IB 
Union Calendar No. 254 
116TH CONGRESS 
1ST SESSION H. R. 4895 
[Report No. 116–313] 
To reauthorize the Commodity Futures Trading Commission. 
IN THE HOUSE OF REPRESENTATIVES 
OCTOBER 29, 2019 
Mr. PETERSON (for himself, Mr. CONAWAY, Mr. DAVID SCOTT of Georgia, and 
Mr. AUSTIN SCOTT of Georgia) introduced the following bill; which was 
referred to the Committee on Agriculture 
NOVEMBER 26, 2019 
Additional sponsors: Ms. FUDGE, Mr. THOMPSON of Pennsylvania, Mr. VELA, 
Mr. CRAWFORD, Ms. SPANBERGER, Mr. RODNEY DAVIS of Illinois, Mr. 
COX of California, Mr. ALLEN, Ms. CRAIG, Mr. BOST, Mr. VAN DREW, 
Mr. ROUZER, Mr. HARDER of California, Mr. COMER, Mr. SEAN PATRICK 
MALONEY of New York, Mr. MARSHALL, Mr. LAWSON of Florida, Mr. 
DUNN, Mr. PANETTA, Mr. JOHNSON of South Dakota, Mrs. KIRK-
PATRICK, Mr. BAIRD, Mrs. AXNE, Mr. JOHNSON of Georgia, and Mrs. 
HAYES 
NOVEMBER 26, 2019 
Reported 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 italic] 
[For text of introduced bill, see copy of bill as introduced on October 29, 2019] 
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A BILL 
To reauthorize the Commodity Futures Trading Commission. 
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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. SHORT TITLE. 
This Act may be cited as the ‘‘CFTC Reauthorization 
Act of 2019’’. 
SEC. 2. TABLE OF CONTENTS. 
The table of contents of this Act is as follows: 
Sec. 1. Short title. 
Sec. 2. Table of contents. 
TITLE I—POLICY AMENDMENTS 
Sec. 101. Foreign futures authority. 
Sec. 102. Honors program. 
Sec. 103. Advisory committee changes. 
Sec. 104. Enhancement of Office of Minority and Women Inclusion at the Com-
mission; internship program. 
Sec. 105. Detailing and resource-sharing. 
Sec. 106. Office of the Chief Economist. 
Sec. 107. Equal consideration for holding companies. 
Sec. 108. Exemption of qualified charitable organizations from regulation as com-
modity pool operators. 
Sec. 109. Digital commodity. 
Sec. 110. System safeguards. 
Sec. 111. Administration of swap execution facilities. 
Sec. 112. Applicability of prohibitions on fraud and manipulation to activities 
outside the United States. 
Sec. 113. Privilege retention. 
Sec. 114. Proprietary information. 
Sec. 115. Authority to provide food and incidental assistance to foreign officials 
hosted by the Commission. 
Sec. 116. Extension of operations. 
Sec. 117. Aiding and abetting. 
Sec. 118. Modernization of authority of the Commission to conduct research, de-
velopment, demonstration, and information programs. 
Sec. 119. Protecting customer property during commodity broker bankruptcy. 
Sec. 120. Elimination of the double-sided confirmation requirement for swap data 
repositories. 
Sec. 121. Whistleblower protections for internal disclosures. 
Sec. 122. Updating standards for natural persons to meet requirements for quali-
fied eligible persons. 
Sec. 123. Government Accountability Office study on aluminum markets. 
Sec. 124. Response to foreign regulatory authority. 
Sec. 125. Affiliate conditions. 
TITLE II—TECHNICAL CORRECTIONS 
Sec. 201. Correction of references. 
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Sec. 202. Elimination of obsolete references to dealer options. 
Sec. 203. Updated trade data publication requirement. 
Sec. 204. Flexibility for all registered entities. 
Sec. 205. Elimination of obsolete references to electronic trading facilities. 
Sec. 206. Elimination of obsolete reference to alternative swap execution facilities. 
Sec. 207. Clarification of Commission authority over swaps trading. 
Sec. 208. Elimination of obsolete reference to the Commodity Exchange Commis-
sion. 
Sec. 209. Elimination of obsolete references to derivative transaction execution fa-
cilities. 
Sec. 210. Elimination of obsolete references to exempt boards of trade. 
Sec. 211. Elimination of completed reports. 
Sec. 212. Miscellaneous corrections. 
Sec. 213. Technical amendments to section 14(e). 
Sec. 214. Technical clarifications for retail foreign currency. 
Sec. 215. Miscellaneous swap technical corrections. 
TITLE I—POLICY AMENDMENTS 
SEC. 101. FOREIGN FUTURES AUTHORITY. 
(a) IN GENERAL.—Section 1a(26) of the Commodity 
Exchange Act (7 U.S.C. 1a(26)) is amended to read as fol-
lows: 
‘‘(26) FOREIGN FUTURES AUTHORITY.—The term 
‘foreign futures authority’ means any foreign govern-
ment, or any law enforcement authority, department, 
central bank, ministry, agency, governmental body, or 
regulatory organization empowered by a foreign gov-
ernment to administer, enforce, or prosecute a law, 
rule, or regulation relating to matters involving fu-
tures, options, swaps, or commodities, or any such 
authority, department, or agency of a political sub-
division of a foreign government empowered to ad-
minister, enforce, or prosecute a law, rule, or regula-
tion as it relates to such matters.’’. 
