ciples or International Financial Re-
porting Standards, or other similar 
standards, and the financial state-
ments include the financial results of 
the 
majority-owned 
affiliated 
counterparty or counterparties. 
‘‘(ii) REPORTING
REQUIREMENT.—If 
at least one counterparty to an agreement, 
contract, or transaction that meets the re-
quirements of clause (i) is a swap dealer or 
major swap participant, that counterparty 
shall report the agreement, contract, or 
transaction pursuant to section 4r, within 
such time period as the Commission may 
by rule or regulation prescribe— 
‘‘(I) to a swap data repository; or 
‘‘(II) if there is no swap data re-
pository that would accept the agree-
ment, contract or transaction, to the 
Commission . 
‘‘(iii) RISK
MANAGEMENT
REQUIRE-
MENT.—If at least one counterparty to an 
agreement, contract, or transaction that 
meets the requirements of clause (i) is a 
swap dealer or major swap participant, the
agreement, contract, or transaction shall 
be subject to a centralized risk manage-
ment program pursuant to section 4s(j) 
that is reasonably designed to monitor and 
to manage the risks associated with the 
agreement, contract, or transaction. 
‘‘(iv) VARIATION
MARGIN
REQUIRE-
MENT.—Affiliated counterparties to an 
agreement, contract, or transaction that 
meets the requirements of clause (i) shall 
exchange variation margin to the extent 
prescribed under any rule promulgated by 
the Commission or any prudential regu-
lator pursuant to section 4s(e). 
‘‘(v) ANTI-EVASION REQUIREMENT.— 
An agreement, contract, or transaction 
that meets the requirements of clause (i) 
shall not be structured to evade the Dodd- 
Frank Wall Street Reform and Consumer 
Protection Act in violation of any rule pro-
mulgated by the Commission pursuant to 
section 721(c) of such Act.’’. 
SEC. 321. REQUIREMENTS RELATED TO POSITION LIMITS. 
(a) IN GENERAL.—Section 4a(a) of the Commodity 
Exchange Act (7 U.S.C. 6a(a)) is amended—
(1) by striking paragraphs (2), (3), (5), and 
(6); and 
(2) by redesignating paragraphs (4) and (7) as 
paragraphs (2) and (3), respectively. 
(b) BONA FIDE HEDGING TRANSACTION DEFINI-
TION.—Section 4a(c)(2)(A)(i) of such Act (7 U.S.C. 
6a(c)(2)(A)(i)) is amended by inserting ‘‘normally’’ before 
‘‘represents’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall take effect on the date of the enactment 
of this section. 
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 
304(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 304(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 304(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 304(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 304(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’’.
(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 
304(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 304(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. 
(d) Section 2(a)(1)(C)(iv) of such Act (7 U.S.C. 
2(a)(1)(C)(iv)) is amended by striking ‘‘under or’’ and in-
serting ‘‘under’’. 
(e) Section 2(a)(1)(C)(v) of such Act (7 U.S.C. 
2(a)(1)(C)(v)) is amended by moving the provision 2 ems 
to the right. 
(f) Section 2(a)(1)(C)(v)(VI) of such Act (7 U.S.C. 
2(a)(1)(C)(v)(VI)) is amended by striking ‘‘III’’ and in-
serting ‘‘(III)’’. 
(g) Section 2(c)(1) of such Act (7 U.S.C. 2(c)(1)) is 
amended by striking the second comma. 
(h) Section 4(c)(3)(H) of such Act (7 U.S.C. 
6(c)(3)(H)) is amended by striking ‘‘state’’ and inserting 
‘‘State’’. 
(i) Section 4c(c) of such Act (7 U.S.C. 6c(c)) is 
amended to read as follows: 
‘‘(c) The Commission shall issue regulations to con-
tinue to permit the trading of options on contract markets
under such terms and conditions that the Commission 
from time to time may prescribe.’’. 
(j) Section 4d(b) of such Act (7 U.S.C. 6d(b)) is 
amended by striking ‘‘paragraph (2) of this section’’ and 
inserting ‘‘subsection (a)(2)’’. 
(k) Section 4f(c)(3)(A) of such Act (7 U.S.C. 
6f(c)(3)(A)) is amended by striking the first comma. 
(l) Section 4f(c)(4)(A) of such Act (7 U.S.C. 
