114TH CONGRESS 

1ST SESSION H. R. 2289 

AN ACT 

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 ‘‘(t) A registered futures association shall— 

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

9 that is a futures commission merchant to maintain 
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1 written policies and procedures regarding the main2 tenance of— 

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

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

5 Federal Regulations, in any customer seg6 regated funds account of the member, as identi7 fied in section 1.20 of such title, and in any for8 eign futures and foreign options customer se9 cured amount funds account of the member, as 

10 identified in section 30.7 of such title; and 

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

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

13 in any cleared swaps customer collateral ac14 count of the member, as identified in section 

15 22.2 of such 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 

19 the member’s residual interest in customer seg20 regated funds as provided in such section 1.20, in 

21 foreign futures and foreign options customer secured 

22 amount funds, identified as provided in such section 

23 30.7, and from a cleared swaps customer collateral, 

24 identified as 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 

5 by adding at the end the following: 

6 ‘‘(u) A registered futures association shall require 

7 any member of the association that is a futures commis8 sion merchant to— 

9 ‘‘(1) use an electronic system or systems to re10 port financial and operational information to the as11 sociation or another party designated by the reg12 istered futures association, including information re13 lated to customer segregated funds, foreign futures 

14 and foreign options customer secured amount funds 

15 accounts, and cleared swaps customer collateral, in 

16 accordance with such terms, conditions, documenta17 tion standards, and regular time intervals as are es18 tablished by the registered 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 

23 17, Code of Federal Regulations, foreign futures and 

24 foreign options customer secured amount funds 

25 under section 30.7 of such title, or cleared swap cus26 tomer funds under section 22.2 of such title, to re-
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1 port balances in the futures commission merchant’s 

2 section 1.20 customer segregated funds, section 30.7 

3 foreign futures and foreign options customer secured 

4 amount funds, and section 22.2 cleared swap cus5 tomer funds, to the registered futures association or 

6 another party designated by the registered futures 

7 association, in the form, manner, and interval pre8 scribed by the registered futures association; and 

9 ‘‘(3) hold section 1.20 customer segregated 

10 funds, section 30.7 foreign futures and foreign op11 tions customer secured amount funds and section 

12 22.2 cleared swaps customer funds in a depository 

13 that reports the balances in these accounts of the fu14 tures commission merchant held at the depository to 

15 the registered futures association or another party 

16 designated by the registered futures association in 

17 the form, manner, and interval prescribed by the 

18 registered futures association.’’. 

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 ‘‘(v) A futures commission merchant that has ad25 justed net capital in an amount less than the amount re-
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1 quired by regulations established by the Commission or 

2 a self-regulatory organization of which the futures com3 mission merchant is a member shall immediately notify 

4 the Commission and the self-regulatory organization of 

5 this occurrence. 

6 ‘‘(w) A futures commission merchant that does not 

7 hold a sufficient amount of funds in segregated accounts 

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

9 of Federal Regulations, in foreign futures and foreign op10 tions secured amount accounts for foreign futures and for11 eign options secured amount customers under section 30.7 

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

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

14 regulations established by the Commission or a self-regu15 latory organization of which the futures commission mer16 chant is a member, shall immediately notify the Commis17 sion and the self-regulatory organization of this occur18 rence. 

19 ‘‘(x) Within such time period established by the Com20 mission after the end of each fiscal year, a futures com21 mission merchant shall file with the Commission a report 

22 from the chief compliance officer of the futures commis23 sion merchant containing an assessment of the internal 

24 compliance programs of the futures commission mer25 chant.’’. 
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1 SEC. 104. FUTURES COMMISSION MERCHANT COMPLIANCE. 

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

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

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

5 subparagraphs (A) and (B); 

6 (2) by inserting ‘‘(1)’’ before ‘‘It shall be unlaw7 ful’’; and 

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

9 paragraph: 

10 ‘‘(2) Any rules or regulations requiring a fu11 tures commission merchant to maintain a residual 

12 interest in accounts held for the benefit of customers 

13 in amounts at least sufficient to exceed the sum of 

14 all uncollected margin deficits of such customers 

15 shall provide that a futures commission merchant 

16 shall meet its residual interest requirement as of the 

17 end of each business day calculated as of the close 

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

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

20 such Act (7 U.S.C. 6d(h)) is amended by striking ‘‘Not21 withstanding subsection (a)(2)’’ and inserting ‘‘Notwith22 standing subsection (a)(1)(B)’’. 

23 SEC. 105. CERTAINTY FOR FUTURES CUSTOMERS AND MAR24 KET PARTICIPANTS. 

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

26 U.S.C. 24(a)) is amended— 
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1 (1) by striking ‘‘and’’ at the end of paragraph 

2 (4); 

3 (2) by striking the period at the end of para4 graph (5) and inserting ‘‘; and’’; and 

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

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

7 the estate of a commodity broker, including the 

8 trading or operating accounts of the commodity 

9 broker and commodities held in inventory by the 

10 commodity broker, shall be included in customer 

11 property, subject to any otherwise unavoidable secu12 rity interest, or otherwise unavoidable contractual 

13 offset or netting rights of creditors (including rights 

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

15 organization or a clearing agency) in respect of such 

16 property, but only to the extent that the property 

17 that is otherwise customer property is insufficient to 

18 satisfy the net equity claims of public customers (as 

19 such term may be defined by the Commission by 

20 rule or regulation) of the commodity broker.’’. 
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1 TITLE II—COMMODITY FUTURES 

2 TRADING COMMISSION RE3 FORMS 

4 SEC. 201. EXTENSION OF OPERATIONS. 

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

6 U.S.C. 16(d)) is amended by striking ‘‘2013’’ and insert7 ing ‘‘2019’’. 

8 SEC. 202. CONSIDERATION BY THE COMMODITY FUTURES 

9 TRADING COMMISSION OF THE COSTS AND 

10 BENEFITS OF ITS REGULATIONS AND OR11 DERS. 

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

13 U.S.C. 19(a)) is amended— 

14 (1) by striking paragraphs (1) and (2) and in15 serting the following: 

16 ‘‘(1) IN GENERAL.—Before promulgating a reg17 ulation under this Act or issuing an order (except as 

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

19 through the Office of the Chief Economist, shall as20 sess and publish in the regulation or order the costs 

21 and benefits, both qualitative and quantitative, of 

22 the proposed regulation or order, and the proposed 

23 regulation or order shall state its statutory justifica24 tion. 
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1 ‘‘(2) CONSIDERATIONS.—In making a reasoned 

2 determination of the costs and the benefits, the 

3 Commission shall evaluate— 

4 ‘‘(A) considerations of protection of market 

5 participants and the public; 

6 ‘‘(B) considerations of the efficiency, com7 petitiveness, and financial integrity of futures 

8 and swaps markets; 

9 ‘‘(C) considerations of the impact on mar10 ket liquidity in the futures and swaps markets; 

11 ‘‘(D) considerations of price discovery; 

12 ‘‘(E) considerations of sound risk manage13 ment practices; 

14 ‘‘(F) available alternatives to direct regula15 tion; 

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

17 posed by various activities within the scope of 

18 its jurisdiction; 

19 ‘‘(H) the costs of complying with the pro20 posed regulation or order by all regulated enti21 ties, including a methodology for quantifying 

22 the costs (recognizing that some costs are dif23 ficult to quantify); 
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1 ‘‘(I) whether the proposed regulation or 

2 order is inconsistent, incompatible, or duplica3 tive of other Federal regulations or orders; 

4 ‘‘(J) the cost to the Commission of imple5 menting the proposed regulation or order by the 

6 Commission staff, including a methodology for 

7 quantifying the costs; 

8 ‘‘(K) whether, in choosing among alter9 native regulatory approaches, those approaches 

10 maximize net benefits (including potential eco11 nomic and other benefits, distributive impacts, 

12 and equity); and 

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

14 and 

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

16 ‘‘(4) JUDICIAL REVIEW.—Notwithstanding sec17 tion 24(d), a court shall affirm a Commission as18 sessment of costs and benefits under this subsection, 

19 unless the court finds the assessment to be an abuse 

20 of discretion.’’. 

21 SEC. 203. DIVISION DIRECTORS. 

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

23 (7 U.S.C. 2(a)(6)(C)) is amended by inserting ‘‘, and the 

24 heads of the units shall serve at the pleasure of the Com25 mission’’ before the period. 
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1 SEC. 204. OFFICE OF THE CHIEF ECONOMIST. 

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

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

4 the end the following: 

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

6 ‘‘(A) ESTABLISHMENT.—There is estab7 lished in the Commission the Office of the Chief 

8 Economist. 

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

10 Economist shall be headed by the Chief Econo11 mist, who shall be appointed by the Commission 

12 and serve at the pleasure of the Commission. 

