I 
116TH CONGRESS 
1ST SESSION H. R. 4895 
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 
A BILL 
To reauthorize the Commodity Futures Trading Commission. 
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. 
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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 
commodity pool operators. 
Sec. 109. Digital commodity. 
Sec. 110. System safeguards. 
Sec. 111. Administration of swap execution facilities. 
Sec. 112. Applicability of prohibitions on fraud, manipulation, and disruptive 
trading 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, 
development, 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 
qualified eligible persons. 
Sec. 123. Government Accountability Office study on aluminum markets. 
TITLE II—TECHNICAL CORRECTIONS 
Sec. 201. Correction of references. 
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 facili-
ties. 
Sec. 207. Elimination of redundant references to types of registered entities. 
Sec. 208. Clarification of Commission authority over swaps trading. 
Sec. 209. Elimination of obsolete reference to the Commodity Exchange Com-
mission. 
Sec. 210. Elimination of obsolete references to derivative transaction execution 
facilities. 
Sec. 211. Elimination of obsolete references to exempt boards of trade. 
Sec. 212. Elimination of completed reports. 
Sec. 213. Miscellaneous corrections. 
Sec. 214. Technical amendments to section 14(e). 
Sec. 215. Technical clarifications for retail foreign currency. 
Sec. 216. Miscellaneous swap technical corrections. 
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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 
follows: 
‘‘(26) FOREIGN
FUTURES
AUTHORITY.—The 
term ‘foreign futures authority’ means any foreign 
government, or any law enforcement authority, de-
partment, central bank, ministry, agency, govern-
mental body, or regulatory organization empowered 
by a foreign government to administer, enforce, or 
prosecute a law, rule, or regulation relating to mat-
ters involving futures, options, swaps, or commod-
ities, or any such authority, department, or agency 
of a political subdivision of a foreign government 
empowered to administer, enforce, or prosecute a 
law, rule, or regulation as it relates to such mat-
ters.’’. 
(b) CONFORMING AMENDMENT.—Section 12(f) of 
such Act (7 U.S.C. 16(f)(1)) is amended— 
(1) in paragraph (1)— 
(A) by striking ‘‘futures or options’’ and 
inserting ‘‘futures, options, swaps, or commod-
ities’’; and 
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(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 Commis-
sion may establish the Honors Program under 
its appointment 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)(E), the Commission may coordinate with the Of-
fice of Personnel Management, as needed.’’. 
SEC. 103. ADVISORY COMMITTEE CHANGES. 
(a) IN GENERAL.—Section 2(a)(15) of the Com-
modity Exchange Act (7 U.S.C. 2(a)(15)) is amended to 
read as follows: 
‘‘(15) ADVISORY COMMITTEES.— 
‘‘(A) ESTABLISHMENT.— 
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‘‘(i) IN GENERAL.—The Commission 
shall establish advisory committees to serve 
as vehicles for discussion and communica-
tion on matters related to the regulatory 
activities of the Commission. 
‘‘(ii) MEMBERSHIP.—The Commission 
shall appoint to an advisory committee 
such members as the Commission finds ap-
propriate to promote robust discussion of 
the subject mater before the advisory com-
mittee. In appointing members to an advi-
sory committee, the Commission shall seek 
to include a wide diversity of opinion and 
represent a broad cross-section of interests, 
as applicable to the subject matter. 
‘‘(B) ACTIVITIES.—The activities of an ad-
visory committee shall include the following: 
‘‘(i) To hold meetings at such inter-
vals as necessary to carry out the functions 
of the advisory committee. 
‘‘(ii) To submit to the Commission 
such reports and recommendations to the 
Commission (including minority views, if 
any) as the advisory committee deems ap-
propriate. 
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‘‘(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 section until the sponsor of the advi-
sory committee is changed. After which such advisory 
committee will become subject to section 2(a)(15) of the 
Commodity Exchange Act. 
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 
Exchange Act (7 U.S.C. 2(a)) is amended by adding at 
the end the following: 
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‘‘(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 appropriate 
number of students attending qualified institutions 
in a semester-length internship within the Commis-
sion’s divisions and offices. 
‘‘(B) FUNDING.—The Commission shall set 
aside an appropriate percentage of the funds allo-
cated to the office of the Chairman to enable the se-
lected interns identified in subparagraph (A) to af-
ford living expenses, including rent and a per-diem, 
in the metropolitan areas where the Director identi-
fies internship opportunities. 
‘‘(C) QUALIFIED
INSTITUTION
DEFINED.—In 
this paragraph, the term ‘qualified institution’ 
means— 
‘‘(i) an 1890 Institution (as defined in sec-
tion 2 of the Agricultural Research, Extension, 
and Education Reform Act of 1998 (7 U.S.C. 
7601)); 
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‘‘(ii) a 1994 Institution (as defined in sec-
tion 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 Re-
search, Extension, and Teaching Policy Act of 
1977 (7 U.S.C. 3361)); or 
‘‘(iv) a Hispanic-serving institution (as de-
fined in section 1404 of the Food and Agri-
culture 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. 
