IB 

Union Calendar No. 97 

114TH CONGRESS 

1ST SESSION H. R. 2289 

[Report No. 114–134] 

To reauthorize the Commodity Futures Trading Commission, to better protect 

futures customers, to provide end-users with market certainty, to make 

basic reforms to ensure transparency and accountability at the Commission, to help farmers, ranchers, and end-users manage risks, to help 

keep consumer costs low, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

MAY 13, 2015 

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

SCOTT of Georgia) introduced the following bill; which was referred to the 

Committee on Agriculture 

MAY 29, 2015 

Additional sponsor: Mr. SESSIONS

MAY 29, 2015 

Committed to the Committee of the Whole House on the State of the Union 

and ordered to be printed 

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

[For text of introduced bill, see copy of bill as introduced on May 13, 2005] 

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A BILL 

To reauthorize the Commodity Futures Trading Commission, 

to better protect futures customers, to provide end-users 

with market certainty, to make basic reforms to ensure 

transparency and accountability at the Commission, to 

help farmers, ranchers, and end-users manage risks, to 

help keep consumer costs low, and for other purposes. 

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

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Commodity End-User 

5 Relief Act’’. 

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—CUSTOMER PROTECTIONS 

Sec. 101. Enhanced protections for futures customers. 

Sec. 102. Electronic confirmation of customer funds. 

Sec. 103. Notice and certifications providing additional customer protections. 

Sec. 104. Futures commission merchant compliance. 

Sec. 105. Certainty for futures customers and market participants. 

TITLE II—COMMODITY FUTURES TRADING COMMISSION REFORMS 

Sec. 201. Extension of operations. 

Sec. 202. Consideration by the Commodity Futures Trading Commission of the 

costs and benefits of its regulations and orders. 

Sec. 203. Division directors. 

Sec. 204. Office of the Chief Economist. 

Sec. 205. Procedures governing actions taken by Commission staff. 

Sec. 206. Strategic technology plan. 

Sec. 207. Internal risk controls. 

Sec. 208. Subpoena duration and renewal. 

Sec. 209. Applicability of notice and comment requirements of the Administrative 

Procedure Act to guidance voted on by the Commission. 

Sec. 210. Judicial review of Commission rules. 

Sec. 211. GAO study on use of Commission resources. 

Sec. 212. Disclosure of required data of other registered entities. 

Sec. 213. Report on status of any application of metals exchange to register as 

a foreign board of trade; deadline for action on application. 

TITLE III—END-USER RELIEF 

Sec. 301. Relief for hedgers utilizing centralized risk management practices. 

Sec. 302. Indemnification requirements. 

Sec. 303. Transactions with utility special entities. 

Sec. 304. Utility special entity defined. 

Sec. 305. Utility operations-related swap. 

Sec. 306. End-users not treated as financial entities. 

Sec. 307. Reporting of illiquid swaps so as to not disadvantage certain non-financial end-users. 

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Sec. 308. Relief for grain elevator operators, farmers, agricultural counterparties, 

and commercial market participants. 

Sec. 309. Relief for end-users who use physical contracts with volumetric 

optionality. 

Sec. 310. Commission vote required before automatic change of swap dealer de 

minimis level. 

Sec. 311. Capital requirements for non-bank swap dealers. 

Sec. 312. Harmonization with the Jumpstart Our Business Startups Act. 

Sec. 313. Bona fide hedge defined to protect end-user risk management needs. 

Sec. 314. Cross-border regulation of derivatives transactions. 

Sec. 315. Exemption of qualified charitable organizations from designation and 

regulation as commodity pool operators. 

Sec. 316. Small bank holding company clearing exemption. 

Sec. 317. Core principle certainty. 

Sec. 318. Treatment of Federal Home Loan Bank products. 

Sec. 319. Treatment of certain funds. 

TITLE IV—TECHNICAL CORRECTIONS 

Sec. 401. Correction of references. 

Sec. 402. Elimination of obsolete references to dealer options. 

Sec. 403. Updated trade data publication requirement. 

Sec. 404. Flexibility for registered entities. 

Sec. 405. Elimination of obsolete references to electronic trading facilities. 

Sec. 406. Elimination of obsolete reference to alternative swap execution facilities. 

Sec. 407. Elimination of redundant references to types of registered entities. 

Sec. 408. Clarification of Commission authority over swaps trading. 

Sec. 409. Elimination of obsolete reference to the Commodity Exchange Commission. 

Sec. 410. Elimination of obsolete references to derivative transaction execution facilities. 

Sec. 411. Elimination of obsolete references to exempt boards of trade. 

Sec. 412. Elimination of report due in 1986. 

Sec. 413. Compliance report flexibility. 

Sec. 414. Miscellaneous corrections. 

1 TITLE I—CUSTOMER 

2 PROTECTIONS 

3 SEC. 101. ENHANCED PROTECTIONS FOR FUTURES CUS4 TOMERS. 

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

6 21) is amended by adding at the end the following: 

7 ‘‘(s) A registered futures association shall— 

8 ‘‘(1) require each member of the association that 

9 is a futures commission merchant to maintain writmstockstill on DSK4VPTVN1PROD with BILLS

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1 ten policies and procedures regarding the mainte2 nance of— 

3 ‘‘(A) the residual interest of the member, as 

4 described in section 1.23 of title 17, Code of Fed5 eral Regulations, in any customer segregated 

6 funds account of the member, as identified in 

7 section 1.20 of such title, and in any foreign fu8 tures and foreign options customer secured 

9 amount funds account of the member, as identi10 fied in section 30.7 of such title; and 

11 ‘‘(B) the residual interest of the member, as 

12 described in section 22.2(e)(4) of such title, in 

13 any cleared swaps customer collateral account of 

14 the member, as identified in section 22.2 of such 

15 title; and 

16 ‘‘(2) establish rules to govern the withdrawal, 

17 transfer or disbursement by any member of the asso18 ciation, that is a futures commission merchant, of the 

19 member’s residual interest in customer segregated 

20 funds as provided in such section 1.20, in foreign fu21 tures and foreign options customer secured amount 

22 funds, identified as provided in such section 30.7, and 

23 from a cleared swaps customer collateral, identified as 

24 provided in such section 22.2.’’. 

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1 SEC. 102. ELECTRONIC CONFIRMATION OF CUSTOMER 

2 FUNDS. 

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

4 21), as amended by section 101 of this Act, is amended by 

5 adding at the end the following: 

6 ‘‘(t) A registered futures association shall require any 

7 member of the association that is a futures commission mer8 chant to— 

9 ‘‘(1) use an electronic system or systems to report 

10 financial and operational information to the associa11 tion or another party designated by the registered fu12 tures association, including information related to 

13 customer segregated funds, foreign futures and foreign 

14 options customer secured amount funds accounts, and 

15 cleared swaps customer collateral, in accordance with 

16 such terms, conditions, documentation standards, and 

17 regular time intervals as are established by the reg18 istered futures association; 

19 ‘‘(2) instruct each depository, including any 

20 bank, trust company, derivatives clearing organiza21 tion, or futures commission merchant, holding cus22 tomer segregated funds under section 1.20 of title 17, 

23 Code of Federal Regulations, foreign futures and for24 eign options customer secured amount funds under 

25 section 30.7 of such title, or cleared swap customer 

26 funds under section 22.2 of such title, to report balmstockstill on DSK4VPTVN1PROD with BILLS

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1 ances in the futures commission merchant’s section 

2 1.20 customer segregated funds, section 30.7 foreign 

3 futures and foreign options customer secured amount 

4 funds, and section 22.2 cleared swap customer funds, 

5 to the registered futures association or another party 

6 designated by the registered futures association, in the 

7 form, manner, and interval prescribed by the reg8 istered futures association; and 

9 ‘‘(3) hold section 1.20 customer segregated funds, 

10 section 30.7 foreign futures and foreign options cus11 tomer secured amount funds and section 22.2 cleared 

12 swaps customer funds in a depository that reports the 

13 balances in these accounts of the futures commission 

14 merchant held at the depository to the registered fu15 tures association or another party designated by the 

16 registered futures association in the form, manner, 

17 and interval prescribed by the registered futures asso18 ciation.’’. 

19 SEC. 103. NOTICE AND CERTIFICATIONS PROVIDING ADDI20 TIONAL CUSTOMER PROTECTIONS. 

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

22 21), as amended by sections 101 and 102 of this Act, is 

23 amended by adding at the end the following: 

24 ‘‘(u) A futures commission merchant that has adjusted 

25 net capital in an amount less than the amount required 

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1 by regulations established by the Commission or a self-regu2 latory organization of which the futures commission mer3 chant is a member shall immediately notify the Commission 

4 and the self-regulatory organization of this occurrence. 

5 ‘‘(v) A futures commission merchant that does not hold 

6 a sufficient amount of funds in segregated accounts for fu7 tures customers under section 1.20 of title 17, Code of Fed8 eral Regulations, in foreign futures and foreign options se9 cured amount accounts for foreign futures and foreign op10 tions secured amount customers under section 30.7 of such 

11 title, or in segregated accounts for cleared swap customers 

12 under section 22.2 of such title, as required by regulations 

13 established by the Commission or a self-regulatory organiza14 tion of which the futures commission merchant is a member, 

15 shall immediately notify the Commission and the self-regu16 latory organization of this occurrence. 

17 ‘‘(w) Within such time period established by the Com18 mission after the end of each fiscal year, a futures commis19 sion merchant shall file with the Commission a report from 

20 the chief compliance officer of the futures commission mer21 chant containing an assessment of the internal compliance 

22 programs of the futures commission merchant.’’. 

23 SEC. 104. FUTURES COMMISSION MERCHANT COMPLIANCE. 

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

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

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

2 subparagraphs (A) and (B); 

3 (2) by inserting ‘‘(1)’’ before ‘‘It shall be unlaw4 ful’’; and 

5 (3) by adding at the end the following new para6 graph: 

7 ‘‘(2) Any rules or regulations requiring a futures 

8 commission merchant to maintain a residual interest 

9 in accounts held for the benefit of customers in 

10 amounts at least sufficient to exceed the sum of all 

11 uncollected margin deficits of such customers shall 

12 provide that a futures commission merchant shall 

13 meet its residual interest requirement as of the end of 

14 each business day calculated as of the close of business 

15 on the previous business day.’’. 

16 (b) CONFORMING AMENDMENT.—Section 4d(h) of such 

17 Act (7 U.S.C. 6d(h)) is amended by striking ‘‘Notwith18 standing subsection (a)(2)’’ and inserting ‘‘Notwith19 standing subsection (a)(1)(B)’’. 