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(b) CONFORMING AMENDMENT.—Section 12(f) of such 
Act (7 U.S.C. 16(f)) is amended— 
(1) in paragraph (1)— 
(A) by striking ‘‘futures or options’’ and in-
serting ‘‘futures, options, swaps, or commod-
ities’’; and 
(B) by striking ‘‘administers or enforces’’ 
and inserting ‘‘administers, enforces, or pros-
ecutes’’; and 
(2) in paragraph (2)(A), by striking ‘‘in futures 
and options’’ and inserting ‘‘in futures, options, 
swaps, or commodities’’. 
SEC. 102. HONORS PROGRAM. 
(a) IN GENERAL.—Section 2(a)(7) of the Commodity 
Exchange Act (7 U.S.C. 2(a)(7)) is amended by adding at 
the end the following: 
‘‘(D) HONORS PROGRAM.—The Commission 
may establish the Honors Program under its ap-
pointment and compensation authorities.’’. 
(b) CONFORMING AMENDMENT.—Section 12(b)(1) of 
such Act (7 U.S.C. 16(b)(1)) is amended by adding at the 
end the following: ‘‘To clarify the Commission’s authority 
to establish the Honors Program under section 2(a)(7)(D), 
the Commission may coordinate with the Office of Personnel 
Management, as needed.’’. 
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SEC. 103. ADVISORY COMMITTEE CHANGES. 
(a) IN GENERAL.—Section 2(a)(15) of the Commodity 
Exchange Act (7 U.S.C. 2(a)(15)) is amended to read as 
follows: 
‘‘(15) ADVISORY COMMITTEES.— 
‘‘(A) ESTABLISHMENT.— 
‘‘(i) IN
GENERAL.—The Commission 
shall establish advisory committees to serve 
as vehicles for discussion and communica-
tion on matters related to the regulatory ac-
tivities of the Commission. 
‘‘(ii) MEMBERSHIP.—The Commission 
shall appoint to an advisory committee such 
members as the Commission finds appro-
priate to promote robust discussion of the 
subject mater before the advisory committee. 
In appointing members to an advisory com-
mittee, the Commission shall seek to include 
a wide diversity of opinion and represent a 
broad cross-section of interests, as applica-
ble to the subject matter. 
‘‘(B) ACTIVITIES.—The activities of an ad-
visory committee shall include the following: 
‘‘(i) to hold meetings at such intervals 
as necessary to carry out the functions of 
the advisory committee; 
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‘‘(ii) to submit to the Commission such 
reports and recommendations to the Com-
mission (including minority views, if any) 
as the advisory committee deems appro-
priate; and 
‘‘(iii) such activities as the Commis-
sion determines is appropriate. 
‘‘(C) APPLICABILITY OF THE FEDERAL AD-
VISORY
COMMITTEE
ACT.—An advisory com-
mittee established under this paragraph shall be 
subject to the Federal Advisory Committee Act.’’. 
(b) EXISTING
ADVISORY
COMMITTEES.—Notwith-
standing section 2(a)(15) of the Commodity Exchange Act, 
the Commodity Futures Trading Commission may permit 
an advisory committee that, as of the date of the enactment 
of this Act, had a charter established by the Commission, 
or that was established under such section as in effect before 
such date of enactment, to continue to operate in accordance 
with the charter or in accordance with such predecessor sec-
tion until the sponsor of the advisory committee is changed. 
After which such advisory committee will become subject to 
section 2(a)(15) of the Commodity Exchange Act. 
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SEC. 104. ENHANCEMENT OF OFFICE OF MINORITY AND 
WOMEN INCLUSION AT THE COMMISSION; IN-
TERNSHIP PROGRAM. 
(a) IN GENERAL.—Section 2(a) of the Commodity Ex-
change Act (7 U.S.C. 2(a)) is amended by adding at the 
end the following: 
‘‘(16) OFFICE OF MINORITY AND WOMEN INCLU-
SION.—Within 1 year after the date of the enactment 
of this paragraph, the Commission shall comply with 
section 342 of the Dodd-Frank Wall Street Reform 
and Consumer Protection Act. 
‘‘(17) ANNUAL INTERNSHIP PROGRAM.— 
‘‘(A) IN GENERAL.—The Executive Director 
shall establish a program to place an appro-
priate number of students attending qualified in-
stitutions in a semester-length internship within 
the Commission’s divisions and offices. 
‘‘(B) FUNDING.—The Commission shall set 
aside an appropriate percentage of the funds al-
located to the office of the Chairman to enable 
the selected interns identified in subparagraph 
(A) to afford living expenses, including rent and 
a per-diem, in the metropolitan areas where the 
Director identifies internship opportunities. 
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‘‘(C) QUALIFIED INSTITUTION DEFINED.— 
In this paragraph, the term ‘qualified institu-
tion’ means— 
‘‘(i) an 1890 Institution (as defined in 
section 2 of the Agricultural Research, Ex-
tension, and Education Reform Act of 1998 
(7 U.S.C. 7601)); 
‘‘(ii) a 1994 Institution (as defined in 
section 532 of the Equity in Educational 
Land-Grant Status Act of 1994 (Public 
Law 103–382; 7 U.S.C. 301 note)); 
‘‘(iii) an eligible institution (as defined 
in section 1489 of the National Agricultural 
Research, Extension, and Teaching Policy 
Act of 1977 (7 U.S.C. 3361)); or 
‘‘(iv) a Hispanic-serving institution 
(as defined in section 1404 of the Food and 
Agriculture Act of 1977 (7 U.S.C. 3103)).’’. 
