,,ib  ,union ,cal5d> ,no4 #cdh  #aac?   
,,congress  #b;d ,session  ,h4 ,r4 #ddac
  ,report ,no4 #aac-dfi  ,,9 ,,! ,,h\se 
,,( ,,repres5tatives  ,april #g1 #bjad  
,mr4 ,lucas 7= himself1 ,mr4 ,pet]son1  
,mr4 ,conaway1 & ,mr4 ,david ,scott (   
,georgia7 introduc$ ! foll[+ bill2 :i* 0
 ref]r$ to ! ,committee on ,agriculture 
,june #e1 #bjad ,committ$ to !          
,committee ( ! ,:ole ,h\se on ! ,/ate ( 
! ,union & ord]$ to be pr9t$  ,a ,,bill 
,to reau?orize ! ,commodity ,futures    
,trad+ ,commission1 to bett] protect    
futures cu/om]s1 to provide end us]s )  
m>ket c]ta9ty1 to make basic re=ms to   
ensure transp>5cy & acc\ntability at !  
,commission1 to help f>m]s1 ran*]s1 &   
end us]s manage risks to help keep      
consum] co/s l[1 & = o!r purposes4  #a4 
,%ort title ,?is ,act may be cit$ z !   
,cu/om] ,protection & ,end ,us] ,relief 
,act4  #b4 ,table ( cont5ts ,! table (  
cont5ts ( ?is ,act is z foll[s3  ,sec4  
#a4 ,%ort title4 ,sec4 #b4 ,table (     
cont5ts4 ,title ,i--,cu/om] protections 

,sec4 #aja4 ,%ort title4 ,sec4 #ajb4    
,enhanc$ protections = futures cu/om]s4 
,sec4 #ajc4 ,electronic confirmation (  
cu/om] funds4 ,sec4 #ajd4 ,notice &     
c]tifications provid+ additional cu/om] 
protections4 ,sec4 #aje4 ,futures       
commission m]*ant compliance4 ,sec4     
#ajf4 ,c]ta9ty = futures cu/om]s & m>ket
 p>ticipants4 ,sec4 #ajg4 ,/udy on      
high-frequ5cy trad+4 ,title             
,,ii--,commodity ,futures ,trad+        
,commission re=ms ,sec4 #bja4 ,%ort     
title4 ,sec4 #bjb4 ,ext5sion (          
op]ations4 ,sec4 #bjc4 ,consid]ation by 
! ,commodity ,futures ,trad+ ,commission
 ( ! co/s & b5efits ( its regulations & 
ord]s4 ,sec4 #bjd4 ,division directors4 
,sec4 #bje4 ,(fice ( ! ,*ief ,economi/4 
,sec4 #bjf4 ,proc$ures gov]n+ actions   
tak5 )\t a commission vote4 ,sec4 #bjg4 
,/rategic te*nology plan4 ,sec4 #bjh4   
,int]nal risk controls4 ,sec4 #bji4     
,subpo5a duration & r5ewal4 ,sec4 #baj4 
,implem5tation plan = ,commission       
rulemak+s4 ,sec4 #baa4 ,applicability ( 

notice & comm5t requirem5ts ( !         
,adm9i/rative ,proc$ure ,act to guidance
 vot$ on by ! ,commission4 ,sec4 #bab4  
,judicial review ( ,commission rules4   
,sec4 #bac4 ,,gao /udy on adequacy (    
,,cftc res\rces4 ,title ,,iii--,end-us] 
relief ,sec4 #cja4 ,%ort title4         
,subtitle ,a--,end-,us] exemption f m>g9
 requirem5ts ,sec4 #caa4 ,end-us] m>g9  
requirem5ts4 ,sec4 #cab4 ,implem5tation4
 ,subtitle ,b--,int]-,affiliate swaps   
,sec4 #cba4 ,treatm5t ( affiliate       
transactions4 ,subtitle                 
,c--,indemnification requirem5ts relat$ 
to swap data repositories ,sec4 #cca4   
,indemnification requirem5ts4 ,subtitle 
,d--,relief = municipal utilities ,sec4 
#cda4 ,transactions ) utility special   
entities4 ,sec4 #cdb4 ,utility special  
entity def9$4 ,sec4 #cdc4 ,utility      
op]ations-relat$ swap4 ,subtitle        
,e--,end-,us] regulatory relief ,sec4   
#cea4 ,end us]s n treat$ z f9ancial     
entities4 ,sec4 #ceb4 ,report+ (        
illiquid swaps s z to n disadvantage    

c]ta9 non-f9ancial end us]s4 ,sec4 #cec4
 ,relief = gra9 elevator op]ators1      
f>m]s1 agricultural c\nt]p>ties1 &      
comm]cial m>ket p>ticipants4 ,sec4 #ced4
 ,relief = end us]s :o use physical     
contracts ) volumetric optionality4     
,sec4 #cee4 ,commission vote requir$    
be=e automatic *ange ( swap deal] de    
m9imis level4 ,sec4 #cef4 ,capital      
requirem5ts = non-bank swap deal]s4     
,sec4 #ceg4 ,h>monization ) ! ,jump/>t  
,our ,bus9ess ,/>tups ,act4 ,sec4 #ceh4 
,bona fide h$ge def9$ to protect end us]
 risk managem5t ne$s4 ,sec4 #cei4       
,cross-bord] regulation ( d]ivatives    
transactions4 ,subtitle ,f--,effective  
date ,sec4 #cga4 ,effective date4  ,i   
,cu/om] protections  #aja4 ,%ort title  
,?is title may be cit$ z ! ,futures     
,cu/om] ,protection ,act4  #ajb4        
,enhanc$ protections = futures cu/om]s  
,section #ag ( ! ,commodity ,ex*ange    
,act 7#g ,u4,s4,c4 #ba7 is am5d$ by add+
 at ! end ! foll[+3  7s7 ,a regi/]$     
futures association %all--  7#a7 require

 ea* memb] ( ! association t is a       
futures commission m]*ant to ma9ta9     
writt5 policies & proc$ures reg>d+ !    
ma9t5ance (--  7,a7 ! residual int]e/ ( 
! memb]1 z describ$ 9 section #a4bc (   
title #ag1 ,code ( ,f$]al ,regulations1 
9 any cu/om] segregat$ funds acc\nt ( ! 
memb]1 z id5tifi$ 9 section #a4bj ( su* 
title1 & 9 any =eign futures & =eign    
options cu/om] secur$ am\nt funds acc\nt
 ( ! memb]1 z id5tifi$ 9 section #cj4g (
 su* title2 &  7,b7 ! residual int]e/ ( 
! memb]1 z describ$ 9 section           
#bb4b7;e77#d7 ( su* title1 9 any cle>$  
swaps cu/om] collat]al acc\nt ( ! memb]1
 z id5tifi$ 9 section #bb4b ( su* title2
 &  7#b7 e/abli% rules to gov]n !       
)drawal1 transf] or disbursem5t by any  
memb] ( ! association1 t is a futures   
commission m]*ant1 ( ! memb]'s residual 
int]e/ 9 cu/om] segregat$ funds z       
provid$ 9 su* section #a4bj1 9 =eign    
futures & =eign options cu/om] secur$   
am\nt funds1 id5tifi$ z provid$ 9 su*   
section #cj4g1 & f a cle>$ swaps cu/om] 

collat]al1 id5tifi$ z provid$ 9 su*     
section #bb4b4  4  #ajc4 ,electronic    
confirmation ( cu/om] funds ,section #ag
 ( ! ,commodity ,ex*ange ,act 7#g       
,u4,s4,c4 #ba71 z am5d$ by section #ajb 
( ?is ,act1 is am5d$ by add+ at ! end ! 
foll[+3  7t7 ,a regi/]$ futures         
association %all require any memb] ( !  
association t is a futures commission   
m]*ant to--  7#a7 use an electronic     
sy/em or sy/ems to report f9ancial &    
op]ational in=mation to ! association1  
includ+ in=mation relat$ to cu/om]      
segregat$ funds1 =eign futures & =eign  
options cu/om] secur$ am\nt funds       
acc\nts1 & cle>$ swaps cu/om] collat]al1
 9 accordance ) su* t]ms1 conditions1   
docum5tation /&>ds1 & regul> "t int]vals
 z are e/abli%$ by ! association2  7#b7 
in/ruct ea* depository1 includ+ any     
bank1 tru/ company1 d]ivatives cle>+    
organization1 or futures commission     
m]*ant1 hold+ cu/om] segregat$ funds "u 
section #a4bj ( title #ag1 ,code (      
,f$]al ,regulations1 =eign futures &    

