‘‘(1) IN GENERAL.—For any proprietary infor-
mation provided to the Commission, the Commission 
may, in its discretion, after notice and comment, 
adopt rules and regulations to apply any of the provi-
sions of this section to such information it obtains or 
receives, as it deems necessary, to the extent such in-
formation is not already covered by the provisions of 
this section. 
‘‘(2) POLICIES.—With regard to proprietary in-
formation it obtains or receives, the Commission shall 
adopt policies, as determined by the Commission, 
after notice and comment, to— 
‘‘(A) address circumstances when the Com-
mission requests proprietary information; 
‘‘(B) safeguard the information, taking into 
consideration the level of sensitivity of the infor-
mation; 
‘‘(C) limit access to the information to ap-
propriate staff, as determined by the Commis-
sion; and 
‘‘(D) protect the information from unlawful 
use or disclosure. 
‘‘(3) SHARING.—To the extent the Commission 
adopts rules or regulations, pursuant to paragraph 
(1), regarding the sharing of such proprietary infor-
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mation with other governmental entities, the Commis-
sion shall receive assurances that such other govern-
mental entity shall maintain sufficient safeguards 
consistent with— 
‘‘(A) policies that achieve the objectives of 
subparagraphs (B), (C), and (D) of paragraph 
(2) of this subsection; and 
‘‘(B) the limitations set forth in paragraphs 
(2), (3), and (4) of subsection (e) concerning the 
confidentiality of any such information re-
ceived.’’. 
SEC. 115. AUTHORITY TO PROVIDE FOOD AND INCIDENTAL 
ASSISTANCE TO FOREIGN OFFICIALS HOSTED 
BY THE COMMISSION. 
Section 12(b) of the Commodity Exchange Act (7 
U.S.C. 16(b)) is amended by adding at the end the fol-
lowing: 
‘‘(5) The Commission may incur expenses for 
consultations and meetings hosted by the Commission 
with foreign governmental and other regulatory offi-
cials to exchange views concerning derivatives mat-
ters, such expenses to include necessary logistic and 
administrative expenses, including— 
‘‘(A) meals; 
‘‘(B) local travel and transportation; and 
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‘‘(C) related incidental expenses.’’. 
SEC. 116. EXTENSION OF OPERATIONS. 
Section 12(d) of the Commodity Exchange Act (7 
U.S.C. 16(d)) is amended by striking ‘‘2008 through 2013’’ 
and inserting ‘‘2020 through 2025’’. 
SEC. 117. AIDING AND ABETTING. 
Section 13(a) of the Commodity Exchange Act (7 
U.S.C. 13c(a)) is amended— 
(1) by inserting ‘‘or recklessly provides substan-
tial assistance to,’’ after ‘‘commission of,’’; and 
(2) by inserting ‘‘, or who by recklessly pro-
viding substantial assistance to another,’’ before 
‘‘causes an act’’. 
SEC. 118. MODERNIZATION OF AUTHORITY OF THE COMMIS-
SION TO CONDUCT RESEARCH, DEVELOP-
MENT, DEMONSTRATION, AND INFORMATION 
PROGRAMS. 
Section 18 of the Commodity Exchange Act (7 U.S.C. 
22) is amended to read as follows: 
‘‘SEC. 18. RESEARCH AND DEVELOPMENT PROGRAMS. 
‘‘(a) PROGRAMS.—The Commission, as part of its on-
going operations, shall establish and maintain research, de-
velopment, demonstration, and information programs that 
further the purposes of this Act, including programs that— 
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‘‘(1) facilitate the understanding by the Commis-
sion of emerging technologies, technological advances, 
and innovations and their potential application to 
and effect on the transactions and markets under the 
jurisdiction of the Commission, and associated impli-
cations for cybersecurity, data security, and systemic 
risk; 
‘‘(2) provide an environment where emerging 
technologies, technological advances, and innovations 
may be explored by the Commission with developers 
and potential users to evaluate potential effects on the 
Commission and the markets under the jurisdiction of 
the Commission; 
‘‘(3) identify areas where the Commission should 
adapt its administration of this Act in light of emerg-
ing technologies, technological advances, and innova-
tions to benefit the markets under the jurisdiction of 
the Commission; and 
‘‘(4) develop educational and other informational 
materials for dissemination and use among pro-
ducers, market-users, and the general public regard-
ing— 
‘‘(A) derivatives; 
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‘‘(B) emerging technologies, technological 
advances, and innovations in markets under the 
jurisdiction of the Commission; and 
‘‘(C) applicable requirements of this Act 
and the regulations prescribed under this Act 
with regard to the subjects described in subpara-
graphs (A) and (B). 
‘‘(b) RESEARCH AND DEVELOPMENT PLAN.— 
‘‘(1) IN GENERAL.—The Commission may, after 
notice and comment, adopt a research and develop-
ment plan for a program established under subsection 
(a). 
‘‘(2) CONDITIONS.—A research and development 
plan adopted pursuant to paragraph (1) shall iden-
tify— 
‘‘(A) specific areas of interest to the Com-
mission; 
‘‘(B) potential activities the Commission 
will undertake to investigate an area of interest; 
and 
‘‘(C) how the authority described in sub-
section (c) will be utilized in the program. 
‘‘(c) OTHER TRANSACTION AUTHORITY.— 
‘‘(1) IN GENERAL.—Notwithstanding the Office 
of Federal Procurement Policy Act of 1974 and the 
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Competition in Contracting Act, the Commission may 
enter into and perform a transaction (other than a 
standard contract) for the purpose of aiding or facili-
tating the programs and activities under subsection 
(a). 