(b) JOINT
STANDARDS.—In carrying out section 
2(a)(16) of the Commodity Exchange Act, the Commodity 
Futures Trading Commission shall adopt the joint stand-
ards established in the Interagency Policy Statement pub-
lished in the Federal Register on June 10, 2015 (80 Fed. 
Reg. 33016), or any successor Policy Statement. 
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SEC. 105. DETAILING AND RESOURCE-SHARING. 
Section 2(a) of the Commodity Exchange Act (7 U.S.C. 
2(a)), as amended by section 104 of this Act, is amended 
by adding at the end the following: 
‘‘(18) ASSISTANCE FROM FEDERAL AGENCIES.— 
‘‘(A) IN GENERAL.—The Commission may 
accept any assistance, including services, funds, 
facilities, and other support services as deter-
mined by the Commission, to effectuate the pur-
poses and provisions of this Act, from any de-
partment or agency of the United States that is 
authorized under other law to provide the assist-
ance. 
‘‘(B) DETAIL FLEXIBILITY.—When an em-
ployee from another department or agency is de-
tailed to the Commission, the employee may be 
detailed on either a reimbursable or non-reim-
bursable basis, and such detail shall be without 
interruption or loss of civil service status or 
privilege. 
‘‘(19) ASSISTANCE
FROM
FOREIGN
GOVERN-
MENTAL ENTITIES.— 
‘‘(A) 
IN
GENERAL.—The 
Commission 
may— 
‘‘(i) accept details of officers or em-
ployees of a foreign futures authority or any 
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department or agency of a foreign govern-
ment, including a central bank or ministry, 
on a temporary basis as employees of the 
Commission pursuant to section 12(b) of 
this Act, or section 3101 or 3109 of title 5, 
United States Code; and 
‘‘(ii) detail officers or employees of the 
Commission to work on a temporary basis 
for an entity described in clause (i). 
‘‘(B) RECIPROCITY AND REIMBURSEMENT.— 
‘‘(i) RECIPROCITY
NOT
REQUIRED.— 
Assistance described in subparagraph (A) 
need not be provided on a reciprocal basis. 
‘‘(ii) REIMBURSEMENT.— 
‘‘(I) IN GENERAL.—The Commis-
sion may provide and accept assistance 
described in subparagraph (A) on a re-
imbursable or non-reimbursable basis, 
only in accordance with a written 
agreement between the Commission 
and the respective foreign governmental 
entity. 
‘‘(II) FORM.—A reimbursement to 
or from the Commission may be made 
in cash or in kind. The Commission 
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shall credit a reimbursement received 
from a foreign governmental entity to 
the appropriate Commission appro-
priation, fund, or account. 
‘‘(C) STANDARDS OF CONDUCT.—An officer 
or employee detailed under subparagraph (A)(i) 
shall be subject to the provisions of law relating 
to ethics, conflicts of interest, or corruption, and 
to any other statute governing the standards of 
conduct for Commission employees that are ap-
plicable to the type of appointment. 
‘‘(D) LIMITATION.—An officer or employee 
detailed under subparagraph (A)(i) may not 
hold any management position at the Commis-
sion.’’. 
SEC. 106. OFFICE OF THE CHIEF ECONOMIST. 
(a) IN GENERAL.—Section 2(a) of the Commodity Ex-
change Act, as amended by sections 104 and 105 of this 
Act, is amended by adding at the end the following: 
‘‘(20) OFFICE OF THE CHIEF ECONOMIST.— 
‘‘(A) ESTABLISHMENT.—There is estab-
lished in the Commission the Office of the Chief 
Economist. 
‘‘(B) HEAD.—The Office of the Chief Econo-
mist shall be headed by the Chief Economist. 
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‘‘(C) FUNCTIONS.—The Chief Economist 
shall serve as economic advisor to the Commis-
sion and perform functions such as economic 
analysis, regulatory cost-benefit analysis, and re-
search. 
‘‘(D) PROFESSIONAL STAFF.— 
‘‘(i) IN
GENERAL.—The Commission 
shall appoint such other economists and 
any related positions as may be necessary 
for the Office of the Chief Economist— 
‘‘(I) in accordance with the stat-
utes, rules, and regulations governing 
appointments in the excepted service; 
and 
‘‘(II) notwithstanding any stat-
utes, rules, and regulations governing 
appointments in the competitive serv-
ice. 
‘‘(ii) RULE
OF
CONSTRUCTION.—The 
appointment of a candidate to a position 
under authority of this subsection shall not 
be considered to cause such position to be 
converted from the competitive service to the 
excepted service.’’. 
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(b) CONFORMING AMENDMENT.—Section 15(a) of such 
Act (7 U.S.C. 19(a)) is amended— 
(1) in paragraph (1), by inserting ‘‘, after co-
ordinating with the Office of the Chief Economist,’’ 
before ‘‘shall’’; 
(2) in paragraph (2)(B), by striking ‘‘futures 
markets’’ and inserting ‘‘markets under the jurisdic-
tion of the Commission’’; 
(3) in paragraph (2), by redesignating subpara-
graphs (D) and (E) as subparagraphs (E) and (F); 
and 
(4) in paragraph (2), by inserting after subpara-
graph (C) the following: 
‘‘(D) considerations of market liquidity;’’. 
SEC. 107. EQUAL CONSIDERATION FOR HOLDING COMPA-
NIES. 