=eign options cu/om] secur$ am\nt funds 
"u section #cj4g ( su* title1 or cle>$  
swap cu/om] funds "u section #bb4b ( su*
 title1 to report balances 9 ! futures  
commission m]*ant's section #a4bj cu/om]
 segregat$ funds1 section #cj4g =eign   
futures & =eign options cu/om] secur$   
am\nt funds1 & section #bb4b cle>$ swap 
cu/om] funds1 to ! regi/]$ futures      
association or ano!r p>ty designat$ by !
 regi/]$ futures association1 9 ! =m1   
mann]1 & int]val prescrib$ by ! regi/]$ 
futures association2 &  7#c7 hold       
section #a4bj cu/om] segregat$ funds1   
section #cj4g =eign futures & =eign     
options cu/om] secur$ am\nt funds &     
section #bb4b cle>$ swaps cu/om] funds 9
 a depository t reports ! balances 9 ^! 
acc\nts ( ! futures commission m]*ant   
held at ! depository to ! regi/]$       
futures association or ano!r p>ty       
designat$ by ! regi/]$ futures          
association 9 ! =m1 mann]1 & int]val    
prescrib$ by ! regi/]$ futures          
association4  4  #ajd4 ,notice &        

c]tifications provid+ additional cu/om] 
protections ,section #ag ( ! ,commodity 
,ex*ange ,act 7#g ,u4,s4,c4 #ba71 z     
am5d$ by sections #ajb & #ajc ( ?is     
,act1 is am5d$ by add+ at ! end !       
foll[+3  7u7 ,a futures commission      
m]*ant t has adju/$ net capital 9 an    
am\nt less ?an ! am\nt requir$ by       
regulations e/abli%$ by ! ,commission or
 a self-regulatory organization ( :i* ! 
futures commission m]*ant is a memb]    
%all imm$iately notify ! ,commission & !
 self-regulatory organization ( ?is     
occurr5ce4  7v7 ,a futures commission   
m]*ant t does n hold a suffici5t am\nt (
 funds 9 segregat$ acc\nts = futures    
cu/om]s "u section #a4bj ( title #ag1   
,code ( ,f$]al ,regulations1 9 =eign    
futures & =eign options secur$ am\nt    
acc\nts = =eign futures & =eign options 
secur$ am\nt cu/om]s "u section #cj4g ( 
su* title1 or 9 segregat$ acc\nts =     
cle>$ swap cu/om]s "u section #bb4b (   
su* title1 z requir$ by regulations     
e/abli%$ by ! ,commission or a          

self-regulatory organization ( :i* !    
futures commission m]*ant is a memb]1   
%all imm$iately notify ! ,commission & !
 self-regulatory organization ( ?is     
occurr5ce4  7w7 ,)9 su* "t p]iod        
e/abli%$ by ! ,commission aft] ! end (  
ea* fiscal ye>1 a futures commission    
m]*ant %all file ) ! ,commission a      
report f ! *ief compliance (fic] ( !    
futures commission m]*ant conta9+ an    
assessm5t ( ! int]nal compliance        
programs ( ! futures commission m]*ant4 
4  #aje4 ,futures commission m]*ant     
compliance  7a7 ,9 g5]al ,section       
#d;d7a7 ( ! ,commodity ,ex*ange ,act 7#g
 ,u4,s4,c4 #f;d7a77 is am5d$--  7#a7 by 
r$esignat+ p>agraphs 7#a7 & 7#b7 z      
subp>agraphs 7,a7 & 7,b7 & by mov+ !    
m>g9s ( su* subp>agraphs two ems to !   
"r2  7#b7 by ins]t+ 7#a7 be=e ,x %all be
 unlawful2 &  7#c7 by add+ at ! end !   
foll[+ new p>agraph3  7#b7 ,any rules or
 regulations requir+ a futures          
commission m]*ant to ma9ta9 a residual  
int]e/ 9 acc\nts held = ! b5efit (      

cu/om]s 9 am\nts at lea/ suffici5t to   
exce$ ! sum ( all uncollect$ m>g9       
deficits ( su* cu/om]s %all provide t a 
futures commission m]*ant %all meet its 
residual int]e/ requirem5t z ( ! end (  
ea* bus9ess day calculat$ z ( ! close ( 
bus9ess on ! previ\s bus9ess day4  4    
7b7 ,con=m+ am5dm5t ,section #d;d7h7 ( !
 ,commodity ,ex*ange ,act 7#g ,u4,s4,c4 
#f;d7h77 is am5d$ by /rik+ ,not)/&+     
subsection 7a77#b7 & ins]t+ ,not)/&+    
subsection 7a77#a77;,b74  #ajf4 ,c]ta9ty
 = futures cu/om]s & m>ket p>ticipants  
,section #bj7;a7 ( ! ,commodity ,ex*ange
 ,act 7#g ,u4,s4,c4 #bd7;a77 is am5d$-- 
7#a7 by /rik+ & at ! end ( p>agraph     
7#d72  7#b7 by /rik+ ! p]iod at ! end ( 
p>agraph 7#e7 & ins]t+ 2 &2 &  7#c7 by  
add+ at ! end ! foll[+3  7#f7 t ca%1    
securities1 or o!r prop]ty ( ! e/ate ( a
 commodity brok]1 includ+ ! trad+ or    
op]at+ acc\nts ( ! commodities brok] &  
commodities held 9 inv5tory by !        
commodity brok]1 %all be includ$ 9      
cu/om] prop]ty1 b only to ! ext5t t !   

prop]ty t is o!rwise cu/om] prop]ty is  
insuffici5t to satisfy ! net equity     
claims ( public cu/om]s 7z su* t]m may  
be def9$ by ! ,commission by rule or    
regulation7 ( ! commodity brok]4  4     
#ajg4 ,/udy on high-frequ5cy trad+  7a7 
,9 g5]al ,n lat] ?an "o ye> aft] ! date 
( ! enactm5t ( ?is ,act1 ! ,commodity   
,futures ,trad+ ,commission %all submit 
to ! ,committee on ,agriculture ( !     
,h\se ( ,repres5tatives & ! ,committee  
on ,agriculture1 ,nutrition1 & ,=e/ry ( 
! ,s5ate a report exam9+ ! effect ( !   
practice commonly ref]r$ to z           
high-frequ5cy trad+ on m>kets "u its    
jurisdiction4  7b7 ,specific areas      
exam9$ 9 report ,9 prep>+ ! report      
submitt$ "u subsection 7a71 !           
,commission %all p>ticul>ly exam9e ea* (
 ! foll[+ areas3  7#a7 ,! te*nology1    
p]sonnel1 or o!r res\rces ! ,commission 
may require = purposes ( monitor+ !     
effect ( high-frequ5cy trad+4  7#b7 ,!  
role su* trad+ plays 9 provid+ m>ket    
liquidity4  7#c7 ,:e!r ! te*nology      

