A bill to amend the Commodity Exchange Act to require a review of current exemptions granted to foreign entities in response to an attempt by a foreign authority to exercise direct supervisory authority over a domestic derivatives clearing organization.

Bill: 116-s-2933
Sponsor: full_name: Sen. Boozman, John [R-AR]
Introduced: 2019-11-21
Policy area: Finance and Financial Sector
Subjects: Commodities markets

Licensing and registrations

Securities

U.S. and foreign investments
Latest action: action_date: 2019-11-21
text: Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.

Summaries:
action_date: 2019-11-21
action_desc: Introduced in Senate
text: <p>This bill requires the Commodity Futures Trading Commission (CFTC) to respond to a foreign regulator seeking to assert authority over a U.S. derivatives clearing organization. The CFTC must do this by reviewing exemptions granted by the CFTC to foreign entities that are under the jurisdiction of that foreign authority.</p>

tv_txt: II 116th CONGRESS 1st Session S. 2933 IN THE SENATE OF THE UNITED STATES November 21, 2019 Mr. Boozman (for himself and Mr. Durbin ) introduced the following bill; which was read twice and referred to the Committee on Agriculture, Nutrition, and Forestry A BILL To amend the Commodity Exchange Act to require a review of current exemptions granted to foreign entities in response to an attempt by a foreign authority to exercise direct supervisory authority over a domestic derivatives clearing organization.

1. Response to foreign regulatory authority Section 5b of the Commodity Exchange Act ( 7 U.S.C. 7a–1 ) is amended by inserting after subsection (i) the following: (j) Response to foreign regulatory authority If a foreign authority seeks to assert direct supervisory authority over a derivatives clearing organization that is domiciled in the United States, the Commission shall review the appropriateness of the exemptions granted to foreign entities, including clearinghouses, under the jurisdiction of the foreign authority. .