(4) SWAPS REGULATORY REQUIREMENTS.—The 
term ‘‘swaps regulatory requirements’’ means any 
provisions of law, and any rules or regulations pur-
suant to the provisions, governing swaps trans-
actions or the counterparties to swaps transactions. 
(g) CONFORMING AMENDMENT.—Section 4(c)(1)(A) 
of the Commodity Exchange Act (7 U.S.C. 6(c)(1)(A)) is 
amended by inserting ‘‘or except as necessary to effectuate 
the purposes of the Commodity End-User Relief Act,’’ 
after ‘‘to grant exemptions,’’. 
SEC. 315. EXEMPTION OF QUALIFIED CHARITABLE ORGANI-
ZATIONS FROM DESIGNATION AND REGULA-
TION AS COMMODITY POOL OPERATORS. 
(a) EXCLUSION FROM DEFINITION OF COMMODITY 
POOL.—Section 1a(11) of the Commodity Exchange Act 
(7 U.S.C. 1a(10)), as so redesignated by section 306(b)(1) 
of this Act, is amended by adding at the end the following: 
‘‘(C) EXCLUSION.—The term ‘commodity 
pool’ shall not include any investment trust, 
syndicate, or similar form of enterprise ex-
cluded from the definition of ‘investment com-
pany’ pursuant to section 3(c)(10) or 3(c)(14) 
of the Investment Company Act of 1940.’’. 
(b) INAPPLICABILITY OF PROHIBITION ON USE OF 
INSTRUMENTALITIES OF INTERSTATE COMMERCE BY UN-
REGISTERED COMMODITY TRADING ADVISOR.—Section 
4m of such Act (7 U.S.C. 6m) is amended— 
(1) in paragraph (1), in the second sentence, by 
inserting ‘‘: Provided further, That the provisions of 
this section shall not apply to any commodity trad-
ing advisor that is: (A) a charitable organization, as 
defined in section 3(c)(10)(D) of the Investment 
Company Act of 1940, or a trustee, director, officer, 
employee, or volunteer of such a charitable organiza-
tion acting within the scope of the employment or 
duties of the person with the organization, whose 
trading advice is provided only to, or with respect to, 
1 or more of the following: (i) any such charitable 
organization; or (ii) an investment trust, syndicate 
or similar form of enterprise excluded from the defi-
nition of ‘investment company’ pursuant to section 
3(c)(10) of the Investment Company Act of 1940; or 
(B) any plan, company, or account described in sec-
tion 3(c)(14) of the Investment Company Act of 
1940, 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 entities act-
ing within the scope of the employment or duties of 
the person with the organization, whose trading ad-
vice is provided only to, or with respect to, any in-
vestment trust, syndicate, or similar form of enter-
prise excluded from the definition of ‘investment 
company’ pursuant to section 3(c)(14) of the Invest-
ment Company Act of 1940’’ before the period; and 
(2) by adding at the end the following: 
‘‘(4) DISCLOSURE CONCERNING EXCLUDED CHARI-
TABLE ORGANIZATIONS.—The operator of or advisor to 
any investment trust, syndicate, or similar form of enter-
prise excluded from the definition of ‘commodity pool’ by 
reason of section 1a(10)(C) of this Act pursuant to section 
3(c)(10) of the Investment Company Act of 1940 shall 
provide disclosure in accordance with section 7(e) of the 
Investment Company Act of 1940.’’. 
SEC. 316. SMALL BANK HOLDING COMPANY CLEARING EX-
EMPTION. 
Section 2(h)(7)(C) of the Commodity Exchange Act 
(7 U.S.C. 2(h)(7)(C)) is amended by adding at the end 
the following: 
‘‘(iv) HOLDING COMPANIES.—A deter-
mination made by the Commission under 
clause (ii) shall, with respect to small 
banks and savings associations, also apply 
to their respective bank holding company 
(as defined in section 2 of the Bank Hold-
ing Company Act of 1956), or savings and 
loan holding company (as defined in sec-
tion 10 of the Home Owners’ Loan Act of 
1933)), if the total consolidated assets of 
the holding company are no greater than 
the asset threshold set by the Commission 
in determining small bank and savings as-
sociation eligibility under clause (ii).’’. 
