,,ib  ,union ,cal5d> ,no4 #ig  #aad?    
,,congress  #a/ ,session  ,h4 ,r4 #bbhi 
,report ,no4 #aad-acd  ,,9 ,,! ,,h\se   
,,( ,,repres5tatives  ,may #ac1 #bjae   
,mr4 ,conaway 7= himself1 ,mr4 ,au/9    
,scott ( ,georgia1 & ,mr4 ,david ,scott 
( ,georgia7 introduc$ ! foll[+ bill2 :i*
 0 ref]r$ to ! ,committee on            
,agriculture  ,may #bi1 #bjae           
,additional sponsor3 ,mr4 ,sessions     
,may #bi1 #bjae ,committ$ to !          
,committee ( ! ,:ole ,h\se on ! ,/ate ( 
! ,union & ord]$ to be pr9t$ ,/rike out 
all aft] ! enact+ clause & ins]t ! "p   
pr9t$ 9 italic ,= text ( introduc$ bill1
 see copy ( bill z introduc$ on ,may    
#ac1 #bjje  ,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 risks1 
to help keep consum] co/s l[1 & = o!r   
purposes4  #a4 ,%ort title ,?is ,act may

 be cit$ z ! ,commodity ,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 ,enhanc$      
protections = futures cu/om]s4 ,sec4    
#ajb4 ,electronic confirmation ( cu/om] 
funds4 ,sec4 #ajc4 ,notice &            
c]tifications provid+ additional cu/om] 
protections4 ,sec4 #ajd4 ,futures       
commission m]*ant compliance4 ,sec4     
#aje4 ,c]ta9ty = futures cu/om]s & m>ket
 p>ticipants4 ,title ,,ii--,,commodity  
,,futures ,,trad+ ,,commission ,,re=ms  
,sec4 #bja4 ,ext5sion ( op]ations4 ,sec4
 #bjb4 ,consid]ation by ! ,commodity    
,futures ,trad+ ,commission ( ! co/s &  
b5efits ( its regulations & ord]s4 ,sec4
 #bjc4 ,division directors4 ,sec4 #bjd4 
,(fice ( ! ,*ief ,economi/4 ,sec4 #bje4 
,proc$ures gov]n+ actions tak5 by       
,commission /aff4 ,sec4 #bjf4 ,/rategic 
te*nology plan4 ,sec4 #bjg4 ,int]nal    
risk controls4 ,sec4 #bjh4 ,subpo5a     

duration & r5ewal4 ,sec4 #bji4          
,applicability ( notice & comm5t        
requirem5ts ( ! ,adm9i/rative ,proc$ure 
,act to guidance vot$ on by !           
,commission4 ,sec4 #baj4 ,judicial      
review ( ,commission rules4 ,sec4 #baa4 
,,gao /udy on use ( ,commission         
res\rces4 ,sec4 #bab4 ,disclosure (     
requir$ data ( o!r regi/]$ entities4    
,sec4 #bac4 ,report on /atus ( any      
application ( metals ex*ange to regi/] z
 a =eign bo>d ( trade2 deadl9e = action 
on application4 ,title                  
,,iii--,,end-,,us] ,,relief ,sec4 #cja4 
,relief = h$g]s utiliz+ c5traliz$ risk  
managem5t practices4 ,sec4 #cjb4        
,indemnification requirem5ts4 ,sec4     
#cjc4 ,transactions ) utility special   
entities4 ,sec4 #cjd4 ,utility special  
entity def9$4 ,sec4 #cje4 ,utility      
op]ations-relat$ swap4 ,sec4 #cjf4      
,end-us]s n treat$ z f9ancial entities4 
,sec4 #cjg4 ,report+ ( illiquid swaps s 
z to n disadvantage c]ta9 non-f9ancial  
end-us]s4 ,sec4 #cjh4 ,relief = gra9    

elevator op]ators1 f>m]s1 agricultural  
c\nt]p>ties1 & comm]cial m>ket          
p>ticipants4 ,sec4 #cji4 ,relief =      
end-us]s :o use physical contracts )    
volumetric optionality4 ,sec4 #caj4     
,commission vote requir$ be=e automatic 
*ange ( swap deal] de m9imis level4     
,sec4 #caa4 ,capital requirem5ts =      
non-bank swap deal]s4 ,sec4 #cab4       
,h>monization ) ! ,jump/>t ,our ,bus9ess
 ,/>tups ,act4 ,sec4 #cac4 ,bona fide   
h$ge def9$ to protect end-us] risk      
managem5t ne$s4 ,sec4 #cad4 ,cross-bord]
 regulation ( d]ivatives transactions4  
,sec4 #cae4 ,exemption ( qualifi$       
*>itable organizations f designation &  
regulation z commodity pool op]ators4   
,sec4 #caf4 ,small bank hold+ company   
cle>+ exemption4 ,sec4 #cag4 ,core      
pr9ciple c]ta9ty4 ,sec4 #cah4 ,treatm5t 
( ,f$]al ,home ,loan ,bank products4    
,sec4 #cai4 ,treatm5t ( c]ta9 funds4    
,title ,,iv--,,te*nical ,,corrections   
,sec4 #dja4 ,correction ( ref]5ces4     
,sec4 #djb4 ,elim9ation ( obsolete      

ref]5ces to deal] options4 ,sec4 #djc4  
,updat$ trade data publication          
requirem5t4 ,sec4 #djd4 ,flexibility =  
regi/]$ entities4 ,sec4 #dje4           
,elim9ation ( obsolete ref]5ces to      
electronic trad+ facilities4 ,sec4 #djf4
 ,elim9ation ( obsolete ref]5ce to      
alt]native swap execution facilities4   
,sec4 #djg4 ,elim9ation ( r$undant      
ref]5ces to types ( regi/]$ entities4   
,sec4 #djh4 ,cl>ification ( ,commission 
au?ority ov] swaps trad+4 ,sec4 #dji4   
,elim9ation ( obsolete ref]5ce to !     
,commodity ,ex*ange ,commission4 ,sec4  
#daj4 ,elim9ation ( obsolete ref]5ces to
 d]ivative transaction execution        
facilities4 ,sec4 #daa4 ,elim9ation (   
obsolete ref]5ces to exempt bo>ds (     
trade4 ,sec4 #dab4 ,elim9ation ( report 
due 9 #aihf4 ,sec4 #dac4 ,compliance    
report flexibility4 ,sec4 #dad4         
,miscellane\s corrections4  ,i ,,cu/om] 
,,protections  #aja4 ,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  #ajb4 ,electronic    
confirmation ( cu/om] funds ,section #ag
 ( ! ,commodity ,ex*ange ,act 7#g       
,u4,s4,c4 #ba71 z am5d$ by section #aja 
( ?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 ! association or
 ano!r p>ty designat$ by ! regi/]$      
futures 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 !  
regi/]$ futures 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  #ajc4 ,notice &        
c]tifications provid+ additional cu/om] 
protections ,section #ag ( ! ,commodity 
,ex*ange ,act 7#g ,u4,s4,c4 #ba71 z     
am5d$ by sections #aja & #ajb ( ?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  #ajd4 ,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,b72  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 (  
su* ,act 7#g ,u4,s4,c4 #f;d7h77 is am5d$
 by /rik+ ,not)/&+ subsection 7a77#b7 & 
ins]t+ ,not)/&+ subsection 7a77#a77;,b74
  #aje4 ,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 ( ! commodity   

brok] & commodities held 9 inv5tory by !
 commodity brok]1 %all be includ$ 9     
cu/om] prop]ty1 subject to any o!rwise  
unavoidable security int]e/1 or o!rwise 
unavoidable contractual (fset or nett+  
rights ( cr$itors 7includ+ rights set =?
 9 a rule or bylaw ( a d]ivatives cle>+ 
organization or a cle>+ ag5cy7 9 respect
 ( su* prop]ty1 b only to ! ext5t t !   
prop]ty t is o!rwise cu/om] prop]ty is  
insuffici5t to satisfy ! net equity     
claims ( public cu/om]s 7z su* t]m may  
be def9$ by ! ,commission by rule or    
regulation7 ( ! commodity brok]4  4     
,,ii ,,commodity ,,futures ,,trad+      
,,commission ,,re=ms  #bja4 ,ext5sion ( 
op]ations ,section #ab7;d7 ( !          
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#af7;d77 is am5d$ by /rik+ #bjac &      
ins]t+ #bjai4  #bjb4 ,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$--  7#a7 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$]al regulations or ord]s2     
7,j7 ! co/ to ! ,commission ( implem5t+ 
! propos$ regulation or ord] by !       
,commission /aff1 includ+ a me?odology =
 quantify+ ! co/s2  7,k7 :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,l7 o!r public int]e/              
consid]ations4  2 &  7#b7 by add+ at !  
end ! foll[+3  7#d7 ,judicial review    
,not)/&+ section #bd7;d71 a c\rt %all   
affirm a ,commission assessm5t ( co/s & 
b5efits "u ?is subsection1 unless ! c\rt
 f9ds ! assessm5t to be an abuse (      
discretion4  4  #bjc4 ,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 ( ! ,commission be=e ! p]iod4  
#bjd4 ,(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#af7 
,(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>* any memb]

