(B) by adding at the end the following: 
‘‘(iii) FINANCIAL MODELS.—To the ex-
tent that swap dealers and major swap par-
ticipants that are banks are permitted to 
use financial models approved by the pru-
dential regulators or the Securities and Ex-
change Commission to calculate minimum 
capital requirements and minimum initial 
and variation margin requirements, includ-
ing the use of non-cash collateral, the Com-
mission shall, in consultation with the pru-
dential regulators and the Securities and 
Exchange Commission, permit the use of 
comparable financial models by swap deal-
ers and major swap participants that are 
not banks.’’. 
SEC. 312. HARMONIZATION WITH THE JUMPSTART OUR 
BUSINESS STARTUPS ACT. 
Within 90 days after the date of the enactment of this 
Act, the Commodity Futures Trading Commission shall— 
(1) revise section 4.7(b) of title 17, Code of Fed-
eral Regulations, in the matter preceding paragraph 
(1), to read as follows: 
‘‘(b) Relief available to commodity pool operators. 
Upon filing the notice required by paragraph (d) of this 
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section, and subject to compliance with the conditions speci-
fied in paragraph (d) of this section, any registered com-
modity pool operator who sells participations in a pool sole-
ly to qualified eligible persons in an offering which qualifies 
for exemption from the registration requirements of the Se-
curities Act pursuant to section 4(2) of that Act or pursuant 
to Regulation S, 17 CFR 230.901 et seq., and any bank 
registered as a commodity pool operator in connection with 
a pool that is a collective trust fund whose securities are 
exempt from registration under the Securities Act pursuant 
to section 3(a)(2) of that Act and are sold solely to qualified 
eligible persons, may claim any or all of the following relief 
with respect to such pool:’’; and 
(2) revise section 4.13(a)(3)(i) of such title to 
read as follows: 
‘‘(i) Interests in the pool are exempt 
from registration under the Securities Act of 
1933, and such interests are offered and sold 
pursuant to section 4 of the Securities Act 
of 1933 and the regulations thereunder;’’. 
SEC. 313. BONA FIDE HEDGE DEFINED TO PROTECT END- 
USER RISK MANAGEMENT NEEDS. 
Section 4a(c) of the Commodity Exchange Act (7 
U.S.C. 6a(c)) is amended— 
(1) in paragraph (1)— 
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(A) by striking ‘‘may’’ and inserting 
‘‘shall’’; and 
(B) by striking ‘‘future for which’’ and in-
serting ‘‘future, to be determined by the Commis-
sion, for which either an appropriate swap is 
available or’’; 
(2) in paragraph (2)— 
(A) in the matter preceding subparagraph 
(A), by striking ‘‘subsection (a)(2)’’ and all that 
follows through ‘‘position as’’ and inserting 
‘‘paragraphs (2) and (5) of subsection (a) for 
swaps, contracts of sale for future delivery, or 
options on the contracts or commodities, a bona 
fide hedging transaction or position is’’; and 
(B) in subparagraph (A)(ii), by striking ‘‘of 
risks’’ and inserting ‘‘or management of current 
or anticipated risks’’; and 
(3) by adding at the end the following: 
‘‘(3) The Commission may further define, by rule 
or regulation, what constitutes a bona fide hedging 
transaction, provided that the rule or regulation is 
consistent with the requirements of subparagraphs (A) 
and (B) of paragraph (2).’’. 
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SEC. 314. CROSS-BORDER REGULATION OF DERIVATIVES 
TRANSACTIONS. 
(a) RULEMAKING REQUIRED.—Within 1 year after the 
date of the enactment of this Act, the Commodity Futures 
Trading Commission shall issue a rule that addresses— 
(1) the nature of the connections to the United 
States that require a non-U.S. person to register as 
a swap dealer or a major swap participant under the 
Commodity Exchange Act and the regulations issued 
under such Act; 
(2) which of the United States swaps require-
ments apply to the swap activities of non-U.S. per-
sons and U.S. persons and their branches, agencies, 
subsidiaries, and affiliates outside of the United 
States, and the extent to which the requirements 
apply; and 
(3) the circumstances under which a U.S. person 
or non-U.S. person in compliance with the swaps reg-
ulatory requirements of a foreign jurisdiction shall be 
exempt from United States swaps requirements. 
