A bill to provide end user exemptions from certain provisions of the Commodity Exchange Act and the Securities Exchange Act of 1934.

Bill: 113-s-888
Sponsor: full_name: Sen. Johanns, Mike [R-NE]
Introduced: 2013-05-07
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures

Banking and financial institutions regulation

Commodities markets

Commodity Futures Trading Commission

Corporate finance and management

Financial services and investments

Securities
Latest action: action_date: 2013-05-08
text: Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 67.

Summaries:
action_date: 2013-05-07
action_desc: Introduced in Senate
text: <p>Amends the Commodity Exchange Act (CEA) to exempt, from the rules of prudential regulators for swap dealers and major swap participants with respect to initial and variation margin requirements for swaps not cleared by a registered derivatives clearing organization, those swaps in which one of the counterparties: (1) is eligible for an exception from clearing requirements for certain significant price discovery agreements, contracts, or transactions in a commodity exempt from regulation by the Commodity Futures Trading Commission (CFTC); or (2) satisfies specified criteria governing treatment of affiliates in connection with clearing requirements.</p> <p>Amends the Securities Exchange Act of 1934, regarding registration and regulation of security-based swap dealers and major security-based swap participants, to exempt from initial and variation margin requirements for swaps not cleared by a registered derivatives clearing organization a security-based swap in which one of the counterparties: (1) qualifies for a specified exception from clearing requirements, or (2) satisfies certain criteria governing the treatment of affiliates.</p> <p> Requires that the amendments to CEA made by this Act be implemented: (1) without regard to federal information policy requirements or the notice and comment requirements of federal administrative procedure; and (2) through promulgation of an interim final rule, pursuant to which public comment will be sought before a final rule is issued.<p>Limits the disregard of such federal information policy and notice and comment requirements solely to changes to rules and regulations, or proposed rule and regulations, that are limited to, and directly a consequence of, the amendments to CEA made by this Act.<br> </p>

tv_txt: II Calendar No. 67 113th CONGRESS 1st Session S. 888 IN THE SENATE OF THE UNITED STATES May 7, 2013 Mr. Johanns (for himself, Mr. Tester , Mr. Blunt , Mr. Crapo , Mr. Donnelly , Mrs. Hagan , Ms. Heitkamp , Ms. Klobuchar , Mr. Moran , Mr. Shelby , Mr. Toomey , Mr. Warner , and Mrs. Fischer ) introduced the following bill; which was read the first time May 8, 2013 Read the second time and placed on the calendar A BILL To provide end user exemptions from certain provisions of the Commodity Exchange Act and the Securities Exchange Act of 1934.

1. Margin requirements (a) Requirements (1) 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 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) shall not apply to a swap in which a counterparty qualifies for an exception under section 2(h)(7)(A) or satisfies the criteria in section 2(h)(7)(D). . (2) 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 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) shall not apply to a security-based swap in which a counterparty qualifies for an exception under section 3C(g)(1) or satisfies the criteria in section 3C(g)(4). . (b) Implementation The amendments made by this section 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 directly a consequence of such amendments.

May 8, 2013 Read the second time and placed on the calendar