20 SEC. 105. CERTAINTY FOR FUTURES CUSTOMERS AND MAR21 KET PARTICIPANTS. 

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

23 U.S.C. 24(a)) is amended— 

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

25 (4); 

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1 (2) by striking the period at the end of para2 graph (5) and inserting ‘‘; and’’; and 

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

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

5 estate of a commodity broker, including the trading or 

6 operating accounts of the commodity broker and com7 modities held in inventory by the commodity broker, 

8 shall be included in customer property, subject to any 

9 otherwise unavoidable security interest, or otherwise 

10 unavoidable contractual offset or netting rights of 

11 creditors (including rights set forth in a rule or bylaw 

12 of a derivatives clearing organization or a clearing 

13 agency) in respect of such property, but only to the 

14 extent that the property that is otherwise customer 

15 property is insufficient to satisfy the net equity 

16 claims of public customers (as such term may be de17 fined by the Commission by rule or regulation) of the 

18 commodity broker.’’. 

19 TITLE II—COMMODITY FUTURES 

20 TRADING COMMISSION RE21 FORMS 

22 SEC. 201. EXTENSION OF OPERATIONS. 

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

24 U.S.C. 16(d)) is amended by striking ‘‘2013’’ and inserting 

25 ‘‘2019’’. 

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1 SEC. 202. CONSIDERATION BY THE COMMODITY FUTURES 

2 TRADING COMMISSION OF THE COSTS AND 

3 BENEFITS OF ITS REGULATIONS AND OR4 DERS. 

5 Section 15(a) of the Commodity Exchange Act (7 

6 U.S.C. 19(a)) is amended— 

7 (1) by striking paragraphs (1) and (2) and in8 serting the following: 

9 ‘‘(1) IN GENERAL.—Before promulgating a regu10 lation under this Act or issuing an order (except as 

11 provided in paragraph (3)), the Commission, through 

12 the Office of the Chief Economist, shall assess and 

13 publish in the regulation or order the costs and bene14 fits, both qualitative and quantitative, of the proposed 

15 regulation or order, and the proposed regulation or 

16 order shall state its statutory justification. 

17 ‘‘(2) CONSIDERATIONS.—In making a reasoned 

18 determination of the costs and the benefits, the Com19 mission shall evaluate— 

20 ‘‘(A) considerations of protection of market 

21 participants and the public; 

22 ‘‘(B) considerations of the efficiency, com23 petitiveness, and financial integrity of futures 

24 and swaps markets; 

25 ‘‘(C) considerations of the impact on market 

26 liquidity in the futures and swaps markets; 

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1 ‘‘(D) considerations of price discovery; 

2 ‘‘(E) considerations of sound risk manage3 ment practices; 

4 ‘‘(F) available alternatives to direct regula5 tion; 

6 ‘‘(G) the degree and nature of the risks 

7 posed by various activities within the scope of its 

8 jurisdiction; 

9 ‘‘(H) the costs of complying with the pro10 posed regulation or order by all regulated enti11 ties, including a methodology for quantifying the 

12 costs (recognizing that some costs are difficult to 

13 quantify); 

14 ‘‘(I) whether the proposed regulation or 

15 order is inconsistent, incompatible, or duplica16 tive of other Federal regulations or orders; 

17 ‘‘(J) the cost to the Commission of imple18 menting the proposed regulation or order by the 

19 Commission staff, including a methodology for 

20 quantifying the costs; 

21 ‘‘(K) whether, in choosing among alter22 native regulatory approaches, those approaches 

23 maximize net benefits (including potential eco24 nomic and other benefits, distributive impacts, 

25 and equity); and 

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1 ‘‘(L) other public interest considerations.’’; 

2 and 

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

4 ‘‘(4) JUDICIAL REVIEW.—Notwithstanding sec5 tion 24(d), a court shall affirm a Commission assess6 ment of costs and benefits under this subsection, un7 less the court finds the assessment to be an abuse of 

8 discretion.’’. 

9 SEC. 203. DIVISION DIRECTORS. 

10 Section 2(a)(6)(C) of the Commodity Exchange Act (7 

11 U.S.C. 2(a)(6)(C)) is amended by inserting ‘‘, and the heads 

12 of the units shall serve at the pleasure of the Commission’’ 

13 before the period. 

14 SEC. 204. OFFICE OF THE CHIEF ECONOMIST. 

15 (a) IN GENERAL.—Section 2(a) of the Commodity Ex16 change Act (7 U.S.C. 2(a)) is amended by adding at the 

17 end the following: 

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

19 ‘‘(A) ESTABLISHMENT.—There is estab20 lished in the Commission the Office of the Chief 

21 Economist. 

22 ‘‘(B) HEAD.—The Office of the Chief Econo23 mist shall be headed by the Chief Economist, who 

24 shall be appointed by the Commission and serve 

25 at the pleasure of the Commission. 

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

2 shall report directly to the Commission and per3 form such functions and duties as the Commis4 sion may prescribe. 

5 ‘‘(D) PROFESSIONAL STAFF.—The Commis6 sion shall appoint such other economists as may 

7 be necessary to assist the Chief Economist in 

8 performing such economic analysis, regulatory 

9 cost-benefit analysis, or research any member of 

10 the Commission may request.’’. 

11 (b) CONFORMING AMENDMENT.—Section 2(a)(6)(A) of 

12 such Act (7 U.S.C. 2(a)(6)(A)) is amended by striking ‘‘(4) 

13 and (5) of this subsection’’ and inserting ‘‘(4), (5), and 

14 (16)’’. 

15 SEC. 205. PROCEDURES GOVERNING ACTIONS TAKEN BY 

16 COMMISSION STAFF. 

17 Section 2(a)(12) of the Commodity Exchange Act (7 

18 U.S.C. 2(a)(12)) is amended— 

19 (1) by striking ‘‘(12) The’’ and inserting the fol20 lowing: 

21 ‘‘(12) RULES AND REGULATIONS.— 

22 ‘‘(A) IN GENERAL.—Subject to the other 

23 provisions of this paragraph, the’’; and 

24 (2) by adding after and below the end the fol25 lowing new subparagraph: 

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1 ‘‘(B) NOTICE TO COMMISSIONERS.—The 

2 Commission shall develop and publish internal 

3 procedures governing the issuance by any divi4 sion or office of the Commission of any response 

5 to a formal, written request or petition from any 

6 member of the public for an exemptive, a no-ac7 tion, or an interpretive letter and such proce8 dures shall provide that the commissioners be 

9 provided with the final version of the matter to 

10 be issued with sufficient notice to review the 

11 matter prior to its issuance.’’. 

12 SEC. 206. STRATEGIC TECHNOLOGY PLAN. 

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

14 2(a)), as amended by section 204(a) of this Act, is amended 

15 by adding at the end the following: 

16 ‘‘(17) STRATEGIC TECHNOLOGY PLAN.— 

17 ‘‘(A) IN GENERAL.—Every 5 years, the 

18 Commission shall develop and submit to the 

19 Committee on Agriculture of the House of Rep20 resentatives and the Committee on Agriculture, 

21 Nutrition, and Forestry of the Senate a detailed 

22 plan focused on the acquisition and use of tech23 nology by the Commission. 

24 ‘‘(B) CONTENTS.—The plan shall— 

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1 ‘‘(i) include for each related division or 

2 office a detailed technology strategy focused 

3 on market surveillance and risk detection, 

4 market data collection, aggregation, inter5 pretation, standardization, harmonization, 

6 normalization, validation, streamlining or 

7 other data analytic processes, and internal 

8 management and protection of data col9 lected by the Commission, including a de10 tailed accounting of how the funds provided 

11 for technology will be used and the prior12 ities that will apply in the use of the funds; 

13 and 

14 ‘‘(ii) set forth annual goals to be ac15 complished and annual budgets needed to 

16 accomplish the goals.’’. 

17 SEC. 207. INTERNAL RISK CONTROLS. 

18 Section 2(a)(12) of the Commodity Exchange Act (7 

19 U.S.C. 2(a)(12)), as amended by section 205 of this Act, 

20 is amended by adding at the end the following: 

21 ‘‘(C) INTERNAL RISK CONTROLS.—The Com22 mission, in consultation with the Chief Econo23 mist, shall develop comprehensive internal risk 

24 control mechanisms to safeguard and govern the 

25 storage of all market data by the Commission, 

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1 all market data sharing agreements of the Com2 mission, and all academic research performed at 

3 the Commission using market data.’’. 

4 SEC. 208. SUBPOENA DURATION AND RENEWAL. 

5 Section 6(c)(5) of the Commodity Exchange Act (7 

6 U.S.C. 9(5)) is amended— 

7 (1) by striking ‘‘(5) SUBPOENA.—For’’ and in8 serting the following: 

9 ‘‘(5) SUBPOENA.— 

10 ‘‘(A) IN GENERAL.—For’’; and 

11 (2) by adding after and below the end the fol12 lowing: 

13 ‘‘(B) OMNIBUS ORDERS OF INVESTIGA14 TION.— 

15 ‘‘(i) DURATION AND RENEWAL.—An 

16 omnibus order of investigation shall not be 

17 for an indefinite duration and may be re18 newed only by Commission action. 

19 ‘‘(ii) DEFINITION.—In clause (i), the 

20 term ‘omnibus order of investigation’ means 

21 an order of the Commission authorizing 1 of 

22 more members of the Commission or its staff 

23 to issue subpoenas under subparagraph (A) 

24 to multiple persons in relation to a par25 ticular subject matter area.’’. 

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1 SEC. 209. APPLICABILITY OF NOTICE AND COMMENT RE2 QUIREMENTS OF THE ADMINISTRATIVE PRO3 CEDURE ACT TO GUIDANCE VOTED ON BY 

4 THE COMMISSION. 

5 Section 2(a)(12) of the Commodity Exchange Act (7 

6 U.S.C. 2(a)(12)), as amended by sections 205 and 207 of 

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

8 ‘‘(D) APPLICABILITY OF NOTICE AND COM9 MENT RULES TO GUIDANCE VOTED ON BY THE

10 COMMISSION.—The notice and comment require11 ments of section 553 of title 5, United States 

12 Code, shall also apply with respect to any Com13 mission statement or guidance, including inter14 pretive rules, general statements of policy, or 

15 rules of Commission organization, procedure, or 

16 practice, that has the effect of implementing, in17 terpreting or prescribing law or policy and that 

18 is voted on by the Commission.’’. 

