,i  #aad? ,,congress  #b;d ,session  ,h4
 ,r4 #eeib  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,june #bh1 #bjaf,mr4  
,cumm+s introduc$ ! foll[+ bill2 :i* 0  
ref]r$ to ! ,committee on ,agriculture1 
& 9 addition to ! ,committees on        
,f9ancial ,s]vices1 & ! ,judici>y1 = a  
p]iod to be subsequ5tly det]m9$ by !    
,speak]1 9 ea* case = consid]ation ( su*
 provisions z fall )9 ! jurisdiction ( !
 committee conc]n$  ,a ,,bill  ,to am5d 
! ,commodity ,ex*ange ,act to cl>ify :i*
 fees ! ,commodity ,futures ,trad+      
,commission may assess & collect1 & =   
o!r purposes4  #a4 ,%ort title ,?is ,act
 may be cit$ z ! ,d]ivatives ,ov]sight &
 ,taxpay] ,protection ,act4  ,i ,/r5g!n+
 ov]sight & en=cem5t  #aja4 ,fees to    
recov] co/s  7a7 ,9 g5]al ,! ,commodity 
,ex*ange ,act is am5d$ by ins]t+ aft]   
section #aj 7#g ,u4,s4,c4 #ag7 ! foll[+3
  #aa4 ,fees to recov] co/s  7a7        
,recov]y ( c]ta9 co/s ( annual          
appropriation  7#a7 ,9 g5]al ,effective 
beg9n+ ,octob] #a1 #bjaf1 s z to recov] 

! co/s to ! ,f$]al ,gov]nm5t ( ! annual 
appropriation to ! ,commission by       
,congress1 ! ,commission %all assess &  
collect fees "u ?is subsection4  7#b7   
,requirem5ts ,subject to p>agraph 7#c71 
! ,commission may-- 7,a7 assess fees to 
recov] ! co/s ( ! regulatory s]vices    
provid$ by ! ,commission2 &  7,b7 assess
 fees f regi/]$ entities & p]sons       
regi/]$ "u ?is ,act4  7#c7 ,s]vice fees 
,! ,commission may assess fees to recov]
 ! co/s ( ! foll[+ regulatory s]vices   
provid$ by ! ,commission3  7,a7         
,designat$ contract m>ket compliance    
exam9ations4  7,b7 ,=eign bo>d ( trade  
regi/ration reviews4  7,c7 ,swap        
execution facility designation reviews4 
7,d7 ,swap data repository regi/ration  
reviews4  7,e7 ,designat$ contract m>ket
 designation reviews4  7,f7 ,swap       
execution facility compliance           
exam9ations4  7,g7 ,swap data repository
 compliance reviews4  7,h7 ,designat$   
contract m>ket contract review &        
approvals4  7,i7 ,swap execution        

facility contract review & approvals4   
7,j7 ,designat$ contract m>ket contract 
c]tification & rule reviews4  7,k7 ,swap
 execution facility contract            
c]tification & rule reviews4  7,l7 ,swap
 data repository rule reviews4  7,m7    
,reviews ( m]g]s1 transf]s1 & o!r action
 reque/s f designat$ contract m>kets1   
swap execution facilities1 & swap data  
repositories4  7,n7 ,designat$          
self-regulatory organization f9ancial   
surveillance reviews4  7,o7 ,regi/]$    
futures association compliance program  
reviews4  7,p7 ,d]ivatives cle>+        
organization reviews4  7,q7 ,futures    
commission m]*ant exam9ations4  7,r7    
,regi/]$ =eign ex*ange deal]            
exam9ations4  7,s7 ,swap deal]          
regi/ration reviews4  7,t7 ,swap deal]  
exam9ations4  7,u7 ,o!r entity          
regi/ration1 reviews1 or exam9ations1 or
 o!r regulatory s]vices provid$ by !    
,commission4  7#d7 ,fee rates ,fees     
assess$ %all-- 7,a7 be reasonably relat$
 to ! co/ to ! ,commission ( provid+ !  