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
AGEN-
CIES.— 
‘‘(A) IN GENERAL.—The Commission may 
accept any assistance, including services, funds, 
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facilities, and other support services as deter-
mined by the Commission, to effectuate the 
purposes and provisions of this Act, from any 
department or agency of the United States that 
is authorized under other law to provide the as-
sistance. 
‘‘(B) DETAIL FLEXIBILITY.—When an em-
ployee from another department or agency is 
detailed to the Commission, the employee may 
be detailed on either a reimbursable or non-re-
imbursable basis, and such detail shall be with-
out 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 department or agency of a foreign gov-
ernment, including a central bank or min-
istry, 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 
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‘‘(ii) detail officers or employees of 
the Commission to work on a temporary 
basis for an entity described in clause (i). 
‘‘(B) 
RECIPROCITY
AND
REIMBURSE-
MENT.— 
‘‘(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 assist-
ance described in subparagraph (A) 
on a reimbursable or non-reimburs-
able basis, only in accordance with a 
written agreement between the Com-
mission and the respective foreign 
governmental entity. 
‘‘(II) FORM.—A reimbursement 
to or from the Commission may be 
made in cash or in kind. The Commis-
sion shall credit a reimbursement re-
ceived from a foreign governmental 
entity to the appropriate Commission 
appropriation, fund, or account. 
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‘‘(C) STANDARDS OF CONDUCT.—An offi-
cer or employee detailed under subparagraph 
(A)(i) shall be subject to the provisions of law 
relating to ethics, conflicts of interest, or cor-
ruption, and to any other statute governing the 
standards of conduct for Commission employees 
that are applicable 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 
Exchange 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 Chief 
Economist. 
‘‘(B) HEAD.—The Office of Chief Econo-
mist shall be headed by the Chief Economist. 
‘‘(C) FUNCTIONS.—The Chief Economist 
shall serve as economic advisor to the Commis-
sion and perform functions such as economic 
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analysis, regulatory cost-benefit analysis, and 
research. 
‘‘(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.’’. 
(b) CONFORMING AMENDMENT.—Section 15(a) of 
such Act (7 U.S.C. 19(a)) is amended— 
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(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 subparagraph (D) by striking ‘‘and’’; 
(4) by redesignating subparagraphs (D) and 
(E) as (E) and (F); 
(5) by inserting, after subparagraph (C)— 
‘‘(D) considerations of market liquidity;’’; 
and 
(6) in subparagraph (E), as so redesignated, by 
inserting ‘‘; and’’ at the end. 
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 strik-
ing ‘‘unions, including—’’ and inserting ‘‘unions, 
bank holding companies, and savings and loan hold-
ing companies, including—’’; 
(2) in subclause (II), by striking ‘‘or’’ at the 
end; 
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(3) in subclause (III), by striking the period at 
the end and inserting a semicolon; and 
(4) by adding at the end the following: 
‘‘(IV) bank holding companies 
(as defined in section 2 of the Bank 
Holding 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: 
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‘‘SEC. 4m. USE OF MAILS OR OTHER MEANS OR INSTRU-
MENTALITIES OF INTERSTATE COMMERCE 
BY COMMODITY TRADING ADVISORS AND 
COMMODITY POOL OPERATORS. 
‘‘(a) PROHIBITION.—It shall be unlawful for any 
commodity trading advisor or commodity pool operator, 
unless registered under this Act, to make use of the mails 
or any means or instrumentality of interstate commerce 
in connection with his 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 
specifically set forth in section 2(a) of this Act 
before the enactment of the Commodity Fu-
tures Trading Commission Act of 1974 (or 
products thereof); or 
‘‘(B) nonprofit, voluntary membership, 
general farm organization, that provides advice 
on the sale or purchase of any commodity spe-
cifically set forth in section 2(a) of this Act be-
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fore the enactment of the Commodity Futures 
Trading 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-
pany Act of 1940 (15 U.S.C. 80a–3(c)(10)(D)), 
or a trustee, director, officer, employee, or vol-
unteer of such a charitable organization acting 
within the scope of the employment or duties of 
the person with the organization, whose advi-
sory or pool activities are conducted only on be-
half of, or with respect to, one 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’ pur-
suant 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 
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‘‘(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 maintains such a plan, company, or account, 
or any trustee, director, officer, employee, or 
volunteer for any of the foregoing plans, per-
sons, or entities acting within the scope of the 
employment or duties of the person with the or-
ganization, whose advisory or pool activities are 
conducted only on behalf of, or with respect to, 
any investment trust, syndicate, or similar form 
of enterprise excluded from the definition of ‘in-
vestment company’ pursuant to section 3(c)(14) 
of the Investment 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 
trading advice to more than 15 persons and who 
does not hold himself out generally to the public as 
a commodity trading advisor. 