Section 2(h)(7)(C)(ii) of the Commodity Exchange Act 
(7 U.S.C. 2(h)(7)(C)(ii)) is amended— 
(1) in the matter before subclause (I), by striking 
‘‘unions, including—’’ and inserting ‘‘unions, bank 
holding companies, and savings and loan holding 
companies, including—’’; 
(2) in subclause (II), by striking ‘‘or’’ at the end; 
(3) in subclause (III), by striking the period at 
the end and inserting a semicolon; and 
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(4) by adding at the end the following: 
‘‘(IV) bank holding companies (as 
defined in section 2 of the Bank Hold-
ing Company Act of 1956) that have 
aggregated assets, including the assets 
of 
their 
subsidiaries, 
of 
$10,000,000,000 or less; and 
‘‘(V) savings and loan holding 
companies (as defined in section 10 of 
the Home Owners’ Loan Act of 1933) 
that have aggregated assets, including 
the assets of their subsidiaries, of 
$10,000,000,000 or less.’’. 
SEC. 108. EXEMPTION OF QUALIFIED CHARITABLE ORGANI-
ZATIONS FROM REGULATION AS COMMODITY 
POOL OPERATORS. 
Section 4m of the Commodity Exchange Act (7 U.S.C. 
6m) is amended to read as follows: 
‘‘SEC. 4m. USE OF MAILS OR OTHER MEANS OR INSTRUMEN-
TALITIES OF INTERSTATE COMMERCE BY 
COMMODITY TRADING ADVISORS AND COM-
MODITY POOL OPERATORS. 
‘‘(a) PROHIBITION.—It shall be unlawful for any com-
modity trading advisor or commodity pool operator, unless 
registered under this Act, to make use of the mails or any 
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means or instrumentality of interstate commerce in connec-
tion with business as the commodity trading advisor or 
commodity pool operator. 
‘‘(b) EXCEPTIONS.— 
‘‘(1) IN
GENERAL.—Subsection (a) shall not 
apply to a commodity trading advisor whose com-
modity trading advice is solely incidental to the con-
duct of that person’s business, and who is a— 
‘‘(A) dealer, processor, broker, or seller in 
cash market transactions of any commodity spe-
cifically set forth in section 2(a) of this Act be-
fore the enactment of the Commodity Futures 
Trading Commission Act of 1974 (or products 
thereof); or 
‘‘(B) nonprofit, voluntary membership, gen-
eral farm organization, that provides advice on 
the sale or purchase of any commodity specifi-
cally set forth in section 2(a) of this Act before 
the enactment of the Commodity Futures Trad-
ing Commission Act of 1974. 
‘‘(2) CHARITABLE
ORGANIZATION.—Subsection 
(a) shall not apply to any commodity trading advisor 
or commodity pool operator that is— 
‘‘(A) a charitable organization, as defined 
in section 3(c)(10)(D) of the Investment Com-
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pany Act of 1940 (15 U.S.C. 80a–3(c)(10)(D)), 
or a trustee, director, officer, employee, or volun-
teer of such a charitable organization acting 
within the scope of the employment or duties of 
the person with the organization, whose advisory 
or pool activities are conducted only on behalf of, 
or with respect to, 1 or more of— 
‘‘(i) any such charitable organization; 
or 
‘‘(ii) an investment trust, syndicate, or 
similar form of enterprise excluded from the 
definition of ‘investment company’ pursu-
ant to section 3(c)(10) of the Investment 
Company Act of 1940 (15 U.S.C. 80a– 
3(c)(10)), or the trustees, administrators, 
settlors (or potential settlors), or bene-
ficiaries of the foregoing; or 
‘‘(B) any plan, company, or account de-
scribed in section 3(c)(14) of the Investment 
Company Act of 1940 (15 U.S.C. 80a–3(c)(14)), 
any person or entity who establishes or main-
tains such a plan, company, or account, or any 
trustee, director, officer, employee, or volunteer 
for any of the foregoing plans, persons, or enti-
ties acting within the scope of the employment or 
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duties of the person with the organization, whose 
advisory or pool activities are conducted only on 
behalf of, or with respect to, any investment 
trust, syndicate, or similar form of enterprise ex-
cluded from the definition of ‘investment com-
pany’ pursuant to section 3(c)(14) of the Invest-
ment Company Act of 1940 (15 U.S.C. 80a– 
3(c)(14)). 
‘‘(3) SMALL COMMODITY TRADING ADVISORS.— 
Subsection (a) shall not apply to any commodity 
trading advisor who, during the course of the pre-
ceding 12 months, has not furnished commodity trad-
ing advice to more than 15 persons and who does not 
hold themselves out generally to the public as a com-
modity trading advisor. 
‘‘(4) SEC-REGISTERED.— 
‘‘(A) IN GENERAL.—Subsection (a) shall not 
apply to any commodity trading advisor that is 
registered with the Securities and Exchange 
Commission as an investment adviser whose 
business does not consist primarily of acting as 
a commodity trading advisor and that does not 
act as a commodity trading advisor to any com-
modity pool that is primarily engaged in trad-
ing commodity interests. 
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‘‘(B) ENGAGED PRIMARILY.—For purposes 
of this paragraph, a commodity trading advisor 
or a commodity pool shall be considered to be 
‘engaged primarily’ in the business of being a 
commodity trading advisor or commodity pool if 
it is or holds itself out to the public as being en-
gaged primarily, or proposes to engage pri-
marily, in the business of advising on com-
modity interests or investing, reinvesting, own-
ing, holding, or trading in commodity interests, 
respectively. 
