‘‘(D) the insurance producer has been con-
victed of a crime that would have resulted in 
the denial of membership pursuant to sub-
section (a)(4)(L)(i) at the time of application, 
and the Association has received a copy of the 
final disposition from a court of competent ju-
risdiction. 
‘‘(2) VIOLATIONS
OF
ASSOCIATION
STAND-
ARDS.—The Association shall have the power to in-
vestigate alleged violations of Association standards. 
‘‘(3) REPORTING.—The Association shall imme-
diately notify the States (including State insurance 
regulators) and the NAIC when the membership of 
an insurance producer has been placed on probation 
or has been suspended, revoked, or otherwise termi-
nated, or when the Association has assessed mone-
tary fines or penalties. 
‘‘(i) CONSUMER COMPLAINTS.— 
‘‘(1) IN GENERAL.—The Association shall— 
‘‘(A) refer any complaint against a mem-
ber of the Association from a consumer relating 
to alleged misconduct or violations of State in-
surance laws to the State insurance regulator 
where the consumer resides and, when appro-
priate, to any additional State insurance regu-
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lator, as determined by standards adopted by 
the Association; and 
‘‘(B) make any related records and infor-
mation available to each State insurance regu-
lator to whom the complaint is forwarded. 
‘‘(2) TELEPHONE
AND
OTHER
ACCESS.—The 
Association shall maintain a toll-free number for 
purposes of this subsection and, as practicable, other 
alternative means of communication with consumers, 
such as an Internet webpage. 
‘‘(3) FINAL DISPOSITION OF INVESTIGATION.— 
State insurance regulators shall provide the Associa-
tion with information regarding the final disposition 
of a complaint referred pursuant to paragraph 
(1)(A), but nothing shall be construed to compel a 
State to release confidential investigation reports or 
other information protected by State law to the As-
sociation. 
‘‘(j) 
INFORMATION
SHARING.—The 
Association 
may— 
‘‘(1) share documents, materials, or other infor-
mation, including confidential and privileged docu-
ments, with a State, Federal, or international gov-
ernmental entity or with the NAIC or other appro-
priate entity referred to paragraphs (3) and (4), 
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provided that the recipient has the authority and 
agrees to maintain the confidentiality or privileged 
status of the document, material, or other informa-
tion; 
‘‘(2) limit the sharing of information as re-
quired under this subtitle with the NAIC or any 
other non-governmental entity, in circumstances 
under which the Association determines that the 
sharing of such information is unnecessary to fur-
ther the purposes of this subtitle; 
‘‘(3) establish a central clearinghouse, or utilize 
the NAIC or another appropriate entity, as deter-
mined by the Association, as a central clearinghouse, 
for use by the Association and the States (including 
State insurance regulators), through which members 
of the Association may disclose their intent to oper-
ate in 1 or more States and pay the licensing fees 
to the appropriate States; and 
‘‘(4) establish a database, or utilize the NAIC 
or another appropriate entity, as determined by the 
Association, as a database, for use by the Associa-
tion and the States (including State insurance regu-
lators) for the collection of regulatory information 
concerning the activities of insurance producers. 
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‘‘(k) EFFECTIVE DATE.—The provisions of this sec-
tion shall take effect on the later of— 
‘‘(1) the expiration of the 2-year period begin-
ning on the date of enactment of the National Asso-
ciation of Registered Agents and Brokers Reform 
Act of 2015; and 
‘‘(2) the date of incorporation of the Associa-
tion. 
‘‘SEC. 324. BOARD OF DIRECTORS. 
‘‘(a) ESTABLISHMENT.—There is established a board 
of directors of the Association, which shall have authority 
to govern and supervise all activities of the Association. 
‘‘(b) POWERS.—The Board shall have such of the 
powers and authority of the Association as may be speci-
fied in the bylaws of the Association. 
