I 

114TH CONGRESS 

1ST SESSION H. R. 2289 

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 

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. 

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’’. 


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1 SEC. 2. TABLE OF CONTENTS. 

2 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. 

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. 

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. 

TITLE IV—TECHNICAL CORRECTIONS 

Sec. 401. Correction of references. 

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


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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 

9 that is a futures commission merchant to maintain 

10 written policies and procedures regarding the main11 tenance of— 

12 ‘‘(A) the residual interest of the member, 

13 as described in section 1.23 of title 17, Code of 

14 Federal Regulations, in any customer seg15 regated funds account of the member, as identi16 fied in section 1.20 of such title, and in any for17 eign futures and foreign options customer seVerDate Sep 11 2014 02:20 May 14, 2015 Jkt 049200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H2289.IH H2289

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1 cured amount funds account of the member, as 

2 identified in section 30.7 of such title; and 

3 ‘‘(B) the residual interest of the member, 

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

5 in any cleared swaps customer collateral ac6 count of the member, as identified in section 

7 22.2 of such title; and 

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

9 transfer or disbursement by any member of the asso10 ciation, that is a futures commission merchant, of 

11 the member’s residual interest in customer seg12 regated funds as provided in such section 1.20, in 

13 foreign futures and foreign options customer secured 

14 amount funds, identified as provided in such section 

15 30.7, and from a cleared swaps customer collateral, 

16 identified as provided in such section 22.2.’’. 

17 SEC. 102. ELECTRONIC CONFIRMATION OF CUSTOMER 

18 FUNDS. 

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

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

21 by adding at the end the following: 

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

23 member of the association that is a futures commission 

24 merchant to— 


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1 ‘‘(1) use an electronic system or systems to re2 port financial and operational information to the as3 sociation or another party designated by the reg4 istered futures association, including information re5 lated to customer segregated funds, foreign futures 

6 and foreign options customer secured amount funds 

7 accounts, and cleared swaps customer collateral, in 

8 accordance with such terms, conditions, documenta9 tion standards, and regular time intervals as are es10 tablished by the registered futures association; 

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

12 bank, trust company, derivatives clearing organiza13 tion, or futures commission merchant, holding cus14 tomer segregated funds under section 1.20 of title 

15 17, Code of Federal Regulations, foreign futures and 

16 foreign options customer secured amount funds 

17 under section 30.7 of such title, or cleared swap cus18 tomer funds under section 22.2 of such title, to re19 port balances in the futures commission merchant’s 

20 section 1.20 customer segregated funds, section 30.7 

21 foreign futures and foreign options customer secured 

22 amount funds, and section 22.2 cleared swap cus23 tomer funds, to the registered futures association or 

24 another party designated by the registered futures 


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1 association, in the form, manner, and interval pre2 scribed by the registered futures association; and 

3 ‘‘(3) hold section 1.20 customer segregated 

4 funds, section 30.7 foreign futures and foreign op5 tions customer secured amount funds and section 

6 22.2 cleared swaps customer funds in a depository 

7 that reports the balances in these accounts of the fu8 tures commission merchant held at the depository to 

9 the registered futures association or another party 

10 designated by the registered futures association in 

11 the form, manner, and interval prescribed by the 

12 registered futures association.’’. 

13 SEC. 103. NOTICE AND CERTIFICATIONS PROVIDING ADDI14 TIONAL CUSTOMER PROTECTIONS. 

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

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

17 amended by adding at the end the following: 

18 ‘‘(u) A futures commission merchant that has ad19 justed net capital in an amount less than the amount re20 quired by regulations established by the Commission or 

21 a self-regulatory organization of which the futures com22 mission merchant is a member shall immediately notify 

23 the Commission and the self-regulatory organization of 

24 this occurrence. 


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1 ‘‘(v) A futures commission merchant that does not 

2 hold a sufficient amount of funds in segregated accounts 

3 for futures customers under section 1.20 of title 17, Code 

4 of Federal Regulations, in foreign futures and foreign op5 tions secured amount accounts for foreign futures and for6 eign options secured amount customers under section 30.7 

7 of such title, or in segregated accounts for cleared swap 

8 customers under section 22.2 of such title, as required by 

9 regulations established by the Commission or a self-regu10 latory organization of which the futures commission mer11 chant is a member, shall immediately notify the Commis12 sion and the self-regulatory organization of this occur13 rence. 

14 ‘‘(w) Within such time period established by the Com15 mission after the end of each fiscal year, a futures com16 mission merchant shall file with the Commission a report 

17 from the chief compliance officer of the futures commis18 sion merchant containing an assessment of the internal 

19 compliance programs of the futures commission mer20 chant.’’. 

21 SEC. 104. FUTURES COMMISSION MERCHANT COMPLIANCE. 

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

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

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

25 subparagraphs (A) and (B); 


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1 (2) by inserting ‘‘(1)’’ before ‘‘It shall be unlaw2 ful’’; and 

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

4 paragraph: 

5 ‘‘(2) Any rules or regulations requiring a fu6 tures commission merchant to maintain a residual 

7 interest in accounts held for the benefit of customers 

8 in amounts at least sufficient to exceed the sum of 

9 all uncollected margin deficits of such customers 

10 shall provide that a futures commission merchant 

11 shall meet its residual interest requirement as of the 

12 end of each business day calculated as of the close 

13 of business on the previous business day.’’. 

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

15 such Act (7 U.S.C. 6d(h)) is amended by striking ‘‘Not16 withstanding subsection (a)(2)’’ and inserting ‘‘Notwith17 standing subsection (a)(1)(B)’’. 

18 SEC. 105. CERTAINTY FOR FUTURES CUSTOMERS AND MAR19 KET PARTICIPANTS. 

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

21 U.S.C. 24(a)) is amended— 

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

23 (4); 

24 (2) by striking the period at the end of para25 graph (5) and inserting ‘‘; and’’; and 


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

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

3 the estate of a commodity broker, including the 

4 trading or operating accounts of the commodity 

5 broker and commodities held in inventory by the 

6 commodity broker, shall be included in customer 

7 property, subject to any otherwise unavoidable secu8 rity interest, or otherwise unavoidable contractual 

9 offset or netting rights of creditors (including rights 

10 set forth in a rule or bylaw of a derivatives clearing 

11 organization or a clearing agency) in respect of such 

12 property, but only to the extent that the property 

13 that is otherwise customer property is insufficient to 

14 satisfy the net equity claims of public customers (as 

15 such term may be defined by the Commission by 

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

17 TITLE II—COMMODITY FUTURES 

18 TRADING COMMISSION RE19 FORMS 

20 SEC. 201. EXTENSION OF OPERATIONS. 

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

22 U.S.C. 16(d)) is amended by striking ‘‘2013’’ and insert23 ing ‘‘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 by striking paragraphs (1) and 

7 (2) and inserting the following: 

8 ‘‘(1) IN GENERAL.—Before promulgating a reg9 ulation under this Act or issuing an order (except as 

10 provided in paragraph (3)), the Commission, 

11 through the Office of the Chief Economist, shall as12 sess and publish in the regulation or order the costs 

13 and benefits, both qualitative and quantitative, of 

14 the proposed regulation or order, and the proposed 

15 regulation or order shall state its statutory justifica16 tion. 