19 SEC. 210. JUDICIAL REVIEW OF COMMISSION RULES. 

20 The Commodity Exchange Act (7 U.S.C. 1 et seq.) is 

21 amended by adding at the end the following: 

22 ‘‘SEC. 24. JUDICIAL REVIEW OF COMMISSION RULES. 

23 ‘‘(a) A person adversely affected by a rule of the Com24 mission promulgated under this Act may obtain review of 

25 the rule in the United States Court of Appeals for the Dis26 trict of Columbia Circuit or the United States Court of Apmstockstill on DSK4VPTVN1PROD with BILLS

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1 peals for the circuit where the party resides or has the prin2 cipal place of business, by filing in the court, within 60 

3 days after publication in the Federal Register of the entry 

4 of the rule, a written petition requesting that the rule be 

5 set aside. 

6 ‘‘(b) A copy of the petition shall be transmitted forth7 with by the clerk of the court to an officer designated by 

8 the Commission for that purpose. Thereupon the Commis9 sion shall file in the court the record on which the rule com10 plained of is entered, as provided in section 2112 of title 

11 28, United States Code, and the Federal Rules of Appellate 

12 Procedure. 

13 ‘‘(c) On the filing of the petition, the court has juris14 diction, which becomes exclusive on the filing of the record, 

15 to affirm and enforce or to set aside the rule in whole or 

16 in part. 

17 ‘‘(d) The court shall affirm and enforce the rule unless 

18 the Commission’s action in promulgating the rule is found 

19 to be arbitrary, capricious, an abuse of discretion, or other20 wise not in accordance with law; contrary to constitutional 

21 right, power, privilege, or immunity; in excess of statutory 

22 jurisdiction, authority, or limitations, or short of statutory 

23 right; or without observance of procedure required by law.’’. 

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1 SEC. 211. GAO STUDY ON USE OF COMMISSION RESOURCES. 

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

3 States shall conduct a study of the resources of the Com4 modity Futures Trading Commission that— 

5 (1) assesses whether the resources of the Commis6 sion are sufficient to enable the Commission to effec7 tively carry out the duties of the Commission; 

8 (2) examines the expenditures of the Commission 

9 on hardware, software, and analytical processes de10 signed to protect customers in the areas of— 

11 (A) market surveillance and risk detection; 

12 and 

13 (B) market data collection, aggregation, in14 terpretation, standardization, harmonization, 

15 and streamlining; 

16 (3) analyzes the additional workload undertaken 

17 by the Commission, and ascertains where self-regu18 latory organizations could be more effectively utilized; 

19 and 

20 (4) examines existing and emerging post-trade 

21 risk reduction services in the swaps market, the no22 tional amount of risk reduction transactions provided 

23 by the services, and the effects the services have on fi24 nancial stability, including— 

25 (A) market surveillance and risk detection; 

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1 (B) market data collection, aggregation, in2 terpretation, standardization, harmonization, 

3 and streamlining; and 

4 (C) oversight and compliance work by mar5 ket participants and regulators. 

6 (b) REPORT.—Not later than 180 days after the date 

7 of the enactment of this Act, the Comptroller General of the 

8 United States shall submit to the Committee on Agriculture 

9 of the House of Representatives and the Committee on Agri10 culture, Nutrition, and Forestry of the Senate a report that 

11 contains the results of the study required by subsection (a). 

12 SEC. 212. DISCLOSURE OF REQUIRED DATA OF OTHER REG13 ISTERED ENTITIES. 

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

15 12) is amended by adding at the end the following: 

16 ‘‘(j) DISCLOSURE OF REQUIRED DATA OF OTHER

17 REGISTERED ENTITIES.— 

18 ‘‘(1) Except as provided in this subsection, the 

19 Commission may not be compelled to disclose any 

20 proprietary information provided to the Commission, 

21 except that nothing in this subsection— 

22 ‘‘(A) authorizes the Commission to withhold 

23 information from Congress; or 

24 ‘‘(B) prevents the Commission from— 

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1 ‘‘(i) complying with a request for in2 formation from any other Federal depart3 ment or agency, any State or political sub4 division thereof, or any foreign government 

5 or any department, agency, or political sub6 division thereof requesting the report or in7 formation for purposes within the scope of 

8 its jurisdiction, upon an agreement of con9 fidentiality to protect the information in a 

10 manner consistent with this paragraph and 

11 subsection (e); or 

12 ‘‘(ii) making a disclosure made pursu13 ant to a court order in connection with an 

14 administrative or judicial proceeding 

15 brought under this Act, in any receivership 

16 proceeding involving a receiver appointed 

17 in a judicial proceeding brought under this 

18 Act, or in any bankruptcy proceeding in 

19 which the Commission has intervened or in 

20 which the Commission has the right to ap21 pear and be heard under title 11 of the 

22 United States Code. 

23 ‘‘(2) Any proprietary information of a com24 modity trading advisor or commodity pool operator 

25 ascertained by the Commission in connection with 

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1 Form CPO-PQR, Form CTA-PR, and any successor 

2 forms thereto, shall be subject to the same limitations 

3 on public disclosure, as any facts ascertained during 

4 an investigation, as provided by subsection (a); pro5 vided, however, that the Commission shall not be pre6 cluded from publishing aggregate information com7 piled from such forms, to the extent such aggregate in8 formation does not identify any individual person or 

9 firm, or such person’s proprietary information. 

10 ‘‘(3) For purposes of section 552 of title 5, 

11 United States Code, this subsection, and the informa12 tion contemplated herein, shall be considered a statute 

13 described in subsection (b)(3)(B) of such section 552. 

14 ‘‘(4) For purposes of the definition of propri15 etary information in paragraph (5), the records and 

16 reports of any client account or commodity pool to 

17 which a commodity trading advisor or commodity 

18 pool operator registered under this title provides serv19 ices that are filed with the Commission on Form 

20 CPO-PQR, CTA-PR, and any successor forms thereto, 

21 shall be deemed to be the records and reports of the 

22 commodity trading advisor or commodity pool oper23 ator, respectively. 

24 ‘‘(5) For purposes of this section, proprietary in25 formation of a commodity trading advisor or commstockstill on DSK4VPTVN1PROD with BILLS

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1 modity pool operator includes sensitive, non-public 

2 information regarding— 

3 ‘‘(A) the commodity trading advisor, com4 modity pool operator or the trading strategies of 

5 the commodity trading advisor or commodity 

6 pool operator; 

7 ‘‘(B) analytical or research methodologies of 

8 a commodity trading advisor or commodity pool 

9 operator; 

10 ‘‘(C) trading data of a commodity trading 

11 advisor or commodity pool operator; and 

12 ‘‘(D) computer hardware or software con13 taining intellectual property of a commodity 

14 trading advisor or commodity pool operator;’’. 

15 SEC. 213. REPORT ON STATUS OF ANY APPLICATION OF 

16 METALS EXCHANGE TO REGISTER AS A FOR17 EIGN BOARD OF TRADE; DEADLINE FOR AC18 TION ON APPLICATION. 

19 (a) REPORT TO CONGRESS.—Within 90 days after the 

20 date of the enactment of this section, the Commodity Fu21 tures Trading Commission shall submit to the Congress a 

22 written report on— 

23 (1) the status of the review by the Commission 

24 of any application submitted by a metals exchange to 

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1 register with the Commission under section 4(b)(1) of 

2 the Commodity Exchange Act; and 

3 (2) the status of Commission negotiations with 

4 foreign regulators regarding aluminum warehousing. 

5 (b) DEADLINE FOR ACTION.—Not later than Sep6 tember 30, 2016, the Commission shall take action on any 

7 such application submitted to the Commission on or before 

8 August 14, 2012. 

9 TITLE III—END-USER RELIEF 

10 SEC. 301. RELIEF FOR HEDGERS UTILIZING CENTRALIZED 

11 RISK MANAGEMENT PRACTICES. 

12 (a) IN GENERAL.— 

13 (1) COMMODITY EXCHANGE ACT AMENDMENT.— 

14 Section 2(h)(7)(D)(i) of the Commodity Exchange Act 

15 (7 U.S.C. 2(h)(7)(D)(i)) is amended to read as fol16 lows: 

17 ‘‘(i) IN GENERAL.—An affiliate of a 

18 person that qualifies for an exception under 

19 subparagraph (A) (including an affiliate 

20 entity predominantly engaged in providing 

21 financing for the purchase of the merchan22 dise or manufactured goods of the person) 

23 may qualify for the exception only if the af24 filiate enters into the swap to hedge or miti25 gate the commercial risk of the person or 

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1 other affiliate of the person that is not a fi2 nancial entity, provided that if the hedge or 

3 mitigation of such commercial risk is ad4 dressed by entering into a swap with a 

5 swap dealer or major swap participant, an 

6 appropriate credit support measure or other 

7 mechanism must be utilized.’’. 

8 (b) APPLICABILITY OF CREDIT SUPPORT MEASURE

9 REQUIREMENT.—The requirements in section 2(h)(7)(D)(i) 

10 of the Commodity Exchange Act, as amended by subsection 

11 (a), requiring that a credit support measure or other mecha12 nism be utilized if the transfer of commercial risk referred 

13 to in such section is addressed by entering into a swap with 

14 a swap dealer or major swap participant shall not apply 

15 with respect to swaps entered into before the date of the 

16 enactment of this Act. 

17 SEC. 302. INDEMNIFICATION REQUIREMENTS. 

18 (a) DERIVATIVES CLEARING ORGANIZATIONS.—Sec19 tion 5b(k)(5) of the Commodity Exchange Act (7 U.S.C. 7a20 1(k)(5)) is amended to read as follows: 

21 ‘‘(5) CONFIDENTIALITY AGREEMENT.—Before the 

22 Commission may share information with any entity 

23 described in paragraph (4), the Commission shall re24 ceive a written agreement from each entity stating 

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1 quirements described in section 8 relating to the in2 formation on swap transactions that is provided.’’. 

3 (b) SWAP DATA REPOSITORIES.—Section 21(d) of such 

4 Act (7 U.S.C. 24a(d)) is amended to read as follows: 

5 ‘‘(d) CONFIDENTIALITY AGREEMENT.—Before the swap 

6 data repository may share information with any entity de7 scribed in subsection (c)(7), the swap data repository shall 

8 receive a written agreement from each entity stating that 

9 the entity shall abide by the confidentiality requirements 

10 described in section 8 relating to the information on swap 

11 transactions that is provided.’’. 