‘‘(c) COMPOSITION.— 
‘‘(1) IN GENERAL.—The Board shall consist of 
13 members who shall be appointed by the Presi-
dent, by and with the advice and consent of the Sen-
ate, in accordance with the procedures established 
under Senate Resolution 116 of the 112th Congress, 
of whom— 
‘‘(A) 8 shall be State insurance commis-
sioners appointed in the manner provided in 
paragraph (2), 1 of whom shall be designated 
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by the President to serve as the chairperson of 
the Board until the Board elects one such State 
insurance commissioner Board member to serve 
as the chairperson of the Board; 
‘‘(B) 3 shall have demonstrated expertise 
and experience with property and casualty in-
surance producer licensing; and 
‘‘(C) 2 shall have demonstrated expertise 
and experience with life or health insurance 
producer licensing. 
‘‘(2) STATE
INSURANCE
REGULATOR
REP-
RESENTATIVES.— 
‘‘(A) RECOMMENDATIONS.—Before making 
any 
appointments 
pursuant 
to 
paragraph 
(1)(A), the President shall request a list of rec-
ommended candidates from the States through 
the NAIC, which shall not be binding on the 
President. If the NAIC fails to submit a list of 
recommendations not later than 15 business 
days after the date of the request, the President 
may make the requisite appointments without 
considering the views of the NAIC. 
‘‘(B) POLITICAL AFFILIATION.—Not more 
than 4 Board members appointed under para-
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graph (1)(A) shall belong to the same political 
party. 
‘‘(C) FORMER STATE INSURANCE COMMIS-
SIONERS.— 
‘‘(i) IN GENERAL.—If, after offering 
each currently serving State insurance 
commissioner 
an 
appointment 
to 
the 
Board, fewer than 8 State insurance com-
missioners have accepted appointment to 
the Board, the President may appoint the 
remaining State insurance commissioner 
Board members, as required under para-
graph (1)(A), of the appropriate political 
party as required under subparagraph (B), 
from among individuals who are former 
State insurance commissioners. 
‘‘(ii) LIMITATION.—A former State 
insurance commissioner appointed as de-
scribed in clause (i) may not be employed 
by or have any present direct or indirect fi-
nancial interest in any insurer, insurance 
producer, or other entity in the insurance 
industry, other than direct or indirect own-
ership of, or beneficial interest in, an in-
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surance policy or annuity contract written 
or sold by an insurer. 
‘‘(D) SERVICE
THROUGH
TERM.—If a 
Board member appointed under paragraph 
(1)(A) ceases to be a State insurance commis-
sioner during the term of the Board member, 
the Board member shall cease to be a Board 
member. 
‘‘(3) PRIVATE SECTOR REPRESENTATIVES.—In 
making any appointment pursuant to subparagraph 
(B) or (C) of paragraph (1), the President may seek 
recommendations for candidates from groups rep-
resenting the category of individuals described, 
which shall not be binding on the President. 
‘‘(4) STATE
INSURANCE
COMMISSIONER
DE-
FINED.—For purposes of this subsection, the term 
‘State insurance commissioner’ means a person who 
serves in the position in State government, or on the 
board, commission, or other body that is the primary 
insurance regulatory authority for the State. 
‘‘(d) TERMS.— 
‘‘(1) IN GENERAL.—Except as provided under 
paragraph (2), the term of service for each Board 
member shall be 2 years. 
‘‘(2) EXCEPTIONS.— 
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‘‘(A) 1-YEAR TERMS.—The term of service 
shall be 1 year, as designated by the President 
at the time of the nomination of the subject 
Board members for— 
‘‘(i) 4 of the State insurance commis-
sioner Board members initially appointed 
under paragraph (1)(A), of whom not more 
than 2 shall belong to the same political 
party; 
‘‘(ii) 1 of the Board members initially 
appointed under paragraph (1)(B); and 
‘‘(iii) 1 of the Board members initially 
appointed under paragraph (1)(C). 
‘‘(B) EXPIRATION
OF
TERM.—A Board 
member may continue to serve after the expira-
tion of the term to which the Board member 
was appointed for the earlier of 2 years or until 
a successor is appointed. 
