ty described in subsection (c)(7), the swap data repository 
shall receive a written agreement from each entity stating 
that the entity shall abide by the confidentiality require-
ments described in section 8 relating to the information 
on swap transactions that is provided.’’. 
Subtitle D—Relief for Municipal 
Utilities 
SEC. 341. TRANSACTIONS WITH UTILITY SPECIAL ENTITIES. 
Section 1a(49) of the Commodity Exchange Act (7 
U.S.C. 1a(49)) is amended by adding at the end the fol-
lowing: 
‘‘(E) CERTAIN
TRANSACTIONS
WITH
A 
UTILITY SPECIAL ENTITY.— 
‘‘(i) Transactions in utility operations- 
related swaps shall be reported pursuant to 
section 4r. 
‘‘(ii) In making a determination to ex-
empt pursuant to subparagraph (D), the 
Commission shall treat a utility operations- 
related swap entered into with a utility 
special entity, as defined in section 
4s(h)(2)(D), as if it were entered into with 
an entity that is not a special entity, as de-
fined in section 4s(h)(2)(C).’’. 
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SEC. 342. UTILITY SPECIAL ENTITY DEFINED. 
Section 4s(h)(2) of the Commodity Exchange Act (7 
U.S.C. 6s(h)(2)) is amended by adding at the end the fol-
lowing: 
‘‘(D) UTILITY SPECIAL ENTITY.—For pur-
poses of this Act, the term ‘utility special enti-
ty’ means a special entity, or any instrumen-
tality, department, or corporation of or estab-
lished by a State or political subdivision of a 
State, that— 
‘‘(i) owns or operates an electric or 
natural gas facility or an electric or nat-
ural gas operation; 
‘‘(ii) supplies natural gas and or elec-
tric energy to another utility special entity; 
‘‘(iii) has public service obligations 
under Federal, State, or local law or regu-
lation to deliver electric energy or natural 
gas service to customers; or 
‘‘(iv) is a Federal power marketing 
agency, as defined in section 3 of the Fed-
eral Power Act.’’. 
SEC. 343. UTILITY OPERATIONS-RELATED SWAP. 
(a) 
SWAP
FURTHER
DEFINED.—Section 
1a(47)(A)(iii) of the Commodity Exchange Act (7 U.S.C. 
1a(47)(A)(iii)) is amended— 
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(1) by striking ‘‘and’’ at the end of subclause 
(XXI); 
(2) by adding ‘‘and’’ at the end of subclause 
(XXII); and 
(3) by adding at the end the following: 
‘‘(XXIII) a utility operations-re-
lated swap;’’. 
(b) UTILITY
OPERATIONS-RELATED
SWAP
DE-
FINED.—Section 1a of such Act (7 U.S.C. 1a) is amended 
by adding at the end the following: 
‘‘(52) UTILITY OPERATIONS-RELATED SWAP.— 
The term ‘utility operations-related swap’ means a 
swap that— 
‘‘(A) is entered into to hedge or mitigate a 
commercial risk; 
‘‘(B) is not a contract, agreement, or 
transaction based on, derived on, or ref-
erencing— 
‘‘(i) an interest rate, credit, equity, or 
currency asset class; or 
‘‘(ii) a metal, agricultural commodity, 
or crude oil or gasoline commodity of any 
grade, except as used as fuel for electric 
energy generation; and 
‘‘(C) is associated with— 
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‘‘(i) the generation, production, pur-
chase, or sale of natural gas or electric en-
ergy, the supply of natural gas or electric 
energy to a utility, or the delivery of nat-
ural gas or electric energy service to utility 
customers; 
‘‘(ii) all fuel supply for the facilities or 
operations of a utility; 
‘‘(iii) compliance with an electric sys-
tem reliability obligation; 
‘‘(iv) compliance with an energy, en-
ergy efficiency, conservation, or renewable 
energy or environmental statute, regula-
tion, or government order applicable to a 
utility; or 
‘‘(v) any other electric energy or nat-
ural gas swap to which a utility is a 
party.’’. 
Subtitle E—End-User Regulatory 
Relief 
SEC. 351. END USERS NOT TREATED AS FINANCIAL ENTI-
TIES. 