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

18 determination of the costs and the benefits, the 

19 Commission 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 mar26 ket 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 

8 its jurisdiction; 

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

12 the costs (recognizing that some costs are dif13 ficult to 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 SEC. 203. DIVISION DIRECTORS. 

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

4 (7 U.S.C. 2(a)(6)(C)) is amended by inserting ‘‘, and the 

5 heads of the units shall serve at the pleasure of the Com6 mission’’ before the period. 

7 SEC. 204. OFFICE OF THE CHIEF ECONOMIST. 

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

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

10 the end the following: 

11 ‘‘(17) OFFICE OF THE CHIEF ECONOMIST.— 

12 ‘‘(A) ESTABLISHMENT.—There is estab13 lished in the Commission the Office of the Chief 

14 Economist. 

15 ‘‘(B) HEAD.—The Office of the Chief 

16 Economist shall be headed by the Chief Econo17 mist, who shall be appointed by the Commission 

18 and serve at the pleasure of the Commission. 

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

20 shall report directly to the Commission and per21 form such functions and duties as the Commis22 sion may prescribe. 

23 ‘‘(D) PROFESSIONAL STAFF.—The Com24 mission shall appoint such other economists as 

25 may be necessary to assist the Chief Economist 


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1 in performing such economic analysis, regu2 latory cost-benefit analysis, or research any 

3 member of the Commission may request.’’. 

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

5 of such Act (7 U.S.C. 2(a)(6)(A)) is amended by striking 

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

7 and (17)’’. 

8 SEC. 205. PROCEDURES GOVERNING ACTIONS TAKEN BY 

9 COMMISSION STAFF. 

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

11 U.S.C. 2(a)(12)) is amended— 

12 (1) by striking ‘‘(12) The’’ and inserting the 

13 following: 

14 ‘‘(12) RULES AND REGULATIONS.— 

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

16 provisions of this paragraph, the’’; and 

17 (2) by adding after and below the end the fol18 lowing new subparagraph: 

19 ‘‘(B) NOTICE TO COMMISSIONERS.—The 

20 Commission shall develop and publish internal 

21 procedures governing the issuance by any divi22 sion or office of the Commission of any re23 sponse to a formal, written request or petition 

24 from any member of the public for an exemp25 tive, a no-action, or an interpretive letter and 


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1 such procedures shall provide that the commis2 sioners be provided with the final version of the 

3 matter to be issued with sufficient notice to re4 view the matter prior to its issuance.’’. 

5 SEC. 206. STRATEGIC TECHNOLOGY PLAN. 

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

7 U.S.C. 2(a)), as amended by section 204(a) of this Act, 

8 is amended by adding at the end the following: 

9 ‘‘(18) STRATEGIC TECHNOLOGY PLAN.— 

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

11 Commission shall develop and submit to the 

12 Committee on Agriculture of the House of Rep13 resentatives and the Committee on Agriculture, 

14 Nutrition, and Forestry of the Senate a detailed 

15 plan focused on the acquisition and use of tech16 nology by the Commission. 

17 ‘‘(B) CONTENTS.—The plan shall— 

18 ‘‘(i) include for each related division 

19 or office a detailed technology strategy fo20 cused on market surveillance and risk de21 tection, market data collection, aggrega22 tion, interpretation, standardization, har23 monization, normalization, validation, 

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1 tection of data collected by the Commis2 sion, including a detailed accounting of 

3 how the funds provided for technology will 

4 be used and the priorities that will apply in 

5 the use of the funds; and 

6 ‘‘(ii) set forth annual goals to be ac7 complished and annual budgets needed to 

8 accomplish the goals.’’. 

9 SEC. 207. INTERNAL RISK CONTROLS. 

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

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

12 is amended by adding at the end the following: 

13 ‘‘(C) INTERNAL RISK CONTROLS.—The 

14 Commission, in consultation with the Chief 

15 Economist, shall develop comprehensive internal 

16 risk control mechanisms to safeguard and gov17 ern the storage of all market data by the Com18 mission, all market data sharing agreements of 

19 the Commission, and all academic research per20 formed at the Commission using market data.’’. 

21 SEC. 208. SUBPOENA DURATION AND RENEWAL. 

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

23 U.S.C. 9(5)) is amended— 

24 (1) by striking ‘‘(5) SUBPOENA.—For’’ and in25 serting the following: 


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1 ‘‘(5) SUBPOENA.— 

2 ‘‘(A) IN GENERAL.—For’’; and 

3 (2) by adding after and below the end the fol4 lowing: 

5 ‘‘(B) OMNIBUS ORDERS OF INVESTIGA6 TION.— 

7 ‘‘(i) DURATION AND RENEWAL.—An 

8 omnibus order of investigation shall not be 

9 for an indefinite duration and may be re10 newed only by Commission action. 

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

12 term ‘omnibus order of investigation’ 

13 means an order of the Commission author14 izing 1 of more members of the Commis15 sion or its staff to issue subpoenas under 

16 subparagraph (A) to multiple persons in 

17 relation to a particular subject matter 

18 area.’’. 

19 SEC. 209. APPLICABILITY OF NOTICE AND COMMENT RE20 QUIREMENTS OF THE ADMINISTRATIVE PRO21 CEDURE ACT TO GUIDANCE VOTED ON BY 

22 THE COMMISSION. 

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

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

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


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1 ‘‘(D) APPLICABILITY OF NOTICE AND COM2 MENT RULES TO GUIDANCE VOTED ON BY THE

3 COMMISSION.—The notice and comment re4 quirements of section 553 of title 5, United 

5 States Code, shall also apply with respect to 

6 any Commission statement or guidance, includ7 ing interpretive rules, general statements of pol8 icy, or rules of Commission organization, proce9 dure, or practice, that has the effect of imple10 menting, interpreting or prescribing law or pol11 icy and that is voted on by the Commission.’’. 

12 SEC. 210. JUDICIAL REVIEW OF COMMISSION RULES. 

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

14 is amended by adding at the end the following: 

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

16 ‘‘(a) A person adversely affected by a rule of the 

17 Commission promulgated under this Act may obtain re18 view of the rule in the United States Court of Appeals 

19 for the District of Columbia Circuit or the United States 

20 Court of Appeals for the circuit where the party resides 

21 or has the principal place of business, by filing in the 

22 court, within 60 days after publication in the Federal Reg23 ister of the entry of the rule, a written petition requesting 

24 that the rule be set aside. 


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1 ‘‘(b) A copy of the petition shall be transmitted forth2 with by the clerk of the court to an officer designated by 

3 the Commission for that purpose. Thereupon the Commis4 sion shall file in the court the record on which the rule 

5 complained of is entered, as provided in section 2112 of 

6 title 28, United States Code, and the Federal Rules of 

7 Appellate Procedure. 

8 ‘‘(c) On the filing of the petition, the court has juris9 diction, which becomes exclusive on the filing of the 

10 record, to affirm and enforce or to set aside the rule in 

11 whole or in part. 

