621 
HR 4173 RFS
and 
international 
information-sharing 
agreements; and 
‘‘(ii) use relevant information obtained 
from the agreements in carrying out the 
risk management program of the organiza-
tion. 
‘‘(N) ANTITRUST
CONSIDERATIONS.—The 
derivatives clearing organization shall avoid— 
‘‘(i) adopting any rule or taking any 
action that results in any unreasonable re-
straint of trade; or 
‘‘(ii) imposing any material anti-
competitive burden. 
‘‘(O) 
GOVERNANCE
FITNESS
STAND-
ARDS.— 
‘‘(i) The derivatives clearing organiza-
tion shall establish governance arrange-
ments that are transparent in order to ful-
fill public interest requirements and to 
support the objectives of the owners of, 
and participants in, the organization. 
‘‘(ii) The derivatives clearing organi-
zation shall establish and enforce appro-
priate fitness standards for the directors, 
members of any disciplinary committee, 
VerDate Nov 24 2008 
04:13 Jan 21, 2010
Jkt 089200
PO 00000
Frm 00621
Fmt 6652
Sfmt 6201
E:\BILLS\H4173.RFS
H4173
SMARTINEZ on DSKH9S0YB1PROD with BILLS
622 
HR 4173 RFS
and members of the organization, and any 
other persons with direct access to the set-
tlement or clearing activities of the organi-
zation, including any parties affiliated with 
any of the persons described in this sub-
paragraph. 
‘‘(P) CONFLICTS OF INTEREST.—The de-
rivatives clearing organization shall establish 
and enforce rules to minimize conflicts of inter-
est in the decision-making process of the orga-
nization and establish a process for resolving 
the conflicts of interest. 
‘‘(Q) COMPOSITION OF THE BOARDS.—The 
derivatives clearing organization shall ensure 
that the composition of the governing board or 
committee includes market participants. 
‘‘(R) LEGAL RISK.—The derivatives clear-
ing organization shall have a well founded, 
transparent, and enforceable legal framework 
for each aspect of its activities.’’. 
(4) Section 5b of such Act (7 U.S.C. 7a–1) is 
further amended by adding after subsection (i), as 
added by this section, the following: 
‘‘(j) REPORTING.— 
VerDate Nov 24 2008 
04:13 Jan 21, 2010
Jkt 089200
PO 00000
Frm 00622
Fmt 6652
Sfmt 6201
E:\BILLS\H4173.RFS
H4173
SMARTINEZ on DSKH9S0YB1PROD with BILLS
623 
HR 4173 RFS
‘‘(1) IN GENERAL.—A derivatives clearing orga-
nization that clears swaps shall provide to the Com-
mission all information determined by the Commis-
sion to be necessary to perform the responsibilities 
of the Commission under this Act. The Commission 
shall adopt data collection and maintenance require-
ments for swaps cleared by derivatives clearing orga-
nizations that are comparable to the corresponding 
requirements for swaps accepted by swap reposi-
tories and swaps traded on swap execution facilities. 
The Commission shall share the information, upon 
request, with the Board, the Securities and Ex-
change Commission, the appropriate Federal bank-
ing agencies, the Financial Services Oversight Coun-
cil, and the Department of Justice or other persons 
the Commission deems appropriate, including for-
eign financial supervisors (including foreign futures 
authorities), foreign central banks, and foreign min-
istries that comply with the provisions of section 8. 
‘‘(2) PUBLIC
INFORMATION.—A derivatives 
clearing organization that clears swaps shall provide 
to the Commission, or its designee, such information 
as is required by, and in a form and at a frequency 
to be determined by, the Commission, in order to 
VerDate Nov 24 2008 
04:13 Jan 21, 2010
Jkt 089200
PO 00000
Frm 00623
Fmt 6652
Sfmt 6201
E:\BILLS\H4173.RFS
H4173
SMARTINEZ on DSKH9S0YB1PROD with BILLS
624 
HR 4173 RFS
comply with the public reporting requirements con-
tained in section 8(j). 
‘‘(3) A derivatives clearing organization shall 
keep any such books and records relating to swaps 
defined in section 1a(35)(A)(v) open to inspection 
and examination by the Securities and Exchange 
Commission.’’. 
(5) Section 8(e) of such Act (7 U.S.C. 12(e)) 
is amended in the last sentence by inserting ‘‘central 
bank and ministries’’ after ‘‘department’’ each place 
it appears. 
