S. 2601 — Introduced in Senate

II 113th CONGRESS 2d Session S. 2601 IN THE SENATE OF THE UNITED STATES July 15, 2014 Mr. Roberts (for himself and Ms. Heitkamp) 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 ensure futures commission merchant compliance. 1. Short title This Act may be cited as the Risk Hedging Protection Act of 2014. 2. Futures commission merchant compliance (a) In general Section 4d(a) of the Commodity Exchange Act (7 U.S.C. 6d(a)) is amended— (1) by redesignating paragraphs (1) and (2) as subparagraphs (A) and (B), respectively, and indenting appropriately; (2) by striking Sec. 4d and all that follows through It shall be unlawful and inserting the following: Sec. 4d. dealing by unregistered futures commission merchants or introducing merchants prohibited. (a) Registration requirements and duties (1) In general It shall be unlawful ; and (3) by adding at the end the following: (2) Residual interest requirement Any rules or regulations requiring a futures commission merchant to maintain a residual interest in accounts held for the benefit of customers in amounts at least sufficient to exceed the sum of all uncollected margin deficits of the customers shall provide that a futures commission merchant shall meet the residual interest requirement as of the end of each business day calculated as of the close of business on the previous business day. . (b) Conforming amendments (1) Section 4d of the Commodity Exchange Act (7 U.S.C. 6d) is amended— (A) in subsection (b), by striking paragraph (2) of this section and inserting subsection (a)(1)(B); and (B) in subsection (h), by striking Notwithstanding subsection (a)(2) and inserting Notwithstanding subsection (a)(1)(B). (2) Section 15(c)(3)(C) of the Securities Exchange Act of 1934 (15 U.S.C. 78o(c)(3)(C)) is amended by striking 4d(a)(2) and inserting 4d(a)(1)(B).