‘‘(4) SEC-REGISTERED.— 
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‘‘(A) IN
GENERAL.—Subsection (a) shall 
not apply to any commodity trading advisor 
that is registered with the Securities and Ex-
change 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 commodity pool that is primarily engaged 
in trading commodity interests. 
‘‘(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 
engaged 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, 
security futures, swaps, leverage contracts, for-
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eign exchange, spot and forward contracts on 
physical commodities, and any monies held in 
an account used for trading commodity inter-
ests. 
‘‘(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 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, pur-
chase, or sale of securities of a commodity pool, or of per-
sons engaged in transactions with respect to the securities, 
or reporting 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 enter-
prise excluded from the definition of ‘investment company’ 
pursuant to section 3(c)(10)(B) of the Investment Com-
pany Act of 1940 (15 U.S.C. 80a–3(c)(10)(B)) shall pro-
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vide disclosure 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’’; 
(2) by redesignating each of subparagraphs (A) 
and (B) as clauses (i) and (ii), respectively, and 
moving 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 ref-
erences a digital commodity available on a cash 
market, the Commission shall adopt rules de-
tailing the content and availability of trade and 
trader data and other information the board of 
trade must be able to access from the ref-
erenced cash markets and data sources in order 
to comply with this paragraph.’’. 
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(b) REQUIREMENTS APPLICABLE TO SWAP EXECU-
TION 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 execu-
tion facility shall’’ and inserting the following: 
‘‘(4) MONITORING
OF
TRADING
AND
TRADE 
PROCESSING.— 
‘‘(A) IN GENERAL.—The’’; 
(2) by redesignating each of clauses (i) and (ii) 
of subparagraph (A) as subclauses (I) and (II), re-
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 
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 swap 
execution facility must be able to access from 
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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 
‘‘(ii) the development and operation of 
automated systems that— 
‘‘(I) are reliable, secure, and re-
silient; 
‘‘(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; 
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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.’’. 
(b) CLEARINGHOUSES.—Section 5b(c)(2)(I) of such 
Act (7 U.S.C. 7a–1(c)(2)(I)) is amended— 
(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 
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(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 
‘‘(III) verify that the backup re-
sources of the derivatives clearing or-
ganization are sufficient to ensure 
daily processing, clearing, and settle-
ment.’’. 
(c) 
SWAP
EXECUTION
FACILITIES.—Section 
5h(f)(14) of such Act (7 U.S.C. 7b–3(f)(14)) 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 
‘‘(ii) the development and operation of 
automated systems that— 
‘‘(I) are reliable, secure, and re-
silient; 
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‘‘(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.’’. 
(d) SWAP DATA REPOSITORIES.—Section 21(f) of 
such Act (7 U.S.C. 24a(f)) is amended by redesignating 
paragraph (4) as paragraph (5) and inserting after para-
graph (3) the following: 
‘‘(4) SYSTEM SAFEGUARDS.—Each swap data 
repository shall— 
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‘‘(i) verify the reliability, security, re-
silience, and capacity of the automated 
systems 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 
regulations of the Commission.’’. 
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 (a)(1), by striking ‘‘or proc-
essing’’; 
(2) 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 
(3) in subsection (f)(15)— 
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(A) in subparagraph (A), by adding at the 
end the following: ‘‘The individual may also 
perform other responsibilities for the swap exe-
cution 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 of-
ficer to carry out the responsibilities of the 
chief compliance officer.’’; 
(B) in subparagraph (B)— 
(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 sen-
ior officer of the facility, that are rea-
sonably designed, as determined by 
the Commission, to resolve any con-
flicts of interest that may arise; 
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‘‘(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 designating clause (vi) as 
clause (iv); 
(C) in subparagraph (C), by striking 
‘‘(B)(vi)’’ and inserting ‘‘(B)(iv)’’; and 
(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 insert-
ing ‘‘materially’’ before ‘‘accurate’’. 
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SEC. 112. APPLICABILITY OF PROHIBITIONS ON FRAUD, MA-
NIPULATION, AND DISRUPTIVE TRADING 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 enforcement 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), in-
cluding any rule or regulation promulgated there-
under), shall apply to activities outside the United 
States where such activities, independently or in con-
junction with activities in the United States, have or 
would have a reasonably foreseeable substantial ef-
fect 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.’’. 
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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 com-
modity markets 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 commodities purchased 
or sold by each such trader. 
‘‘(B) CONGRESSIONAL ACCESS.—Upon the 
request of any committee of either House of 
Congress, acting within the scope of its jurisdic-
tion, the Commission shall furnish to the com-
mittee the names and addresses of all traders 
on the boards of trade with respect to whom the 
Commission has information, and any other in-
formation in the possession of the Commission 
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relating 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 con-
nection 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 
Commission, or the United States is a party. 
