IB 
Union Calendar No. 348 
113TH CONGRESS 
2D SESSION 
H. R. 4413 
[Report No. 113–469] 
To reauthorize the Commodity Futures Trading Commission, to better protect 
futures customers, to provide end users with market certainty, to make 
basic reforms to ensure transparency and accountability at the Commis-
sion, to help farmers, ranchers, and end users manage risks to help 
keep consumer costs low, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
APRIL 7, 2014 
Mr. LUCAS (for himself, Mr. PETERSON, Mr. CONAWAY, and Mr. DAVID 
SCOTT of Georgia) introduced the following bill; which was referred to the 
Committee on Agriculture 
JUNE 5, 2014 
Committed to the Committee of the Whole House on the State of the Union 
and ordered to be printed 
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A BILL 
To reauthorize the Commodity Futures Trading Commission, 
to better protect futures customers, to provide end users 
with market certainty, to make basic reforms to ensure 
transparency and accountability at the Commission, to 
help farmers, ranchers, and end users manage risks to 
help keep consumer costs low, and for other purposes. 
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Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Customer Protection 
and End User Relief Act’’. 
SEC. 2. TABLE OF CONTENTS. 
The table of contents of this Act is as follows: 
Sec. 1. Short title. 
Sec. 2. Table of contents. 
TITLE I—CUSTOMER PROTECTIONS 
Sec. 101. Short title. 
Sec. 102. Enhanced protections for futures customers. 
Sec. 103. Electronic confirmation of customer funds. 
Sec. 104. Notice and certifications providing additional customer protections. 
Sec. 105. Futures commission merchant compliance. 
Sec. 106. Certainty for futures customers and market participants. 
Sec. 107. Study on high-frequency trading. 
TITLE II—COMMODITY FUTURES TRADING COMMISSION 
REFORMS 
Sec. 201. Short title. 
Sec. 202. Extension of operations. 
Sec. 203. Consideration by the Commodity Futures Trading Commission of the 
costs and benefits of its regulations and orders. 
Sec. 204. Division directors. 
Sec. 205. Office of the Chief Economist. 
Sec. 206. Procedures governing actions taken without a commission vote. 
Sec. 207. Strategic technology plan. 
Sec. 208. Internal risk controls. 
Sec. 209. Subpoena duration and renewal. 
Sec. 210. Implementation plan for Commission rulemakings. 
Sec. 211. Applicability of notice and comment requirements of the Administra-
tive Procedure Act to guidance voted on by the Commission. 
Sec. 212. Judicial review of Commission rules. 
Sec. 213. GAO study on adequacy of CFTC resources. 
TITLE III—END-USER RELIEF 
Sec. 301. Short title. 
Subtitle A—End-User Exemption From Margin Requirements 
Sec. 311. End-user margin requirements. 
Sec. 312. Implementation. 
Subtitle B—Inter-Affiliate Swaps 
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Sec. 321. Treatment of affiliate transactions. 
Subtitle C—Indemnification Requirements Related to Swap Data Repositories 
Sec. 331. Indemnification requirements. 
Subtitle D—Relief for Municipal Utilities 
Sec. 341. Transactions with utility special entities. 
Sec. 342. Utility special entity defined. 
Sec. 343. Utility operations-related swap. 
Subtitle E—End-User Regulatory Relief 
Sec. 351. End users not treated as financial entities. 
Sec. 352. Reporting of illiquid swaps so as to not disadvantage certain non-fi-
nancial end users. 
Sec. 353. Relief for grain elevator operators, farmers, agricultural counterpar-
ties, and commercial market participants. 
Sec. 354. Relief for end users who use physical contracts with volumetric 
optionality. 
Sec. 355. Commission vote required before automatic change of swap dealer de 
minimis level. 
Sec. 356. Capital requirements for non-bank swap dealers. 
Sec. 357. Harmonization with the Jumpstart Our Business Startups Act. 
Sec. 358. Bona fide hedge defined to protect end user risk management needs. 