 ( ! ,commission may reque/4  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 ( ?is subsection & ins]t+ 7#d71  
7#e71 & 7#af74  #bje4 ,proc$ures gov]n+ 
actions tak5 by ,commission /aff        
,section #b7;a77#ab7 ( ! ,commodity     
,ex*ange ,act 7#g ,u4,s4,c4 #b7;a77#ab77
 is am5d$-- 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]s ,! ,commission %all develop
 & publi% int]nal proc$ures gov]n+ !    
issuance by any division or (fice ( !   
,commission ( any response to a =mal1   
writt5 reque/ or petition f any memb] ( 
! public = an exemptive1 a no-action1 or
 an int]pretive lett] & su* proc$ures   
%all provide t ! commission]s be provid$
 ) ! f9al v]sion ( ! matt] to be issu$ )
 suffici5t notice to review ! matt]     

prior to its issuance4  4  #bjf4        
,/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#ag7 ,/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$ on m>ket       
surveillance & risk detection1 m>ket    
data collection1 aggregation1           
int]pretation1 /&>dization1             
h>monization1 normalization1 validation1
 /reaml9+ or o!r data analytic          
processes1 & 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  #bjg4 ,int]nal   
risk controls ,section #b7;a77#ab7 ( !  
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#b7;a77#ab771 z am5d$ by section #bje ( 
?is ,act1 is am5d$ by add+ at ! end !   
foll[+3  7,c7 ,int]nal risk controls ,! 
,commission1 9 consultation ) ! ,*ief   
,economi/1 %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  #bjh4 ,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 
,omnibus ord]s ( inve/igation  7i7      

,duration & r5ewal ,an omnibus ord] (   
inve/igation %all n be = an indef9ite   
duration & may be r5ew$ only by         
,commission action4  7ii7 ,def9ition ,9 
clause 7i71 ! t]m omnibus ord] (        
inve/igation means an ord] ( !          
,commission au?oriz+ #a ( m memb]s ( !  
,commission or its /aff to issue        
subpo5as "u subp>agraph 7,a7 to multiple
 p]sons 9 relation to a p>ticul> subject
 matt] area4  4  #bji4 ,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 #bje & #bjg ( ?is ,act1 is     
am5d$ by add+ at ! end ! foll[+3  7,d7  
,applicability ( notice & comm5t rules  
to guidance vot$ on by ! ,commission ,! 
notice & comm5t requirem5ts ( section   
#eec ( title #e1 ,unit$ ,/ates ,code1   
%all also apply ) respect to any        
,commission /atem5t or guidance1 includ+
 int]pretive rules1 g5]al /atem5ts (    

policy1 or rules ( ,commission          
organization1 proc$ure1 or practice1 t  
has ! effect ( implem5t+1 int]pret+ or  
prescrib+ law or policy & t is vot$ on  
by ! ,commission4  4  #baj4 ,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 adv]sely affect$ by 
a rule ( ! ,commission promulgat$ "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 resides or has !     
pr9cipal place ( bus9ess1 by fil+ 9 !   
c\rt1 )9 #fj days aft] publication 9 !  
,f$]al ,regi/] ( ! entry ( ! rule1 a    
writt5 petition reque/+ t ! rule be set 
aside4  7b7 ,a copy ( ! petition %all be
 transmitt$ =?) 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 & en=ce or to set aside ! rule 9 
:ole or 9 "p4  7d7 ,! 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
  4  #baa4 ,,gao /udy on use (          
,commission 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 ! 
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+2  7#c7 analyzes
 ! additional workload und]tak5 by !    
,commission1 & asc]ta9s :]e             
self-regulatory organizations c\ld be m 
effectively utiliz$2 &  7#d7 exam9es    
exi/+ & em]g+ po/-trade risk r$uction   
s]vices 9 ! swaps m>ket1 ! notional     
am\nt ( risk r$uction transactions      
provid$ by ! s]vices1 & ! effects !     
s]vices h on f9ancial /ability1         
includ+--  7,a7 m>ket surveillance &    
risk detection2  7,b7 m>ket data        
collection1 aggregation1 int]pretation1 
/&>dization1 h>monization1 & /reaml9+2 &
  7,c7 ov]sight & compliance "w by m>ket
 p>ticipants & regulators4  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 ( ! 
/udy requir$ by subsection 7a74  #bab4  
,disclosure ( requir$ data ( o!r regi/]$
 entities ,section #h ( ! ,commodity    
,ex*ange ,act 7#g ,u4,s4,c4 #ab7 is     
am5d$ by add+ at ! end ! foll[+3  7j7   
,disclosure ( requir$ data ( o!r regi/]$
 entities  7#a7 ,except z provid$ 9 ?is 
subsection1 ! ,commission may n be      
compell$ to disclose any propriet>y     
in=mation provid$ to ! ,commission1     
except t no?+ 9 ?is subsection--  7,a7  
au?orizes ! ,commission to )hold        
in=mation f ,congress2 or  7,b7 prev5ts 
! ,commission f--  7i7 comply+ ) a      
reque/ = in=mation f any o!r ,f$]al     
dep>tm5t or ag5cy1 any ,/ate or         
political subdivision !re(1 or any =eign
 gov]nm5t or any dep>tm5t1 ag5cy1 or    
political subdivision !re( reque/+ !    
report or in=mation = purposes )9 !     

scope ( its jurisdiction1 ^u an agreem5t
 ( confid5tiality to protect ! in=mation
 9 a mann] consi/5t ) ?is p>agraph &    
subsection 7e72 or  7ii7 mak+ a         
disclosure made pursuant to a c\rt ord] 
9 connection ) an adm9i/rative or       
judicial proce$+ br\ght "u ?is ,act1 9  
any receiv]%ip proce$+ involv+ a receiv]
 appo9t$ 9 a judicial proce$+ br\ght "u 
?is ,act1 or 9 any bankruptcy proce$+ 9 
:i* ! ,commission has int]v5$ or 9 :i* !
 ,commission has ! "r to appe> & be he>d
 "u title #aa ( ! ,unit$ ,/ates ,code4  
7#b7 ,any propriet>y in=mation ( a      
commodity trad+ advisor or commodity    
pool op]ator asc]ta9$ by ! ,commission 9
 connection ) ,=m ,,cpo-,,pqr1 ,=m      
,,cta-,,pr1 & any successor =ms !reto1  
%all be subject to ! same limitations on
 public disclosure1 z any facts asc]ta9$
 dur+ an inve/igation1 z provid$ by     
subsection 7a72 provid$1 h[ev]1 t !     
,commission %all n be preclud$ f publi%+
 aggregate in=mation compil$ f su* =ms1 
to ! ext5t su* aggregate in=mation does 

n id5tify any individual p]son or firm1 
or su* p]son's propriet>y in=mation4    
7#c7 ,= purposes ( section #eeb ( title 
#e1 ,unit$ ,/ates ,code1 ?is subsection1
 & ! in=mation contemplat$ h]e91 %all be
 consid]$ a /atute describ$ 9 subsection
 7b77#c77;,b7 ( su* section #eeb4  7#d7 
,= purposes ( ! def9ition ( propriet>y  
in=mation 9 p>agraph 7#e71 ! records &  
reports ( any cli5t acc\nt or commodity 
pool to :i* a commodity trad+ advisor or
 commodity pool op]ator regi/]$ "u ?is  
title provides s]vices t are fil$ ) !   
,commission on ,=m ,,cpo-,,pqr1         
,,cta-,,pr1 & any successor =ms !reto1  
%all be deem$ to be ! records & reports 
( ! commodity trad+ advisor or commodity
 pool op]ator1 respectively4  7#e7 ,=   
purposes ( ?is section1 propriet>y      
in=mation ( a commodity trad+ advisor or
 commodity pool op]ator includes        
s5sitive1 non-public in=mation reg>d+-- 
7,a7 ! commodity trad+ advisor1         
commodity pool op]ator or ! trad+       
/rategies ( ! commodity trad+ advisor or

 commodity pool op]ator2  7,b7          
analytical or rese>* me?odologies ( a   
commodity trad+ advisor or commodity    
pool op]ator2  7,c7 trad+ data ( a      
commodity trad+ advisor or commodity    
pool op]ator2 &  7,d7 comput] h>dw>e or 
s(tw>e conta9+ intellectual prop]ty ( a 
commodity trad+ advisor or commodity    
pool op]ator2  4  #bac4 ,report on /atus
 ( any application ( metals ex*ange to  
regi/] z a =eign bo>d ( trade2 deadl9e =
 action on application  7a7 ,report to  
,congress ,)9 #ij days aft] ! date ( !  
enactm5t ( ?is section1 ! ,commodity    
,futures ,trad+ ,commission %all submit 
to ! ,congress a writt5 report on-- 7#a7
 ! /atus ( ! review by ! ,commission (  
any application submitt$ by a metals    
ex*ange to regi/] ) ! ,commission "u    
section #d7;b77#a7 ( ! ,commodity       
,ex*ange ,act2 &  7#b7 ! /atus (        
,commission negotiations ) =eign        
regulators reg>d+ alum9um w>eh\s+4  7b7 
,deadl9e = action ,n lat] ?an ,septemb] 
#cj1 #bjaf1 ! ,commission %all take     

action on any su* application submitt$  
to ! ,commission on or be=e ,augu/ #ad1 
#bjab4  ,,iii ,,end-,,us] ,,relief      
#cja4 ,relief = h$g]s utiliz+ c5traliz$ 
risk managem5t practices  7a7 ,9 g5]al  
7#a7 ,commodity ,ex*ange ,act am5dm5t   
,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+ an affiliate  
entity 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 ! h$ge or          
mitigation ( su* comm]cial risk is      
address$ by ent]+ into a swap ) a swap  
deal] or major swap p>ticipant1 an      
appropriate cr$it support measure or o!r
 me*anism mu/ be utiliz$4  4  7b7       