12 ‘‘(d) The court shall affirm and enforce the rule un13 less the Commission’s action in promulgating the rule is 

14 found to be arbitrary, capricious, an abuse of discretion, 

15 or otherwise not in accordance with law; contrary to con16 stitutional right, power, privilege, or immunity; in excess 

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

18 of statutory right; or without observance of procedure re19 quired by law.’’. 

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

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

22 States shall conduct a study of the resources of the Com23 modity Futures Trading Commission that— 


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1 (1) assesses whether the resources of the Com2 mission are sufficient to enable the Commission to 

3 effectively carry out the duties of the Commission; 

4 (2) examines the expenditures of the Commis5 sion on hardware, software, and analytical processes 

6 designed to protect customers in the areas of— 

7 (A) market surveillance and risk detection; 

8 and 

9 (B) market data collection, aggregation, 

10 interpretation, standardization, harmonization, 

11 and streamlining; 

12 (3) analyzes the additional workload undertaken 

13 by the Commission, and ascertains where self-regu14 latory organizations could be more effectively uti15 lized; and 

16 (4) examines existing and emerging post-trade 

17 risk reduction services in the swaps market, the no18 tional amount of risk reduction transactions pro19 vided by the services, and the effects the services 

20 have on financial stability, including— 

21 (A) market surveillance and risk detection; 

22 (B) market data collection, aggregation, 

23 interpretation, standardization, harmonization, 

24 and streamlining; and 


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1 (C) oversight and compliance work by mar2 ket participants and regulators. 

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

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

5 the United States shall submit to the Committee on Agri6 culture of the House of Representatives and the Com7 mittee on Agriculture, Nutrition, and Forestry of the Sen8 ate a report that contains the results of the study required 

9 by subsection (a). 

10 TITLE III—END-USER RELIEF 

11 SEC. 301. RELIEF FOR HEDGERS UTILIZING CENTRALIZED 

12 RISK MANAGEMENT PRACTICES. 

13 (a) IN GENERAL.— 

14 (1) COMMODITY EXCHANGE ACT AMEND15 MENT.—Section 2(h)(7)(D)(i) of the Commodity Ex16 change Act (7 U.S.C. 2(h)(7)(D)(i)) is amended to 

17 read as follows: 

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

19 person that qualifies for an exception 

20 under subparagraph (A) (including an af21 filiate entity predominantly engaged in 

22 providing financing for the purchase of the 

23 merchandise or manufactured goods of the 

24 person) may qualify for the exception only 

25 if the affiliate enters into the swap to 


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1 hedge or mitigate the commercial risk of 

2 the person or other affiliate of the person 

3 that is not a financial entity, provided that 

4 if the hedge or mitigation of such commer5 cial risk is addressed by entering into a 

6 swap with a swap dealer or major swap 

7 participant, an appropriate credit support 

8 measure or other mechanism must be uti9 lized.’’. 

10 (b) APPLICABILITY OF CREDIT SUPPORT MEASURE

11 REQUIREMENT.—Notwithstanding section 351 of this Act, 

12 the requirements in section 2(h)(7)(D)(i) of the Com13 modity Exchange Act, as amended by subsection (a), re14 quiring that a credit support measure or other mechanism 

15 be utilized if the transfer of commercial risk referred to 

16 in such section is addressed by entering into a swap with 

17 a swap dealer or major swap participant shall not apply 

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

19 enactment of this Act. 

20 SEC. 302. INDEMNIFICATION REQUIREMENTS. 

21 (a) DERIVATIVES CLEARING ORGANIZATIONS.—Sec22 tion 5b(k)(5) of the Commodity Exchange Act (7 U.S.C. 

23 7a-1(k)(5)) is amended to read as follows: 

24 ‘‘(5) CONFIDENTIALITY AGREEMENT.—Before 

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1 tity described in paragraph (4), the Commission 

2 shall receive a written agreement from each entity 

3 stating that the entity shall abide by the confiden4 tiality requirements described in section 8 relating to 

5 the information on swap transactions that is pro6 vided.’’. 

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

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

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

10 swap data repository may share information with any enti11 ty described in subsection (c)(7), the swap data repository 

12 shall receive a written agreement from each entity stating 

13 that the entity shall abide by the confidentiality require14 ments described in section 8 relating to the information 

15 on swap transactions that is provided.’’. 

16 SEC. 303. TRANSACTIONS WITH UTILITY SPECIAL ENTITIES. 

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

18 U.S.C. 1a(49)) is amended by adding at the end the fol19 lowing: 

20 ‘‘(E) CERTAIN TRANSACTIONS WITH A

21 UTILITY SPECIAL ENTITY.— 

22 ‘‘(i) Transactions in utility operations23 related swaps shall be reported pursuant to 

24 section 4r. 


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1 ‘‘(ii) In making a determination to ex2 empt pursuant to subparagraph (D), the 

3 Commission shall treat a utility operations4 related swap entered into with a utility 

5 special entity, as defined in section 

6 4s(h)(2)(D), as if it were entered into with 

7 an entity that is not a special entity, as de8 fined in section 4s(h)(2)(C).’’. 

9 SEC. 304. UTILITY SPECIAL ENTITY DEFINED. 

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

11 U.S.C. 6s(h)(2)) is amended by adding at the end the fol12 lowing: 

13 ‘‘(D) UTILITY SPECIAL ENTITY.—For pur14 poses of this Act, the term ‘utility special enti15 ty’ means a special entity, or any instrumen16 tality, department, or corporation of or estab17 lished by a State or political subdivision of a 

18 State, that— 

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

20 owning or operating, an electric or natural 

21 gas facility or an electric or natural gas 

22 operation; 

23 ‘‘(ii) supplies, or anticipates sup24 plying, natural gas and or electric energy 

25 to another utility special entity; 


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1 ‘‘(iii) has, or anticipates having, pub2 lic service obligations under Federal, State, 

3 or local law or regulation to deliver electric 

4 energy or natural gas service to customers; 

5 or 

6 ‘‘(iv) is a Federal power marketing 

7 agency, as defined in section 3 of the Fed8 eral Power Act.’’. 

9 SEC. 305. UTILITY OPERATIONS-RELATED SWAP. 

10 (a) SWAP FURTHER DEFINED.—Section 

11 1a(47)(A)(iii) of the Commodity Exchange Act (7 U.S.C. 

12 1a(47)(A)(iii)) is amended— 

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

14 (XXI); 

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

16 (XXII); and 

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

18 ‘‘(XXIII) a utility operations-re19 lated swap;’’. 

