IB 
Union Calendar No. 63 
112TH CONGRESS 
1ST SESSION H. R. 1573 
[Report No. 112–109, Parts I and II] 
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 
JUNE 16, 2011 
Additional sponsors: Mr. JOHNSON of Illinois, Mr. NEUGEBAUER, Mrs. 
SCHMIDT, Mr. THOMPSON
of Pennsylvania, Mr. CRAWFORD, Mrs. 
ELLMERS, Mr. GIBBS, Mr. GIBSON, Mr. HULTGREN, Mr. RIBBLE, Mr. 
AUSTIN SCOTT of Georgia, Mr. KINGSTON, Mr. HENSARLING, Mr. 
HANNA, Ms. JENKINS, Mrs. HARTZLER, Mr. COFFMAN of Colorado, Mr. 
YODER, and Mr. GOODLATTE 
JUNE 16, 2011 
Reported from the Committee on Financial Services with an amendment 
[Strike out all after the enacting clause and insert the part printed in italic] 
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JUNE 16, 2011 
Reported from the Committee on Agriculture with an amendment, committed 
to the Committee of the Whole House on the State of the Union, and 
ordered to be printed 
[Strike out all after the enacting clause and insert the part printed in boldface roman] 
[For text of introduced bill, see copy of bill as introduced on April 15, 2011] 
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. 
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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. EFFECTIVE DATES. 
Section 712(f) of the Dodd-Frank Wall Street Reform 
and Consumer Protection Act (Public Law 111–203; 15 
U.S.C. 8302(f)) is amended to read as follows: 
‘‘(f) RULES AND REGISTRATION BEFORE FINAL EF-
FECTIVE DATES.— 
‘‘(1) IN GENERAL.—Beginning on the date of en-
actment of this Act and notwithstanding the effective 
date of any provision of this Act, the Commodity Fu-
tures Trading Commission and the Securities and 
Exchange Commission may, in order to prepare 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, contracts, 
or transactions from provisions of this Act, 
under the terms contained in this Act. 
‘‘(2) EFFECTIVE
DATE.—(A) Notwithstanding 
paragraph (1), an action by the Commodity Futures 
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Trading Commission or the Securities and Exchange 
Commission described in paragraph (1) shall not be-
come effective before the effective date applicable to the 
action under this Act, except as provided in para-
graph (3). 
‘‘(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 lat-
est of— 
‘‘(i) September 30, 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 
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further defining the terms specified in subsection 
(d)(1) not later than 360 days after the date of 
the enactment of this Act. Such definitions shall 
become effective 90 days after their publication 
in the Federal Register. 
‘‘(B) REGULATORY REPORTING.— 
‘‘(i) SWAP DATA REPORTING.—Sections 
2(h)(5) and 4r of the Commodity Exchange 
Act and the rules and regulations of the 
Commodity Futures Trading Commission 
issued under such sections shall become ef-
fective 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 RE-
PORTING.—Sections 3C(e) and 13A(a) of the 
Securities Exchange Act of 1934 and the 
rules and regulations of the Securities and 
Exchange Commission issued under such 
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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 rule or 
regulation; or 
‘‘(II) the effective date otherwise 
applicable to such sections. 
‘‘(iii) SWAP DATA REPOSITORIES.—To 
facilitate compliance, before September 30, 
2012, with the regulatory reporting provi-
sions of this section, the Commodity Futures 
Trading Commission and the Securities and 
Exchange Commission may authorize the 
reporting of swap data and security-based 
swap data to any person then conducting 
the business described in section 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), re-
spectively, who has— 
‘‘(I) provided notice to the rel-
evant Commission of its intention to 
register as a swap data repository or 
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security-based swap data repository, as 
applicable; and 
‘‘(II) made such undertakings to 
the relevant Commission as such Com-
mission has determined to be appro-
priate and in the public interest, con-
sistent with this title. 
‘‘(C) CERTAIN CLEARING PROVISIONS.—Sec-
tion 3C of the Securities Exchange Act of 1934 
(15 U.S.C. 78c–3) (except for subsections (e) and 
(h) of such section) and the rules and regulations 
of the Securities and Exchange Commission 
under such section shall take effect on the date 
otherwise applicable to such section. 
‘‘(D) AUTHORITY
RELATING
TO
SPECULA-
TIVE TRADING.—Notwithstanding any other pro-
vision of this Act, this subsection shall not delay 
the use of any authority granted to the Securities 
and Exchange Commission and the Commodity 
Futures Trading Commission to address specula-
tive trading, including the impact of such trad-
ing on the markets, users, or investors and con-
sumers. The Commissions shall report to the ap-
propriate committees of Congress on the use of 
such authority. 
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‘‘(E) PROHIBITION
ON
FEDERAL
BAIL-
OUTS.—Notwithstanding paragraph (2), section 
716 of this Act shall take effect on the date pro-
vided for in such section.’’. 
SEC. 2. IMPLEMENTATION ANALYSIS. 