,applicability ( cr$it support measure  
requirem5t ,! requirem5ts 9 section     
#b7;h77#g77;,d77i7 ( ! ,commodity       
,ex*ange ,act1 z am5d$ 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>ticipant %all
 n apply ) respect to swaps ent]$ into  
be=e ! date ( ! enactm5t ( ?is ,act4    
#cjb4 ,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$4  4  #cjc4 ,transactions )   
utility special entities ,section       
#a;a7#di7 ( ! ,commodity ,ex*ange ,act  
7#g ,u4,s4,c4 #a;a7#di77 is am5d$ 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  #cjd4 ,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]ates1 or     
anticipates own+ or op]at+1 an electric 
or natural gas facility or an electric  
or natural gas op]ation2  7ii7 supplies1
 or anticipates supply+1 natural gas &  
or electric en]gy to ano!r utility      
special entity2  7iii7 has1 or          
anticipates hav+1 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  #cje4 ,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 by a utility
 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$it1    
equity1 or curr5cy asset class2  7ii7   
except z us$ = fuel = electric en]gy    
g5]ation1 a metal1 agricultural         
commodity1 or crude oil or gasol9e      
commodity ( any grade2 or  7iii7 any o!r

 commodity or category ( commodities    
id5tifi$ = ?is purpose 9 a rule or ord] 
adopt$ by ! ,commission 9 consultation )
 ! appropriate ,f$]al & ,/ate regulatory
 commissions2 &  7,c7 is associat$ )--  
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 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  #cjf4 ,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>ticipant2 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;a71 z am5d$ by section     
#cje7;b7 ( ?is ,act1 is am5d$ by        

r$esignat+ p>agraphs 7#h7 ?r\gh 7#eb7 z 
p>agraphs 7#i7 ?r\gh 7#ec71             
respectively1 & by ins]t+ aft] p>agraph 
7#f7 ! foll[+3  7#h7 ,comm]cial m>ket   
p>ticipant ,! t]m comm]cial m>ket       
p>ticipant means any produc]1 processor1
 m]*ant1 or comm]cial us] ( an exempt or
 agricultural commodity1 or ! products  
or byproducts ( su* a commodity4  4     
7#b7 ,con=m+ am5dm5ts  7,a7 ,section    
#a;a ( su* ,act 7#g ,u4,s4,c4 #a;a7 is  
am5d$-- 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#ej7 4  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;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,k7 ,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    
#cjg4 ,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  #cjh4 ,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 ( !          
transaction4  4  #cji4 ,relief =        

end-us]s :o use physical contracts )    
volumetric optionality ,section         
#a;a7#dh77;,b77ii7 ( ! ,commodity       
,ex*ange ,act 7#g ,u4,s4,c4             
#a;a7#dg77;,b77ii771 z s r$esignat$ by  
section #cjf7;b77#a7 ( ?is ,act1 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*     
ex]cise results 9 a physical deliv]y    
obligation2  4  #caj4 ,commission vote  
requir$ be=e automatic *ange ( swap     
deal] de m9imis level ,section          
#a;a7#ej77;,d7 ( ! ,commodity ,ex*ange  
,act 7#g ,u4,s4,c4 #a;a7#di77;,d771 z s 
r$esignat$ by section #cjf7;b77#a7 ( ?is
 ,act1 is am5d$-- 7#a7 by /rik+ all t   
prec$es %all exempt & ins]t+ ! foll[+3  
7,d7 ,exception  7i7 ,9 g5]al ,!        
,commission  2 &  7#b7 by add+ aft] &   
bel[ ! end ! foll[+ new clause3  7ii7   
,de m9imis quantity ,! de m9imis        

quantity ( swap deal+ describ$ 9 clause 
7i7 %all be set at a quantity (         
#h1jjj1jjj1jjj1 & may be am5d$ or *ang$ 
only ?r\gh a new affirmative action ( ! 
,commission und]tak5 by rule or         
regulation4  4  #caa4 ,capital          
requirem5ts = non-bank swap deal]s  7a7 
,commodity ex*ange act ,section #ds7e7 (
 ! ,commodity ,ex*ange ,act 7#g         
,u4,s4,c4 #fs7e77 is am5d$--  7#a7 9    
p>agraph 7#b77;,b71 by ins]t+ 9         
consultation ) ! prud5tial regulators & 
! ,securities & ,ex*ange ,commission    
be=e %all2 &  7#b7 9 p>agraph           
7#c77;,d7--  7,a7 9 clause 7ii71 by     
/rik+ %all1 to ! maximum ext5t          
practicable1 & ins]t+ %all2 &  7,b7 by  
add+ at ! end ! foll[+3  7iii7 ,f9ancial
 models ,to ! ext5t t swap deal]s &     
major swap p>ticipants t are banks are  
p]mitt$ 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  #cab4 ,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  #cac4 ,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  #cad4  
,cross-bord] regulation ( d]ivatives    
transactions  7a7 ,rulemak+ requir$ ,)9 
#a ye> aft] ! date ( ! enactm5t ( ?is   
,act1 ! ,commodity ,futures ,trad+      
,commission %all issue a rule t         
addresses--  7#a7 ! nature ( !          
connections to ! ,unit$ ,/ates t require
 a non-,u4,s4 p]son to regi/] z a swap  

deal] or a major swap p>ticipant "u !   
,commodity ,ex*ange ,act & ! regulations
 issu$ "u su* ,act2  7#b7 :i* ( ! ,unit$
 ,/ates swaps requirem5ts apply to !    
swap activities ( non-,u4,s4 p]sons &   
,u4,s4 p]sons & _! bran*es1 ag5cies1    
subsidi>ies1 & affiliates outside ( !   
,unit$ ,/ates1 & ! ext5t to :i* !       
requirem5ts apply2 &  7#c7 !            
circum/ances "u :i* a ,u4,s4 p]son or   
non-,u4,s4 p]son 9 compliance ) ! swaps 
regulatory requirem5ts ( a =eign        
jurisdiction %all be exempt f ,unit$    
,/ates swaps requirem5ts4  7b7 ,cont5t (
 ! rule  7#a7 ,crit]ia ,9 ! rule1 !     
,commission %all e/abli% crit]ia =      
det]m9+ t #a or m categories ( ! swaps  
regulatory requirem5ts ( a =eign        
jurisdiction are comp>able to & z       
compreh5sive z ,unit$ ,/ates swaps      
requirem5ts4 ,! crit]ia %all include--  
7,a7 ! scope & objectives ( ! swaps     
regulatory requirem5ts ( ! =eign        
jurisdiction2  7,b7 ! effectiv5ess ( !  
sup]visory compliance program adm9i/]$2 