12 SEC. 303. TRANSACTIONS WITH UTILITY SPECIAL ENTITIES. 

13 Section 1a(49) of the Commodity Exchange Act (7 

14 U.S.C. 1a(49)) is amended by adding at the end the fol15 lowing: 

16 ‘‘(E) CERTAIN TRANSACTIONS WITH A UTIL17 ITY SPECIAL ENTITY.— 

18 ‘‘(i) Transactions in utility operations19 related swaps shall be reported pursuant to 

20 section 4r. 

21 ‘‘(ii) In making a determination to ex22 empt pursuant to subparagraph (D), the 

23 Commission shall treat a utility operations24 related swap entered into with a utility spe25 cial entity, as defined in section 

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1 4s(h)(2)(D), as if it were entered into with 

2 an entity that is not a special entity, as de3 fined in section 4s(h)(2)(C).’’. 

4 SEC. 304. UTILITY SPECIAL ENTITY DEFINED. 

5 Section 4s(h)(2) of the Commodity Exchange Act (7 

6 U.S.C. 6s(h)(2)) is amended by adding at the end the fol7 lowing: 

8 ‘‘(D) UTILITY SPECIAL ENTITY.—For pur9 poses of this Act, the term ‘utility special entity’ 

10 means a special entity, or any instrumentality, 

11 department, or corporation of or established by a 

12 State or political subdivision of a State, that— 

13 ‘‘(i) owns or operates, or anticipates 

14 owning or operating, an electric or natural 

15 gas facility or an electric or natural gas op16 eration; 

17 ‘‘(ii) supplies, or anticipates sup18 plying, natural gas and or electric energy to 

19 another utility special entity; 

20 ‘‘(iii) has, or anticipates having, pub21 lic service obligations under Federal, State, 

22 or local law or regulation to deliver electric 

23 energy or natural gas service to customers; 

24 or 

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1 ‘‘(iv) is a Federal power marketing 

2 agency, as defined in section 3 of the Fed3 eral Power Act.’’. 

4 SEC. 305. UTILITY OPERATIONS-RELATED SWAP. 

5 (a) SWAP FURTHER DEFINED.—Section 

6 1a(47)(A)(iii) of the Commodity Exchange Act (7 U.S.C. 

7 1a(47)(A)(iii)) is amended— 

8 (1) by striking ‘‘and’’ at the end of subclause 

9 (XXI); 

10 (2) by adding ‘‘and’’ at the end of subclause 

11 (XXII); and 

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

13 ‘‘(XXIII) a utility operations-re14 lated swap;’’. 

15 (b) UTILITY OPERATIONS-RELATED SWAP DEFINED.— 

16 Section 1a of such Act (7 U.S.C. 1a) is amended by adding 

17 at the end the following: 

18 ‘‘(52) UTILITY OPERATIONS-RELATED SWAP.— 

19 The term ‘utility operations-related swap’ means a 

20 swap that— 

21 ‘‘(A) is entered into by a utility to hedge or 

22 mitigate a commercial risk; 

23 ‘‘(B) is not a contract, agreement, or trans24 action based on, derived on, or referencing— 

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1 ‘‘(i) an interest rate, credit, equity, or 

2 currency asset class; 

3 ‘‘(ii) except as used for fuel for electric 

4 energy generation, a metal, agricultural 

5 commodity, or crude oil or gasoline com6 modity of any grade; or 

7 ‘‘(iii) any other commodity or category 

8 of commodities identified for this purpose in 

9 a rule or order adopted by the Commission 

10 in consultation with the appropriate Fed11 eral and State regulatory commissions; and 

12 ‘‘(C) is associated with— 

13 ‘‘(i) the generation, production, pur14 chase, or sale of natural gas or electric en15 ergy, the supply of natural gas or electric 

16 energy to a utility, or the delivery of nat17 ural gas or electric energy service to utility 

18 customers; 

19 ‘‘(ii) fuel supply for the facilities or 

20 operations of a utility; 

21 ‘‘(iii) compliance with an electric sys22 tem reliability obligation; 

23 ‘‘(iv) compliance with an energy, en24 ergy efficiency, conservation, or renewable 

25 energy or environmental statute, regulation, 

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1 or government order applicable to a utility; 

2 or 

3 ‘‘(v) any other electric energy or nat4 ural gas swap to which a utility is a 

5 party.’’. 

6 SEC. 306. END-USERS NOT TREATED AS FINANCIAL ENTI7 TIES. 

8 (a) IN GENERAL.—Section 2(h)(7)(C)(iii) of the Com9 modity Exchange Act (7 U.S.C. 2(h)(7)(C)(iii)) is amended 

10 to read as follows: 

11 ‘‘(iii) LIMITATION.—Such definition 

12 shall not include an entity— 

13 ‘‘(I) whose primary business is 

14 providing financing, and who uses de15 rivatives for the purpose of hedging un16 derlying commercial risks related to 

17 interest rate and foreign currency ex18 posures, 90 percent or more of which 

19 arise from financing that facilitates the 

20 purchase or lease of products, 90 per21 cent or more of which are manufac22 tured by the parent company or an23 other subsidiary of the parent com24 pany; or 

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1 ‘‘(II) who is not supervised by a 

2 prudential regulator, and is not de3 scribed in any of subclauses (I) 

4 through (VII) of clause (i), and— 

5 ‘‘(aa) is a commercial mar6 ket participant; or 

7 ‘‘(bb) enters into swaps, con8 tracts for future delivery, and 

9 other derivatives on behalf of, or 

10 to hedge or mitigate the commer11 cial risk of, whether directly or in 

12 the aggregate, affiliates that are 

13 not so supervised or described.’’. 

14 (b) COMMERCIAL MARKET PARTICIPANT DEFINED.— 

15 (1) IN GENERAL.—Section 1a of such Act (7 

16 U.S.C. 1a), as amended by section 305(b) of this Act, 

17 is amended by redesignating paragraphs (8) through 

18 (52) as paragraphs (9) through (53), respectively, and 

19 by inserting after paragraph (6) the following: 

20 ‘‘(8) COMMERCIAL MARKET PARTICIPANT.—The 

21 term ‘commercial market participant’ means any 

22 producer, processor, merchant, or commercial user of 

23 an exempt or agricultural commodity, or the products 

24 or byproducts of such a commodity.’’. 

25 (2) CONFORMING AMENDMENTS.— 

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1 (A) Section 1a of such Act (7 U.S.C. 1a) is 

2 amended— 

3 (i) in subparagraph (A) of paragraph 

4 (18) (as so redesignated by paragraph (1) of 

5 this subsection), in the matter preceding 

6 clause (i), by striking ‘‘(18)(A)’’ and insert7 ing ‘‘(19)(A)’’; and 

8 (ii) in subparagraph (A)(vii) of para9 graph (19) (as so redesignated by para10 graph (1) of this subsection), in the matter 

11 following subclause (III), by striking 

12 ‘‘(17)(A)’’ and inserting ‘‘(18)(A)’’. 

13 (B) Section 4(c)(1)(A)(i)(I) of such Act (7 

14 U.S.C. 6(c)(1)(A)(i)(I)) is amended by striking 

15 ‘‘(7), paragraph (18)(A)(vii)(III), paragraphs 

16 (23), (24), (31), (32), (38), (39), (41), (42), (46), 

17 (47), (48), and (49)’’ and inserting ‘‘(8), para18 graph (19)(A)(vii)(III), paragraphs (24), (25), 

19 (32), (33), (39), (40), (42), (43), (47), (48), (49), 

20 and (50)’’. 

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

22 6o-1(a)(1)) is amended by striking ‘‘1a(9)’’ and 

23 inserting ‘‘1a(10)’’. 

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1 (D) Section 4s(f)(1)(D) of such Act (7 

2 U.S.C. 6s(f)(1)(D)) is amended by striking 

3 ‘‘1a(47)(A)(v)’’ and inserting ‘‘1a(48)(A)(v)’’. 

4 (E) Section 4s(h)(5)(A)(i) of such Act (7 

5 U.S.C. 6s(h)(5)(A)(i)) is amended by striking 

6 ‘‘1a(18)’’ and inserting ‘‘1a(19)’’. 

7 (F) Section 4t(b)(1)(C) of such Act (7 

8 U.S.C. 6t(b)(1)(C)) is amended by striking 

9 ‘‘1a(47)(A)(v)’’ and inserting ‘‘1a(48)(A)(v)’’. 

10 (G) Section 5(d)(23) of such Act (7 U.S.C. 

11 7(d)(23)) is amended by striking ‘‘1a(47)(A)(v)’’ 

12 and inserting ‘‘1a(48)(A)(v)’’. 

13 (H) Section 5(e)(1) of such Act (7 U.S.C. 

14 7(e)(1)) is amended by striking ‘‘1a(9)’’ and in15 serting ‘‘1a(10)’’. 

16 (I) Section 5b(k)(3)(A) of such Act (7 

17 U.S.C. 7a-1(k)(3)(A)) is amended by striking 

18 ‘‘1a(47)(A)(v)’’ and inserting ‘‘1a(48)(A)(v)’’. 

19 (J) Section 5h(f)(10)(A)(iii) of such Act (7 

20 U.S.C. 7b-3(f)(10)(A)(iii)) is amended by strik21 ing ‘‘1a(47)(A)(v)’’ and inserting 

22 ‘‘1a(48)(A)(v)’’. 

23 (K) Section 21(f)(4)(C) of such Act (7 

24 U.S.C. 24a(f)(4)(C)) is amended by striking 

25 ‘‘1a(48)’’ and inserting ‘‘1a(49)’’. 

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1 SEC. 307. REPORTING OF ILLIQUID SWAPS SO AS TO NOT 

2 DISADVANTAGE CERTAIN NON-FINANCIAL 

3 END-USERS. 

4 Section 2(a)(13) of the Commodity Exchange Act (7 

5 U.S.C. 2(a)(13)) is amended— 

6 (1) in subparagraph (C), by striking ‘‘The Com7 mission’’ and inserting ‘‘Except as provided in sub8 paragraph (D), the Commission’’; and 

9 (2) by redesignating subparagraphs (D) through 

10 (G) as subparagraphs (E) through (H), respectively, 

11 and inserting after subparagraph (C) the following: 

12 ‘‘(D) REQUIREMENTS FOR SWAP TRANS13 ACTIONS IN ILLIQUID MARKETS.—Notwith14 standing subparagraph (C): 

15 ‘‘(i) The Commission shall provide by 

16 rule for the public reporting of swap trans17 actions, including price and volume data, 

18 in illiquid markets that are not cleared and 

19 entered into by a non-financial entity that 

20 is hedging or mitigating commercial risk in 

21 accordance with subsection (h)(7)(A). 