creates discrepancies 9 ! m>ketplace    
betwe5 m>ket p>ticipants4  7#d7 ,:e!r ! 
exi/+ au?ority ( ! ,commission ) respect
 to su* trad+ is suffici5t to meet !    
,commission's mission to--  7,a7 protect
 m>ket p>ticipants & ! public f fraud1  
manipulation1 abusive practices1 &      
sy/emic risk relat$ to d]ivatives2 &    
7,b7 fo/] transp>5t1 op51 competitive1 &
 f9ancially s\nd m>kets4  ,,ii          
,commodity ,futures ,trad+ ,commission  
re=ms  #bja4 ,%ort title ,?is title may 
be cit$ z ! ,commodity ,futures ,trad+  
,commission ,re=m ,act4  #bjb4 ,ext5sion
 ( op]ations ,section #ab7;d7 ( !       
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#af7;d77 is am5d$ by /rik+ #bjac &      
ins]t+ #bjah4  #bjc4 ,consid]ation by ! 
,commodity ,futures ,trad+ ,commission (
 ! co/s & b5efits ( its regulations &   
ord]s ,section #ae7;a7 ( ! ,commodity   
,ex*ange ,act 7#g ,u4,s4,c4 #ai7;a77 is 
am5d$ by /rik+ p>agraphs 7#a7 & 7#b7 &  
ins]t+ ! foll[+3  7#a7 ,9 g5]al ,be=e   
promulgat+ a regulation "u ?is ,act or  

issu+ an ord] 7except z provid$ 9       
p>agraph 7#c771 ! ,commission1 ?r\gh !  
,(fice ( ! ,*ief ,economi/1 %all assess 
& publi% 9 ! regulation or ord] ! co/s &
 b5efits1 bo? qualitative &             
quantitative1 ( ! propos$ regulation or 
ord]1 & ! propos$ regulation or ord]    
%all /ate its /atutory ju/ification4    
7#b7 ,consid]ations ,9 mak+ a reason$   
det]m9ation ( ! co/s & ! b5efits1 !     
,commission %all evaluate--  7,a7       
consid]ations ( protection ( m>ket      
p>ticipants & ! public2  7,b7           
consid]ations ( ! effici5cy1            
competitiv5ess1 & f9ancial integrity (  
futures & swaps m>kets2  7,c7           
consid]ations ( ! impact on m>ket       
liquidity 9 ! futures & swaps m>kets2   
7,d7 consid]ations ( price discov]y2    
7,e7 consid]ations ( s\nd risk managem5t
 practices2  7,f7 available alt]natives 
to direct regulation2  7,g7 ! degree &  
nature ( ! risks pos$ by v>i\s          
activities )9 ! scope ( its             
jurisdiction2  7,h7 ! co/s ( comply+ ) !

 propos$ regulation or ord] by all      
regulat$ entities1 includ+ a me?odology 
= quantify+ ! co/s 7recogniz+ t "s co/s 
are difficult to quantify72  7,i7 :e!r !
 propos$ regulation or ord] is          
inconsi/5t1 incompatible1 or duplicative
 ( o!r ,f$]al regulations or ord]s2     
7,j7 :e!r1 9 *oos+ among alt]native     
regulatory approa*es1 ^? approa*es      
maximize net b5efits 7includ+ pot5tial  
economic & o!r b5efits1 di/ributive     
impacts1 & equity72 &  7,k7 o!r public  
int]e/ consid]ations4  4  #bjd4         
,division directors ,section            
#b7;a77#f77;,c7 ( ! ,commodity ,ex*ange 
,act 7#g ,u4,s4,c4 #b7;a77#f77;,c77 is  
am5d$ by ins]t+ 1 & ! heads ( ! units   
%all s]ve at ! pleasure ( ! ,commission1
 report directly to ! ,commission1 &    
p]=m su* functions & duties z !         
,commission may prescribe be=e ! p]iod4 
#bje4 ,(fice ( ! ,*ief ,economi/  7a7 ,9
 g5]al ,section #b7;a7 ( ! ,commodity   
,ex*ange ,act 7#g ,u4,s4,c4 #b7;a77 is  
am5d$ by add+ at ! end ! foll[+3  7#ag7 

,(fice ( ! *ief economi/  7,a7          
,e/abli%m5t ,!re is e/abli%$ 9 !        
,commission ! ,(fice ( ! ,*ief          
,economi/4  7,b7 ,head ,! ,(fice ( !    
,*ief ,economi/ %all be head$ by ! ,*ief
 ,economi/1 :o %all be appo9t$ by !     
,commission & s]ve at ! pleasure ( !    
,commission4  7,c7 ,functions ,! ,*ief  
,economi/ %all report directly to !     
,commission & p]=m su* functions &      
duties z ! ,commission may prescribe4   
7,d7 ,pr(essional /aff ,! ,commission   
%all appo9t su* o!r economi/s z may be  
necess>y to assi/ ! ,*ief ,economi/ 9   
p]=m+ su* economic analysis1 regulatory 
co/-b5efit analysis1 or rese>* !        
,commission may direct4  4  7b7 ,con=m+ 
am5dm5t ,section #b7;a77#f77;,a7 ( su*  
,act 7#g ,u4,s4,c4 #b7;a77#f77;,a77 is  
am5d$ by /rik+ 7#d7 & 7#e7 & ins]t+     
7#d71 7#e71 & 7#ag74  #bjf4 ,proc$ures  
gov]n+ actions tak5 )\t a commission    
vote ,section #b7;a77#ab7 ( ! ,commodity
 ,ex*ange ,act 7#g ,u4,s4,c4            
#b7;a77#ab77 is am5d$--  7#a7 by /rik+  

7#ab7 ,! & ins]t+ ! foll[+3  7#ab7      
,rules & regulations  7,a7 ,9 g5]al     
,subject to ! o!r provisions ( ?is      
p>agraph1 !  2 &  7#b7 by add+ aft] &   
bel[ ! end ! foll[+ new subp>agraph3    
7,b7 ,notice to commission  7i7 ,g5]al  
rule ,a division or (fice ( !           
,commission may n issue an int]pretive  
rule ( g5]al applicability1 a /atem5t ( 
g5]al policy1 a response to a =mal1     
writt5 reque/ or petition f any memb] ( 
! public = guidance1 or an exemptive1 a 
no-action1 or an int]pretive lett]1     
unless1 at lea/ #g cal5d> days be=e !   
issuance1 ! division or (fice has       
provid$ ! ,commission ) a copy ( ! matt]
 to be issu$4  7ii7 ,opportunity = meet+
 requir$ ,aft] receiv+ a copy ( ! matt] 
provid$ 9 accordance ) clause 7i71 any  
memb] ( ! ,commission may reque/ t !    
,commission hold a meet+ to review !    
matt]1 & ! ,*airman %all imm$iately put 
any su* reque/ = a meet+ be=e !         
,commission1 & if ! ,commission decides 
to hold ! meet+ by a majority vote1 !   

matt] may n be issu$ until ! ,commission
 has conclud$ ! meet+4  7iii7           
,limitations on applicability ,by a     
majority vote1 ! ,commission may waive !
 #g-;day prior notice requirem5t (      
clause 7i7 :5 ! ,commission f9ds t      
requir+ su* a notice w\ld be            
impracticable1 unnecess>y1 or contr>y to
 ! public int]e/4  4  #bjg4 ,/rategic   
te*nology plan ,section #b7;a7 ( !      
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#b7;a771 z am5d$ by section #bjd7;a7 (  
?is ,act1 is am5d$ by add+ at ! end !   
foll[+3  7#ah7 ,/rategic te*nology plan 
7,a7 ,9 g5]al ,e #e ye>s1 ! ,commission 
%all develop & submit to ! ,committee on
 ,agriculture ( ! ,h\se (               
,repres5tatives & ! ,committee on       
,agriculture1 ,nutrition1 & ,=e/ry ( !  
,s5ate a detail$ plan focus$ on !       
acquisition & use ( te*nology by !      
,commission4  7,b7 ,cont5ts ,! plan     
%all--  7i7 include = ea* relat$        
division or (fice a detail$ te*nology   
/rategy focus$ exclusively on m>ket     