7,c7 ! en=cem5t au?ority ex]cis$ by !   
=eign jurisdiction2 &  7,d7 su* o!r     
factors z ! ,commission1 by rule1       
det]m9es to be necess>y or appropriate 9
 ! public int]e/4  7#b7 ,comp>ability ,9
 ! rule1 ! ,commission %all-- 7,a7      
provide t any non-,u4,s4 p]son or any   
transaction betwe5 two non-,u4,s4 p]sons
 %all be exempt f ,unit$ ,/ates swaps   
requirem5ts if ! p]son or transaction is
 9 compliance ) ! swaps regulatory      
requirem5ts ( a =eign jurisdiction :i* !
 ,commission has det]m9$ to be comp>able
 to & z compreh5sive z ,unit$ ,/ates    
swaps requirem5ts2 &  7,b7 set =? !     
circum/ances 9 :i* a ,u4,s4 p]son or a  
transaction betwe5 a ,u4,s4 p]son & a   
non-,u4,s4 p]son %all be exempt f ,unit$
 ,/ates swaps requirem5ts if ! p]son or 
transaction is 9 compliance ) ! swaps   
regulatory requirem5ts ( a =eign        
jurisdiction :i* ! ,commission has      
det]m9$ to be comp>able to & z          
compreh5sive z ,unit$ ,/ates swaps      
requirem5ts4  7#c7 ,outcomes-bas$       

comp>ison ,9 develop+ & apply+ !        
crit]ia1 ! ,commission %all emphasize ! 
results & outcomes (1 r ?an ! design &  
con/ruction (1 =eign swaps regulatory   
requirem5ts4  7#d7 ,risk-bas$ rulemak+  
,9 ! rule1 ! ,commission %all n take    
into acc\nt1 = ! purposes ( det]m9+ !   
applicability ( ,unit$ ,/ates swaps     
requirem5ts1 ! location ( p]sonnel t    
arrange1 negotiate1 or execute swaps4   
7#e7 ,no "p ( any rulemak+ "u ?is       
section %all limit ! ,commission's      
antifraud or antimanipulation au?ority4 
7c7 ,application ( ! rule  7#a7         
,assessm5ts ( =eign jurisdictions       
,beg9n+ on ! date on :i* a f9al rule is 
issu$ "u ?is section1 ! ,commission %all
 beg9 to assess ! swaps regulatory      
requirem5ts ( =eign jurisdictions1 9 !  
ord] ! ,commission det]m9es appropriate1
 9 accordance ) ! crit]ia e/abli%$      
pursuant to subsection 7b77#a74 ,foll[+ 
ea* assessm5t1 ! ,commission %all       
det]m9e1 by rule or by ord]1 :e!r !     
swaps regulatory requirem5ts ( ! =eign  

jurisdiction are comp>able to & z       
compreh5sive z ,unit$ ,/ates swaps      
requirem5ts4  7#b7 ,sub/itut$ compliance
 = unassess$ major m>kets ,beg9n+ #ah   
mon?s aft] ! date ( enactm5t ( ?is      
,act--  7,a7 ! swaps regulatory         
requirem5ts ( ea* ( ! #h =eign          
jurisdictions ) ! l>ge/ swaps m>kets1 z 
calculat$ by notional value dur+ !      
#ab-mon? p]iod end+ ) su* date (        
enactm5t1 except ^? ) respect to :i* a  
det]m9ation has be5 made "u p>agraph    
7#a71 %all be consid]$ to be comp>able  
to & z compreh5sive z ,unit$ ,/ates     
swaps requirem5ts2 &  7,b7 a non-,u4,s4 
p]son or a transaction betwe5 #b        
non-,u4,s4 p]sons %all be exempt f      
,unit$ ,/ates swaps requirem5ts if !    
p]son or transaction is 9 compliance ) !
 swaps regulatory requirem5ts ( any (   
su* unexcept$ =eign jurisdictions4  7#c7
 ,susp5sion ( sub/itut$ compliance ,if !
 ,commission det]m9es1 by rule or by    
ord]1 t-- 7,a7 ! swaps regulatory       
requirem5ts ( a =eign jurisdiction are n

 comp>able to & z compreh5sive z ,unit$ 
,/ates swaps requirem5ts1 us+ !         
categories & crit]ia e/abli%$ "u        
subsection 7b77#a72  7,b7 ! =eign       
jurisdiction does n exempt f its swaps  
regulatory requirem5ts ,u4,s4 p]sons :o 
are 9 compliance ) ,unit$ ,/ates swaps  
requirem5ts2 or  7,c7 ! =eign           
jurisdiction is n provid+ equival5t     
recognition (1 or sub/itut$ compliance  
=1 regi/]$ entities 7z def9$ 9 section  
#a;a7#da7 ( ! ,commodity ,ex*ange ,act7 
domicil$ 9 ! ,unit$ ,/ates1  !          
,commission may susp5d1 9 :ole or 9 "p1 
a det]m9ation made "u p>agraph 7#a7 or a
 consid]ation grant$ "u p>agraph 7#b74  
7d7 ,petition = review ( =eign          
jurisdiction practices ,a regi/]$       
entity1 comm]cial m>ket p>ticipant 7z   
def9$ 9 section #a;a7#g7 ( ! ,commodity 
,ex*ange ,act71 or ,commission regi/rant
 7)9 ! mean+ ( su* ,act7 :o petitions ! 
,commission to make or *ange a          
det]m9ation "u subsection 7c77#a7 or    
7c77#c7 ( ?is section %all be entitl$ to

 exp$it$ consid]ation ( ! petition4 ,a  
petition %all include any evid5ce or o!r
 support+ mat]ials to ju/ify :y !       
petition] believes ! ,commission %\ld   
make or *ange ! det]m9ation4 ,petitions 
"u ?is section %all be consid]$ by !    
,commission any "t foll[+ ! enactm5t (  
?is ,act4 ,)9 #ahj days aft] receipt ( a
 petition = a rulemak+ "u ?is section1 !
 ,commission %all take f9al action on ! 
petition4 ,)9 #ij days aft] receipt ( a 
petition to issue an ord] or *ange an   
ord] issu$ "u ?is section1 ! ,commission
 %all take f9al action on ! petition4   
7e7 ,report to congress ,if !           
,commission makes a det]m9ation describ$
 9 ?is section ?r\gh an ord]1 !         
,commission %all articulate ! basis = ! 
det]m9ation 9 a writt5 report publi%$ 9 
! ,f$]al ,regi/] & transmitt$ to !      
,committee on ,agriculture ( ! ,h\se (  
,repres5tatives & ,committee on         
,agriculture1 ,nutrition1 & ,=e/ry ( !  
,s5ate )9 #ae days ( ! det]m9ation4 ,!  
det]m9ation %all n be effective until   

#ae days aft] ! committees receive !    
report4  7f7 ,def9itions ,z us$ 9 ?is   
,act & = purposes ( ! rules issu$       
pursuant to ?is ,act1 ! foll[+          
def9itions apply3 7#a7 ,u4,s4 p]son ,!  
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 or p5sion   
plans1 or any o!r simil> int]national   
organizations or _! ag5cies or p5sion   

plans4  7#b7 ,unit$ /ates swaps         
requirem5ts ,! 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 ,act 7#ae ,u4,s4,c4 #hcja et
 seq47 & any rules or regulations       
prescrib$ by ! ,commodity ,futures      
,trad+ ,commission pursuant to su*      
provisions4  7#c7 ,=eign jurisdiction ,!
 t]m =eign jurisdiction means any       
national or supranational political     
entity ) common rules gov]n+ swaps      
transactions4  7#d7 ,swaps regulatory   
requirem5ts ,! t]m swaps regulatory     
requirem5ts means any provisions ( law1 
& any rules or regulations pursuant to !
 provisions1 gov]n+ swaps transactions  
or ! c\nt]p>ties to swaps transactions4 
7g7 ,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 ! purposes ( ! ,commodity    
,end-,us] ,relief ,act1 aft] to grant   
exemptions14  #cae4 ,exemption (        
qualifi$ *>itable organizations f       
designation & regulation z commodity    
pool op]ators  7a7 ,exclusion f         
def9ition ( commodity pool ,section     
#a;a7#aa7 ( ! ,commodity ,ex*ange ,act  
7#g ,u4,s4,c4 #a;a7#aj771 z s r$esignat$
 by section #cjf7;b77#a7 ( ?is ,act1 is 
am5d$ by add+ at ! end ! foll[+3  7,c7  
,exclusion ,! t]m commodity pool %all n 
include any inve/m5t tru/1 syndicate1 or
 simil> =m ( ent]prise exclud$ f !      
def9ition ( inve/m5t company pursuant to
 sections #c7;c77#aj7 or #c7;c77#ad7 ( !
 ,inve/m5t ,company ,act ( #aidj4  4    
7b7 ,inapplicability ( prohibition on   
use ( in/rum5talities ( int]/ate comm]ce
 by unregi/]$ commodity trad+ advisor   
,section #dm ( su* ,act 7#g ,u4,s4,c4   
#fm7 is am5d$-- 7#a7 9 p>agraph 7#a71 9 
! #bnd s5t5ce1 by ins]t+ 3 ,provid$     
fur!r1 ,t ! provisions ( ?is section    
%all n apply to any commodity trad+     

advisor t is3 7,a7 a *>itable           
organization1 z def9$ 9 section         
#c7;c77#aj77;,d7 ( ! ,inve/m5t ,company 
,act ( #aidj1 or a tru/ee1 director1    
(fic]1 employee1 or volunte] ( su* a    
*>itable organization act+ )9 ! scope ( 
! employm5t or duties ( ! p]son ) !     
organization1 ^: trad+ advice is provid$
 only to1 or ) respect to1 #a or m ( !  
foll[+3 7i7 any su* *>itable            
organization1 or 7ii7 an inve/m5t tru/1 
syndicate or simil> =m ( ent]prise      
exclud$ f ! def9ition ( inve/m5t company
 pursuant to section #c7;c77#aj7 ( !    
,inve/m5t ,company ,act ( #aidj2 or 7,b7
 any plan1 company1 or acc\nt describ$ 9
 section #c7;c77#ad7 ( ! ,inve/m5t      
,company ,act ( #aidj1 any p]son or     
entity :o e/abli%es or ma9ta9s su* a    
plan1 company1 or acc\nt1 or any tru/ee1
 director1 (fic]1 employee1 or volunte] 
= any ( ! =ego+ plans1 p]sons1 or       
entities act+ )9 ! scope ( ! employm5t  
or duties ( ! p]son ) ! organization1 ^:
 trad+ advice is provid$ only to1 or )  