‘‘(C) COMMODITY
INTERESTS.—For pur-
poses of this paragraph, commodity interests 
shall include contracts of sale of a commodity for 
future delivery, options on such contracts, secu-
rity futures, swaps, leverage contracts, foreign 
exchange, spot and forward contracts on physical 
commodities, and any monies held in an account 
used for trading commodity interests. 
‘‘(5) SUBJECT TO PROCEEDINGS.—A person de-
scribed in paragraphs (1) and (2) shall be subject to 
proceedings under section 14. 
‘‘(c) RELATIONSHIP TO OTHER LAW.—Nothing in this 
Act shall relieve any person of any obligation or duty, or 
affect the availability of any right or remedy available to 
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the Securities and Exchange Commission or any private 
party arising under 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.) governing the issuance, offer, purchase, 
or sale of securities of a commodity pool, or of persons en-
gaged in transactions with respect to the securities, or re-
porting by a commodity pool. 
‘‘(d) DISCLOSURE CONCERNING EXEMPTED CHARI-
TABLE ORGANIZATIONS.—A commodity trading advisor or 
commodity pool operator that is an organization or person 
described in subsection (b)(2)(A) of this section to or of any 
investment trust, syndicate, or similar form of enterprise 
excluded from the definition of ‘investment company’ pur-
suant to section 3(c)(10)(B) of the Investment Company Act 
of 1940 (15 U.S.C. 80a–3(c)(10)(B)) shall provide disclo-
sure in accordance with section 7(e) of that Act (15 U.S.C. 
80a–7(e)).’’. 
SEC. 109. DIGITAL COMMODITY. 
(a) REQUIREMENTS
APPLICABLE
TO
BOARDS
OF 
TRADE.—Section 5(d)(4) of such Act (7 U.S.C. 7(d)(4)) is 
amended— 
(1) by striking all that precedes ‘‘board of trade’’ 
and inserting the following: 
‘‘(4) PREVENTION OF MARKET DISRUPTION.— 
‘‘(A) IN GENERAL.—The’’; 
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(2) by redesignating each of subparagraphs (A) 
and (B) as clauses (i) and (ii), respectively, and mov-
ing each of such provisions 2 ems to the right; and 
(3) by adding after and below the end the fol-
lowing: 
‘‘(B) DIGITAL COMMODITY.—With regard to 
a contract on the contract market that references 
a digital commodity available on a cash market, 
the Commission shall adopt rules detailing the 
content and availability of trade and trader data 
and other information the board of trade must be 
able to access from the referenced cash markets 
and data sources in order to comply with this 
paragraph.’’. 
(b) REQUIREMENTS APPLICABLE TO SWAP EXECUTION 
FACILITIES.—Section 5h(f)(4) of such Act (7 U.S.C. 7b– 
3(f)(4)) is amended— 
(1) by striking all that precedes ‘‘swap execution 
facility shall’’ and inserting the following: 
‘‘(4) MONITORING OF TRADING AND TRADE PROC-
ESSING.— 
‘‘(A) IN GENERAL.—The’’; 
(2) by redesignating each of clauses (i) and (ii) 
of subparagraph (A) as subclauses (I) and (II), re-
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spectively, and moving each of such provisions 2 ems 
to the right; 
(3) by redesignating subparagraphs (A) and (B) 
as clauses (i) and (ii), respectively, and moving each 
of such provisions 2 ems to the right; and 
(4) by adding after and below the end the fol-
lowing: 
‘‘(B) DIGITAL COMMODITY.—With regard to 
a swap on the swap execution facility that ref-
erences a digital commodity available on a cash 
market, the Commission shall adopt rules detail-
ing the content and availability of trade and 
trader data and other information the swap exe-
cution facility must be able to access from the 
referenced cash markets and data sources in 
order to comply with this paragraph.’’. 
SEC. 110. SYSTEM SAFEGUARDS. 
(a) CONTRACT MARKETS.—Section 5(d)(20) of the 
Commodity Exchange Act (7 U.S.C. 7(d)(20)) is amend-
ed— 
(1) in subparagraph (A), by striking ‘‘through’’ 
and all that follows and inserting ‘‘through— 
‘‘(i) the implementation of appropriate 
controls and procedures; and 
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‘‘(ii) the development and operation of 
automated systems that— 
‘‘(I) are reliable, secure, and resil-
ient; 
‘‘(II) have adequate scalable ca-
pacity; and 
‘‘(III) maintain the confiden-
tiality, integrity, and availability of 
the data they contain;’’; and 
(2) in subparagraph (C), by striking ‘‘tests to’’ 
and all that follows and inserting ‘‘tests to— 
‘‘(i) verify the reliability, security, re-
silience, and capacity of the board of trade’s 
automated systems; 
‘‘(ii) verify the confidentiality, integ-
rity, and availability of the data contained 
in those systems; and 
‘‘(iii) verify that backup resources are 
sufficient to ensure continued order proc-
essing and trade matching, price reporting, 
market surveillance, and maintenance of a 
comprehensive and accurate audit trail.’’. 