surveillance & risk detection1 m>ket    
data collection1 aggregation1           
int]pretation1 /&>dization1             
h>monization1 /reaml9+1 & int]nal       
managem5t & protection ( data collect$  
by ! ,commission1 includ+ a detail$     
acc\nt+ ( h[ ! funds provid$ = te*nology
 w be us$ & ! priorities t w apply 9 !  
use ( ! funds2 &  7ii7 set =? annual    
goals to be accompli%$ & annual budgets 
ne$$ to accompli% ! goals4  4  #bjh4    
,int]nal risk controls  7a7 ,9 g5]al    
,section #b7;a77#ab7 ( ! ,commodity     
,ex*ange ,act 7#g ,u4,s4,c4             
#b7;a77#ab771 z am5d$ by section #bjf ( 
?is ,act1 is am5d$ by add+ at ! end !   
foll[+3  7,c7 ,int]nal risk controls ,! 
,commission /aff & ! ,*ief ,economi/    
%all develop compreh5sive int]nal risk  
control me*anisms to safegu>d & gov]n ! 
/orage ( all m>ket data by !            
,commission1 all m>ket data %>+         
agreem5ts ( ! ,commission1 & all        
academic rese>* p]=m$ at ! ,commission  
us+ m>ket data4  4  7b7 ,reports to !   

,congress  7#a7 ,cont5t ,! ,commission  
%all submit to ! ,committee on          
,agriculture ( ! ,h\se ( ,repres5tatives
 & ! ,committee on ,agriculture1        
,nutrition1 & ,=e/ry ( ! ,s5ate #b      
reports on ! progress made 9 implem5t+ !
 int]nal risk controls provid$ = 9      
section #b7;a77#ab77;,c7 ( ! ,commodity 
,ex*ange ,act4  7#b7 ,tim+ ,!           
,commission %all submit ! #a/ report    
requir$ by p>agraph 7#a7 )9 #fj days    
aft] ! date ( ! enactm5t ( ?is ,act1 & !
 #bnd su* report )9 #abj days aft] su*  
date ( enactm5t4  #bji4 ,subpo5a        
duration & r5ewal ,section #f7;c77#e7 ( 
! ,commodity ,ex*ange ,act 7#g ,u4,s4,c4
 #i7e77 is am5d$--  7#a7 by /rik+ 7#e7  
,subpo5a4--,= & ins]t+ ! foll[+3  7#e7  
,subpo5a  7,a7 ,9 g5]al ,=  2 &  7#b7 by
 add+ aft] & bel[ ! end ! foll[+3  7,b7 
,cont5t ( subpo5a ord] ,an ord] ( !     
,commission au?oriz+ ! issuance ( a     
subpo5a--  7i7 %all /ate 9 good fai? !  
purpose ( ! inve/igation2  7ii7 %all    
require only ! provision ( in=mation    

reasonably relevant to t purpose2 &     
7iii7 %all n be = an indef9ite duration4
  7,c7 ,r5ewal ,an ord] issu$ "u ?is    
p>agraph may be r5ew$ only by           
,commission action4  4  #baj4           
,implem5tation plan = ,commission       
rulemak+s ,section #b7;a77#ab7 ( !      
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#b7;a77#ab771 z am5d$ by sections #bjf &
 #bjh7;a7 ( ?is ,act1 is am5d$ by add+  
at ! end ! foll[+3  7,e7 ,requirem5t to 
publi% implem5tation plan = ,commission 
rules ,! ,commission %all direct its    
/aff to develop & publi% 9 any propos$  
rule a plan =--  7i7 :5 & = h[ long !   
propos$ rule w be subject to public     
comm5t2 &  7ii7 by :5 compliance ) !    
f9al rule w be requir$4  4  #baa4       
,applicability ( notice & comm5t        
requirem5ts ( ! ,adm9i/rative ,proc$ure 
,act to guidance vot$ on by !           
,commission ,section #b7;a77#ab7 ( !    
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#b7;a77#ab771 z am5d$ by sections #bjf1 
#bjh7;a71 & #baj ( ?is ,act1 is am5d$ by

 add+ at ! end ! foll[+3  7,f7          
,applicability ( notice & comm5t rules  
to guidance vot$ on by ! ,commission ,! 
notice & comm5t requirem5ts ( *apt] #e (
 title #e1 ,unit$ ,/ates ,code1 %all    
also apply ) respect to any guidance    
issu$ by ! ,commission aft] be+ vot$ on 
by ! ,commission4  4  #bab4 ,judicial   
review ( ,commission rules ,! ,commodity
 ,ex*ange ,act 7#g ,u4,s4,c4 #a et seq47
 is am5d$ by add+ at ! end ! foll[+3    
#bd4 ,judicial review ( commission rules
  7a7 ,a p]son aggriev$ by a f9al rule (
 ! ,commission "u ?is ,act may obta9    
review ( ! rule 9 ! ,unit$ ,/ates ,c\rt 
( ,appeals = ! ,di/rict ( ,columbia     
,circuit or ! ,unit$ ,/ates ,c\rt (     
,appeals = ! circuit :]e ! p>ty resides1
 by fil+ 9 ! c\rt1 )9 #fj days aft]     
publication 9 ! ,f$]al ,regi/] ( ! entry
 ( ! rule1 a writt5 petition reque/+ t !
 rule be modifi$ or set aside 9 :ole or 
9 "p4  7b7 ,a copy ( ! petition %all be 
transmitt$ =?) by ! cl]k ( ! c\rt to an 
(fic] designat$ by ! ,commission = t    

purpose4 ,!reupon ! ,commission %all    
file 9 ! c\rt ! record on :i* ! rule    
compla9$ ( is ent]$1 z provid$ 9 section
 #baab ( title #bh1 ,unit$ ,/ates ,code1
 & ! ,f$]al ,rules ( ,appellate         
,proc$ure4  7c7 ,on ! fil+ ( ! petition1
 ! c\rt has jurisdiction1 :i* becomes   
exclusive on ! fil+ ( ! record1 to      
affirm or modify & en=ce or to set aside
 ! rule 9 :ole or 9 "p4  7d7 ,! f9d+s ( 
! ,commission z to ! facts id5tifi$ by !
 ,commission z ! basis1 9 :ole or 9 "p1 
( ! rule1 if support$ by sub/antial     
evid5ce1 are conclusive4 ,! c\rt %all   
affirm & en=ce ! rule unless !          
,commission's action 9 promulgat+ ! rule
 is f\nd to be arbitr>y1 caprici\s1 an  
abuse ( discretion1 or o!rwise n 9      
accordance ) law2 contr>y to            
con/itutional "r1 p[]1 privilege1 or    
immunity2 9 excess ( /atutory           
jurisdiction1 au?ority1 or limitations1 
or %ort ( /atutory "r2 or )\t obs]vance 
( proc$ure requir$ by law4  7e7 ,if ei!r
 p>ty applies to ! c\rt = leave to      

adduce additional evid5ce & %[s to !    
satisfaction ( ! c\rt t ! additional    
evid5ce is mat]ial & t !re 0 reasonable 
gr\nd = failure to adduce x be=e !      
,commission1 ! c\rt may rem& ! case to !
 ,commission = fur!r proce$+s1 9 :atev] 
mann] & on :atev] conditions ! c\rt     
consid]s appropriate4 ,if ! case is     
rem&$ to ! ,commission1 x %all file 9 ! 
c\rt a supplem5tal record conta9+ any   
new evid5ce1 any fur!r or modifi$ f9d+s1
 & any new ord]4  4  #bac4 ,,gao /udy on
 adequacy ( ,,cftc res\rces  7a7 ,/udy  
,! ,comptroll] ,g5]al ( ! ,unit$ ,/ates 
%all conduct a /udy ( ! res\rces ( !    
,commodity ,futures ,trad+ ,commission  
t--  7#a7 assesses :e!r ! res\rces ( !  
,commission are suffici5t to enable !   
,commission to effectively c>ry out !   
duties ( ! ,commission2 &  7#b7 exam9es 
! prior exp5ditures ( ! ,commission on  
h>dw>e1 s(tw>e1 & analytical processes  
design$ to protect cu/om]s 9 ! areas (--
  7,a7 m>ket surveillance & risk        
detection2 &  7,b7 m>ket data           