(b) CONTENT OF THE RULE.— 
(1) CRITERIA.—In the rule, the Commission 
shall establish criteria for determining that 1 or more 
categories of the swaps regulatory requirements of a 
foreign jurisdiction are comparable to and as com-
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prehensive as United States swaps requirements. The 
criteria shall include— 
(A) the scope and objectives of the swaps 
regulatory requirements of the foreign jurisdic-
tion; 
(B) the effectiveness of the supervisory com-
pliance program administered; 
(C) the enforcement authority exercised by 
the foreign jurisdiction; and 
(D) such other factors as the Commission, 
by rule, determines to be necessary or appro-
priate in the public interest. 
(2) COMPARABILITY.—In the rule, the Commis-
sion shall— 
(A) provide that any non-U.S. person or 
any transaction between two non-U.S. persons 
shall be exempt from United States swaps re-
quirements if the person or transaction is in 
compliance with the swaps regulatory require-
ments of a foreign jurisdiction which the Com-
mission has determined to be comparable to and 
as comprehensive as United States swaps re-
quirements; and 
(B) set forth the circumstances in which a 
U.S. person or a transaction between a U.S. per-
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son and a non-U.S. person shall be exempt from 
United States swaps requirements if the person 
or transaction is in compliance with the swaps 
regulatory requirements of a foreign jurisdiction 
which the Commission has determined to be com-
parable to and as comprehensive as United 
States swaps requirements. 
(3) OUTCOMES-BASED
COMPARISON.—In devel-
oping and applying the criteria, the Commission 
shall emphasize the results and outcomes of, rather 
than the design and construction of, foreign swaps 
regulatory requirements. 
(4) RISK-BASED RULEMAKING.—In the rule, the 
Commission shall not take into account, for the pur-
poses of determining the applicability of United 
States swaps requirements, the location of personnel 
that arrange, negotiate, or execute swaps. 
(5) No part of any rulemaking under this section 
shall 
limit 
the 
Commission’s 
antifraud 
or 
antimanipulation authority. 
(c) APPLICATION OF THE RULE.— 
(1) 
ASSESSMENTS
OF
FOREIGN
JURISDIC-
TIONS.—Beginning on the date on which a final rule 
is issued under this section, the Commission shall 
begin to assess the swaps regulatory requirements of 
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foreign jurisdictions, in the order the Commission de-
termines appropriate, in accordance with the criteria 
established pursuant to subsection (b)(1). Following 
each assessment, the Commission shall determine, by 
rule or by order, whether the swaps regulatory re-
quirements of the foreign jurisdiction are comparable 
to and as comprehensive as United States swaps re-
quirements. 
(2) SUBSTITUTED COMPLIANCE FOR UNASSESSED 
MAJOR
MARKETS.—Beginning 18 months after the 
date of enactment of this Act— 
(A) the swaps regulatory requirements of 
each of the 8 foreign jurisdictions with the larg-
est swaps markets, as calculated by notional 
value during the 12-month period ending with 
such date of enactment, except those with respect 
to which a determination has been made under 
paragraph (1), shall be considered to be com-
parable to and as comprehensive as United 
States swaps requirements; and 
(B) a non-U.S. person or a transaction be-
tween 2 non-U.S. persons shall be exempt from 
United States swaps requirements if the person 
or transaction is in compliance with the swaps 
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regulatory 
requirements 
of 
any 
of 
such 
unexcepted foreign jurisdictions. 
(3) SUSPENSION
OF
SUBSTITUTED
COMPLI-
ANCE.—If the Commission determines, by rule or by 
order, that— 
(A) the swaps regulatory requirements of a 
foreign jurisdiction are not comparable to and as 
comprehensive as United States swaps require-
ments, using the categories and criteria estab-
lished under subsection (b)(1); 
(B) the foreign jurisdiction does not exempt 
from its swaps regulatory requirements U.S. per-
sons who are in compliance with United States 
swaps requirements; or 
(C) the foreign jurisdiction is not providing 
equivalent recognition of, or substituted compli-
ance for, registered entities (as defined in section 
1a(41) of the Commodity Exchange Act) domi-
ciled in the United States, 
the Commission may suspend, in whole or in part, a 
determination made under paragraph (1) or a consid-
eration granted under paragraph (2). 