(a) IN GENERAL.—Section 2(h)(7)(C)(iii) of the 
Commodity Exchange Act (7 U.S.C. 2(h)(7)(C)(iii)) is 
amended to read as follows: 
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‘‘(iii) LIMITATION.—Such definition 
shall not include an entity— 
‘‘(I) whose primary business is 
providing financing, and who uses de-
rivatives for the purpose of hedging 
underlying commercial risks related to 
interest rate and foreign currency ex-
posures, 90 percent or more of which 
arise from financing that facilitates 
the purchase or lease of products, 90 
percent or more of which are manu-
factured by the parent company or 
another subsidiary of the parent com-
pany; or 
‘‘(II) who is not supervised by a 
prudential regulator, and is not de-
scribed in any of subclauses (I) 
through (VII) of clause (i), and— 
‘‘(aa) is a commercial mar-
ket participant and is considered 
a financial entity under clause 
(i)(VIII) because the entity pre-
dominantly engages in physical 
delivery contracts; or 
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‘‘(bb) enters into swaps, 
contracts for future delivery, and 
other derivatives on behalf of, or 
to hedge or mitigate the commer-
cial risk of, whether directly or in 
the aggregate, affiliates that are 
not so supervised or described.’’. 
(b) 
COMMERCIAL
MARKET
PARTICIPANT
DE-
FINED.— 
(1) IN GENERAL.—Section 1a of such Act (7 
U.S.C. 1a) is amended by redesignating paragraphs 
(8) through (51) as paragraphs (9) through (52), re-
spectively, and by inserting after paragraph (6) the 
following: 
‘‘(7) COMMERCIAL MARKET PARTICIPANT.—The 
term ‘commercial market participant’ means any 
producer, processor, merchant, or commercial user 
of an exempt or agricultural commodity, or the prod-
ucts or byproducts of such a commodity.’’. 
(2) CONFORMING AMENDMENTS.— 
(A) Section 1a of such Act (7 U.S.C. 1a) 
is amended— 
(i) in subparagraph (A) of paragraph 
(18) (as so redesignated by paragraph (1) 
of this subsection), in the matter preceding 
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(F) Section 4t(b)(1)(C) of such Act (7 
U.S.C. 6t(b)(1)(C)) is amended by striking 
‘‘1a(47)(A)(v)’’ and inserting ‘‘1a(48)(A)(v)’’. 
(G) Section 5(d)(23) of such Act (7 U.S.C. 
7(d)(23)) 
is 
amended 
by 
striking 
‘‘1a(47)(A)(v)’’ and inserting ‘‘1a(48)(A)(v)’’. 
(H) Section 5(e)(1) of such Act (7 U.S.C. 
7(e)(1)) is amended by striking ‘‘1a(9)’’ and in-
serting ‘‘1a(10)’’. 
(I) Section 5b(k)(3)(A) of such Act (7 
U.S.C. 7a–1(k)(3)(A)) is amended by striking 
‘‘1a(47)(A)(v)’’ and inserting ‘‘1a(48)(A)(v)’’. 
(J) Section 5c(c)(4)(B) of such Act (7 
U.S.C. 7a–2(c)(4)(B)) is amended by striking 
‘‘1a(10)’’ and inserting ‘‘1a(11)’’. 
(K) Section 5h(f)(10)(A)(iii) of such Act 
(7 U.S.C. 7b–3(f)(10)(A)(iii)) is amended by 
striking 
‘‘1a(47)(A)(v)’’ 
and 
inserting 
‘‘1a(48)(A)(v)’’. 
(L) Section 21(f)(4)(C) of such Act (7 
U.S.C. 24a(f)(4)(C)) is amended by striking 
‘‘1a(48)’’ and inserting ‘‘1a(49)’’. 
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SEC. 352. REPORTING OF ILLIQUID SWAPS SO AS TO NOT 
DISADVANTAGE 
CERTAIN 
NON-FINANCIAL 
END USERS. 
