,,ii  #aacth ,,congress  #b;d ,session  
,s4 #bigf  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,december #d1  
#bjad,ms4 ,collins 7for herself and ,ms4
 ,klobuchar7 introduced the following   
bill2 which was read twice and referred 
to the ,committee on ,agriculture1      
,nutrition1 and ,forestry  ,a ,,bill    
,to amend the ,commodity ,exchange ,act 
and the ,securities ,exchange ,act of   
#aicd to specify how clearing           
requirements apply to certain affiliate 
transactions1 and for other purposes4   
#a4 ,short title ,this ,act may be cited
 as the ,derivatives ,end-,users        
,clarification ,act4  #b4 ,treatment of 
affiliate transactions  7a7 ,in general 
7#a7 ,commodity ,exchange ,act amendment
 ,section #b7;h77#g77;,d7 of the        
,commodity ,exchange ,act 7#g ,u4,s4,c4 
#b7;h77#g77;,d77 is amended by striking 
clause 7i7 and inserting the following3 
7i7 ,in general ,an affiliate of a      
person that qualifies for an exception  
under subparagraph 7,a7 7including      

affiliate entities predominantly engaged
 in providing financing for the purchase
 of the merchandise or manufactured     
goods of the person7 may qualify for the
 exception only if the affiliate enters 
into the swap to hedge or mitigate the  
commercial risk of the person or other  
affiliate of the person that is not a   
financial entity1 on the condition that 
if the hedge or mitigation of that      
commercial risk is addressed by entering
 into a swap with a swap dealer or major
 swap participant1 an appropriate credit
 support measure or other mechanism     
shall be used4  4  7#b7 ,securities     
,exchange ,act of #aicd amendment       
,section #c;,c7g77#d7 of the ,securities
 ,exchange ,act of #aicd 7#ae ,u4,s4,c4 
#gh;c-#c7;g77#d77 is amended by striking
 subparagraph 7,a7 and inserting the    
following3  7,a7 ,in general ,an        
affiliate of a person that qualifies for
 an exception under this subsection     
7including affiliate entities           
predominantly engaged in providing      

financing for the purchase of the       
merchandise or manufactured goods of the
 person7 may qualify for the exception  
only if the affiliate enters into the   
security-based swap to hedge or mitigate
 the commercial risk of the person or   
other affiliate of the person that is   
not a financial entity1 on the condition
 that if the hedge or mitigation of that
 commercial risk is addressed by        
entering into a security-based swap with
 a security-based swap dealer or major  
security-based swap participant1 an     
appropriate credit support measure or   
other mechanism shall be used4  4  7b7  
,applicability of credit support measure
 requirement ,the requirements of       
section #b7;h77#g77;,d77i7 of the       
,commodity ,exchange ,act 7#g ,u4,s4,c4 
#b7;h77#g77;,d77i77 and section         
#c;,c7g77#d77;,a7 of the ,securities    
,exchange ,act of #aicd 7#ae ,u4,s4,c4  
#gh;c-#c7;g77#d77;,a77 7as amended by   
subsection 7a77 shall not apply with    
respect to swaps or security-based      

swaps1 as appropriate1 entered into     
before the date of enactment of this    
,act4