#aac? ,,congress  #a/ ,session  ,h4 ,r4 
#abef  ,,an ,,act  ,to direct !         
,securities & ,ex*ange ,commission & !  
,commodity ,futures ,trad+ ,commission  
to jo9tly adopt rules sett+ =? !        
application to cross-bord] swaps        
transactions ( c]ta9 provisions relat+  
to swaps t 7 enact$ z "p ( !            
,dodd-,frank ,wall ,/reet ,re=m &       
,consum] ,protection ,act4  #a4 ,%ort   
title ,?is ,act may be cit$ z ! ,swap   
,jurisdiction ,c]ta9ty ,act4  #b4 ,jo9t 
rulemak+ on cross-bord] swaps  7a7 ,jo9t
 rulemak+ requir$  7#a7 ,9 g5]al ,n lat]
 ?an #bgj days aft] ! date ( enactm5t ( 
?is ,act1 ! ,securities & ,ex*ange      
,commission & ! ,commodity ,futures     
,trad+ ,commission %all jo9tly issue    
rules sett+ =? ! application ( ,unit$   
,/ates swaps requirem5ts ( ! ,securities
 ,ex*ange ,act ( #aicd & ! ,commodity   
,ex*ange ,act relat+ to cross-bord]     
swaps & security-bas$ swaps transactions
 involv+ ,u4,s4 p]sons or non-,u4,s4    
p]sons4  7#b7 ,con/ruction ,! rules     

requir$ "u p>agraph 7#a7 %all be        
id5tical1 not)/&+ any diff]5ce 9 !      
au?orities grant$ ! ,commissions 9      
section #cj7;c7 ( ! ,securities ,ex*ange
 ,act ( #aicd 7#ae ,u4,s4,c4 #gh;dd7c77 
& section #b7;i7 ( ! ,commodity ,ex*ange
 ,act 7#g ,u4,s4,c4 #b7;i771            
respectively1 except to ! ext5t necess>y
 to accommodate diff]5ces 9 o!r und]ly+ 
/atutory requirem5ts "u su* ,acts1 & !  
rules !reund]4  7b7 ,consid]ations ,!   
,commissions %all jo9tly issue rules t  
address--  7#a7 ! nature ( ! connections
 to ! ,unit$ ,/ates t require a         
non-,u4,s4 p]son to regi/] z a swap     
deal]1 major swap p>ticipant1           
security-bas$ swap deal]1 or major      
security-bas$ swap p>ticipant "u ea*    
,commission's respective ,acts & !      
regulations issu$ "u su* ,acts2  7#b7   
:i* ( ! ,unit$ ,/ates swaps requirem5ts 
%all apply to ! swap & security-bas$    
swap activities ( non-,u4,s4 p]sons1    
,u4,s4 p]sons1 & _! bran*es1 ag5cies1   
subsidi>ies1 & affiliates outside ( !   

,unit$ ,/ates & ! ext5t to :i* su*      
requirem5ts %all apply2 &  7#c7 !       
circum/ances "u :i* a non-,u4,s4 p]son 9
 compliance ) ! regulatory requirem5ts (
 a =eign jurisdiction %all be exempt f  
,unit$ ,/ates swaps requirem5ts4  7c7   
,rule 9 accordance ) ,,apa requir$ ,no  
guidance1 memor&um ( und]/&+1 or any su*
 o!r agreem5t may satisfy ! requirem5t  
to issue a jo9t rule f ! ,commissions 9 
accordance ) section #eec ( title #e1   
,unit$ ,/ates ,code4  7d7 ,g5]al        
application to c\ntries or adm9i/rative 
regions hav+ n9e l>ge/ m>kets  7#a7     
,g5]al application ,9 issu+ rules "u ?is
 section1 ! ,commissions %all provide t 
a non-,u4,s4 p]son 9 compliance ) !     
swaps regulatory requirem5ts ( a c\ntry 
or adm9i/rative region t has "o ( ! n9e 
l>ge/ comb9$ swap & security-bas$ swap  
m>kets by notional am\nt 9 ! cal5d> ye> 
prec$+ issuance ( su* rules1 or o!r     
=eign jurisdiction z jo9tly det]m9$ by !
 ,commissions1 %all be exempt f ,unit$  
,/ates swaps requirem5ts 9 accordance ) 