collection1 aggregation1 int]pretation1 
/&>dization1 h>monization1 & /reaml9+4  
7b7 ,report ,n lat] ?an #ahj days aft] !
 date ( ! enactm5t ( ?is ,act1 !        
,comptroll] ,g5]al ( ! ,unit$ ,/ates    
%all submit to ! ,committee on          
,agriculture ( ! ,h\se ( ,repres5tatives
 & ! ,committee on ,agriculture1        
,nutrition1 & ,=e/ry ( ! ,s5ate a report
 t conta9s ! results ( ! /udy4  ,,iii   
,end-us] relief  #cja4 ,%ort title ,?is 
title may be cit$ z ! ,end-,us] ,relief 
& ,m>ket ,c]ta9ty ,act4  ,a ,end-,us]   
exemption f m>g9 requirem5ts  #caa4     
,end-us] m>g9 requirem5ts ,section      
#ds7e7 ( ! ,commodity ,ex*ange ,act 7#g 
,u4,s4,c4 #fs7e77 is am5d$ by add+ at ! 
end ! foll[+ new p>agraph3  7#d7        
,applicability ) respect to c\nt]p>ties 
,! requirem5ts ( p>agraphs 7#b77;,a77ii7
 & 7#b77;,b77ii71 includ+ ! initial &   
v>iation m>g9 requirem5ts impos$ by     
rules adopt$ pursuant to p>agraphs      
7#b77;,a77ii7 & 7#b77;,b77ii71 %all n   
apply to a swap 9 :i* a c\nt]p>ty       

qualifies = an exception "u section     
#b7;h77#g77;,a71 or an exemption issu$  
"u section #d7;c77#a7 f ! requirem5ts ( 
section #b7;h77#a77;,a7 = coop]ative    
entities z def9$ 9 su* exemption1 or    
satisfies ! crit]ia 9 section           
#b7;h77#g77;,d74  4  #cab4              
,implem5tation ,! am5dm5t made by ?is   
subtitle %all be implem5t$--  7#a7 )\t  
reg>d to--  7,a7 *apt] #ce ( title #dd1 
,unit$ ,/ates ,code2 &  7,b7 ! notice & 
comm5t provisions ( section #eec ( title
 #e1 ,unit$ ,/ates ,code2  7#b7 ?r\gh ! 
promulgation ( an int]im f9al rule1     
pursuant to :i* public comm5t w be s\ght
 be=e a f9al rule is issu$2 &  7#c7 su* 
t p>agraph 7#a7 %all apply solely to    
*anges to rules & regulations1 or       
propos$ rules & regulations1 t are      
limit$ to & directly a consequ5ce ( !   
am5dm5t4  ,b ,int]-,affiliate swaps     
#cba4 ,treatm5t ( affiliate transactions
  7a7 ,9 g5]al ,section                 
#b7;h77#g77;,d77i7 ( ! ,commodity       
,ex*ange ,act 7#g ,u4,s4,c4             

#b7;h77#g77;,d77i77 is am5d$ to read z  
foll[s3  7i7 ,9 g5]al ,an affiliate ( a 
p]son t qualifies = an exception "u     
subp>agraph 7,a7 7includ+ affiliate     
entities pr$om9antly engag$ 9 provid+   
f9anc+ = ! pur*ase ( ! m]*&ise or       
manufactur$ goods ( ! p]son7 may qualify
 = ! exception only if ! affiliate ent]s
 into ! swap to h$ge or mitigate !      
comm]cial risk ( ! p]son or o!r         
affiliate ( ! p]son t is n a f9ancial   
entity1 provid$ t if ! transf] (        
comm]cial risk is address$ by ent]+ into
 a swap ) a swap deal] or major swap    
p>ticipant1 a cr$it support measure or  
o!r me*anism is utiliz$4  4  7b7        
,applicability ( cr$it support measure  
requirem5t ,not)/&+ section #cga ( ?is  
,act1 ! requirem5t 9 section            
#b7;h77#g77;,d77i7 ( ! ,commodity       
,ex*ange ,act1 z am5d$ by subsection    
7a71 requir+ t a cr$it support measure  
or o!r me*anism be utiliz$ if ! transf] 
( comm]cial risk ref]r$ to 9 su* section
 is address$ by ent]+ into a swap ) a   

swap deal] or major swap p>ticipant1    
%all n apply ) respect to swaps ent]$   
into be=e ! date ( ! enactm5t ( ?is     
,act4  ,c ,indemnification requirem5ts  
relat$ to swap data repositories  #cca4 
,indemnification requirem5ts  7a7       
,d]ivatives cle>+ organizations ,section
 #e;b7k77#e7 ( ! ,commodity ,ex*ange    
,act 7#g ,u4,s4,c4 #g;a-#a7k77#e77 is   
am5d$ to read z foll[s3  7#e7           
,confid5tiality agreem5t ,be=e !        
,commission may %>e in=mation ) any     
entity describ$ 9 p>agraph 7#d71 !      
,commission %all receive a writt5       
agreem5t f ea* entity /at+ t ! entity   
%all abide by ! confid5tiality          
requirem5ts describ$ 9 section #h relat+
 to ! in=mation on swap transactions t  
is provid$4  4  7b7 ,swap data          
repositories ,section #ba7;d7 ( su* ,act
 7#g ,u4,s4,c4 #bd;a7d77 is am5d$ to    
read z foll[s3  7d7 ,confid5tiality     
agreem5t ,be=e ! swap data repository   
may %>e in=mation ) any entity describ$ 
9 subsection 7c77#g71 ! swap data       

repository %all receive a writt5        
agreem5t f ea* entity /at+ t ! entity   
%all abide by ! confid5tiality          
requirem5ts describ$ 9 section #h relat+
 to ! in=mation on swap transactions t  
is provid$4  4  ,d ,relief = municipal  
utilities  #cda4 ,transactions ) utility
 special entities ,section #a;a7#di7 ( !
 ,commodity ,ex*ange ,act 7#g ,u4,s4,c4 
#a;a7#di77 is am5d$ by add+ at ! end !  
foll[+3  7,e7 ,c]ta9 transactions ) a   
utility special entity  7i7             
,transactions 9 utility op]ations-relat$
 swaps %all be report$ pursuant to      
section #dr4  7ii7 ,9 mak+ a det]m9ation
 to exempt pursuant to subp>agraph 7,d71
 ! ,commission %all treat a utility     
op]ations-relat$ swap ent]$ into ) a    
utility special entity1 z def9$ 9       
section #ds7h77#b77;,d71 z if x 7 ent]$ 
into ) an entity t is n a special       
entity1 z def9$ 9 section               
#ds7h77#b77;,c74  4  #cdb4 ,utility     
special entity def9$ ,section #ds7h77#b7
 ( ! ,commodity ,ex*ange ,act 7#g       

,u4,s4,c4 #fs7h77#b77 is am5d$ by add+  
at ! end ! foll[+3  7,d7 ,utility       
special entity ,= purposes ( ?is ,act1 !
 t]m utility special entity means a     
special entity1 or any in/rum5tality1   
dep>tm5t1 or corporation ( or e/abli%$  
by a ,/ate or political subdivision ( a 
,/ate1 t--  7i7 owns or op]ates an      
electric or natural gas facility or an  
electric or natural gas op]ation2  7ii7 
supplies natural gas & or electric en]gy
 to ano!r utility special entity2  7iii7
 has public s]vice obligations "u       
,f$]al1 ,/ate1 or local law or          
regulation to deliv] electric en]gy or  
natural gas s]vice to cu/om]s2 or  7iv7 
is a ,f$]al p[] m>ket+ ag5cy1 z def9$ 9 
section #c ( ! ,f$]al ,p[] ,act4  4     
#cdc4 ,utility op]ations-relat$ swap    
7a7 ,swap fur!r def9$ ,section          
#a;a7#dg77;,a77iii7 ( ! ,commodity      
,ex*ange ,act 7#g ,u4,s4,c4             
#a;a7#dg77;,a77iii77 is am5d$--  7#a7 by
 /rik+ & at ! end ( subclause 7,,xxi72  
7#b7 by add+ & at ! end ( subclause     