Sec. 359. Cross-border regulation of derivatives transactions. 
Subtitle F—Effective Date 
Sec. 371. Effective date. 
TITLE I—CUSTOMER 
PROTECTIONS 
SEC. 101. SHORT TITLE. 
This title may be cited as the ‘‘Futures Customer 
Protection Act’’. 
SEC. 102. ENHANCED PROTECTIONS FOR FUTURES CUS-
TOMERS. 
Section 17 of the Commodity Exchange Act (7 U.S.C. 
21) is amended by adding at the end the following: 
‘‘(s) A registered futures association shall— 
‘‘(1) require each member of the association 
that is a futures commission merchant to maintain 
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written policies and procedures regarding the main-
tenance of— 
‘‘(A) the residual interest of the member, 
as described in section 1.23 of title 17, Code of 
Federal Regulations, in any customer seg-
regated funds account of the member, as identi-
fied in section 1.20 of such title, and in any for-
eign futures and foreign options customer se-
cured amount funds account of the member, as 
identified in section 30.7 of such title; and 
‘‘(B) the residual interest of the member, 
as described in section 22.2(e)(4) of such title, 
in any cleared swaps customer collateral ac-
count of the member, as identified in section 
22.2 of such title; and 
‘‘(2) establish rules to govern the withdrawal, 
transfer or disbursement by any member of the asso-
ciation, that is a futures commission merchant, of 
the member’s residual interest in customer seg-
regated funds as provided in such section 1.20, in 
foreign futures and foreign options customer secured 
amount funds, identified as provided in such section 
30.7, and from a cleared swaps customer collateral, 
identified as provided in such section 22.2.’’. 
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SEC. 103. ELECTRONIC CONFIRMATION OF CUSTOMER 
FUNDS. 
Section 17 of the Commodity Exchange Act (7 U.S.C. 
21), as amended by section 102 of this Act, is amended 
by adding at the end the following: 
‘‘(t) A registered futures association shall require any 
member of the association that is a futures commission 
merchant to— 
‘‘(1) use an electronic system or systems to re-
port financial and operational information to the as-
sociation, including information related to customer 
segregated funds, foreign futures and foreign options 
customer secured amount funds accounts, and 
cleared swaps customer collateral, in accordance 
with such terms, conditions, documentation stand-
ards, and regular time intervals as are established 
by the association; 
‘‘(2) instruct each depository, including any 
bank, trust company, derivatives clearing organiza-
tion, or futures commission merchant, holding cus-
tomer segregated funds under section 1.20 of title 
17, Code of Federal Regulations, foreign futures and 
foreign options customer secured amount funds 
under section 30.7 of such title, or cleared swap cus-
tomer funds under section 22.2 of such title, to re-
port balances in the futures commission merchant’s 
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section 1.20 customer segregated funds, section 30.7 
foreign futures and foreign options customer secured 
amount funds, and section 22.2 cleared swap cus-
tomer funds, to the registered futures association or 
another party designated by the registered futures 
association, in the form, manner, and interval pre-
scribed by the registered futures association; and 
‘‘(3) hold section 1.20 customer segregated 
funds, section 30.7 foreign futures and foreign op-
tions customer secured amount funds and section 
22.2 cleared swaps customer funds in a depository 
that reports the balances in these accounts of the fu-
tures commission merchant held at the depository to 
the registered futures association or another party 
designated by the registered futures association in 
the form, manner, and interval prescribed by the 
registered futures association.’’. 
SEC. 104. NOTICE AND CERTIFICATIONS PROVIDING ADDI-
TIONAL CUSTOMER PROTECTIONS. 
Section 17 of the Commodity Exchange Act (7 U.S.C. 
21), as amended by sections 102 and 103 of this Act, is 
amended by adding at the end the following: 
‘‘(u) A futures commission merchant that has ad-
justed net capital in an amount less than the amount re-
quired by regulations established by the Commission or 
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a self-regulatory organization of which the futures com-
mission merchant is a member shall immediately notify 
the Commission and the self-regulatory organization of 
this occurrence. 