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

14 shall report directly to the Commission and per15 form such functions and duties as the Commis16 sion may prescribe. 

17 ‘‘(D) PROFESSIONAL STAFF.—The Com18 mission shall appoint such other economists as 

19 may be necessary to assist the Chief Economist 

20 in performing such economic analysis, regu21 latory cost-benefit analysis, or research any 

22 member of the Commission may request.’’. 

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

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

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

26 and (16)’’. 
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1 (c) SENSE OF THE CONGRESS.—It is the sense of the 

2 Congress that the Commodity Futures Trading Commis3 sion should take all appropriate actions to encourage ap4 plications for positions in the Office of the Chief Econo5 mist from members of minority groups, women, disabled 

6 persons, and veterans. 

7 SEC. 205. PROCEDURES GOVERNING ACTIONS TAKEN BY 

8 COMMISSION STAFF. 

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

10 U.S.C. 2(a)(12)) is amended— 

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

12 following: 

13 ‘‘(12) RULES AND REGULATIONS.— 

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

15 provisions of this paragraph, the’’; and 

16 (2) by adding after and below the end the fol17 lowing new subparagraph: 

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

19 Commission shall develop and publish internal 

20 procedures governing the issuance by any divi21 sion or office of the Commission of any re22 sponse to a formal, written request or petition 

23 from any member of the public for an exemp24 tive, a no-action, or an interpretive letter and 

25 such procedures shall provide that the commis-
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1 sioners be provided with the final version of the 

2 matter to be issued with sufficient notice to re3 view the matter prior to its issuance.’’. 

4 SEC. 206. STRATEGIC TECHNOLOGY PLAN. 

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

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

7 is amended by adding at the end the following: 

8 ‘‘(17) STRATEGIC TECHNOLOGY PLAN.— 

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

10 Commission shall develop and submit to the 

11 Committee on Agriculture of the House of Rep12 resentatives and the Committee on Agriculture, 

13 Nutrition, and Forestry of the Senate a detailed 

14 plan focused on the acquisition and use of tech15 nology by the Commission. 

16 ‘‘(B) CONTENTS.—The plan shall— 

17 ‘‘(i) include for each related division 

18 or office a detailed technology strategy fo19 cused on market surveillance and risk de20 tection, market data collection, aggrega21 tion, interpretation, standardization, har22 monization, normalization, validation, 

23 streamlining or other data analytic proc24 esses, and internal management and pro25 tection of data collected by the Commis-
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1 sion, including a detailed accounting of 

2 how the funds provided for technology will 

3 be used and the priorities that will apply in 

4 the use of the funds; 

5 ‘‘(ii) set forth annual goals to be ac6 complished and annual budgets needed to 

7 accomplish the goals; and 

8 ‘‘(iii) include a summary of any plan 

9 of action and milestones to address any 

10 known information security vulnerability, 

11 as identified pursuant to a widely accepted 

12 industry or Government standard, includ13 ing— 

14 ‘‘(I) specific information about 

15 the industry or Government standard 

16 used to identify the known informa17 tion security vulnerability; 

18 ‘‘(II) a detailed time line with 

19 specific deadlines for addressing the 

20 known information security vulner21 ability; and 

22 ‘‘(III) an update of any such 

23 time line and the rationale for any de24 viation from the time line.’’. 
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1 SEC. 207. INTERNAL RISK CONTROLS. 

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

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

4 is amended by adding at the end the following: 

5 ‘‘(C) INTERNAL RISK CONTROLS.—The 

6 Commission, in consultation with the Chief 

7 Economist, shall develop comprehensive internal 

8 risk control mechanisms to safeguard and gov9 ern the storage of all market data by the Com10 mission, all market data sharing agreements of 

11 the Commission, and all academic research per12 formed at the Commission using market data.’’. 

13 SEC. 208. SUBPOENA DURATION AND RENEWAL. 

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

15 U.S.C. 9(5)) is amended— 

16 (1) by striking ‘‘(5) SUBPOENA.—For’’ and in17 serting the following: 

18 ‘‘(5) SUBPOENA.— 

19 ‘‘(A) IN GENERAL.—For’’; and 

20 (2) by adding after and below the end the fol21 lowing: 

22 ‘‘(B) OMNIBUS ORDERS OF INVESTIGA23 TION.— 

24 ‘‘(i) DURATION AND RENEWAL.—An 

25 omnibus order of investigation shall not be 
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1 for an indefinite duration and may be re2 newed only by Commission action. 

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

4 term ‘omnibus order of investigation’ 

5 means an order of the Commission author6 izing 1 of more members of the Commis7 sion or its staff to issue subpoenas under 

8 subparagraph (A) to multiple persons in 

9 relation to a particular subject matter 

10 area.’’. 

11 SEC. 209. APPLICABILITY OF NOTICE AND COMMENT RE12 QUIREMENTS OF THE ADMINISTRATIVE PRO13 CEDURE ACT TO GUIDANCE VOTED ON BY 

14 THE COMMISSION. 

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

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

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

18 ‘‘(D) APPLICABILITY OF NOTICE AND COM19 MENT RULES TO GUIDANCE VOTED ON BY THE

20 COMMISSION.—The notice and comment re21 quirements of section 553 of title 5, United 

22 States Code, shall also apply with respect to 

23 any Commission statement or guidance, includ24 ing interpretive rules, general statements of pol25 icy, or rules of Commission organization, proce-
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1 dure, or practice, that has the effect of imple2 menting, interpreting or prescribing law or pol3 icy and that is voted on by the Commission.’’. 

4 SEC. 210. JUDICIAL REVIEW OF COMMISSION RULES. 

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

6 is amended by adding at the end the following: 

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

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

9 Commission promulgated under this Act may obtain re10 view of the rule in the United States Court of Appeals 

11 for the District of Columbia Circuit or the United States 

12 Court of Appeals for the circuit where the party resides 

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

14 court, within 60 days after publication in the Federal Reg15 ister of the entry of the rule, a written petition requesting 

16 that the rule be set aside. 

17 ‘‘(b) A copy of the petition shall be transmitted forth18 with by the clerk of the court to an officer designated by 

19 the Commission for that purpose. Thereupon the Commis20 sion shall file in the court the record on which the rule 

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

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

23 Appellate Procedure. 

24 ‘‘(c) On the filing of the petition, the court has juris25 diction, which becomes exclusive on the filing of the 
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1 record, to affirm and enforce or to set aside the rule in 

2 whole or in part. 

3 ‘‘(d) The court shall affirm and enforce the rule un4 less the Commission’s action in promulgating the rule is 

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

6 or otherwise not in accordance with law; contrary to con7 stitutional right, power, privilege, or immunity; in excess 

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

9 of statutory right; or without observance of procedure re10 quired by law.’’. 

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

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

13 States shall conduct a study of the resources of the Com14 modity Futures Trading Commission that— 

15 (1) assesses whether the resources of the Com16 mission are sufficient to enable the Commission to 

17 effectively carry out the duties of the Commission; 

18 (2) examines the expenditures of the Commis19 sion on hardware, software, and analytical processes 

20 designed to protect customers in the areas of— 

21 (A) market surveillance and risk detection; 

22 and 

23 (B) market data collection, aggregation, 

24 interpretation, standardization, harmonization, 

25 and streamlining; 
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1 (3) analyzes the additional workload undertaken 

2 by the Commission, and ascertains where self-regu3 latory organizations could be more effectively uti4 lized; and 

5 (4) examines existing and emerging post-trade 

6 risk reduction services in the swaps market, the no7 tional amount of risk reduction transactions pro8 vided by the services, and the effects the services 

9 have on financial stability, including— 

10 (A) market surveillance and risk detection; 

11 (B) market data collection, aggregation, 

12 interpretation, standardization, harmonization, 

13 and streamlining; and 

14 (C) oversight and compliance work by mar15 ket participants and regulators. 

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

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

18 the United States shall submit to the Committee on Agri19 culture of the House of Representatives and the Com20 mittee on Agriculture, Nutrition, and Forestry of the Sen21 ate a report that contains the results of the study required 

22 by subsection (a). 
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1 SEC. 212. DISCLOSURE OF REQUIRED DATA OF OTHER REG2 ISTERED ENTITIES. 