‘‘(2) CONDITIONS.—The Commission may enter 
into a transaction under this subsection only if— 
‘‘(A) the transaction is used only in further-
ance of a research and development plan estab-
lished under subsection (b); 
‘‘(B) the Commission endeavored to use a 
competitive process, where appropriate, when de-
termining the parties to the transaction; and 
‘‘(C) using a standard contract to do so is 
either not feasible or not appropriate. 
‘‘(3) POLICIES.—The Commission shall, after no-
tice and comment, establish and publish written poli-
cies setting forth the manner and criteria for utilizing 
the authority provided by this subsection. 
‘‘(d) GIFT ACCEPTANCE AUTHORITY.— 
‘‘(1) IN GENERAL.—The Commission may accept 
and use, on behalf of the United States, any non-mon-
etary gift of a provision of access, use of facilities, 
personal property, or services, that is related to— 
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‘‘(A) sharing of research, data, or other in-
formation; 
‘‘(B) public presentations; or 
‘‘(C) non-commercially available services or 
systems. 
‘‘(2) CONDITIONS.— 
‘‘(A) IN GENERAL.—A gift may be accepted 
pursuant to this subsection only if it is in fur-
therance of a research and development plan es-
tablished under subsection (b). 
‘‘(B) LIMITATIONS.—The Commission may 
not accept a gift if— 
‘‘(i) conditions inconsistent with appli-
cable laws or regulations apply to the gift; 
‘‘(ii) the gift is conditioned on, or will 
require, the expenditure of appropriated 
funds not available to the Commission; 
‘‘(iii) using a standard contract or 
other transaction authority under sub-
section (c) to acquire the gift is either fea-
sible or appropriate; or 
‘‘(iv) acceptance of the gift would— 
‘‘(I) reflect unfavorably on the 
ability of the Commission to carry out 
its responsibilities or official duties in 
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a fair and objective manner, or com-
promise the integrity or the appear-
ance of the integrity of its programs or 
any official involved in its programs, 
or 
‘‘(II) give the endorsement or the 
appearance of the endorsement by the 
Commission or Commission staff of the 
products, services, activities, or policies 
of the donor. 
‘‘(C) SOLICITATION PROHIBITION.— 
‘‘(i) IN GENERAL.—Except as provided 
in clause (ii), no gift may be solicited by 
any Commissioner, employee of, or con-
tractor at the Commission. 
‘‘(ii) EXCEPTION.—A Commissioner or 
employee of the Commission may solicit 
only for a gift described in paragraph 
(1)(B). 
‘‘(D) DURATION.—To the extent applicable, 
the Commission shall return any gift accepted 
pursuant to this subsection within 90 days after 
accepting the gift. 
‘‘(E) RULES.—The Commission shall, after 
notice and comment, establish and publish writ-
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ten rules setting forth the manner and criteria to 
be used in determining whether a gift meets the 
conditions of this paragraph. 
‘‘(3) DISCLOSURE.—Within 30 days after accept-
ing a gift pursuant to this subsection, the Commission 
shall publish in the Federal Register a notice detail-
ing— 
‘‘(A) the source of the gift; 
‘‘(B) the nature of the gift; 
‘‘(C) whether the gift was solicited pursuant 
to paragraph (2)(C)(ii), and if so, by whom; and 
‘‘(D) how the gift meets the conditions set 
forth in paragraph (2). 
‘‘(4) SUNSET.—The authority provided in this 
subsection may not be exercised on or after October 1, 
2025. 
‘‘(e) ANNUAL REPORT.—Not later than 60 days after 
the end of each fiscal year, the Commission shall submit 
to the Committee on Agriculture, Nutrition, and Forestry 
of the Senate and the Committee on Agriculture of the 
House of Representatives a report on all transactions en-
tered into under subsection (c) and all gifts accepted under 
subsection (d) in the fiscal year, which shall include the 
following: 
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‘‘(1) A brief description of the subject of each 
such transaction or gift, with an explanation of— 
‘‘(A) its potential utility to the Commission 
or the markets regulated by the Commission; 
‘‘(B) how it fulfills the goals and objectives 
of the research and development plan established 
under subsection (b); and 
‘‘(C) the status of all related projects. 
‘‘(2) The information required to be published 
pursuant to subsection (d)(3). 
‘‘(3) A description of all sums expended by the 
Commission in connection with a transaction entered 
into under subsection (c), and, if readily ascertain-
able, the value of any gift accepted under subsection 
(d).’’. 
SEC. 119. PROTECTING CUSTOMER PROPERTY DURING 
COMMODITY BROKER BANKRUPTCY. 
Section 20(a) of the Commodity Exchange Act (7 
U.S.C. 24(a)) is amended— 
(1) by striking ‘‘and’’ at the end of paragraph 
(4); 
(2) by striking the period at the end of para-
graph (5) and inserting ‘‘; and’’; and 
(3) by adding at the end the following: 
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‘‘(6) that cash, securities, or other property of the 
estate of a commodity broker, including the trading or 
operating accounts of the commodity broker and com-
modities held in inventory by the commodity broker, 
shall, subject to any otherwise unavoidable security 
interest, or otherwise unavoidable contractual offset or 
netting rights of creditors (including rights set forth 
in a rule or bylaw of a derivatives clearing organiza-
tion or a clearing agency) in respect of such property, 
be included in customer property, but only to the ex-
tent that the property that is otherwise customer 
property is insufficient to satisfy the net equity 
claims of public customers (as such term may be de-
fined by the Commission by rule or regulation) of the 
commodity broker.’’. 
