```

[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2586 Introduced in House (IH)]

112th CONGRESS
  1st Session
                                H. R. 2586

 To refine the definition of swap execution facility in the provisions 
   regulating swap markets added by title VII of the Dodd-Frank Wall 
               Street Reform and Consumer Protection Act.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                             July 19, 2011

   Mr. Garrett (for himself, Mrs. Maloney, Mr. Hurt, and Mr. Meeks) 
 introduced the following bill; which was referred to the Committee on 
 Financial Services, and in addition to the Committee on Agriculture, 
for a period to be subsequently determined by the Speaker, in each case 
for consideration of such provisions as fall within the jurisdiction of 
                        the committee concerned

_______________________________________________________________________

                                 A BILL

 
 To refine the definition of swap execution facility in the provisions 
   regulating swap markets added by title VII of the Dodd-Frank Wall 
               Street Reform and Consumer Protection Act.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Swap Execution Facility 
Clarification Act''.

SEC. 2. DEFINITION OF SWAP EXECUTION FACILITY.

    (a) Commodity Exchange Act.--Section 1a(50) of the Commodity 
Exchange Act (7 U.S.C. 1a(50)) is amended--
            (1) by striking ``The term'' and inserting the following:
                    ``(A) In general.--The term'';
            (2) by redesignating subparagraphs (A) and (B) as clauses 
        (i) and (ii), respectively; and
            (3) by adding at the end the following:
                    ``(B) Interpretation.--In interpreting or further 
                defining the term `swap execution facility', the 
                Commission shall not require a swap execution facility 
                to--
                            ``(i) have a minimum number of participants 
                        receive a bid or offer or respond to any 
                        trading system or platform functionality;
                            ``(ii) display or delay bids or offers for 
                        any period of time;
                            ``(iii) limit the means of interstate 
                        commerce utilized by market participants to 
                        enter into and execute any swap transactions on 
                        the trading system or platform; or
                            ``(iv) require bids or offers on one 
                        trading system or platform operated by the swap 
                        execution facility to interact with bids or 
                        offers on another trading system or platform 
                        operated by the swap execution facility''.
    (b) Securities Exchange Act of 1934.--Section 3(a)(77) of the 
Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(77)) is amended--
            (1) by striking ``The term'' and inserting the following:
                    ``(A) In general.--The term'';
            (2) by redesignating subparagraphs (A) and (B) as clauses 
        (i) and (ii), respectively; and
            (3) by adding at the end the following:
                    ``(B) Interpretation.--In interpreting or further 
                defining the term `security-based swap execution 
                facility', the Commission shall not require a security-
                based swap execution facility to--
                            ``(i) have a minimum number of participants 
                        receive a bid or offer or respond to any 
                        trading system or platform functionality;
                            ``(ii) display or delay bids or offers for 
                        any period of time;
                            ``(iii) limit the means of interstate 
                        commerce utilized by market participants to 
                        enter into and execute any security-based swap 
                        transactions on the trading system or platform; 
                        or
                            ``(iv) require bids or offers on one 
                        trading system or platform operated by the swap 
                        execution facility to interact with bids or 
                        offers on another trading system or platform 
                        operated by the swap execution facility.''.
                                 <all>
```