SEC. 317. CORE PRINCIPLE CERTAINTY. 
Section 5h(f) of the Commodity Exchange Act (7 
U.S.C. 7b–3(f)) is amended— 
(1) in paragraph (1)(B), by inserting ‘‘except as 
described in this subsection’’ after ‘‘Commission by 
rule or regulation’’; 
(2) in paragraph (2), by amending subpara-
graph (D) to read as follows: 
‘‘(D) have reasonable discretion in estab-
lishing and enforcing its rules related to trade 
practice surveillance, market surveillance, real- 
time marketing monitoring, and audit trail 
given that a swap execution facility may offer 
a trading system or platform to execute or 
trade swaps through any means of interstate 
commerce. A swap execution facility shall be re-
sponsible for monitoring trading in swaps only 
on its own facility.’’; 
(3) in paragraph (4)(B), by adding at the end 
the following: ‘‘A swap execution facility shall be re-
sponsible for monitoring trading in swaps only on its 
own facility.’’; 
(4) in paragraph (6)(B)— 
(A) by striking ‘‘shall—’’ and all that fol-
lows through ‘‘compliance with the’’ and insert 
‘‘shall monitor the trading activity on its facility 
for compliance with any’’; and 
(B) by adding at the end the following: ‘‘A 
swap execution facility shall be responsible for 
monitoring positions only on its own facility.’’; 
(5) in paragraph (8), by striking ‘‘to liquidate’’ 
and all that follows and inserting ‘‘to suspend or 
curtail trading in a swap on its own facility.’’; 
(6) in paragraph (13)(B), by striking ‘‘1-year 
period, as calculated on a rolling basis’’ and insert-
ing ‘‘90-day period, as calculated on a rolling basis, 
or conduct an orderly wind-down of its operations, 
whichever is greater’’; and 
(7) in paragraph (15)— 
(A) in subparagraph (A), by adding at the 
end the following: ‘‘The individual may also
perform other responsibilities for the swap exe-
cution facility.’’; 
(B) in subparagraph (B)— 
(i) in clause (i), by inserting ‘‘, a com-
mittee of the board,’’ after ‘‘directly to the 
board’’; 
(ii) by striking clauses (iii) through 
(v) and inserting the following: 
‘‘(iii) establish and administer policies 
and procedures that are reasonably de-
signed to resolve any conflicts of interest 
that may arise; 
‘‘(iv) establish and administer policies 
and procedures that reasonably ensure 
compliance with this Act and the rules and 
regulations issued under this Act, includ-
ing rules prescribed by the Commission 
pursuant to this section; and’’; and 
(iii) by redesignating clause (vi) as 
clause (v); 
(C) in subparagraph (C), by striking 
‘‘(B)(vi)’’ and inserting ‘‘(B)(v)’’; and 
(D) in subparagraph (D)— 
(i) in clause (i)—
(I) by striking ‘‘In accordance 
with rules prescribed by the Commis-
sion, the’’ and inserting ‘‘The’’; and 
(II) 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’’; 
(II) by amending subclause (I) to 
read as follows: 
‘‘(I) submit each report described 
in clause (i) to the Commission; and’’; 
and 
(III) in subclause (II), by insert-
ing ‘‘materially’’ before ‘‘accurate’’. 
SEC. 318. TREATMENT OF FEDERAL HOME LOAN BANK 
PRODUCTS. 
(a) Section 1a(2) of the Commodity Exchange Act 
(7 U.S.C. 1a(2)) is amended— 
(1) in subparagraph (B), by striking ‘‘and’’; 
(2) in subparagraph (C), by striking the period 
and inserting ‘‘; and’’; and 
(3) by adding at the end the following: 
‘‘(D) is the Federal Housing Finance 
Agency for any Federal Home Loan Bank (as
defined in section 2 of the Federal Home Loan 
Bank Act).’’. 