SEC. 120. ELIMINATION OF THE DOUBLE-SIDED CONFIRMA-
TION REQUIREMENT FOR SWAP DATA REPOSI-
TORIES. 
Section 21(c)(2) of the Commodity Exchange Act (7 
U.S.C. 24a(c)(2)) is amended to read as follows: 
‘‘(2) confirm with any counterparty to the swap, 
as determined by the Commission, the accuracy of the 
data that was submitted, and the counterparty shall 
comply with the rules or procedures of a swap data 
repository to confirm the accuracy of the data;’’. 
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SEC. 121. WHISTLEBLOWER PROTECTIONS FOR INTERNAL 
DISCLOSURES. 
(a) INTERNAL REPORTING.—Section 23 of the Com-
modity Exchange Act (7 U.S.C. 26) is amended— 
(1) in subsection (a)(7)— 
(A) by striking ‘‘The term’’ and inserting 
the following: 
‘‘(A) IN GENERAL.—The term’’; and 
(B) by adding at the end the following: 
‘‘(B) SPECIAL RULE.—Solely for the pur-
poses of subsection (h)(1), the term ‘whistle-
blower’ includes any individual who takes, or 2 
or more individuals acting jointly who take, an 
action described in subsection (h)(1)(A).’’; and 
(2) in subsection (h)(1)(A)— 
(A) in clause (i), by striking ‘‘or’’ at the 
end; 
(B) in clause (ii), by striking the period at 
the end and inserting ‘‘; or’’; and 
(C) by adding at the end the following: 
‘‘(iii) in providing information regard-
ing any conduct that the whistleblower rea-
sonably believes constitutes a violation of 
any law, rule, or regulation subject to the 
jurisdiction of the Commission to— 
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‘‘(I) a person with supervisory 
authority over the whistleblower at the 
employer of the whistleblower, if that 
employer is an entity registered with, 
or required to be registered with, the 
Commission, a self-regulatory organi-
zation, or a State securities commis-
sion or office performing like functions; 
or 
‘‘(II) another individual working 
for the employer described in subclause 
(I) who the whistleblower reasonably 
believes has the authority— 
‘‘(aa) to investigate, discover, 
or terminate the misconduct; or 
‘‘(bb) to take any other ac-
tion to address the misconduct.’’. 
(b) CLAIMS PROCESSING.— 
(1) IN
GENERAL.—Section 23(b) of the Com-
modity Exchange Act (7 U.S.C. 26) is amended by 
adding at the end the following: 
‘‘(3) TIMELY PROCESSING OF CLAIMS.— 
‘‘(A) INITIAL DISPOSITION.— 
‘‘(i) IN GENERAL.—Except as provided 
in subparagraph (B), and subject to clause 
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(ii), the Commission shall make an initial 
disposition with respect to a claim sub-
mitted by a whistleblower for an award 
under this section (referred to in this para-
graph as an ‘award claim’) not later than 
1 year after the deadline established by the 
Commission, by rule, for the whistleblower 
to file the award claim. 
‘‘(ii) MULTIPLE ACTIONS.—If a covered 
judicial or administrative action involves 1 
or more related actions, the requirement 
under clause (i) shall apply with respect to 
the latest deadline with respect to the ac-
tions. 
‘‘(B) EXCEPTIONS.— 
‘‘(i) INITIAL EXTENSION.—If the Direc-
tor of the Division of Enforcement of the 
Commission (referred to in this paragraph 
as the ‘Director’), or the designee of the Di-
rector, determines that an award claim is 
sufficiently complex or involves more than 1 
whistleblower, or if other good cause exists 
such that the Commission cannot reason-
ably satisfy the requirement under subpara-
graph (A), the Director or the designee, as 
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applicable, after providing notice to the 
Chairman of the Commission (referred to in 
this paragraph as the ‘Chairman’), may ex-
tend the deadline with respect to the satis-
faction of that subparagraph by not more 
than 180 days. 
‘‘(ii) 
ADDITIONAL
EXTENSIONS.—If, 
after providing an extension under clause 
(i), the Director, or the designee of the Di-
rector, determines that the Commission can-
not reasonably satisfy the requirement 
under subparagraph (A) with respect to an 
award claim, as extended under that clause, 
the Director or the designee, as applicable, 
after providing notice to the Chairman, 
may extend the period in which the Com-
mission may satisfy subparagraph (A) by 1 
additional 180-day period. 
‘‘(iii) NOTICE TO WHISTLEBLOWER RE-
QUIRED.—If the Director, or the designee of 
the Director, exercises authority under 
clause (i) or (ii), the Director or the des-
ignee, as applicable, shall submit to the 
whistleblower who filed the award claim 
that is subject to that action by the Director 
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or the designee a written notification of that 
action by the Director or the designee. 
‘‘(C) APPLICABILITY.—This paragraph shall 
apply only to an award claim that is timely 
submitted under a deadline established by the 
Commission after the date of enactment of this 
paragraph.’’. 
(2) RULES.—The Commodity Futures Trading 
Commission may issue any rules that are necessary 
to carry out paragraph (3) of section 23(b) of the 
Commodity Exchange Act (7 U.S.C. 26(b)) (as added 
by paragraph (1)). 
(c) CFTC WHISTLEBLOWER PROGRAM EDUCATION 
INITIATIVES.—Section 23(g)(2) of the Commodity Ex-
change Act (7 U.S.C. 26(g)(2)) is amended— 
(1) in subparagraph (A), by striking ‘‘and’’ at 
the end; 
(2) in subparagraph (B), by striking the period 
at the end and inserting ‘‘; and’’; and 
(3) by adding at the end the following: 
‘‘(C) the funding of initiatives designed to 
educate stakeholders regarding the incentives and 
protections available under this section, includ-
ing the benefits of those incentives and protec-
tions.’’. 