20 (b) UTILITY OPERATIONS-RELATED SWAP DE21 FINED.—Section 1a of such Act (7 U.S.C. 1a) is amended 

22 by adding at the end the following: 

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

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

25 swap that— 


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

2 or mitigate a commercial risk; 

3 ‘‘(B) is not a contract, agreement, or 

4 transaction based on, derived on, or ref5 erencing— 

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

7 currency asset class; or 

8 ‘‘(ii) except as used for fuel for elec9 tric energy generation, a metal, agricul10 tural commodity, or crude oil or gasoline 

11 commodity of any grade; or 

12 ‘‘(iii) any other commodity or category 

13 of commodities identified for this purpose 

14 in a rule or order adopted by the Commis15 sion in consultation with the appropriate 

16 Federal and State regulatory commissions; 

17 and 

18 ‘‘(C) is associated with— 

19 ‘‘(i) the generation, production, pur20 chase, or sale of natural gas or electric en21 ergy, the supply of natural gas or electric 

22 energy to a utility, or the delivery of nat23 ural gas or electric energy service to utility 

24 customers; 


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

2 operations of a utility; 

3 ‘‘(iii) compliance with an electric sys4 tem reliability obligation; 

5 ‘‘(iv) compliance with an energy, en6 ergy efficiency, conservation, or renewable 

7 energy or environmental statute, regula8 tion, or government order applicable to a 

9 utility; or 

10 ‘‘(v) any other electric energy or nat11 ural gas swap to which a utility is a 

12 party.’’. 

13 SEC. 306. END-USERS NOT TREATED AS FINANCIAL ENTI14 TIES. 

15 (a) IN GENERAL.—Section 2(h)(7)(C)(iii) of the 

16 Commodity Exchange Act (7 U.S.C. 2(h)(7)(C)(iii)) is 

17 amended to read as follows: 

18 ‘‘(iii) LIMITATION.—Such definition 

19 shall not include an entity— 

20 ‘‘(I) whose primary business is 

21 providing financing, and who uses de22 rivatives for the purpose of hedging 

23 underlying commercial risks related to 

24 interest rate and foreign currency ex25 posures, 90 percent or more of which 


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1 arise from financing that facilitates 

2 the purchase or lease of products, 90 

3 percent or more of which are manu4 factured by the parent company or 

5 another subsidiary of the parent com6 pany; or 

7 ‘‘(II) who is not supervised by a 

8 prudential regulator, and is not de9 scribed in any of subclauses (I) 

10 through (VII) of clause (i), and— 

11 ‘‘(aa) is a commercial mar12 ket participant; or 

13 ‘‘(bb) enters into swaps, 

14 contracts for future delivery, and 

15 other derivatives on behalf of, or 

16 to hedge or mitigate the commer17 cial risk of, whether directly or in 

18 the aggregate, affiliates that are 

19 not so supervised or described.’’. 

20 (b) COMMERCIAL MARKET PARTICIPANT DE21 FINED.— 

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

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

24 Act, is amended by redesignating paragraphs (8) 

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1 spectively, and by inserting after paragraph (6) the 

2 following: 

3 ‘‘(7) COMMERCIAL MARKET PARTICIPANT.—The 

4 term ‘commercial market participant’ means any 

5 producer, processor, merchant, or commercial user 

6 of an exempt or agricultural commodity, or the prod7 ucts or byproducts of such a commodity.’’. 

8 (2) CONFORMING AMENDMENTS.— 

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

10 is amended— 

11 (i) in subparagraph (A) of paragraph 

12 (18) (as so redesignated by paragraph (1) 

13 of this subsection), in the matter preceding 

14 clause (i), by striking ‘‘(18)(A)’’ and in15 serting ‘‘(19)(A)’’; and 

16 (ii) in subparagraph (A)(vii) of para17 graph (19) (as so redesignated by para18 graph (1) of this subsection), in the matter 

19 following subclause (III), by striking 

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

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

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

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

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

25 (46), (47), (48), and (49)’’ and inserting ‘‘(8), 


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1 paragraph (19)(A)(vii)(III), paragraphs (24), 

2 (25), (32), (33), (39), (40), (42), (43), (47), 

3 (48), (49), and (50)’’. 

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

5 6o-1(a)(1)) is amended by striking ‘‘1a(9)’’ and 

6 inserting ‘‘1a(10)’’. 

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

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

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

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

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

12 ‘‘1a(18)’’ and inserting ‘‘1a(19)’’. 

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

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

15 ‘‘1a(47)(A)(v)’’ and inserting ‘‘1a(48)(A)(v)’’. 

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

17 7(d)(23)) is amended by striking 

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

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

20 7(e)(1)) is amended by striking ‘‘1a(9)’’ and in21 serting ‘‘1a(10)’’. 

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

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

24 ‘‘1a(47)(A)(v)’’ and inserting ‘‘1a(48)(A)(v)’’. 


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

2 U.S.C. 7b-3(f)(10)(A)(iii)) is amended by strik3 ing ‘‘1a(47)(A)(v)’’ and inserting 

4 ‘‘1a(48)(A)(v)’’. 

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

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

7 ‘‘1a(48)’’ and inserting ‘‘1a(49)’’. 

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

9 DISADVANTAGE CERTAIN NON-FINANCIAL 

10 END-USERS. 

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

12 U.S.C. 2(a)(13)) is amended— 

13 (1) in subparagraph (C), by striking ‘‘The 

14 Commission’’ and inserting ‘‘Except as provided in 

15 subparagraph (D), the Commission’’; and 

16 (2) by redesignating subparagraphs (D) 

17 through (G) as subparagraphs (E) through (H), re18 spectively, and inserting after subparagraph (C) the 

19 following: 

20 ‘‘(D) REQUIREMENTS FOR SWAP TRANS21 ACTIONS IN ILLIQUID MARKETS.—Notwith22 standing subparagraph (C): 

23 ‘‘(i) The Commission shall provide by 

24 rule for the public reporting of swap trans25 actions, including price and volume data, 


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1 in illiquid markets that are not cleared and 

2 entered into by a non-financial entity that 

3 is hedging or mitigating commercial risk in 

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

5 ‘‘(ii) The Commission shall ensure 

6 that the swap transaction information re7 ferred to in clause (i) of this subparagraph 

8 is available to the public no sooner than 30 

9 days after the swap transaction has been 

10 executed or at such later date as the Com11 mission determines appropriate to protect 

12 the identity of participants and positions in 

13 illiquid markets and to prevent the elimi14 nation or reduction of market liquidity. 

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

16 ‘illiquid markets’ means any market in 

17 which the volume and frequency of trading 

18 in swaps is at such a level as to allow iden19 tification of individual market partici20 pants.’’. 


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1 SEC. 308. RELIEF FOR GRAIN ELEVATOR OPERATORS, 

2 FARMERS, AGRICULTURAL COUNTERPAR3 TIES, AND COMMERCIAL MARKET PARTICI4 PANTS. 

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

6 is amended by inserting after section 4t the following: 

7 ‘‘SEC. 4u. RECORDKEEPING REQUIREMENTS APPLICABLE 

8 TO NON-REGISTERED MEMBERS OF CERTAIN 

9 REGISTERED ENTITIES. 

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

11 a designated contract market or a swap execution facility 

12 that is not registered with the Commission and not re13 quired to be registered with the Commission in any capac14 ity shall satisfy the recordkeeping requirements of this Act 

15 and any recordkeeping rule, order, or regulation under 

16 this Act by maintaining a written record of each trans17 action in a contract for future delivery, option on a future, 

18 swap, swaption, trade option, or related cash or forward 

19 transaction. The written record shall be sufficient if it in20 cludes the final agreement between the parties and the 

21 material economic terms of the transaction.’’. 