‘‘(v) A futures commission merchant that does not 
hold a sufficient amount of funds in segregated accounts 
for futures customers under section 1.20 of title 17, Code 
of Federal Regulations, in foreign futures and foreign op-
tions secured amount accounts for foreign futures and for-
eign options secured amount customers under section 30.7 
of such title, or in segregated accounts for cleared swap 
customers under section 22.2 of such title, as required by 
regulations established by the Commission or a self-regu-
latory organization of which the futures commission mer-
chant is a member, shall immediately notify the Commis-
sion and the self-regulatory organization of this occur-
rence. 
‘‘(w) Within such time period established by the Com-
mission after the end of each fiscal year, a futures com-
mission merchant shall file with the Commission a report 
from the chief compliance officer of the futures commis-
sion merchant containing an assessment of the internal 
compliance programs of the futures commission mer-
chant.’’. 
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SEC. 105. FUTURES COMMISSION MERCHANT COMPLIANCE. 
(a) IN GENERAL.—Section 4d(a) of the Commodity 
Exchange Act (7 U.S.C. 6d(a)) is amended— 
(1) by redesignating paragraphs (1) and (2) as 
subparagraphs (A) and (B) and by moving the mar-
gins of such subparagraphs two ems to the right; 
(2) by inserting ‘‘(1)’’ before ‘‘It shall be unlaw-
ful’’; and 
(3) by adding at the end the following new 
paragraph: 
‘‘(2) Any rules or regulations requiring a fu-
tures 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 such customers 
shall provide that a futures commission merchant 
shall 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.’’. 
(b) CONFORMING AMENDMENT.—Section 4d(h) of 
the Commodity Exchange Act (7 U.S.C. 6d(h)) is amend-
ed by striking ‘‘Notwithstanding subsection (a)(2)’’ and 
inserting ‘‘Notwithstanding subsection (a)(1)(B)’’. 
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SEC. 106. CERTAINTY FOR FUTURES CUSTOMERS AND MAR-
KET PARTICIPANTS. 
Section 20(a) of the Commodity Exchange Act (7 
U.S.C. 24(a)) is amended— 
(1) by striking ‘‘and’’ at the end of paragraph 
(4); 
(2) by striking the period at the end of para-
graph (5) and inserting ‘‘; and’’; and 
(3) by adding at the end the following: 
‘‘(6) that cash, securities, or other property of 
the estate of a commodity broker, including the 
trading or operating accounts of the commodities 
broker and commodities held in inventory by the 
commodity broker, shall be included in customer 
property, but only to the extent that the property 
that is otherwise customer property is insufficient to 
satisfy the net equity claims of public customers (as 
such term may be defined by the Commission by 
rule or regulation) of the commodity broker.’’. 
SEC. 107. STUDY ON HIGH-FREQUENCY TRADING. 
(a) IN GENERAL.—Not later than one year after the 
date of the enactment of this Act, the Commodity Futures 
Trading Commission shall submit to the Committee on 
Agriculture of the House of Representatives and the Com-
mittee on Agriculture, Nutrition, and Forestry of the Sen-
ate a report examining the effect of the practice commonly 
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referred to as high-frequency trading on markets under 
its jurisdiction. 
(b) SPECIFIC AREAS EXAMINED
IN REPORT.—In 
preparing the report submitted under subsection (a), the 
Commission shall particularly examine each of the fol-
lowing areas: 
(1) The technology, personnel, or other re-
sources the Commission may require for purposes of 
monitoring the effect of high-frequency trading. 
(2) The role such trading plays in providing 
market liquidity. 
(3) Whether the technology creates discrep-
ancies in the marketplace between market partici-
pants. 
(4) Whether the existing authority of the Com-
mission with respect to such trading is sufficient to 
meet the Commission’s mission to— 
(A) protect market participants and the 
public from fraud, manipulation, abusive prac-
tices, and systemic risk related to derivatives; 
and 
(B) foster transparent, open, competitive, 
and financially sound markets. 
