23 accomplishing the relevant Commission’s rule24 making objectives; and 


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1 ‘‘(C) the time and resources that would be 

2 required of affected parties in order to develop 

3 policies and procedures designed to comply with 

4 any rules and regulations proposed or then con5 templated by the relevant Commission, and 

6 ‘‘(2) take such testimony and comment into ac7 count in— 

8 ‘‘(A) performing the cost-benefit analysis 

9 required under Federal law in connection with 

10 its adoption of the relevant final rules and regu11 lations; and 

12 ‘‘(B) determining the effective date of the 

13 relevant final rules and regulations.’’. 

14 SEC. 3. REGULATORY COORDINATION. 

15 (a) COMMODITY FUTURES TRADING COMMISSION.— 

16 Section 2(a)(1) of the Commodity Exchange Act (7 U.S.C. 

17 2(a)(1)) is amended by adding at the end the following: 

18 ‘‘(J)(i) Notwithstanding any other provi19 sion of this Act, the Commission may exempt, 

20 in whole or in part, a person from the registra21 tion and related regulatory requirements of this 

22 Act if and to the extent that the Commission 

23 determines that— 

24 ‘‘(I) the person is subject to com25 prehensive supervision and regulation 


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1 under a regulatory scheme administered by 

2 another regulatory authority or the appro3 priate governmental authorities in the per4 son’s home country that is comparable to 

5 the relevant provisions of this Act, 

6 ‘‘(II) adequate information-sharing 

7 arrangements are in effect between the 

8 Commission and the other regulatory au9 thority, and 

10 ‘‘(III) the exemption would be con11 sistent with the public interest. 

12 ‘‘(ii) The Commission may condition any 

13 such exemption on compliance with all or any 

14 part of the alternate regulatory scheme, and on 

15 such other terms as the Commission determines 

16 appropriate, and may deem any noncompliance 

17 with the altrernate regulatory scheme or other 

18 terms a violation of the corresponding provi19 sions of this Act.’’. 

20 (b) SECURITIES AND EXCHANGE COMMISSION.—The 

21 Securities Exchange Act of 1934 (15 U.S.C. 78m) is 

22 amended by inserting after section 4C the following: 

23 ‘‘SEC. 4D. EXEMPTIVE AUTHORITY. 

24 ‘‘(a) Notwithstanding any other provision of this Act, 

25 the Commission may exempt, in whole or in part, a person 


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1 from the registration and related regulatory requirements 

2 of this Act if and to the extent that the Commission deter3 mines that— 

4 ‘‘(1) the person is subject to comprehensive su5 pervision and regulation under a regulatory scheme 

6 administered by another regulatory authority or the 

7 appropriate governmental authorities in the person’s 

8 home country that is comparable to the relevant pro9 visions of this Act; 

10 ‘‘(2) adequate information-sharing arrange11 ments are in effect with the other regulatory author12 ity; and 

13 ‘‘(3) the exemption would be consistent with the 

14 protection of investors. 

15 ‘‘(b) The Commission may condition any such exemp16 tion on compliance with all or any part of the alternate 

17 regulatory scheme, and such other terms as the Commis18 sion determines appropriate, and may deem any non19 compliance with the alternate regulatory scheme or other 

20 terms a violation of the corresponding provisions of this 

21 Act.’’. 

Æ 


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