respect to1 any inve/m5t tru/1          
syndicate1 or simil> =m ( ent]prise     
exclud$ f ! def9ition ( inve/m5t company
 pursuant to section #c7;c77#ad7 ( !    
,inve/m5t ,company ,act ( #aidj be=e !  
p]iod2 &  7#b7 by add+ at ! end !       
foll[+3  7#d7 ,disclosure conc]n+       
exclud$ *>itable organizations ,!       
op]ator ( or advisor to any inve/m5t    
tru/1 syndicate1 or simil> =m (         
ent]prise exclud$ f ! def9ition (       
commodity pool by reason ( section      
#a;a7#aj77;,c7 %all provide1 to ea*     
donor to ! fund1 tru/1 syndicate1 or    
simil> =m ( ent]prise1 at ! "t ( !      
donation or )9 #ij days aft] ! date ( ! 
enactm5t ( ?is subsection1 :i*ev] is    
lat]1 writt5 in=mation describ+ !       
mat]ial t]ms ( ! op]ation ( ! fund1     
tru/1 syndicate1 or simil> =m (         
ent]prise4  4  #caf4 ,small bank hold+  
company cle>+ exemption ,section        
#b7;h77#g77;,c7 ( ! ,commodity ,ex*ange 
,act 7#g ,u4,s4,c4 #b7;h77#g77;,c77 is  
am5d$ by add+ at ! end ! foll[+3  7iv7  

,hold+ companies ,a det]m9ation made by 
! ,commission "u clause 7ii7 %all1 )    
respect to small banks & sav+s          
associations1 also apply to _!          
respective bank hold+ company 7z def9$ 9
 section #b ( ! ,bank ,hold+ ,company   
,act ( #aief71 or sav+s & loan hold+    
company 7z def9$ 9 section #aj ( ! ,home
 ,own]s' ,loan ,act ( #aicc771 if !     
total consolidat$ assets ( ! hold+      
company are no great] ?an ! asset       
?re%old set by ! ,commission 9 det]m9+  
small bank & sav+s association          
eligibility "u clause 7ii74  4  #cag4   
,core pr9ciple c]ta9ty ,section #e;h7f7 
( ! ,commodity ,ex*ange ,act 7#g        
,u4,s4,c4 #g;b-#c7;f77 is am5d$-- 7#a7 9
 p>agraph 7#a77;,b71 by ins]t+ except z 
describ$ 9 ?is subsection aft]          
,commission by rule or regulation2  7#b7
 9 p>agraph 7#b71 by am5d+ subp>agraph  
7,d7 to read z foll[s3  7,d7 h          
reasonable discretion 9 e/abli%+ & en=c+
 its rules relat$ to trade practice     
surveillance1 m>ket surveillance1       

real-"t m>ket+ monitor+1 & audit trail  
giv5 t a swap execution facility may (f]
 a trad+ sy/em or plat=m to execute or  
trade swaps ?r\gh any means ( int]/ate  
comm]ce4 ,a swap execution facility %all
 be responsible = monitor+ trad+ 9 swaps
 only on its own facility4  2  7#c7 9   
p>agraph 7#d77;,b71 by add+ at ! end !  
foll[+3 ,a swap execution facility %all 
be responsible = monitor+ trad+ 9 swaps 
only on its own facility42  7#d7 9      
p>agraph 7#f77;,b7--  7,a7 by /rik+     
%all-- & all t foll[s ?r\gh compliance )
 ! & ins]t %all monitor ! trad+ activity
 on its facility = compliance ) any2 &  
7,b7 by add+ at ! end ! foll[+3 ,a swap 
execution facility %all be responsible =
 monitor+ positions only on its own     
facility42  7#e7 9 p>agraph 7#h71 by    
/rik+ to liquidate & all t foll[s &     
ins]t+ to susp5d or curtail trad+ 9 a   
swap on its own facility42  7#f7 9      
p>agraph 7#ac77;,b71 by /rik+ cov] !    
op]at+ co/s ( ! swap execution facility 
= a #a-ye> p]iod1 z calculat$ on a roll+

 basis & ins]t+ conduct an ord]ly       
w9d-d[n ( its op]ations2 &  7#g7 9      
p>agraph 7#ae7-- 7,a7 9 subp>agraph     
7,a71 by add+ at ! end ! foll[+3 ,!     
individual may also p]=m o!r            
responsibilities = ! swap execution     
facility42  7,b7 9 subp>agraph 7,b7--   
7i7 9 clause 7i71 by ins]t+ 1 a         
committee ( ! bo>d1 aft] directly to !  
bo>d2  7ii7 by /rik+ clauses 7iii7 ?r\gh
 7v7 & ins]t+ ! foll[+3  7iii7 e/abli% &
 adm9i/] policies & proc$ures t are     
reasonably design$ to resolve any       
conflicts ( int]e/ t may arise2  7iv7   
e/abli% & adm9i/] policies & proc$ures t
 reasonably ensure compliance ) ?is ,act
 & ! rules & regulations issu$ "u ?is   
,act1 includ+ rules prescrib$ by !      
,commission pursuant to ?is section2 &  
2 &  7iii7 by r$esignat+ clause 7vi7 z  
clause 7v72  7,c7 9 subp>agraph 7,c71 by
 /rik+ 7,b77vi7 & ins]t+ 7,b77v72 &     
7,d7 9 subp>agraph 7,d7--  7i7 9 clause 
7i7-- 7,i7 by /rik+ ,9 accordance )     
rules prescrib$ by ! ,commission1 ! &   

ins]t+ ,!2 &  7,,ii7 by /rik+ & sign2 & 
7ii7 9 clause 7ii7--  7,i7 9 ! matt]    
prec$+ subclause 7,i71 by ins]t+ or     
s5ior (fic] aft] (fic]2  7,,ii7 by am5d+
 subclause 7,i7 to read z foll[s3  7,i7 
submit ea* report describ$ 9 clause 7i7 
to ! ,commission2 &  2 &  7,,iii7 9     
subclause 7,,ii71 by ins]t+ mat]ially   
be=e accurate4  #cah4 ,treatm5t ( ,f$]al
 ,home ,loan ,bank products ,section    
#a;a7#b7 ( ! ,commodity ,ex*ange ,act   
7#g ,u4,s4,c4 #a;a7#b77 is am5d$-- 7#a7 
9 subp>agraph 7,b71 by /rik+ &2  7#b7 9 
subp>agraph 7,c71 by /rik+ ! p]iod &    
ins]t+ 2 &2 &  7#c7 by add+ at ! end !  
foll[+3  7,d7 is ! ,f$]al ,h\s+ ,f9ance 
,ag5cy = any ,f$]al ,home ,loan ,bank 7z
 def9$ 9 section #b ( ! ,f$]al ,home    
,loan ,bank ,act74  4  #cai4 ,treatm5t (
 c]ta9 funds  7a7 ,am5dm5t to !         
def9ition ( commodity pool op]ator      
,section #a;a7#ab7 ( ! ,commodity       
,ex*ange ,act 7#g ,u4,s4,c4 #a;a7#aa771 
z s r$esignat$ by section #cjf7;b77#a7 (
 ?is ,act1 is am5d$ by add+ at ! end !  

foll[+3  7,c7  7i7 ,! t]m commodity pool
 op]ator does n include a p]son :o s]ves
 z an inve/m5t advis] to an inve/m5t    
company regi/]$ pursuant to section #h (
 ! ,inve/m5t ,company ,act ( #aidj or a 
subsidi>y ( su* a company1 if ! inve/m5t
 company or subsidi>y inve/s1 re9ve/s1  
owns1 holds1 or trades 9 commodity      
int]e/s limit$ to only f9ancial         
commodity int]e/s4  7ii7 ,= purposes (  
?is subp>agraph only1 ! t]m f9ancial    
commodity int]e/ means a futures        
contract1 an option on a futures        
contract1 or a swap1 involv+ a commodity
 t is n an exempt commodity or an       
agricultural commodity1 includ+ any     
index ( f9ancial commodity int]e/s1 :e!r
 ca% settl$ or involv+ physical deliv]y4
  7iii7 ,= purposes ( ?is subp>agraph   
only1 ! t]m commodity does n include a  
security issu$ by a real e/ate inve/m5t 
tru/1 bus9ess developm5t company1 or    
issu] ( asset-back$ securities1 includ+ 
any index ( su* securities4  4  7b7     
,am5dm5t to ! def9ition ( commodity     

trad+ advisor ,section #a;a7#ac7 ( su*  
,act 7#g ,u4,s4,c4 #a;a7#ab771 z s      
r$esignat$ by section #cjf7;b77#a7 ( ?is
 ,act1 is am5d$ by add+ at ! end !      
foll[+3  7,e7 ,! t]m commodity trad+    
advisor does n include a p]son :o s]ves 
z an inve/m5t advis] to an inve/m5t     
company regi/]$ pursuant to section #h (
 ! ,inve/m5t ,company ,act ( #aidj or a 
subsidi>y ( su* a company1 if !         
commodity trad+ advice relates only to a
 f9ancial commodity int]e/1 z def9$ 9   
p>agraph 7#aa77;,c77ii7 ( ?is section4  
,= purposes ( ?is subp>agraph only1 !   
t]m commodity does n include a security 
issu$ by a real e/ate inve/m5t tru/1    
bus9ess developm5t company1 or issu] (  
asset-back$ securities1 includ+ any     
index ( su* securities4  4  ,,iv        
,,te*nical ,,corrections  #dja4         
,correction ( ref]5ces  7a7 ,section    
#b7;h77#h77;,a77ii7 ( ! ,commodity      
,ex*ange ,act 7#g ,u4,s4,c4             
#b7;h77#h77;,a77ii77 is am5d$ by /rik+  
#e;h7f7 ( ?is ,act & ins]t+ #e;h7g74    