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(d) DEPOSITS INTO CFTC CUSTOMER PROTECTION 
FUND.—Section 23(g)(3)(A) of the Commodity Exchange 
Act (7 U.S.C. 26(g)(3)(A)) is amended by striking 
‘‘$100,000,000’’ and inserting ‘‘$150,000,000’’. 
(e) AVAILABILITY OF CERTAIN CFTC INFORMATION TO 
GOVERNMENT AGENCIES.—Section 23(h)(2)(C) of the Com-
modity Exchange Act (7 U.S.C. 26(h)(2)(C)) is amended— 
(1) in clause (i)— 
(A) in subclause (II), by striking ‘‘jurisdic-
tion;’’ and inserting the following: ‘‘jurisdiction, 
including— 
‘‘(aa) 
the 
Federal 
Trade 
Commission; 
‘‘(bb) the Internal Revenue 
Service; and 
‘‘(cc) 
the 
Department 
of 
State;’’; and 
(B) in subclause (VI), by inserting ‘‘or other 
foreign law enforcement authority’’ before the pe-
riod at the end; and 
(2) in clause (ii)— 
(A) by striking ‘‘Each’’ and inserting the 
following: 
‘‘(I) IN GENERAL.—Each’’; 
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(B) in subclause (I) (as so designated), by 
inserting ‘‘subclauses (I) through (V) of’’ before 
‘‘clause (i)’’; and 
(C) by adding at the end the following: 
‘‘(II) FOREIGN
AUTHORITIES.— 
An entity described in subclause (VI) 
of clause (i) shall maintain informa-
tion described in that clause in accord-
ance with such assurances of confiden-
tiality as the Commission determines 
appropriate.’’. 
SEC. 122. UPDATING STANDARDS FOR NATURAL PERSONS 
TO MEET REQUIREMENTS FOR QUALIFIED EL-
IGIBLE PERSONS. 
(a) IN GENERAL.—Within 1 year after the date of the 
enactment of this section, the Commodity Futures Trading 
Commission shall adopt a rule to update its regulations 
governing the requirements for natural persons to be quali-
fied eligible persons who must satisfy portfolio require-
ments, for the purposes of providing relief to commodity 
trading advisors and commodity pool operators in their 
dealings with qualified eligible persons pursuant to section 
4.7 of title 17, Code of Federal Regulations, so that a nat-
ural person, to be a qualified eligible person who must sat-
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isfy the portfolio requirement, must meet the requirement 
of paragraph (1) and the requirement of paragraph (2): 
(1) MEANS.—The requirement of this paragraph 
is that the person must have— 
(A) an individual net worth, or joint net 
worth with the spouse, if any, of the person, at 
the time of the opening of an exempt account or 
purchase of 1 or more participation units in an 
exempt commodity pool, to qualify the person as 
an accredited investor, as defined in section 
230.501(a)(5) of title 17, Code of Federal Regu-
lations, as if that regulation were amended by 
striking 
‘‘$1,000,000’’ 
and 
inserting 
‘‘$5,000,000’’; or 
(B) individual income, or joint income with 
the spouse, if any, of the person, in excess of 
$500,000 in each of the 2 most recent years, and 
have a reasonable expectation of reaching the 
same income level in the current year. 
(2) PORTFOLIO.—The requirement of this para-
graph is that the person must meet a portfolio re-
quirement under section 4.7(a)(1)(v) of title 17, Code 
of Federal Regulations, as if that regulation were 
amended— 
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(A) by striking ‘‘$2,000,000’’ and inserting 
‘‘$5,000,000’’; 
(B) by striking ‘‘$200,000’’ and inserting 
‘‘$500,000’’; 
(C) by striking ‘‘$1,000,000’’ and inserting 
‘‘2,500,000’’; and 
(D) by striking ‘‘$100,000’’ and inserting 
‘‘$250,000’’. 
(b) INFLATION.—In adopting a rule pursuant to sub-
section (a), the Commission shall— 
(1) include provisions providing for adjusting 
the dollar amounts referred to in subsection (a) for 
inflation every three years to the nearest $1,000 to re-
flect the change in the Consumer Price Index for All 
Urban Consumers published by the Bureau of Labor 
Statistics; and 
(2) allow any natural person who meets the re-
quirements of a qualified eligible person and is a par-
ticipant in a commodity pool or the customer of a 
commodity trading advisor provided relief under sec-
tion 4.7 of title 17, Code of Federal Regulations, be-
fore the date of any adjustment in such requirements 
established pursuant to this rule to remain a quali-
fied eligible person, notwithstanding such adjustments 
established pursuant to this rule, if— 
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(A) the natural person continues to meet the 
requirements of qualified eligible persons pursu-
ant to section 4.7 of title 17, Code of Federal 
Regulations, as in effect before the date of any 
adjustment in such requirements established pur-
suant to this rule; and 
(B) the natural person does not— 
(i) sell all shares of its participation 
in such exempt commodity pool; 
(ii) withdraw all assets from any ac-
count managed by such exempt commodity 
trading advisor; 
(iii) purchase any new shares of par-
ticipation in such exempt commodity pool; 
or 
(iv) contribute additional assets to any 
account managed by such exempt com-
modity trading advisor. 
SEC. 123. GOVERNMENT ACCOUNTABILITY OFFICE STUDY 
ON ALUMINUM MARKETS. 