s]vices ( ! ,commission2  7,b7 take into
 consid]ation ! full-"t equival5t numb] 
( employees p]=m+ ! s]vices1 ov]head    
co/s1 & o!r factors t ! ,commission     
det]m9es are necess>y 9 ! public int]e/2
  7,c7 support m>ket access = small]    
m>ket p>ticipants h$g+ or mitigat+      
comm]cial or agricultural risk1 includ+ 
f>m]s & ran*]s2 &  7,d7 m9imize negative
 impacts on m>ket liquidity & ma9ta9 !  
effici5cy1 competitiv5ess1 & f9ancial   
integrity ( futures & swaps m>kets 9 !  
,unit$ ,/ates4  7#e7 ,collection ( fees 
,! ,commission %all collect fees paid 9 
accordance ) p>agraph 7#b7 9 a mann] &  
)9 su* "t z det]m9$ by ! ,commission4   
7b7 ,publication ,n lat] ?an #fj days   
aft] ! date on :i* a law provid+ a      
regul> appropriation to ! ,commission = 
a fiscal ye> is enact$1 ! ,commission   
%all publi% 9 ! ,f$]al ,regi/]--  7#a7  
notices ( ! fee rates = ! fiscal ye>1   
includ+ any e/imates or projections on  
:i* ! fees are bas$2 &  7#b7 a s*$ule ( 
fees = ! fiscal ye>1 includ+ an         

explanation ( ! me?od us$ = calculat+   
applicable fee rates4  7c7 ,deposit (   
fees  7#a7 ,(fsett+ collections ,fees   
collect$ "u subsection 7a7 = any fiscal 
ye>-- 7,a7 %all be deposit$ & cr$it$ z  
(fsett+ collections to ! acc\nt provid+ 
appropriations to ! ,commission2 &  7,b7
 except z provid$ 9 subsection 7e71 %all
 n be collect$ or available = obligation
 = any fiscal ye> except to ! ext5t     
provid$ 9 advance 9 appropriation ,acts4
  7#b7 ,g5]al rev5ues prohibit$ ,no fees
 collect$ "u subsection 7a7 %all be     
deposit$ & cr$it$ z g5]al rev5ue ( !    
,treasury4  7d7 ,fee ord]s  7#a7 ,annual
 adju/m5t ,= ea* fiscal ye>1 !          
,commission %all by ord] set ! fees     
applicable "u subsection 7a7 = ! fiscal 
ye> at rates t are reasonably likely to 
produce aggregate fee collections "u ?is
 section t are equal to ! co/s to !     
,f$]al ,gov]nm5t ( ! annual             
appropriation to ! ,commission by       
,congress4  7#b7 ,mid-ye> adju/m5t  7,a7
 ,9 g5]al ,= ea* fiscal ye>1 !          

,commission %all det]m9e1 n lat] ?an    
,m>* #a ( ! fiscal ye>1 :e!r1 bas$ on ! 
actual fees collect$ dur+ ! fir/ #e     
mon?s ( ! fiscal ye>1 ! collections     
g5]at$ "u ! fee rates det]m9$ "u        
p>agraph 7#a7 = ! fiscal ye> are        
reasonably likely to be #aj p]c5t 7or m7
 great] or less ?an ! annual            
appropriation to ! ,commission = !      
fiscal ye>4  7,b7 ,adju/m5t  7i7 ,9     
g5]al ,if ! ,commission makes an        
affirmative det]m9ation1 ! ,commission  
%all by ord]1 n lat] ?an ,m>* #a1 adju/ 
! fees = ! fiscal ye> to rates t are    
reasonably likely to produce aggregate  
fee collections "u ?is section t are    
equal to ! co/ to ! ,f$]al ,gov]nm5t ( !
 annual appropriation to ! ,commission  
by ,congress4  7ii7 ,factors ,! fee     
rates %all be assess$ bas$ on ! same    
factors describ$ 9 subsection 7a74  7e7 
,lapse ( appropriation ,if on ! fir/ day
 ( a fiscal ye> a regul> appropriation  
to ! ,commission has n be5 enact$1 !    
,commission %all cont9ue to collect 7z  