22 ‘‘(ii) The Commission shall ensure that 

23 the swap transaction information referred 

24 to in clause (i) of this subparagraph is 

25 available to the public no sooner than 30 

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1 ecuted or at such later date as the Commis2 sion determines appropriate to protect the 

3 identity of participants and positions in il4 liquid markets and to prevent the elimi5 nation or reduction of market liquidity. 

6 ‘‘(iii) In this subparagraph, the term 

7 ‘illiquid markets’ means any market in 

8 which the volume and frequency of trading 

9 in swaps is at such a level as to allow iden10 tification of individual market partici11 pants.’’. 

12 SEC. 308. RELIEF FOR GRAIN ELEVATOR OPERATORS, 

13 FARMERS, AGRICULTURAL COUNTERPARTIES, 

14 AND COMMERCIAL MARKET PARTICIPANTS. 

15 The Commodity Exchange Act (7 U.S.C. 1 et seq.) is 

16 amended by inserting after section 4t the following: 

17 ‘‘SEC. 4u. RECORDKEEPING REQUIREMENTS APPLICABLE 

18 TO NON-REGISTERED MEMBERS OF CERTAIN 

19 REGISTERED ENTITIES. 

20 ‘‘Except as provided in section 4(a)(3), a member of 

21 a designated contract market or a swap execution facility 

22 that is not registered with the Commission and not required 

23 to be registered with the Commission in any capacity shall 

24 satisfy the recordkeeping requirements of this Act and any 

25 recordkeeping rule, order, or regulation under this Act by 

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1 maintaining a written record of each transaction in a con2 tract for future delivery, option on a future, swap, 

3 swaption, trade option, or related cash or forward trans4 action. The written record shall be sufficient if it includes 

5 the final agreement between the parties and the material 

6 economic terms of the transaction.’’. 

7 SEC. 309. RELIEF FOR END-USERS WHO USE PHYSICAL CON8 TRACTS WITH VOLUMETRIC OPTIONALITY. 

9 Section 1a(48)(B)(ii) of the Commodity Exchange Act 

10 (7 U.S.C. 1a(47)(B)(ii)), as so redesignated by section 

11 306(b)(1) of this Act, is amended to read as follows: 

12 ‘‘(ii) any purchase or sale of a non13 financial commodity or security for deferred 

14 shipment or delivery, so long as the trans15 action is intended to be physically settled, 

16 including any stand-alone or embedded op17 tion for which exercise results in a physical 

18 delivery obligation;’’. 

19 SEC. 310. COMMISSION VOTE REQUIRED BEFORE AUTO20 MATIC CHANGE OF SWAP DEALER DE MINIMIS 

21 LEVEL. 

22 Section 1a(50)(D) of the Commodity Exchange Act (7 

23 U.S.C. 1a(49)(D)), as so redesignated by section 306(b)(1) 

24 of this Act, is amended— 

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1 (1) by striking all that precedes ‘‘shall exempt’’ 

2 and inserting the following: 

3 ‘‘(D) EXCEPTION.— 

4 ‘‘(i) IN GENERAL.—The Commission’’; 

5 and 

6 (2) by adding after and below the end the fol7 lowing new clause: 

8 ‘‘(ii) DE MINIMIS QUANTITY.—The de 

9 minimis quantity of swap dealing described 

10 in clause (i) shall be set at a quantity of 

11 $8,000,000,000, and may be amended or 

12 changed only through a new affirmative ac13 tion of the Commission undertaken by rule 

14 or regulation.’’. 

15 SEC. 311. CAPITAL REQUIREMENTS FOR NON-BANK SWAP 

16 DEALERS. 

17 (a) COMMODITY EXCHANGE ACT.—Section 4s(e) of the 

18 Commodity Exchange Act (7 U.S.C. 6s(e)) is amended— 

19 (1) in paragraph (2)(B), by inserting ‘‘in con20 sultation with the prudential regulators and the Secu21 rities and Exchange Commission’’ before ‘‘shall’’; and 

22 (2) in paragraph (3)(D)— 

23 (A) in clause (ii), by striking ‘‘shall, to the 

24 maximum extent practicable,’’ and inserting 

25 ‘‘shall’’; and 

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

2 ‘‘(iii) FINANCIAL MODELS.—To the ex3 tent that swap dealers and major swap par4 ticipants that are banks are permitted to 

5 use financial models approved by the pru6 dential regulators or the Securities and Ex7 change Commission to calculate minimum 

8 capital requirements and minimum initial 

9 and variation margin requirements, includ10 ing the use of non-cash collateral, the Com11 mission shall, in consultation with the pru12 dential regulators and the Securities and 

13 Exchange Commission, permit the use of 

14 comparable financial models by swap deal15 ers and major swap participants that are 

16 not banks.’’. 

17 SEC. 312. HARMONIZATION WITH THE JUMPSTART OUR 

18 BUSINESS STARTUPS ACT. 

19 Within 90 days after the date of the enactment of this 

20 Act, the Commodity Futures Trading Commission shall— 

21 (1) revise section 4.7(b) of title 17, Code of Fed22 eral Regulations, in the matter preceding paragraph 

23 (1), to read as follows: 

24 ‘‘(b) Relief available to commodity pool operators. 

25 Upon filing the notice required by paragraph (d) of this 

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1 section, and subject to compliance with the conditions speci2 fied in paragraph (d) of this section, any registered com3 modity pool operator who sells participations in a pool sole4 ly to qualified eligible persons in an offering which qualifies 

5 for exemption from the registration requirements of the Se6 curities Act pursuant to section 4(2) of that Act or pursuant 

7 to Regulation S, 17 CFR 230.901 et seq., and any bank 

8 registered as a commodity pool operator in connection with 

9 a pool that is a collective trust fund whose securities are 

10 exempt from registration under the Securities Act pursuant 

11 to section 3(a)(2) of that Act and are sold solely to qualified 

12 eligible persons, may claim any or all of the following relief 

13 with respect to such pool:’’; and 

14 (2) revise section 4.13(a)(3)(i) of such title to 

15 read as follows: 

16 ‘‘(i) Interests in the pool are exempt 

17 from registration under the Securities Act of 

18 1933, and such interests are offered and sold 

19 pursuant to section 4 of the Securities Act 

20 of 1933 and the regulations thereunder;’’. 

21 SEC. 313. BONA FIDE HEDGE DEFINED TO PROTECT END22 USER RISK MANAGEMENT NEEDS. 

23 Section 4a(c) of the Commodity Exchange Act (7 

24 U.S.C. 6a(c)) is amended— 

25 (1) in paragraph (1)— 

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1 (A) by striking ‘‘may’’ and inserting 

2 ‘‘shall’’; and 

3 (B) by striking ‘‘future for which’’ and in4 serting ‘‘future, to be determined by the Commis5 sion, for which either an appropriate swap is 

6 available or’’; 

7 (2) in paragraph (2)— 

8 (A) in the matter preceding subparagraph 

9 (A), by striking ‘‘subsection (a)(2)’’ and all that 

10 follows through ‘‘position as’’ and inserting 

11 ‘‘paragraphs (2) and (5) of subsection (a) for 

12 swaps, contracts of sale for future delivery, or 

13 options on the contracts or commodities, a bona 

14 fide hedging transaction or position is’’; and 

15 (B) in subparagraph (A)(ii), by striking ‘‘of 

16 risks’’ and inserting ‘‘or management of current 

17 or anticipated risks’’; and 

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

19 ‘‘(3) The Commission may further define, by rule 

20 or regulation, what constitutes a bona fide hedging 

21 transaction, provided that the rule or regulation is 

22 consistent with the requirements of subparagraphs (A) 

23 and (B) of paragraph (2).’’. 

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1 SEC. 314. CROSS-BORDER REGULATION OF DERIVATIVES 

2 TRANSACTIONS. 

3 (a) RULEMAKING REQUIRED.—Within 1 year after the 

4 date of the enactment of this Act, the Commodity Futures 

5 Trading Commission shall issue a rule that addresses— 

6 (1) the nature of the connections to the United 

7 States that require a non-U.S. person to register as 

8 a swap dealer or a major swap participant under the 

9 Commodity Exchange Act and the regulations issued 

10 under such Act; 

11 (2) which of the United States swaps require12 ments apply to the swap activities of non-U.S. per13 sons and U.S. persons and their branches, agencies, 

14 subsidiaries, and affiliates outside of the United 

15 States, and the extent to which the requirements 

16 apply; and 

17 (3) the circumstances under which a U.S. person 

18 or non-U.S. person in compliance with the swaps reg19 ulatory requirements of a foreign jurisdiction shall be 

20 exempt from United States swaps requirements. 

21 (b) CONTENT OF THE RULE.— 

22 (1) CRITERIA.—In the rule, the Commission 

23 shall establish criteria for determining that 1 or more 

24 categories of the swaps regulatory requirements of a 

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1 prehensive as United States swaps requirements. The 

2 criteria shall include— 

3 (A) the scope and objectives of the swaps 

4 regulatory requirements of the foreign jurisdic5 tion; 

6 (B) the effectiveness of the supervisory com7 pliance program administered; 

8 (C) the enforcement authority exercised by 

9 the foreign jurisdiction; and 

10 (D) such other factors as the Commission, 

11 by rule, determines to be necessary or appro12 priate in the public interest. 

13 (2) COMPARABILITY.—In the rule, the Commis14 sion shall— 

15 (A) provide that any non-U.S. person or 

16 any transaction between two non-U.S. persons 

17 shall be exempt from United States swaps re18 quirements if the person or transaction is in 

19 compliance with the swaps regulatory require20 ments of a foreign jurisdiction which the Com21 mission has determined to be comparable to and 

22 as comprehensive as United States swaps re23 quirements; and 

24 (B) set forth the circumstances in which a 

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1 son and a non-U.S. person shall be exempt from 

2 United States swaps requirements if the person 

3 or transaction is in compliance with the swaps 

4 regulatory requirements of a foreign jurisdiction 

5 which the Commission has determined to be com6 parable to and as comprehensive as United 

7 States swaps requirements. 

8 (3) OUTCOMES-BASED COMPARISON.—In devel9 oping and applying the criteria, the Commission 

10 shall emphasize the results and outcomes of, rather 

11 than the design and construction of, foreign swaps 

12 regulatory requirements. 