(b) Section 402(a) of the Legal Certainty for Bank 
Products Act of 2000 (7 U.S.C. 27(a)) is amended— 
(1) by striking ‘‘or’’ at the end of paragraph 
(6); 
(2) by striking the period at the end of para-
graph (7) and inserting ‘‘; or’’; and 
(3) by adding at the end the following: 
‘‘(8) any Federal Home Loan Bank (as defined 
in section 2 of the Federal Home Loan Bank Act).’’. 
SEC. 319. TREATMENT OF CERTAIN FUNDS. 
(a) AMENDMENT
TO
THE DEFINITION
OF COM-
MODITY POOL OPERATOR.—Section 1a(12) of the Com-
modity Exchange Act (7 U.S.C. 1a(11)), as so redesig-
nated by section 306(b)(1) of this Act, is amended by add-
ing at the end the following: 
‘‘(C)(i) The term ‘commodity pool oper-
ator’ does not include a person who serves as 
an investment adviser to an investment com-
pany registered pursuant to section 8 of the In-
vestment Company Act of 1940 or a subsidiary 
of such a company, if the investment company 
or subsidiary invests, reinvests, owns, holds, or
trades in commodity interests limited to only fi-
nancial commodity interests. 
‘‘(ii) For purposes of this subparagraph 
only, the term ‘financial commodity interest’ 
means a futures contract, an option on a fu-
tures contract, or a swap, involving a com-
modity that is not an exempt commodity or an 
agricultural commodity, including any index of 
financial commodity interests, whether cash set-
tled or involving physical delivery. 
‘‘(iii) For purposes of this subparagraph 
only, the term ‘commodity’ does not include a 
security issued by a real estate investment 
trust, business development company, or issuer 
of asset-backed securities, including any index 
of such securities.’’. 
(b) AMENDMENT
TO
THE DEFINITION
OF COM-
MODITY TRADING ADVISOR.—Section 1a(13) of such Act 
(7 U.S.C. 1a(12)), as so redesignated by section 306(b)(1) 
of this Act, is amended by adding at the end the following: 
‘‘(E) The term ‘commodity trading advisor’ 
does not include a person who serves as an in-
vestment adviser to an investment company reg-
istered pursuant to section 8 of the Investment 
Company Act of 1940 or a subsidiary of such
a company, if the commodity trading advice re-
lates only to a financial commodity interest, as 
defined in paragraph (12)(C)(ii) of this section. 
For purposes of this subparagraph only, the 
term ‘commodity’ does not include a security 
issued by a real estate investment trust, busi-
ness development company, or issuer of asset- 
backed securities, including any index of such 
securities.’’. 
TITLE IV—TECHNICAL 
CORRECTIONS 
SEC. 401. CORRECTION OF REFERENCES. 
(a) Section 2(h)(8)(A)(ii) of the Commodity Ex-
change Act (7 U.S.C. 2(h)(8)(A)(ii)) is amended by strik-
ing ‘‘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 
amended by striking ‘‘section 7064’’ and inserting ‘‘sec-
tion 706’’. 
SEC. 402. 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 sub-
sections (d) and (e) and redesignating subsections (f) and 
(g) as subsections (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)’’. 
(3) Section 4k(5)(A) of such Act (7 U.S.C. 
6k(5)(A)) is amended by striking ‘‘, (d), (e), and 
(g)’’ and inserting ‘‘and (e)’’. 
(4) Section 5f(b)(1)(A) of such Act (7 U.S.C. 
7b–1(b)(1)(A)) is amended by striking ‘‘, (e), and 
(g)’’ and inserting ‘‘and (e)’’. 
(5) Section 9(a)(2) of such Act (7 U.S.C. 
13(a)(2)) is amended by striking ‘‘through (e)’’ and 
inserting ‘‘and (c)’’. 
SEC. 403. UPDATED TRADE DATA PUBLICATION REQUIRE-
MENT. 