(fsett+ collections7 ! fees & assessm5ts
 "u subsection 7a7 at ! rates 9 effect  
on ,septemb] #cj ( ! prec$+ fiscal ye>1 
until #ij days aft] ! date a regul>     
appropriation is enact$4  4  7b7 ,con=m+
 am5dm5ts  7#a7 ,section #b7;d7 ( !     
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#b7;d77 is am5d$ by /rik+ & #i & ins]t+ 
#i1 & #aa4  7#b7 ,section               
#d7;c77#a77;,a77i77,i7 ( ! ,commodity   
,ex*ange ,act 7#g ,u4,s4,c4             
#f7;c77#a77;,a77i77,i77 is am5d$ by     
ins]t+ #aa1 aft] #h;e14  7#c7 ,section  
#ae7;a77#c7 ( ! ,commodity ,ex*ange ,act
 7#g ,u4,s4,c4 #ai7;a77#c77 is am5d$ by 
add+ at ! end ! foll[+3  7,d7 ,an action
 "u section #aa4  4  #ajb4 ,civil       
p5alties & f9es "u ! ,commodity ,ex*ange
 ,act & relat$ en=cem5t actions  7a7    
,civil p5alties g5]ally ,section        
#f7;c77#aj7 ( ! ,commodity ,ex*ange ,act
 7#g ,u4,s4,c4 #i7aj77 is am5d$ by /rik+
 subp>agraph 7,c7 & ins]t+ ! foll[+3    
7,c7 assess su* p]son-- 7i7 a civil     
p5alty ( n m ?an an am\nt equal to !    

great] (--  7,i7 #a1jjj1jjj1 9 ! case ( 
a p]son :o is an individual1 = ea*      
violation2  7,,ii7 #aj1jjj1jjj1 9 ! case
 ( any p]son o!r ?an an individual1 =   
ea* violation2  7,,iii7 triple ! monet>y
 ga9 to ! p]son & all o!r p]sons act+ 9 
conc]t ) ! p]son1 = ea* su* violation2  
or  7,,iv7 triple ! total am\nt ( losses
 to p]sons proximately caus$ by ea* su* 
violation2 or  7ii7 a civil p5alty (    
triple ! maximum am\nt o!rwise available
 "u clause 7i7 if ! p]son1 )9 #e ye>s   
prec$+ ! violation1 has be5--  7,i7 f\nd
 9 a proce$+ br\ght by ! ,commission1 or
 by agreem5t ( settlem5t to :i* !       
,commission is a p>ty1 to h recklessly1 
kn[+ly1 or willfully violat$ any        
provision ( ?is ,act or ( ! rules1      
regulations1 or ord]s ( ! ,commission   
!reund]2  7,,ii7 f\nd 9 a proce$+ br\ght
 by ! ,securities & ,ex*ange            
,commission1 or by agreem5t ( settlem5t 
to :i* ! ,securities & ,ex*ange         
,commission is a p>ty1 to h recklessly1 
kn[+ly1 or willfully violat$ any        

provision ( ! ,securities ,act ( #aicc1 
! ,securities ,ex*ange ,act ( #aicd1 !  
,inve/m5t ,company ,act ( #aidj1 or !   
,inve/m5t ,advis]s ,act ( #aidj1 or ( ! 
rules1 regulations1 or ord]s ( !        
,securities & ,ex*ange ,commission      
!reund]2  7,,iii7 f\nd 9 a proce$+      
br\ght by ! ,f$]al ,en]gy ,regulatory   
,commission1 or by agreem5t ( settlem5t 
to :i* ! ,f$]al ,en]gy ,regulatory      
,commission is a p>ty1 to h recklessly1 
kn[+ly1 or willfully violat$ any        
provision ( ! ,f$]al ,p[] ,act 7#af     
,u4,s4,c4 #gib et seq471 ! ,natural ,gas
 ,act 7#ae ,u4,s4,c4 #gag et seq471 !   
,public ,utility ,regulatory ,policies  
,act ( #aigh 7#af ,u4,s4,c4 #bfja et    
seq471 ! ,natural ,gas ,policy ,act (   
#aigh 7#ae ,u4,s4,c4 #ccja et seq471 or 
! rules1 regulations1 or ord]s ( !      
,f$]al ,en]gy ,regulatory ,commission   
issu$ !reund]2  7,,iv7 convict$ ( any   
crim9al violation ( ?is ,act or ( !     
rules1 regulations1 or ord]s ( !        
,commission !reund]2  7,v7 convict$ (   