13 (4) RISK-BASED RULEMAKING.—In the rule, the 

14 Commission shall not take into account, for the pur15 poses of determining the applicability of United 

16 States swaps requirements, the location of personnel 

17 that arrange, negotiate, or execute swaps. 

18 (5) No part of any rulemaking under this section 

19 shall limit the Commission’s antifraud or 

20 antimanipulation authority. 

21 (c) APPLICATION OF THE RULE.— 

22 (1) ASSESSMENTS OF FOREIGN JURISDIC23 TIONS.—Beginning on the date on which a final rule 

24 is issued under this section, the Commission shall 

25 begin to assess the swaps regulatory requirements of 

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1 foreign jurisdictions, in the order the Commission de2 termines appropriate, in accordance with the criteria 

3 established pursuant to subsection (b)(1). Following 

4 each assessment, the Commission shall determine, by 

5 rule or by order, whether the swaps regulatory re6 quirements of the foreign jurisdiction are comparable 

7 to and as comprehensive as United States swaps re8 quirements. 

9 (2) SUBSTITUTED COMPLIANCE FOR UNASSESSED

10 MAJOR MARKETS.—Beginning 18 months after the 

11 date of enactment of this Act— 

12 (A) the swaps regulatory requirements of 

13 each of the 8 foreign jurisdictions with the larg14 est swaps markets, as calculated by notional 

15 value during the 12-month period ending with 

16 such date of enactment, except those with respect 

17 to which a determination has been made under 

18 paragraph (1), shall be considered to be com19 parable to and as comprehensive as United 

20 States swaps requirements; and 

21 (B) a non-U.S. person or a transaction be22 tween 2 non-U.S. persons shall be exempt from 

23 United States swaps requirements if the person 

24 or transaction is in compliance with the swaps 

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1 regulatory requirements of any of such 

2 unexcepted foreign jurisdictions. 

3 (3) SUSPENSION OF SUBSTITUTED COMPLI4 ANCE.—If the Commission determines, by rule or by 

5 order, that— 

6 (A) the swaps regulatory requirements of a 

7 foreign jurisdiction are not comparable to and as 

8 comprehensive as United States swaps require9 ments, using the categories and criteria estab10 lished under subsection (b)(1); 

11 (B) the foreign jurisdiction does not exempt 

12 from its swaps regulatory requirements U.S. per13 sons who are in compliance with United States 

14 swaps requirements; or 

15 (C) the foreign jurisdiction is not providing 

16 equivalent recognition of, or substituted compli17 ance for, registered entities (as defined in section 

18 1a(41) of the Commodity Exchange Act) domi19 ciled in the United States, 

20 the Commission may suspend, in whole or in part, a 

21 determination made under paragraph (1) or a consid22 eration granted under paragraph (2). 

23 (d) PETITION FOR REVIEW OF FOREIGN JURISDICTION

24 PRACTICES.—A registered entity, commercial market par25 ticipant (as defined in section 1a(7) of the Commodity Exmstockstill on DSK4VPTVN1PROD with BILLS

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1 change Act), or Commission registrant (within the meaning 

2 of such Act) who petitions the Commission to make or 

3 change a determination under subsection (c)(1) or (c)(3) of 

4 this section shall be entitled to expedited consideration of 

5 the petition. A petition shall include any evidence or other 

6 supporting materials to justify why the petitioner believes 

7 the Commission should make or change the determination. 

8 Petitions under this section shall be considered by the Com9 mission any time following the enactment of this Act. With10 in 180 days after receipt of a petition for a rulemaking 

11 under this section, the Commission shall take final action 

12 on the petition. Within 90 days after receipt of a petition 

13 to issue an order or change an order issued under this sec14 tion, the Commission shall take final action on the petition. 

15 (e) REPORT TO CONGRESS.—If the Commission makes 

16 a determination described in this section through an order, 

17 the Commission shall articulate the basis for the determina18 tion in a written report published in the Federal Register 

19 and transmitted to the Committee on Agriculture of the 

20 House of Representatives and Committee on Agriculture, 

21 Nutrition, and Forestry of the Senate within 15 days of 

22 the determination. The determination shall not be effective 

23 until 15 days after the committees receive the report. 

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1 (f) DEFINITIONS.—As used in this Act and for pur2 poses of the rules issued pursuant to this Act, the following 

3 definitions apply: 

4 (1) U.S. PERSON.—The term ‘‘U.S. person’’— 

5 (A) means— 

6 (i) any natural person resident in the 

7 United States; 

8 (ii) any partnership, corporation, 

9 trust, or other legal person organized or in10 corporated under the laws of the United 

11 States or having its principal place of busi12 ness in the United States; 

13 (iii) any account (whether discre14 tionary or non-discretionary) of a U.S. per15 son; and 

16 (iv) any other person as the Commis17 sion may further define to more effectively 

18 carry out the purposes of this section; and 

19 (B) does not include the International Mon20 etary Fund, the International Bank for Recon21 struction and Development, the Inter-American 

22 Development Bank, the Asian Development 

23 Bank, the African Development Bank, the United 

24 Nations, their agencies or pension plans, or any 

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1 other similar international organizations or 

2 their agencies or pension plans. 

3 (2) UNITED STATES SWAPS REQUIREMENTS.— 

4 The term ‘‘United States swaps requirements’’ means 

5 the provisions relating to swaps contained in the 

6 Commodity Exchange Act (7 U.S.C. 1a et seq.) that 

7 were added by title VII of the Dodd-Frank Wall 

8 Street Reform and Consumer Protection Act (15 

9 U.S.C. 8301 et seq.) and any rules or regulations pre10 scribed by the Commodity Futures Trading Commis11 sion pursuant to such provisions. 

12 (3) FOREIGN JURISDICTION.—The term ‘‘foreign 

13 jurisdiction’’ means any national or supranational 

14 political entity with common rules governing swaps 

15 transactions. 

16 (4) SWAPS REGULATORY REQUIREMENTS.—The 

17 term ‘‘swaps regulatory requirements’’ means any 

18 provisions of law, and any rules or regulations pursu19 ant to the provisions, governing swaps transactions or 

20 the counterparties to swaps transactions. 

21 (g) CONFORMING AMENDMENT.—Section 4(c)(1)(A) of 

22 the Commodity Exchange Act (7 U.S.C. 6(c)(1)(A)) is 

23 amended by inserting ‘‘or except as necessary to effectuate 

24 the purposes of the Commodity End-User Relief Act,’’ after 

25 ‘‘to grant exemptions,’’. 

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1 SEC. 315. EXEMPTION OF QUALIFIED CHARITABLE ORGANI2 ZATIONS FROM DESIGNATION AND REGULA3 TION AS COMMODITY POOL OPERATORS. 

4 (a) EXCLUSION FROM DEFINITION OF COMMODITY

5 POOL.—Section 1a(11) of the Commodity Exchange Act (7 

6 U.S.C. 1a(10)), as so redesignated by section 306(b)(1) of 

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

8 ‘‘(C) EXCLUSION.—The term ‘commodity 

9 pool’ shall not include any investment trust, syn10 dicate, or similar form of enterprise excluded 

11 from the definition of ‘investment company’ pur12 suant to sections 3(c)(10) or 3(c)(14) of the In13 vestment Company Act of 1940.’’. 

14 (b) INAPPLICABILITY OF PROHIBITION ON USE OF IN15 STRUMENTALITIES OF INTERSTATE COMMERCE BY UNREG16 ISTERED COMMODITY TRADING ADVISOR.—Section 4m of 

17 such Act (7 U.S.C. 6m) is amended— 

18 (1) in paragraph (1), in the 2nd sentence, by in19 serting ‘‘: Provided further, That the provisions of 

20 this section shall not apply to any commodity trading 

21 advisor that is: (A) a charitable organization, as de22 fined in section 3(c)(10)(D) of the Investment Com23 pany Act of 1940, or a trustee, director, officer, em24 ployee, or volunteer of such a charitable organization 

25 acting within the scope of the employment or duties 

26 of the person with the organization, whose trading admstockstill on DSK4VPTVN1PROD with BILLS

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1 vice is provided only to, or with respect to, 1 or more 

2 of the following: (i) any such charitable organization, 

3 or (ii) an investment trust, syndicate or similar form 

4 of enterprise excluded from the definition of ‘invest5 ment company’ pursuant to section 3(c)(10) of the In6 vestment Company Act of 1940; or (B) any plan, 

7 company, or account described in section 3(c)(14) of 

8 the Investment Company Act of 1940, any person or 

9 entity who establishes or maintains such a plan, com10 pany, or account, or any trustee, director, officer, em11 ployee, or volunteer for any of the foregoing plans, 

12 persons, or entities acting within the scope of the em13 ployment or duties of the person with the organiza14 tion, whose trading advice is provided only to, or 

15 with respect to, any investment trust, syndicate, or 

16 similar form of enterprise excluded from the defini17 tion of ‘investment company’ pursuant to section 

18 3(c)(14) of the Investment Company Act of 1940’’ be19 fore the period; and 

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

21 ‘‘(4) DISCLOSURE CONCERNING EXCLUDED CHARI22 TABLE ORGANIZATIONS.—The operator of or advisor to any 

23 investment trust, syndicate, or similar form of enterprise 

24 excluded from the definition of ‘commodity pool’ by reason 

25 of section 1a(10)(C) shall provide, to each donor to the fund, 

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1 trust, syndicate, or similar form of enterprise, at the time 

2 of the donation or within 90 days after the date of the enact3 ment of this subsection, whichever is later, written informa4 tion describing the material terms of the operation of the 

5 fund, trust, syndicate, or similar form of enterprise.’’. 

6 SEC. 316. SMALL BANK HOLDING COMPANY CLEARING EX7 EMPTION. 

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

9 U.S.C. 2(h)(7)(C)) is amended by adding at the end the 

10 following: 

11 ‘‘(iv) HOLDING COMPANIES.—A deter12 mination made by the Commission under 

13 clause (ii) shall, with respect to small banks 

14 and savings associations, also apply to their 

15 respective bank holding company (as de16 fined in section 2 of the Bank Holding 

17 Company Act of 1956), or savings and loan 

18 holding company (as defined in section 10 

19 of the Home Owners’ Loan Act of 1933)), if 

20 the total consolidated assets of the holding 

21 company are no greater than the asset 

22 threshold set by the Commission in deter23 mining small bank and savings association 

24 eligibility under clause (ii).’’. 