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

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

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

6 REGISTERED ENTITIES.— 

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

8 Commission may not be compelled to disclose any 

9 proprietary information provided to the Commission, 

10 except that nothing in this subsection— 

11 ‘‘(A) authorizes the Commission to with12 hold information from Congress; or 

13 ‘‘(B) prevents the Commission from— 

14 ‘‘(i) complying with a request for in15 formation from any other Federal depart16 ment or agency, any State or political sub17 division thereof, or any foreign government 

18 or any department, agency, or political 

19 subdivision thereof requesting the report or 

20 information for purposes within the scope 

21 of its jurisdiction, upon an agreement of 

22 confidentiality to protect the information 

23 in a manner consistent with this paragraph 

24 and subsection (e); or 

25 ‘‘(ii) making a disclosure made pursu26 ant to a court order in connection with an 
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1 administrative or judicial proceeding 

2 brought under this Act, in any receivership 

3 proceeding involving a receiver appointed 

4 in a judicial proceeding brought under this 

5 Act, or in any bankruptcy proceeding in 

6 which the Commission has intervened or in 

7 which the Commission has the right to ap8 pear and be heard under title 11 of the 

9 United States Code. 

10 ‘‘(2) Any proprietary information of a com11 modity trading advisor or commodity pool operator 

12 ascertained by the Commission in connection with 

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

14 forms thereto, shall be subject to the same limita15 tions on public disclosure, as any facts ascertained 

16 during an investigation, as provided by subsection 

17 (a); provided, however, that the Commission shall 

18 not be precluded from publishing aggregate informa19 tion compiled from such forms, to the extent such 

20 aggregate information does not identify any indi21 vidual person or firm, or such person’s proprietary 

22 information. 

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

24 United States Code, this subsection, and the infor25 mation contemplated herein, shall be considered a 
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1 statute described in subsection (b)(3)(B) of such 

2 section 552. 

3 ‘‘(4) For purposes of the definition of propri4 etary information in paragraph (5), the records and 

5 reports of any client account or commodity pool to 

6 which a commodity trading advisor or commodity 

7 pool operator registered under this title provides 

8 services that are filed with the Commission on Form 

9 CPO-PQR, CTA-PR, and any successor forms there10 to, shall be deemed to be the records and reports of 

11 the commodity trading advisor or commodity pool 

12 operator, respectively. 

13 ‘‘(5) For purposes of this section, proprietary 

14 information of a commodity trading advisor or com15 modity pool operator includes sensitive, non-public 

16 information regarding— 

17 ‘‘(A) the commodity trading advisor, com18 modity pool operator or the trading strategies 

19 of the commodity trading advisor or commodity 

20 pool operator; 

21 ‘‘(B) analytical or research methodologies 

22 of a commodity trading advisor or commodity 

23 pool operator; 

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

25 advisor or commodity pool operator; and 
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1 ‘‘(D) computer hardware or software con2 taining intellectual property of a commodity 

3 trading advisor or commodity pool operator;’’. 

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

5 METALS EXCHANGE TO REGISTER AS A FOR6 EIGN BOARD OF TRADE; DEADLINE FOR AC7 TION ON APPLICATION. 

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

9 the date of the enactment of this section, the Commodity 

10 Futures Trading Commission shall submit to the Congress 

11 a written report on— 

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

13 of any application submitted by a metals exchange 

14 to register with the Commission under section 

15 4(b)(1) of the Commodity Exchange Act; 

16 (2) the status of Commission negotiations with 

17 foreign regulators regarding aluminum warehousing; 

18 and 

19 (3) the status of consultations with all United 

20 States market participants including major pro21 ducers and consumers. 

22 (b) DEADLINE FOR ACTION.—Not later than Sep23 tember 30, 2016, the Commission shall take action on any 

24 such application submitted to the Commission on or before 

25 August 14, 2012. 
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1 TITLE III—END-USER RELIEF 

2 SEC. 301. RELIEF FOR HEDGERS UTILIZING CENTRALIZED 

3 RISK MANAGEMENT PRACTICES. 

4 (a) IN GENERAL.— 

5 (1) COMMODITY EXCHANGE ACT AMEND6 MENT.—Section 2(h)(7)(D)(i) of the Commodity Ex7 change Act (7 U.S.C. 2(h)(7)(D)(i)) is amended to 

8 read as follows: 

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

10 person that qualifies for an exception 

11 under subparagraph (A) (including an af12 filiate entity predominantly engaged in 

13 providing financing for the purchase of the 

14 merchandise or manufactured goods of the 

15 person) may qualify for the exception only 

16 if the affiliate enters into the swap to 

17 hedge or mitigate the commercial risk of 

18 the person or other affiliate of the person 

19 that is not a financial entity, provided that 

20 if the hedge or mitigation of such commer21 cial risk is addressed by entering into a 

22 swap with a swap dealer or major swap 

23 participant, an appropriate credit support 

24 measure or other mechanism must be uti25 lized.’’. 
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1 (2) SECURITIES EXCHANGE ACT OF 1934 

2 AMENDMENT.—Section 3C(g)(4)(A) of the Securities 

3 Exchange Act of 1934 (15 U.S.C. 78c–3(g)(4)(A)) 

4 is amended to read as follows: 

5 ‘‘(A) IN GENERAL.—An affiliate of a per6 son that qualifies for an exception under para7 graph (1) (including affiliate entities predomi8 nantly engaged in providing financing for the 

9 purchase of the merchandise or manufactured 

10 goods of the person) may qualify for the excep11 tion only if the affiliate enters into the security12 based swap to hedge or mitigate the commercial 

13 risk of the person or other affiliate of the per14 son that is not a financial entity, provided that 

15 if the hedge or mitigation of such commercial 

16 risk is addressed by entering into a security17 based swap with a security-based swap dealer 

18 or major security-based swap participant, an 

19 appropriate credit support measure or other 

20 mechanism must be utilized.’’. 

21 (b) APPLICABILITY OF CREDIT SUPPORT MEASURE

22 REQUIREMENT.—The requirements in section 

23 2(h)(7)(D)(i) of the Commodity Exchange Act and section 

24 3C(g)(4)(A) of the Securities Exchange Act of 1934, as 

25 amended by subsection (a), requiring that a credit support 
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1 measure or other mechanism be utilized if the transfer of 

2 commercial risk referred to in such sections is addressed 

3 by entering into a swap with a swap dealer or major swap 

4 participant or a security-based swap with a security-based 

5 swap dealer or major security-based swap participant, as 

6 appropriate, shall not apply with respect to swaps or secu7 rity-based swaps, as appropriate, entered into before the 

8 date of the enactment of this Act. 

9 SEC. 302. INDEMNIFICATION REQUIREMENTS. 

10 (a) DERIVATIVES CLEARING ORGANIZATIONS.—Sec11 tion 5b(k)(5) of the Commodity Exchange Act (7 U.S.C. 

12 7a–1(k)(5)) is amended to read as follows: 

13 ‘‘(5) CONFIDENTIALITY AGREEMENT.—Before 

14 the Commission may share information with any en15 tity described in paragraph (4), the Commission 

16 shall receive a written agreement from each entity 

17 stating that the entity shall abide by the confiden18 tiality requirements described in section 8 relating to 

19 the information on swap transactions that is pro20 vided.’’. 

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

22 Act (7 U.S.C. 24a) is amended— 

23 (1) in subsection (c)(7)— 
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1 (A) in the matter preceding subparagraph 

2 (A), by striking ‘‘all’’ and inserting ‘‘swap’’; 

3 and 

4 (B) in subparagraph (E)— 

5 (i) in clause (ii), by striking ‘‘and’’ at 

6 the end; and 

7 (ii) by adding at the end the fol8 lowing: 

9 ‘‘(iv) other foreign authorities; and’’; 

10 and 

11 (2) by striking subsection (d) and inserting the 

12 following: 

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

14 swap data repository may share information with any enti15 ty described in subsection (c)(7), the swap data repository 

16 shall receive a written agreement from each entity stating 

17 that the entity shall abide by the confidentiality require18 ments described in section 8 relating to the information 

19 on swap transactions that is provided.’’. 

20 (c) SECURITY-BASED SWAP DATA REPOSITORIES.— 

21 Section 13(n)(5) of the Securities Exchange Act of 1934 

22 25 (15 U.S.C. 78m(n)(5)) is amended— 

23 (1) in subparagraph (G)— 
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1 (A) in the matter preceding clause (i), by 

2 striking ‘‘all’’ and inserting ‘‘security-based 

3 swap’’; and 

4 (B) in subclause (v)— 

5 (i) in subclause (II), by striking ‘‘; 

6 and’’ and inserting a semicolon; 

7 (ii) in subclause (III), by striking the 

8 period at the end and inserting ‘‘; and’’; 

9 and 

10 (iii) by adding at the end the fol11 lowing: 

12 ‘‘(IV) other foreign authorities.’’; 

13 and 

14 (2) by striking subparagraph (H) and inserting 

15 the following: 

16 ‘‘(H) CONFIDENTIALITY AGREEMENT.— 

17 Before the security-based swap data repository 

18 may share information with any entity de19 scribed in subparagraph (G), the security-based 

20 swap data repository shall receive a written 

21 agreement from each entity stating that the en22 tity shall abide by the confidentiality require23 ments described in section 24 relating to the in24 formation on security-based swap transactions 

25 that is provided.’’. 
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1 (d) EFFECTIVE DATE.—The amendments made by 

2 this section shall take effect as if enacted on July 21, 

3 2010. 

