,,ii  ,cal5d> ,no4 #fg  #aac? ,,congress
  #a/ ,session  ,s4 #hhh  ,,9 ,,!       
,,s5ate ,,( ,,! ,,unit$ ,,/ates  ,may   
#g1 #bjac ,mr4 ,johanns 7= himself1 ,mr4
 ,te/]1 ,mr4 ,blunt1 ,mr4 ,crapo1 ,mr4  
,donnelly1 ,mrs4 ,hagan1 ,ms4 ,heitkamp1
 ,ms4 ,klobu*>1 ,mr4 ,moran1 ,mr4       
,%elby1 ,mr4 ,toomey1 ,mr4 ,w>n]1 &     
,mrs4 ,fis*]7 introduc$ ! foll[+ bill2  
:i* 0 read ! fir/ "t  ,may #h1 #bjac    
,read ! second "t & plac$ on ! cal5d>   
,a ,,bill  ,to provide end us]          
exemptions f c]ta9 provisions ( !       
,commodity ,ex*ange ,act & ! ,securities
 ,ex*ange ,act ( #aicd4  #a4 ,m>g9      
requirem5ts  7a7 ,requirem5ts  7#a7     
,commodity ,ex*ange ,act am5dm5t        
,section #ds7e7 ( ! ,commodity ,ex*ange 
,act 7#g ,u4,s4,c4 #fs7e771 z add$ by   
section #gca ( ! ,dodd-,frank ,wall     
,/reet ,re=m & ,consum] ,protection     
,act1 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;,b77ii7 

%all n apply to a swap 9 :i* a c\nt]p>ty
 qualifies = an exception "u section    
#b7;h77#g77;,a7 or satisfies ! crit]ia 9
 section #b7;h77#g77;,d74  4  7#b7      
,securities ,ex*ange ,act am5dm5t       
,section #ae;,f7e7 ( ! ,securities      
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#gho-#aj7;e771 z add$ by section        
#gfd7;a7 ( ! ,dodd-,frank ,wall ,/reet  
,re=m & ,consum] ,protection ,act1 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;,b77ii7 
%all n apply to a security-bas$ swap 9  
:i* a c\nt]p>ty qualifies = an exception
 "u section #c;,c7g77#a7 or satisfies ! 
crit]ia 9 section #c;,c7g77#d74  4  7b7 
,implem5tation ,! am5dm5ts made by ?is  
section to ! ,commodity ,ex*ange ,act   
%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 ( su* 
am5dm5ts4  ,may #h1 #bjac ,read ! second
 "t & plac$ on ! cal5d>