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TITLE II—COMMODITY FUTURES 
TRADING 
COMMISSION 
RE-
FORMS 
SEC. 201. SHORT TITLE. 
This title may be cited as the ‘‘Commodity Futures 
Trading Commission Reform Act’’. 
SEC. 202. EXTENSION OF OPERATIONS. 
Section 12(d) of the Commodity Exchange Act (7 
U.S.C. 16(d)) is amended by striking ‘‘2013’’ and insert-
ing ‘‘2018’’. 
SEC. 203. CONSIDERATION BY THE COMMODITY FUTURES 
TRADING COMMISSION OF THE COSTS AND 
BENEFITS OF ITS REGULATIONS AND OR-
DERS. 
Section 15(a) of the Commodity Exchange Act (7 
U.S.C. 19(a)) is amended by striking paragraphs (1) and 
(2) and inserting the following: 
‘‘(1) IN GENERAL.—Before promulgating a reg-
ulation under this Act or issuing an order (except as 
provided in paragraph (3)), the Commission, 
through the Office of the Chief Economist, shall as-
sess and publish in the regulation or order the costs 
and benefits, both qualitative and quantitative, of 
the proposed regulation or order, and the proposed 
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regulation or order shall state its statutory justifica-
tion. 
‘‘(2) CONSIDERATIONS.—In making a reasoned 
determination of the costs and the benefits, the 
Commission shall evaluate— 
‘‘(A) considerations of protection of market 
participants and the public; 
‘‘(B) considerations of the efficiency, com-
petitiveness, and financial integrity of futures 
and swaps markets; 
‘‘(C) considerations of the impact on mar-
ket liquidity in the futures and swaps markets; 
‘‘(D) considerations of price discovery; 
‘‘(E) considerations of sound risk manage-
ment practices; 
‘‘(F) available alternatives to direct regula-
tion; 
‘‘(G) the degree and nature of the risks 
posed by various activities within the scope of 
its jurisdiction; 
‘‘(H) the costs of complying with the pro-
posed regulation or order by all regulated enti-
ties, including a methodology for quantifying 
the costs (recognizing that some costs are dif-
ficult to quantify); 
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‘‘(I) whether the proposed regulation or 
order is inconsistent, incompatible, or duplica-
tive of other Federal regulations or orders; 
‘‘(J) whether, in choosing among alter-
native regulatory approaches, those approaches 
maximize net benefits (including potential eco-
nomic and other benefits, distributive impacts, 
and equity); and 
‘‘(K) other public interest considerations.’’. 
SEC. 204. DIVISION DIRECTORS. 
Section 2(a)(6)(C) of the Commodity Exchange Act 
(7 U.S.C. 2(a)(6)(C)) is amended by inserting ‘‘, and the 
heads of the units shall serve at the pleasure of the Com-
mission, report directly to the Commission, and perform 
such functions and duties as the Commission may pre-
scribe’’ before the period. 
SEC. 205. OFFICE OF THE CHIEF ECONOMIST. 
(a) IN GENERAL.—Section 2(a) of the Commodity 
Exchange Act (7 U.S.C. 2(a)) is amended by adding at 
the end the following: 
‘‘(17) OFFICE OF THE CHIEF ECONOMIST.— 
‘‘(A) ESTABLISHMENT.—There is estab-
lished in the Commission the Office of the Chief 
Economist. 
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‘‘(B) HEAD.—The Office of the Chief 
Economist shall be headed by the Chief Econo-
mist, who shall be appointed by the Commission 
and serve at the pleasure of the Commission. 
‘‘(C) FUNCTIONS.—The Chief Economist 
shall report directly to the Commission and per-
form such functions and duties as the Commis-
sion may prescribe. 
