(e) CRIMINAL PENALTIES.—Section 9(a) of the Com-
modity Exchange Act (7 U.S.C. 13(a)) is amended in the 
matter preceding paragraph (1) by inserting after 
‘‘$1,000,000’’ the following: ‘‘in the case of an individual 
for each violation or $10,000,000 in the case of any person 
other than an individual for each violation,’’. 
(f) STATUTE OF LIMITATIONS.—Section 9 of the 
Commodity Exchange Act (7 U.S.C. 13) is amended by 
adding at the end the following: 
‘‘(f) STATUTE OF LIMITATIONS.— 
‘‘(1) IN
GENERAL.—An action, suit or pro-
ceeding for the enforcement of any civil fine, pen-
alty, or forfeiture, pecuniary or otherwise, shall not 
be entertained unless commenced within 10 years 
after the date when the cause of action first accrued 
if, within the same period, the offender or the prop-
erty is found within the United States in order that 
proper service may be made thereon. 
‘‘(2) ACCRUAL.—A cause of action accrues as 
of the date the Commission learns of facts sufficient 
to give the Commission notice that a violation has 
occurred.’’. 
(g) EFFECTIVE DATE.—The amendments made by 
this section shall take effect on the date that is 90 days 
after the date of the enactment of this Act. 
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SEC. 103. CLOSING THE CROSS-BORDER LOOPHOLE. 
Section 2(i) of the Commodity Exchange Act (7 
U.S.C. 2(i)) is amended— 
(1) by redesignating paragraphs (1) and (2) as 
subparagraphs (A) and (B), respectively; 
(2) in the matter preceding subparagraph (A), 
as so redesignated, by striking ‘‘The provisions’’ and 
inserting the following: 
‘‘(1) IN GENERAL.—The provisions’’; 
(3) in paragraph (1), as so designated— 
(A) in subparagraph (A), as so redesig-
nated, by striking ‘‘or’’ at the end; 
(B) in subparagraph (B), as so redesig-
nated, by striking the period at the end and in-
serting ‘‘; or’’; and 
(C) by adding at the end the following: 
‘‘(C) except as provided in paragraph (2), 
involve a swaps transaction in which a financial 
entity that is domiciled or organized in the 
United States, or a subsidiary entity that is 
majority owned or controlled by a financial enti-
ty that is domiciled or organized in the United 
States, bears swaps-related risks.’’; and 
(4) by adding at the end the following: 
‘‘(2) 
SUBSTITUTED
COMPLIANCE.—Notwith-
standing paragraph (1)(C), the Commission may 
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allow a swaps transaction that involves a subsidiary 
entity that is majority owned or controlled by a fi-
nancial entity that is domiciled or organized in the 
United States to be conducted in whole or in part 
under the rules and oversight of a foreign jurisdic-
tion if the Commission determines, by rule, that— 
‘‘(A) the applicable elements of the foreign 
rules are substantively equivalent to, or offer 
greater protection than, the applicable rules in 
the United States; and 
‘‘(B) enforcement of and oversight with re-
spect to the rules described in subparagraph 
(A) is not less stringent than enforcement of 
and oversight with respect to the applicable 
rules in the United States.’’. 
SEC. 104. PROVIDING OVERSIGHT OF FOREIGN EXCHANGE 
SWAPS. 
Section 1a(47) of the Commodity Exchange Act (7 
U.S.C. 1a(47)) is amended by striking subparagraph (E) 
and inserting the following: 
‘‘(E) TREATMENT OF FOREIGN EXCHANGE 
SWAPS
AND
FORWARDS.—Foreign exchange 
swaps and foreign exchange forwards shall be 
considered swaps under this paragraph.’’. 
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SEC. 105. IMPROVING DATA SHARING BETWEEN REGU-
LATORS. 
Section 21 of the Commodity Exchange Act (7 U.S.C. 
24a) is amended by adding at the end the following: 
‘‘(i) DATA SHARING.—The Commission shall make 
data with respect to any person that is required to be reg-
istered as a swap data repository under this section avail-
able to any other financial regulatory agency— 
‘‘(1) upon request; and 
‘‘(2) as soon as is practicable after receiving a 
request.’’. 
SEC. 106. IMPROVING DATA QUALITY AND ACCESSIBILITY. 
Section 4s of the Commodity Exchange Act (7 U.S.C. 
6s) is amended by adding at the end the following: 
‘‘(m) DATA QUALITY AND ACCESSIBILITY.— 
‘‘(1) IN
GENERAL.—Not later than 2 years 
after the date of enactment of this subsection, the 
Commission and the Securities and Exchange Com-
mission shall determine whether the data that swap 
dealers registered under this section provide to swap 
data repositories— 
‘‘(A) are accurate; and 
‘‘(B) use consistent and standardized for-
mats that allow that data to be aggregated and 
analyzed by regulators. 
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‘‘(2) PENALTY.—The Commission shall revoke 
the license of any swap dealer that the Commission 
and the Securities and Exchange Commission has 
found violated paragraph (1).’’. 
TITLE 
II—SHIFTING 
DERIVA-
TIVES 
RISKS 
FROM 
TAX-
PAYERS TO FINANCIAL INSTI-
TUTIONS 
SEC. 201. ENDING FAVORABLE TREATMENT OF DERIVA-
TIVES IN BANKRUPTCY. 
Section 560 of title 11, United States Code, is re-
pealed. 
SEC. 202. REVERSING THE CFTC’S INTERAFFILIATE MAR-
GIN EXCEPTION. 
Not later than 180 days after the date of enactment 
of this Act, the Commodity Futures Trading Commission 
shall modify the rule on margin requirements entitled 
‘‘Margin Requirements for Uncleared Swaps for Swap 
Dealers and Major Swap Participants’’ (81 Fed. Reg. 636 
(January 6, 2016)) to require entities to collect margin 
in all interaffiliate swaps. 
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SEC. 203. BANNING CLOSEOUT NETTING FOR CAPITAL PUR-
POSES; ENSURING MINIMUM CAPITAL. 
Section 165(b)(1) of the Financial Stability Act of 
2010 (12 U.S.C. 5365(b)(1)) is amended by adding at the 
end the following: 
‘‘(C) CONSOLIDATED ASSETS.— 
‘‘(i) DEFINITION.—In this subpara-
graph, the term ‘covered financial institu-
tion’ means— 
‘‘(I) a swap dealer registered 
under section 4s of the Commodity 
Exchange Act (7 U.S.C. 6s); 
‘‘(II) a security-based swap deal-
er, as defined in section 3(a) of the 
Securities Exchange Act of 1934 (15 
U.S.C. 78c(a)); 
‘‘(III) an insured depository in-
stitution, as defined in section 3 of 
the Federal Deposit Insurance Act 
(12 U.S.C. 1813); 
‘‘(IV) a nonbank financial com-
pany supervised by the Board of Gov-
ernors; 
‘‘(V) a major swap participant, 
as defined in section 1a of the Com-
modity Exchange Act (7 U.S.C. 1a); 
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