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1 SEC. 317. CORE PRINCIPLE CERTAINTY. 

2 Section 5h(f) of the Commodity Exchange Act (7 

3 U.S.C. 7b–3(f)) is amended— 

4 (1) in paragraph (1)(B), by inserting ‘‘except as 

5 described in this subsection’’ after ‘‘Commission by 

6 rule or regulation’’; 

7 (2) in paragraph (2), by amending subpara8 graph (D) to read as follows: 

9 ‘‘(D) have reasonable discretion in estab10 lishing and enforcing its rules related to trade 

11 practice surveillance, market surveillance, real12 time marketing monitoring, and audit trail 

13 given that a swap execution facility may offer a 

14 trading system or platform to execute or trade 

15 swaps through any means of interstate com16 merce. A swap execution facility shall be respon17 sible for monitoring trading in swaps only on its 

18 own facility.’’; 

19 (3) in paragraph (4)(B), by adding at the end 

20 the following: ‘‘A swap execution facility shall be re21 sponsible for monitoring trading in swaps only on its 

22 own facility.’’; 

23 (4) in paragraph (6)(B)— 

24 (A) by striking ‘‘shall—’’ and all that fol25 lows through ‘‘compliance with the’’ and insert 

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1 ‘‘shall monitor the trading activity on its facility 

2 for compliance with any’’; and 

3 (B) by adding at the end the following: ‘‘A 

4 swap execution facility shall be responsible for 

5 monitoring positions only on its own facility.’’; 

6 (5) in paragraph (8), by striking ‘‘to liquidate’’ 

7 and all that follows and inserting ‘‘to suspend or cur8 tail trading in a swap on its own facility.’’; 

9 (6) in paragraph (13)(B), by striking ‘‘cover the 

10 operating costs of the swap execution facility for a 1- 

11 year period, as calculated on a rolling basis’’ and in12 serting ‘‘conduct an orderly wind-down of its oper13 ations’’; and 

14 (7) in paragraph (15)— 

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

16 end the following: ‘‘The individual may also per17 form other responsibilities for the swap execution 

18 facility.’’; 

19 (B) in subparagraph (B)— 

20 (i) in clause (i), by inserting ‘‘, a com21 mittee of the board,’’ after ‘‘directly to the 

22 board’’; 

23 (ii) by striking clauses (iii) through 

24 (v) and inserting the following: 

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1 ‘‘(iii) establish and administer policies 

2 and procedures that are reasonably designed 

3 to resolve any conflicts of interest that may 

4 arise; 

5 ‘‘(iv) establish and administer policies 

6 and procedures that reasonably ensure com7 pliance with this Act and the rules and reg8 ulations issued under this Act, including 

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

11 (iii) by redesignating clause (vi) as 

12 clause (v); 

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

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

15 (D) in subparagraph (D)— 

16 (i) in clause (i)— 

17 (I) by striking ‘‘In accordance 

18 with rules prescribed by the Commis19 sion, the’’ and inserting ‘‘The’’; and 

20 (II) by striking ‘‘and sign’’; and 

21 (ii) in clause (ii)— 

22 (I) in the matter preceding sub23 clause (I), by inserting ‘‘or senior offi24 cer’’ after ‘‘officer’’; 

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1 (II) by amending subclause (I) to 

2 read as follows: 

3 ‘‘(I) submit each report described 

4 in clause (i) to the Commission; and’’; 

5 and 

6 (III) in subclause (II), by insert7 ing ‘‘materially’’ before ‘‘accurate’’. 

8 SEC. 318. TREATMENT OF FEDERAL HOME LOAN BANK 

9 PRODUCTS. 

10 Section 1a(2) of the Commodity Exchange Act (7 

11 U.S.C. 1a(2)) is amended— 

12 (1) in subparagraph (B), by striking ‘‘and’’; 

13 (2) in subparagraph (C), by striking the period 

14 and inserting ‘‘; and’’; and 

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

16 ‘‘(D) is the Federal Housing Finance Agen17 cy for any Federal Home Loan Bank (as defined 

18 in section 2 of the Federal Home Loan Bank 

19 Act).’’. 

20 SEC. 319. TREATMENT OF CERTAIN FUNDS. 

21 (a) AMENDMENT TO THE DEFINITION OF COMMODITY

22 POOL OPERATOR.—Section 1a(12) of the Commodity Ex23 change Act (7 U.S.C. 1a(11)), as so redesignated by section 

24 306(b)(1) of this Act, is amended by adding at the end the 

25 following: 

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1 ‘‘(C)(i) The term ‘commodity pool operator’ 

2 does not include a person who serves as an in3 vestment adviser to an investment company reg4 istered pursuant to section 8 of the Investment 

5 Company Act of 1940 or a subsidiary of such a 

6 company, if the investment company or sub7 sidiary invests, reinvests, owns, holds, or trades 

8 in commodity interests limited to only financial 

9 commodity interests. 

10 ‘‘(ii) For purposes of this subparagraph 

11 only, the term ‘financial commodity interest’ 

12 means a futures contract, an option on a futures 

13 contract, or a swap, involving a commodity that 

14 is not an exempt commodity or an agricultural 

15 commodity, including any index of financial 

16 commodity interests, whether cash settled or in17 volving physical delivery. 

18 ‘‘(iii) For purposes of this subparagraph 

19 only, the term ‘commodity’ does not include a se20 curity issued by a real estate investment trust, 

21 business development company, or issuer of 

22 asset-backed securities, including any index of 

23 such securities.’’. 

24 (b) AMENDMENT TO THE DEFINITION OF COMMODITY

25 TRADING ADVISOR.—Section 1a(13) of such Act (7 U.S.C. 

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1 1a(12)), as so redesignated by section 306(b)(1) of this Act, 

2 is amended by adding at the end the following: 

3 ‘‘(E) The term ‘commodity trading advisor’ 

4 does not include a person who serves as an in5 vestment adviser to an investment company reg6 istered pursuant to section 8 of the Investment 

7 Company Act of 1940 or a subsidiary of such a 

8 company, if the commodity trading advice re9 lates only to a financial commodity interest, as 

10 defined in paragraph (11)(C)(ii) of this section. 

11 For purposes of this subparagraph only, the term 

12 ‘commodity’ does not include a security issued 

13 by a real estate investment trust, business devel14 opment company, or issuer of asset-backed secu15 rities, including any index of such securities.’’. 

16 TITLE IV—TECHNICAL 

17 CORRECTIONS 

18 SEC. 401. CORRECTION OF REFERENCES. 

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

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

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

22 (b) Section 5c(c)(5)(C)(i) of such Act (7 U.S.C. 7a23 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 amend2 ed by striking ‘‘section 7064’’ and inserting ‘‘section 706’’. 

3 SEC. 402. ELIMINATION OF OBSOLETE REFERENCES TO 

4 DEALER OPTIONS. 

5 (a) IN GENERAL.—Section 4c of the Commodity Ex6 change Act (7 U.S.C. 6c) is amended by striking subsections 

7 (d) and (e) and redesignating subsections (f) and (g) as sub8 sections (d) and (e), respectively. 

9 (b) CONFORMING AMENDMENTS.— 

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

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

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

13 6f(a)(4)(A)(i)) is amended by striking ‘‘, (d), (e), and 

14 (g)’’ and inserting ‘‘and (e)’’. 

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

16 6k(5)(A)) is amended by striking ‘‘, (d), (e), and (g)’’ 

17 and inserting ‘‘and (e)’’. 

18 (4) Section 5f(b)(1)(A) of such Act (7 U.S.C. 7b19 1(b)(1)(A)) is amended by striking ‘‘, (e) and (g)’’ 

20 and inserting ‘‘and (e)’’. 

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

22 13(a)(2)) is amended by striking ‘‘through (e)’’ and 

23 inserting ‘‘and (c)’’. 

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1 SEC. 403. 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 ‘‘exchange’’ and in5 serting ‘‘each designated contract market and swap execu6 tion facility’’. 

7 SEC. 404. FLEXIBILITY FOR REGISTERED ENTITIES. 

8 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 trad11 ing facility’’ each place it appears and inserting ‘‘registered 

12 entity’’. 

13 SEC. 405. ELIMINATION OF OBSOLETE REFERENCES TO 

14 ELECTRONIC TRADING FACILITIES. 

15 (a) Section 1a(19)(A)(x) of the Commodity Exchange 

16 Act (7 U.S.C. 1a(18)(A)(x)), as so redesignated by section 

17 306(b)(1) of this Act, is amended by striking ‘‘(other than 

18 an electronic trading facility with respect to a significant 

19 price discovery contract)’’. 

20 (b) Section 1a(41) of such Act (7 U.S.C. 1a(40)), as 

21 so redesignated by section 306(b)(1) of this Act, is amend22 ed— 

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

24 (D); and 

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

26 inserting a period. 

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

2 amended— 

3 (1) in the 1st sentence— 

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

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

7 facility’’; and 

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

10 (2) in the 2nd sentence, by striking ‘‘or electronic 

11 trading facility with respect to a significant price 

12 discovery contract’’. 

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

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

16 or’’. 

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

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

20 trading facility or any agreement, contract, or trans21 action that is treated by a derivatives clearing orga22 nization, whether registered or not registered, as fun23 gible with a significant price discovery contract’’; and 

24 (2) by striking ‘‘or electronic trading facility’’ 

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

2 by striking ‘‘or electronic trading facility’’ each place it ap3 pears. 

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

5 is amended by striking ‘‘in the case of—’’ and all that fol6 lows and inserting ‘‘in the case of an agreement, contract, 

7 or transaction that is excluded from this Act under section 

8 2(c) or 2(f) of this Act or title IV of the Commodity Futures 

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

10 of this Act (regardless of whether any such agreement, con11 tract, or transaction is otherwise subject to this Act).’’. 

12 SEC. 406. ELIMINATION OF OBSOLETE REFERENCE TO AL13 TERNATIVE SWAP EXECUTION FACILITIES. 

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

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

16 ‘‘swap’’. 

17 SEC. 407. ELIMINATION OF REDUNDANT REFERENCES TO 

18 TYPES OF REGISTERED ENTITIES. 

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

20 13a) is amended in the 1st sentence by striking ‘‘as set forth 

21 in sections 5 through 5c’’. 

22 SEC. 408. CLARIFICATION OF COMMISSION AUTHORITY 

23 OVER SWAPS TRADING. 

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

25 12a) is amended— 

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1 (1) in paragraph (7)— 

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

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

4 after ‘‘appropriate for’’; 

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

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

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

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

9 (2) in paragraph (9)— 

10 (A) by inserting ‘‘swap or’’ after ‘‘or liq11 uidation of any’’; and 

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

13 levels on any’’. 