Section 4g(e) of the Commodity Exchange Act (7 
U.S.C. 6g(e)) is amended by striking ‘‘exchange’’ and in-
serting ‘‘each designated contract market and swap execu-
tion facility’’.
SEC. 404. FLEXIBILITY FOR REGISTERED ENTITIES. 
Section 5c(b) of the Commodity Exchange Act (7 
U.S.C. 7a–2(b)) is amended by striking ‘‘contract market, 
derivatives transaction execution facility, or electronic 
trading facility’’ each place it appears and inserting ‘‘reg-
istered entity’’. 
SEC. 405. ELIMINATION OF OBSOLETE REFERENCES TO 
ELECTRONIC TRADING FACILITIES. 
(a) Section 1a(19)(A)(x) of the Commodity Exchange 
Act (7 U.S.C. 1a(18)(A)(x)), as so redesignated by section 
306(b)(1) of this Act, is amended by striking ‘‘(other than 
an electronic trading facility with respect to a significant 
price discovery contract)’’. 
(b) Section 1a(40) of such Act (7 U.S.C. 1a(41)), as 
so redesignated by section 306(b)(1) of this Act, is amend-
ed— 
(1) by adding ‘‘and’’ at the end of subpara-
graph (D); and 
(2) by striking all that follows ‘‘section 21’’ and 
inserting a period. 
(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 trad-
ing 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 or any agreement, contract, or trans-
action that is treated by a derivatives clearing orga-
nization, whether registered or not registered, as 
fungible with a significant price discovery contract’’; 
and 
(2) by striking ‘‘or electronic trading facility’’. 
(f) Section 6(b) of such Act (7 U.S.C. 8(b)) is amend-
ed by striking ‘‘or electronic trading facility’’ each place 
it appears. 
(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
follows and inserting ‘‘in the case of an agreement, con-
tract, or transaction that is excluded from this Act under 
section 2(c) or 2(f) of this Act or title IV of the Com-
modity Futures Modernization Act of 2000, or exempted 
under section 4(c) of this Act (regardless of whether any 
such agreement, contract, or transaction is otherwise sub-
ject to this Act).’’. 
SEC. 406. 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’’ be-
fore ‘‘swap’’. 
SEC. 407. ELIMINATION OF REDUNDANT REFERENCES TO 
TYPES OF REGISTERED ENTITIES. 
Section 6b of the Commodity Exchange Act (7 U.S.C. 
13a) is amended in the first sentence by striking ‘‘as set 
forth in sections 5 through 5c’’. 
SEC. 408. 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 
(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. 409. 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 Commis-
sion’’. 
SEC. 410. ELIMINATION OF OBSOLETE REFERENCES TO DE-
RIVATIVE TRANSACTION EXECUTION FACILI-
TIES. 
(a) Section 1a(13)(B)(vi) of the Commodity Ex-
change Act (7 U.S.C. 1a(12)(B)(vi)), as so redesignated 
by section 306(b)(1) of this Act, is amended by striking 
‘‘derivatives transaction execution facility’’ and inserting 
‘‘swap execution facility’’. 
(b) Section 1a(35) of such Act (7 U.S.C. 1a(34)), as 
so redesignated by section 306(b)(1) of this Act, is amend-
ed by striking ‘‘or derivatives transaction execution facil-
ity’’ each place it appears. 
(c) Section 1a(36)(B)(iii)(I) of such Act (7 U.S.C. 
1a(35)(B)(iii)(I)), as so redesignated by section 306(b)(1) 
of this Act, is amended by striking ‘‘or registered deriva-
tives 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 
transaction execution facility that trades or exe-
cutes,’’; 
(2) by striking ‘‘, and no derivatives transaction 
execution facility shall trade or execute such con-
tracts of sale (or options on such contracts) for fu-
ture delivery’’; 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 
derivatives transaction execution facility’’. 
(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 sub-
clause (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 des-
ignated by the Commission as a contract market in 
such security futures product; or’’. 
(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 
derivatives 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— 
(1) by striking ‘‘or registration’’ each place it 
appears; 
(2) by striking ‘‘or derivatives transaction exe-
cution 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 execu-
tion facility’’. 