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1 SEC. 309. RELIEF FOR END-USERS WHO USE PHYSICAL 

2 CONTRACTS WITH VOLUMETRIC 

3 OPTIONALITY. 

4 Section 1a(47)(B)(ii) of the Commodity Exchange 

5 Act (7 U.S.C. 1a(47)(B)(ii)) is amended to read as fol6 lows: 

7 ‘‘(ii) any purchase or sale of a non8 financial commodity or security for de9 ferred shipment or delivery, so long as the 

10 transaction is intended to be physically set11 tled, including any stand-alone or embed12 ded option for which exercise results in a 

13 physical delivery obligation;’’. 

14 SEC. 310. COMMISSION VOTE REQUIRED BEFORE AUTO15 MATIC CHANGE OF SWAP DEALER DE MINI16 MIS LEVEL. 

17 Section 1a(49)(D) of the Commodity Exchange Act 

18 (7 U.S.C. 1a(49)(D)) is amended— 

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

20 and inserting the following: 

21 ‘‘(D) EXCEPTION.— 

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

23 and 

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


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1 ‘‘(ii) DE MINIMIS QUANTITY.—The de 

2 minimis quantity of swap dealing described 

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

4 $8,000,000,000, and may be amended or 

5 changed only through a new affirmative 

6 action of the Commission undertaken by 

7 rule or regulation.’’. 

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

9 DEALERS. 

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

11 the Commodity Exchange Act (7 U.S.C. 6s(e)) is amend12 ed— 

13 (1) in paragraph (2)(B), by inserting ‘‘in con14 sultation with the prudential regulators and the Se15 curities and Exchange Commission’’ before ‘‘shall’’; 

16 and 

17 (2) in paragraph (3)(D)— 

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

19 maximum extent practicable,’’ and inserting 

20 ‘‘shall’’; and 

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

22 ‘‘(iii) FINANCIAL MODELS.—To the 

23 extent that swap dealers and major swap 

24 participants that are banks are permitted 

25 to use financial models approved by the 


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1 prudential regulators or the Securities and 

2 Exchange Commission to calculate min3 imum capital requirements and minimum 

4 initial and variation margin requirements, 

5 including the use of non-cash collateral, 

6 the Commission shall, in consultation with 

7 the prudential regulators and the Securi8 ties and Exchange Commission, permit the 

9 use of comparable financial models by 

10 swap dealers and major swap participants 

11 that are not banks.’’. 

12 SEC. 312. HARMONIZATION WITH THE JUMPSTART OUR 

13 BUSINESS STARTUPS ACT. 

14 Within 90 days after the date of the enactment of 

15 this Act, the Commodity Futures Trading Commission 

16 shall— 

17 (1) revise section 4.7(b) of title 17, Code of 

18 Federal Regulations, in the matter preceding para19 graph (1), to read as follows: 

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

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

22 section, and subject to compliance with the conditions 

23 specified in paragraph (d) of this section, any registered 

24 commodity pool operator who sells participations in a pool 

25 solely to qualified eligible persons in an offering which 


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1 qualifies for exemption from the registration requirements 

2 of the Securities Act pursuant to section 4(2) of that Act 

3 or pursuant to Regulation S, 17 CFR 230.901 et seq., 

4 and any bank registered as a commodity pool operator in 

5 connection with a pool that is a collective trust fund whose 

6 securities are exempt from registration under the Securi7 ties Act pursuant to section 3(a)(2) of that Act and are 

8 sold solely to qualified eligible persons, may claim any or 

9 all of the following relief with respect to such pool:’’; and 

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

11 read as follows: 

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

13 from registration under the Securities Act 

14 of 1933, and such interests are offered and 

15 sold pursuant to section 4 of the Securities 

16 Act of 1933 and the regulations there17 under;’’. 

18 SEC. 313. BONA FIDE HEDGE DEFINED TO PROTECT END19 USER RISK MANAGEMENT NEEDS. 

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

21 U.S.C. 6a(c)) is amended— 

22 (1) in paragraph (1)— 

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

24 ‘‘shall’’; and 


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1 (B) by striking ‘‘future for which’’ and in2 serting ‘‘future, to be determined by the Com3 mission, for which either an appropriate swap is 

4 available or’’; 

5 (2) in paragraph (2)— 

6 (A) in the matter preceding subparagraph 

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

8 follows through ‘‘position as’’ and inserting 

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

10 swaps, contracts of sale for future delivery, or 

11 options on the contracts or commodities, a bona 

12 fide hedging transaction or position is’’; and 

13 (B) in subparagraph (A)(ii), by striking 

14 ‘‘of risks’’ and inserting ‘‘or management of 

15 current or anticipated risks’’; and 

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

17 ‘‘(3) The Commission may further define, by 

18 rule or regulation, what constitutes a bona fide 

19 hedging transaction, provided that the rule or regu20 lation is consistent with the requirements of sub21 paragraphs (A) and (B) of paragraph (2).’’. 

22 SEC. 314. CROSS-BORDER REGULATION OF DERIVATIVES 

23 TRANSACTIONS. 

24 (a) RULEMAKING REQUIRED.—Within 1 year after 

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1 tures Trading Commission shall issue a rule that address2 es— 

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

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

5 a swap dealer or a major swap participant under the 

6 Commodity Exchange Act and the regulations issued 

7 under such Act; 

8 (2) which of the United States swaps require9 ments apply to the swap activities of non-U.S. per10 sons and U.S. persons and their branches, agencies, 

11 subsidiaries, and affiliates outside of the United 

12 States, and the extent to which the requirements 

13 apply; and 

14 (3) the circumstances under which a U.S. per15 son or non-U.S. person in compliance with the swaps 

16 regulatory requirements of a foreign jurisdiction 

17 shall be exempt from United States swaps require18 ments. 

19 (b) CONTENT OF THE RULE.— 

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

21 shall establish criteria for determining that 1 or 

22 more categories of the swaps regulatory require23 ments of a foreign jurisdiction are comparable to 

24 and as comprehensive as United States swaps re25 quirements. The criteria shall include— 


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1 (A) the scope and objectives of the swaps 

2 regulatory requirements of the foreign jurisdic3 tion; 

4 (B) the effectiveness of the supervisory 

5 compliance program administered; 

6 (C) the enforcement authority exercised by 

7 the foreign jurisdiction; and 

8 (D) such other factors as the Commission, 

9 by rule, determines to be necessary or appro10 priate in the public interest. 

11 (2) COMPARABILITY.—In the rule, the Commis12 sion shall— 

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

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

15 shall be exempt from United States swaps re16 quirements if the person or transaction is in 

17 compliance with the swaps regulatory require18 ments of a foreign jurisdiction which the Com19 mission has determined to be comparable to 

20 and as comprehensive as United States swaps 

21 requirements; and 

22 (B) set forth the circumstances in which a 

23 U.S. person or a transaction between a U.S. 

24 person and a non-U.S. person shall be exempt 

25 from United States swaps requirements if the 


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1 person or transaction is in compliance with the 

2 swaps regulatory requirements of a foreign ju3 risdiction which the Commission has determined 

4 to be comparable to and as comprehensive as 

5 United States swaps requirements. 

6 (3) OUTCOMES-BASED COMPARISON.—In devel7 oping and applying the criteria, the Commission 

8 shall emphasize the results and outcomes of, rather 

9 than the design and construction of, foreign swaps 

10 regulatory requirements. 

