A bill to amend the Commodity Exchange Act to provide end-users with a reasonable amount of time to meet their margin requirements and to repeal certain indemnification requirements for regulatory authorities to obtain access to swap data required to be provided by swaps entities.

To amend the Commodity Exchange Act to provide end-users with a reasonable amount of time to meet their margin requirements and to repeal certain indemnification requirements for regulatory authorities to obtain access to swap data required to be provided by swaps entities. 1. Futures commission merchant compliance (a) In general Section 4d(a) of the Commodity Exchange Act ( 7 U.S.C. 6d(a) (1) by redesignating paragraphs (1) and (2) as subparagraphs (A) and (B), respectively, and indenting appropriately; (2) by striking Sec. 4 It shall be unlawful 4d. Dealing by unregistered futures commission merchants or introducing merchants prohibited (a) Registration requirements and duties (1) In general It shall be unlawful ; and (3) by adding at the end the following: (2) Residual interest requirement Any rules or regulations requiring a futures commission merchant to maintain a residual interest in accounts held for the benefit of customers in amounts at least sufficient to exceed the sum of all uncollected margin deficits of the customers shall provide that a futures commission merchant shall meet the residual interest requirement as of the end of each business day calculated as of the close of business on the previous business day. . (b) Conforming amendments (1) Section 4d of the Commodity Exchange Act ( 7 U.S.C. 6d (A) in subsection (b), by striking paragraph (2) of this section subsection (a)(1)(B) (B) in subsection (h), by striking Notwithstanding subsection (a)(2) Notwithstanding subsection (a)(1)(B) (2) Section 15(c)(3)(C) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78o(c)(3)(C) 4d(a)(2) 4d(a)(1)(B) 2. Repeal of indemnification requirements (a) Derivatives clearing organizations Section 5b(k) of the Commodity Exchange Act ( 7 U.S.C. 7a–1(k) (5) Confidentiality agreement Before the Commission may share information with any entity described in paragraph (4), the Commission shall receive a written agreement from each entity stating that the entity shall abide by the confidentiality requirements described in section 8 relating to the information on swap transactions that is provided. . (b) Swap data repositories Section 21 of the Commodity Exchange Act ( 7 U.S.C. 24a (d) Confidentiality agreement Before the swap data repository may share information with any entity described in subsection (c)(7), the swap data repository shall receive a written agreement from each entity stating that the entity shall abide by the confidentiality requirements described in section 8 relating to the information on swap transactions that is provided. . (c) Conforming amendment Section 13(n)(5) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78m(n)(5) (H) Confidentiality agreement Before the security-based swap data repository may share information with any entity described in subparagraph (G), the security-based swap data repository shall receive a written agreement from each entity stating that the entity shall abide by the confidentiality requirements described in section 24 relating to the information on security-based swap transactions that is provided. . (d) Effective date The amendments made by this section shall take effect as if enacted as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act ( Public Law 111–203

Summary: This bill amends the Commodity Exchange Act to declare that any rules or regulations requiring a futures commission merchant (FCM) to maintain a residual interest in accounts held for the benefit of customers in amounts at least sufficient to exceed the sum of all the customers' uncollected margin deficits shall require an FCM to meet its residual interest requirement as of the end of each business day calculated as of the close of business on the previous business day. The bill repeals the prerequisite to sharing by Commodity Futures Trading Commission (CFTC) with a specified entity of information on swaps cleared by derivatives clearing organizations that the entity agree to indemnify the CFTC for any expenses arising from litigation relating to that information. The bill also: repeals a similar prerequisite for information-sharing by a swap data repository, and makes a similar and conforming amendment to the Securities Exchange Act of 1934 with respect to a securities-based swap data repository. States that this Act takes effect as if enacted as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act on July 21, 2010.