,i  #aac? ,,congress  #a/ ,session  ,h4 
,r4 #abef  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,m>* #ai1 #bjac ,mr4  
,g>rett 7= himself1 ,mr4 ,conaway1 ,mr4 
,c>ney1 & ,mr4 ,david ,scott ( ,georgia7
 introduc$ ! foll[+ bill2 :i* 0 ref]r$  
to ! ,committee on ,f9ancial ,s]vices1 &
 9 addition to ! ,committee on          
,agriculture1 = a p]iod to be           
subsequ5tly det]m9$ by ! ,speak]1 9 ea* 
case = consid]ation ( su* provisions z  
fall )9 ! jurisdiction ( ! committee    
conc]n$  ,a ,,bill  ,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 #ahj 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 swaps &         
security-bas$ swaps transact$ betwe5    
,u4,s4 p]sons & non-,u4,s4 p]sons4  7#b7
 ,con/ruction ,! ,commissions %all      
jo9tly issue ! rules requir$ "u p>agraph
 7#a7 not)/&+ any diff]5ce 9 !          
au?orities grant$ ! ,commissions 9      
sections #cj7;c7 & #cf7;c7 ( !          
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #gh;dd7c72 #ghmm7c77 & section
 #b7;i7 ( ! ,commodity ,ex*ange ,act 7#g
 ,u4,s4,c4 #b7;i771 respectively4  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

 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 ,g#bj memb] nations  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 ,g#bj  

memb] nation1 or o!r =eign jurisdiction 
z jo9tly det]m9$ by ! ,commissions1 %all
 be exempt f ,unit$ ,/ates swaps        
requirem5ts 9 accordance ) ! s*$ule set 
=? 9 p>agraph 7#b71 unless !            
,commissions jo9tly det]m9e t !         
regulatory requirem5ts ( ! ,g#bj memb]  
nation or o!r =eign jurisdiction are n  
broadly equival5t to ,unit$ ,/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 ,g#bj memb] nations1 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 ,g#bj memb] nations1 or any o!r    
=eign jurisdiction z jo9tly det]m9$ by !
 ,commissions1 acc\nt+ = ! next five    
l>ge/ comb9$ swap & security-bas$ swap  

m>kets by notional am\nt 9 ! cal5d> ye> 
prec$+ issuance ( su* rules1 #a ye> aft]
 ! date on :i* su* rules are issu$2 &   
7,c7 ! rema9+ ,g#bj memb] nations1 & any
 o!r =eign jurisdiction z jo9tly det]m9$
 by ! ,commissions1 #ah mon?s aft] !    
date on :i* su* rules are issu$4  7#c7  
,crit]ia ,9 su* rules1 ! ,commissions   
%all jo9tly e/abli% crit]ia = det]m9+ t 
"o or m categories ( regulatory         
requirem5ts ( a ,g#bj memb] nation or   
o!r =eign jurisdiction is n broadly     
equival5t to ,unit$ ,/ates swaps        
requirem5ts & %all jo9tly det]m9e !     
appropriate application ( c]ta9 ,unit$  
,/ates swap requirem5ts to p]sons or    
transactions relat+ to or involv+ t     
,g#bj memb] nation or o!r =eign         
jurisdiction4 ,su* crit]ia %all include 
! scope & objectives ( ! regulatory     
requirem5ts ( a ,g#bj memb] nation or   
o!r =eign jurisdiction z well z !       
effectiv5ess ( ! sup]visory compliance  
program adm9i/]$1 & ! en=cem5t au?ority 
ex]cis$1 by su* ,g#bj memb] nation 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 aft] !    
date on :i* f9al rules are issu$ "u ?is 
section1 ! ,commissions %all beg9 to    
jo9tly assess ! regulatory requirem5ts (
 ,g#bj memb] nations1 z ! ,commissions  
jo9tly det]m9e appropriate1 9 accordance
 ) ! crit]ia e/abli%$ pursuant to       
p>agraph 7#c71 to det]m9e if "o or m    
categories ( regulatory requirem5ts ( a 
,g#bj memb] nation or o!r =eign         
jurisdiction is n broadly equival5t to  
,unit$ ,/ates swaps requirem5ts  7e7    
,report to ,congress ,if ! ,commissions 
make ! jo9t det]m9ation describ$ 9      
subsection 7d77#a7 t ! regulatory       
requirem5ts ( ! ,g#bj memb] nation 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 ,g#bj    
memb] nation ref]s to a nation t is a   
memb] nation ( ! ,gr\p ( ,tw5ty ,f9ance 
,m9i/]s & ,c5tral ,bank ,gov]nors4  7#b7
 ,! t]m ,u4,s4 p]son has ! mean+ giv5   
su* t]m 9 section #bcj4ijb7k7 ( title   
#ag1 ,code ( ,f$]al ,regulations4 ,!    
,commissions may1 by rule1 jo9tly revise
 ! def9ition ( ,u4,s4 p]son = purposes (
 ! rules requir$ "u ?is section z !y    
det]m9e appropriate to m effectively    
c>ry out ! purposes ( ?is ,act4  7#c7 ,!
 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