7b7 ,section #e;c7c77#e77;,c77i7 ( su*  
,act 7#g ,u4,s4,c4                      
#g;a-#b7;c77#e77;,c77i77 is am5d$ by    
/rik+ #a;a7#b77;i77 & ins]t+            
#a;a7#ai77;i774  7c7 ,section #bc7;f7 ( 
su* ,act 7#g ,u4,s4,c4 #bf7;f77 is am5d$
 by /rik+ section #gjfd & ins]t+ section
 #gjf4  #djb4 ,elim9ation ( obsolete    
ref]5ces to deal] options  7a7 ,9 g5]al 
,section #d;c ( ! ,commodity ,ex*ange   
,act 7#g ,u4,s4,c4 #f;c7 is am5d$ by    
/rik+ subsections 7d7 & 7e7 & r$esignat+
 subsections 7f7 & 7g7 z subsections 7d7
 & 7e71 respectively4  7b7 ,con=m+      
am5dm5ts  7#a7 ,section #b7;d7 ( su*    
,act 7#g ,u4,s4,c4 #b7;d77 is am5d$ by  
/rik+ 7g7 ( & ins]t+ 7e7 (4  7#b7       
,section #d;f7a77#d77;,a77i7 ( su* ,act 
7#g ,u4,s4,c4 #f;f7a77#d77;,a77i77 is   
am5d$ by /rik+ 1 7d71 7e71 & 7g7 &      
ins]t+ & 7e74  7#c7 ,section            
#dk7#e77;,a7 ( su* ,act 7#g ,u4,s4,c4   
#fk7#e77;,a77 is am5d$ by /rik+ 1 7d71  
7e71 & 7g7 & ins]t+ & 7e74  7#d7        
,section #e;f7b77#a77;,a7 ( su* ,act 7#g

 ,u4,s4,c4 #g;b-#a7;b77#a77;,a77 is     
am5d$ by /rik+ 1 7e7 & 7g7 & ins]t+ &   
7e74  7#e7 ,section #i7;a77#b7 ( su*    
,act 7#g ,u4,s4,c4 #ac7;a77#b77 is am5d$
 by /rik+ ?r\gh 7e7 & ins]t+ & 7c74     
#djc4 ,updat$ trade data publication    
requirem5t ,section #d;g7e7 ( !         
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#f;g7e77 is am5d$ by /rik+ ex*ange &    
ins]t+ ea* designat$ contract m>ket &   
swap execution facility4  #djd4         
,flexibility = regi/]$ entities ,section
 #e;c7b7 ( ! ,commodity ,ex*ange ,act   
7#g ,u4,s4,c4 #g;a-#b7;b77 is am5d$ by  
/rik+ contract m>ket1 d]ivatives        
transaction execution facility1 or      
electronic trad+ facility ea* place x   
appe>s & ins]t+ regi/]$ entity4  #dje4  
,elim9ation ( obsolete ref]5ces to      
electronic trad+ facilities  7a7        
,section #a;a7#ai77;,a77x7 ( !          
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#a;a7#ah77;,a77x771 z s r$esignat$ by   
section #cjf7;b77#a7 ( ?is ,act1 is     
am5d$ by /rik+ 7o!r ?an an electronic   

trad+ facility ) respect to a           
significant price discov]y contract74   
7b7 ,section #a;a7#da7 ( su* ,act 7#g   
,u4,s4,c4 #a;a7#dj771 z s r$esignat$ by 
section #cjf7;b77#a7 ( ?is ,act1 is     
am5d$--  7#a7 by add+ & at ! end (      
subp>agraph 7,d72 &  7#b7 by /rik+ all t
 foll[s 8section #ba0 & ins]t+ a p]iod4 
7c7 ,section #d;a7e7 ( su* ,act 7#g     
,u4,s4,c4 #f;a7e77 is am5d$-- 7#a7 9 !  
#a/ s5t5ce--  7,a7 by /rik+ or by any   
electronic trad+ facility2  7,b7 by     
/rik+ or on an electronic trad+         
facility2 &  7,c7 by /rik+ or electronic
 trad+ facility ea* place x appe>s2 &   
7#b7 9 ! #bnd s5t5ce1 by /rik+ or       
electronic trad+ facility ) respect to a
 significant price discov]y contract4   
7d7 ,section #d;g7a7 ( su* ,act 7#g     
,u4,s4,c4 #f;g7a77 is am5d$ by /rik+ any
 significant price discov]y contract    
trad$ or execut$ on an electronic trad+ 
facility or4  7e7 ,section #d;i ( su*   
,act 7#g ,u4,s4,c4 #f;i7 is am5d$--     
7#a7 by /rik+ 1 or any significant price

 discov]y contract trad$ or execut$ on  
an electronic trad+ facility or any     
agreem5t1 contract1 or transaction t is 
treat$ by a d]ivatives cle>+            
organization1 :e!r regi/]$ or n regi/]$1
 z fungible ) a significant price       
discov]y contract2 &  7#b7 by /rik+ or  
electronic trad+ facility  7f7 ,section 
#f7;b7 ( su* ,act 7#g ,u4,s4,c4 #h7;b77 
is am5d$ by /rik+ or electronic trad+   
facility ea* place x appe>s4  7g7       
,section #ab7;e77#b7 ( su* ,act 7#g     
,u4,s4,c4 #af7;e77#b77 is am5d$ by /rik+
 9 ! case (-- & all t foll[s & ins]t+ 9 
! case ( an agreem5t1 contract1 or      
transaction t is exclud$ f ?is ,act "u  
section #b7;c7 or #b7;f7 ( ?is ,act or  
title ,,iv ( ! ,commodity ,futures      
,mod]nization ,act ( #bjjj1 or exempt$  
"u section #d7;c7 ( ?is ,act 7reg>dless 
( :e!r any su* agreem5t1 contract1 or   
transaction is o!rwise subject to ?is   
,act744  #djf4 ,elim9ation ( obsolete   
ref]5ce to alt]native swap execution    
facilities ,section #e;h7h7 ( !         

,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#g;b-#c7;h77 is am5d$ by /rik+          
alt]native be=e swap4  #djg4 ,elim9ation
 ( r$undant ref]5ces to types ( regi/]$ 
entities ,section #f;b ( ! ,commodity   
,ex*ange ,act 7#g ,u4,s4,c4 #ac;a7 is   
am5d$ 9 ! #a/ s5t5ce by /rik+ z set =? 9
 sections #e ?r\gh #e;c4  #djh4         
,cl>ification ( ,commission au?ority ov]
 swaps trad+ ,section #h;a ( !          
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#ab;a7 is am5d$-- 7#a7 9 p>agraph 7#g7--
  7,a7 by ins]t+ ! protection ( swaps   
trad]s & to assure fair deal+ 9 swaps1 =
 aft] appropriate =2  7,b7 9 subp>agraph
 7,a71 by ins]t+ swaps or aft]          
conditions 92 &  7,c7 9 subp>agraph     
7,b71 by ins]t+ or swaps aft] future    
deliv]y2 &  7#b7 9 p>agraph 7#i7--  7,a7
 by ins]t+ swap or aft] or liquidation (
 any2 &  7,b7 by ins]t+ swap or aft]    
m>g9 levels on any4  #dji4 ,elim9ation (
 obsolete ref]5ce to ! ,commodity       
,ex*ange ,commission ,section #ac7;c7 ( 
! ,commodity ,ex*ange ,act 7#g ,u4,s4,c4