4 SEC. 303. TRANSACTIONS WITH UTILITY SPECIAL ENTITIES. 

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

6 U.S.C. 1a(49)) is amended by adding at the end the fol7 lowing: 

8 ‘‘(E) CERTAIN TRANSACTIONS WITH A

9 UTILITY SPECIAL ENTITY.— 

10 ‘‘(i) Transactions in utility operations11 related swaps shall be reported pursuant to 

12 section 4r. 

13 ‘‘(ii) In making a determination to ex14 empt pursuant to subparagraph (D), the 

15 Commission shall treat a utility operations16 related swap entered into with a utility 

17 special entity, as defined in section 

18 4s(h)(2)(D), as if it were entered into with 

19 an entity that is not a special entity, as de20 fined in section 4s(h)(2)(C).’’. 

21 SEC. 304. UTILITY SPECIAL ENTITY DEFINED. 

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

23 U.S.C. 6s(h)(2)) is amended by adding at the end the fol24 lowing: 
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1 ‘‘(D) UTILITY SPECIAL ENTITY.—For pur2 poses of this Act, the term ‘utility special enti3 ty’ means a special entity, or any instrumen4 tality, department, or corporation of or estab5 lished by a State or political subdivision of a 

6 State, that— 

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

8 owning or operating, an electric or natural 

9 gas facility or an electric or natural gas 

10 operation; 

11 ‘‘(ii) supplies, or anticipates sup12 plying, natural gas and or electric energy 

13 to another utility special entity; 

14 ‘‘(iii) has, or anticipates having, pub15 lic service obligations under Federal, State, 

16 or local law or regulation to deliver electric 

17 energy or natural gas service to customers; 

18 or 

19 ‘‘(iv) is a Federal power marketing 

20 agency, as defined in section 3 of the Fed21 eral Power Act.’’. 

22 SEC. 305. UTILITY OPERATIONS-RELATED SWAP. 

23 (a) SWAP FURTHER DEFINED.—Section 

24 1a(47)(A)(iii) of the Commodity Exchange Act (7 U.S.C. 

25 1a(47)(A)(iii)) is amended— 
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1 (1) by striking ‘‘and’’ at the end of subclause 

2 (XXI); 

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

4 (XXII); and 

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

6 ‘‘(XXIII) a utility operations-re7 lated swap;’’. 

8 (b) UTILITY OPERATIONS-RELATED SWAP DE9 FINED.—Section 1a of such Act (7 U.S.C. 1a) is amended 

10 by adding at the end the following: 

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

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

13 swap that— 

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

15 or mitigate a commercial risk; 

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

17 transaction based on, derived on, or ref18 erencing— 

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

20 currency asset class; 

21 ‘‘(ii) except as used for fuel for elec22 tric energy generation, a metal, agricul23 tural commodity, or crude oil or gasoline 

24 commodity of any grade; or 
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1 ‘‘(iii) any other commodity or category 

2 of commodities identified for this purpose 

3 in a rule or order adopted by the Commis4 sion in consultation with the appropriate 

5 Federal and State regulatory commissions; 

6 and 

7 ‘‘(C) is associated with— 

8 ‘‘(i) the generation, production, pur9 chase, or sale of natural gas or electric en10 ergy, the supply of natural gas or electric 

11 energy to a utility, or the delivery of nat12 ural gas or electric energy service to utility 

13 customers; 

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

15 operations of a utility; 

16 ‘‘(iii) compliance with an electric sys17 tem reliability obligation; 

18 ‘‘(iv) compliance with an energy, en19 ergy efficiency, conservation, or renewable 

20 energy or environmental statute, regula21 tion, or government order applicable to a 

22 utility; or 

23 ‘‘(v) any other electric energy or nat24 ural gas swap to which a utility is a 

25 party.’’. 
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1 SEC. 306. END-USERS NOT TREATED AS FINANCIAL ENTI2 TIES. 

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

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

5 amended to read as follows: 

6 ‘‘(iii) LIMITATION.—Such definition 

7 shall not include an entity— 

8 ‘‘(I) whose primary business is 

9 providing financing, and who uses de10 rivatives for the purpose of hedging 

11 underlying commercial risks related to 

12 interest rate and foreign currency ex13 posures, 90 percent or more of which 

14 arise from financing that facilitates 

15 the purchase or lease of products, 90 

16 percent or more of which are manu17 factured by the parent company or 

18 another subsidiary of the parent com19 pany; or 

20 ‘‘(II) who is not supervised by a 

21 prudential regulator, and is not de22 scribed in any of subclauses (I) 

23 through (VII) of clause (i), and— 

24 ‘‘(aa) is a commercial mar25 ket participant; or 
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1 ‘‘(bb) enters into swaps, 

2 contracts for future delivery, and 

3 other derivatives on behalf of, or 

4 to hedge or mitigate the commer5 cial risk of, whether directly or in 

6 the aggregate, affiliates that are 

7 not so supervised or described.’’. 

8 (b) COMMERCIAL MARKET PARTICIPANT DE9 FINED.— 

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

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

12 Act, is amended by redesignating paragraphs (7) 

13 through (52) as paragraphs (8) through (53), re14 spectively, and by inserting after paragraph (6) the 

15 following: 

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

17 term ‘commercial market participant’ means any 

18 producer, processor, merchant, or commercial user 

19 of an exempt or agricultural commodity, or the prod20 ucts or byproducts of such a commodity.’’. 

21 (2) CONFORMING AMENDMENTS.— 

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

23 is amended— 

24 (i) in subparagraph (A) of paragraph 

25 (18) (as so redesignated by paragraph (1) 
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1 of this subsection), in the matter preceding 

2 clause (i), by striking ‘‘(18)(A)’’ and in3 serting ‘‘(19)(A)’’; and 

4 (ii) in subparagraph (A)(vii) of para5 graph (19) (as so redesignated by para6 graph (1) of this subsection), in the matter 

7 following subclause (III), by striking 

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

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

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

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

12 (23), (24), (31), (32), (38), (39), (41), (42), 

13 (46), (47), (48), and (49)’’ and inserting ‘‘(8), 

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

15 (25), (32), (33), (39), (40), (42), (43), (47), 

16 (48), (49), and (50)’’. 

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

18 6o–1(a)(1)) is amended by striking ‘‘1a(9)’’ and 

19 inserting ‘‘1a(10)’’. 

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

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

22 ‘‘1a(47)(A)(v)’’ and inserting ‘‘1a(48)(A)(v)’’. 

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

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

25 ‘‘1a(18)’’ and inserting ‘‘1a(19)’’. 
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1 (F) Section 4t(b)(1)(C) of such Act (7 

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

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

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

5 7(d)(23)) is amended by striking 

6 ‘‘1a(47)(A)(v)’’ and inserting ‘‘1a(48)(A)(v)’’. 

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

8 7(e)(1)) is amended by striking ‘‘1a(9)’’ and in9 serting ‘‘1a(10)’’. 

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

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

12 ‘‘1a(47)(A)(v)’’ and inserting ‘‘1a(48)(A)(v)’’. 

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

14 U.S.C. 7b–3(f)(10)(A)(iii)) is amended by strik15 ing ‘‘1a(47)(A)(v)’’ and inserting 

16 ‘‘1a(48)(A)(v)’’. 

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

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

19 ‘‘1a(48)’’ and inserting ‘‘1a(49)’’. 

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

21 DISADVANTAGE CERTAIN NON-FINANCIAL 

22 END-USERS. 

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

24 U.S.C. 2(a)(13)) is amended— 
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1 (1) in subparagraph (C), by striking ‘‘The 

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

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

4 (2) by redesignating subparagraphs (D) 

5 through (G) as subparagraphs (E) through (H), re6 spectively, and inserting after subparagraph (C) the 

7 following: 

8 ‘‘(D) REQUIREMENTS FOR SWAP TRANS9 ACTIONS IN ILLIQUID MARKETS.—Notwith10 standing subparagraph (C): 

11 ‘‘(i) The Commission shall provide by 

12 rule for the public reporting of swap trans13 actions, including price and volume data, 

14 in illiquid markets that are not cleared and 

15 entered into by a non-financial entity that 

16 is hedging or mitigating commercial risk in 

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

18 ‘‘(ii) The Commission shall ensure 

19 that the swap transaction information re20 ferred to in clause (i) of this subparagraph 

21 is available to the public no sooner than 30 

22 days after the swap transaction has been 

23 executed or at such later date as the Com24 mission determines appropriate to protect 

25 the identity of participants and positions in 
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1 illiquid markets and to prevent the elimi2 nation or reduction of market liquidity. 