any crim9al violation ( ! ,securities   
,act ( #aicc1 ! ,securities ,ex*ange    
,act ( #aicd1 ! ,inve/m5t ,company ,act 
( #aidj1 or ! ,inve/m5t ,advis]s ,act ( 
#aidj1 or ( ! rules1 regulations1 or    
ord]s ( ! ,securities & ,ex*ange        
,commission !reund]2 or  7,,vi7 convict$
 ( any o!r crim9al (f5se t involves any 
conduct1 transaction1 advice or activity
 relat$ to any commodity int]e/1 z t t]m
 is def9$ by ! ,commission1 or          
security-bas$ swap2 &  4  7b7 ,f9es &   
civil p5alties relat$ to violation (    
cease & desi/ ord] ,section #f7;d7 ( !  
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#ac;b7 is am5d$-- 7#a7 by ins]t+ 7#a7   
aft] 7d72  7#b7 by /rik+ #adj1jjj or    
triple ! monet>y ga9 to su* p]son1 &    
ins]t+ 7,a7 #a1jjj1jjj1 9 ! case ( a    
p]son :o is an individual1 = ea*        
violation1 7,b7 #aj1jjj1jjj1 9 ! case ( 
any p]son o!r ?an an individual1 = ea*  
violation1 7,c7 triple ! monet>y ga9 to 
! p]son & all o!r p]sons act+ 9 conc]t )
 ! p]son1 = ea* su* violation1 or 7,d7  

triple ! total am\nt ( losses to p]sons 
proximately caus$ by ea* su* violation12
 &  7#c7 by add+ at ! end ! foll[+3     
7#b7 ,a p]son may be held liable = a    
civil p5alty 9 triple ! am\nt o!rwise   
available = a violation "u ?is          
subsection if ! p]son1 )9 #e ye>s prec$+
 su* violation1 has be5--  7,a7 f\nd 9 a
 proce$+ br\ght by ! ,commission1 or by 
agreem5t ( settlem5t to :i* !           
,commission is a p>ty1 to h recklessly1 
kn[+ly1 or willfully violat$ any        
provision ( ?is ,act or ! rules1        
regulations1 or ord]s ( ! ,commission   
!reund]2  7,b7 f\nd 9 a proce$+ br\ght  
by ! ,securities & ,ex*ange ,commission1
 or by agreem5t ( settlem5t to :i* !    
,securities & ,ex*ange ,commission is a 
p>ty1 to h recklessly1 kn[+ly1 or       
willfully violat$ any provision ( !     
,securities ,act ( #aicc1 ! ,securities 
,ex*ange ,act ( #aicd1 ! ,inve/m5t      
,company ,act ( #aidj1 or ! ,inve/m5t   
,advis]s ,act ( #aidj1 or ( ! rules1    
regulations1 or ord]s ( ! ,securities & 

,ex*ange ,commission !reund]2  7,c7 f\nd
 9 a proce$+ br\ght by ! ,f$]al ,en]gy  
,regulatory ,commission1 or by agreem5t 
( settlem5t to :i* ! ,f$]al ,en]gy      
,regulatory ,commission is a p>ty1 to h 
recklessly1 kn[+ly1 or willfully violat$
 any provision ( ! ,f$]al ,p[] ,act 7#af
 ,u4,s4,c4 #gib et seq471 ! ,natural    
,gas ,act 7#ae ,u4,s4,c4 #gag et seq471 
! ,public ,utility ,regulatory ,policies
 ,act ( #aigh 7#af ,u4,s4,c4 #bfja et   
seq471 ! ,natural ,gas ,policy ,act (   
#aigh 7#ae ,u4,s4,c4 #ccja et seq471 or 
! rules1 regulations1 or ord]s ( !      
,f$]al ,en]gy ,regulatory ,commission   
issu$ !reund]2  7,d7 convict$ ( any     
crim9al violation ( ?is ,act or ! rules1
 regulations1 or ord]s ( ! ,commission  
!reund]2  7,e7 convict$ ( any crim9al   
violation ( ! ,securities ,act ( #aicc1 
! ,securities ,ex*ange ,act ( #aicd1 !  
,inve/m5t ,company ,act ( #aidj1 or !   
,inve/m5t ,advis]s ,act ( #aidj1 or ( ! 
rules1 regulations1 or ord]s ( !        
,securities & ,ex*ange ,commission      