‘‘(C) 
MID-TERM
APPOINTMENTS.—A 
Board member appointed to fill a vacancy oc-
curring before the expiration of the term for 
which the predecessor of the Board member 
was appointed shall be appointed only for the 
remainder of that term. 
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‘‘(3) SUCCESSIVE
TERMS.—Board members 
may be reappointed to successive terms. 
‘‘(e) INITIAL APPOINTMENTS.—The appointment of 
initial Board members shall be made no later than 90 days 
after the date of enactment of the National Association 
of Registered Agents and Brokers Reform Act of 2015. 
‘‘(f) MEETINGS.— 
‘‘(1) IN GENERAL.—The Board shall meet— 
‘‘(A) at the call of the chairperson; 
‘‘(B) as requested in writing to the chair-
person by not fewer than 5 Board members; or 
‘‘(C) as otherwise provided by the bylaws 
of the Association. 
‘‘(2) QUORUM
REQUIRED.—A majority of all 
Board members shall constitute a quorum. 
‘‘(3) VOTING.—Decisions of the Board shall re-
quire the approval of a majority of all Board mem-
bers present at a meeting, a quorum being present. 
‘‘(4) INITIAL MEETING.—The Board shall hold 
its first meeting not later than 45 days after the 
date on which all initial Board members have been 
appointed. 
‘‘(g) RESTRICTION
ON CONFIDENTIAL INFORMA-
TION.—Board members appointed pursuant to subpara-
graphs (B) and (C) of subsection (c)(1) shall not have ac-
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cess to confidential information received by the Associa-
tion in connection with complaints, investigations, or dis-
ciplinary proceedings involving insurance producers. 
‘‘(h) ETHICS AND CONFLICTS OF INTEREST.—The 
Board shall issue and enforce an ethical conduct code to 
address permissible and prohibited activities of Board 
members and Association officers, employees, agents, or 
consultants. The code shall, at a minimum, include provi-
sions that prohibit any Board member or Association offi-
cer, employee, agent or consultant from— 
‘‘(1) engaging in unethical conduct in the 
course of performing Association duties; 
‘‘(2) participating in the making or influencing 
the making of any Association decision, the outcome 
of which the Board member, officer, employee, 
agent, or consultant knows or had reason to know 
would have a reasonably foreseeable material finan-
cial effect, distinguishable from its effect on the pub-
lic generally, on the person or a member of the im-
mediate family of the person; 
‘‘(3) accepting any gift from any person or enti-
ty other than the Association that is given because 
of the position held by the person in the Association; 
‘‘(4) making political contributions to any per-
son or entity on behalf of the Association; and 
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‘‘(5) lobbying or paying a person to lobby on 
behalf of the Association. 
‘‘(i) COMPENSATION.— 
‘‘(1) IN GENERAL.—Except as provided in para-
graph (2), no Board member may receive any com-
pensation from the Association or any other person 
or entity on account of Board membership. 
‘‘(2) TRAVEL
EXPENSES
AND
PER
DIEM.— 
Board members may be reimbursed only by the As-
sociation for travel expenses, including per diem in 
lieu of subsistence, at rates consistent with rates au-
thorized for employees of Federal agencies under 
subchapter I of chapter 57 of title 5, United States 
Code, while away from home or regular places of 
business in performance of services for the Associa-
tion. 
‘‘SEC. 325. BYLAWS, STANDARDS, AND DISCIPLINARY AC-
TIONS. 
‘‘(a) ADOPTION AND AMENDMENT OF BYLAWS AND 
STANDARDS.— 
‘‘(1) 
PROCEDURES.—The 
Association 
shall 
adopt procedures for the adoption of bylaws and 
standards that are similar to procedures under sub-
chapter II of chapter 5 of title 5, United States 
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Code (commonly known as the ‘Administrative Pro-
cedure Act’). 