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

4 ‘illiquid markets’ means any market in 

5 which the volume and frequency of trading 

6 in swaps is at such a level as to allow iden7 tification of individual market partici8 pants.’’. 

9 SEC. 308. RELIEF FOR GRAIN ELEVATOR OPERATORS, 

10 FARMERS, AGRICULTURAL COUNTERPAR11 TIES, AND COMMERCIAL MARKET PARTICI12 PANTS. 

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

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

15 ‘‘SEC. 4u. RECORDKEEPING REQUIREMENTS APPLICABLE 

16 TO NON-REGISTERED MEMBERS OF CERTAIN 

17 REGISTERED ENTITIES. 

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

19 a designated contract market or a swap execution facility 

20 that is not registered with the Commission and not re21 quired to be registered with the Commission in any capac22 ity shall satisfy the recordkeeping requirements of this Act 

23 and any recordkeeping rule, order, or regulation under 

24 this Act by maintaining a written record of each trans25 action in a contract for future delivery, option on a future, 
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1 swap, swaption, trade option, or related cash or forward 

2 transaction. The written record shall be sufficient if it in3 cludes the final agreement between the parties and the 

4 material economic terms of the transaction.’’. 

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

6 CONTRACTS WITH VOLUMETRIC 

7 OPTIONALITY. 

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

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

10 306(b)(1) of this Act, is amended to read as follows: 

11 ‘‘(ii) any purchase or sale of a non12 financial commodity or security for de13 ferred shipment or delivery, so long as the 

14 transaction is intended to be physically set15 tled, including any stand-alone or embed16 ded option for which exercise results in a 

17 physical delivery obligation;’’. 

18 SEC. 310. COMMISSION VOTE REQUIRED BEFORE AUTO19 MATIC CHANGE OF SWAP DEALER DE MINI20 MIS LEVEL. 

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

22 (7 U.S.C. 1a(49)(D)), as so redesignated by section 

23 306(b)(1) of this Act, is amended— 

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

25 and inserting the following: 
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1 ‘‘(D) EXCEPTION.— 

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

3 and 

4 (2) by adding after and below the end the fol5 lowing new clause: 

6 ‘‘(ii) DE MINIMIS QUANTITY.—The de 

7 minimis quantity of swap dealing described 

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

9 $8,000,000,000, and may be amended or 

10 changed only through a new affirmative 

11 action of the Commission undertaken by 

12 rule or regulation.’’. 

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

14 DEALERS. 

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

16 the Commodity Exchange Act (7 U.S.C. 6s(e)) is amend17 ed— 

18 (1) in paragraph (2)(B), by striking ‘‘shall’’ 

19 and inserting the following: ‘‘and the Securities and 

20 Exchange Commission, in consultation with the pru21 dential regulators, shall jointly’’; 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 

3 extent that swap dealers and major swap 

4 participants that are banks are permitted 

5 to use financial models approved by the 

6 prudential regulators or the Securities and 

7 Exchange Commission to calculate min8 imum capital requirements and minimum 

9 initial and variation margin requirements, 

10 including the use of non-cash collateral, 

11 the Commission shall, in consultation with 

12 the prudential regulators and the Securi13 ties and Exchange Commission, permit the 

14 use of comparable financial models by 

15 swap dealers and major swap participants 

16 that are not banks.’’. 

17 (b) SECURITIES EXCHANGE ACT OF 1934.—Section 

18 15F(e) of the Securities Exchange Act of 1934 (15 U.S.C. 

19 78o–10(e)) is amended— 

20 (1) in paragraph (2)(B), by striking ‘‘shall’’ 

21 and inserting the following: ‘‘and the Commodity 

22 Futures Trading Commission, in consultation with 

23 the prudential regulators, shall jointly’’; and 

24 (2) in paragraph (3)(D)— 
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1 (A) in clause (ii), by striking ‘‘shall, to the 

2 maximum extent practicable,’’ and inserting 

3 ‘‘shall’’; and 

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

5 ‘‘(iii) FINANCIAL MODELS.—To the 

6 extent that security-based swap dealers 

7 and major security-based swap participants 

8 that are banks are permitted to use finan9 cial models approved by the prudential reg10 ulators or the Commodity Futures Trading 

11 Commission to calculate minimum capital 

12 requirements and minimum initial and var13 iation margin requirements, including the 

14 use of non-cash collateral, the Commission 

15 shall, in consultation with the Commodity 

16 Futures Trading Commission, permit the 

17 use of comparable financial models by se18 curity-based swap dealers and major secu19 rity-based swap participants that are not 

20 banks.’’. 

21 SEC. 312. HARMONIZATION WITH THE JUMPSTART OUR 

22 BUSINESS STARTUPS ACT. 

23 Within 90 days after the date of the enactment of 

24 this Act, the Commodity Futures Trading Commission 

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

2 Federal Regulations, in the matter preceding para3 graph (1), to read as follows: 

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

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

6 section, and subject to compliance with the conditions 

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

8 commodity pool operator who sells participations in a pool 

9 solely to qualified eligible persons in an offering which 

10 qualifies for exemption from the registration requirements 

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

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

13 and any bank registered as a commodity pool operator in 

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

15 securities are exempt from registration under the Securi16 ties Act pursuant to section 3(a)(2) of that Act and are 

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

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

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

20 read as follows: 

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

22 from registration under the Securities Act 

23 of 1933, and such interests are offered and 

24 sold pursuant to section 4 of the Securities 
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1 Act of 1933 and the regulations there2 under;’’. 

3 SEC. 313. BONA FIDE HEDGE DEFINED TO PROTECT END4 USER RISK MANAGEMENT NEEDS. 

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

6 U.S.C. 6a(c)) is amended— 

7 (1) in paragraph (1)— 

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

9 ‘‘shall’’; and 

10 (B) by striking ‘‘future for which’’ and in11 serting ‘‘future, to be determined by the Com12 mission, for which either an appropriate swap is 

13 available or’’; 

14 (2) in paragraph (2)— 

15 (A) in the matter preceding subparagraph 

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

17 follows through ‘‘position as’’ and inserting 

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

19 swaps, contracts of sale for future delivery, or 

20 options on the contracts or commodities, a bona 

21 fide hedging transaction or position is’’; and 

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

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

24 current or anticipated risks’’; and 

25 (3) by adding at the end the following: 
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1 ‘‘(3) The Commission may further define, by 

2 rule or regulation, what constitutes a bona fide 

3 hedging transaction, provided that the rule or regu4 lation is consistent with the requirements of sub5 paragraphs (A) and (B) of paragraph (2).’’. 

6 SEC. 314. CROSS-BORDER REGULATION OF DERIVATIVES 

7 TRANSACTIONS. 

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

9 the date of the enactment of this Act, the Commodity Fu10 tures Trading Commission shall issue a rule that address11 es— 

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

13 States that require a non-United States person to 

14 register as a swap dealer or a major swap partici15 pant under the Commodity Exchange Act and the 

16 regulations issued under such Act; 

17 (2) which of the United States swaps require18 ments apply to the swap activities of non-United 

19 States persons and United States persons and their 

20 branches, agencies, subsidiaries, and affiliates out21 side of the United States, and the extent to which 

22 the requirements apply; and 

23 (3) the circumstances under which a United 

24 States person or non-United States person in com25 pliance with the swaps regulatory requirements of a 
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1 foreign jurisdiction shall be exempt from United 

2 States swaps requirements. 

3 (b) CONTENT OF THE RULE.— 

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

5 shall establish criteria for determining that 1 or 

6 more categories of the swaps regulatory require7 ments of a foreign jurisdiction are comparable to 

8 and as comprehensive as United States swaps re9 quirements. The criteria shall include— 

10 (A) the scope and objectives of the swaps 

11 regulatory requirements of the foreign jurisdic12 tion; 

13 (B) the effectiveness of the supervisory 

14 compliance program administered; 

15 (C) the enforcement authority exercised by 

16 the foreign jurisdiction; and 

17 (D) such other factors as the Commission, 

18 by rule, determines to be necessary or appro19 priate in the public interest. 