(a) STUDY.—The Comptroller General of the United 
States shall conduct a study of— 
(1) the aluminum markets in the United States 
and globally, in general; 
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(2) the effectiveness and efficiency of the markets 
for purchasers of aluminum; 
(3) what factors and policies influence the sup-
ply, demand, and movement of aluminum around the 
world; and 
(4) the effectiveness of government oversight over 
the markets. 
(b) REPORT.—Within 180 days after the date of the 
enactment of this Act, the Comptroller General shall submit 
to the Committee on Agriculture of the House of Representa-
tives and the Committee on Agriculture, Nutrition, and 
Forestry of the Senate a written report that contains the 
results of the study required by subsection (a). 
SEC. 124. RESPONSE TO FOREIGN REGULATORY AUTHOR-
ITY. 
Where a foreign authority seeks to assert direct super-
visory authority over derivatives clearing organizations 
domiciled in the United States, the Commodity Futures 
Trading Commission should review the appropriateness of 
the exemptions granted to foreign entities, including clear-
inghouses, under the jurisdiction of the foreign authority. 
SEC. 125. AFFILIATE CONDITIONS. 
Section 2(h)(7)(D)(iv) of the Commodity Exchange Act 
(7 U.S.C. 2(h)(7)(D)(iv)) is amended— 
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(1) in subclause (I), by striking ‘‘risk; and’’ and 
inserting ‘‘risk, unless the affiliate can demonstrate to 
the Commission, as determined by the Commission, 
that— 
‘‘(aa) the affiliate has uti-
lized the exception in clause (i) 
only to hedge or mitigate commer-
cial risk; and 
‘‘(bb) the affiliate complies, 
as a financial entity, with the ob-
ligations of the affiliate with re-
spect to any swap for which the 
exception in clause (i) is not exer-
cised; and’’; and 
(2) in subclause (II), by striking ‘‘neither the af-
filiate nor any person affiliated with the affiliate that 
is not a financial entity’’ and inserting ‘‘neither the 
affiliate that qualifies for the exception in clause (i) 
nor any person affiliated with the affiliate, that is di-
rectly or indirectly wholly- or majority-owned by the 
same ultimate parent, and that enters into swaps 
with the affiliate’’. 
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TITLE II—TECHNICAL 
CORRECTIONS 
SEC. 201. CORRECTION OF REFERENCES. 
(a) Section 2(h)(8)(A)(ii) of the Commodity Exchange 
Act (7 U.S.C. 2(h)(8)(A)(ii)) is amended by striking ‘‘5h(f) 
of this Act’’ and inserting ‘‘5h(g)’’. 
(b) Section 5c(c)(5)(C)(i) of such Act (7 U.S.C. 7a– 
2(c)(5)(C)(i)) is amended by striking ‘‘1a(2)(i))’’ and in-
serting ‘‘1a(19)(i))’’. 
(c) Section 23(f) of such Act (7 U.S.C. 26(f)) is amend-
ed by striking ‘‘section 7064’’ and inserting ‘‘section 706’’. 
SEC. 202. ELIMINATION OF OBSOLETE REFERENCES TO 
DEALER OPTIONS. 
(a) IN GENERAL.—Section 4c of the Commodity Ex-
change Act (7 U.S.C. 6c) is amended by striking subsections 
(d) and (e) and redesignating subsections (f) and (g) as sub-
sections (d) and (e), respectively. 
(b) CONFORMING AMENDMENTS.— 
(1) Section 2(d) of such Act (7 U.S.C. 2(d)) is 
amended by striking ‘‘(g) of’’ and inserting ‘‘(e) of’’. 
(2) Section 4f(a)(4)(A)(i) of such Act (7 U.S.C. 
6f(a)(4)(A)(i)) is amended by striking ‘‘, (d), (e), and 
(g)’’ and inserting ‘‘and (e)’’. 
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‘‘(1) DELEGATION.— 
‘‘(A) IN GENERAL.—A’’; 
(2) by striking ‘‘with respect to a significant 
price discovery contract’’; and 
(3) by adding after and below the end the fol-
lowing: 
‘‘(B) SWAPS.—In addition to the authority 
described in subparagraph (A), a registered enti-
ty may also comply with any applicable core 
principle, as it applies to swaps, through delega-
tion of any relevant function to a registered na-
tional securities association.’’. 
SEC. 205. ELIMINATION OF OBSOLETE REFERENCES TO 
ELECTRONIC TRADING FACILITIES. 
(a) Section 1a(18)(A)(x) of the Commodity Exchange 
Act (7 U.S.C. 1a(18)(A)(x)) is amended by striking ‘‘(other 
than an electronic trading facility with respect to a signifi-
cant price discovery contract)’’. 
(b) Section 1a(40) of such Act (7 U.S.C. 1a(40)) is 
amended— 
(1) by adding ‘‘and’’ at the end of subparagraph 
(D); and 
(2) by striking all that follows ‘‘section 21’’ and 
inserting a period. 
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(c) Section 4a(e) of such Act (7 U.S.C. 6a(e)) is 
amended— 
(1) in the first sentence— 
(A) by striking ‘‘or by any electronic trad-
ing facility’’; 
(B) by striking ‘‘or on an electronic trading 
facility’’; and 
(C) by striking ‘‘or electronic trading facil-
ity’’ each place it appears; and 
(2) in the second sentence, by striking ‘‘or elec-
tronic trading facility with respect to a significant 
price discovery contract’’. 
(d) Section 4g(a) of such Act (7 U.S.C. 6g(a)) is 
amended by striking ‘‘any significant price discovery con-
tract traded or executed on an electronic trading facility 
or’’. 