14 SEC. 409. ELIMINATION OF OBSOLETE REFERENCE TO THE 

15 COMMODITY EXCHANGE COMMISSION. 

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

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

18 SEC. 410. ELIMINATION OF OBSOLETE REFERENCES TO DE19 RIVATIVE TRANSACTION EXECUTION FACILI20 TIES. 

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

22 Act (7 U.S.C. 1a(12)(B)(vi)), as so redesignated by section 

23 306(b)(1) of this Act, is amended by striking ‘‘derivatives 

24 transaction execution facility’’ and inserting ‘‘swap execu25 tion facility’’. 

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1 (b) Section 1a(35) of such Act (7 U.S.C. 1a(34)), as 

2 so redesignated by section 306(b)(1) of this Act, is amended 

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

4 each place it appears. 

5 (c) Section 1a(36)(B)(iii)(I) of such Act (7 U.S.C. 

6 1a(35)(B)(iii)(I)), as so redesignated by section 306(b)(1) 

7 of this Act, is amended by striking ‘‘or registered derivatives 

8 transaction execution facility’’. 

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

10 2(a)(1)(C)(ii)) is amended— 

11 (1) by striking ‘‘, or register a derivatives trans12 action execution facility that trades or executes,’’; 

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

14 execution facility shall trade or execute such contracts 

15 of sale (or options on such contracts) for future deliv16 ery’’; and 

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

18 execution facility,’’. 

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

20 2(a)(1)(C)(v)(I)) is amended by striking ‘‘, or any deriva21 tives transaction execution facility on which such contract 

22 or option is traded,’’. 

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

24 2(a)(1)(C)(v)(II)) is amended by striking ‘‘or derivatives 

25 transaction execution facility’’ each place it appears. 

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

2 2(a)(1)(C)(v)(V)) is amended by striking ‘‘or registered de3 rivatives transaction execution facility’’. 

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

5 2(a)(1)(D)(i)) is amended in the matter preceding subclause 

6 (I)— 

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

8 transaction execution facility’’; and 

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

10 transaction execution facility for,’’. 

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

12 2(a)(1)(D)(i)(IV)) is amended by striking ‘‘registered de13 rivatives transaction execution facility,’’ each place it ap14 pears. 

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

16 2(a)(1)(D)(ii)(I)) is amended to read as follows: 

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

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

19 by the Commission as a contract market in such secu20 rity futures product; or’’. 

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

22 2(a)(1)(D)(ii)(II)) is amended by striking ‘‘or registered de23 rivatives transaction execution facility’’. 

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

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

3 derivatives transaction execution facility member’’. 

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

5 2(a)(9)(B)(ii)) is amended— 

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

7 appears; 

8 (2) by striking ‘‘or derivatives transaction execu9 tion facility’’ each place it appears; 

10 (3) by striking ‘‘or register’’; 

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

12 (5) by striking ‘‘, registration,’’. 

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

14 amended by striking ‘‘or a derivatives transaction execution 

15 facility’’ each place it appears. 

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

17 amended by striking ‘‘or derivatives transaction execution 

18 facility’’. 

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

20 amended— 

21 (1) by striking ‘‘or registered’’ after ‘‘des22 ignated’’; and 

23 (2) by striking ‘‘or derivatives transaction execu24 tion facility’’. 

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

2 is amended— 

3 (1) by striking ‘‘or derivatives transaction execu4 tion facilities’’; and 

5 (2) by striking‘‘or derivatives transaction execu6 tion facility’’. 

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

8 amended— 

9 (1) by striking ‘‘, derivatives transaction execu10 tion facility,’’ each place it appears; and 

11 (2) by striking ‘‘or derivatives transaction execu12 tion facility’’. 

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

14 redesignated by section 402(a) of this Act, is amended by 

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

16 place it appears. 

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

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

19 each place it appears. 

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

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

22 (v) Section 4f(b) of such Act (7 U.S.C. 6f(b)) is amend23 ed by striking ‘‘or derivatives transaction execution facil24 ity’’ each place it appears. 

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

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

3 (x) Section 4j(a) of such Act (7 U.S.C. 6j(a)) is amend4 ed by striking ‘‘and registered derivatives transaction exe5 cution facility’’. 

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

7 amended by striking ‘‘, or derivatives transaction execution 

8 facilities’’. 

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

10 amended by striking ‘‘derivatives transaction execution fa11 cility,’’. 

12 (aa) Section 5c(f) of such Act (7 U.S.C. 7a-2(f)) is 

13 amended by striking ‘‘and registered derivatives transaction 

14 execution facility’’. 

15 (bb) Section 5c(f)(1) of such Act (7 U.S.C. 7a-2(f)(1)) 

16 is amended by striking ‘‘or registered derivatives trans17 action execution facility’’. 

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

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

20 (2) by striking ‘‘or derivatives transaction execu21 tion facility’’ each place it appears; and 

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

23 appears. 

24 (dd) Section 6a(a) of such Act (7 U.S.C. 10a(a)) is 

25 amended— 

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1 (1) by striking ‘‘or registered’’; 

2 (2) by striking ‘‘or a derivatives transaction exe3 cution facility’’; and 

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

5 place such term appears. 

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

7 amended— 

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

9 (2) by striking ‘‘or a derivatives transaction exe10 cution facility’’. 

11 (ff) Section 6d(1) of such Act (7 U.S.C. 13a-2(1)) is 

12 amended by striking ‘‘derivatives transaction execution fa13 cility,’’. 

14 SEC. 411. ELIMINATION OF OBSOLETE REFERENCES TO EX15 EMPT BOARDS OF TRADE. 

16 (a) Section 1a(19)(A)(x) of the Commodity Exchange 

17 Act (7 U.S.C. 1a(18)(A)(x)), as so redesignated by section 

18 306(b)(1) of this Act, is amended by striking ‘‘or an exempt 

19 board of trade’’. 

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

21 16(e)(1)(B)(i)) is amended by striking ‘‘or exempt board 

22 of trade’’. 

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1 SEC. 412. ELIMINATION OF REPORT DUE IN 1986. 

2 Section 26 of the Futures Trading Act of 1978 (7 

3 U.S.C. 16a) is amended by striking subsection (b) and re4 designating subsection (c) as subsection (b). 

5 SEC. 413. COMPLIANCE REPORT FLEXIBILITY. 

6 Section 4s(k)(3)(B) of the Commodity Exchange Act 

7 (7 U.S.C. 6s(k)(3)(B)) is amended to read as follows: 

8 ‘‘(B) REQUIREMENTS.—A compliance re9 port under subparagraph (A) shall— 

10 ‘‘(i) include a certification that, under 

11 penalty of law, the compliance report is 

12 materially accurate and complete; and 

13 ‘‘(ii) be furnished at such time as the 

14 Commission determines by rule, regulation, 

15 or order, to be appropriate.’’. 

16 SEC. 414. MISCELLANEOUS CORRECTIONS. 

17 (a) Section 1a(13)(A)(i)(II) of the Commodity Ex18 change Act (7 U.S.C. 1a(12)(A)(i)(II)), as so redesignated 

19 by section 306(b)(1) of this Act, is amended by adding at 

20 the end a semicolon. 

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

22 2(a)(1)(C)(ii)(III)) is amended by moving the provision 2 

23 ems to the right. 

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

25 2(a)(1)(C)(iii)) is amended by moving the provision 2 ems 

26 to the right. 

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

2 2(a)(1)(C)(iv)) is amended by striking ‘‘under or’’ and in3 serting ‘‘under’’. 

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

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

6 to the right. 

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

8 2(a)(1)(C)(v)(VI)) is amended by striking ‘‘III’’ and insert9 ing ‘‘(III)’’. 

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

11 amended by striking the 2nd comma. 

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

13 6(c)(3)(H)) is amended by striking ‘‘state’’ and inserting 

14 ‘‘State’’. 

15 (i) Section 4c(c) of such Act (7 U.S.C. 6c(c)) is amend16 ed to read as follows: 

17 ‘‘(c) The Commission shall issue regulations to con18 tinue to permit the trading of options on contract markets 

19 under such terms and conditions that the Commission from 

20 time to time may prescribe.’’. 

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

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

23 inserting ‘‘subsection (a)(2)’’. 

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

25 6f(c)(3)(A)) is amended by striking the 1st comma. 

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

2 6f(c)(4)(A)) is amended by striking ‘‘in developing’’ and in3 serting ‘‘In developing’’. 

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

5 6f(c)(4)(B)) is amended by striking ‘‘1817(a)’’ and insert6 ing ‘‘1817(a))’’. 

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

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

9 through (d), respectively. 

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

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

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

13 is amended by striking ‘‘section 5f’’ and inserting ‘‘this sec14 tion’’. 

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

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

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

18 in each of paragraphs (2)(E) and (3)(B) by striking ‘‘Inves19 tors’’ and inserting ‘‘Investor’’. 

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

21 amended by striking ‘‘subsection 4c’’ and inserting ‘‘section 

22 4c’’. 

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

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

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

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

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

4 21(b)(9)(D)) is amended by striking the semicolon and in5 serting a period. 

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

7 21(b)(10)(C)(ii)) is amended by striking ‘‘and’’ at the end. 

8 (x) Section 17(b)(11) of such Act (7 U.S.C. 21(b)(11)) 

9 is amended by striking the period and inserting a semi10 colon. 

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

12 is amended— 

13 (1) by striking ‘‘(A)’’; and 

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

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

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

17 (aa) Section 17 of such Act (7 U.S.C. 21), as amended 

18 by sections 101 through 103 of this Act, is amended by re19 designating subsection (q), as added by section 233(5) of 

20 Public Law 97–444, and subsections (s) through (w) as sub21 sections (r) through (x), respectively. 

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

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

24 a registered’’. 

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

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

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Union Calendar No. 97 

114TH CONGRESS 

1ST SESSION H. R. 2289 

[Report No. 114–134] 

A BILL 

To reauthorize the Commodity Futures Trading 

poses. help keep consumer costs low, and for other purers, ranchers, and end-users manage risks, to accountability at the Commission, to help farmmake basic reforms to ensure transparency and to provide end-users with market certainty, to Commission, to better protect futures customers, 

MAY 29, 2015 

Committed to the Committee of the Whole House on the 

State of the Union and ordered to be printed 

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