‘‘(2) COPY
REQUIRED
TO
BE
FILED.—The 
Board shall submit to the President, through the 
Department of the Treasury, and the States (includ-
ing State insurance regulators), and shall publish on 
the website of the Association, all proposed bylaws 
and standards of the Association, or any proposed 
amendment to the bylaws or standards of the Asso-
ciation, accompanied by a concise general statement 
of the basis and purpose of such proposal. 
‘‘(3) EFFECTIVE DATE.—Any proposed bylaw 
or standard of the Association, and any proposed 
amendment to the bylaws or standards of the Asso-
ciation, shall take effect, after notice under para-
graph (2) and opportunity for public comment, on 
such date as the Association may designate, unless 
suspended under section 329(c). 
‘‘(4) RULE
OF
CONSTRUCTION.—Nothing in 
this section shall be construed to subject the Board 
or the Association to the requirements of subchapter 
II of chapter 5 of title 5, United States Code (com-
monly known as the ‘Administrative Procedure 
Act’). 
‘‘(b) DISCIPLINARY ACTION BY THE ASSOCIATION.— 
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‘‘(1) SPECIFICATION OF CHARGES.—In any pro-
ceeding to determine whether membership shall be 
denied, suspended, revoked, or not renewed, or to 
determine whether a member of the Association 
should be placed on probation (referred to in this 
section as a ‘disciplinary action’) or whether to as-
sess fines or monetary penalties, the Association 
shall bring specific charges, notify the member of 
the charges, give the member an opportunity to de-
fend against the charges, and keep a record. 
‘‘(2) SUPPORTING STATEMENT.—A determina-
tion to take disciplinary action shall be supported by 
a statement setting forth— 
‘‘(A) any act or practice in which the mem-
ber has been found to have been engaged; 
‘‘(B) the specific provision of this subtitle 
or standard of the Association that any such 
act or practice is deemed to violate; and 
‘‘(C) the sanction imposed and the reason 
for the sanction. 
‘‘(3) INELIGIBILITY OF PRIVATE SECTOR REP-
RESENTATIVES.—Board members appointed pursu-
ant to section 324(c)(3) may not— 
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‘‘(A) participate in any disciplinary action 
or be counted toward establishing a quorum 
during a disciplinary action; and 
‘‘(B) have access to confidential informa-
tion concerning any disciplinary action. 
‘‘SEC. 326. POWERS. 
‘‘In addition to all the powers conferred upon a non-
profit corporation by the District of Columbia Nonprofit 
Corporation Act, the Association shall have the power to— 
‘‘(1) establish and collect such membership fees 
as the Association finds necessary to impose to cover 
the costs of its operations; 
‘‘(2) adopt, amend, and repeal bylaws, proce-
dures, or standards governing the conduct of Asso-
ciation business and performance of its duties; 
‘‘(3) establish procedures for providing notice 
and opportunity for comment pursuant to section 
325(a); 
‘‘(4) enter into and perform such agreements as 
necessary to carry out the duties of the Association; 
‘‘(5) hire employees, professionals, or special-
ists, and elect or appoint officers, and to fix their 
compensation, define their duties and give them ap-
propriate authority to carry out the purposes of this 
subtitle, and determine their qualification; 
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‘‘(6) establish personnel policies of the Associa-
tion and programs relating to, among other things, 
conflicts of interest, rates of compensation, where 
applicable, and qualifications of personnel; 
‘‘(7) borrow money; and 
‘‘(8) secure funding for such amounts as the 
Association determines to be necessary and appro-
priate to organize and begin operations of the Asso-
ciation, which shall be treated as loans to be repaid 
by the Association with interest at market rate. 
‘‘SEC. 327. REPORT BY THE ASSOCIATION. 
‘‘(a) IN GENERAL.—As soon as practicable after the 
close of each fiscal year, the Association shall submit to 
the President, through the Department of the Treasury, 
and the States (including State insurance regulators), and 
shall publish on the website of the Association, a written 
report regarding the conduct of its business, and the exer-
cise of the other rights and powers granted by this sub-
title, during such fiscal year. 