(o) Section 4(a)(1) of such Act (7 U.S.C. 6(a)(1)) 
is amended by striking ‘‘or derivatives transaction execu-
tion facility’’ each place it appears. 
(p) Section 4(c)(1) of such Act (7 U.S.C. 6(c)(1)) is 
amended— 
(1) by striking ‘‘or registered’’ after ‘‘des-
ignated’’; and 
(2) by striking ‘‘or derivatives transaction exe-
cution facility’’.
(q) Section 4a(a)(1) of such Act (7 U.S.C. 6a(a)(1)) 
is amended— 
(1) by striking ‘‘or derivatives transaction exe-
cution facilities’’; and 
(2) by striking ‘‘or derivatives transaction exe-
cution 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 exe-
cution facility’’. 
(s) Section 4c(e) of such Act (7 U.S.C. 6c(g)), as so 
redesignated by section 402(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(b) of such Act (7 U.S.C. 6f(b)) is 
amended by striking ‘‘or derivatives transaction execution 
facility’’ each place it appears.
(w) Section 4i of such Act (7 U.S.C. 6i) is amended 
by striking ‘‘or derivatives transaction execution facility’’. 
(x) Section 4j(a) of such Act (7 U.S.C. 6j(a)) is 
amended by striking ‘‘and registered derivatives trans-
action execution facility’’. 
(y) Section 4p(a) of such Act (7 U.S.C. 6p(a)) is 
amended by striking ‘‘, or derivatives transaction execu-
tion facilities’’. 
(z) Section 4p(b) of such Act (7 U.S.C. 6p(b)) is 
amended by striking ‘‘derivatives transaction execution fa-
cility,’’. 
(aa) Section 5c(f) of such Act (7 U.S.C. 7a–2(f)) is 
amended by striking ‘‘and registered derivatives trans-
action execution facility’’. 
(bb) Section 5c(f)(1) of such Act (7 U.S.C. 7a– 
2(f)(1)) is amended by striking ‘‘or registered derivatives 
transaction execution facility’’. 
(cc) Section 6 of such Act (7 U.S.C. 8) is amended— 
(1) by striking ‘‘or registered’’; 
(2) by striking ‘‘or derivatives transaction exe-
cution facility’’ each place it appears; and 
(3) by striking ‘‘or registration’’ each place it 
appears. 
(dd) 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 
execution facility’’; and 
(3) by inserting ‘‘shall’’ before ‘‘exclude’’ the 
first place it appears. 
(ee) 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 
execution facility’’. 
(ff) Section 6d(1) of such Act (7 U.S.C. 13a–2(1)) 
is amended by striking ‘‘derivatives transaction execution 
facility,’’. 
SEC. 411. ELIMINATION OF OBSOLETE REFERENCES TO EX-
EMPT BOARDS OF TRADE. 
(a) Section 1a(19)(A)(x) of the Commodity Exchange 
Act (7 U.S.C. 1a(18)(A)(x)), as so redesignated by section 
306(b)(1) of this Act, is amended by striking ‘‘or an ex-
empt 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. 412. ELIMINATION OF REPORT DUE IN 1986. 
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). 
SEC. 413. COMPLIANCE REPORT FLEXIBILITY. 
Section 4s(k)(3)(B) of the Commodity Exchange Act 
(7 U.S.C. 6s(k)(3)(B)) is amended to read as follows: 
‘‘(B) REQUIREMENTS.—A compliance re-
port under subparagraph (A) shall— 
‘‘(i) include a certification that, under 
penalty of law, the compliance report is 
materially accurate and complete; and 
‘‘(ii) be furnished at such time as the 
Commission determines by rule, regulation, 
or order, to be appropriate.’’. 
SEC. 414. MISCELLANEOUS CORRECTIONS. 
(a) Section 1a(13)(A)(i)(II) of the Commodity Ex-
change Act (7 U.S.C. 1a(12)(A)(i)(II)), as so redesignated 
by section 306(b)(1) of this Act, is amended by adding 
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.