(c) LEGAL CERTAINTY FOR IDENTIFIED BANKING 
PRODUCTS.— 
(1) REPEAL.—Sections 402(d), 404, 407, 
408(b), and 408(c)(2) of the Legal Certainty for 
Bank Products Act of 2000 (7 U.S.C. 27(d), 27b, 
27e, 27f(b), and 27f(c)(2)) are repealed. 
(2) LEGAL
CERTAINTY.—Section 403 of the 
Legal Certainty for Bank Products Act of 2000 (7 
U.S.C. 27a) is amended to read as follows: 
‘‘SEC. 403. EXCLUSION OF IDENTIFIED BANKING PRODUCT. 
‘‘(a) EXCLUSION.—Except as provided in subsection 
(b) or (c)— 
‘‘(1) the Commodity Exchange Act shall not 
apply to, and the Commodity Futures Trading Com-
VerDate Nov 24 2008 
04:13 Jan 21, 2010
Jkt 089200
PO 00000
Frm 00624
Fmt 6652
Sfmt 6201
E:\BILLS\H4173.RFS
H4173
SMARTINEZ on DSKH9S0YB1PROD with BILLS
625 
HR 4173 RFS
mission shall not exercise regulatory authority under 
such Act with respect to, an identified banking prod-
uct; and 
‘‘(2) the definitions of ‘security-based swap’ in 
section 3(a)(68) of the Securities Exchange Act of 
1934 and ‘security-based swap agreement’ in section 
3(a)(76) of the Securities Exchange Act of 1934 do 
not include any identified banking product. 
‘‘(b) EXCEPTION.—An appropriate Federal banking 
agency may except an identified banking product of a 
bank under its regulatory jurisdiction from the exclusions 
in subsection (a) if the agency determines, in consultation 
with the Commodity Futures Trading Commission and the 
Securities and Exchange Commission, that the product— 
‘‘(1) would meet the definition of swap in sec-
tion 1a(35) of the Commodity Exchange Act (7 
U.S.C. 1a(35)) or security-based swap in section 
3(a)(68) of the Securities and Exchange Act of 
1934; and 
‘‘(2) has become known to the trade as a swap 
or security-based swap, or otherwise has been struc-
tured as an identified banking product for the pur-
pose of evading the provisions of the Commodity Ex-
change Act (7 U.S.C. 1 et seq.), the Securities Act 
VerDate Nov 24 2008 
04:13 Jan 21, 2010
Jkt 089200
PO 00000
Frm 00625
Fmt 6652
Sfmt 6201
E:\BILLS\H4173.RFS
H4173
SMARTINEZ on DSKH9S0YB1PROD with BILLS
626 
HR 4173 RFS
of 1933 (15 U.S.C. 77a et seq.), or the Securities 
Exchange Act of 1934 (15 U.S.C. 78a et seq.). 
‘‘(c) EXCEPTION.—The exclusions in subsection (a) 
shall not apply to an identified banking product that— 
‘‘(1) is a product of a bank that is not under 
the regulatory jurisdiction of an appropriate Federal 
banking agency; 
‘‘(2) meets the definition of swap in section 
1a(35) of the Commodity Exchange Act or security- 
based swap in section 3(a)(68) of the Securities and 
Exchange Act of 1934; and 
‘‘(3) has become known to the trade as a swap 
or security-based swap, or otherwise has been struc-
tured as an identified banking product for the pur-
pose of evading the provisions of the Commodity Ex-
change Act (7 U.S.C. 1 et seq.), the Securities Act 
of 1933 (15 U.S.C. 77a et seq.), or the Securities 
Exchange Act of 1934 (15 U.S.C. 78a et seq.).’’. 
SEC. 3104. PUBLIC REPORTING OF AGGREGATE SWAP 
DATA. 
Section 8 of the Commodity Exchange Act (7 U.S.C. 
12) is amended by adding at the end the following: 
‘‘(j) PUBLIC
REPORTING
OF
AGGREGATE
SWAP 
DATA.— 
VerDate Nov 24 2008 
04:13 Jan 21, 2010
Jkt 089200
PO 00000
Frm 00626
Fmt 6652
Sfmt 6201
E:\BILLS\H4173.RFS
H4173
SMARTINEZ on DSKH9S0YB1PROD with BILLS