(d) PETITION FOR REVIEW OF FOREIGN JURISDICTION 
PRACTICES.—A registered entity, commercial market par-
ticipant (as defined in section 1a(7) of the Commodity Ex-
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change Act), or Commission registrant (within the meaning 
of such Act) who petitions the Commission to make or 
change a determination under subsection (c)(1) or (c)(3) of 
this section shall be entitled to expedited consideration of 
the petition. A petition shall include any evidence or other 
supporting materials to justify why the petitioner believes 
the Commission should make or change the determination. 
Petitions under this section shall be considered by the Com-
mission any time following the enactment of this Act. With-
in 180 days after receipt of a petition for a rulemaking 
under this section, the Commission shall take final action 
on the petition. Within 90 days after receipt of a petition 
to issue an order or change an order issued under this sec-
tion, the Commission shall take final action on the petition. 
(e) REPORT TO CONGRESS.—If the Commission makes 
a determination described in this section through an order, 
the Commission shall articulate the basis for the determina-
tion in a written report published in the Federal Register 
and transmitted to the Committee on Agriculture of the 
House of Representatives and Committee on Agriculture, 
Nutrition, and Forestry of the Senate within 15 days of 
the determination. The determination shall not be effective 
until 15 days after the committees receive the report. 
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(f) DEFINITIONS.—As used in this Act and for pur-
poses of the rules issued pursuant to this Act, the following 
definitions apply: 
(1) U.S. PERSON.—The term ‘‘U.S. person’’— 
(A) means— 
(i) any natural person resident in the 
United States; 
(ii) 
any 
partnership, 
corporation, 
trust, or other legal person organized or in-
corporated under the laws of the United 
States or having its principal place of busi-
ness in the United States; 
(iii) any account (whether discre-
tionary or non-discretionary) of a U.S. per-
son; and 
(iv) any other person as the Commis-
sion may further define to more effectively 
carry out the purposes of this section; and 
(B) does not include the International Mon-
etary Fund, the International Bank for Recon-
struction and Development, the Inter-American 
Development Bank, the Asian Development 
Bank, the African Development Bank, the United 
Nations, their agencies or pension plans, or any 
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other similar international organizations or 
their agencies or pension plans. 
(2) UNITED
STATES
SWAPS
REQUIREMENTS.— 
The term ‘‘United States swaps requirements’’ means 
the provisions relating to swaps contained in the 
Commodity Exchange Act (7 U.S.C. 1a et seq.) that 
were added by title VII of the Dodd-Frank Wall 
Street Reform and Consumer Protection Act (15 
U.S.C. 8301 et seq.) and any rules or regulations pre-
scribed by the Commodity Futures Trading Commis-
sion pursuant to such provisions. 
(3) FOREIGN JURISDICTION.—The term ‘‘foreign 
jurisdiction’’ means any national or supranational 
political entity with common rules governing swaps 
transactions. 
(4) SWAPS REGULATORY REQUIREMENTS.—The 
term ‘‘swaps regulatory requirements’’ means any 
provisions of law, and any rules or regulations pursu-
ant to the provisions, governing swaps transactions or 
the counterparties to swaps transactions. 
(g) CONFORMING AMENDMENT.—Section 4(c)(1)(A) of 
the Commodity Exchange Act (7 U.S.C. 6(c)(1)(A)) is 
amended by inserting ‘‘or except as necessary to effectuate 
the purposes of the Commodity End-User Relief Act,’’ after 
‘‘to grant exemptions,’’. 
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SEC. 315. EXEMPTION OF QUALIFIED CHARITABLE ORGANI-
ZATIONS FROM DESIGNATION AND REGULA-
TION AS COMMODITY POOL OPERATORS. 
(a) EXCLUSION FROM DEFINITION
OF COMMODITY 
POOL.—Section 1a(11) of the Commodity Exchange Act (7 
U.S.C. 1a(10)), as so redesignated by section 306(b)(1) of 
this Act, is amended by adding at the end the following: 
‘‘(C) EXCLUSION.—The term ‘commodity 
pool’ shall not include any investment trust, syn-
dicate, or similar form of enterprise excluded 
from the definition of ‘investment company’ pur-
suant to sections 3(c)(10) or 3(c)(14) of the In-
vestment Company Act of 1940.’’. 