(b) CLEARINGHOUSES.—Section 5b(c)(2)(I) of such 
Act (7 U.S.C. 7a–1(c)(2)(I)) is amended— 
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(1) in clause (i), by striking ‘‘through the’’ and 
all that follows and inserting ‘‘through the— 
‘‘(I) implementation of appro-
priate controls and procedures; and 
‘‘(II) development and operation 
of automated systems that— 
‘‘(aa) are reliable, secure, 
and resilient; 
‘‘(bb) have adequate scalable 
capacity; and 
‘‘(cc) maintain the confiden-
tiality, integrity, and availability 
of the data that they contain;’’; 
(2) in clause (ii), by striking ‘‘allows’’ and in-
serting ‘‘allow’’; and 
(3) in clause (iii), by striking ‘‘tests to’’ and all 
that follows and inserting ‘‘tests to— 
‘‘(I) verify the reliability, secu-
rity, resilience, and capacity of the de-
rivatives clearing organization’s auto-
mated systems; 
‘‘(II) verify the confidentiality, 
integrity, and availability of the data 
contained in those systems; and 
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‘‘(III) verify that the backup re-
sources of the derivatives clearing orga-
nization are sufficient to ensure daily 
processing, clearing, and settlement.’’. 
(c) SWAP EXECUTION FACILITIES.—Section 5h(f)(14) 
of such Act (7 U.S.C. 7b-3(f)(14)) is amended— 
(1) in subparagraph (A), by striking ‘‘through’’ 
and all that follows and inserting ‘‘through— 
‘‘(i) the implementation of appropriate 
controls and procedures; and 
‘‘(ii) the development and operation of 
automated systems that— 
‘‘(I) are reliable, secure, and resil-
ient; 
‘‘(II) have adequate scalable ca-
pacity; and 
‘‘(III) maintain the confiden-
tiality, integrity, and availability of 
the data they contain;’’; and 
(2) in subparagraph (C), by striking ‘‘tests to’’ 
and all that follows and inserting ‘‘tests to— 
‘‘(i) verify the reliability, security, re-
silience, and capacity of the swap execution 
facility’s automated systems; 
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‘‘(ii) verify the confidentiality, integ-
rity, and availability of the data contained 
in those systems; and 
‘‘(iii) verify that backup resources are 
sufficient to ensure continued order proc-
essing and trade matching, price reporting, 
market surveillance, and maintenance of a 
comprehensive and accurate audit trail.’’. 
(d) SWAP DATA REPOSITORIES.—Section 21(f) of such 
Act (7 U.S.C. 24a(f)) is amended by redesignating para-
graph (4) as paragraph (5) and inserting after paragraph 
(3) the following: 
‘‘(4) SYSTEM SAFEGUARDS.—Each swap data re-
pository shall— 
‘‘(A) establish and maintain a program of 
risk analysis and oversight to identify and mini-
mize sources of operational risk, through— 
‘‘(i) the implementation of appropriate 
controls and procedures; and 
‘‘(ii) the development and operation of 
automated systems that— 
‘‘(I) are reliable, secure, and resil-
ient; 
‘‘(II) have adequate scalable ca-
pacity; and 
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‘‘(III) maintain the confiden-
tiality, integrity, and availability of 
the data they contain; 
‘‘(B) establish and maintain emergency pro-
cedures, backup facilities, and a plan for disaster 
recovery that allow for— 
‘‘(i) the timely recovery and resump-
tion of operations; and 
‘‘(ii) the fulfillment of the responsibil-
ities and obligations of the swap data repos-
itory; and 
‘‘(C) periodically conduct tests to— 
‘‘(i) verify the reliability, security, re-
silience, and capacity of the automated sys-
tems of the swap data repository; 
‘‘(ii) verify the confidentiality, integ-
rity, and availability of the data contained 
in those systems; and 
‘‘(iii) verify that backup resources are 
sufficient to ensure continued fulfillment of 
all duties and obligations of the swap data 
repository established by this Act or the reg-
ulations of the Commission.’’. 
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SEC. 111. ADMINISTRATION OF SWAP EXECUTION FACILI-
TIES. 
Section 5h of the Commodity Exchange Act (7 U.S.C. 
7b–3) is amended— 
(1) in subsection (f)(8), by striking all that fol-
lows ‘‘cooperation with the Commission’’ and insert-
ing ‘‘and other registered entities, as is necessary and 
appropriate, to facilitate the liquidation or transfer of 
open positions in any swap, or to suspend or curtail 
trading in a swap.’’; and 
(2) in subsection (f)(15)— 
(A) in subparagraph (A), by adding at the 
end the following: ‘‘The individual may also per-
form other responsibilities for the swap execution 
facility, if— 
‘‘(i) there are no conflicts of interest 
between the other responsibilities and the 
duties and obligations of the chief compli-
ance officer under this Act and the regula-
tions thereto; and 
‘‘(ii) the other responsibilities do not 
limit the ability of the chief compliance offi-
cer to carry out the responsibilities of the 
chief compliance officer.’’; 
(B) in subparagraph (B)— 
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(i) by striking clauses (iii) through (v) 
and inserting the following: 
‘‘(iii) establish and administer— 
‘‘(I) policies and procedures, in 
consultation with the board of the fa-
cility, a body performing a function 
similar to that of a board, or the senior 
officer of the facility, that are reason-
ably designed, as determined by the 
Commission, to resolve any conflicts of 
interest that may arise; 
‘‘(II) the policies and procedures 
required to be established pursuant to 
this section; and 
‘‘(III) policies and procedures 
that reasonably ensure, as determined 
by the Commission, compliance with 
this Act and the rules and regulations 
issued under this Act, including rules 
prescribed by the Commission pursu-
ant to this section; and’’; and 
(ii) by redesignating clause (vi) as 
clause (iv); 
(C) in subparagraph (C), by striking 
‘‘(B)(vi)’’ and inserting ‘‘(B)(iv)’’; and 
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(D) in subparagraph (D)— 
(i) in clause (i), by striking ‘‘and 
sign’’; and 
(ii) in clause (ii)— 
(I) in the matter preceding sub-
clause (I), by inserting ‘‘or senior offi-
cer’’ after ‘‘officer’’; and 
(II) in subclause (II), by inserting 
‘‘materially’’ before ‘‘accurate’’. 
