(5) No part of any rulemaking under this sec-
tion shall limit the Commission’s antifraud or 
antimanipulation authority. 
(c) APPLICATION OF THE RULE.— 
(1) ASSESSMENTS
OF
FOREIGN
JURISDIC-
TIONS.—Beginning on the date on which a final rule 
is issued under this section, the Commission shall 
begin to assess the swaps regulatory requirements of 
foreign jurisdictions, in the order the Commission 
determines appropriate, in accordance with the cri-
teria established pursuant to subsection (b)(1). Fol-
lowing each assessment, the Commission shall deter-
mine, by rule or by order, whether the swaps regu-
latory requirements of the foreign jurisdiction are 
comparable to and as comprehensive as United 
States swaps requirements. 
(2) 
SUBSTITUTED
COMPLIANCE
FOR 
UNASSESSED
MAJOR
MARKETS.—Beginning 
months after the date of enactment of this Act— 
(A) the swaps regulatory requirements of 
each of the 8 foreign jurisdictions with the larg-
est swaps markets, as calculated by notional 
value during the 12-month period ending with 
such date of enactment, except those with re-
spect to which a determination has been made
under paragraph (1), shall be considered to be 
comparable to and as comprehensive as United 
States swaps requirements; and 
(B) a non-United States person or a trans-
action between 2 non-United States persons 
shall be exempt from United States swaps re-
quirements if the person or transaction is in 
compliance with the swaps regulatory require-
ments of any of such unexcepted foreign juris-
dictions. 
(3) SUSPENSION
OF
SUBSTITUTED
COMPLI-
ANCE.—If the Commission determines, by rule or by 
order, that— 
(A) the swaps regulatory requirements of a 
foreign jurisdiction are not comparable to and 
as comprehensive as United States swaps re-
quirements, using the categories and criteria es-
tablished under subsection (b)(1); 
(B) the foreign jurisdiction does not ex-
empt from its swaps regulatory requirements 
United States persons who are in compliance 
with United States swaps requirements; or 
(C) the foreign jurisdiction is not providing 
equivalent recognition of, or substituted compli-
ance for, registered entities (as defined in sec-
tion 1a(41) of the Commodity Exchange Act) 
domiciled in the United States, 
the Commission may suspend, in whole or in part, 
a determination made under paragraph (1) or a con-
sideration granted under paragraph (2). 
(d) PETITION FOR REVIEW OF FOREIGN JURISDIC-
TION PRACTICES.—A registered entity, commercial mar-
ket participant (as defined in section 1a(7) of the Com-
modity Exchange Act), or Commission registrant (within 
the meaning of such Act) who petitions the Commission 
to make or change a determination under subsection 
(c)(1) or (c)(3) of this section shall be entitled to expedited 
consideration of the petition. A petition shall include any 
evidence or other supporting materials to justify why the 
petitioner believes the Commission should make or change 
the determination. Petitions under this section shall be 
considered by the Commission any time following the en-
actment of this Act. Within 180 days after receipt of a 
petition for a rulemaking under this section, the Commis-
sion shall take final action on the petition. Within 90 days 
after receipt of a petition to issue an order or change an 
order issued under this section, the Commission shall take 
final action on the petition. 
(e) REPORT
TO CONGRESS.—If the Commission 
makes a determination described in this section through
an order, the Commission shall articulate the basis for the 
determination in a written report published in the Federal 
Register and transmitted to the Committee on Agriculture 
of the House of Representatives and Committee on Agri-
culture, Nutrition, and Forestry of the Senate within 15 
days of the determination. The determination shall not be 
effective until 15 days after the committees receive the re-
port. 
(f) DEFINITIONS.—As used in this Act and for pur-
poses of the rules issued pursuant to this Act, the fol-
lowing definitions apply: 
(1) 
UNITED
STATES
PERSON.—The 
term 
‘‘United States person’’— 
(A) means— 
(i) any natural person resident in the 
United States; 
(ii) 
any 
partnership, 
corporation, 
trust, or other legal person organized or 
incorporated under the laws of the United 
States or having its principal place of busi-
ness in the United States; 
(iii) any account (whether discre-
tionary or non-discretionary) of a United 
States person; and
(iv) any other person as the Commis-
sion may further define to more effectively 
carry out the purposes of this section; and 
(B) does not include the International 
Monetary Fund, the International Bank for Re-
construction and Development, the Inter-Amer-
ican Development Bank, the Asian Development 
Bank, the African Development Bank, the 
United Nations, their agencies or pension plans, 
or any other similar international organizations 
or their agencies or pension plans. 
(2) UNITED STATES SWAPS REQUIREMENTS.— 
The term ‘‘United States swaps requirements’’ 
means the provisions relating to swaps contained in 
the Commodity Exchange Act (7 U.S.C. 1a et seq.) 
that were added by title VII of the Dodd-Frank Wall 
Street Reform and Consumer Protection Act (15 
U.S.C. 8301 et seq.) and any rules or regulations 
prescribed by the Commodity Futures Trading Com-
mission pursuant to such provisions. 
(3) FOREIGN JURISDICTION.—The term ‘‘for-
eign jurisdiction’’ means any national or supra-
national political entity with common rules gov-
erning swaps transactions.