7,,xxii72 &  7#c7 by add+ at ! end !    
foll[+3  7,,xxiii7 a utility            
op]ations-relat$ swap2  4  7b7 ,utility 
op]ations-relat$ swap def9$ ,section    
#a;a ( su* ,act 7#g ,u4,s4,c4 #a;a7 is  
am5d$ by add+ at ! end ! foll[+3  7#eb7 
,utility op]ations-relat$ swap ,! t]m   
utility op]ations-relat$ swap means a   
swap t--  7,a7 is ent]$ into to h$ge or 
mitigate a comm]cial risk2  7,b7 is n a 
contract1 agreem5t1 or transaction bas$ 
on1 d]iv$ on1 or ref]5c+--  7i7 an      
int]e/ rate1 cr$it1 equity1 or curr5cy  
asset class2 or  7ii7 a metal1          
agricultural commodity1 or crude oil or 
gasol9e commodity ( any grade1 except z 
us$ z fuel = electric en]gy g5]ation2 & 
7,c7 is associat$ )--  7i7 ! g5]ation1  
production1 pur*ase1 or sale ( natural  
gas or electric en]gy1 ! supply (       
natural gas or electric en]gy to a      
utility1 or ! deliv]y ( natural gas or  
electric en]gy s]vice to utility        
cu/om]s2  7ii7 all fuel supply = !      
facilities or op]ations ( a utility2    

7iii7 compliance ) an electric sy/em    
reliability obligation2  7iv7 compliance
 ) an en]gy1 en]gy effici5cy1           
cons]vation1 or r5ewable en]gy or       
environm5tal /atute1 regulation1 or     
gov]nm5t ord] applicable to a utility2  
or  7v7 any o!r electric en]gy or       
natural gas swap to :i* a utility is a  
p>ty4  4  ,e ,end-,us] regulatory relief
  #cea4 ,end us]s n treat$ z f9ancial   
entities  7a7 ,9 g5]al ,section         
#b7;h77#g77;,c77iii7 ( ! ,commodity     
,ex*ange ,act 7#g ,u4,s4,c4             
#b7;h77#g77;,c77iii77 is am5d$ to read z
 foll[s3  7iii7 ,limitation ,su*        
def9ition %all n include an entity--    
7,i7 ^: prim>y bus9ess is provid+       
f9anc+1 & :o uses d]ivatives = ! purpose
 ( h$g+ und]ly+ comm]cial risks relat$  
to int]e/ rate & =eign curr5cy          
exposures1 #ij p]c5t or m ( :i* arise f 
f9anc+ t facilitates ! pur*ase or lease 
( products1 #ij p]c5t or m ( :i* are    
manufactur$ by ! p>5t company or ano!r  
subsidi>y ( ! p>5t company2 or  7,,ii7  

:o is n sup]vis$ by a prud5tial         
regulator1 & is n describ$ 9 any (      
subclauses 7,i7 ?r\gh 7,,vii7 ( clause  
7i71 &--  7aa7 is a comm]cial m>ket     
p>ticipant & is consid]$ a f9ancial     
entity "u clause 7i77,,viii7 because !  
entity pr$om9antly engages 9 physical   
deliv]y contracts2 or  7bb7 ent]s into  
swaps1 contracts = future deliv]y1 & o!r
 d]ivatives on behalf (1 or to h$ge or  
mitigate ! comm]cial risk (1 :e!r       
directly or 9 ! aggregate1 affiliates t 
are n s sup]vis$ or describ$4  4  7b7   
,comm]cial m>ket p>ticipant def9$  7#a7 
,9 g5]al ,section #a;a ( su* ,act 7#g   
,u4,s4,c4 #a;a7 is am5d$ by r$esignat+  
p>agraphs 7#h7 ?r\gh 7#ea7 z p>agraphs  
7#i7 ?r\gh 7#eb71 respectively1 & by    
ins]t+ aft] p>agraph 7#f7 ! foll[+3     
7#g7 ,comm]cial m>ket p>ticipant ,! t]m 
comm]cial m>ket p>ticipant means any    
produc]1 processor1 m]*ant1 or comm]cial
 us] ( an exempt or agricultural        
commodity1 or ! products or byproducts (
 su* a commodity4  4  7#b7 ,con=m+      

am5dm5ts  7,a7 ,section #a;a ( su* ,act 
7#g ,u4,s4,c4 #a;a7 is am5d$--  7i7 9   
subp>agraph 7,a7 ( p>agraph 7#ah7 7z s  
r$esignat$ by p>agraph 7#a7 ( ?is       
subsection71 9 ! matt] prec$+ clause    
7i71 by /rik+ 7#ah77;,a7 & ins]t+       
7#ai77;,a72 &  7ii7 9 subp>agraph       
7,a77vii7 ( p>agraph 7#ai7 7z s         
r$esignat$ by p>agraph 7#a7 ( ?is       
subsection71 9 ! matt] foll[+ subclause 
7,,iii71 by /rik+ 7#ag77;,a7 & ins]t+   
7#ah77;,a74  7,b7 ,section              
#d7;c77#a77;,a77i77,i7 ( su* ,act 7#g   
,u4,s4,c4 #f7;c77#a77;,a77i77,i77 is    
am5d$ by /rik+ 7#g71 p>agraph           
7#ah77;,a77vii77,,iii71 p>agraphs 7#bc71
 7#bd71 7#ca71 7#cb71 7#ch71 7#ci71     
7#da71 7#db71 7#df71 7#dg71 7#dh71 &    
7#di7 & ins]t+ 7#h71 p>agraph           
7#ai77;,a77vii77,,iii71 p>agraphs 7#bd71
 7#be71 7#cb71 7#cc71 7#ci71 7#dj71     
7#db71 7#dc71 7#dg71 7#dh71 7#di71 &    
7#ej74  7,c7 ,section #dq7a77#a7 ( su*  
,act 7#g ,u4,s4,c4 #fo-#a7;a77#a77 is   
am5d$ by /rik+ #a;a7#i7 & ins]t+        

#a;a7#aj74  7,d7 ,section               
#ds7f77#a77;,d7 ( su* ,act 7#g ,u4,s4,c4
 #fs7f77#a77;,d77 is am5d$ by /rik+     
#a;a7#dg77;,a77v7 & ins]t+              
#a;a7#dh77;,a77v74  7,e7 ,section       
#ds7h77#e77;,a77i7 ( su* ,act 7#g       
,u4,s4,c4 #fs7h77#e77;,a77i77 is am5d$  
by /rik+ #a;a7#ah7 & ins]t+ #a;a7#ai74  
7,f7 ,section #dt7b77#a77;,c7 ( su* ,act
 7#g ,u4,s4,c4 #ft7b77#a77;,c77 is am5d$
 by /rik+ #a;a7#dg77;,a77v7 & ins]t+    
#a;a7#dh77;,a77v74  7,g7 ,section       
#e7;d77#bc7 ( su* ,act 7#g ,u4,s4,c4    
#g7;d77#bc77 is am5d$ by /rik+          
#a;a7#dg77;,a77v7 & ins]t+              
#a;a7#dh77;,a77v74  7,h7 ,section       
#e7;e77#a7 ( su* ,act 7#g ,u4,s4,c4     
#g7;e77#a77 is am5d$ by /rik+ #a;a7#i7 &
 ins]t+ #a;a7#aj74  7,i7 ,section       
#e;b7k77#c77;,a7 ( su* ,act 7#g         
,u4,s4,c4 #g;a-#a7k77#c77;,a77 is am5d$ 
by /rik+ #a;a7#dg77;,a77v7 & ins]t+     
#a;a7#dh77;,a77v74  7,j7 ,section       
#e;c7c77#d77;,b7 ( su* ,act 7#g         
,u4,s4,c4 #g;a-#b7;c77#d77;,b77 is am5d$