(b) INAPPLICABILITY OF PROHIBITION ON USE OF IN-
STRUMENTALITIES OF INTERSTATE COMMERCE BY UNREG-
ISTERED COMMODITY TRADING ADVISOR.—Section 4m of 
such Act (7 U.S.C. 6m) is amended— 
(1) in paragraph (1), in the 2nd sentence, by in-
serting ‘‘: Provided further, That the provisions of 
this section shall not apply to any commodity trading 
advisor that is: (A) a charitable organization, as de-
fined in section 3(c)(10)(D) of the Investment Com-
pany Act of 1940, or a trustee, director, officer, em-
ployee, or volunteer of such a charitable organization 
acting within the scope of the employment or duties 
of the person with the organization, whose trading ad-
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vice is provided only to, or with respect to, 1 or more 
of the following: (i) any such charitable organization, 
or (ii) an investment trust, syndicate or similar form 
of enterprise excluded from the definition of ‘invest-
ment company’ pursuant to section 3(c)(10) of the In-
vestment Company Act of 1940; or (B) any plan, 
company, or account described in section 3(c)(14) of 
the Investment Company Act of 1940, any person or 
entity who establishes or maintains such a plan, com-
pany, or account, or any trustee, director, officer, em-
ployee, or volunteer for any of the foregoing plans, 
persons, or entities acting within the scope of the em-
ployment or duties of the person with the organiza-
tion, whose trading advice is provided only to, or 
with respect to, any investment trust, syndicate, or 
similar form of enterprise excluded from the defini-
tion of ‘investment company’ pursuant to section 
3(c)(14) of the Investment Company Act of 1940’’ be-
fore the period; and 
(2) by adding at the end the following: 
‘‘(4) DISCLOSURE CONCERNING EXCLUDED CHARI-
TABLE ORGANIZATIONS.—The operator of or advisor to any 
investment trust, syndicate, or similar form of enterprise 
excluded from the definition of ‘commodity pool’ by reason 
of section 1a(10)(C) shall provide, to each donor to the fund, 
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trust, syndicate, or similar form of enterprise, at the time 
of the donation or within 90 days after the date of the enact-
ment of this subsection, whichever is later, written informa-
tion describing the material terms of the operation of the 
fund, trust, syndicate, or similar form of enterprise.’’. 
SEC. 316. SMALL BANK HOLDING COMPANY CLEARING EX-
EMPTION. 
Section 2(h)(7)(C) of the Commodity Exchange Act (7 
U.S.C. 2(h)(7)(C)) is amended by adding at the end the 
following: 
‘‘(iv) HOLDING COMPANIES.—A deter-
mination made by the Commission under 
clause (ii) shall, with respect to small banks 
and savings associations, also apply to their 
respective bank holding company (as de-
fined in section 2 of the Bank Holding 
Company Act of 1956), or savings and loan 
holding company (as defined in section 10 
of the Home Owners’ Loan Act of 1933)), if 
the total consolidated assets of the holding 
company are no greater than the asset 
threshold set by the Commission in deter-
mining small bank and savings association 
eligibility under clause (ii).’’. 
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SEC. 317. CORE PRINCIPLE CERTAINTY. 