(e) Section 4i of such Act (7 U.S.C. 6i) is amended— 
(1) by striking ‘‘, or any significant price dis-
covery contract traded or executed on an electronic 
trading facility’’; and 
(2) by striking ‘‘or electronic trading facility’’. 
(f) Section 6(b) of such Act (7 U.S.C. 8(b)) is amended 
by striking ‘‘or electronic trading facility’’ each place it ap-
pears. 
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(g) Section 12(e)(2) of such Act (7 U.S.C. 16(e)(2)) 
is amended by striking ‘‘in the case of—’’ and all that fol-
lows and inserting ‘‘in the case of an agreement, contract, 
or transaction that is excluded from this Act under section 
2(c) or 2(f) of this Act or title IV of the Commodity Futures 
Modernization Act of 2000, or exempted under section 4(c) 
of this Act (regardless of whether any such agreement, con-
tract, or transaction is otherwise subject to this Act).’’. 
SEC. 206. ELIMINATION OF OBSOLETE REFERENCE TO AL-
TERNATIVE SWAP EXECUTION FACILITIES. 
Section 5h(h) of the Commodity Exchange Act (7 
U.S.C. 7b–3(h)) is amended by striking ‘‘alternative’’ before 
‘‘swap’’. 
SEC. 207. CLARIFICATION OF COMMISSION AUTHORITY 
OVER SWAPS TRADING. 
Section 8a of the Commodity Exchange Act (7 U.S.C. 
12a) is amended— 
(1) in paragraph (7)— 
(A) by inserting ‘‘the protection of swaps 
traders and to assure fair dealing in swaps, for’’ 
after ‘‘appropriate for’’; 
(B) in subparagraph (A), by inserting 
‘‘swaps or’’ after ‘‘conditions in’’; and 
(C) in subparagraph (B), by inserting ‘‘or 
swaps’’ after ‘‘future delivery’’; and 
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(2) in paragraph (9)— 
(A) by inserting ‘‘swap or’’ after ‘‘or liq-
uidation of any’’; and 
(B) by inserting ‘‘swap or’’ after ‘‘margin 
levels on any’’. 
SEC. 208. ELIMINATION OF OBSOLETE REFERENCE TO THE 
COMMODITY EXCHANGE COMMISSION. 
Section 13(c) of the Commodity Exchange Act (7 
U.S.C. 13c(c)) is amended by striking ‘‘or the Commission’’. 
SEC. 209. ELIMINATION OF OBSOLETE REFERENCES TO DE-
RIVATIVE TRANSACTION EXECUTION FACILI-
TIES. 
(a) Section 1a(12)(B)(vi) of the Commodity Exchange 
Act (7 U.S.C. 1a(12)(B)(vi)) is amended by striking ‘‘de-
rivatives transaction execution facility’’ and inserting 
‘‘swap execution facility’’. 
(b) Section 1a(34) of such Act (7 U.S.C. 1a(34)) is 
amended— 
(1) in the heading, by striking ‘‘; MEMBER OF A 
DERIVATIVES
TRANSACTION
EXECUTION
FACILITY’’; 
and 
(2) by striking ‘‘or derivatives transaction execu-
tion facility’’ each place it appears. 
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(c) Section 1a(35)(B)(iii)(I) of such Act (7 U.S.C. 
1a(35)(B)(iii)(I)) is amended by striking ‘‘or registered de-
rivatives transaction execution facility’’. 
(d) Section 2(a)(1)(C)(ii) of such Act (7 U.S.C. 
2(a)(1)(C)(ii)) is amended— 
(1) by striking ‘‘, or register a derivatives trans-
action execution facility that trades or executes,’’; 
(2) by striking ‘‘, and no derivatives transaction 
execution facility shall trade or execute such contracts 
of sale (or options on such contracts) for future deliv-
ery’’; and 
(3) by striking ‘‘or the derivatives transaction 
execution facility,’’. 
(e) Section 2(a)(1)(C)(v)(I) of such Act (7 U.S.C. 
2(a)(1)(C)(v)(I)) is amended by striking ‘‘, or any deriva-
tives transaction execution facility on which such contract 
or option is traded,’’. 
(f) Section 2(a)(1)(C)(v)(II) of such Act (7 U.S.C. 
2(a)(1)(C)(v)(II)) is amended by striking ‘‘or derivatives 
transaction execution facility’’ each place it appears. 
(g) Section 2(a)(1)(C)(v)(V) of such Act (7 U.S.C. 
2(a)(1)(C)(v)(V)) is amended by striking ‘‘or registered de-
rivatives transaction execution facility’’. 
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(1) by striking ‘‘or registration’’ each place it 
appears; 
(2) by striking ‘‘or derivatives transaction execu-
tion facility’’ each place it appears; 
(3) by striking ‘‘or register’’; 
(4) by striking ‘‘, registering,’’; and 
(5) by striking ‘‘registration,’’. 
(n) Section 2(c)(2) of such Act (7 U.S.C. 2(c)(2)) is 
amended by striking ‘‘or a derivatives transaction execution 
facility’’ each place it appears. 
(o) Section 4(a) of such Act (7 U.S.C. 6(a)) is amend-
ed— 
(1) by striking ‘‘or derivatives transaction execu-
tion facility’’ each place it appears; and 
(2) in paragraph (1), by striking ‘‘or registered’’. 
(p) Section 4(c)(1) of such Act (7 U.S.C. 6(c)(1)) is 
amended— 
(1) by striking ‘‘or registered’’; and 
(2) by striking ‘‘or derivatives transaction execu-
tion facility’’. 