 by /rik+ #a;a7#aj7 & ins]t+ #a;a7#aa74 
7,k7 ,section #e;h7f77#aj77;,a77iii7 (  
su* ,act 7#g ,u4,s4,c4                  
#g;b-#c7;f77#aj77;,a77iii77 is am5d$ by 
/rik+ #a;a7#dg77;,a77v7 & ins]t+        
#a;a7#dh77;,a77v74  7,l7 ,section       
#ba7;f77#d77;,c7 ( su* ,act 7#g         
,u4,s4,c4 #bd;a7f77#d77;,c77 is am5d$ by
 /rik+ #a;a7#dh7 & ins]t+ #a;a7#di74    
#ceb4 ,report+ ( illiquid swaps s z to n
 disadvantage c]ta9 non-f9ancial end    
us]s ,section #b7;a77#ac7 ( ! ,commodity
 ,ex*ange ,act 7#g ,u4,s4,c4            
#b7;a77#ac77 is am5d$--  7#a7 9         
subp>agraph 7,c71 by /rik+ ,!           
,commission & ins]t+ ,except z provid$ 9
 subp>agraph 7,d71 ! ,commission2 &     
7#b7 by r$esignat+ subp>agraphs 7,d7    
?r\gh 7,g7 z subp>agraphs 7,e7 ?r\gh    
7,h71 respectively1 & ins]t+ aft]       
subp>agraph 7,c7 ! foll[+3  7,d7        
,requirem5ts = swap transactions 9      
illiquid m>kets ,not)/&+ subp>agraph    
7,c73  7i7 ,! ,commission %all provide  
by rule = ! public report+ ( swap       

transactions1 includ+ price & volume    
data1 9 illiquid m>kets t are n cle>$ & 
ent]$ into by a non-f9ancial entity t is
 h$g+ or mitigat+ comm]cial risk 9      
accordance ) subsection 7h77#g77;,a74   
7ii7 ,! ,commission %all ensure t ! swap
 transaction in=mation ref]r$ to 9      
clause 7i7 ( ?is subp>agraph is         
available to ! public no soon] ?an #cj  
days aft] ! swap transaction has be5    
execut$ or at su* lat] date z !         
,commission det]m9es appropriate to     
protect ! id5tity ( p>ticipants &       
positions 9 illiquid m>kets & to prev5t 
! elim9ation or r$uction ( m>ket        
liquidity4  7iii7 ,9 ?is subp>agraph1 ! 
t]m illiquid m>kets means any m>ket 9   
:i* ! volume & frequ5cy ( trad+ 9 swaps 
is at su* a level z to all[             
id5tification ( individual m>ket        
p>ticipants4  4  #cec4 ,relief = gra9   
elevator op]ators1 f>m]s1 agricultural  
c\nt]p>ties1 & comm]cial m>ket          
p>ticipants ,! ,commodity ,ex*ange ,act 
7#g ,u4,s4,c4 #a et seq47 is am5d$ by   

ins]t+ aft] section #dt ! foll[+3  #du4 
,recordkeep+ requirem5ts applicable to  
non-regi/]$ memb]s ( c]ta9 regi/]$      
entities ,except z provid$ 9 section    
#d7;a77#c71 a memb] ( a designat$       
contract m>ket or a swap execution      
facility t is n regi/]$ ) ! ,commission 
& n requir$ to be regi/]$ ) !           
,commission 9 any capacity %all satisfy 
! recordkeep+ requirem5ts ( ?is ,act &  
any recordkeep+ rule1 ord]1 or          
regulation "u ?is ,act by ma9ta9+ a     
writt5 record ( ea* transaction 9 a     
contract = future deliv]y1 option on a  
future1 swap1 swaption1 trade option1 or
 relat$ ca% or =w>d transaction4 ,!     
writt5 record %all be suffici5t if x    
includes ! f9al agreem5t betwe5 ! p>ties
 & ! mat]ial economic t]ms ( !          
transaction & is id5tifiable & se>*able 
by transaction4  4  #ced4 ,relief = end 
us]s :o use physical contracts )        
volumetric optionality ,section         
#a;a7#dg77;,b77ii7 ( ! ,commodity       
,ex*ange ,act 7#g ,u4,s4,c4             

#a;a7#dg77;,b77ii77 is am5d$ to read z  
foll[s3  7ii7 any pur*ase or sale ( a   
nonf9ancial commodity or security =     
def]r$ %ipm5t or deliv]y1 s long z !    
transaction is int5d$ to be physically  
settl$1 includ+ any /&-alone or emb$d$  
option = :i*--  7,i7 ex]cise results 9 a
 physical deliv]y obligation2  7,,ii7 _c
 be sev]$ or m>ket$ sep>ately f ! ov]all
 transaction = ! purpose ( f9ancial     
settlem5t2 &  7,,iii7 bo? p>ties are    
comm]cial m>ket p>ticipants4  4  #cee4  
,commission vote requir$ be=e automatic 
*ange ( swap deal] de m9imis level      
,section #a;a7#di77;,d7 ( ! ,commodity  
,ex*ange ,act 7#g ,u4,s4,c4             
#a;a7#di77;,d77 is am5d$--  7#a7 by     
/rik+ all t prec$es %all exempt & ins]t+
 ! foll[+3  7,d7 ,de m9imis exception   
7i7 ,9 g5]al ,! ,commission  2 &  7#b7  
by add+ aft] & bel[ ! end ! foll[+ new  
clause3  7ii7 ,! de m9imis quantity (   
swap deal+ z describ$ 9 clause 7i7 t is 
curr5tly set at a quantity (            
#h1jjj1jjj1jjj %all only be am5d$ or    

r$uc$ ?r\gh a new affirmative action ( !
 ,commission und]tak5 by rule or        
regulation4  4  #cef4 ,capital          
requirem5ts = non-bank swap deal]s      
,section #ds7e7 ( ! ,commodity ,ex*ange 
,act 7#g ,u4,s4,c4 #fs7e77 is am5d$--   
7#a7 9 p>agraph 7#b77;,b71 by ins]t+ 1 9
 consultation ) ! prud5tial regulators &
 ! ,securities & ,ex*ange ,commission1  
be=e %all2 &  7#b7 9 p>agraph           
7#c77;,d7--  7,a7 9 clause 7ii71 by     
/rik+ %all1 to ! maximum ext5t          
practicable1 & ins]t+ %all2 &  7,b7 by  
add+ at ! end ! foll[+3  7iii7 ,f9ancial
 models ,to ! ext5t t swap deal]s &     
major swap p>ticipants t are banks are  
p]mitt$ to use f9ancial models approv$  
by ! prud5tial regulators or !          
,securities & ,ex*ange ,commission to   
calculate m9imum capital requirem5ts &  
m9imum initial & v>iation m>g9          
requirem5ts1 includ+ ! use ( non-ca%    
collat]al1 ! ,commission %all1 9        
consultation ) ! prud5tial regulators & 
! ,securities & ,ex*ange ,commission1   