‘‘(D) PROFESSIONAL
STAFF.—The Com-
mission shall appoint such other economists as 
may be necessary to assist the Chief Economist 
in performing such economic analysis, regu-
latory cost-benefit analysis, or research the 
Commission may direct.’’. 
(b) CONFORMING AMENDMENT.—Section 2(a)(6)(A) 
of such Act (7 U.S.C. 2(a)(6)(A)) is amended by striking 
‘‘(4) and (5)’’ and inserting ‘‘(4), (5), and (17)’’. 
SEC. 206. PROCEDURES GOVERNING ACTIONS TAKEN WITH-
OUT A COMMISSION VOTE. 
Section 2(a)(12) of the Commodity Exchange Act (7 
U.S.C. 2(a)(12)) is amended— 
(1) by striking ‘‘(12) The’’ and inserting the 
following: 
‘‘(12) RULES AND REGULATIONS.— 
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‘‘(A) IN GENERAL.—Subject to the other 
provisions of this paragraph, the’’; and 
(2) by adding after and below the end the fol-
lowing new subparagraph: 
‘‘(B) NOTICE TO COMMISSION.— 
‘‘(i) GENERAL RULE.—A division or 
office of the Commission may not issue an 
interpretive rule of general applicability, a 
statement of general policy, a response to 
a formal, written request or petition from 
any member of the public for guidance, or 
an exemptive, a no-action, or an interpre-
tive letter, unless, at least 7 calendar days 
before the issuance, the division or office 
has provided the Commission with a copy 
of the matter to be issued. 
‘‘(ii) OPPORTUNITY FOR MEETING RE-
QUIRED.—After receiving a copy of the 
matter provided in accordance with clause 
(i), any member of the Commission may 
request that the Commission hold a meet-
ing to review the matter, and the Chair-
man shall immediately put any such re-
quest for a meeting before the Commis-
sion, and if the Commission decides to hold 
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the meeting by a majority vote, the matter 
may not be issued until the Commission 
has concluded the meeting. 
‘‘(iii) 
LIMITATIONS
ON
APPLICA-
BILITY.—By a majority vote, the Commis-
sion may waive the 7-day prior notice re-
quirement of clause (i) when the Commis-
sion finds that requiring such a notice 
would be impracticable, unnecessary, or 
contrary to the public interest.’’. 
SEC. 207. STRATEGIC TECHNOLOGY PLAN. 
Section 2(a) of the Commodity Exchange Act (7 
U.S.C. 2(a)), as amended by section 204(a) of this Act, 
is amended by adding at the end the following: 
‘‘(18) STRATEGIC TECHNOLOGY PLAN.— 
‘‘(A) IN
GENERAL.—Every 5 years, the 
Commission shall develop and submit to the 
Committee on Agriculture of the House of Rep-
resentatives and the Committee on Agriculture, 
Nutrition, and Forestry of the Senate a detailed 
plan focused on the acquisition and use of tech-
nology by the Commission. 
‘‘(B) CONTENTS.—The plan shall— 
‘‘(i) include for each related division 
or office a detailed technology strategy fo-
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cused exclusively on market surveillance 
and risk detection, market data collection, 
aggregation, interpretation, standardiza-
tion, harmonization, streamlining, and in-
ternal management and protection of data 
collected by the Commission, including a 
detailed accounting of how the funds pro-
vided for technology will be used and the 
priorities that will apply in the use of the 
funds; and 
‘‘(ii) set forth annual goals to be ac-
complished and annual budgets needed to 
accomplish the goals.’’. 
SEC. 208. INTERNAL RISK CONTROLS. 
(a) IN GENERAL.—Section 2(a)(12) of the Com-
modity Exchange Act (7 U.S.C. 2(a)(12)), as amended by 
section 206 of this Act, is amended by adding at the end 
the following: 
‘‘(C) INTERNAL
RISK
CONTROLS.—The 
Commission staff and the Chief Economist shall 
develop comprehensive internal risk control 
mechanisms to safeguard and govern the stor-
age of all market data by the Commission, all 
market data sharing agreements of the Com-
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mission, and all academic research performed at 
the Commission using market data.’’. 
