‘‘(A) to maintain such records as directed 
by the Commission for a period of 5 years, or 
longer, if directed by the Commission; and 
‘‘(B) to provide such records upon request 
to the Commission or the Department of Jus-
tice. 
‘‘(3) REPORTING.—The Commission shall pre-
scribe rules requiring such regular or continuous re-
porting of positions in a reportable contract in ac-
cordance with such requirements regarding size lim-
its for reportable contracts and the form, timing, 
and manner of filing such reports under this para-
graph, as the Commission shall determine. 
‘‘(4) EQUIVALENT
MEANS
OF
OBTAINING
IN-
FORMATION.—The Commission may waive the re-
quirement under paragraph (3) if the Commission 
determines that the foreign board of trade is pro-
viding the Commission with equivalent information 
in a usable format pursuant to an agreement be-
tween the Commission and the foreign board of 
trade or a foreign futures authority, department or 
agency of a foreign government, or political subdivi-
sion thereof. 
‘‘(5) OTHER RULES NOT AFFECTED.— 
VerDate Aug 31 2005 
03:47 Nov 03, 2007
Jkt 059200
PO 00000
Frm 00023
Fmt 6652
Sfmt 6201
E:\BILLS\H4066.IH
H4066
hmoore on PRODPC68 with HMBILLS
‘‘(A) IN GENERAL.—Except as provided in 
clause (ii), this paragraph does not prohibit or 
impair the adoption by any board of trade or 
energy trading facility licensed, designated, or 
registered by the Commission of any bylaw, 
rule, regulation, or resolution requiring reports 
of positions in any agreement, contract, or 
transaction for future delivery of an energy 
commodity (or option thereon), or option on an 
energy commodity, including any bylaw, rule, 
regulation, or resolution pertaining to filing or 
recordkeeping, which may be held by any per-
son subject to the rules of the board of trade 
or energy trading facility. 
‘‘(B) EXCEPTION.—Any bylaw, rule, regu-
lation, or resolution established by a board of 
trade or energy trading facility described in 
clause (i) shall not be inconsistent with any re-
quirement prescribed by the Commission under 
this paragraph.’’. 
SEC. 4. ANTIFRAUD AUTHORITY. 
Section 4b of the Commodity Exchange Act (7 U.S.C. 
6b) is amended— 
(1) by redesignating subsections (b) and (c) as 
subsections (c) and (d), respectively; and 
VerDate Aug 31 2005 
03:47 Nov 03, 2007
Jkt 059200
PO 00000
Frm 00024
Fmt 6652
Sfmt 6201
E:\BILLS\H4066.IH
H4066
hmoore on PRODPC68 with HMBILLS
(2) by striking ‘‘SEC. 4B.’’ and all that follows 
through the end of subsection (a) and inserting the 
following: 
‘‘SEC. 4b. CONTRACTS DESIGNED TO DEFRAUD OR MIS-
LEAD. 
‘‘(a) UNLAWFUL ACTIONS.—It shall be unlawful— 
‘‘(1) for any person, in or in connection with 
any order to make, or the making of, any contract 
of sale of any commodity in interstate commerce or 
for future delivery that is made, or to be made, on 
or subject to the rules of a designated contract mar-
ket, for or on behalf of any other person; or 
‘‘(2) for any person, in or in connection with 
any order to make, or the making of, any contract 
of sale of any commodity for future delivery, or 
other agreement, contract, or transaction subject to 
paragraphs (1) and (2) of section 5a(g), that is 
made, or to be made, for or on behalf of, or with, 
any other person, other than on or subject to the 
rules of a designated contract market— 
‘‘(A) to cheat or defraud or attempt to 
cheat or defraud the other person; 
‘‘(B) willfully to make or cause to be made 
to the other person any false report or state-
VerDate Aug 31 2005 
03:47 Nov 03, 2007
Jkt 059200
PO 00000
Frm 00025
Fmt 6652
Sfmt 6201
E:\BILLS\H4066.IH
H4066
hmoore on PRODPC68 with HMBILLS
ment or willfully to enter or cause to be entered 
for the other person any false record; 
‘‘(C) willfully to deceive or attempt to de-
ceive the other person by any means whatsoever 
in regard to any order or contract or the dis-
position or execution of any order or contract, 
or in regard to any act of agency performed, 
with respect to any order or contract for or, in 
the case of paragraph (2), with the other per-
son; or 
‘‘(D)(i) to bucket an order if the order is 
represented by the person as an order to be ex-
ecuted, or is required to be executed, on or sub-
ject to the rules of a designated contract mar-
ket; or 
‘‘(ii) to fill an order by offset against the 
order or orders of any other person, or willfully 
and knowingly and without the prior consent of 
the other person to become the buyer in respect 
to any selling order of the other person, or be-
come the seller in respect to any buying order 
of the other person, if the order is represented 
by the person as an order to be executed, or is 
required to be executed, on or subject to the 
rules of a designated contract market unless the 
VerDate Aug 31 2005 
03:47 Nov 03, 2007
Jkt 059200
PO 00000
Frm 00026
Fmt 6652
Sfmt 6201
E:\BILLS\H4066.IH
H4066
hmoore on PRODPC68 with HMBILLS
order is executed in accordance with the rules 
of the designated contract market. 