Section 712 of the Dodd-Frank Wall Street Reform 
and Consumer Protection Act (Public Law 111–203; 15 
U.S.C. 8302), 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 regula-
tions under this title— 
‘‘(1) conduct public hearings and roundtables 
and take testimony of affected market participants, 
experts and other interested parties, and solicit public 
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; 
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‘‘(B) any alternative approaches capable of 
accomplishing the relevant Commission’s rule-
making objectives; and 
‘‘(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 re-
quired under Federal law in connection with its 
adoption of the relevant final rules and regula-
tions; 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 registration 
and related regulatory requirements of this Act 
that were added by title VII of the Dodd-Frank 
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Wall Street Reform and Consumer Protection 
Act if and to the extent that the Commission de-
termines that— 
‘‘(I) the person is subject to comprehen-
sive supervision and regulation under a reg-
ulatory scheme administered by another 
regulatory authority or the appropriate gov-
ernmental authorities in the person’s home 
country that is comparable to the relevant 
provisions of this Act, 
‘‘(II) adequate information-sharing ar-
rangements are in effect between the Com-
mission and the other regulatory authority, 
and 
‘‘(III) the exemption would be con-
sistent with the public interest. 
‘‘(ii) The Commission may condition any 
such exemption on compliance with all or any 
part of the alternate regulatory scheme, and on 
such other terms as the Commission determines 
appropriate, and may deem any noncompliance 
with the alternate regulatory scheme or other 
terms a violation of the corresponding provisions 
of this Act.’’. 
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(b) SECURITIES AND EXCHANGE COMMISSION.—The 
Securities Exchange Act of 1934 (15 U.S.C. 78m) is amend-
ed by inserting after section 4E the following: 
‘‘SEC. 4F. EXEMPTIVE AUTHORITY. 
‘‘(a) IN GENERAL.—Notwithstanding any other provi-
sion of this Act, the Commission may exempt, in whole or 
in part, a person from the registration and related regu-
latory requirements of this Act that were added by title VII 
of the Dodd-Frank Wall Street Reform and Consumer Pro-
tection Act if and to the extent that the Commission deter-
mines that— 
‘‘(1) the person is subject to comprehensive su-
pervision and regulation under a regulatory scheme 
administered by another regulatory authority or the 
appropriate governmental authorities in the person’s 
home country that is comparable to the relevant pro-
visions of this Act; 
‘‘(2) adequate information-sharing arrangements 
are in effect with the other regulatory authority; and 
‘‘(3) the exemption would be consistent with the 
protection of investors. 
‘‘(b) CONDITION ON COMPLIANCE.—The Commission 
may condition any such exemption on compliance with all 
or any part of the alternate regulatory scheme, and such 
other terms as the Commission determines appropriate, and 
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may deem any noncompliance with the alternate regulatory 
scheme or other terms a violation of the corresponding pro-
visions of this Act.’’. 
SECTION 1. EFFECTIVE DATES. 
Section 712(f) of the Dodd-Frank Wall 
Street Reform and Consumer Protection Act 
(Public Law 111–203) is amended to read as 
follows: 
‘‘(f) RULES
AND
REGISTRATION
BEFORE 
FINAL EFFECTIVE DATES.— 
‘‘(1) IN
GENERAL.—Beginning on the 
date of enactment of this Act and not-
withstanding the effective date of any 
provision of this Act, the Commodity Fu-
tures Trading Commission and the Secu-
rities and Exchange Commission may, in 
order to prepare for the effective dates of 
the provisions of this Act— 
‘‘(A) 
promulgate 
rules, 
regula-
tions, or orders permitted or required 
by this Act; 
‘‘(B) conduct studies and prepare 
reports 
and 
recommendations 
re-
quired by this Act; 
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‘‘(C) register persons under the 
provisions of this Act; and 
‘‘(D) exempt persons, agreements, 
contracts, or transactions from provi-
sions of this Act, under the terms con-
tained in this Act. 
‘‘(2) EFFECTIVE
DATE.—(A) Notwith-
standing paragraph (1), an action by the 
Commodity Futures Trading Commission 
or the Securities and Exchange Commis-
sion described in paragraph (1) shall not 
become effective before the effective date 
applicable to the action under this Act, 
except as provided in paragraph (3). 
‘‘(B) Notwithstanding any provision of 
this Act (other than paragraph (3) and 
sections 721(a)(4) and 721(f)), this title 
and the regulations 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 regula-
tion in the Federal Register or such 
later date as may be specified in the 
final rule or regulation; or 
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‘‘(iii) the effective date otherwise 
applicable to this title. 
‘‘(3) EXCEPTIONS.— 
‘‘(A) 
CERTAIN
DEFINITIONS.—Not-
withstanding 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 Com-
modity Futures Trading Commission 
and the Securities and Exchange 
Commission, in consultation with the 
Board of Governors, shall adopt defi-
nitions further defining the terms 
specified in subsection (d)(1) not later 
than 360 days after the date of the en-
actment of this Act. Such definitions 
shall become effective 90 days after 
their publication in the Federal Reg-
ister. 