SEC. 112. APPLICABILITY OF PROHIBITIONS ON FRAUD AND 
MANIPULATION TO ACTIVITIES OUTSIDE THE 
UNITED STATES. 
Section 6 of the Commodity Exchange Act (7 U.S.C. 
8) is amended by adding at the end the following: 
‘‘(h) APPLICABILITY
TO ACTIVITIES OUTSIDE
THE 
UNITED STATES.— 
‘‘(1) APPLICABILITY.—The provisions of this Act 
prohibiting fraud, manipulation, attempted fraud, 
and attempted manipulation, and providing for en-
forcement by the Commission or the United States of 
such prohibitions (including sections 4b, 4c(a)(1)–(4), 
4c(a)(7), 4c(b), 4o, 4s(h)(1), 4s(h)(4), 6(c), 6(e)(1)– 
(3), 6c, 9(a), 9(c), 9(d), and 9(e), including any rule 
or regulation promulgated thereunder), shall apply to 
activities outside the United States where such activi-
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ties, independently or in conjunction with activities 
in the United States, have or would have a reasonably 
foreseeable substantial effect within the United States. 
‘‘(2) EFFECT ON OTHER AUTHORITY.—Nothing 
in this subsection affects the application or interpre-
tation of, or liability under, any other provision of 
this Act, including section 22.’’. 
SEC. 113. PRIVILEGE RETENTION. 
Section 8 of the Commodity Exchange Act (7 U.S.C. 
12) is amended— 
(1) by striking subsection (e) and inserting the 
following: 
‘‘(e) DISCLOSURE AUTHORITIES.— 
‘‘(1) IN GENERAL.— 
‘‘(A) PREVIOUSLY DISCLOSED.—The Com-
mission may disclose and make public, where 
such information has previously been disclosed 
publicly in accordance with the provisions of this 
section, the names and addresses of all traders on 
the boards of trade on the commodity markets 
with respect to whom the Commission has infor-
mation, and any other information in the posses-
sion of the Commission relating to the amount of 
commodities purchased or sold by each such 
trader. 
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‘‘(B) CONGRESSIONAL
ACCESS.—Upon the 
request of any committee of either House of Con-
gress, acting within the scope of its jurisdiction, 
the Commission shall furnish to the committee 
the names and addresses of all traders on the 
boards of trade with respect to whom the Com-
mission has information, and any other infor-
mation in the possession of the Commission re-
lating to the amount of any commodity pur-
chased or sold by each such trader. 
‘‘(2) DOMESTIC AGENCIES.— 
‘‘(A) IN
GENERAL.—Upon the request of 
any department or agency of the Government of 
the United States, acting within the scope of its 
jurisdiction, the Commission may furnish to the 
department or agency any information in the 
possession of the Commission obtained in connec-
tion with the administration of this Act. 
‘‘(B) CONDITIONS.—Any information fur-
nished under this paragraph to any Federal de-
partment or agency shall not be disclosed by the 
department or agency except in any action or 
proceeding under the laws of the United States 
to which the department or agency, the Commis-
sion, or the United States is a party. 
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‘‘(C) FEDERAL RESERVE BANKS.—In this 
paragraph, the term ‘agency’ includes the Fed-
eral Reserve Banks. 
‘‘(3) STATE AGENCIES.— 
‘‘(A) IN
GENERAL.—Upon the request of 
any department or agency of any State or any 
political subdivision thereof, acting within the 
scope of its jurisdiction, the Commission may 
furnish to the department, agency, or political 
subdivision any information in the possession of 
the Commission obtained in connection with the 
administration of this Act. 
‘‘(B) CONDITIONS.—Any information fur-
nished to any department or agency of any State 
or political subdivision thereof shall not be dis-
closed by the department or agency except in 
connection with an adjudicatory action or pro-
ceeding under this Act or the laws of the State 
or political subdivision to which the State, polit-
ical subdivision, department, or agency is a 
party. 
‘‘(4) FOREIGN AGENCIES.— 
‘‘(A) IN
GENERAL.—Upon the request of 
any foreign futures authority, or any depart-
ment, central bank, ministry, or agency of any 
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foreign government or any political subdivision 
thereof, acting within the scope of its jurisdic-
tion, the Commission may furnish to the foreign 
futures authority, department, central bank, 
ministry, agency of any foreign government, or 
any political subdivision thereof, any informa-
tion in the possession of the Commission ob-
tained in connection with the administration of 
this Act. 
‘‘(B) CONDITIONS.—The Commission shall 
not furnish any information to a foreign futures 
authority or to a department, central bank, min-
istry, or agency of a foreign government or polit-
ical subdivision thereof, unless the Commission is 
satisfied that the information will not be dis-
closed by the foreign futures authority, depart-
ment, central bank, ministry, or agency of any 
foreign government or any political subdivision 
thereof, except in connection with an adjudica-
tory action or proceeding under the laws of the 
foreign government or political subdivision to 
which the foreign government, political subdivi-
sion, department, agency, central bank, min-
istry, or foreign futures authority is a party.’’; 
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(2) by redesignating subsections (h) and (i) as 
subsections (i) and (j), respectively; and 
(3) by inserting after subsection (g) the fol-
lowing: 
‘‘(h) SHARING
PRIVILEGED
INFORMATION
WITH 
OTHER AUTHORITIES.— 
‘‘(1) PRIVILEGE DEFINITION.—The term ‘privi-
lege’ includes any applicable work-product privilege, 
attorney-client privilege, governmental privilege, or 
other privilege recognized under Federal, State, or 
foreign law. 
