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Union Calendar No. 267 

112TH CONGRESS 

2D SESSION H. R. 2682 

[Report No. 112–343, Parts I and II] 

To provide end user exemptions from certain provisions of the Commodity 

Exchange Act and the Securities Exchange Act of 1934, and for other 

purposes. 

IN THE HOUSE OF REPRESENTATIVES 

JULY 28, 2011 

Mr. GRIMM (for himself, Mr. PETERS, Mr. AUSTIN SCOTT of Georgia, and Mr. 

OWENS) 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 

DECEMBER 23, 2011 

Referral to the Committee on Agriculture extended for a period not ending 

later than February 1, 2012 

FEBRUARY 1, 2012 

Referral to the Committee on Agriculture extended for a period not ending 

later than February 8, 2012 

FEBRUARY 8, 2012 

Additional sponsors: Mr. DOLD, Ms. MOORE, Mr. KINGSTON, and Mr. 

MCINTYRE

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 italic] 


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•HR 2682 RH

A BILL 

To provide end user exemptions from certain provisions of 

the Commodity Exchange Act and the Securities Exchange Act of 1934, and for other purposes. 


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•HR 2682 RH

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 ‘‘Business Risk Mitiga5 tion and Price Stabilization Act of 2011’’. 

6 SEC. 2. MARGIN REQUIREMENTS. 

7 (a) COMMODITY EXCHANGE ACT AMENDMENT.— 

8 Section 4s(e) of the Commodity Exchange Act (7 U.S.C. 

9 6s(e)), as added by section 731 of the Dodd-Frank Wall 

10 Street Reform and Consumer Protection Act, is amended 

11 by adding at the end the following new paragraph: 

12 ‘‘(4) APPLICABILITY WITH RESPECT TO

13 COUNTERPARTIES.—The requirements of paragraphs 

14 (2)(A)(ii) and (2)(B)(ii) shall not apply to a swap in 

15 which one of the counterparties to the swap is not 

16 a financial entity as described in section 2(h)(7)(C), 

17 and such counterparty is eligible for the exception 

18 under section 2(h)(7)(A).’’. 

19 (b) SECURITIES EXCHANGE ACT AMENDMENT.— 

20 Section 15F(e) of the Securities Exchange Act of 1934 

21 (15 U.S.C. 78o–10(e)), as added by section 764(a) of the 

22 Dodd-Frank Wall Street Reform and Consumer Protec23 tion Act, is amended by adding at the end the following 

24 new paragraph: 


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•HR 2682 RH

1 ‘‘(4) APPLICABILITY WITH RESPECT TO

2 COUNTERPARTIES.—The requirements of paragraphs 

3 (2)(A)(ii) and (2)(B)(ii) shall not apply to a secu4 rity-based swap in which one of the counterparties 

5 to the security-based swap is not a financial entity 

6 as described in section 3C(g)(3), and such 

7 counterparty is eligible for the exception under sec8 tion 3C(g)(1).’’. 

9 SECTION 1. SHORT TITLE. 

10 This Act may be cited as the ‘‘Business Risk Mitiga11 tion and Price Stabilization Act of 2012’’. 

12 SEC. 2. MARGIN REQUIREMENTS. 

13 (a) COMMODITY EXCHANGE ACT AMENDMENT.—Sec14 tion 4s(e) of the Commodity Exchange Act (7 U.S.C. 6s(e)), 

15 as added by section 731 of the Dodd-Frank Wall Street Re16 form and Consumer Protection Act, is amended by adding 

17 at the end the following new paragraph: 

18 ‘‘(4) APPLICABILITY WITH RESPECT TO

19 COUNTERPARTIES.—The requirements of paragraphs 

20 (2)(A)(ii) and (2)(B)(ii) shall not apply to a swap in 

21 which a counterparty qualifies for an exception under 

22 section 2(h)(7)(A) or satisfies the criteria in section 

23 2(h)(7)(D).’’. 

24 (b) SECURITIES EXCHANGE ACT AMENDMENT.—Sec25 tion 15F(e) of the Securities Exchange Act of 1934 (15 


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•HR 2682 RH

1 U.S.C. 78o–10(e)), as added by section 764(a) of the Dodd2 Frank Wall Street Reform and Consumer Protection Act, 

3 is amended by adding at the end the following new para4 graph: 

5 ‘‘(4) APPLICABILITY WITH RESPECT TO

6 COUNTERPARTIES.—The requirements of paragraphs 

7 (2)(A)(ii) and (2)(B)(ii) shall not apply to a secu8 rity-based swap in which one of the counterparties to 

9 the security-based swap is not a financial entity as 

10 described in section 3C(g)(3), and such counterparty 

11 is eligible for the exception under section 3C(g)(1).’’. 

12 SEC. 3. IMPLEMENTATION. 

13 The amendments made by this Act shall be imple14 mented— 

15 (1) without regard to— 

16 (A) chapter 35 of title 44, United States 

17 Code; and 

18 (B) the notice and comment provisions of 

19 section 553 of title 5, United States Code; and 

20 (2) through the promulgation of an interim final 

21 rule. 


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Union Calendar No. 267 

112TH CONGRESS 

2D SESSION H. R. 2682 

[Report No. 112–343, Parts I and II] 

A BILL 

To provide end user exemptions from certain provipurposes. Securities Exchange Act of 1934, and for other sions of the Commodity Exchange Act and the 

FEBRUARY 8, 2012 

Reported from the Committee on Agriculture with an 

printed House on the State of the Union and ordered to be amendment; committed to the Committee of the Whole 


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