 #ac;c7c77 is am5d$ by /rik+ or !       
,commission4  #daj4 ,elim9ation (       
obsolete ref]5ces to d]ivative          
transaction execution facilities  7a7   
,section #a;a7#ac77;,b77vi7 ( !         
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#a;a7#ab77;,b77vi771 z s r$esignat$ by  
section #cjf7;b77#a7 ( ?is ,act1 is     
am5d$ by /rik+ d]ivatives transaction   
execution facility & ins]t+ swap        
execution facility4  7b7 ,section       
#a;a7#ce7 ( su* ,act 7#g ,u4,s4,c4      
#a;a7#cd771 z s r$esignat$ by section   
#cjf7;b77#a7 ( ?is ,act1 is am5d$ by    
/rik+ or d]ivatives transaction         
execution facility ea* place x appe>s4  
7c7 ,section #a;a7#cf77;,b77iii77,i7 (  
su* ,act 7#g ,u4,s4,c4                  
#a;a7#ce77;,b77iii77,i771 z s r$esignat$
 by section #cjf7;b77#a7 ( ?is ,act1 is 
am5d$ by /rik+ or regi/]$ d]ivatives    
transaction execution facility4  7d7    
,section #b7;a77#a77;,c77ii7 ( su* ,act 
7#g ,u4,s4,c4 #b7;a77#a77;,c77ii77 is   
am5d$-- 7#a7 by /rik+ 1 or regi/] a     

d]ivatives transaction execution        
facility t trades or executes12  7#b7 by
 /rik+ 1 & no d]ivatives transaction    
execution facility %all trade or execute
 su* contracts ( sale 7or options on su*
 contracts7 = future deliv]y2 &  7#c7 by
 /rik+ or ! d]ivatives transaction      
execution facility14  7e7 ,section      
#b7;a77#a77;,c77v77,i7 ( su* ,act 7#g   
,u4,s4,c4 #b7;a77#a77;,c77v77,i77 is    
am5d$ by /rik+ 1 or any d]ivatives      
transaction execution facility on :i*   
su* contract or option is trad$14  7f7  
,section #b7;a77#a77;,c77v77,,ii7 ( su* 
,act 7#g ,u4,s4,c4                      
#b7;a77#a77;,c77v77,,ii77 is am5d$ by   
/rik+ or d]ivatives transaction         
execution facility ea* place x appe>s4  
7g7 ,section #b7;a77#a77;,c77v77,v7 (   
su* ,act 7#g ,u4,s4,c4                  
#b7;a77#a77;,c77v77,v77 is am5d$ by     
/rik+ or regi/]$ d]ivatives transaction 
execution facility4  7h7 ,section       
#b7;a77#a77;,d77i7 ( su* ,act 7#g       
,u4,s4,c4 #b7;a77#a77;,d77i77 is am5d$ 9

 ! matt] prec$+ subclause 7,i7--  7#a7  
by /rik+ 91 or regi/] a d]ivatives      
transaction execution facility2 &  7#b7 
by /rik+ 1 or regi/]$ z a d]ivatives    
transaction execution facility =14  7i7 
,section #b7;a77#a77;,d77i77,,iv7 ( su* 
,act 7#g ,u4,s4,c4                      
#b7;a77#a77;,d77i77,,iv77 is am5d$ by   
/rik+ regi/]$ d]ivatives transaction    
execution facility1 ea* place x appe>s4 
7j7 ,section #b7;a77#a77;,d77ii77,i7 (  
su* ,act 7#g ,u4,s4,c4                  
#b7;a77#a77;,d77ii77,i77 is am5d$ to    
read z foll[s3  7,i7 ! transaction is   
conduct$ on or subject to ! rules ( a   
bo>d ( trade t has be5 designat$ by !   
,commission z a contract m>ket 9 su*    
security futures product2 or  4  7k7    
,section #b7;a77#a77;,d77ii77,,ii7 ( su*
 ,act 7#g ,u4,s4,c4                     
#b7;a77#a77;,d77ii77,,ii77 is am5d$ by  
/rik+ or regi/]$ d]ivatives transaction 
execution facility4  7l7 ,section       
#b7;a77#a77;,d77ii77,,iii7 ( su* ,act   
7#g ,u4,s4,c4                           

#b7;a77#a77;,d77ii77,,iii77 is am5d$ by 
/rik+ or regi/]$ d]ivatives transaction 
execution facility memb]4  7m7 ,section 
#b7;a77#i77;,b77ii7 ( su* ,act 7#g      
,u4,s4,c4 #b7;a77#i77;,b77ii77 is       
am5d$--  7#a7 by /rik+ or regi/ration   
ea* place x appe>s2  7#b7 by /rik+ or   
d]ivatives transaction execution        
facility ea* place x appe>s2  7#c7 by   
/rik+ or regi/]2  7#d7 by /rik+ 1       
regi/]+12 &  7#e7 by /rik+ 1            
regi/ration14  7n7 ,section #b7;c77#b7 (
 su* ,act 7#g ,u4,s4,c4 #b7;c77#b77 is  
am5d$ by /rik+ or a d]ivatives          
transaction execution facility ea* place
 x appe>s4  7o7 ,section #d7;a77#a7 (   
su* ,act 7#g ,u4,s4,c4 #f7;a77#a77 is   
am5d$ by /rik+ or d]ivatives transaction
 execution facility4  7p7 ,section      
#d7;c77#a7 ( su* ,act 7#g ,u4,s4,c4     
#f7;c77#a77 is am5d$--  7#a7 by /rik+ or
 regi/]$ aft] designat$2 &  7#b7 by     
/rik+ or d]ivatives transaction         
execution facility4  7q7 ,section       
#d;a7a77#a7 ( su* ,act 7#g ,u4,s4,c4    

#f;a7a77#a77 is am5d$-- 7#a7 by /rik+ or
 d]ivatives transaction execution       
facilities2 &  7#b7 by /rik+or          
d]ivatives transaction execution        
facility4  7r7 ,section #d;a7e7 ( su*   
,act 7#g ,u4,s4,c4 #f;a7e77 is am5d$--  
7#a7 by /rik+ 1 d]ivatives transaction  
execution facility1 ea* place x appe>s2 
&  7#b7 by /rik+ or d]ivatives          
transaction execution facility4  7s7    
,section #d;c7e7 ( su* ,act 7#g         
,u4,s4,c4 #f;c7g771 z s r$esignat$ by   
section #djb7;a7 ( ?is ,act1 is am5d$ by
 /rik+ or d]ivatives transaction        
execution facility ea* place x appe>s4  
7t7 ,section #d;d ( su* ,act 7#g        
,u4,s4,c4 #f;d7 is am5d$ by /rik+ or    
d]ivatives transaction execution        
facility ea* place x appe>s4  7u7       
,section #d;e ( su* ,act 7#g ,u4,s4,c4  
#f;e7 is am5d$ by /rik+ or d]ivatives   
transaction execution facility4  7v7    
,section #d;f7b7 ( su* ,act 7#g         
,u4,s4,c4 #f;f7b77 is am5d$ by /rik+ or 
d]ivatives transaction execution        

facility ea* place x appe>s4  7w7       
,section #d;i ( su* ,act 7#g ,u4,s4,c4  
#f;i7 is am5d$ by /rik+ or d]ivatives   
transaction execution facility4  7x7    
,section #d;j7a7 ( su* ,act 7#g         
,u4,s4,c4 #f;j7a77 is am5d$ by /rik+ &  
regi/]$ d]ivatives transaction execution
 facility4  7y7 ,section #dp7a7 ( su*   
,act 7#g ,u4,s4,c4 #fp7a77 is am5d$ by  
/rik+ 1 or d]ivatives transaction       
execution facilities4  7z7 ,section     
#dp7b7 ( su* ,act 7#g ,u4,s4,c4 #fp7b77 
is am5d$ by /rik+ d]ivatives transaction
 execution facility14  7aa7 ,section    
#e;c7f7 ( su* ,act 7#g ,u4,s4,c4        
#g;a-#b7;f77 is am5d$ by /rik+ & regi/]$
 d]ivatives transaction execution       
facility4  7bb7 ,section #e;c7f77#a7 (  
su* ,act 7#g ,u4,s4,c4 #g;a-#b7;f77#a77 
is am5d$ by /rik+ or regi/]$ d]ivatives 
transaction execution facility4  7cc7   
,section #f ( su* ,act 7#g ,u4,s4,c4 #h7
 is am5d$-- 7#a7 by /rik+ or regi/]$2   
7#b7 by /rik+ or d]ivatives transaction 
execution facility ea* place x appe>s2 &

