Swap Data Repository and Clearinghouse Indemnification Correction Act of 2013

Bill: 113-hr-742
Sponsor: full_name: Rep. Crawford, Eric A. "Rick" [R-AR-1]
Introduced: 2013-02-15
Policy area: Finance and Financial Sector
Subjects: Banking and financial institutions regulation

Business records

Commodities markets

Commodity Futures Trading Commission

Contracts and agency

Executive agency funding and structure

Government information and archives

Securities

Securities and Exchange Commission (SEC)

Trade secrets and economic espionage
Latest action: action_date: 2013-06-13
text: Received in the Senate and Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.

Summaries:
action_date: 2013-02-15
action_desc: Introduced in House
text: <p> Swap Data Repository and Clearinghouse Indemnification Correction Act of 2013 - Amends the Commodity Exchange Act, with respect to derivatives clearing organizations and swap data repositories, to repeal the prerequisite that, before the Commodity Futures Trading Commission (CFTC) may share information with specified regulatory agencies, such agencies must agree to indemnify the CFTC for expenses arising from litigation relating to information so provided. </p> <p>Amends the Securities Exchange Act of 1934 to repeal similarly the prerequisite that, before a security-based swap data repository may share information with specified regulatory entities, such entities must agree to indemnify both such repository and the Securities and Exchange Commission (SEC) for expenses arising from litigation relating to information so provided. </p>

action_date: 2013-06-12
action_desc: Passed House without amendment
text: <p><b>(This measure has not been amended since it was introduced. The summary of that version is repeated here.)</b></p> <p> Swap Data Repository and Clearinghouse Indemnification Correction Act of 2013 - Amends the Commodity Exchange Act, with respect to derivatives clearing organizations and swap data repositories, to repeal the prerequisite that, before the Commodity Futures Trading Commission (CFTC) may share information with specified regulatory agencies, such agencies must agree to indemnify the CFTC for expenses arising from litigation relating to information so provided. </p> <p>Amends the Securities Exchange Act of 1934 to repeal similarly the prerequisite that, before a security-based swap data repository may share information with specified regulatory entities, such entities must agree to indemnify both such repository and the Securities and Exchange Commission (SEC) for expenses arising from litigation relating to information so provided. </p>

tv_txt: I 113th CONGRESS 1st Session H. R. 742 IN THE HOUSE OF REPRESENTATIVES February 15, 2013 Mr. Crawford (for himself, Ms. Moore , Mr. Sean Patrick Maloney of New York , and Mr. Huizenga of Michigan ) introduced the following bill; which was referred to the Committee on Agriculture , and in addition to the Committee on Financial Services , for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned A BILL To amend the Securities Exchange Act of 1934 and the Commodity Exchange Act to repeal the indemnification requirements for regulatory authorities to obtain access to swap data required to be provided by swaps entities under such Acts.

1. Short title This Act may be cited as the Swap Data Repository and Clearinghouse Indemnification Correction Act of 2013 . 2. Repeal of indemnification requirements (a) Derivatives clearing organizations Section 5b(k)(5) of the Commodity Exchange Act ( 7 U.S.C. 7a–1(k)(5) ) is amended to read as follows: (5) Confidentiality agreement Before the Commission may share information with any entity described in paragraph (4), the Commission shall receive a written agreement from each entity stating that the entity shall abide by the confidentiality requirements described in section 8 relating to the information on swap transactions that is provided. . (b) Swap data repositories Section 21(d) of the Commodity Exchange Act ( 7 U.S.C. 24a(d) ) is amended to read as follows: (d) Confidentiality agreement Before the swap data repository may share information with any entity described in subsection (c)(7), the swap data repository shall receive a written agreement from each entity stating that the entity shall abide by the confidentiality requirements described in section 8 relating to the information on swap transactions that is provided. . (c) Security-Based swap data repositories Section 13(n)(5)(H) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78m(n)(5)(H) ) is amended to read as follows: (H) Confidentiality agreement Before the security-based swap data repository may share information with any entity described in subparagraph (G), the security-based swap data repository shall receive a written agreement from each entity stating that the entity shall abide by the confidentiality requirements described in section 24 relating to the information on security-based swap transactions that is provided. . (d) Effective date The amendments made by this Act shall take effect as if enacted as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act ( Public Law 111–203 ) on July 21, 2010.

tv_txt: I 113th CONGRESS 1st Session H. R. 742 IN THE HOUSE OF REPRESENTATIVES AN ACT To amend the Securities Exchange Act of 1934 and the Commodity Exchange Act to repeal the indemnification requirements for regulatory authorities to obtain access to swap data required to be provided by swaps entities under such Acts.

1. Short title This Act may be cited as the Swap Data Repository and Clearinghouse Indemnification Correction Act of 2013 . 2. Repeal of indemnification requirements (a) Derivatives clearing organizations Section 5b(k)(5) of the Commodity Exchange Act ( 7 U.S.C. 7a–1(k)(5) ) is amended to read as follows: (5) Confidentiality agreement Before the Commission may share information with any entity described in paragraph (4), the Commission shall receive a written agreement from each entity stating that the entity shall abide by the confidentiality requirements described in section 8 relating to the information on swap transactions that is provided. . (b) Swap data repositories Section 21(d) of the Commodity Exchange Act ( 7 U.S.C. 24a(d) ) is amended to read as follows: (d) Confidentiality agreement Before the swap data repository may share information with any entity described in subsection (c)(7), the swap data repository shall receive a written agreement from each entity stating that the entity shall abide by the confidentiality requirements described in section 8 relating to the information on swap transactions that is provided. . (c) Security-Based swap data repositories Section 13(n)(5)(H) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78m(n)(5)(H) ) is amended to read as follows: (H) Confidentiality agreement Before the security-based swap data repository may share information with any entity described in subparagraph (G), the security-based swap data repository shall receive a written agreement from each entity stating that the entity shall abide by the confidentiality requirements described in section 24 relating to the information on security-based swap transactions that is provided. . (d) Effective date The amendments made by this Act shall take effect as if enacted as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act ( Public Law 111–203 ) on July 21, 2010.