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

12 Commission shall not take into account, for the pur13 poses of determining the applicability of United 

14 States swaps requirements, the location of personnel 

15 that arrange, negotiate, or execute swaps. 

16 (5) No part of any rulemaking under this sec17 tion shall limit the Commission’s antifraud or 

18 antimanipulation authority. 

19 (c) APPLICATION OF THE RULE.— 

20 (1) ASSESSMENTS OF FOREIGN JURISDIC21 TIONS.—Beginning on the date on which a final rule 

22 is issued under this section, the Commission shall 

23 begin to assess the swaps regulatory requirements of 

24 foreign jurisdictions, in the order the Commission 

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1 teria established pursuant to subsection (b)(1). Fol2 lowing each assessment, the Commission shall deter3 mine, by rule or by order, whether the swaps regu4 latory requirements of the foreign jurisdiction are 

5 comparable to and as comprehensive as United 

6 States swaps requirements. 

7 (2) SUBSTITUTED COMPLIANCE FOR

8 UNASSESSED MAJOR MARKETS.—Beginning 18 

9 months after the date of enactment of this Act— 

10 (A) the swaps regulatory requirements of 

11 each of the 8 foreign jurisdictions with the larg12 est swaps markets, as calculated by notional 

13 value during the 12-month period ending with 

14 such date of enactment, except those with re15 spect to which a determination has been made 

16 under paragraph (1), shall be considered to be 

17 comparable to and as comprehensive as United 

18 States swaps requirements; and 

19 (B) a non-U.S. person or a transaction be20 tween 2 non-U.S. persons shall be exempt from 

21 United States swaps requirements if the person 

22 or transaction is in compliance with the swaps 

23 regulatory requirements of any of such 

24 unexcepted foreign jurisdictions. 


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1 (3) SUSPENSION OF SUBSTITUTED COMPLI2 ANCE.—If the Commission determines, by rule or by 

3 order, that— 

4 (A) the swaps regulatory requirements of a 

5 foreign jurisdiction are not comparable to and 

6 as comprehensive as United States swaps re7 quirements, using the categories and criteria es8 tablished under subsection (b)(1); or 

9 (B) the foreign jurisdiction does not ex10 empt from its swaps regulatory requirements 

11 U.S. persons who are in compliance with United 

12 States swaps requirements, 

13 the Commission may suspend, in whole or in part, 

14 a determination made under paragraph (1) or a con15 sideration granted under paragraph (2). 

16 (d) PETITION FOR REVIEW OF FOREIGN JURISDIC17 TION PRACTICES.—A registered entity, commercial mar18 ket participant (as defined in section 1a(7) of the Com19 modity Exchange Act), or Commission registrant (within 

20 the meaning of such Act) who petitions the Commission 

21 to make or change a determination under subsection 

22 (c)(1) or (c)(3) of this section shall be entitled to expedited 

23 consideration of the petition. A petition shall include any 

24 evidence or other supporting materials to justify why the 

25 petitioner believes the Commission should make or change 


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1 the determination. Petitions under this section shall be 

2 considered by the Commission any time following the en3 actment of this Act. Within 180 days after receipt of a 

4 petition for a rulemaking under this section, the Commis5 sion shall take final action on the petition. Within 90 days 

6 after receipt of a petition to issue an order or change an 

7 order issued under this section, the Commission shall take 

8 final action on the petition. 

9 (e) REPORT TO CONGRESS.—If the Commission 

10 makes a determination described in this section through 

11 an order, the Commission shall articulate the basis for the 

12 determination in a written report published in the Federal 

13 Register and transmitted to the Committee on Agriculture 

14 of the House of Representatives and Committee on Agri15 culture, Nutrition, and Forestry of the Senate within 15 

16 days of the determination. The determination shall not be 

17 effective until 15 days after the committees receive the re18 port. 

19 (f) DEFINITIONS.—As used in this Act and for pur20 poses of the rules issued pursuant to this Act, the fol21 lowing definitions apply: 

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

23 (A) means— 

24 (i) any natural person resident in the 

25 United States; 


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1 (ii) any partnership, corporation, 

2 trust, or other legal person organized or 

3 incorporated under the laws of the United 

4 States or having its principal place of busi5 ness in the United States; 

6 (iii) any account (whether discre7 tionary or non-discretionary) of a U.S. per8 son; and 

9 (iv) any other person as the Commis10 sion may further define to more effectively 

11 carry out the purposes of this section; and 

12 (B) does not include the International 

13 Monetary Fund, the International Bank for Re14 construction and Development, the Inter-Amer15 ican Development Bank, the Asian Development 

16 Bank, the African Development Bank, the 

17 United Nations, their agencies or pension plans, 

18 or any other similar international organizations 

19 or their agencies or pension plans. 

20 (2) UNITED STATES SWAPS REQUIREMENTS.— 

21 The term ‘‘United States swaps requirements’’ 

22 means the provisions relating to swaps contained in 

23 the Commodity Exchange Act (7 U.S.C. 1a et seq.) 

24 that were added by title VII of the Dodd-Frank Wall 

25 Street Reform and Consumer Protection Act (15 


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1 U.S.C. 8301 et seq.) and any rules or regulations 

2 prescribed by the Commodity Futures Trading Com3 mission pursuant to such provisions. 

4 (3) FOREIGN JURISDICTION.—The term ‘‘for5 eign jurisdiction’’ means any national or supra6 national political entity with common rules gov7 erning swaps transactions. 

8 (4) SWAPS REGULATORY REQUIREMENTS.—The 

9 term ‘‘swaps regulatory requirements’’ means any 

10 provisions of law, and any rules or regulations pur11 suant to the provisions, governing swaps trans12 actions or the counterparties to swaps transactions. 

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

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

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

16 the purposes of the Commodity End-User Relief Act,’’ 

17 after ‘‘to grant exemptions,’’. 

18 TITLE IV—TECHNICAL 

19 CORRECTIONS 

20 SEC. 401. CORRECTION OF REFERENCES. 

21 (a) Section 2(h)(8)(A)(ii) of the Commodity Ex22 change Act (7 U.S.C. 2(h)(8)(A)(ii)) is amended by strik23 ing ‘‘5h(f) of this Act’’ and inserting ‘‘5h(g)’’. 


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1 (b) Section 5c(c)(5)(C)(i) of such Act (7 U.S.C. 7a2 2(c)(5)(C)(i)) is amended by striking ‘‘1a(2)(i))’’ and in3 serting ‘‘1a(19)(i))’’. 

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

5 amended by striking ‘‘section 7064’’ and inserting ‘‘sec6 tion 706’’. 

7 SEC. 402. ELIMINATION OF OBSOLETE REFERENCES TO 

8 DEALER OPTIONS. 

9 (a) IN GENERAL.—Section 4c of the Commodity Ex10 change Act (7 U.S.C. 6c) is amended by striking sub11 sections (d) and (e) and redesignating subsections (f) and 

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

13 (b) CONFORMING AMENDMENTS.— 

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

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

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

17 6f(a)(4)(A)(i)) is amended by striking ‘‘(d), (e), and 

18 (g)’’ and inserting ‘‘and (e)’’. 