  7#c7 by /rik+ or regi/ration ea* place
 x appe>s4  7dd7 ,section #f;a7a7 ( su* 
,act 7#g ,u4,s4,c4 #aj;a7a77 is am5d$-- 
7#a7 by /rik+ or regi/]$2  7#b7 by /rik+
 or a d]ivatives transaction execution  
facility2 &  7#c7 by ins]t+ %all be=e   
exclude ! fir/ place su* t]m appe>s4    
7ee7 ,section #f;a7b7 ( su* ,act 7#g    
,u4,s4,c4 #aj;a7b77 is am5d$-- 7#a7 by  
/rik+ or regi/]$2 &  7#b7 by /rik+ or a 
d]ivatives transaction execution        
facility4  7ff7 ,section #f;d7#a7 ( su* 
,act 7#g ,u4,s4,c4 #ac;a-#b7a77 is am5d$
 by /rik+ d]ivatives transaction        
execution facility14  #daa4 ,elim9ation 
( obsolete ref]5ces to exempt bo>ds (   
trade  7a7 ,section #a;a7#ai77;,a77x7 ( 
! ,commodity ,ex*ange ,act 7#g ,u4,s4,c4
 #a;a7#ah77;,a77x771 z s r$esignat$ by  
section #cjf7;b77#a7 ( ?is ,act1 is     
am5d$ by /rik+ 8or an exempt bo>d (     
trade04  7b7 ,section                   
#ab7;e77#a77;,b77i7 ( su* ,act 7#g      
,u4,s4,c4 #af7;e77#a77;,b77i77 is am5d$ 
by /rik+ 8or exempt bo>d ( trade04      

#dab4 ,elim9ation ( report due 9 #aihf  
,section #bf ( ! ,futures ,trad+ ,act ( 
#aigh 7#g ,u4,s4,c4 #af;a7 is am5d$ by  
/rik+ subsection 7b7 & r$esignat+       
subsection 7c7 z subsection 7b74  #dac4 
,compliance report flexibility ,section 
#ds7k77#c77;,b7 ( ! ,commodity ,ex*ange 
,act 7#g ,u4,s4,c4 #fs7k77#c77;,b77 is  
am5d$ to read z foll[s3  7,b7           
,requirem5ts ,a compliance report "u    
subp>agraph 7,a7 %all-- 7i7 include a   
c]tification t1 "u p5alty ( law1 !      
compliance report is mat]ially accurate 
& complete2 &  7ii7 be furni%$ at su* "t
 z ! ,commission det]m9es by rule1      
regulation1 or ord]1 to be appropriate4 
4  #dad4 ,miscellane\s corrections  7a7 
,section #a;a7#ac77;,a77i77,,ii7 ( !    
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#a;a7#ab77;,a77i77,,ii771 z s r$esignat$
 by section #cjf7;b77#a7 ( ?is ,act1 is 
am5d$ by add+ at ! end a semicolon4  7b7
 ,section #b7;a77#a77;,c77ii77,,iii7 (  
su* ,act 7#g ,u4,s4,c4                  
#b7;a77#a77;,c77ii77,,iii77 is am5d$ by 

mov+ ! provision #b ems to ! "r4  7c7   
,section #b7;a77#a77;,c77iii7 ( su* ,act
 7#g ,u4,s4,c4 #b7;a77#a77;,c77iii77 is 
am5d$ by mov+ ! provision #b ems to !   
"r4  7d7 ,section #b7;a77#a77;,c77iv7 ( 
su* ,act 7#g ,u4,s4,c4                  
#b7;a77#a77;,c77iv77 is am5d$ by /rik+  
"u or & ins]t+ "u4  7e7 ,section        
#b7;a77#a77;,c77v7 ( su* ,act 7#g       
,u4,s4,c4 #b7;a77#a77;,c77v77 is am5d$  
by mov+ ! provision #b ems to ! "r4  7f7
 ,section #b7;a77#a77;,c77v77,,vi7 ( su*
 ,act 7#g ,u4,s4,c4                     
#b7;a77#a77;,c77v77,,vi77 is am5d$ by   
/rik+ ,,iii & ins]t+ 7,,iii74  7g7      
,section #b7;c77#a7 ( su* ,act 7#g      
,u4,s4,c4 #b7;c77#a77 is am5d$ by /rik+ 
! #bnd comma4  7h7 ,section             
#d7;c77#c77;,h7 ( su* ,act 7#g ,u4,s4,c4
 #f7;c77#c77;,h77 is am5d$ by /rik+ /ate
 & ins]t+ ,/ate4  7i7 ,section #d;c7c7 (
 su* ,act 7#g ,u4,s4,c4 #f;c7c77 is     
am5d$ to read z foll[s3  7c7 ,!         
,commission %all issue regulations to   
cont9ue to p]mit ! trad+ ( options on   

contract m>kets "u su* t]ms & conditions
 t ! ,commission f "t to "t may         
prescribe4  4  7j7 ,section #d;d7b7 (   
su* ,act 7#g ,u4,s4,c4 #f;d7b77 is am5d$
 by /rik+ p>agraph 7#b7 ( ?is section & 
ins]t+ subsection 7a77#b74  7k7 ,section
 #d;f7c77#c77;,a7 ( su* ,act 7#g        
,u4,s4,c4 #f;f7c77#c77;,a77 is am5d$ by 
/rik+ ! #a/ comma4  7l7 ,section        
#d;f7c77#d77;,a7 ( su* ,act 7#g         
,u4,s4,c4 #f;f7c77#d77;,a77 is am5d$ by 
/rik+ 9 develop+ & ins]t+ ,9 develop+4  
7m7 ,section #d;f7c77#d77;,b7 ( su* ,act
 7#g ,u4,s4,c4 #f;f7c77#d77;,b77 is     
am5d$ by /rik+ #ahag7;a7 & ins]t+       
#ahag7;a774  7n7 ,section #e ( su* ,act 
7#g ,u4,s4,c4 #g7 is am5d$ by r$esignat+
 subsections 7c7 ?r\gh 7e7 z subsections
 7b7 ?r\gh 7d71 respectively4  7o7      
,section #e;b ( su* ,act 7#g ,u4,s4,c4  
#g;a-#a7 is am5d$ by r$esignat+         
subsection 7k7 z subsection 7j74  7p7   
,section #e;f7b77#a7 ( su* ,act 7#g     
,u4,s4,c4 #g;b-#a7;b77#a77 is am5d$ by  
/rik+ section #e;f & ins]t+ ?is section4

  7q7 ,section #f7;a7 ( su* ,act 7#g    
,u4,s4,c4 #h7;a77 is am5d$ by /rik+ ! ! 
& ins]t+ !4  7r7 ,section #h;a ( su*    
,act 7#g ,u4,s4,c4 #ab;a7 is am5d$ 9 ea*
 ( p>agraphs 7#b77;,e7 & 7#c77;,b7 by   
/rik+ ,inve/ors & ins]t+ ,inve/or4  7s7 
,section #i7;a77#b7 ( su* ,act 7#g      
,u4,s4,c4 #ac7;a77#b77 is am5d$ by /rik+
 subsection #d;c & ins]t+ section #d;c4 
7t7 ,section #ab7;b77#d7 ( su* ,act 7#g 
,u4,s4,c4 #af7;b77#d77 is am5d$ by mov+ 
! provision #b ems to ! left4  7u7      
,section #ad7;a77#b7 ( su* ,act 7#g     
,u4,s4,c4 #ah7;a77#b77 is am5d$ by mov+ 
! provision #b ems to ! left4  7v7      
,section #ag7;b77#i77;,d7 ( su* ,act 7#g
 ,u4,s4,c4 #ba7;b77#i77;,d77 is am5d$ by
 /rik+ ! semicolon & ins]t+ a p]iod4    
7w7 ,section #ag7;b77#aj77;,c77ii7 ( su*
 ,act 7#g ,u4,s4,c4                     
#ba7;b77#aj77;,c77ii77 is am5d$ by /rik+
 & at ! end4  7x7 ,section #ag7;b77#aa7 
( su* ,act 7#g ,u4,s4,c4 #ba7;b77#aa77  
is am5d$ by /rik+ ! p]iod & ins]t+ a    
semicolon4  7y7 ,section #ag7;b77#ab7 ( 

su* ,act 7#g ,u4,s4,c4 #ba7;b77#ab77 is 
am5d$-- 7#a7 by /rik+ 7,a72 &  7#b7 by  
/rik+ ! p]iod & ins]t+ 2 &4  7z7        
,section #ag7;b77#ac7 ( su* ,act 7#g    
,u4,s4,c4 #ba7;b77#ac77 is am5d$ by     
/rik+ ,a & ins]t+ a4  7aa7 ,section #ag 
( su* ,act 7#g ,u4,s4,c4 #ba71 z am5d$  
by sections #aja ?r\gh #ajc ( ?is ,act1 
is am5d$ by r$esignat+ subsection 7q71 z
 add$ by section #bcc7e7 ( ,public ,law 
#ig-ddd1 & subsections 7s7 ?r\gh 7w7 z  
subsections 7r7 ?r\gh 7x71 respectively4
  7bb7 ,section #bb7;b77#c7 ( su* ,act  
7#g ,u4,s4,c4 #be7;b77#c77 is am5d$ by  
/rik+ ( regi/]$ & ins]t+ ( a regi/]$4   
7cc7 ,section #bb7;b77#d7 ( su* ,act 7#g
 ,u4,s4,c4 #be7;b77#d77 is am5d$ by     
ins]t+ a comma aft] entity4  ,may #bi1  
#bjae ,committ$ to ! ,committee ( !     
,:ole ,h\se on ! ,/ate ( ! ,union &     
ord]$ to be pr9t$