(q) Section 4a(a)(1) of such Act (7 U.S.C. 6a(a)(1)) 
is amended— 
(1) by striking ‘‘or derivatives transaction execu-
tion facilities’’; and 
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(2) by striking ‘‘or derivatives transaction execu-
tion facility’’. 
(r) Section 4a(e) of such Act (7 U.S.C. 6a(e)) is 
amended— 
(1) by striking ‘‘, derivatives transaction execu-
tion facility,’’ each place it appears; and 
(2) by striking ‘‘or derivatives transaction execu-
tion facility’’. 
(s) Section 4c(e) of such Act (7 U.S.C. 6c(g)), as so 
redesignated by section 202(a) of this Act, is amended by 
striking ‘‘or derivatives transaction execution facility’’ each 
place it appears. 
(t) Section 4d of such Act (7 U.S.C. 6d) is amended 
by striking ‘‘or derivatives transaction execution facility’’ 
each place it appears. 
(u) Section 4e of such Act (7 U.S.C. 6e) is amended 
by striking ‘‘or derivatives transaction execution facility’’. 
(v) Section 4f(a) of such Act (7 U.S.C. 6f(a)) is amend-
ed by striking ‘‘or registered derivatives transaction execu-
tion facility’’. 
(w) Section 4f(b) of such Act (7 U.S.C. 6f(b)) is 
amended by striking ‘‘or derivatives transaction execution 
facility’’ each place it appears. 
(x) Section 4i of such Act (7 U.S.C. 6i) is amended 
by striking ‘‘or derivatives transaction execution facility’’. 
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(y) Section 4j of such Act (7 U.S.C. 6j) is amended— 
(1) in the heading by striking ‘‘AND
REG-
ISTERED
DERIVATIVES
TRANSACTION
EXECU-
TION FACILITIES’’; 
(2) in subsection (a), by striking ‘‘and registered 
derivatives transaction execution facility’’; 
(3) in subsection (b), by striking ‘‘or registered 
derivatives transaction execution facility’’; and 
(4) in subsection (c), by striking ‘‘or registered 
derivatives transaction execution facility members’’. 
(z) Section 4k of such Act (7 U.S.C. 6k) is amended 
by striking ‘‘or registered derivatives transaction execution 
facility’’. 
(aa) Section 4l of such Act (7 U.S.C. 6l) is amended 
by striking ‘‘or derivatives transaction execution facilities’’ 
each place it appears 
(bb) Section 4p(a) of such Act (7 U.S.C. 6p(a)) is 
amended by striking ‘‘, or derivatives transaction execution 
facilities’’. 
(cc) Section 4p(b) of such Act (7 U.S.C. 6p(b)) is 
amended by striking ‘‘derivatives transaction execution fa-
cility,’’. 
(dd) Section 5(e) of such Act (7 U.S.C. 7(e)) is amend-
ed— 
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(1) by striking ‘‘(e)’’ and all that follows through 
‘‘a contract for’’ and inserting the following: 
‘‘(e) CURRENT AGRICULTURAL COMMODITIES.—A con-
tract for’’; and 
(2) by striking paragraph (2). 
(ee) Section 5c(b) of such Act (7 U.S.C. 7a–2(b)) is 
amended by striking ‘‘, derivatives transaction execution fa-
cility,’’ each place it appears. 
(ff) Section 5c(f) of such Act (7 U.S.C. 7a–2(f)) is 
amended by striking ‘‘and registered derivatives transaction 
execution facility’’. 
(gg) Section 5c(f)(1) of such Act (7 U.S.C. 7a–2(f)(1)) 
is amended by striking ‘‘or registered derivatives trans-
action execution facility’’. 
(hh) Section 6 of such Act (7 U.S.C. 8) is amended— 
(1) in subsection (a), by striking ‘‘or registered’’; 
(2) by striking ‘‘or derivatives transaction execu-
tion facility’’ each place it appears; and 
(3) by striking ‘‘or registration’’ each place it 
appears. 
(ii) Section 6a(a) of such Act (7 U.S.C. 10a(a)) is 
amended— 
(1) by striking ‘‘or registered’’; 
(2) by striking ‘‘or a derivatives transaction exe-
cution facility’’; and 
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(3) by inserting ‘‘shall’’ before ‘‘exclude’’ the first 
place it appears. 
(jj) Section 6a(b) of such Act (7 U.S.C. 10a(b)) is 
amended— 
(1) by striking ‘‘or registered’’; and 
(2) by striking ‘‘or a derivatives transaction exe-
cution facility’’. 
(kk) Section 6d(1) of such Act (7 U.S.C. 13a–2(1)) is 
amended by striking ‘‘derivatives transaction execution fa-
cility,’’. 
SEC. 210. ELIMINATION OF OBSOLETE REFERENCES TO EX-
EMPT BOARDS OF TRADE. 
(a) Section 1a(18)(A)(x) of the Commodity Exchange 
Act (7 U.S.C. 1a(18)(A)(x)) is amended by striking ‘‘or an 
exempt board of trade’’. 
(b) Section 12(e)(1)(B)(i) of such Act (7 U.S.C. 
16(e)(1)(B)(i)) is amended by striking ‘‘or exempt board 
of trade’’. 
SEC. 211. ELIMINATION OF COMPLETED REPORTS. 
(a) Section 23(h)(2)(C) of the Commodity Exchange 
Act (7 U.S.C. 26(h)(2)(C)) is amended by striking clause 
(iii). 
(b) Section 26 of the Futures Trading Act of 1978 (7 
U.S.C. 16a) is amended by striking subsection (b) and re-
designating subsection (c) as subsection (b). 