‘‘(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 
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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 disclosed by the department or agency except 
in connection with an adjudicatory action or 
proceeding under this Act or the laws of the 
State or political subdivision to which the State, 
political 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 
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-
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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, 
ministry, or agency of a foreign government or 
political subdivision thereof, unless the Commis-
sion is satisfied that the information will not be 
disclosed by the foreign futures authority, de-
partment, central bank, ministry, or agency of 
any foreign government or any political subdivi-
sion thereof, except in connection with an adju-
dicatory action or proceeding under the laws of 
the foreign government or political subdivision 
to which the foreign government, political sub-
division, department, agency, central bank, min-
istry, or foreign futures authority is a party.’’; 
(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, 
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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 
considered to have waived any privilege by transfer-
ring information to or permitting that information 
to be used in accordance with section 8a(6) or para-
graphs (2), (3), and (4) of subsection (e) of this sec-
tion. 
‘‘(3) NONDISCLOSURE OF PRIVILEGED INFOR-
MATION PROVIDED TO THE COMMISSION.—The Com-
mission shall not be compelled to disclose privileged 
information obtained from any foreign futures au-
thority if the authority has in good faith determined 
and represented to the Commission that the infor-
mation is privileged, except as provided for in sub-
section (a)(1). 
‘‘(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-
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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 Commission 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 Commission 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.— 
‘‘(1) IN GENERAL.—For any proprietary infor-
mation provided to the Commission, the Commission 
may, in its discretion, after notice and comment, 
adopt rules and regulations to apply any of the pro-
visions of this section to such information it obtains 
or receives, as it deems necessary, to the extent such 
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information is not already covered by the provisions 
of this section. 
‘‘(A) POLICIES.—With regard to propri-
etary information it obtains or receives, the 
Commission shall adopt policies, as determined 
by the Commission, after notice and comment, 
to— 
‘‘(i) address circumstances when the 
Commission requests proprietary informa-
tion; 
‘‘(ii) safeguard the information, tak-
ing into consideration the level of sensi-
tivity of the information; 
‘‘(iii) limit access to the information 
to appropriate staff, as determined by the 
Commission; and 
‘‘(iv) protect the information from un-
lawful use or disclosure. 
‘‘(B) SHARING.—To the extent the Com-
mission adopts rules or regulations, pursuant to 
paragraph (1), regarding the sharing of such 
proprietary information with other govern-
mental entities, the Commission shall receive 
assurances that such other governmental entity 
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shall maintain sufficient safeguards consistent 
with— 
‘‘(i) policies that achieve the objectives 
of clauses (ii), (iii), and (iv) of subpara-
graph (A); and 
‘‘(ii) the limitations set forth in para-
graphs (2), (3), and (4) of subsection (e) 
concerning the confidentiality of any such 
information received.’’. 
SEC. 115. AUTHORITY TO PROVIDE FOOD AND INCIDENTAL 
ASSISTANCE TO FOREIGN OFFICIALS HOSTED 
BY THE COMMISSION. 
Section 12(b) of the Commodity Exchange Act (7 
U.S.C. 16(b)) is amended by adding at the end the fol-
lowing: 
‘‘(5) The Commission may incur expenses for 
consultations and meetings hosted by the Commis-
sion with foreign governmental and other regulatory 
officials to exchange views concerning derivatives 
matters, such expenses to include necessary logistic 
and administrative expenses, including— 
‘‘(A) meals; 
‘‘(B) local travel and transportation; and 
‘‘(C) related incidental expenses.’’. 
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SEC. 116. EXTENSION OF OPERATIONS. 
Section 12(d) of the Commodity Exchange Act (7 
U.S.C. 16(d)) is amended by striking ‘‘2008 through 
2013’’ and inserting ‘‘2020 through 2025’’. 
SEC. 117. AIDING AND ABETTING. 
Section 13(a) of the Commodity Exchange Act (7 
U.S.C. 13c(a)) is amended— 
(1) by inserting ‘‘or recklessly provides substan-
tial assistance to,’’ after ‘‘commission of,’’; and 
(2) by inserting ‘‘, or who by recklessly pro-
viding substantial assistance to another,’’ before 
‘‘causes to act’’. 
SEC. 118. MODERNIZATION OF AUTHORITY OF THE COM-
MISSION TO CONDUCT RESEARCH, DEVELOP-
MENT, DEMONSTRATION, AND INFORMATION 
PROGRAMS. 
Section 18 of the Commodity Exchange Act (7 U.S.C. 
22) is amended to read as follows: 
‘‘SEC. 18. RESEARCH AND DEVELOPMENT PROGRAMS. 
