Swap Data Repository and Clearinghouse Indemnification Correction Act of 2015

Bill: 114-hr-1847
Sponsor: full_name: Rep. Crawford, Eric A. "Rick" [R-AR-1]
Introduced: 2015-04-16
Policy area: Finance and Financial Sector
Subjects: Banking and financial institutions regulation

Civil actions and liability

Commodities markets

Commodity Futures Trading Commission

Securities

Securities and Exchange Commission (SEC)
Latest action: action_date: 2015-07-15
text: Received in the Senate and Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.

Summaries:
action_date: 2015-04-16
action_desc: Introduced in House
text: <p> <b>Swap Data Repository and Clearinghouse Indemnification Correction Act of 2015</b></p> <p> 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 for expenses arising from litigation relating to information so provided. </p>

action_date: 2015-07-14
action_desc: Passed House amended
text: <p><b>Swap Data Repository and Clearinghouse Indemnification Correction Act of 2015</b></p> <p> 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> <p>Amends both the CEA and the SEA to require a swap or security-based swap data repository, on a confidential basis and after notification to the CFTC or the SEC, as appropriate, to make only swap or security-based swap data (currently, all data) it has obtained available to specified regulatory authorities, including other foreign authorities in addition to foreign financial supervisors, foreign central banks, and foreign ministries.</p> <p>Makes these amendments effective as if enacted as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act on July 21, 2010.</p>

tv_txt: I 114th CONGRESS 1st Session H. R. 1847 IN THE HOUSE OF REPRESENTATIVES April 16, 2015 Mr. Crawford (for himself, Mr. Sean Patrick Maloney of New York , Mr. Huizenga of Michigan , and Ms. Moore ) 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 2015 . 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 114th CONGRESS 1st Session H. R. 1847 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 2015 . 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 of such Act ( 7 U.S.C. 24a ) is amended— (1) in subsection (c)(7)— (A) in the matter preceding subparagraph (A), by striking all and inserting swap ; and (B) in subparagraph (E)— (i) in clause (ii), by striking and at the end; and (ii) by adding at the end the following: (iv) other foreign authorities; and ; and (2) by striking subsection (d) and inserting the following: (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) of the Securities Exchange Act of 1934 25 ( 15 U.S.C. 78m(n)(5) ) is amended— (1) in subparagraph (G)— (A) in the matter preceding clause (i), by striking all and inserting security-based swap ; and (B) in subclause (v)— (i) in subclause (II), by striking ; and and inserting a semicolon; (ii) in subclause (III), by striking the period at the end and inserting ; and ; and (iii) by adding at the end the following: (IV) other foreign authorities. ; and (2) by striking subparagraph (H) and inserting the following: (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 July 14, 2015. Karen L. Haas, Clerk.

tv_txt: IIB 114th CONGRESS 1st Session H. R. 1847 IN THE SENATE OF THE UNITED STATES July 15, 2015 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 2015 . 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 of such Act ( 7 U.S.C. 24a ) is amended— (1) in subsection (c)(7)— (A) in the matter preceding subparagraph (A), by striking all and inserting swap ; and (B) in subparagraph (E)— (i) in clause (ii), by striking and at the end; and (ii) by adding at the end the following: (iv) other foreign authorities; and ; and (2) by striking subsection (d) and inserting the following: (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) of the Securities Exchange Act of 1934 25 ( 15 U.S.C. 78m(n)(5) ) is amended— (1) in subparagraph (G)— (A) in the matter preceding clause (i), by striking all and inserting security-based swap ; and (B) in subclause (v)— (i) in subclause (II), by striking ; and and inserting a semicolon; (ii) in subclause (III), by striking the period at the end and inserting ; and ; and (iii) by adding at the end the following: (IV) other foreign authorities. ; and (2) by striking subparagraph (H) and inserting the following: (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 July 14, 2015. Karen L. Haas, Clerk

tv_txt: IB Union Calendar No. 151 114th CONGRESS 1st Session H. R. 1847 [Report No. 114–202, Part I] IN THE HOUSE OF REPRESENTATIVES April 16, 2015 Mr. Crawford (for himself, Mr. Sean Patrick Maloney of New York , Mr. Huizenga of Michigan , and Ms. Moore ) 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 July 14, 2015 Reported from the Committee on Financial Services with an amendment Strike out all after the enacting clause and insert the part printed in italic July 14, 2015 The Committee on Agriculture discharged; committed to the Committee of the Whole House on the State of the Union and ordered to be printed For text of introduced bill, see copy of bill as introduced on April 16, 2015 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 2015 . 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. 3. Security-based swap data repositories Section 13(n)(5)(G) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78m(n)(5)(G) ) is amended by striking all and inserting security-based swap .

July 14, 2015 Reported from the Committee on Financial Services with an amendment July 14, 2015 The Committee on Agriculture discharged; committed to the Committee of the Whole House on the State of the Union and ordered to be printed