!reund]2 or  7,f7 convict$ ( any o!r    
crim9al (f5se t involves any conduct1   
transaction1 advice or activity relat$  
to any commodity int]e/1 z t t]m is     
def9$ by ! ,commission1 or security-bas$
 swap4  4  7c7 ,non5=cem5t ( rules (    
gov]nm5t or o!r violations ,section #f;b
 ( ! ,commodity ,ex*ange ,act 7#g       
,u4,s4,c4 #ac;a7 is am5d$-- 7#a7 9 !    
fir/ s5t5ce1 by /rik+ #ejj1jjj = ea* su*
 violation1 or1 9 any case (            
manipulation or attempt$ manipulation 9 
violation ( section #f7;c71 #f7;d71 or  
#i7;a77#b71 a civil p5alty ( n m ?an    
#a1jjj1jjj = ea* su* violation & ins]t+ 
7,a7 #a1jjj1jjj1 9 ! case ( a p]son :o  
is an individual1 = ea* violation1 7,b7 
#aj1jjj1jjj1 9 ! case ( any p]son o!r   
?an an individual1 = ea* violation1 7,c7
 triple ! monet>y ga9 to ! p]son & all  
o!r p]sons act+ 9 conc]t ) ! p]son1 =   
ea* su* violation1 or 7,d7 triple !     
total am\nt ( losses to p]sons          
proximately caus$ by ea* su* violation1 
& su* civil p5alty %all be assess$ = ea*

 violation on :i* a failure to en=ce or 
o!r violation occurs or has occurr$2    
provid$ t su* regi/]$ entity1 director1 
(fic]1 ag5t1 or employee may be assess$ 
a civil p5alty ( triple ! am\nt o!rwise 
available if ! p]son1 )9 #e ye>s ( su*  
violation1 has be5 7i7 f\nd 9 a proce$+ 
br\ght by ! ,commission1 or by agreem5t 
( settlem5t to :i* ! ,commission is a   
p>ty1 to h recklessly1 kn[+ly1 or       
willfully violat$ any provision ( ?is   
,act or ! rules1 regulations1 or ord]s (
 ! ,commission !reund]1 7ii7 f\nd 9 a   
proce$+ br\ght by ! ,securities &       
,ex*ange ,commission1 or by agreem5t (  
settlem5t to :i* ! ,securities &        
,ex*ange ,commission is a p>ty1 to h    
recklessly1 kn[+ly1 or willfully violat$
 any provision ( ! ,securities ,act (   
#aicc1 ! ,securities ,ex*ange ,act (    
#aicd1 ! ,inve/m5t ,company ,act (      
#aidj1 or ! ,inve/m5t ,advis]s ,act (   
#aidj1 or ( ! rules1 regulations1 or    
ord]s ( ! ,securities & ,ex*ange        
,commission !reund]1 7iii7 f\nd 9 a     

proce$+ br\ght by ! ,f$]al ,en]gy       
,regulatory ,commission1 or by agreem5t 
( settlem5t to :i* ! ,f$]al ,en]gy      
,regulatory ,commission is a p>ty1 to h 
recklessly1 kn[+ly1 or willfully violat$
 any provision ( ! ,f$]al ,p[] ,act 7#af
 ,u4,s4,c4 #gib et seq471 ! ,natural    
,gas ,act 7#ae ,u4,s4,c4 #gag et seq471 
! ,public ,utility ,regulatory ,policies
 ,act ( #aigh 7#af ,u4,s4,c4 #bfja et   
seq471 ! ,natural ,gas ,policy ,act (   
#aigh 7#ae ,u4,s4,c4 #ccja et seq471 or 
! rules1 regulations1 or ord]s ( !      
,f$]al ,en]gy ,regulatory ,commission   
issu$ !reund]2 7iv7 convict$ ( any      
crim9al violation ( ?is ,act or ! rules1
 regulations1 or ord]s ( ! ,commission  
!reund]2 7v7 convict$ ( any crim9al     
violation ( ! ,securities ,act ( #aicc1 
! ,securities ,ex*ange ,act ( #aicd1 !  
,inve/m5t ,company ,act ( #aidj1 or !   
,inve/m5t ,advis]s ,act ( #aidj1 or ( ! 
rules1 regulations1 or ord]s ( !        
,securities & ,ex*ange ,commission      
!reund]2 or 7vi7 convict$ ( any o!r     

