I 
112TH CONGRESS 
1ST SESSION H. R. 1573 
To facilitate implementation of title VII of the Dodd-Frank Wall Street 
Reform and Consumer Protection Act, promote regulatory coordination, 
and avoid market disruption. 
IN THE HOUSE OF REPRESENTATIVES 
APRIL 15, 2011 
Mr. LUCAS (for himself, Mr. BACHUS, Mr. CONAWAY, and Mr. GARRETT) in-
troduced the following bill; which was referred to the Committee on Fi-
nancial 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 com-
mittee concerned 
A BILL 
To facilitate implementation of title VII of the Dodd-Frank 
Wall Street Reform and Consumer Protection Act, pro-
mote regulatory coordination, and avoid market disrup-
tion. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. EFFECTIVE DATES. 
Section 712(f) of the Dodd-Frank Wall Street Re-
form and Consumer Protection Act (Public Law 111–203) 
is amended to read as follows: 
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‘‘(f) RULES AND REGISTRATION BEFORE FINAL EF-
FECTIVE DATES.— 
‘‘(1) IN GENERAL.—Beginning on the date of 
enactment of this Act and notwithstanding the effec-
tive date of any provision of this Act, the Com-
modity Futures Trading Commission and the Securi-
ties and Exchange Commission may, in order to pre-
pare for the effective dates of the provisions of this 
Act— 
‘‘(A) promulgate rules, regulations, or or-
ders permitted or required by this Act; 
‘‘(B) conduct studies and prepare reports 
and recommendations required by this Act; 
‘‘(C) register persons under the provisions 
of this Act; and 
‘‘(D) exempt persons, agreements, con-
tracts, or transactions from provisions of this 
Act, under the terms contained in this Act. 
‘‘(2)(A) Notwithstanding paragraph (1), an ac-
tion by the Commodity Futures Trading Commission 
or the Securities and Exchange Commission de-
scribed in paragraph (1) shall not become effective 
before the effective date applicable to the action 
under this Act, except as provided in paragraph (3). 
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‘‘(B) Notwithstanding any provision of this Act 
(other than paragraph (3)), this title and the regula-
tions under this title shall become effective on the 
latest of— 
‘‘(i) December 31, 2012; 
‘‘(ii) 90 days after the publication of the 
relevant final rule or regulation in the Federal 
Register or such later date as may be specified 
in the final rule or regulation; or 
‘‘(iii) the effective date otherwise applicable 
to this title. 
‘‘(3) EXCEPTIONS.— 
‘‘(A) 
CERTAIN
DEFINITIONS.—Notwith-
standing any other provision of this Act, in 
order to assist persons subject to this title in 
coming into compliance with the provisions of 
this title on a timely basis, the Commodity Fu-
tures Trading Commission and the Securities 
and Exchange Commission, in consultation with 
the Board of Governors, shall adopt definitions 
further defining the terms specified in sub-
section (d)(1) not later than 360 days after the 
date of the enactment of this Act. Such defini-
tions shall become effective 90 days after their 
publication in the Federal Register. 
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‘‘(B) REGULATORY REPORTING.— 
‘‘(i) SWAP
DATA
REPORTING.—Sec-
tions 2(h)(5) and 4r of the Commodity Ex-
change Act and the rules and regulations 
of the Commodity Futures Trading Com-
mission issued under such sections shall 
become effective on the later of— 
‘‘(I) 90 days after the publication 
of the relevant final rule or regulation 
in the Federal Register, or such later 
date as may be specified in the final 
rule or regulation; or 
‘‘(II) the effective date otherwise 
applicable to such sections. 
‘‘(ii) SECURITY-BASED
SWAP
DATA 
REPORTING.—Sections 3C(e) and 13A(a) 
of the Securities Exchange Act of 1934 
and the rules and regulations of the Secu-
rities and Exchange Commission issued 
under such sections shall become effective 
on the later of— 
‘‘(I) 90 days after the publication 
of the relevant final rule or regulation 
in the Federal Register, or such later 
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date as may be specified in the rule or 
regulation; or 
‘‘(II) the effective date otherwise 
applicable to such sections. 
‘‘(iii) SWAP DATA REPOSITORIES.—To 
facilitate compliance, before December 31, 
2012, with the regulatory reporting provi-
sions of this section, the Commodity Fu-
tures Trading Commission and the Securi-
ties and Exchange Commission may au-
thorize the reporting of swap data and se-
curity-based swap data to any person then 
conducting the business described in sec-
tion 1a(48) of the Commodity Exchange 
Act (7 U.S.C. 1a(48)) or section 3(a)(75) 
of the Securities Exchange Act of 1934 
(15 U.S.C. 78m), respectively, who has— 
‘‘(I) provided notice to the rel-
evant Commission of its intention to 
register as a swap data repository or 
security-based swap data repository, 
as applicable; and 
‘‘(II) made such undertakings to 
the relevant Commission as such 
Commission has determined to be ap-
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propriate and in the public interest, 
consistent with this title.’’. 
SEC. 2. IMPLEMENTATION ANALYSIS. 
Section 712 of the Dodd-Frank Wall Street Reform 
and Consumer Protection Act (Public Law 111–203), as 
amended by section 1 of this Act, is amended by adding 
at the end the following: 
‘‘(g) IMPLEMENTATION ANALYSIS.—Notwithstanding 
any other provision of this title, the Commodity Futures 
Trading Commission and the Securities and Exchange 
Commission shall, before prescribing final rules and regu-
lations under this title— 
‘‘(1) conduct public hearings and roundtables 
and take testimony of affected market participants, 
experts and other interested parties, and solicit pub-
lic comment, regarding— 
‘‘(A) the time and resources that would be 
required of affected parties in order to develop 
systems and infrastructure necessary to comply 
with any rules and regulations proposed or then 
contemplated by the relevant Commission; 
‘‘(B) any alternative approaches capable of 
accomplishing the relevant Commission’s rule-
making objectives; and 
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‘‘(C) the time and resources that would be 
required of affected parties in order to develop 
policies and procedures designed to comply with 
any rules and regulations proposed or then con-
templated by the relevant Commission, and 
‘‘(2) take such testimony and comment into ac-
count in— 
‘‘(A) performing the cost-benefit analysis 
required under Federal law in connection with 
its adoption of the relevant final rules and regu-
lations; and 
‘‘(B) determining the effective date of the 
relevant final rules and regulations.’’. 
SEC. 3. REGULATORY COORDINATION. 
(a) COMMODITY FUTURES TRADING COMMISSION.— 
Section 2(a)(1) of the Commodity Exchange Act (7 U.S.C. 
2(a)(1)) is amended by adding at the end the following: 
‘‘(J)(i) Notwithstanding any other provi-
sion of this Act, the Commission may exempt, 
in whole or in part, a person from the registra-
tion and related regulatory requirements of this 
Act if and to the extent that the Commission 
determines that— 
‘‘(I) the person is subject to com-
prehensive 
supervision 
and 
regulation 
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