Section 5h(f) of the Commodity Exchange Act (7 
U.S.C. 7b–3(f)) is amended— 
(1) in paragraph (1)(B), by inserting ‘‘except as 
described in this subsection’’ after ‘‘Commission by 
rule or regulation’’; 
(2) in paragraph (2), by amending subpara-
graph (D) to read as follows: 
‘‘(D) have reasonable discretion in estab-
lishing and enforcing its rules related to trade 
practice surveillance, market surveillance, real- 
time marketing monitoring, and audit trail 
given that a swap execution facility may offer a 
trading system or platform to execute or trade 
swaps through any means of interstate com-
merce. A swap execution facility shall be respon-
sible for monitoring trading in swaps only on its 
own facility.’’; 
(3) in paragraph (4)(B), by adding at the end 
the following: ‘‘A swap execution facility shall be re-
sponsible for monitoring trading in swaps only on its 
own facility.’’; 
(4) in paragraph (6)(B)— 
(A) by striking ‘‘shall—’’ and all that fol-
lows through ‘‘compliance with the’’ and insert 
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‘‘shall monitor the trading activity on its facility 
for compliance with any’’; and 
(B) by adding at the end the following: ‘‘A 
swap execution facility shall be responsible for 
monitoring positions only on its own facility.’’; 
(5) in paragraph (8), by striking ‘‘to liquidate’’ 
and all that follows and inserting ‘‘to suspend or cur-
tail trading in a swap on its own facility.’’; 
(6) in paragraph (13)(B), by striking ‘‘cover the 
operating costs of the swap execution facility for a 1- 
year period, as calculated on a rolling basis’’ and in-
serting ‘‘conduct an orderly wind-down of its oper-
ations’’; and 
(7) in paragraph (15)— 
(A) in subparagraph (A), by adding at the 
end the following: ‘‘The individual may also per-
form other responsibilities for the swap execution 
facility.’’; 
(B) in subparagraph (B)— 
(i) in clause (i), by inserting ‘‘, a com-
mittee of the board,’’ after ‘‘directly to the 
board’’; 
(ii) by striking clauses (iii) through 
(v) and inserting the following: 
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‘‘(iii) establish and administer policies 
and procedures that are reasonably designed 
to resolve any conflicts of interest that may 
arise; 
‘‘(iv) establish and administer policies 
and procedures that reasonably ensure com-
pliance with this Act and the rules and reg-
ulations issued under this Act, including 
rules prescribed by the Commission pursu-
ant to this section; and’’; and 
(iii) by redesignating clause (vi) as 
clause (v); 
(C) in subparagraph (C), by striking 
‘‘(B)(vi)’’ and inserting ‘‘(B)(v)’’; and 
(D) in subparagraph (D)— 
(i) in clause (i)— 
(I) by striking ‘‘In accordance 
with rules prescribed by the Commis-
sion, the’’ and inserting ‘‘The’’; and 
(II) by striking ‘‘and sign’’; and 
(ii) in clause (ii)— 
(I) in the matter preceding sub-
clause (I), by inserting ‘‘or senior offi-
cer’’ after ‘‘officer’’; 
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(II) by amending subclause (I) to 
read as follows: 
‘‘(I) submit each report described 
in clause (i) to the Commission; and’’; 
and 
(III) in subclause (II), by insert-
ing ‘‘materially’’ before ‘‘accurate’’. 
SEC. 318. TREATMENT OF FEDERAL HOME LOAN BANK 
PRODUCTS. 
Section 1a(2) of the Commodity Exchange Act (7 
U.S.C. 1a(2)) is amended— 
(1) in subparagraph (B), by striking ‘‘and’’; 
(2) in subparagraph (C), by striking the period 
and inserting ‘‘; and’’; and 
(3) by adding at the end the following: 
‘‘(D) is the Federal Housing Finance Agen-
cy for any Federal Home Loan Bank (as defined 
in section 2 of the Federal Home Loan Bank 
Act).’’. 
SEC. 319. TREATMENT OF CERTAIN FUNDS. 
(a) AMENDMENT TO THE DEFINITION OF COMMODITY 
POOL OPERATOR.—Section 1a(12) of the Commodity Ex-
change Act (7 U.S.C. 1a(11)), as so redesignated by section 
306(b)(1) of this Act, is amended by adding at the end the 
following: 
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‘‘(C)(i) The term ‘commodity pool operator’ 
does not include a person who serves as an in-
vestment adviser to an investment company reg-
istered pursuant to section 8 of the Investment 
Company Act of 1940 or a subsidiary of such a 
company, if the investment company or sub-
sidiary invests, reinvests, owns, holds, or trades 
in commodity interests limited to only financial 
commodity interests. 
‘‘(ii) For purposes of this subparagraph 
only, the term ‘financial commodity interest’ 
means a futures contract, an option on a futures 
contract, or a swap, involving a commodity that 
is not an exempt commodity or an agricultural 
commodity, including any index of financial 
commodity interests, whether cash settled or in-
volving physical delivery. 
‘‘(iii) For purposes of this subparagraph 
only, the term ‘commodity’ does not include a se-
curity issued by a real estate investment trust, 
business development company, or issuer of 
asset-backed securities, including any index of 
such securities.’’. 