‘‘(b) FINANCIAL STATEMENTS.—Each report sub-
mitted under subsection (a) with respect to any fiscal year 
shall include audited financial statements setting forth the 
financial position of the Association at the end of such 
fiscal year and the results of its operations (including the 
source and application of its funds) for such fiscal year. 
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‘‘SEC. 328. LIABILITY OF THE ASSOCIATION AND THE 
BOARD MEMBERS, OFFICERS, AND EMPLOY-
EES OF THE ASSOCIATION. 
‘‘(a) IN GENERAL.—The Association shall not be 
deemed to be an insurer or insurance producer within the 
meaning of any State law, rule, regulation, or order regu-
lating or taxing insurers, insurance producers, or other en-
tities engaged in the business of insurance, including pro-
visions imposing premium taxes, regulating insurer sol-
vency or financial condition, establishing guaranty funds 
and levying assessments, or requiring claims settlement 
practices. 
‘‘(b) LIABILITY
OF BOARD MEMBERS, OFFICERS, 
AND EMPLOYEES.—No Board member, officer, or em-
ployee of the Association shall be personally liable to any 
person for any action taken or omitted in good faith in 
any matter within the scope of their responsibilities in con-
nection with the Association. 
‘‘SEC. 329. PRESIDENTIAL OVERSIGHT. 
‘‘(a) REMOVAL OF BOARD.—If the President deter-
mines that the Association is acting in a manner contrary 
to the interests of the public or the purposes of this sub-
title or has failed to perform its duties under this subtitle, 
the President may remove the entire existing Board for 
the remainder of the term to which the Board members 
were appointed and appoint, in accordance with section 
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324 and with the advice and consent of the Senate, in 
accordance with the procedures established under Senate 
Resolution 116 of the 112th Congress, new Board mem-
bers to fill the vacancies on the Board for the remainder 
of the terms. 
‘‘(b) REMOVAL OF BOARD MEMBER.—The President 
may remove a Board member only for neglect of duty or 
malfeasance in office. 
‘‘(c) SUSPENSION OF BYLAWS AND STANDARDS AND 
PROHIBITION
OF ACTIONS.—Following notice to the 
Board, the President, or a person designated by the Presi-
dent for such purpose, may suspend the effectiveness of 
any bylaw or standard, or prohibit any action, of the Asso-
ciation that the President or the designee determines is 
contrary to the purposes of this subtitle. 
‘‘SEC. 330. RELATIONSHIP TO STATE LAW. 
‘‘(a) PREEMPTION
OF STATE LAWS.—State laws, 
regulations, provisions, or other actions purporting to reg-
ulate insurance producers shall be preempted to the extent 
provided in subsection (b). 
‘‘(b) PROHIBITED ACTIONS.— 
‘‘(1) IN GENERAL.—No State shall— 
‘‘(A) impede the activities of, take any ac-
tion against, or apply any provision of law or 
regulation arbitrarily or discriminatorily to, any 
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any requirement that the insurance producer 
register as a foreign company with the sec-
retary of state or equivalent State official; 
‘‘(C) require that a member of the Associa-
tion submit to a criminal history record check 
as a condition of doing business in the State; or 
‘‘(D) impose any licensing, registration, or 
appointment requirements upon a member of 
the Association, or require a member of the As-
sociation to be authorized to operate as an in-
surance producer, in order to sell, solicit, or ne-
gotiate insurance for commercial property and 
casualty risks to an insured with risks located 
in more than one State, if the member is li-
censed or otherwise authorized to operate in the 
State where the insured maintains its principal 
place of business and the contract of insurance 
insures risks located in that State. 