p]mit ! use ( comp>able f9ancial models 
by swap deal]s & major swap p>ticipants 
t are n banks4  4  #ceg4 ,h>monization )
 ! ,jump/>t ,our ,bus9ess ,/>tups ,act  
,)9 #ij days aft] ! date ( ! enactm5t ( 
?is ,act1 ! ,commodity ,futures ,trad+  
,commission %all--  7#a7 revise section 
#d4g7;b7 ( title #ag1 ,code ( ,f$]al    
,regulations1 9 ! matt] prec$+ p>agraph 
7#a71 to read z foll[s3  7b7 ,relief    
available to commodity pool op]ators4   
,^u fil+ ! notice requir$ by p>agraph   
7d7 ( ?is section1 & subject to         
compliance ) ! conditions specifi$ 9    
p>agraph 7d7 ( ?is section1 any regi/]$ 
commodity pool op]ator :o sells         
p>ticipations 9 a pool solely to        
qualifi$ eligible p]sons 9 an (f]+ :i*  
qualifies = exemption f ! regi/ration   
requirem5ts ( ! ,securities ,act        
pursuant to section #d7b7 ( t ,act or   
pursuant to ,regulation ,s1 #ag ,,cfr   
#bcj4ija et seq41 & any bank regi/]$ z a
 commodity pool op]ator 9 connection ) a
 pool t is a collective tru/ fund ^:    

securities are exempt f regi/ration "u !
 ,securities ,act pursuant to section   
#c7;a77#b7 ( t ,act & are sold solely to
 qualifi$ eligible p]sons1 may claim any
 or all ( ! foll[+ relief ) respect to  
su* pool3  2 &  7#b7 revise section     
#d4ac7;a77#c77;i7 ( su* title to read z 
foll[s3  7i7 ,int]e/s 9 ! pool are      
exempt f regi/ration "u ! ,securities   
,act ( #aicc1 & su* int]e/s are (f]$ &  
sold pursuant to section #d ( !         
,securities ,act ( #aicc & ! regulations
 !reund]2  4  #ceh4 ,bona fide h$ge     
def9$ to protect end us] risk managem5t 
ne$s ,section #d;a7c7 ( ! ,commodity    
,ex*ange ,act 7#g ,u4,s4,c4 #f;a7c77 is 
am5d$--  7#a7 9 p>agraph 7#a7--  7,a7 by
 /rik+ may & ins]t+ %all2 &  7,b7 by    
/rik+ future = :i* & ins]t+ future1 to  
be det]m9$ by ! ,commission1 = :i* ei!r 
an appropriate swap is available or2    
7#b7 9 p>agraph 7#b7--  7,a7 9 ! matt]  
prec$+ subp>agraph 7,a71 by /rik+       
subsection 7a77#b7 & all t foll[s ?r\gh 
position z & ins]t+ p>agraphs 7#b7 &    

7#e7 ( subsection 7a7 = swaps1 contracts
 ( sale = future deliv]y1 or options on 
! contracts or commodities1 a bona fide 
h$g+ transaction or position is2 &  7,b7
 9 subp>agraph 7,a77ii71 by /rik+ (     
risks & ins]t+ or managem5t ( curr5t or 
anticipat$ risks2 &  7#c7 by add+ at !  
end ! foll[+3  7#c7 ,! ,commission may  
fur!r def9e1 by rule or regulation1 :at 
con/itutes a bona fide h$g+ transaction1
 provid$ t ! rule or regulation is      
consi/5t ) ! requirem5ts ( subp>agraphs 
7,a7 & 7,b7 ( p>agraph 7#b74  4  #cei4  
,cross-bord] regulation ( d]ivatives    
transactions  7a7 ,rules requir$ ,)9    
#ahj days aft] ! date ( ! enactm5t ( ?is
 ,act1 ! ,commodity ,futures ,trad+     
,commission %all 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] or major 
swap p>ticipant "u ! ,commodity ,ex*ange
 ,act & ! regulations issu$ "u su* ,act2
  7#b7 :i* ( ! ,unit$ ,/ates swaps      
requirem5ts %all apply to ! 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  7b7   
,rule 9 accordance ) ,,apa requir$ ,no  
guidance1 memor&um ( und]/&+1 or any su*
 o!r agreem5t may satisfy ! requirem5t  
to issue a rule f ! ,commission 9       
accordance ) section #eec ( title #e1   
,unit$ ,/ates ,code4  7c7 ,g5]al        
application to c\ntries or adm9i/rative 
regions hav+ #i l>ge/ m>kets  7#a7      
,g5]al application ,9 issu+ rules "u ?is
 section1 ! ,commission %all provide t a
 non-,u4,s4 p]son 9 compliance ) ! swaps
 regulatory requirem5ts ( a c\ntry or   
adm9i/rative region t has #a ( ! #i     
l>ge/ swap m>kets by notional am\nt 9 ! 
cal5d> ye> prec$+ issuance ( su* rules1 
or o!r =eign jurisdiction z det]m9$ by !

 ,commission1 %all be exempt f ,unit$   
,/ates swaps requirem5ts 9 accordance ) 
! s*$ule set =? 9 p>agraph 7#b71 unless 
! ,commission det]m9es t ! regulatory   
requirem5ts ( ! c\ntry or adm9i/rative  
region or o!r =eign jurisdiction are n  
broadly equival5t to ,unit$ ,/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 det]m9$ by !       
,commission1 acc\nt+ = ! #e l>ge/ 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
 det]m9$ by ! ,commission1 #a ye> aft] !
 date on :i* su* rules are issu$4  7#c7 
,crit]ia ,9 su* rules1 ! ,commission    

%all e/abli% crit]ia = det]m9+ t #a 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  
det]m9e ! appropriate application (     
c]ta9 ,unit$ ,/ates swap requirem5ts to 
p]sons or transactions relat+ to or     
involv+ ! c\ntry or adm9i/rative region 
or o!r =eign jurisdiction4 ,! 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$1 by ! c\ntry or adm9i/rative   
region or o!r =eign jurisdiction1 & su* 
o!r factors z ! ,commission1 by rule1   
det]m9es to be necess>y or appropriate 9
 ! public int]e/4  7#d7 ,requir$        
assessm5t ,beg9n+ on ! date on :i* f9al 
rules are issu$ "u ?is section1 !       
,commission %all beg9 to assess !       

regulatory requirem5ts ( c\ntries or    
adm9i/rative regions describ$ 9 p>agraph
 7#a71 z ! ,commission det]m9es         
appropriate1 9 accordance ) ! crit]ia   
e/abli%$ pursuant to ?is subsection1 to 
det]m9e if #a 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  7d7   
,report to ,congress ,if ! ,commission  
makes ! det]m9ation describ$ 9          
subsection 7c77#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 ! ,commission %all         
articulate ! basis = ! det]m9ation 9 a  
writt5 report transmitt$ to ! ,committee
 on ,agriculture ( ! ,h\se (            
,repres5tatives & ! ,committee on       
,agriculture1 ,nutrition1 & ,=e/ry ( !  
,s5ate )9 #cj days ( ! det]m9ation4 ,!  
det]m9ation %all n be effective until ! 

transmission ( ! report4  7e7           
,def9itions ,z us$ 9 ?is section & =    
purposes ( ! rules issu$ pursuant to ?is
 section1 ! 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 ! ,commission may  
fur!r def9e to m effectively c>ry out ! 
purposes ( ?is section2 &  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 conta9$ 9 ! ,commodity ,ex*ange  
,act 7#g ,u4,s4,c4 #a;a et seq47 t 7    
add$ by title ,,vii ( ! ,dodd-,frank    
,wall ,/reet ,re=m & ,consum]           
,protection ,act1 & any rules or        
regulations prescrib$ by ! ,commodity   
,futures ,trad+ ,commission pursuant to 
su* provisions4  7f7 ,con=m+ am5dm5t    
,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 section 
#cfa ( ! ,cu/om] ,protection & ,end ,us]
 ,relief ,act1 aft] to grant            
exemptions14  ,f ,effective date  #cga4 
,effective date ,! am5dm5ts made by ?is 
title %all take effect z if enact$ on   
,july #ba1 #bjaj4  ,june #e1 #bjad      
,committ$ to ! ,committee ( ! ,:ole     
,h\se on ! ,/ate ( ! ,union & ord]$ to  
be pr9t$