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‘‘(c) The Commission shall issue regulations to con-
tinue to permit the trading of options on contract markets 
under such terms and conditions that the Commission from 
time to time may prescribe.’’. 
(j) Section 4d(b) of such Act (7 U.S.C. 6d(b)) is 
amended by striking ‘‘paragraph (2) of this section’’ and 
inserting ‘‘subsection (a)(2)’’. 
(k) Section 4f(c)(3)(A) of such Act (7 U.S.C. 
6f(c)(3)(A)) is amended by striking the first comma. 
(l) Section 4f(c)(4)(A) of such Act (7 U.S.C. 
6f(c)(4)(A)) is amended by striking ‘‘in developing’’ and in-
serting ‘‘In developing’’. 
(m) Section 4f(c)(4)(B) of such Act (7 U.S.C. 
6f(c)(4)(B)) is amended by striking ‘‘1817(a)’’ and insert-
ing ‘‘1817(a))’’. 
(n) Section 5 of such Act (7 U.S.C. 7) is amended by 
redesignating subsections (c) through (e) as subsections (b) 
through (d), respectively. 
(o) Section 5b of such Act (7 U.S.C. 7a–1) is amended 
by redesignating subsection (k) as subsection (j). 
(p) Section 5f(b)(1) of such Act (7 U.S.C. 7b–1(b)(1)) 
is amended by striking ‘‘section 5f’’ and inserting ‘‘this sec-
tion’’. 
(q) Section 6(a) of such Act (7 U.S.C. 8(a)) is amended 
by striking ‘‘the the’’ and inserting ‘‘the’’. 
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(C) by striking ‘‘for the appellee, if the ap-
pellee shall prevail’’ and inserting ‘‘as set forth 
below’’; 
(4) in the 4th sentence, by striking ‘‘The’’ and 
inserting ‘‘An’’; and 
(5) in the 5th sentence— 
(A) by inserting ‘‘participates in the pro-
ceedings before the Court of Appeals through 
counsel and’’ before ‘‘prevails’’; and 
(B) by striking ‘‘his’’ and inserting ‘‘the ap-
pellee’s’’; and 
(6) by adding after and below the end the fol-
lowing: 
‘‘(2) In paragraph (1), the term ‘appellee’ means a 
party to a proceeding before the Commission under this sec-
tion in whose favor the Commission ruled in an order that 
is the subject of a petition for review under paragraph (1) 
and whose interests are adverse to those of the petitioner.’’. 
SEC. 214. TECHNICAL CLARIFICATIONS FOR RETAIL FOR-
EIGN CURRENCY. 
Section 2(c)(2) of the Commodity Exchange Act (7 
U.S.C. 2(c)(2)) is amended— 
(1) in subparagraph (B)— 
(A) in clause (i)(II), by redesignating item 
(ff) as item (ee); 
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(B) by striking ‘‘(gg)’’ each place it appears 
and inserting ‘‘(ee)’’; 
(C) in clause (iii), by striking ‘‘(ee), or (ff) 
of clause (i)(II) of this subparagraph’’ and in-
serting ‘‘or (dd) of clause (i)(II)’’; and 
(D) in clause (iv)— 
(i) in each of subclauses (I) and (II), 
by striking ‘‘(ee), or (ff)’’ each place it ap-
pears and inserting ‘‘or (dd)’’; 
(ii) in subclause (I)(bb), by inserting 
‘‘, or otherwise act as a commodity trading 
advisor with respect to any agreement, con-
tract, or transaction described in clause (i)’’ 
before the semicolon; and 
(iii) in subclause (IV)(aa), by striking 
‘‘(ff)’’ and inserting ‘‘(dd)’’; 
(2) in subparagraph (C)— 
(A) by striking ‘‘(ee), or (ff)’’ each place it 
appears and inserting ‘‘or (dd)’’; and 
(B) in clause (iii)— 
(i) in subclause (I)(bb), by inserting ‘‘, 
or otherwise act as a commodity trading 
advisor with respect to any agreement, con-
tract, or transaction described in clause (i)’’ 
before the semicolon; and 
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(ii) in subclause (IV)(aa), by striking 
‘‘item (aa) through (ff)’’ and inserting 
‘‘items (aa) through (dd)’’; and 
(3) in subparagraph (E)(ii)(I), by inserting ‘‘or 
(C)(i)(I)’’ after ‘‘(B)(i)(I)’’. 
SEC. 215. MISCELLANEOUS SWAP TECHNICAL CORREC-
TIONS. 
(a) Section 6b of the Commodity Exchange Act (7 
U.S.C. 13a) is amended by inserting ‘‘or section 5h’’ after 
‘‘sections 5 through 5c’’. 
(b) Section 8a of such Act (7 U.S.C. 12a) is amend-
ed— 
(1) in paragraph (7)(A), by inserting ‘‘or swap 
contracts’’ after ‘‘contracts of sale’’; and 
(2) in paragraph (9), by striking ‘‘futures con-
tract’’ and inserting ‘‘contract of sale for future deliv-
ery or swap contract’’ each place it occurs. 
(c) Section 15(b) of such Act (7 U.S.C. 19(b)) is 
amended by striking ‘‘contract market’’ and inserting ‘‘reg-
istered entity’’. 
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Union Calendar No. 254 
116TH CONGRESS 
1ST SESSION 
H. R. 4895 
[Report No. 116–313] 
A BILL 
To reauthorize the Commodity Futures Trading 
Commission. 
NOVEMBER 26, 2019 
Reported with an amendment, committed to the Com-
mittee of the Whole House on the State of the Union, 
and ordered to be printed 
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