20 (2) COMPARABILITY.—In the rule, the Commis21 sion shall— 

22 (A) provide that any non-United States 

23 person or any transaction between 2 non-United 

24 States persons shall be exempt from United 

25 States swaps requirements if the person or 
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1 transaction is in compliance with the swaps reg2 ulatory requirements of a foreign jurisdiction 

3 which the Commission has determined to be 

4 comparable to and as comprehensive as United 

5 States swaps requirements; and 

6 (B) set forth the circumstances in which a 

7 United States person or a transaction between 

8 a United States person and a non-United 

9 States person shall be exempt from United 

10 States swaps requirements if the person or 

11 transaction is in compliance with the swaps reg12 ulatory requirements of a foreign jurisdiction 

13 which the Commission has determined to be 

14 comparable to and as comprehensive as United 

15 States swaps requirements. 

16 (3) OUTCOMES-BASED COMPARISON.—In devel17 oping and applying the criteria, the Commission 

18 shall emphasize the results and outcomes of, rather 

19 than the design and construction of, foreign swaps 

20 regulatory requirements. 

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

22 Commission shall not take into account, for the pur23 poses of determining the applicability of United 

24 States swaps requirements, the location of personnel 

25 that arrange, negotiate, or execute swaps. 
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1 (5) No part of any rulemaking under this sec2 tion shall limit the Commission’s antifraud or 

3 antimanipulation authority. 

4 (c) APPLICATION OF THE RULE.— 

5 (1) ASSESSMENTS OF FOREIGN JURISDIC6 TIONS.—Beginning on the date on which a final rule 

7 is issued under this section, the Commission shall 

8 begin to assess the swaps regulatory requirements of 

9 foreign jurisdictions, in the order the Commission 

10 determines appropriate, in accordance with the cri11 teria established pursuant to subsection (b)(1). Fol12 lowing each assessment, the Commission shall deter13 mine, by rule or by order, whether the swaps regu14 latory requirements of the foreign jurisdiction are 

15 comparable to and as comprehensive as United 

16 States swaps requirements. 

17 (2) SUBSTITUTED COMPLIANCE FOR

18 UNASSESSED MAJOR MARKETS.—Beginning 18 

19 months after the date of enactment of this Act— 

20 (A) the swaps regulatory requirements of 

21 each of the 8 foreign jurisdictions with the larg22 est swaps markets, as calculated by notional 

23 value during the 12-month period ending with 

24 such date of enactment, except those with re25 spect to which a determination has been made 
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1 under paragraph (1), shall be considered to be 

2 comparable to and as comprehensive as United 

3 States swaps requirements; and 

4 (B) a non-United States person or a trans5 action between 2 non-United States persons 

6 shall be exempt from United States swaps re7 quirements if the person or transaction is in 

8 compliance with the swaps regulatory require9 ments of any of such unexcepted foreign juris10 dictions. 

11 (3) SUSPENSION OF SUBSTITUTED COMPLI12 ANCE.—If the Commission determines, by rule or by 

13 order, that— 

14 (A) the swaps regulatory requirements of a 

15 foreign jurisdiction are not comparable to and 

16 as comprehensive as United States swaps re17 quirements, using the categories and criteria es18 tablished under subsection (b)(1); 

19 (B) the foreign jurisdiction does not ex20 empt from its swaps regulatory requirements 

21 United States persons who are in compliance 

22 with United States swaps requirements; or 

23 (C) the foreign jurisdiction is not providing 

24 equivalent recognition of, or substituted compli25 ance for, registered entities (as defined in sec-
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1 tion 1a(41) of the Commodity Exchange Act) 

2 domiciled in the United States, 

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

4 a determination made under paragraph (1) or a con5 sideration granted under paragraph (2). 

6 (d) PETITION FOR REVIEW OF FOREIGN JURISDIC7 TION PRACTICES.—A registered entity, commercial mar8 ket participant (as defined in section 1a(7) of the Com9 modity Exchange Act), or Commission registrant (within 

10 the meaning of such Act) who petitions the Commission 

11 to make or change a determination under subsection 

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

13 consideration of the petition. A petition shall include any 

14 evidence or other supporting materials to justify why the 

15 petitioner believes the Commission should make or change 

16 the determination. Petitions under this section shall be 

17 considered by the Commission any time following the en18 actment of this Act. Within 180 days after receipt of a 

19 petition for a rulemaking under this section, the Commis20 sion shall take final action on the petition. Within 90 days 

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

22 order issued under this section, the Commission shall take 

23 final action on the petition. 

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

25 makes a determination described in this section through 
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1 an order, the Commission shall articulate the basis for the 

2 determination in a written report published in the Federal 

3 Register and transmitted to the Committee on Agriculture 

4 of the House of Representatives and Committee on Agri5 culture, Nutrition, and Forestry of the Senate within 15 

6 days of the determination. The determination shall not be 

7 effective until 15 days after the committees receive the re8 port. 

9 (f) DEFINITIONS.—As used in this Act and for pur10 poses of the rules issued pursuant to this Act, the fol11 lowing definitions apply: 

12 (1) UNITED STATES PERSON.—The term 

13 ‘‘United States person’’— 

14 (A) means— 

15 (i) any natural person resident in the 

16 United States; 

17 (ii) any partnership, corporation, 

18 trust, or other legal person organized or 

19 incorporated under the laws of the United 

20 States or having its principal place of busi21 ness in the United States; 

22 (iii) any account (whether discre23 tionary or non-discretionary) of a United 

24 States person; and 
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1 (iv) any other person as the Commis2 sion may further define to more effectively 

3 carry out the purposes of this section; and 

4 (B) does not include the International 

5 Monetary Fund, the International Bank for Re6 construction and Development, the Inter-Amer7 ican Development Bank, the Asian Development 

8 Bank, the African Development Bank, the 

9 United Nations, their agencies or pension plans, 

10 or any other similar international organizations 

11 or their agencies or pension plans. 

12 (2) UNITED STATES SWAPS REQUIREMENTS.— 

13 The term ‘‘United States swaps requirements’’ 

14 means the provisions relating to swaps contained in 

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

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

17 Street Reform and Consumer Protection Act (15 

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

19 prescribed by the Commodity Futures Trading Com20 mission pursuant to such provisions. 

21 (3) FOREIGN JURISDICTION.—The term ‘‘for22 eign jurisdiction’’ means any national or supra23 national political entity with common rules gov24 erning swaps transactions. 
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1 (4) SWAPS REGULATORY REQUIREMENTS.—The 

2 term ‘‘swaps regulatory requirements’’ means any 

3 provisions of law, and any rules or regulations pur4 suant to the provisions, governing swaps trans5 actions or the counterparties to swaps transactions. 

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

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

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

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

10 after ‘‘to grant exemptions,’’. 

11 SEC. 315. EXEMPTION OF QUALIFIED CHARITABLE ORGANI12 ZATIONS FROM DESIGNATION AND REGULA13 TION AS COMMODITY POOL OPERATORS. 

14 (a) EXCLUSION FROM DEFINITION OF COMMODITY

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

16 (7 U.S.C. 1a(10)), as so redesignated by section 306(b)(1) 

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

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

19 pool’ shall not include any investment trust, 

20 syndicate, or similar form of enterprise ex21 cluded from the definition of ‘investment com22 pany’ pursuant to section 3(c)(10) or 3(c)(14) 

23 of the Investment Company Act of 1940.’’. 