‘‘(3) PRESERVATION OF STATE DISCIPLINARY 
AUTHORITY.—Nothing in this section may be con-
strued to prohibit a State from investigating and 
taking appropriate disciplinary action, including sus-
pension or revocation of authority of an insurance 
producer to do business in a State, in accordance 
with State law and that is not inconsistent with the 
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provisions of this section, against a member of the 
Association as a result of a complaint or for any al-
leged activity, regardless of whether the activity oc-
curred before or after the insurance producer com-
menced doing business in the State pursuant to As-
sociation membership. 
‘‘SEC. 331. COORDINATION WITH FINANCIAL INDUSTRY 
REGULATORY AUTHORITY. 
‘‘The Association shall coordinate with the Financial 
Industry Regulatory Authority in order to ease any admin-
istrative burdens that fall on members of the Association 
that are subject to regulation by the Financial Industry 
Regulatory Authority, consistent with the requirements of 
this subtitle and the Federal securities laws. 
‘‘SEC. 332. RIGHT OF ACTION. 
‘‘(a) RIGHT OF ACTION.—Any person aggrieved by 
a decision or action of the Association may, after reason-
ably exhausting available avenues for resolution within the 
Association, commence a civil action in an appropriate 
United States district court, and obtain all appropriate re-
lief. 
‘‘(b) ASSOCIATION INTERPRETATIONS.—In any ac-
tion under subsection (a), the court shall give appropriate 
weight to the interpretation of the Association of its by-
laws and standards and this subtitle. 
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‘‘SEC. 333. FEDERAL FUNDING PROHIBITED. 
‘‘The Association may not receive, accept, or borrow 
any amounts from the Federal Government to pay for, or 
reimburse, the Association for, the costs of establishing 
or operating the Association. 
‘‘SEC. 334. DEFINITIONS. 
‘‘For purposes of this subtitle, the following defini-
tions shall apply: 
‘‘(1) BUSINESS
ENTITY.—The term ‘business 
entity’ means a corporation, association, partnership, 
limited liability company, limited liability partner-
ship, or other legal entity. 
‘‘(2) DEPOSITORY INSTITUTION.—The term ‘de-
pository institution’ has the meaning as in section 3 
of the Federal Deposit Insurance Act (12 U.S.C. 
1813). 
‘‘(3) HOME
STATE.—The term ‘home State’ 
means the State in which the insurance producer 
maintains its principal place of residence or business 
and is licensed to act as an insurance producer. 
‘‘(4) INSURANCE.—The term ‘insurance’ means 
any product, other than title insurance or bail 
bonds, defined or regulated as insurance by the ap-
propriate State insurance regulatory authority. 
‘‘(5) INSURANCE PRODUCER.—The term ‘insur-
ance producer’ means any insurance agent or 
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broker, excess or surplus lines broker or agent, in-
surance consultant, limited insurance representative, 
and any other individual or entity that sells, solicits, 
or negotiates policies of insurance or offers advice, 
counsel, opinions or services related to insurance. 
‘‘(6) INSURER.—The term ‘insurer’ has the 
meaning as in section 313(e)(2)(B) of title 31, 
United States Code. 
‘‘(7) PRINCIPAL
PLACE
OF
BUSINESS.—The 
term ‘principal place of business’ means the State in 
which an insurance producer maintains the head-
quarters of the insurance producer and, in the case 
of a business entity, where high-level officers of the 
entity direct, control, and coordinate the business 
activities of the business entity. 
‘‘(8) PRINCIPAL PLACE OF RESIDENCE.—The 
term ‘principal place of residence’ means the State 
in which an insurance producer resides for the great-
est number of days during a calendar year. 
‘‘(9) STATE.—The term ‘State’ includes any 
State, the District of Columbia, any territory of the 
United States, and Puerto Rico, Guam, American 
Samoa, the Trust Territory of the Pacific Islands, 
the Virgin Islands, and the Northern Mariana Is-
lands. 
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‘‘(10) STATE LAW.— 
‘‘(A) IN GENERAL.—The term ‘State law’ 
includes all laws, decisions, rules, regulations, 
or other State action having the effect of law, 
of any State. 