6f(c)(4)(A)) is amended by striking ‘‘in developing’’ and 
inserting ‘‘In developing’’. 
(m) Section 4f(c)(4)(B) of such Act (7 U.S.C. 
6f(c)(4)(B)) is amended by striking ‘‘1817(a)’’ and insert-
ing ‘‘1817(a))’’. 
(n) Section 5 of such Act (7 U.S.C. 7) is amended 
by redesignating subsections (c) through (e) as sub-
sections (b) through (d), respectively. 
(o) Section 5b of such Act (7 U.S.C. 7a–1) is amend-
ed by redesignating subsection (k) as subsection (j). 
(p) Section 5f(b)(1) of such Act (7 U.S.C. 7b– 
1(b)(1)) is amended by striking ‘‘section 5f’’ and inserting 
‘‘this section’’. 
(q) Section 6(a) of such Act (7 U.S.C. 8(a)) is 
amended by striking ‘‘the the’’ and inserting ‘‘the’’.
(r) Section 8a of such Act (7 U.S.C. 12a) is amended 
in each of paragraphs (2)(E) and (3)(B) by striking ‘‘In-
vestors’’ and inserting ‘‘Investor’’. 
(s) Section 9(a)(2) of such Act (7 U.S.C. 13(a)(2)) 
is amended by striking ‘‘subsection 4c’’ and inserting ‘‘sec-
tion 4c’’. 
(t) Section 12(b)(4) of such Act (7 U.S.C. 16(b)(4)) 
is amended by moving the provision 2 ems to the left. 
(u) Section 14(a)(2) of such Act (7 U.S.C. 18(a)(2)) 
is amended by moving the provision 2 ems to the left. 
(v) Section 17(b)(9)(D) of such Act (7 U.S.C. 
21(b)(9)(D)) is amended by striking the semicolon and in-
serting a period. 
(w) Section 17(b)(10)(C)(ii) of such Act (7 U.S.C. 
21(b)(10)(C)(ii)) is amended by striking ‘‘and’’ at the end. 
(x) Section 17(b)(11) of such Act (7 U.S.C. 
21(b)(11)) is amended by striking the period and inserting 
a semicolon. 
(y) Section 17(b)(12) of such Act (7 U.S.C. 
21(b)(12)) is amended— 
(1) by striking ‘‘(A)’’; and 
(2) by striking the period and inserting ‘‘; 
and’’. 
(z) Section 17(b)(13) of such Act (7 U.S.C. 
21(b)(13)) is amended by striking ‘‘A’’ and inserting ‘‘a’’.
(aa) Section 17 of such Act (7 U.S.C. 21), as amend-
ed by sections 101 through 103 of this Act, is amended 
by redesignating subsection (q), as added by section 
233(5) of Public Law 97–444, and subsections (s) through 
(w) as subsections (r) through (x), respectively. 
(bb) Section 22(b)(3) of such Act (7 U.S.C. 25(b)(3)) 
is amended by striking ‘‘of registered’’ and inserting ‘‘of 
a registered’’. 
(cc) Section 22(b)(4) of such Act (7 U.S.C. 25(b)(4)) 
is amended by inserting a comma after ‘‘entity’’. 
SEC. 415. DELAY IN FULL IMPLEMENTATION OF THE FINAL 
RULE ON OWNERSHIP AND CONTROL RE-
PORTING. 
The Commodity Futures Trading Commission may 
not enforce non-compliance with the final rule titled 
‘‘Ownership and Control Reports, Forms 102/2S, 40/40S, 
and 71’’ (78 FR 69178; November 18, 2013) until the 
Commission votes to approve a final rule that has been 
amended to— 
(1) provide that the reportable trading volume 
level shall be at least 300 contracts; 
(2) provide that the reporting entity shall not 
be required to provide natural person controller 
data; and
(3) provide that the reporting entity is not obli-
gated to supply data that violates foreign privacy 
laws. 
Passed the House of Representatives January 12, 
2017. 
Attest: 
Clerk.
115TH CONGRESS 
1ST SESSION 
H. R. 238 
AN ACT 
To reauthorize the Commodity Futures Trading 
Commission, to better protect futures customers, 
to provide end-users with market certainty, to 
make basic reforms to ensure transparency and 
accountability at the Commission, to help farm-
ers, ranchers, and end-users manage risks, to 
help keep consumer costs low, and for other pur-
poses.