(b) REPORTS TO THE CONGRESS.— 
(1) CONTENT.—The Commission shall submit 
to the Committee on Agriculture of the House of 
Representatives and the Committee on Agriculture, 
Nutrition, and Forestry of the Senate 2 reports on 
the progress made in implementing the internal risk 
controls provided for in section 2(a)(12)(C) of the 
Commodity Exchange Act. 
(2) TIMING.—The Commission shall submit the 
1st report required by paragraph (1) within 60 days 
after the date of the enactment of this Act, and the 
2nd such report within 120 days after such date of 
enactment. 
SEC. 209. SUBPOENA DURATION AND RENEWAL. 
Section 6(c)(5) of the Commodity Exchange Act (7 
U.S.C. 9(5)) is amended— 
(1) by striking ‘‘(5) SUBPOENA.—For’’ and in-
serting the following: 
‘‘(5) SUBPOENA.— 
‘‘(A) IN GENERAL.—For’’; and 
(2) by adding after and below the end the fol-
lowing: 
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‘‘(B) CONTENT OF SUBPOENA ORDER.—An 
order of the Commission authorizing the 
issuance of a subpoena— 
‘‘(i) shall state in good faith the pur-
pose of the investigation; 
‘‘(ii) shall require only the provision of 
information reasonably relevant to that 
purpose; and 
‘‘(iii) shall not be for an indefinite du-
ration. 
‘‘(C) RENEWAL.—An order issued under 
this paragraph may be renewed only by Com-
mission action.’’. 
SEC. 
210. 
IMPLEMENTATION 
PLAN 
FOR 
COMMISSION 
RULEMAKINGS. 
Section 2(a)(12) of the Commodity Exchange Act (7 
U.S.C. 2(a)(12)), as amended by sections 206 and 208(a) 
of this Act, is amended by adding at the end the following: 
‘‘(E) REQUIREMENT TO PUBLISH IMPLE-
MENTATION PLAN FOR COMMISSION RULES.— 
The Commission shall direct its staff to develop 
and publish in any proposed rule a plan for— 
‘‘(i) when and for how long the pro-
posed rule will be subject to public com-
ment; and 
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‘‘(ii) by when compliance with the 
final rule will be required.’’. 
SEC. 211. APPLICABILITY OF NOTICE AND COMMENT RE-
QUIREMENTS OF THE ADMINISTRATIVE PRO-
CEDURE ACT TO GUIDANCE VOTED ON BY 
THE COMMISSION. 
Section 2(a)(12) of the Commodity Exchange Act (7 
U.S.C. 2(a)(12)), as amended by sections 206, 208(a), 
and 210 of this Act, is amended by adding at the end 
the following: 
‘‘(F) APPLICABILITY OF NOTICE AND COM-
MENT RULES TO GUIDANCE VOTED ON BY THE 
COMMISSION.—The notice and comment re-
quirements of chapter 5 of title 5, United 
States Code, shall also apply with respect to 
any guidance issued by the Commission after 
being voted on by the Commission.’’. 
SEC. 212. JUDICIAL REVIEW OF COMMISSION RULES. 
The Commodity Exchange Act (7 U.S.C. 1 et seq.) 
is amended by adding at the end the following: 
‘‘SEC. 24. JUDICIAL REVIEW OF COMMISSION RULES. 
‘‘(a) A person aggrieved by a final rule of the Com-
mission under this Act may obtain review of the rule in 
the United States Court of Appeals for the District of Co-
lumbia Circuit or the United States Court of Appeals for 
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the circuit where the party resides, by filing in the court, 
within 60 days after publication in the Federal Register 
of the entry of the rule, a written petition requesting that 
the rule be modified or set aside in whole or in part. 
‘‘(b) A copy of the petition shall be transmitted forth-
with by the clerk of the court to an officer designated by 
the Commission for that purpose. Thereupon the Commis-
sion shall file in the court the record on which the rule 
complained of is entered, as provided in section 2112 of 
title 28, United States Code, and the Federal Rules of 
Appellate Procedure. 