Passed the House of Representatives June 12, 2013. Karen L. Haas, Clerk.

tv_txt: IIB 113th CONGRESS 1st Session H. R. 742 IN THE SENATE OF THE UNITED STATES June 13, 2013 Received; read twice and referred to the Committee on Agriculture, Nutrition, and Forestry AN ACT To amend the Securities Exchange Act of 1934 and the Commodity Exchange Act to repeal the indemnification requirements for regulatory authorities to obtain access to swap data required to be provided by swaps entities under such Acts.

1. Short title This Act may be cited as the Swap Data Repository and Clearinghouse Indemnification Correction Act of 2013 . 2. Repeal of indemnification requirements (a) Derivatives clearing organizations Section 5b(k)(5) of the Commodity Exchange Act (7 U.S.C. 7a–1(k)(5)) is amended to read as follows: (5) Confidentiality agreement Before the Commission may share information with any entity described in paragraph (4), the Commission shall receive a written agreement from each entity stating that the entity shall abide by the confidentiality requirements described in section 8 relating to the information on swap transactions that is provided. . (b) Swap data repositories Section 21(d) of the Commodity Exchange Act (7 U.S.C. 24a(d)) is amended to read as follows: (d) Confidentiality agreement Before the swap data repository may share information with any entity described in subsection (c)(7), the swap data repository shall receive a written agreement from each entity stating that the entity shall abide by the confidentiality requirements described in section 8 relating to the information on swap transactions that is provided. . (c) Security-Based swap data repositories Section 13(n)(5)(H) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78m(n)(5)(H) ) is amended to read as follows: (H) Confidentiality agreement Before the security-based swap data repository may share information with any entity described in subparagraph (G), the security-based swap data repository shall receive a written agreement from each entity stating that the entity shall abide by the confidentiality requirements described in section 24 relating to the information on security-based swap transactions that is provided. . (d) Effective date The amendments made by this Act shall take effect as if enacted as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Public Law 111–203) on July 21, 2010.

Passed the House of Representatives June 12, 2013. Karen L. Haas, Clerk

tv_txt: IB Union Calendar No. 75 113th CONGRESS 1st Session H. R. 742 [Report No. 113–106, Parts I and II] IN THE HOUSE OF REPRESENTATIVES February 15, 2013 Mr. Crawford (for himself, Ms. Moore , Mr. Sean Patrick Maloney of New York , and Mr. Huizenga of Michigan ) introduced the following bill; which was referred to the Committee on Agriculture , and in addition to the Committee on Financial Services , for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned June 12, 2013 Additional sponsors: Mr. Conaway , Mr. David Scott of Georgia , Mr. Vargas , Mr. Kind , Mr. Murphy of Florida , Mr. Courtney , Mr. Deutch , Mr. Gibson , Mr. Hinojosa , and Mr. Hastings of Florida June 12, 2013 Reported from the Committee on Agriculture June 12, 2013 Reported from the Committee on Financial Services ; committed to the Committee of the Whole House on the State of the Union and ordered to be printed A BILL To amend the Securities Exchange Act of 1934 and the Commodity Exchange Act to repeal the indemnification requirements for regulatory authorities to obtain access to swap data required to be provided by swaps entities under such Acts.

1. Short title This Act may be cited as the Swap Data Repository and Clearinghouse Indemnification Correction Act of 2013 . 2. Repeal of indemnification requirements (a) Derivatives clearing organizations Section 5b(k)(5) of the Commodity Exchange Act ( 7 U.S.C. 7a–1(k)(5) ) is amended to read as follows: (5) Confidentiality agreement Before the Commission may share information with any entity described in paragraph (4), the Commission shall receive a written agreement from each entity stating that the entity shall abide by the confidentiality requirements described in section 8 relating to the information on swap transactions that is provided. . (b) Swap data repositories Section 21(d) of the Commodity Exchange Act (7 U.S.C. 24a(d)) is amended to read as follows: (d) Confidentiality agreement Before the swap data repository may share information with any entity described in subsection (c)(7), the swap data repository shall receive a written agreement from each entity stating that the entity shall abide by the confidentiality requirements described in section 8 relating to the information on swap transactions that is provided. . (c) Security-Based swap data repositories Section 13(n)(5)(H) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78m(n)(5)(H) ) is amended to read as follows: (H) Confidentiality agreement Before the security-based swap data repository may share information with any entity described in subparagraph (G), the security-based swap data repository shall receive a written agreement from each entity stating that the entity shall abide by the confidentiality requirements described in section 24 relating to the information on security-based swap transactions that is provided. . (d) Effective date The amendments made by this Act shall take effect as if enacted as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act ( Public Law 111–203 ) on July 21, 2010.

June 12, 2013 Reported from the Committee on Agriculture June 12, 2013 Reported from the Committee on Financial Services ; committed to the Committee of the Whole House on the State of the Union and ordered to be printed