‘‘(a) PROGRAMS.—The Commission, as part of its on-
going operations, shall establish and maintain research, 
development, demonstration, and information programs 
that further the purposes of this Act, including programs 
that— 
‘‘(1) facilitate the understanding by the Com-
mission of emerging technologies, technological ad-
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vances, and innovations and their potential applica-
tion to and effect on the transactions and markets 
under the jurisdiction of the Commission, and asso-
ciated implications for cybersecurity, data security, 
and systemic risk; 
‘‘(2) provide an environment where emerging 
technologies, technological advances, and innovations 
may be explored by the Commission with developers 
and potential users to evaluate potential effects on 
the Commission and the markets under the jurisdic-
tion of the Commission; 
‘‘(3) identify areas where the Commission 
should adapt its administration of this Act in light 
of emerging technologies, technological advances, 
and innovations to benefit the markets under the ju-
risdiction of the Commission; and 
‘‘(4) develop educational and other informa-
tional materials for dissemination and use among 
producers, market-users, and the general public re-
garding— 
‘‘(A) derivatives; 
‘‘(B) emerging technologies, technological 
advances, and innovations in markets under the 
jurisdiction of the Commission; and 
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‘‘(C) applicable requirements of this Act 
and the regulations prescribed under this Act 
with regard to the subjects described in sub-
paragraphs (A) and (B). 
‘‘(b) RESEARCH AND DEVELOPMENT PLAN.— 
‘‘(1) IN GENERAL.—The Commission may, after 
notice and comment, adopt a research and develop-
ment plan for a program established under sub-
section (a). 
‘‘(2) CONDITIONS.—A research and develop-
ment plan adopted pursuant to paragraph (1) shall 
identify— 
‘‘(A) specific areas of interest to the Com-
mission; 
‘‘(B) potential activities the Commission 
will undertake to investigate an area of interest; 
and 
‘‘(C) how the authority described in sub-
section (c) will be utilized in the program. 
‘‘(c) OTHER TRANSACTION AUTHORITY.— 
‘‘(1) IN GENERAL.—Notwithstanding the Office 
of Federal Procurement Policy Act of 1974 and the 
Competition in Contracting Act, the Commission 
may enter into and perform a transaction (other 
than a standard contract) for the purpose of aiding 
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or facilitating the programs and activities under sub-
section (a). 
‘‘(2) CONDITIONS.—The Commission may enter 
into a transaction under this subsection only if— 
‘‘(A) the transaction is used only in fur-
therance of a research and development plan es-
tablished under subsection (b); 
‘‘(B) the Commission endeavored to use a 
competitive process, where appropriate, when 
determining the parties to the transaction; and 
‘‘(C) using a standard contract to do so is 
either not feasible or not appropriate. 
‘‘(3) POLICIES.—The Commission shall, after 
notice and comment, establish and publish written 
policies setting forth the manner and criteria for uti-
lizing the authority provided by this subsection. 
‘‘(d) GIFT ACCEPTANCE AUTHORITY.— 
‘‘(1) IN GENERAL.—The Commission may ac-
cept and use, on behalf of the United States, any 
non-monetary gift of a provision of access, use of fa-
cilities, personal property, or services, that is related 
to— 
‘‘(A) sharing of research, data, or other in-
formation; 
‘‘(B) public presentations; or 
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‘‘(C) non-commercially available services or 
systems. 
‘‘(2) CONDITIONS.— 
‘‘(A) IN GENERAL.—A gift may be accept-
ed pursuant to this subsection only if it is in 
furtherance of a research and development plan 
established under subsection (b). 
‘‘(B) LIMITATIONS.—The Commission may 
not accept a gift if— 
‘‘(i) conditions inconsistent with appli-
cable laws or regulations apply to the gift; 
‘‘(ii) the gift is conditioned on, or will 
require, the expenditure of appropriated 
funds not available to the Commission; 
‘‘(iii) using a standard contract or 
other transaction authority under sub-
section (c) to acquire the gift is either fea-
sible or appropriate; or 
‘‘(iv) acceptance of the gift would— 
‘‘(I) reflect unfavorably on the 
ability of the Commission to carry out 
its responsibilities or official duties in 
a fair and objective manner, or com-
promise the integrity or the appear-
ance of the integrity of its programs 
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or any official involved in its pro-
grams, or 
‘‘(II) give the endorsement or the 
appearance of the endorsement by the 
Commission or Commission staff of 
the products, services, activities, or 
policies of the donor. 
‘‘(C) SOLICITATION PROHIBITION.— 
‘‘(i) IN
GENERAL.—Except as pro-
vided in clause (ii), no gift may be solicited 
by any Commissioner, employee of, or con-
tractor at the Commission. 
‘‘(ii) EXCEPTION.—A Commissioner 
or employee of the Commission may solicit 
only for a gift described in paragraph 
(1)(B). 
‘‘(D) DURATION.—To the extent applica-
ble, the Commission shall return any gift ac-
cepted pursuant to this subsection within 90 
days after accepting the gift. 
‘‘(E) RULES.—The Commission shall, after 
notice and comment, establish and publish writ-
ten rules setting forth the manner and criteria 
to be used in determining whether a gift meets 
the conditions of this paragraph. 