‘‘(c) On the filing of the petition, the court has juris-
diction, which becomes exclusive on the filing of the 
record, to affirm or modify and enforce or to set aside 
the rule in whole or in part. 
‘‘(d) The findings of the Commission as to the facts 
identified by the Commission as the basis, in whole or in 
part, of the rule, if supported by substantial evidence, are 
conclusive. The court shall affirm and enforce the rule un-
less the Commission’s action in promulgating the rule is 
found to be arbitrary, capricious, an abuse of discretion, 
or otherwise not in accordance with law; contrary to con-
stitutional right, power, privilege, or immunity; in excess 
of statutory jurisdiction, authority, or limitations, or short 
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of statutory right; or without observance of procedure re-
quired by law. 
‘‘(e) If either party applies to the court for leave to 
adduce additional evidence and shows to the satisfaction 
of the court that the additional evidence is material and 
that there was reasonable ground for failure to adduce it 
before the Commission, the court may remand the case 
to the Commission for further proceedings, in whatever 
manner and on whatever conditions the court considers 
appropriate. If the case is remanded to the Commission, 
it shall file in the court a supplemental record containing 
any new evidence, any further or modified findings, and 
any new order.’’. 
SEC. 213. GAO STUDY ON ADEQUACY OF CFTC RESOURCES. 
(a) STUDY.—The Comptroller General of the United 
States shall conduct a study of the resources of the Com-
modity Futures Trading Commission that— 
(1) assesses whether the resources of the Com-
mission are sufficient to enable the Commission to 
effectively carry out the duties of the Commission; 
and 
(2) examines the prior expenditures of the Com-
mission on hardware, software, and analytical proc-
esses designed to protect customers in the areas 
of— 
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(A) market surveillance and risk detection; 
and 
(B) market data collection, aggregation, 
interpretation, standardization, harmonization, 
and streamlining. 
(b) REPORT.—Not later than 180 days after the date 
of the enactment of this Act, the Comptroller General of 
the United States shall submit to the Committee on Agri-
culture of the House of Representatives and the Com-
mittee on Agriculture, Nutrition, and Forestry of the Sen-
ate a report that contains the results of the study. 
TITLE III—END-USER RELIEF 
SEC. 301. SHORT TITLE. 
This title may be cited as the ‘‘End-User Relief and 
Market Certainty Act’’. 
Subtitle A—End-User Exemption 
From Margin Requirements 
SEC. 311. END-USER MARGIN REQUIREMENTS. 
Section 4s(e) of the Commodity Exchange Act (7 
U.S.C. 6s(e)) is amended by adding at the end the fol-
lowing new paragraph: 
‘‘(4) 
APPLICABILITY
WITH
RESPECT
TO 
COUNTERPARTIES.—The requirements of paragraphs 
(2)(A)(ii) and (2)(B)(ii), including the initial and 
variation margin requirements imposed by rules 
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adopted pursuant to paragraphs (2)(A)(ii) and 
(2)(B)(ii), shall not apply to a swap in which a 
counterparty qualifies for an exception under section 
2(h)(7)(A), or an exemption issued under section 
4(c)(1) from the requirements of section 2(h)(1)(A) 
for cooperative entities as defined in such exemption, 
or satisfies the criteria in section 2(h)(7)(D).’’. 
SEC. 312. IMPLEMENTATION. 
The amendment made by this subtitle shall be imple-
mented— 
(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; 
(2) through the promulgation of an interim 
final rule, pursuant to which public comment will be 
sought before a final rule is issued; and 
(3) such that paragraph (1) shall apply solely 
to changes to rules and regulations, or proposed 
rules and regulations, that are limited to and di-
rectly a consequence of the amendment. 
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Subtitle B—Inter-Affiliate Swaps 
SEC. 321. TREATMENT OF AFFILIATE TRANSACTIONS. 