24 (b) INAPPLICABILITY OF PROHIBITION ON USE OF

25 INSTRUMENTALITIES OF INTERSTATE COMMERCE BY UN-
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1 REGISTERED COMMODITY TRADING ADVISOR.—Section 

2 4m of such Act (7 U.S.C. 6m) is amended— 

3 (1) in paragraph (1), in the second sentence, by 

4 inserting ‘‘: Provided further, That the provisions of 

5 this section shall not apply to any commodity trad6 ing advisor that is: (A) a charitable organization, as 

7 defined in section 3(c)(10)(D) of the Investment 

8 Company Act of 1940, or a trustee, director, officer, 

9 employee, or volunteer of such a charitable organiza10 tion acting within the scope of the employment or 

11 duties of the person with the organization, whose 

12 trading advice is provided only to, or with respect to, 

13 1 or more of the following: (i) any such charitable 

14 organization; or (ii) an investment trust, syndicate 

15 or similar form of enterprise excluded from the defi16 nition of ‘investment company’ pursuant to section 

17 3(c)(10) of the Investment Company Act of 1940; or 

18 (B) any plan, company, or account described in sec19 tion 3(c)(14) of the Investment Company Act of 

20 1940, any person or entity who establishes or main21 tains such a plan, company, or account, or any 

22 trustee, director, officer, employee, or volunteer for 

23 any of the foregoing plans, persons, or entities act24 ing within the scope of the employment or duties of 

25 the person with the organization, whose trading ad-
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1 vice is provided only to, or with respect to, any in2 vestment trust, syndicate, or similar form of enter3 prise excluded from the definition of ‘investment 

4 company’ pursuant to section 3(c)(14) of the Invest5 ment Company Act of 1940’’ before the period; and 

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

7 ‘‘(4) DISCLOSURE CONCERNING EXCLUDED CHARI8 TABLE ORGANIZATIONS.—The operator of or advisor to 

9 any investment trust, syndicate, or similar form of enter10 prise excluded from the definition of ‘commodity pool’ by 

11 reason of section 1a(10)(C) of this Act pursuant to section 

12 3(c)(10) of the Investment Company Act of 1940 shall 

13 provide disclosure in accordance with section 7(e) of the 

14 Investment Company Act of 1940.’’. 

15 SEC. 316. SMALL BANK HOLDING COMPANY CLEARING EX16 EMPTION. 

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

18 (7 U.S.C. 2(h)(7)(C)) is amended by adding at the end 

19 the following: 

20 ‘‘(iv) HOLDING COMPANIES.—A deter21 mination made by the Commission under 

22 clause (ii) shall, with respect to small 

23 banks and savings associations, also apply 

24 to their respective bank holding company 

25 (as defined in section 2 of the Bank Hold-
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1 ing Company Act of 1956), or savings and 

2 loan holding company (as defined in sec3 tion 10 of the Home Owners’ Loan Act of 

4 1933)), if the total consolidated assets of 

5 the holding company are no greater than 

6 the asset threshold set by the Commission 

7 in determining small bank and savings as8 sociation eligibility under clause (ii).’’. 

9 SEC. 317. CORE PRINCIPLE CERTAINTY. 

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

11 U.S.C. 7b–3(f)) is amended— 

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

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

14 rule or regulation’’; 

15 (2) in paragraph (2), by amending subpara16 graph (D) to read as follows: 

17 ‘‘(D) have reasonable discretion in estab18 lishing and enforcing its rules related to trade 

19 practice surveillance, market surveillance, real20 time marketing monitoring, and audit trail 

21 given that a swap execution facility may offer 

22 a trading system or platform to execute or 

23 trade swaps through any means of interstate 

24 commerce. A swap execution facility shall be re-
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1 sponsible for monitoring trading in swaps only 

2 on its own facility.’’; 

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

4 the following: ‘‘A swap execution facility shall be re5 sponsible for monitoring trading in swaps only on its 

6 own facility.’’; 

7 (4) in paragraph (6)(B)— 

8 (A) by striking ‘‘shall—’’ and all that fol9 lows through ‘‘compliance with the’’ and insert 

10 ‘‘shall monitor the trading activity on its facility 

11 for compliance with any’’; and 

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

13 swap execution facility shall be responsible for 

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

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

16 and all that follows and inserting ‘‘to suspend or 

17 curtail trading in a swap on its own facility.’’; 

18 (6) in paragraph (13)(B), by striking ‘‘1-year 

19 period, as calculated on a rolling basis’’ and insert20 ing ‘‘90-day period, as calculated on a rolling basis, 

21 or conduct an orderly wind-down of its operations, 

22 whichever is greater’’; and 

23 (7) in paragraph (15)— 

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

25 end the following: ‘‘The individual may also 
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1 perform other responsibilities for the swap exe2 cution facility.’’; 

3 (B) in subparagraph (B)— 

4 (i) in clause (i), by inserting ‘‘, a com5 mittee of the board,’’ after ‘‘directly to the 

6 board’’; 

7 (ii) by striking clauses (iii) through 

8 (v) and inserting the following: 

9 ‘‘(iii) establish and administer policies 

10 and procedures that are reasonably de11 signed to resolve any conflicts of interest 

12 that may arise; 

13 ‘‘(iv) establish and administer policies 

14 and procedures that reasonably ensure 

15 compliance with this Act and the rules and 

16 regulations issued under this Act, includ17 ing rules prescribed by the Commission 

18 pursuant to this section; and’’; and 

19 (iii) by redesignating clause (vi) as 

20 clause (v); 

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

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

23 (D) in subparagraph (D)— 

24 (i) in clause (i)— 
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1 (I) by striking ‘‘In accordance 

2 with rules prescribed by the Commis3 sion, the’’ and inserting ‘‘The’’; and 

4 (II) by striking ‘‘and sign’’; and 

5 (ii) in clause (ii)— 

6 (I) in the matter preceding sub7 clause (I), by inserting ‘‘or senior offi8 cer’’ after ‘‘officer’’; 

9 (II) by amending subclause (I) to 

10 read as follows: 

11 ‘‘(I) submit each report described 

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

13 and 

14 (III) in subclause (II), by insert15 ing ‘‘materially’’ before ‘‘accurate’’. 

16 SEC. 318. TREATMENT OF FEDERAL HOME LOAN BANK 

17 PRODUCTS. 

18 (a) Section 1a(2) of the Commodity Exchange Act 

19 (7 U.S.C. 1a(2)) is amended— 

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

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

22 and inserting ‘‘; and’’; and 

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

24 ‘‘(D) is the Federal Housing Finance 

25 Agency for any Federal Home Loan Bank (as 
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1 defined in section 2 of the Federal Home Loan 

2 Bank Act).’’. 

3 (b) Section 402(a) of the Legal Certainty for Bank 

4 Products Act of 2000 (7 U.S.C. 27(a)) is amended— 

5 (1) by striking ‘‘or’’ at the end of paragraph 

6 (6); 

7 (2) by striking the period at the end of para8 graph (7) and inserting ‘‘; or’’; and 

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

10 ‘‘(8) any Federal Home Loan Bank (as defined 

11 in section 2 of the Federal Home Loan Bank Act).’’. 

12 SEC. 319. TREATMENT OF CERTAIN FUNDS. 

13 (a) AMENDMENT TO THE DEFINITION OF COM14 MODITY POOL OPERATOR.—Section 1a(12) of the Com15 modity Exchange Act (7 U.S.C. 1a(11)), as so redesig16 nated by section 306(b)(1) of this Act, is amended by add17 ing at the end the following: 

18 ‘‘(C)(i) The term ‘commodity pool oper19 ator’ does not include a person who serves as 

20 an investment adviser to an investment com21 pany registered pursuant to section 8 of the In22 vestment Company Act of 1940 or a subsidiary 

23 of such a company, if the investment company 

24 or subsidiary invests, reinvests, owns, holds, or 
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1 trades in commodity interests limited to only fi2 nancial commodity interests. 

3 ‘‘(ii) For purposes of this subparagraph 

4 only, the term ‘financial commodity interest’ 

5 means a futures contract, an option on a fu6 tures contract, or a swap, involving a com7 modity that is not an exempt commodity or an 

8 agricultural commodity, including any index of 

9 financial commodity interests, whether cash set10 tled or involving physical delivery. 

11 ‘‘(iii) For purposes of this subparagraph 

12 only, the term ‘commodity’ does not include a 

13 security issued by a real estate investment 

14 trust, business development company, or issuer 

15 of asset-backed securities, including any index 

16 of such securities.’’. 

17 (b) AMENDMENT TO THE DEFINITION OF COM18 MODITY TRADING ADVISOR.—Section 1a(13) of such Act 

19 (7 U.S.C. 1a(12)), as so redesignated by section 306(b)(1) 

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

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

22 does not include a person who serves as an in23 vestment adviser to an investment company reg24 istered pursuant to section 8 of the Investment 

25 Company Act of 1940 or a subsidiary of such 
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1 a company, if the commodity trading advice re2 lates only to a financial commodity interest, as 

3 defined in paragraph (12)(C)(ii) of this section. 

4 For purposes of this subparagraph only, the 

5 term ‘commodity’ does not include a security 

6 issued by a real estate investment trust, busi7 ness development company, or issuer of asset8 backed securities, including any index of such 

9 securities.’’. 

10 TITLE IV—TECHNICAL 

11 CORRECTIONS 

12 SEC. 401. CORRECTION OF REFERENCES. 

13 (a) Section 2(h)(8)(A)(ii) of the Commodity Ex14 change Act (7 U.S.C. 2(h)(8)(A)(ii)) is amended by strik15 ing ‘‘5h(f) of this Act’’ and inserting ‘‘5h(g)’’. 