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‘‘(3) DISCLOSURE.—Within 30 days after ac-
cepting a gift pursuant to this subsection, the Com-
mission shall publish in the Federal Register a no-
tice detailing— 
‘‘(A) the source of the gift; 
‘‘(B) the nature of the gift; 
‘‘(C) whether the gift was solicited pursu-
ant to paragraph (2)(C)(ii), and if so, by whom; 
and 
‘‘(D) how the gift meets the conditions set 
forth in paragraph (2). 
‘‘(4) SUNSET.—The authority provided in this 
subsection may not be exercised on or after October 
1, 2025. 
‘‘(e) ANNUAL REPORT.—Not later than 60 days after 
the end of each fiscal year, the Commission shall submit 
to the Committee on Agriculture, Nutrition, and Forestry 
of the Senate and the Committee on Agriculture of the 
House of Representatives a report on all transactions en-
tered into under subsection (c) and all gifts accepted 
under subsection (d) in the fiscal year, which shall include 
the following: 
‘‘(1) A brief description of the subject of each 
such transaction or gift, with an explanation of— 
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‘‘(A) its potential utility to the Commission 
or the markets regulated by the Commission; 
‘‘(B) how it fulfills the goals and objectives 
of the research and development plan estab-
lished under subsection (b); and 
‘‘(C) the status of all related projects. 
‘‘(2) The information required to published pur-
suant to subsection (d)(3). 
‘‘(3) A description of all sums expended by the 
Commission in connection with a transaction entered 
into under subsection (c), and, if readily ascertain-
able, the value of any gift accepted under subsection 
(d).’’. 
SEC. 119. PROTECTING CUSTOMER PROPERTY DURING 
COMMODITY BROKER BANKRUPTCY. 
Section 20(a) of the Commodity Exchange Act (7 
U.S.C. 24(a)) is amended— 
(1) by striking ‘‘and’’ at the end of paragraph 
(4); 
(2) by striking the period at the end of para-
graph (5) and inserting ‘‘; and’’; and 
(3) by adding at the end the following: 
‘‘(6) that cash, securities, or other property of 
the estate of a commodity broker, including the 
trading or operating accounts of the commodity 
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broker and commodities held in inventory by the 
commodity broker, shall, subject to any otherwise 
unavoidable security interest, or otherwise unavoid-
able contractual offset or netting rights of creditors 
(including rights set forth in a rule or bylaw of a de-
rivatives clearing organization or a clearing agency) 
in respect of such property, be included in customer 
property, but only to the extent that the property 
that is otherwise customer property is insufficient to 
satisfy the net equity claims of public customers (as 
such term may be defined by the Commission by 
rule or regulation) of the commodity broker.’’. 
SEC. 120. ELIMINATION OF THE DOUBLE-SIDED CONFIRMA-
TION REQUIREMENT FOR SWAP DATA RE-
POSITORIES. 
Section 21(c)(2) of the Commodity Exchange Act (7 
U.S.C. 24a(c)(2)) is amended to read as follows: 
‘‘(2) confirm with any counterparty to the 
swap, as determined by the Commission, the accu-
racy of the data that was submitted, and the 
counterparty shall comply with any request of a 
swap data repository to confirm the accuracy of the 
data;’’. 
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SEC. 121. WHISTLEBLOWER PROTECTIONS FOR INTERNAL 
DISCLOSURES. 
(a) INTERNAL REPORTING.—Section 23 of the Com-
modity Exchange Act (7 U.S.C. 26) is amended— 
(1) in subsection (a)(7)— 
(A) by striking ‘‘The term’’ and inserting 
the following: 
‘‘(A) IN GENERAL.—The term’’; and 
(B) by adding at the end the following: 
‘‘(B) SPECIAL RULE.—Solely for the pur-
poses of subsection (h)(1), the term ‘whistle-
blower’ includes any individual who takes, or 2 
or more individuals acting jointly who take, an 
action described in subsection (h)(1)(A).’’; and 
(2) in subsection (h)(1)(A)— 
(A) in clause (i), by striking ‘‘or’’ at the 
end; 
(B) in clause (ii), by striking the period at 
the end and inserting ‘‘; or’’; and 
(C) by adding at the end the following: 
‘‘(iii) in providing information regard-
ing any conduct that the whistleblower rea-
sonably believes constitutes a violation of 
any law, rule, or regulation subject to the 
jurisdiction of the Commission to— 
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‘‘(I) a person with supervisory 
authority over the whistleblower at the 
employer of the whistleblower, if that 
employer is an entity registered with, 
or required to be registered with, the 
Commission, a self-regulatory organi-
zation, or a State securities commis-
sion or office performing like func-
tions; or 
‘‘(II) another individual working 
for the employer described in sub-
clause (I) who the whistleblower rea-
sonably believes has the authority— 
‘‘(aa) to investigate, dis-
cover, or terminate the mis-
conduct; or 
‘‘(bb) to take any other ac-
tion to address the misconduct.’’. 