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

20 6k(5)(A)) is amended by striking ‘‘(d), (e), and (g)’’ 

21 and inserting ‘‘and (e)’’. 

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

23 7b-1(b)(1)(A)) is amended by striking ‘‘, (e) and 

24 (g)’’ and inserting ‘‘and (e)’’. 


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

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

3 inserting ‘‘and (c)’’. 

4 SEC. 403. UPDATED TRADE DATA PUBLICATION REQUIRE5 MENT. 

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

7 U.S.C. 6g(e)) is amended by striking ‘‘exchange’’ and in8 serting ‘‘each designated contract market and swap execu9 tion facility’’. 

10 SEC. 404. FLEXIBILITY FOR REGISTERED ENTITIES. 

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

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

13 derivatives transaction execution facility, or electronic 

14 trading facility’’ each place it appears and inserting ‘‘reg15 istered entity’’. 

16 SEC. 405. ELIMINATION OF OBSOLETE REFERENCES TO 

17 ELECTRONIC TRADING FACILITIES. 

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

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

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

21 a significant price discovery contract)’’. 

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

23 amended— 

24 (1) by adding ‘‘and’’ at the end of subpara25 graph (D); and 


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

2 inserting a period. 

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

4 amended— 

5 (1) in the 1st sentence— 

6 (A) by striking ‘‘or by any electronic trad7 ing facility’’; 

8 (B) by striking ‘‘or on an electronic trad9 ing facility’’; and 

10 (C) by striking ‘‘or electronic trading facil11 ity’’ each place it appears; and 

12 (2) in the 2nd sentence, by striking ‘‘or elec13 tronic trading facility with respect to a significant 

14 price discovery contract’’. 

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

16 amended by striking ‘‘any significant price discovery con17 tract traded or executed on an electronic trading facility 

18 or’’. 

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

20 amended— 

21 (1) by striking ‘‘, or any significant price dis22 covery contract traded or executed on an electronic 

23 trading facility or any agreement, contract, or trans24 action that is treated by a derivatives clearing orga25 nization, whether registered or not registered, as 


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1 fungible with a significant price discovery contract’’; 

2 and 

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

4 (f) Section 6(b) of such Act (7 U.S.C. 8(b)) is amend5 ed by striking ‘‘or electronic trading facility’’ each place 

6 it appears. 

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

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

9 follows and inserting ‘‘in the case of an agreement, con10 tract, or transaction that is excluded from this Act under 

11 section 2(c) or 2(f) of this Act or title IV of the Com12 modity Futures Modernization Act of 2000, or exempted 

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

14 such agreement, contract, or transaction is otherwise sub15 ject to this Act).’’. 

16 SEC. 406. ELIMINATION OF OBSOLETE REFERENCE TO AL17 TERNATIVE SWAP EXECUTION FACILITIES. 

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

19 U.S.C. 7b-3(h)) is amended by striking ‘‘alternative’’ be20 fore ‘‘swap’’. 

21 SEC. 407. ELIMINATION OF REDUNDANT REFERENCES TO 

22 TYPES OF REGISTERED ENTITIES. 

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

24 13a) is amended in the 1st sentence by striking ‘‘as set 

25 forth in sections 5 through 5c’’. 


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1 SEC. 408. CLARIFICATION OF COMMISSION AUTHORITY 

2 OVER SWAPS TRADING. 

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

4 12a) is amended— 

5 (1) in paragraph (7)— 

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

7 traders and to assure fair dealing in swaps, 

8 for’’ after ‘‘appropriate for’’; 

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

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

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

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

13 (2) in paragraph (9)— 

14 (A) by inserting ‘‘swap or’’ after ‘‘or liq15 uidation of any’’; and 

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

17 levels on any’’. 

18 SEC. 409. ELIMINATION OF OBSOLETE REFERENCE TO THE 

19 COMMODITY EXCHANGE COMMISSION. 

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

21 U.S.C. 13c(c)) is amended by striking ‘‘or the Commis22 sion’’. 


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1 SEC. 410. ELIMINATION OF OBSOLETE REFERENCES TO DE2 RIVATIVE TRANSACTION EXECUTION FACILI3 TIES. 

4 (a) Section 1a(12)(B)(vi) of the Commodity Ex5 change Act (7 U.S.C. 1a(12)(B)(vi)) is amended by strik6 ing ‘‘derivatives transaction execution facility’’ and insert7 ing ‘‘swap execution facility’’. 

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

9 amended by striking ‘‘or derivatives transaction execution 

10 facility’’ each place it appears. 

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

12 1a(35)(B)(iii)(I)) is amended by striking ‘‘or registered 

13 derivatives transaction execution facility’’. 

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

15 2(a)(1)(C)(ii)) is amended— 

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

17 transaction execution facility that trades or exe18 cutes,’’; 

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

20 execution facility shall trade or execute such con21 tracts of sale (or options on such contracts) for fu22 ture delivery’’; and 

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

24 execution facility,’’. 

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

26 2(a)(1)(C)(v)(I)) is amended by striking ‘‘, or any derivaVerDate Sep 11 2014 02:20 May 14, 2015 Jkt 049200 PO 00000 Frm 00051 Fmt 6652 Sfmt 6201 E:\BILLS\H2289.IH H2289

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1 tives transaction execution facility on which such contract 

2 or option is traded,’’. 

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

4 2(a)(1)(C)(v)(II)) is amended by striking ‘‘or derivatives 

5 transaction execution facility’’ each place it appears. 

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

7 2(a)(1)(C)(v)(V)) is amended by striking ‘‘or registered 

8 derivatives transaction execution facility’’. 

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

10 2(a)(1)(D)(i)) is amended in the matter preceding sub11 clause (I)— 

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

13 transaction execution facility’’; and 

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

15 transaction execution facility for,’’. 

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

17 2(a)(1)(D)(i)(IV)) is amended by striking ‘‘registered de18 rivatives transaction execution facility,’’ each place it ap19 pears. 

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

21 2(a)(1)(D)(ii)(I)) is amended to read as follows: 

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

23 to the rules of a board of trade that has been des24 ignated by the Commission as a contract market in 

25 such security futures product; or’’. 


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

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

3 derivatives transaction execution facility’’. 

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

5 2(a)(1)(D)(ii)(III)) is amended by striking ‘‘or registered 

6 derivatives transaction execution facility member’’. 

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

8 2(a)(9)(B)(ii)) is amended— 

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

10 appears; 

11 (2) by striking ‘‘or derivatives transaction exe12 cution facility’’ each place it appears; 

13 (3) by striking ‘‘or register’’; 

14 (4) by striking ‘‘registering,’’; 

15 (5) by striking ‘‘or registering,’’ each place it 

16 appears; and 

17 (6) by striking ‘‘registration,’’. 

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

19 amended by striking ‘‘or a derivatives transaction execu20 tion facility’’ each place it appears. 

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

22 is amended by striking ‘‘or derivatives transaction execu23 tion facility’’ each place it appears. 

