II 

114TH CONGRESS 

1ST SESSION S. 1560 

To amend the Commodity Exchange Act to provide end-users with a reasonable amount of time to meet their margin requirements and to repeal 

certain indemnification requirements for regulatory authorities to obtain 

access to swap data required to be provided by swaps entities. 

IN THE SENATE OF THE UNITED STATES 

JUNE 11, 2015 

Mr. ROBERTS (for himself and Ms. HEITKAMP) introduced the following bill; 

which was read twice and referred to the Committee on Agriculture, Nutrition, and Forestry 

A BILL 

To amend the Commodity Exchange Act to provide endusers with a reasonable amount of time to meet their 

margin requirements and to repeal certain indemnification requirements for regulatory authorities to obtain 

access to swap data required to be provided by swaps 

entities. 

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

3 SECTION 1. FUTURES COMMISSION MERCHANT COMPLI4 ANCE. 

5 (a) IN GENERAL.—Section 4d(a) of the Commodity 

6 Exchange Act (7 U.S.C. 6d(a)) is amended— 


SSpencer on DSK4SPTVN1PROD with BILLS
2 

•S 1560 IS

1 (1) by redesignating paragraphs (1) and (2) as 

2 subparagraphs (A) and (B), respectively, and indent3 ing appropriately; 

4 (2) by striking ‘‘SEC. 4d’’ and all that follows 

5 through ‘‘It shall be unlawful’’ and inserting the fol6 lowing: 

7 ‘‘SEC. 4d. DEALING BY UNREGISTERED FUTURES COMMIS8 SION MERCHANTS OR INTRODUCING MER9 CHANTS PROHIBITED. 

10 ‘‘(a) REGISTRATION REQUIREMENTS AND DUTIES.— 

11 ‘‘(1) IN GENERAL.—It shall be unlawful’’; and 

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

13 ‘‘(2) RESIDUAL INTEREST REQUIREMENT.— 

14 Any rules or regulations requiring a futures commis15 sion merchant to maintain a residual interest in ac16 counts held for the benefit of customers in amounts 

17 at least sufficient to exceed the sum of all uncol18 lected margin deficits of the customers shall provide 

19 that a futures commission merchant shall meet the 

20 residual interest requirement as of the end of each 

21 business day calculated as of the close of business on 

22 the previous business day.’’. 

23 (b) CONFORMING AMENDMENTS.— 

24 (1) Section 4d of the Commodity Exchange Act 

25 (7 U.S.C. 6d) is amended— 


SSpencer on DSK4SPTVN1PROD with BILLS
3 

•S 1560 IS

1 (A) in subsection (b), by striking ‘‘para2 graph (2) of this section’’ and inserting ‘‘sub3 section (a)(1)(B)’’; and 

4 (B) in subsection (h), by striking ‘‘Not5 withstanding subsection (a)(2)’’ and inserting 

6 ‘‘Notwithstanding subsection (a)(1)(B)’’. 

7 (2) Section 15(c)(3)(C) of the Securities Ex8 change Act of 1934 (15 U.S.C. 78o(c)(3)(C)) is 

9 amended by striking ‘‘4d(a)(2)’’ and inserting 

10 ‘‘4d(a)(1)(B)’’. 

11 SEC. 2. REPEAL OF INDEMNIFICATION REQUIREMENTS. 

12 (a) DERIVATIVES CLEARING ORGANIZATIONS.—Sec13 tion 5b(k) of the Commodity Exchange Act (7 U.S.C. 7a– 

14 1(k)) is amended by striking paragraph (5) and inserting 

15 the following: 

16 ‘‘(5) CONFIDENTIALITY AGREEMENT.—Before 

17 the Commission may share information with any en18 tity described in paragraph (4), the Commission 

19 shall receive a written agreement from each entity 

20 stating that the entity shall abide by the confiden21 tiality requirements described in section 8 relating to 

22 the information on swap transactions that is pro23 vided.’’. 


SSpencer on DSK4SPTVN1PROD with BILLS
4 

•S 1560 IS

1 (b) SWAP DATA REPOSITORIES.—Section 21 of the 

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

3 striking subsection (d) and inserting the following: 

4 ‘‘(d) CONFIDENTIALITY AGREEMENT.—Before the 

5 swap data repository may share information with any enti6 ty described in subsection (c)(7), the swap data repository 

7 shall receive a written agreement from each entity stating 

8 that the entity shall abide by the confidentiality require9 ments described in section 8 relating to the information 

10 on swap transactions that is provided.’’. 

11 (c) CONFORMING AMENDMENT.—Section 13(n)(5) of 

12 the Securities Exchange Act of 1934 (15 U.S.C. 

13 78m(n)(5)) is amended by striking subparagraph (H) and 

14 inserting the following: 

15 ‘‘(H) CONFIDENTIALITY AGREEMENT.— 

16 Before the security-based swap data repository 

17 may share information with any entity de18 scribed in subparagraph (G), the security-based 

19 swap data repository shall receive a written 

20 agreement from each entity stating that the en21 tity shall abide by the confidentiality require22 ments described in section 24 relating to the in23 formation on security-based swap transactions 

24 that is provided.’’. 


SSpencer on DSK4SPTVN1PROD with BILLS
5 

•S 1560 IS

1 (d) EFFECTIVE DATE.—The amendments made by 

2 this section shall take effect as if enacted as part of the 

3 Dodd-Frank Wall Street Reform and Consumer Protec4 tion Act (Public Law 111–203; 124 Stat. 1376) on July 

5 21, 2010. 

Æ 


SSpencer on DSK4SPTVN1PROD with BILLS