(b) CLAIMS PROCESSING.— 
(1) IN GENERAL.—Section 23(b) of the Com-
modity Exchange Act (7 U.S.C. 26) is amended by 
adding at the end the following: 
‘‘(3) TIMELY PROCESSING OF CLAIMS.— 
‘‘(A) INITIAL DISPOSITION.— 
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‘‘(i) IN
GENERAL.—Except as pro-
vided in subparagraph (B), and subject to 
clause (ii), the Commission shall make an 
initial disposition with respect to a claim 
submitted by a whistleblower for an award 
under this section (referred to in this para-
graph as an ‘award claim’) not later than 
1 year after the deadline established by the 
Commission, by rule, for the whistleblower 
to file the award claim. 
‘‘(ii) MULTIPLE ACTIONS.—If a cov-
ered judicial or administrative action in-
volves one or more related actions, the re-
quirement under clause (i) shall apply with 
respect to the latest deadline with respect 
to the actions. 
‘‘(B) EXCEPTIONS.— 
‘‘(i) INITIAL EXTENSION.—If the Di-
rector of the Division of Enforcement of 
the Commission (referred to in this para-
graph as the ‘Director’), or the designee of 
the Director, determines that an award 
claim is sufficiently complex or involves 
more than 1 whistleblower, or if other good 
cause exists such that the Commission can-
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not reasonably satisfy the requirement 
under subparagraph (A), the Director or 
the designee, as applicable, after providing 
notice to the Chairman of the Commission 
(referred to in this paragraph as the 
‘Chairman’), may extend the deadline with 
respect to the satisfaction of that subpara-
graph by not more than 180 days. 
‘‘(ii) ADDITIONAL
EXTENSIONS.—If, 
after providing an extension under clause 
(i), the Director, or the designee of the Di-
rector, determines that the Commission 
cannot reasonably satisfy the requirement 
under subparagraph (A) with respect to an 
award claim, as extended under that 
clause, the Director or the designee, as ap-
plicable, after providing notice to the 
Chairman, may extend the period in which 
the Commission may satisfy subparagraph 
(A) by 1 additional 180-day period. 
‘‘(iii) NOTICE
TO
WHISTLEBLOWER 
REQUIRED.—If the Director, or the des-
ignee of the Director, exercises authority 
under clause (i) or (ii), the Director or the 
designee, as applicable, shall submit to the 
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whistleblower who filed the award claim 
that is subject to that action by the Direc-
tor or the designee a written notification of 
that action by the Director or the designee. 
‘‘(C) 
APPLICABILITY.—This 
paragraph 
shall apply only to an award claim that is time-
ly submitted under a deadline established by 
the Commission after the date of enactment of 
this paragraph.’’. 
(2) RULES.—The Commodity Futures Trading 
Commission may issue any rules that are necessary 
to carry out paragraph (3) of section 23(b) of the 
Commodity Exchange Act (7 U.S.C. 26(b)) (as 
added by paragraph (1)). 
(c) CFTC WHISTLEBLOWER PROGRAM EDUCATION 
INITIATIVES.—Section 23(g)(2) of the Commodity Ex-
change Act (7 U.S.C. 26(g)(2)) is amended— 
(1) in subparagraph (A), by striking ‘‘and’’ at 
the end; 
(2) in subparagraph (B), by striking the period 
at the end and inserting ‘‘; and’’; and 
(3) by adding at the end the following: 
‘‘(C) the funding of initiatives designed to 
educate stakeholders regarding the incentives 
and protections available under this section, in-
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cluding the benefits of those incentives and pro-
tections.’’. 
(d) DEPOSITS INTO CFTC CONSUMER PROTECTION 
FUND.—Section 23(g)(3)(A) of the Commodity Exchange 
Act (7 U.S.C. 26(g)(3)(A)) is amended by striking 
‘‘$100,000,000’’ and inserting ‘‘$150,000,000’’. 
(e) AVAILABILITY OF CERTAIN CFTC INFORMATION 
TO GOVERNMENT AGENCIES.—Section 23(h)(2)(C) of the 
Commodity Exchange Act (7 U.S.C. 26(h)(2)(C)) is 
amended— 
(1) in clause (i)— 
(A) in subclause (II), by striking ‘‘jurisdic-
tion;’’ and inserting the following: ‘‘jurisdiction, 
including— 
‘‘(aa) the Federal Trade 
Commission; 
‘‘(bb) the Internal Revenue 
Service; and 
‘‘(cc) the Department of 
State;’’; and 
(B) in subclause (VI), by inserting ‘‘or 
other foreign law enforcement authority’’ before 
the period at the end; and 
(2) in clause (ii)— 
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(A) by striking ‘‘Each’’ and inserting the 
following: 
‘‘(I) IN GENERAL.—Each’’; 
(B) in subclause (I) (as so designated), by 
inserting ‘‘subclauses (I) through (V) of’’ before 
‘‘clause (i)’’; and 
(C) by adding at the end the following: 
‘‘(II) FOREIGN
AUTHORITIES.— 
An entity described in subclause (VI) 
of clause (i) shall maintain informa-
tion described in that clause in ac-
cordance with such assurances of con-
fidentiality as the Commission deter-
mines appropriate.’’. 