! s*$ule set =? 9 p>agraph 7#b71 unless 
! ,commissions jo9tly det]m9e t !       
regulatory requirem5ts ( su* c\ntry or  
adm9i/rative region or o!r =eign        
jurisdiction are n broadly equival5t to 
,unit$ ,/ates swaps requirem5ts4  7#b7  
,effective date s*$ule ,! exemption     
describ$ 9 p>agraph 7#a7 & set =? "u !  
rules requir$ by ?is section %all apply 
to p]sons or transactions relat+ to or  
involv+--  7,a7 c\ntries or adm9i/rative
 regions describ$ 9 su* p>agraph1 or any
 o!r =eign jurisdiction z jo9tly det]m9$
 by ! ,commissions1 acc\nt+ = ! five    
l>ge/ comb9$ swap & security-bas$ swap  
m>kets by notional am\nt 9 ! cal5d> ye> 
prec$+ issuance ( su* rules1 on ! date  
on :i* f9al rules are issu$ "u ?is      
section2 &  7,b7 ! rema9+ c\ntries or   
adm9i/rative regions describ$ 9 su*     
p>agraph1 & any o!r =eign jurisdiction z
 jo9tly det]m9$ by ! ,commissions1 #a   
ye> aft] ! date on :i* su* rules are    
issu$4  7#c7 ,crit]ia ,9 su* rules1 !   
,commissions %all jo9tly e/abli% crit]ia

 = det]m9+ t "o or m categories (       
regulatory requirem5ts ( a c\ntry or    
adm9i/rative region describ$ 9 p>agraph 
7#a7 or o!r =eign jurisdiction is n     
broadly equival5t to ,unit$ ,/ates swaps
 requirem5ts & %all jo9tly det]m9e !    
appropriate application ( c]ta9 ,unit$  
,/ates swap requirem5ts to p]sons or    
transactions relat+ to or involv+ su*   
c\ntry or adm9i/rative region or o!r    
=eign jurisdiction4 ,su* crit]ia %all   
include ! scope & objectives ( !        
regulatory requirem5ts ( a c\ntry or    
adm9i/rative region describ$ 9 p>agraph 
7#a7 or o!r =eign jurisdiction z well z 
! effectiv5ess ( ! sup]visory compliance
 program adm9i/]$1 & ! en=cem5t au?ority
 ex]cis$1 by su* c\ntry or adm9i/rative 
region or o!r =eign jurisdiction1 & su* 
o!r factors z ! ,commissions1 by rule1  
jo9tly det]m9e to be necess>y or        
appropriate 9 ! public int]e/4  7#d7    
,requir$ assessm5t ,beg9n+ on ! date on 
:i* f9al rules are issu$ "u ?is section1
 ! ,commissions %all beg9 to jo9tly     

assess ! regulatory requirem5ts (       
c\ntries or adm9i/rative regions        
describ$ 9 p>agraph 7#a71 z !           
,commissions jo9tly det]m9e appropriate1
 9 accordance ) ! crit]ia e/abli%$      
pursuant to ?is subsection1 to det]m9e  
if "o or m categories ( regulatory      
requirem5ts ( su* a c\ntry or           
adm9i/rative region or o!r =eign        
jurisdiction is n broadly equival5t to  
,unit$ ,/ates swaps requirem5ts4  7e7   
,report to ,congress ,if ! ,commissions 
make ! jo9t det]m9ation describ$ 9      
subsection 7d77#a7 t ! regulatory       
requirem5ts ( a c\ntry or adm9i/rative  
region describ$ 9 su* subsection or o!r 
=eign jurisdiction are n broadly        
equival5t to ,unit$ ,/ates swaps        
requirem5ts1 ! ,commissions %all        
articulate ! basis = su* a det]m9ation 9
 a writt5 report transmitt$ to !        
,committee on ,f9ancial ,s]vices & !    
,committee on ,agriculture ( ! ,h\se (  
,repres5tatives & ! ,committee on       
,bank+1 ,h\s+1 & ,urban ,affairs & !    

