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 ‘‘Swap Jurisdiction Cer-
tainty Act’’. 
SEC. 2. COMMODITY EXCHANGE ACT. 
Section 4s(a) of the Commodity Exchange Act (7 
U.S.C. 6s(a)) is amended by adding at the end the fol-
lowing: 
‘‘(3) EXTRA-TERRITORIAL
SWAP
TRANSACTION 
APPLICATION OF TITLE VII.— 
‘‘(A) IN GENERAL.—A swap entered into be-
tween— 
‘‘(i) a swap dealer that is registered 
with the Commission who is either— 
‘‘(I) a U.S. person, or 
‘‘(II) a person that has a parent 
company that is a U.S. person, and 
‘‘(ii) a person who is— 
‘‘(I) a U.S. or non-U.S. sub-
sidiary, branch, or affiliate of such 
swap dealer, or 
‘‘(II) any other non-U.S. person 
that is not registered as a swap dealer 
with the Commission, 
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shall not be subject to the provisions of title VII 
of the Dodd-Frank Wall Street Reform and Con-
sumer Protection Act, and of amendments added 
by such title, so long as each swap dealer de-
scribed under clause (i) reports such swap to a 
swap data repository registered with the Com-
mission. 
‘‘(B) SWAPS ENTERED INTO BY REGISTERED 
NON-U.S. PERSONS.— 
‘‘(i) IN GENERAL.—A non-U.S. person 
that registers as a swap dealer with the 
Commission shall only be subject to the re-
quirements of title VII of the Dodd-Frank 
Wall Street Reform and Consumer Protec-
tion Act, and of amendments added by such 
title, with respect to swaps that such person 
enters into with a U.S. person who is not 
a U.S. subsidiary, branch, or affiliate of 
such non-U.S. person. 
‘‘(ii) 
CAPITAL
REQUIREMENTS.—A 
non-U.S. person that registers as a swap 
dealer with the Commission shall be per-
mitted by the Commission to comply with 
the capital requirements under subsection 
(e) by complying with comparable require-
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ments established by the appropriate gov-
ernmental authorities in the home country 
of the non-U.S. person, so long as such 
home country is a signatory to the Basel 
Accords. 
‘‘(C) NON-U.S. PERSON.—For purposes of 
this paragraph, the term ‘non-U.S. person’ in-
cludes— 
‘‘(i) any person that is not a U.S. per-
son; 
‘‘(ii) any discretionary account or 
similar account (other than an estate or 
trust) held for the benefit or account of a 
non-U.S. person by a dealer or other profes-
sional fiduciary organized, incorporated, or 
(if an individual) resident in the United 
States; 
‘‘(iii) any agency or branch of a U.S. 
person located outside the United States 
if— 
‘‘(I) the agency or branch operates 
for valid business reasons; and 
‘‘(II) the agency or branch is en-
gaged in the business of insurance or 
banking and is subject to substantive 
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insurance or banking regulation, re-
spectively, in the jurisdiction where it 
is located; 
‘‘(iv) any trust of which any profes-
sional fiduciary acting as trustee is a U.S. 
person, if— 
‘‘(I) a trustee who is a non-U.S. 
person has sole or shared investment 
discretion with respect to the trust as-
sets; and 
‘‘(II) no beneficiary of the trust 
(and no settlor if the trust is revocable) 
is a U.S. person; 
‘‘(v) an employee benefit plan estab-
lished and administered in accordance with 
the law, customary practices, and docu-
mentation of a country other than the 
United States; and 
‘‘(vi) 
the 
International 
Monetary 
Fund, the International Bank for Recon-
struction and Development, the Inter-Amer-
ican Development Bank, the Asian Develop-
ment Bank, the African Development Bank, 
the United Nations, a central bank or its 
functional equivalent which is located in a 
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non-U.S. jurisdiction and that is a signa-
tory to the Basel Accords, and their agen-
cies, affiliates and pension plans, and any 
other similar international organizations, 
their agencies, affiliates and pension plans. 
‘‘(D) U.S. PERSON.—For purposes of this 
paragraph, the term ‘U.S. person’ includes— 
‘‘(i) any natural person resident in the 
United States; 
‘‘(ii) any partnership or corporation 
organized or incorporated under the laws of 
the United States; 
‘‘(iii) any estate of which any executor 
or administrator is a U.S. person; 
‘‘(iv) any trust of which any trustee is 
a U.S. person; 
‘‘(v) any agency or branch of a foreign 
entity located in the United States; 
‘‘(vi) any non-discretionary account or 
similar account (other than an estate or 
trust) held by a dealer or other fiduciary for 
the benefit or account of a United States 
person; 
‘‘(vii) any discretionary account or 
similar account (other than an estate or 
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trust) held by a dealer or other fiduciary or-
ganized, incorporated, or (if an individual) 
resident in the United States; and 
‘‘(viii) any partnership or corpora-
tion— 
‘‘(I) organized or incorporated 
under the laws of any foreign jurisdic-
tion; and 
‘‘(II) formed by a U.S. person 
principally for the purpose of investing 
in securities not registered under the 
Securities Act of 1933, unless it is or-
ganized or incorporated, and owned, 
by accredited investors (as such term is 
defined under section 230.501 of title 
17, Code of Federal Regulations) that 
are not natural persons, estates, or 
trusts. 
‘‘(E) ANTI-EVASION.—Notwithstanding any 
other provision of this paragraph, each registered 
swap dealer shall be subject to the provision 
under section 2(i)(2).’’. 
SEC. 3. SECURITIES EXCHANGE ACT OF 1934. 
Section 15F(a) of the Securities Exchange Act of 1934 
(78o–10(a)) is amended by adding at the end the following: 
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