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

17 2(c)(5)(C)(i)) is amended by striking ‘‘1a(2)(i))’’ and in18 serting ‘‘1a(19)(i))’’. 

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

20 amended by striking ‘‘section 7064’’ and inserting ‘‘sec21 tion 706’’. 

22 SEC. 402. ELIMINATION OF OBSOLETE REFERENCES TO 

23 DEALER OPTIONS. 

24 (a) IN GENERAL.—Section 4c of the Commodity Ex25 change Act (7 U.S.C. 6c) is amended by striking sub-
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1 sections (d) and (e) and redesignating subsections (f) and 

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

3 (b) CONFORMING AMENDMENTS.— 

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

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

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

7 6f(a)(4)(A)(i)) is amended by striking ‘‘, (d), (e), 

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

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

10 6k(5)(A)) is amended by striking ‘‘, (d), (e), and 

11 (g)’’ and inserting ‘‘and (e)’’. 

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

13 7b–1(b)(1)(A)) is amended by striking ‘‘, (e), and 

14 (g)’’ and inserting ‘‘and (e)’’. 

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

16 13(a)(2)) is amended by striking ‘‘through (e)’’ and 

17 inserting ‘‘and (c)’’. 

18 SEC. 403. UPDATED TRADE DATA PUBLICATION REQUIRE19 MENT. 

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

21 U.S.C. 6g(e)) is amended by striking ‘‘exchange’’ and in22 serting ‘‘each designated contract market and swap execu23 tion facility’’. 
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1 SEC. 404. FLEXIBILITY FOR REGISTERED ENTITIES. 

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

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

4 derivatives transaction execution facility, or electronic 

5 trading facility’’ each place it appears and inserting ‘‘reg6 istered entity’’. 

7 SEC. 405. ELIMINATION OF OBSOLETE REFERENCES TO 

8 ELECTRONIC TRADING FACILITIES. 

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

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

11 306(b)(1) of this Act, is amended by striking ‘‘(other than 

12 an electronic trading facility with respect to a significant 

13 price discovery contract)’’. 

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

15 so redesignated by section 306(b)(1) of this Act, is amend16 ed— 

17 (1) by adding ‘‘and’’ at the end of subpara18 graph (D); and 

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

20 inserting a period. 

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

22 amended— 

23 (1) in the first sentence— 

24 (A) by striking ‘‘or by any electronic trad25 ing facility’’; 
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1 (B) by striking ‘‘or on an electronic trad2 ing facility’’; and 

3 (C) by striking ‘‘or electronic trading facil4 ity’’ each place it appears; and 

5 (2) in the second sentence, by striking ‘‘or elec6 tronic trading facility with respect to a significant 

7 price discovery contract’’. 

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

9 amended by striking ‘‘any significant price discovery con10 tract traded or executed on an electronic trading facility 

11 or’’. 

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

13 (1) by striking ‘‘, or any significant price dis14 covery contract traded or executed on an electronic 

15 trading facility or any agreement, contract, or trans16 action that is treated by a derivatives clearing orga17 nization, whether registered or not registered, as 

18 fungible with a significant price discovery contract’’; 

19 and 

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

21 (f) Section 6(b) of such Act (7 U.S.C. 8(b)) is amend22 ed by striking ‘‘or electronic trading facility’’ each place 

23 it appears. 

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

25 is amended by striking ‘‘in the case of—’’ and all that 
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1 follows and inserting ‘‘in the case of an agreement, con2 tract, or transaction that is excluded from this Act under 

3 section 2(c) or 2(f) of this Act or title IV of the Com4 modity Futures Modernization Act of 2000, or exempted 

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

6 such agreement, contract, or transaction is otherwise sub7 ject to this Act).’’. 

8 SEC. 406. ELIMINATION OF OBSOLETE REFERENCE TO AL9 TERNATIVE SWAP EXECUTION FACILITIES. 

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

11 U.S.C. 7b–3(h)) is amended by striking ‘‘alternative’’ be12 fore ‘‘swap’’. 

13 SEC. 407. ELIMINATION OF REDUNDANT REFERENCES TO 

14 TYPES OF REGISTERED ENTITIES. 

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

16 13a) is amended in the first sentence by striking ‘‘as set 

17 forth in sections 5 through 5c’’. 

18 SEC. 408. CLARIFICATION OF COMMISSION AUTHORITY 

19 OVER SWAPS TRADING. 

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

21 12a) is amended— 

22 (1) in paragraph (7)— 

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

24 traders and to assure fair dealing in swaps, 

25 for’’ after ‘‘appropriate for’’; 
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1 (B) in subparagraph (A), by inserting 

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

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

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

5 (2) in paragraph (9)— 

6 (A) by inserting ‘‘swap or’’ after ‘‘or liq7 uidation of any’’; and 

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

9 levels on any’’. 

10 SEC. 409. ELIMINATION OF OBSOLETE REFERENCE TO THE 

11 COMMODITY EXCHANGE COMMISSION. 

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

13 U.S.C. 13c(c)) is amended by striking ‘‘or the Commis14 sion’’. 

15 SEC. 410. ELIMINATION OF OBSOLETE REFERENCES TO DE16 RIVATIVE TRANSACTION EXECUTION FACILI17 TIES. 

18 (a) Section 1a(13)(B)(vi) of the Commodity Ex19 change Act (7 U.S.C. 1a(12)(B)(vi)), as so redesignated 

20 by section 306(b)(1) of this Act, is amended by striking 

21 ‘‘derivatives transaction execution facility’’ and inserting 

22 ‘‘swap execution facility’’. 

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

24 so redesignated by section 306(b)(1) of this Act, is amend-
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1 ed by striking ‘‘or derivatives transaction execution facil2 ity’’ each place it appears. 

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

4 1a(35)(B)(iii)(I)), as so redesignated by section 306(b)(1) 

5 of this Act, is amended by striking ‘‘or registered deriva6 tives transaction execution facility’’. 

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

8 2(a)(1)(C)(ii)) is amended— 

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

10 transaction execution facility that trades or exe11 cutes,’’; 

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

13 execution facility shall trade or execute such con14 tracts of sale (or options on such contracts) for fu15 ture delivery’’; and 

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

17 execution facility,’’. 

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

19 2(a)(1)(C)(v)(I)) is amended by striking ‘‘, or any deriva20 tives transaction execution facility on which such contract 

21 or option is traded,’’. 

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

23 2(a)(1)(C)(v)(II)) is amended by striking ‘‘or derivatives 

24 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 

3 derivatives 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 sub6 clause (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 

18 to the rules of a board of trade that has been des19 ignated by the Commission as a contract market in 

20 such security 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 

23 derivatives 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 exe9 cution 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 execu15 tion facility’’. 

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

17 is amended by striking ‘‘or derivatives transaction execu18 tion facility’’ each place it appears. 

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 exe24 cution 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 exe4 cution facilities’’; and 

5 (2) by striking ‘‘or derivatives transaction exe6 cution 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 exe12 cution 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’’ 

16 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. 7a– 

16 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’’ the 

5 first place it 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 

10 execution facility’’. 

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

12 is amended by striking ‘‘derivatives transaction execution 

13 facility,’’. 

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 ex19 empt 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 

20 at 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 in9 serting ‘‘(III)’’. 

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

11 amended by striking the second 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 

16 amended 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 

20 from 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 first 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 

3 inserting ‘‘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 

8 by redesignating subsections (c) through (e) as sub9 sections (b) through (d), respectively. 

10 (o) Section 5b of such Act (7 U.S.C. 7a–1) is amend11 ed by redesignating subsection (k) as subsection (j). 

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

13 1(b)(1)) is amended by striking ‘‘section 5f’’ and inserting 

14 ‘‘this section’’. 

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

16 amended 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 ‘‘In19 vestors’’ and inserting ‘‘Investor’’. 

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

21 is amended by striking ‘‘subsection 4c’’ and inserting ‘‘sec22 tion 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. 

9 21(b)(11)) is amended by striking the period and inserting 

10 a semicolon. 

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

12 21(b)(12)) is amended— 

13 (1) by striking ‘‘(A)’’; and 

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

15 and’’. 

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

17 21(b)(13)) is amended by striking ‘‘A’’ and inserting ‘‘a’’. 

18 (aa) Section 17 of such Act (7 U.S.C. 21), as amend19 ed by sections 101 through 103 of this Act, is amended 

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

21 233(5) of Public Law 97–444, and subsections (s) through 

22 (w) as subsections (r) through (x), respectively. 

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

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

25 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’’. 

Passed the House of Representatives June 9, 2015. 

Attest: 

Clerk. 

114TH CONGRESS 

1ST SESSION H. R. 2289 

AN ACT 

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,