Section 2(a)(13) of the Commodity Exchange Act (7 
U.S.C. 2(a)(13)) is amended— 
(1) in subparagraph (C), by striking ‘‘The 
Commission’’ and inserting ‘‘Except as provided in 
subparagraph (D), the Commission’’; and 
(2) 
by 
redesignating 
subparagraphs 
(D) 
through (G) as subparagraphs (E) through (H), re-
spectively, and inserting after subparagraph (C) the 
following: 
‘‘(D) REQUIREMENTS
FOR
SWAP
TRANS-
ACTIONS
IN
ILLIQUID
MARKETS.—Notwith-
standing subparagraph (C): 
‘‘(i) The Commission shall provide by 
rule for the public reporting of swap trans-
actions, including price and volume data, 
in illiquid markets that are not cleared and 
entered into by a non-financial entity that 
is hedging or mitigating commercial risk in 
accordance with subsection (h)(7)(A). 
‘‘(ii) The Commission shall ensure 
that the swap transaction information re-
ferred to in clause (i) of this subparagraph 
is available to the public no sooner than 30 
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days after the swap transaction has been 
executed or at such later date as the Com-
mission determines appropriate to protect 
the identity of participants and positions in 
illiquid markets and to prevent the elimi-
nation or reduction of market liquidity. 
‘‘(iii) In this subparagraph, the term 
‘illiquid markets’ means any market in 
which the volume and frequency of trading 
in swaps is at such a level as to allow iden-
tification of individual market partici-
pants.’’. 
SEC. 353. RELIEF FOR GRAIN ELEVATOR OPERATORS, 
FARMERS, 
AGRICULTURAL 
COUNTERPAR-
TIES, AND COMMERCIAL MARKET PARTICI-
PANTS. 
The Commodity Exchange Act (7 U.S.C. 1 et seq.) 
is amended by inserting after section 4t the following: 
‘‘SEC. 4u. RECORDKEEPING REQUIREMENTS APPLICABLE 
TO NON-REGISTERED MEMBERS OF CERTAIN 
REGISTERED ENTITIES. 
‘‘Except as provided in section 4(a)(3), a member of 
a designated contract market or a swap execution facility 
that is not registered with the Commission and not re-
quired to be registered with the Commission in any capac-
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ity shall satisfy the recordkeeping requirements of this Act 
and any recordkeeping rule, order, or regulation under 
this Act by maintaining a written record of each trans-
action in a contract for future delivery, option on a future, 
swap, swaption, trade option, or related cash or forward 
transaction. The written record shall be sufficient if it in-
cludes the final agreement between the parties and the 
material economic terms of the transaction and is identifi-
able and searchable by transaction.’’. 
SEC. 354. RELIEF FOR END USERS WHO USE PHYSICAL 
CONTRACTS WITH VOLUMETRIC OPTIONALI-
TY. 
Section 1a(47)(B)(ii) of the Commodity Exchange 
Act (7 U.S.C. 1a(47)(B)(ii)) is amended to read as fol-
lows: 
‘‘(ii) any purchase or sale of a non-
financial commodity or security for de-
ferred shipment or delivery, so long as the 
transaction is intended to be physically set-
tled, including any stand-alone or embed-
ded option for which— 
‘‘(I) exercise results in a physical 
delivery obligation; 
‘‘(II) cannot be severed or mar-
keted separately from the overall 
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transaction for the purpose of finan-
cial settlement; and 
‘‘(III) both parties are commer-
cial market participants.’’. 
SEC. 355. COMMISSION VOTE REQUIRED BEFORE AUTO-
MATIC CHANGE OF SWAP DEALER DE MINI-
MIS LEVEL. 
Section 1a(49)(D) of the Commodity Exchange Act 
(7 U.S.C. 1a(49)(D)) is amended— 
(1) by striking all that precedes ‘‘shall exempt’’ 
and inserting the following: 
‘‘(D) DE MINIMIS EXCEPTION.— 
‘‘(i) IN GENERAL.—The Commission’’; 
and 
(2) by adding after and below the end the fol-
lowing new clause: 
‘‘(ii) The de minimis quantity of swap 
dealing as described in clause (i) that is 
currently 
set 
at 
a 
quantity 
of 
$8,000,000,000 shall only be amended or 
reduced through a new affirmative action 
of the Commission undertaken by rule or 
regulation.’’. 
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