‘‘(B) REGULATORY REPORTING.— 
‘‘(i) SWAP
DATA
REPORTING.— 
Notwithstanding any other provi-
sion of this Act, sections 2(h)(5) 
and 4r of the Commodity Ex-
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eral Register, or such later 
date as may be specified in 
the rule or regulation; or 
‘‘(II) the effective date oth-
erwise applicable to such sec-
tions. 
‘‘(iii) 
SWAP
DATA
REPOSI-
TORIES.—To facilitate compliance, 
before December 31, 2012, with 
the regulatory reporting provi-
sions of this section, the Com-
modity Futures Trading Commis-
sion and the Securities and Ex-
change Commission may author-
ize the reporting of swap data 
and security-based swap data to 
any person then conducting the 
business 
described 
in 
section 
1a(48) 
of 
the 
Commodity 
Ex-
change 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 
relevant Commission of its in-
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tention to register as a swap 
data repository or security- 
based swap data repository, 
as applicable; and 
‘‘(II) made such under-
takings to the relevant Com-
mission as such Commission 
has determined to be appro-
priate and in the public inter-
est, 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 fol-
lowing: 
‘‘(g) IMPLEMENTATION ANALYSIS.—Notwith-
standing 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 af-
fected market participants, experts and 
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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 infra-
structure 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 rulemaking objectives; 
and 
‘‘(C) the time and resources that 
would be required of affected parties 
in order to develop policies and pro-
cedures designed to comply with any 
rules and regulations proposed or 
then contemplated by the relevant 
Commission, and 
‘‘(2) take such testimony and com-
ment into account in— 
‘‘(A) performing the cost-benefit 
analysis required under Federal law 
in connection with its adoption of the 
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relevant final rules and regulations; 
and 
‘‘(B) 
determining 
the 
effective 
date of the relevant final rules and 
regulations.’’. 
SEC. 3. REGULATORY COORDINATION. 
(a) COMMODITY FUTURES TRADING COMMIS-
SION.—Section 2(a)(1) of the Commodity Ex-
change Act (7 U.S.C. 2(a)(1)) is amended by 
adding at the end the following: 
‘‘(J)(i) Notwithstanding any other 
provision of this Act, the Commission 
may exempt, in whole or in part, a 
person from the registration and re-
lated regulatory requirements of this 
Act if and to the extent that the Com-
mission determines that— 
‘‘(I) the person is subject to 
comprehensive supervision and 
regulation 
under 
a 
regulatory 
scheme administered by another 
domestic regulatory authority or 
the appropriate governmental au-
thorities in the person’s home 
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country that is comparable to the 
relevant provisions of this Act, 
‘‘(II) 
adequate 
information- 
sharing arrangements are in ef-
fect between the Commission and 
the other regulatory authority, 
and 
‘‘(III) the exemption would be 
consistent with the public inter-
est. 
‘‘(ii) The Commission may condi-
tion any such exemption on compli-
ance with all or any part of the alter-
nate regulatory scheme, and on such 
other terms as the Commission deter-
mines appropriate, and may deem 
any 
noncompliance 
with 
the 
altrernate regulatory scheme or other 
terms 
a 
violation 
of 
the 
cor-
responding provisions of this Act.’’. 
(b) SECURITIES
AND
EXCHANGE
COMMIS-
SION.—The Securities Exchange Act of 1934 
(15 U.S.C. 78m) is amended by inserting after 
section 4E the following: 
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‘‘SEC. 4F. EXEMPTIVE AUTHORITY. 
‘‘(a) IN
GENERAL.—Notwithstanding any 
other provision of this Act, the Commission 
may exempt, in whole or in part, a person 
from the registration and related regulatory 
requirements of this Act if and to the extent 
that the Commission determines that— 
‘‘(1) the person is subject to com-
prehensive supervision and regulation 
under a regulatory scheme administered 
by another regulatory authority or the 
appropriate governmental authorities in 
the person’s home country that is com-
parable to the relevant provisions of this 
Act; 
‘‘(2) adequate information-sharing ar-
rangements are in effect with the other 
regulatory authority; and 
‘‘(3) the exemption would be con-
sistent with the protection of investors. 
‘‘(b) CONDITION ON COMPLIANCE.—The Com-
mission may condition any such exemption on 
compliance with all or any part of the alter-
nate regulatory scheme, and such other terms 
as the Commission determines appropriate, 
and may deem any noncompliance with the 
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alternate regulatory scheme or other terms a 
violation of the corresponding provisions of 
this Act.’’. 
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Union Calendar No. 63 
112TH CONGRESS 
1ST SESSION 
H. R. 1573 
[Report No. 112–109, Parts I and II] 
A BILL 
To facilitate implementation of title VII of the 
Dodd-Frank Wall Street Reform and Consumer 
Protection Act, promote regulatory coordination, 
and avoid market disruption. 
JUNE 16, 2011 
Reported from the Committee on Financial Services with 
an amendment 
JUNE 16, 2011 
Reported from the Committee on Agriculture with an 
amendment, committed to the Committee of the Whole 
House on the State of the Union, and ordered to be 
printed 
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