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

25 amended— 


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1 (1) by striking ‘‘or registered’’ after ‘‘des2 ignated’’; and 

3 (2) by striking ‘‘or derivative transaction execu4 tion facility’’. 

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

6 is amended by striking ‘‘or derivatives transaction execu7 tion facilities’’ each place it appears. 

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

9 amended— 

10 (1) by striking ‘‘, derivatives transaction execu11 tion facility,’’ each place it appears; and 

12 (2) by striking ‘‘or derivatives transaction exe13 cution facility’’. 

14 (s) Section 4c(g) of such Act (7 U.S.C. 6c(g)) is 

15 amended by striking ‘‘or derivatives transaction execution 

16 facility’’ each 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 

23 amended by striking ‘‘or derivatives transaction execution 

24 facility’’ 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 

4 amended by striking ‘‘and registered derivatives trans5 action execution facility’’. 

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

7 amended by striking ‘‘, or derivatives transaction execu8 tion 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 trans14 action execution facility’’. 

15 (bb) Section 5c(f)(1) of such Act (7 U.S.C. 7a16 2(f)(1)) is amended by striking ‘‘or registered derivatives 

17 transaction 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 exe21 cution 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 

3 execution facility’’; and 

4 (3) by inserting ‘‘shall’’ before ‘‘exclude’’. 

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

6 amended— 

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

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

9 execution facility’’. 

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

11 is amended by striking ‘‘derivatives transaction execution 

12 facility,’’. 

13 SEC. 411. ELIMINATION OF OBSOLETE REFERENCES TO EX14 EMPT BOARDS OF TRADE. 

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

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

17 an exempt board of trade’’. 

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

19 16(e)(1)(B)(i)) is amended by striking ‘‘or exempt board 

20 of trade’’. 

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

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

23 U.S.C. 16a) is amended by striking subsection (b) and re24 designating subsection (c) as subsection (b). 


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1 SEC. 413. COMPLIANCE REPORT FLEXIBILITY. 

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

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

4 ‘‘(B) REQUIREMENTS.—A compliance re5 port under subparagraph (A) shall— 

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

7 penalty of law, the compliance report is 

8 materially accurate and complete; and 

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

10 Commission determines by rule, regulation, 

11 or order, to be appropriate.’’. 

12 SEC. 414. MISCELLANEOUS CORRECTIONS. 

13 (a) Section 1a(12)(A)(i)(II) of the Commodity Ex14 change Act (7 U.S.C. 1a(12)(A)(i)(II)) is amended by 

15 adding at the end a semicolon. 

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

17 2(a)(1)(C)(ii)(III)) is amended by moving the provision 2 

18 ems to the right. 

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

20 2(a)(1)(C)(iii)) is amended by moving the provision 2 ems 

21 to the right. 

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

23 2(a)(1)(C)(iv)) is amended by striking ‘‘under or’’ and in24 serting ‘‘under’’. 


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

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

3 to the right. 

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

5 2(a)(1)(C)(v)(VI)) is amended by striking ‘‘III’’ and in6 serting ‘‘(III)’’. 

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

8 amended by striking the 2nd comma. 

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

10 6(c)(3)(H)) is amended by striking ‘‘state’’ and inserting 

11 ‘‘State’’. 

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

13 amended to read as follows: 

14 ‘‘(c) The Commission shall issue regulations to con15 tinue to permit the trading of options on contract markets 

16 under such terms and conditions that the Commission 

17 from time to time may prescribe.’’. 

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

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

20 inserting ‘‘subsection (a)(2)’’. 

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

22 6f(c)(3)(A)) is amended by striking the 1st comma. 

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

24 6f(c)(4)(A)) is amended by striking ‘‘in developing’’ and 

25 inserting ‘‘In developing’’. 


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

2 6f(c)(4)(B)) is amended by striking ‘‘1817(a)’’ and insert3 ing ‘‘1817(a))’’. 

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

5 by redesignating subsections (c) through (e) as sub6 sections (b) through (d), respectively. 

7 (o) Section 5b of such Act (7 U.S.C. 7a-1) is amend8 ed by redesignating subsection (k) as subsection (j). 

9 (p) Section 5f(b)(1) of such Act (7 U.S.C. 7b10 1(b)(1)) is amended by striking ‘‘section 5f’’ and inserting 

11 ‘‘this section’’. 

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

13 amended by striking ‘‘the the’’ and inserting ‘‘the’’. 

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

15 in each of paragraphs (1)(E) and (3)(B) by striking ‘‘In16 vestors’’ and inserting ‘‘Investor’’. 

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

18 is amended by striking ‘‘subsection 4c’’ and inserting ‘‘sec19 tion 4c’’. 

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

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

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

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


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

2 21(b)(9)(D)) is amended by striking the semicolon and in3 serting a period. 

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

5 21(b)(10)(C)(ii)) is amended by striking ‘‘and’’ at the end. 

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

7 21(b)(11)) is amended by striking the period and inserting 

8 a semicolon. 

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

10 21(b)(12)) is amended— 

11 (1) by striking ‘‘(A)’’; and 

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

13 and’’. 

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

15 21(b)(13)) is amended by striking ‘‘A’’ and inserting ‘‘a’’. 

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

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

18 233(5) of Public Law 97–444, and subsection (r) as sub19 sections (r) and (s), respectively. 

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

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

22 a registered’’. 

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

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


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

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

3 inserting ‘‘subsection (a)(2)’’. 

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

5 6f(c)(3)(A)) is amended by striking the 1st comma. 

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

7 6f(c)(4)(A)) is amended by striking ‘‘in developing’’ and 

8 inserting ‘‘In developing’’. 

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

10 6f(c)(4)(B)) is amended by striking ‘‘1817(a)’’ and insert11 ing ‘‘1817(a))’’. 

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

13 by redesignating subsections (c) through (e) as sub14 sections (b) through (d), respectively. 

15 (o) Section 5b of such Act (7 U.S.C. 7a-1) is amend16 ed by redesignating subsection (k) as subsection (j). 

17 (p) Section 5f(b)(1) of such Act (7 U.S.C. 7b18 1(b)(1)) is amended by striking ‘‘section 5f’’ and inserting 

19 ‘‘this section’’. 

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

21 amended by striking ‘‘the the’’ and inserting ‘‘the’’. 

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

23 in each of paragraphs (1)(E) and (3)(B) by striking ‘‘In24 vestors’’ and inserting ‘‘Investor’’. 


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

2 is amended by striking ‘‘subsection 4c’’ and inserting ‘‘sec3 tion 4c’’. 

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

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

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

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

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

9 21(b)(9)(D)) is amended by striking the semicolon and in10 serting a period. 

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

12 21(b)(10)(C)(ii)) is amended by striking ‘‘and’’ at the end. 

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

14 21(b)(11)) is amended by striking the period and inserting 

15 a semicolon. 

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

17 21(b)(12)) is amended— 

18 (1) by striking ‘‘(A)’’; and 

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

20 and’’. 

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

22 21(b)(13)) is amended by striking ‘‘A’’ and inserting ‘‘a’’. 

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

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


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1 233(5) of Public Law 97–444, and subsection (r) as sub2 sections (r) and (s), respectively. 

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

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

5 a registered’’. 

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

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

Æ 


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