(b) AMENDMENT TO THE DEFINITION OF COMMODITY 
TRADING ADVISOR.—Section 1a(13) of such Act (7 U.S.C. 
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1a(12)), as so redesignated by section 306(b)(1) of this Act, 
is amended by adding at the end the following: 
‘‘(E) The term ‘commodity trading advisor’ 
does not include a person who serves as an in-
vestment adviser to an investment company reg-
istered pursuant to section 8 of the Investment 
Company Act of 1940 or a subsidiary of such a 
company, if the commodity trading advice re-
lates only to a financial commodity interest, as 
defined in paragraph (11)(C)(ii) of this section. 
For purposes of this subparagraph only, the term 
‘commodity’ does not include a security issued 
by a real estate investment trust, business devel-
opment company, or issuer of asset-backed secu-
rities, including any index of such securities.’’. 
TITLE IV—TECHNICAL 
CORRECTIONS 
SEC. 401. CORRECTION OF REFERENCES. 
(a) Section 2(h)(8)(A)(ii) of the Commodity Exchange 
Act (7 U.S.C. 2(h)(8)(A)(ii)) is amended by striking ‘‘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 amend-
ed by striking ‘‘section 7064’’ and inserting ‘‘section 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 subsections 
(d) and (e) and redesignating subsections (f) and (g) as sub-
sections (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)’’. 
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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 trad-
ing facility’’ each place it appears and inserting ‘‘registered 
entity’’. 
SEC. 405. ELIMINATION OF OBSOLETE REFERENCES TO 
ELECTRONIC TRADING FACILITIES. 
(a) Section 1a(19)(A)(x) of the Commodity Exchange 
Act (7 U.S.C. 1a(18)(A)(x)), as so redesignated by section 
306(b)(1) of this Act, is amended by striking ‘‘(other than 
an electronic trading facility with respect to a significant 
price discovery contract)’’. 
(b) Section 1a(41) of such Act (7 U.S.C. 1a(40)), as 
so redesignated by section 306(b)(1) of this Act, is amend-
ed— 
(1) by adding ‘‘and’’ at the end of subparagraph 
(D); and 
(2) by striking all that follows ‘‘section 21’’ and 
inserting a period. 
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(c) Section 4a(e) of such Act (7 U.S.C. 6a(e)) is 
amended— 
(1) in the 1st sentence— 
(A) by striking ‘‘or by any electronic trad-
ing facility’’; 
(B) by striking ‘‘or on an electronic trading 
facility’’; and 
(C) by striking ‘‘or electronic trading facil-
ity’’ each place it appears; and 
(2) in the 2nd sentence, by striking ‘‘or electronic 
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 fun-
gible with a significant price discovery contract’’; and 
(2) by striking ‘‘or electronic trading facility’’ 
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(f) Section 6(b) of such Act (7 U.S.C. 8(b)) is amended 
by striking ‘‘or electronic trading facility’’ each place it ap-
pears. 
(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 fol-
lows and inserting ‘‘in the case of an agreement, contract, 
or transaction that is excluded from this Act under section 
2(c) or 2(f) of this Act or title IV of the Commodity Futures 
Modernization Act of 2000, or exempted under section 4(c) 
of this Act (regardless of whether any such agreement, con-
tract, or transaction is otherwise subject 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’’ before 
‘‘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 1st 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— 
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(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 Commission’’. 
SEC. 410. ELIMINATION OF OBSOLETE REFERENCES TO DE-
RIVATIVE TRANSACTION EXECUTION FACILI-
TIES. 
(a) Section 1a(13)(B)(vi) of the Commodity Exchange 
Act (7 U.S.C. 1a(12)(B)(vi)), as so redesignated by section 
306(b)(1) of this Act, is amended by striking ‘‘derivatives 
transaction execution facility’’ and inserting ‘‘swap execu-
tion facility’’. 
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(l) Section 2(a)(1)(D)(ii)(III) of such Act (7 U.S.C. 
2(a)(1)(D)(ii)(III)) is amended by striking ‘‘or registered 
derivatives transaction execution facility member’’. 
(m) Section 2(a)(9)(B)(ii) of such Act (7 U.S.C. 