SEC. 122. UPDATING STANDARDS FOR NATURAL PERSONS 
TO MEET REQUIREMENTS FOR QUALIFIED 
ELIGIBLE PERSONS. 
(a) IN GENERAL.—Within 1 year after the date of 
the enactment of this section, the Commodity Futures 
Trading Commission shall adopt a rule to update its regu-
lations governing the requirements for natural persons to 
be qualified eligible persons who must satisfy portfolio re-
quirements, for the purposes of providing relief to com-
modity trading advisors and commodity pool operators in 
their dealings with qualified eligible persons pursuant to 
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section 4.7 of title 17, Code of Federal Regulations, so 
that a natural person, to be a qualified eligible person who 
must satisfy the portfolio requirement, must meet the re-
quirement of paragraph (1) and the requirement of para-
graph (2): 
(1) MEANS.—The requirement of this para-
graph is that the person must have— 
(A) an individual net worth, or joint net 
worth with the spouse, if any, of the person, at 
the time of the opening of an exempt account 
or purchase of one or more participation units 
in an exempt commodity pool, to qualify the 
person as an accredited advisor, as defined in 
section 230.501(a)(5) of title 17, Code of Fed-
eral Regulations, as if that regulation were 
amended by striking ‘‘$1,000,000’’ and insert-
ing ‘‘$5,000,000’’; or 
(B) individual income, or joint income with 
the spouse, if any, of the person, in excess of 
$500,000 in each of the 2 most recent years, 
and have a reasonable expectation of reaching 
the same income level in the current year. 
(2) PORTFOLIO.—The requirement of this para-
graph is that the person must meet a portfolio re-
quirement under section 4.7(a)(1)(v) of title 17, 
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Code of Federal Regulations, as if that regulation 
were amended— 
(A) by striking ‘‘$2,000,000’’ and inserting 
‘‘$5,000,000’’; 
(B) by striking ‘‘$200,000’’ and inserting 
‘‘$500,000’’; 
(C) by striking ‘‘$1,000,000’’ and inserting 
‘‘2,500,000’’; and 
(D) by striking ‘‘$100,000’’ and inserting 
‘‘$250,000’’. 
(b) INFLATION.—In adopting a rule pursuant to sub-
section (a), the Commission shall— 
(1) include provisions providing for adjusting 
the dollar amounts referred to in subsection (a) for 
inflation every three years to the nearest $1,000 to 
reflect the change in the Consumer Price Index for 
All Urban Consumers published by the Bureau of 
Labor Statistics; and 
(2) allow any natural person who meets the re-
quirements of a qualified eligible person and is a 
participant in a commodity pool or the customer of 
a commodity trading advisor provided relief under 
section 4.7 of title 17, Code of Federal Regulations, 
before the date of any adjustment in such require-
ments established pursuant to this rule to remain a 
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qualified eligible person, notwithstanding such ad-
justments established pursuant to this rule, if— 
(A) the natural person continues to meet 
the requirements of qualified eligible persons 
pursuant to section 4.7 of title 17, Code of Fed-
eral Regulations, as in effect before the date of 
any adjustment in such requirements estab-
lished pursuant to this rule; and 
(B) the natural person does not— 
(i) sell all shares of its participation in 
such exempt commodity pool; 
(ii) withdraw all assets from any ac-
count managed by such exempt commodity 
trading advisor; 
(iii) purchase any new shares of par-
ticipation in such exempt commodity pool; 
or 
(iv) contribute additional assets to 
any account managed by such exempt com-
modity trading advisor. 
SEC. 123. GOVERNMENT ACCOUNTABILITY OFFICE STUDY 
ON ALUMINUM MARKETS. 
(a) STUDY.—The Comptroller General of the United 
States shall conduct a study of— 
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(1) the aluminum markets in the United States 
and globally, in general; 
(2) the effectiveness and efficiency of the mar-
kets for purchasers of aluminum; 
(3) what factors and policies influence the sup-
ply, demand, and movement of aluminum around the 
world; and 
(4) the effectiveness of government oversight 
over the markets. 
(b) REPORT.—Within 180 days after the date of the 
enactment of this Act, the Comptroller General shall sub-
mit to the Committee on Agriculture of the House of Rep-
resentatives and the Committee on Agriculture, Nutrition, 
and Forestry of the Senate a written report that contains 
the results of the study required by subsection (a). 
TITLE II—TECHNICAL 
CORRECTIONS 
SEC. 201. 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))’’. 
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(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. 202. ELIMINATION OF OBSOLETE REFERENCES TO 
DEALER OPTIONS. 
(a) IN GENERAL.—Section 4c of the Commodity Ex-
change Act (7 U.S.C. 6c) is amended by striking 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) of 
subsection’’ and inserting ‘‘through (c) of section’’. 
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