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

                                                 Union Calendar No. 266
112th CONGRESS
   2d Session
                                H. R. 2586

                  [Report No. 112-345, Parts I and II]

 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

                           December 23, 2011

  Reported from the Committee on Financial Services with an amendment
 [Strike out all after the enacting clause and insert the part printed 
                               in italic]

                           December 23, 2011

 Referral to the Committee on Agriculture extended for a period ending 
                    not later than February 1, 2012

                            February 1, 2012

 Referral to the Committee on Agriculture extended for a period ending 
                    not later than February 8, 2012

                            February 8, 2012

 Additional sponsors: Mr. Grimm, Mr. Neugebauer, Mr. Fitzpatrick, Ms. 
                          Moore, and Mr. Dold

                            February 8, 2012

Reported from the Committee on Agriculture with an amendment; committed 
   to the Committee of the Whole House on the State of the Union and 
                         ordered to be printed
 [Strike out all after the enacting clause and insert the part printed 
                           in boldface roman]
 [For text of introduced bill, see copy of bill as introduced on July 
                               19, 2011]

_______________________________________________________________________

                                 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 by moving the margins 2 ems to 
        the right); 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 by moving the margins 2 ems to 
        the right); 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 `method of trading 
                        functionality; 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 method of trading 
                        functionality operated by the swap execution 
                        facility.''.

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 increasing the indentation of 
        each such provision by 2 ems; 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 method 
                        of trading functionality;
                            ``(ii) delay bids or offers for any period 
                        of time; or
                            ``(iii) limit the means of interstate 
                        commerce utilized by market participants to 
                        enter into and execute any swap transactions on 
                        the method of trading functionality.''.
    (b) Securities Exchange Act of 1934.--Section 3(a)(77) of the 
Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(77)), as added by 
section 761(a)(6) of the Dodd-Frank Wall Street Reform and Consumer 
Protection Act, 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 increasing the indentation of 
        each such provision by 2 ems; 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.''.

SEC. 3. IMPLEMENTATION.

    The amendments made by this Act shall be implemented--
            (1) without regard to--
                    (A) chapter 35 of title 44, United States Code; and
                    (B) the notice and comment provisions of section 
                553 of title 5, United States Code; and
            (2) through the promulgation of an interim final rule.
                                                 Union Calendar No. 266

112th CONGRESS

   2d Session

                               H. R. 2586

                  [Report No. 112-345, Parts I and II]

_______________________________________________________________________

                                 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.

_______________________________________________________________________

                            February 8, 2012

Reported from the Committee on Agriculture with an amendment; committed 
   to the Committee of the Whole House on the State of the Union and 
                         ordered to be printed
```