‘‘(2) PRIVILEGED
INFORMATION
PROVIDED
BY 
THE COMMISSION.—The Commission shall not be con-
sidered to have waived any privilege by transferring 
information to or permitting that information to be 
used in accordance with section 8a(6) or paragraphs 
(2), (3), and (4) of subsection (e) of this section. 
‘‘(3) NONDISCLOSURE OF PRIVILEGED INFORMA-
TION PROVIDED TO THE COMMISSION.—The Commis-
sion shall not be compelled to disclose privileged in-
formation obtained from any foreign futures author-
ity if the authority has in good faith determined and 
represented to the Commission that the information is 
privileged, except as provided for in subsection (a)(1). 
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‘‘(4) NONWAIVER OF PRIVILEGED INFORMATION 
PROVIDED TO THE COMMISSION.— 
‘‘(A) IN GENERAL.—The entities listed in 
paragraphs (2), (3), and (4) of subsection (e) 
and section 8(a)(6) shall not be considered to 
have waived any privilege by transferring infor-
mation to or permitting information to be used 
by the Commission. 
‘‘(B) EXCEPTION.—Subparagraph (A) shall 
not apply to an entity listed in section 8a(6) 
with respect to information obtained by the Com-
mission in an investigation relating to or in any 
action against the entity. 
‘‘(5) RULE OF CONSTRUCTION.—Nothing in this 
subsection shall authorize the Commission to withhold 
information from the Congress or prevent the Com-
mission from complying with an order of a court of 
the United States in an action commenced by the 
United States or the Commission.’’. 
SEC. 114. PROPRIETARY INFORMATION. 
Section 8 of the Commodity Exchange Act (7 U.S.C. 
12), as amended by section 113 of this Act, is amended by 
adding at the end the following: 
‘‘(k) PROPRIETARY INFORMATION.— 
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(h) Section 2(a)(1)(D)(i) of such Act (7 U.S.C. 
2(a)(1)(D)(i)) is amended in the matter preceding subclause 
(I)— 
(1) by striking ‘‘in, or register a derivatives 
transaction execution facility’’; and 
(2) by striking ‘‘, or registered as a derivatives 
transaction execution facility for,’’. 
(i) Section 2(a)(1)(D)(i)(IV) of such Act (7 U.S.C. 
2(a)(1)(D)(i)(IV)) is amended by striking ‘‘registered de-
rivatives transaction execution facility,’’ each place it ap-
pears. 
(j) Section 2(a)(1)(D)(ii)(I) of such Act (7 U.S.C. 
2(a)(1)(D)(ii)(I)) is amended to read as follows: 
‘‘(I) the transaction is conducted on or subject to 
the rules of a board of trade that has been designated 
by the Commission as a contract market in such secu-
rity futures product;’’. 
(k) Section 2(a)(1)(D)(ii)(II) of such Act (7 U.S.C. 
2(a)(1)(D)(ii)(II)) is amended by striking ‘‘or registered de-
rivatives transaction execution facility’’. 
(l) Section 2(a)(1)(D)(ii)(III) of such Act (7 U.S.C. 
2(a)(1)(D)(ii)(III)) is amended by striking ‘‘or registered 
derivatives transaction execution facility member’’. 
(m) Section 2(a)(9)(B)(ii) of such Act (7 U.S.C. 
2(a)(9)(B)(ii)) is amended— 
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SEC. 212. MISCELLANEOUS CORRECTIONS. 
(a) Section 1a(12)(A)(i)(II) of the Commodity Ex-
change Act (7 U.S.C. 1a(12)(A)(i)(II)) is amended by add-
ing at the end a semicolon. 
(b) Section 2(a)(1)(C)(ii)(III) of such Act (7 U.S.C. 
2(a)(1)(C)(ii)(III)) is amended by moving the provision 2 
ems to the right. 
(c) Section 2(a)(1)(C)(iii) of such Act (7 U.S.C. 
2(a)(1)(C)(iii)) is amended by moving the provision 2 ems 
to the right. 
(d) Section 2(a)(1)(C)(iv) of such Act (7 U.S.C. 
2(a)(1)(C)(iv)) is amended by striking ‘‘under or’’ and in-
serting ‘‘under’’. 
(e) Section 2(a)(1)(C)(v) of such Act (7 U.S.C. 
2(a)(1)(C)(v)) is amended by moving the provision 2 ems 
to the right. 
(f) Section 2(a)(1)(C)(v)(VI) of such Act (7 U.S.C. 
2(a)(1)(C)(v)(VI)) is amended by striking ‘‘III’’ and insert-
ing ‘‘(III)’’. 
(g) Section 2(c)(1) of such Act (7 U.S.C. 2(c)(1)) is 
amended by striking the second comma. 
(h) Section 4(c)(3)(H) of such Act (7 U.S.C. 
6(c)(3)(H)) is amended by striking ‘‘state’’ and inserting 
‘‘State’’. 
(i) Section 4c(c) of such Act (7 U.S.C. 6c(c)) is amend-
ed to read as follows: 
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