2(a)(9)(B)(ii)) is amended— 
(1) by striking ‘‘or registration’’ each place it 
appears; 
(2) by striking ‘‘or derivatives transaction execu-
tion facility’’ each place it appears; 
(3) by striking ‘‘or register’’; 
(4) by striking ‘‘, registering,’’; and 
(5) by striking ‘‘, registration,’’. 
(n) Section 2(c)(2) of such Act (7 U.S.C. 2(c)(2)) is 
amended by striking ‘‘or a derivatives transaction execution 
facility’’ each place it appears. 
(o) Section 4(a)(1) of such Act (7 U.S.C. 6(a)(1)) is 
amended by striking ‘‘or derivatives transaction execution 
facility’’. 
(p) Section 4(c)(1) of such Act (7 U.S.C. 6(c)(1)) is 
amended— 
(1) by striking ‘‘or registered’’ after ‘‘des-
ignated’’; and 
(2) by striking ‘‘or derivatives transaction execu-
tion facility’’. 
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(q) Section 4a(a)(1) of such Act (7 U.S.C. 6a(a)(1)) 
is amended— 
(1) by striking ‘‘or derivatives transaction execu-
tion facilities’’; and 
(2) by striking‘‘or derivatives transaction execu-
tion 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 execu-
tion 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 amend-
ed by striking ‘‘or derivatives transaction execution facil-
ity’’ each place it appears. 
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(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 amend-
ed by striking ‘‘and registered derivatives transaction exe-
cution facility’’. 
(y) Section 4p(a) of such Act (7 U.S.C. 6p(a)) is 
amended by striking ‘‘, or derivatives transaction execution 
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 transaction 
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 trans-
action 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 execu-
tion 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— 
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(1) by striking ‘‘or registered’’; 
(2) by striking ‘‘or a derivatives transaction exe-
cution facility’’; and 
(3) by inserting ‘‘shall’’ before ‘‘exclude’’ the first 
place such term 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 exe-
cution facility’’. 
(ff) Section 6d(1) of such Act (7 U.S.C. 13a-2(1)) is 
amended by striking ‘‘derivatives transaction execution fa-
cility,’’. 
SEC. 411. ELIMINATION OF OBSOLETE REFERENCES TO EX-
EMPT BOARDS OF TRADE. 
(a) Section 1a(19)(A)(x) of the Commodity Exchange 
Act (7 U.S.C. 1a(18)(A)(x)), as so redesignated by section 
306(b)(1) of this Act, is amended by striking ‘‘or an exempt 
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’’. 
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SEC. 412. ELIMINATION OF REPORT DUE IN 1986. 
Section 26 of the Futures Trading Act of 1978 (7 
U.S.C. 16a) is amended by striking subsection (b) and re-
designating subsection (c) as subsection (b). 
SEC. 413. COMPLIANCE REPORT FLEXIBILITY. 
Section 4s(k)(3)(B) of the Commodity Exchange Act 
(7 U.S.C. 6s(k)(3)(B)) is amended to read as follows: 
‘‘(B) REQUIREMENTS.—A compliance re-
port under subparagraph (A) shall— 
‘‘(i) include a certification that, under 
penalty of law, the compliance report is 
materially accurate and complete; and 
‘‘(ii) be furnished at such time as the 
Commission determines by rule, regulation, 
or order, to be appropriate.’’. 
SEC. 414. MISCELLANEOUS CORRECTIONS. 
(a) Section 1a(13)(A)(i)(II) of the Commodity Ex-
change Act (7 U.S.C. 1a(12)(A)(i)(II)), as so redesignated 
by section 306(b)(1) of this Act, is amended by adding at 
the end a semicolon. 
(b) Section 2(a)(1)(C)(ii)(III) of such Act (7 U.S.C. 
2(a)(1)(C)(ii)(III)) is amended by moving the provision 2 
ems to the right. 
(c) Section 2(a)(1)(C)(iii) of such Act (7 U.S.C. 
2(a)(1)(C)(iii)) is amended by moving the provision 2 ems 
to the right. 
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Union Calendar No. 97 
114TH CONGRESS 
1ST SESSION 
H. R. 2289 
[Report No. 114–134] 
A BILL 
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. 
MAY 29, 2015 
Committed to the Committee of the Whole House on the 
State of the Union and ordered to be printed 
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