‘‘(B) LAWS APPLICABLE IN THE DISTRICT 
OF COLUMBIA.—A law of the United States ap-
plicable only to or within the District of Colum-
bia shall be treated as a State law rather than 
a law of the United States.’’. 
(b) TECHNICAL AMENDMENT.—The table of contents 
for the Gramm-Leach-Bliley Act is amended by striking 
the items relating to subtitle C of title III and inserting 
the following new items: 
‘‘Subtitle C—National Association of Registered Agents and Brokers 
‘‘Sec. 321. National Association of Registered Agents and Brokers. 
‘‘Sec. 322. Purpose. 
‘‘Sec. 323. Membership. 
‘‘Sec. 324. Board of directors. 
‘‘Sec. 325. Bylaws, standards, and disciplinary actions. 
‘‘Sec. 326. Powers. 
‘‘Sec. 327. Report by the Association. 
‘‘Sec. 328. Liability of the Association and the Board members, officers, and 
employees of the Association. 
‘‘Sec. 329. Presidential oversight. 
‘‘Sec. 330. Relationship to State law. 
‘‘Sec. 331. Coordination with financial industry regulatory authority. 
‘‘Sec. 332. Right of action. 
‘‘Sec. 333. Federal funding prohibited. 
‘‘Sec. 334. Definitions.’’. 
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TITLE III—BUSINESS RISK MITI-
GATION 
AND 
PRICE 
STA-
BILIZATION 
SEC. 301. SHORT TITLE. 
This title may be cited as the ‘‘Business Risk Mitiga-
tion and Price Stabilization Act of 2015’’. 
SEC. 302. MARGIN REQUIREMENTS. 
(a) COMMODITY EXCHANGE ACT AMENDMENT.— 
Section 4s(e) of the Commodity Exchange Act (7 U.S.C. 
6s(e)), as added by section 731 of the Dodd-Frank Wall 
Street Reform and Consumer Protection Act, is amended 
by adding at the end the following new paragraph: 
‘‘(4) 
APPLICABILITY
WITH
RESPECT
TO 
COUNTERPARTIES.—The requirements of paragraphs 
(2)(A)(ii) and (2)(B)(ii), including the initial and 
variation margin requirements imposed by rules 
adopted pursuant to paragraphs (2)(A)(ii) and 
(2)(B)(ii), shall not apply to a swap in which a 
counterparty qualifies for an exception under section 
2(h)(7)(A), or an exemption issued under section 
4(c)(1) from the requirements of section 2(h)(1)(A) 
for cooperative entities as defined in such exemption, 
or satisfies the criteria in section 2(h)(7)(D).’’. 
(b) SECURITIES EXCHANGE ACT AMENDMENT.— 
Section 15F(e) of the Securities Exchange Act of 1934 
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(15 U.S.C. 78o–10(e)), as added by section 764(a) of the 
Dodd-Frank Wall Street Reform and Consumer Protec-
tion Act, is amended by adding at the end the following 
new paragraph: 
‘‘(4) 
APPLICABILITY
WITH
RESPECT
TO 
COUNTERPARTIES.—The requirements of paragraphs 
(2)(A)(ii) and (2)(B)(ii) shall not apply to a secu-
rity-based swap in which a counterparty qualifies for 
an exception under section 3C(g)(1) or satisfies the 
criteria in section 3C(g)(4).’’. 
SEC. 303. IMPLEMENTATION. 
The amendments made by this title to the Commodity 
Exchange Act shall be implemented— 
(1) without regard to— 
(A) chapter 35 of title 44, United States 
Code; and 
(B) the notice and comment provisions of 
section 553 of title 5, United States Code; 
(2) through the promulgation of an interim 
final rule, pursuant to which public comment will be 
sought before a final rule is issued; and 
(3) such that paragraph (1) shall apply solely 
to changes to rules and regulations, or proposed 
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rules and regulations, that are limited to and di-
rectly a consequence of such amendments. 
Æ 
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