HR 26 RDS
limited liability company, limited liability partner-
ship, or other legal entity. 
‘‘(2) DEPOSITORY INSTITUTION.—The term ‘de-
pository institution’ has the meaning as in section 3 
of the Federal Deposit Insurance Act (12 U.S.C. 
1813). 
‘‘(3) HOME
STATE.—The term ‘home State’ 
means the State in which the insurance producer 
maintains its principal place of residence or business 
and is licensed to act as an insurance producer. 
‘‘(4) INSURANCE.—The term ‘insurance’ means 
any product, other than title insurance or bail 
bonds, defined or regulated as insurance by the ap-
propriate State insurance regulatory authority. 
‘‘(5) INSURANCE PRODUCER.—The term ‘insur-
ance producer’ means any insurance agent or 
broker, excess or surplus lines broker or agent, in-
surance consultant, limited insurance representative, 
and any other individual or entity that sells, solicits, 
or negotiates policies of insurance or offers advice, 
counsel, opinions or services related to insurance. 
‘‘(6) INSURER.—The term ‘insurer’ has the 
meaning as in section 313(e)(2)(B) of title 31, 
United States Code. 
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‘‘(7) PRINCIPAL
PLACE
OF
BUSINESS.—The 
term ‘principal place of business’ means the State in 
which an insurance producer maintains the head-
quarters of the insurance producer and, in the case 
of a business entity, where high-level officers of the 
entity direct, control, and coordinate the business 
activities of the business entity. 
‘‘(8) PRINCIPAL PLACE OF RESIDENCE.—The 
term ‘principal place of residence’ means the State 
in which an insurance producer resides for the great-
est number of days during a calendar year. 
‘‘(9) STATE.—The term ‘State’ includes any 
State, the District of Columbia, any territory of the 
United States, and Puerto Rico, Guam, American 
Samoa, the Trust Territory of the Pacific Islands, 
the Virgin Islands, and the Northern Mariana Is-
lands. 
‘‘(10) STATE LAW.— 
‘‘(A) IN GENERAL.—The term ‘State law’ 
includes all laws, decisions, rules, regulations, 
or other State action having the effect of law, 
of any State. 
‘‘(B) LAWS APPLICABLE IN THE DISTRICT 
OF COLUMBIA.—A law of the United States ap-
plicable only to or within the District of Colum-
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bia shall be treated as a State law rather than 
a law of the United States.’’. 
(b) TECHNICAL AMENDMENT.—The table of contents 
for the Gramm-Leach-Bliley Act is amended by striking 
the items relating to subtitle C of title III and inserting 
the following new items: 
‘‘Subtitle C—National Association of Registered Agents and Brokers 
‘‘Sec. 321. National Association of Registered Agents and Brokers. 
‘‘Sec. 322. Purpose. 
‘‘Sec. 323. Membership. 
‘‘Sec. 324. Board of directors. 
‘‘Sec. 325. Bylaws, standards, and disciplinary actions. 
‘‘Sec. 326. Powers. 
‘‘Sec. 327. Report by the Association. 
‘‘Sec. 328. Liability of the Association and the Board members, officers, and 
employees of the Association. 
‘‘Sec. 329. Presidential oversight. 
‘‘Sec. 330. Relationship to State law. 
‘‘Sec. 331. Coordination with financial industry regulatory authority. 
‘‘Sec. 332. Right of action. 
‘‘Sec. 333. Federal funding prohibited. 
‘‘Sec. 334. Definitions.’’. 
TITLE III—BUSINESS RISK MITI-
GATION 
AND 
PRICE 
STA-
BILIZATION 
SEC. 301. SHORT TITLE. 
This title may be cited as the ‘‘Business Risk Mitiga-
tion and Price Stabilization Act of 2015’’. 
SEC. 302. MARGIN REQUIREMENTS. 
(a) COMMODITY EXCHANGE ACT AMENDMENT.— 
Section 4s(e) of the Commodity Exchange Act (7 U.S.C. 
6s(e)), as added by section 731 of the Dodd-Frank Wall 
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Street Reform and Consumer Protection Act, is amended 
by adding at the end the following new paragraph: 
‘‘(4) 
APPLICABILITY
WITH
RESPECT
TO 
COUNTERPARTIES.—The requirements of paragraphs 
(2)(A)(ii) and (2)(B)(ii), including the initial and 
variation margin requirements imposed by rules 
adopted pursuant to paragraphs (2)(A)(ii) and 
(2)(B)(ii), shall not apply to a swap in which a 
counterparty qualifies for an exception under section 
2(h)(7)(A), or an exemption issued under section 
4(c)(1) from the requirements of section 2(h)(1)(A) 
for cooperative entities as defined in such exemption, 
or satisfies the criteria in section 2(h)(7)(D).’’. 
(b) SECURITIES EXCHANGE ACT AMENDMENT.— 
Section 15F(e) of the Securities Exchange Act of 1934 
(15 U.S.C. 78o–10(e)), as added by section 764(a) of the 
Dodd-Frank Wall Street Reform and Consumer Protec-
tion Act, is amended by adding at the end the following 
new paragraph: 
‘‘(4) 
APPLICABILITY
WITH
RESPECT
TO 
COUNTERPARTIES.—The requirements of paragraphs 
(2)(A)(ii) and (2)(B)(ii) shall not apply to a secu-
rity-based swap in which a counterparty qualifies for 
an exception under section 3C(g)(1) or satisfies the 
criteria in section 3C(g)(4).’’. 
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SEC. 303. IMPLEMENTATION. 
The amendments made by this title to the Commodity 
Exchange Act shall be implemented— 
(1) without regard to— 
(A) chapter 35 of title 44, United States 
Code; and 
(B) the notice and comment provisions of 
section 553 of title 5, United States Code; 
(2) through the promulgation of an interim 
final rule, pursuant to which public comment will be 
sought before a final rule is issued; and 
(3) such that paragraph (1) shall apply solely 
to changes to rules and regulations, or proposed 
rules and regulations, that are limited to and di-
rectly a consequence of such amendments. 
Passed the House of Representatives January 7, 
2015. 
Attest: 
KAREN L. HAAS, 
Clerk. 
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