‘‘(b) CLARIFICATION.—Subsection (a)(2) of this sec-
tion shall not obligate any person, in or in connection with 
a transaction in a contract of sale of a commodity for fu-
ture delivery, or other agreement, contract or transaction 
subject to paragraphs (1) and (2) of section 5a(g), with 
another person, to disclose to the other person nonpublic 
information that may be material to the market price, 
rate, or level of the commodity or transaction, except as 
necessary to make any statement made to the other person 
in or in connection with the transaction, not misleading 
in any material respect.’’. 
SEC. 5. COMMISSION RULEMAKING. 
Not later than 180 days after the date of the enact-
ment of this Act, the Commission shall issue a proposed 
rule regarding the requirements for an application for reg-
istration for an energy trading facility, and not later than 
270 days after such date of enactment, shall issue a final 
rule regarding the requirements. 
SEC. 6. EFFECTIVE DATE. 
(a) IN GENERAL.—Except as provided in this section, 
this Act shall become effective immediately upon enact-
ment. 
VerDate Aug 31 2005 
03:47 Nov 03, 2007
Jkt 059200
PO 00000
Frm 00027
Fmt 6652
Sfmt 6201
E:\BILLS\H4066.IH
H4066
hmoore on PRODPC68 with HMBILLS
(b) TRADING FACILITIES.—With respect to any trad-
ing facility operating on the date of enactment of this Act 
in reliance upon the exemption set forth in section 2(h)(3) 
of the Commodity Exchange Act with respect to an energy 
commodity, the prohibition in section 2(j)(1) of the Com-
modity Exchange Act, as added by this Act, shall not 
apply, if the trading facility submits an application to the 
Commodity Futures Trading Commission (in this section 
referred to as the ‘‘Commission’’) for registration as an 
energy trading facility within 180 days after the Commis-
sion promulgates a final rule regarding the requirements 
for an application for registration for an energy trading 
facility, prior to a determination by the Commission on 
whether to approve such application. 
(c) EXTENSIONS.—(1) At the time the Commission 
approves an application by a trading facility operating on 
the date of enactment of this Act in reliance on the exemp-
tion set forth in section 2(h)(3) of the Commodity Ex-
change Act for registration as an energy trading facility, 
the Commission shall, upon the written request of the fa-
cility, grant an extension of up to 180 days to fully imple-
ment a requirement applicable under this Act to an energy 
trading facility. 
(2) The Commission may in its discretion, upon the 
written request of the facility and for good cause, grant 
VerDate Aug 31 2005 
03:47 Nov 03, 2007
Jkt 059200
PO 00000
Frm 00028
Fmt 6652
Sfmt 6201
E:\BILLS\H4066.IH
H4066
hmoore on PRODPC68 with HMBILLS
an additional extension of up to 6 months to fully imple-
ment a requirement for which an initial extension has been 
granted under paragraph (1). 
(3) The Commission may not grant any extension 
under paragraphs (1) or (2) for any information reporting 
or recordkeeping requirement. 
(d) DOMESTIC TRADING ON FOREIGN BOARDS OF 
TRADE.—Section 3 shall take effect 180 days after the 
date of the enactment of this Act. 
Æ 
VerDate Aug 31 2005 
03:47 Nov 03, 2007
Jkt 059200
PO 00000
Frm 00029
Fmt 6652
Sfmt 6301
E:\BILLS\H4066.IH
H4066
hmoore on PRODPC68 with HMBILLS