(a) IN GENERAL.—Section 2(h)(7)(D)(i) of the Com-
modity Exchange Act (7 U.S.C. 2(h)(7)(D)(i)) is amended 
to read as follows: 
‘‘(i) IN GENERAL.—An affiliate of a 
person that qualifies for an exception 
under subparagraph (A) (including affiliate 
entities predominantly engaged in pro-
viding financing for the purchase of the 
merchandise or manufactured goods of the 
person) may qualify for the exception only 
if the affiliate enters into the swap to 
hedge or mitigate the commercial risk of 
the person or other affiliate of the person 
that is not a financial entity, provided that 
if the transfer of commercial risk is ad-
dressed by entering into a swap with a 
swap dealer or major swap participant, a 
credit support measure or other mecha-
nism is utilized.’’. 
(b) APPLICABILITY OF CREDIT SUPPORT MEASURE 
REQUIREMENT.—Notwithstanding section 371 of this Act, 
the requirement in section 2(h)(7)(D)(i) of the Commodity 
Exchange Act, as amended by subsection (a), requiring 
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that a credit support measure or other mechanism be uti-
lized if the transfer of commercial risk referred to in such 
section is addressed by entering into a swap with a swap 
dealer or major swap participant, shall not apply with re-
spect to swaps entered into before the date of the enact-
ment of this Act. 
Subtitle 
C—Indemnification 
Re-
quirements 
Related 
to 
Swap 
Data Repositories 
SEC. 331. INDEMNIFICATION REQUIREMENTS. 
(a) DERIVATIVES CLEARING ORGANIZATIONS.—Sec-
tion 5b(k)(5) of the Commodity Exchange Act (7 U.S.C. 
7a–1(k)(5)) is amended to read as follows: 
‘‘(5) CONFIDENTIALITY
AGREEMENT.—Before 
the Commission may share information with any en-
tity described in paragraph (4), the Commission 
shall receive a written agreement from each entity 
stating that the entity shall abide by the confiden-
tiality requirements described in section 8 relating to 
the information on swap transactions that is pro-
vided.’’. 
(b) SWAP DATA REPOSITORIES.—Section 21(d) of 
such Act (7 U.S.C. 24a(d)) is amended to read as follows: 
‘‘(d) CONFIDENTIALITY AGREEMENT.—Before the 
swap data repository may share information with any enti-
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clause (i), by striking ‘‘(18)(A)’’ and in-
serting ‘‘(19)(A)’’; and 
(ii) in subparagraph (A)(vii) of para-
graph (19) (as so redesignated by para-
graph (1) of this subsection), in the matter 
following subclause (III), by striking 
‘‘(17)(A)’’ and inserting ‘‘(18)(A)’’. 
(B) Section 4(c)(1)(A)(i)(I) of such Act (7 
U.S.C. 6(c)(1)(A)(i)(I)) is amended by striking 
‘‘(7), paragraph (18)(A)(vii)(III), paragraphs 
(23), (24), (31), (32), (38), (39), (41), (42), 
(46), (47), (48), and (49)’’ and inserting ‘‘(8), 
paragraph (19)(A)(vii)(III), paragraphs (24), 
(25), (32), (33), (39), (40), (42), (43), (47), 
(48), (49), and (50)’’. 
(C) Section 4q(a)(1) of such Act (7 U.S.C. 
6o–1(a)(1)) is amended by striking ‘‘1a(9)’’ and 
inserting ‘‘1a(10)’’. 
(D) Section 4s(f)(1)(D) of such Act (7 
U.S.C. 6s(f)(1)(D)) is amended by striking 
‘‘1a(47)(A)(v)’’ and inserting ‘‘1a(48)(A)(v)’’. 
(E) Section 4s(h)(5)(A)(i) of such Act (7 
U.S.C. 6s(h)(5)(A)(i)) is amended by striking 
‘‘1a(18)’’ and inserting ‘‘1a(19)’’. 
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