,committee on ,agriculture1 ,nutrition1 
& ,=e/ry ( ! ,s5ate )9 #cj days ( !     
det]m9ation4 ,! det]m9ation %all n be   
effective until ! transmission ( su*    
report4  7f7 ,def9itions ,z us$ 9 ?is   
,act & = purposes ( ! rules issu$       
pursuant to ?is ,act1 ! foll[+          
def9itions apply3  7#a7 ,! t]m ,u4,s4   
p]son--  7,a7 means--  7i7 any natural  
p]son resid5t 9 ! ,unit$ ,/ates2  7ii7  
any p>tn]%ip1 corporation1 tru/1 or o!r 
legal p]son organiz$ or incorporat$ "u !
 laws ( ! ,unit$ ,/ates or hav+ its     
pr9cipal place ( bus9ess 9 ! ,unit$     
,/ates2  7iii7 any acc\nt 7:e!r         
discretion>y or non-discretion>y7 ( a   
,u4,s4 p]son2 &  7iv7 any o!r p]son z ! 
,commissions may fur!r jo9tly def9e to m
 effectively c>ry out ! purposes ( ?is  
,act2 &  7,b7 does n include !          
,int]national ,monet>y ,fund1 !         
,int]national ,bank = ,recon/ruction &  
,developm5t1 ! ,int]-,am]ican           
,developm5t ,bank1 ! ,asian ,developm5t 
,bank1 ! ,african ,developm5t ,bank1 !  

,unit$ ,nations1 _! ag5cies & p5sion    
plans1 & any o!r simil> int]national    
organizations & _! ag5cies & p5sion     
plans4  7#b7 ,! t]m ,unit$ ,/ates swaps 
requirem5ts means ! provisions relat+ to
 swaps & security-bas$ swaps conta9$ 9 !
 ,commodity ,ex*ange ,act 7#g ,u4,s4,c4 
#a;a et seq47 & ! ,securities ,ex*ange  
,act ( #aicd 7#ae ,u4,s4,c4 #gh;a et    
seq47 t 7 add$ by title ,,vii ( !       
,dodd-,frank ,wall ,/reet ,re=m &       
,consum] ,protection ,act 7#ae ,u4,s4,c4
 #hcja et seq47 & any rules or          
regulations prescrib$ by ! ,securities &
 ,ex*ange ,commission & ! ,commodity    
,futures ,trad+ ,commission pursuant to 
su* provisions4  7g7 ,con=m+ am5dm5ts   
7#a7 ,securities ,ex*ange ,act ( #aicd  
,section #cf7;c7 ( ! ,securities        
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#ghmm7c77 is am5d$ by ins]t+ or except z
 necess>y to effectuate ! purposes ( !  
,swap ,jurisdiction ,c]ta9ty ,act1 aft] 
to grant exemptions14  7#b7 ,commodity  
,ex*ange ,act ,section #d7;c77#a77;,a7 (

 ! ,commodity ,ex*ange ,act 7#g         
,u4,s4,c4 #f7;c77#a77;,a77 is am5d$ by  
ins]t+ or except z necess>y to          
effectuate ! purposes ( ! ,swap         
,jurisdiction ,c]ta9ty ,act1 aft] to    
grant exemptions14  ,pass$ ! ,h\se (    
,repres5tatives ,june #ab1 #bjac4;,cl]k4