crim9al (f5se t involves any conduct1   
transaction1 advice or activity relat$  
to any commodity int]e/1 z t t]m is     
def9$ by ! ,commission1 or security-bas$
 swap2 &  7#b7 9 ! second s5t5ce1 by    
/rik+ #ejj1jjj & ins]t+ #a1jjj1jjj4  7d7
 ,action ,to enjo9 or re/ra9 violations 
,section #f;c7d7 ( ! ,commodity ,ex*ange
 ,act 7#g ,u4,s4,c4 #ac;a-#a7;d77 is    
am5d$--  7#a7 9 p>agraph 7#a71 by ins]t+
 a civil p5alty 9 ! am\nt ( aft]        
violation2 &  7#b7 by /rik+ subp>agraphs
 7,a7 & 7,b7 ( p>agraph 7#a7 & ins]t+ ! 
foll[+3  7,a7 n m ?an ! great] (-- 7i7  
#a1jjj1jjj1 9 ! case ( a p]son :o is an 
individual1 = ea* violation2  7ii7      
#aj1jjj1jjj1 9 ! case ( any p]son o!r   
?an an individual1 = ea* violation2     
7iii7 triple ! monet>y ga9 to ! p]son & 
all o!r p]sons act+ 9 conc]t ) ! p]son1 
= ea* su* violation2 or  7iv7 triple !  
total am\nt ( losses by p]sons          
proximately caus$ by ea* su* violation2 
or  7,b7 triple ! maximum am\nt o!rwise 
available "u subp>agraph 7,a7 if !      

p]son1 )9 #e ye>s prec$+ ! violation1   
has be5--  7i7 f\nd 9 a proce$+ br\ght  
by ! ,commission1 or by agreem5t (      
settlem5t to :i* ! ,commission is a     
p>ty1 to h recklessly1 kn[+ly1 or       
willfully violat$ any provision ( ?is   
,act or ( ! rules1 regulations1 or ord]s
 ( ! ,commission !reund]2  7ii7 f\nd 9 a
 proce$+ br\ght by ! ,securities &      
,ex*ange ,commission1 or by agreem5t (  
settlem5t to :i* ! ,securities &        
,ex*ange ,commission is a p>ty1 to h    
recklessly1 kn[+ly1 or willfully violat$
 any provision ( ! ,securities ,act (   
#aicc1 ! ,securities ,ex*ange ,act (    
#aicd1 ! ,inve/m5t ,company ,act (      
#aidj1 or ! ,inve/m5t ,advis]s ,act (   
#aidj1 or ( ! rules1 regulations1 or    
ord]s ( ! ,commission !reund]2  7iii7   
f\nd 9 a proce$+ br\ght by ! ,f$]al     
,en]gy ,regulatory ,commission1 or by   
agreem5t ( settlem5t to :i* ! ,f$]al    
,en]gy ,regulatory ,commission is a     
p>ty1 to h recklessly1 kn[+ly1 or       
willfully violat$ any provision ( !     

,f$]al ,p[] ,act 7#af ,u4,s4,c4 #gib et 
seq471 ! ,natural ,gas ,act 7#ae        
,u4,s4,c4 #gag et seq471 ! ,public      
,utility ,regulatory ,policies ,act (   
#aigh 7#af ,u4,s4,c4 #bfja et seq471 !  
,natural ,gas ,policy ,act ( #aigh 7#ae 
,u4,s4,c4 #ccja et seq471 or ! rules1   
regulations1 or ord]s ( ! ,f$]al ,en]gy 
,regulatory ,commission issu$ !reund]2  
7iv7 convict$ ( any crim9al violation ( 
?is ,act or ( ! rules1 regulations1 or  
ord]s ( ! ,commission !reund]2  7v7     
convict$ ( any crim9al violation ( !    
,securities ,act ( #aicc1 ! ,securities 
,ex*ange ,act ( #aicd1 ! ,inve/m5t      
,company ,act ( #aidj1 or ! ,inve/m5t   
,advis]s ,act ( #aidj1 or ( ! rules1    
regulations1 or ord]s ( ! ,securities & 
,ex*ange ,commission !reund]2 or  7vi7  
convict$ ( any o!r crim9al (f5se t      
involves any conduct1 transaction1      
advice or activity relat$ to any        
commodity int]e/1 z t t]m is def9$ by ! 
,commission1 or security-bas$ swap4  4  
7e7 ,crim9al p5alties ,section #i7;a7 ( 

! ,commodity ,ex*ange ,act 7#g ,u4,s4,c4
 #ac7;a77 is am5d$ 9 ! matt] prec$+     
p>agraph 7#a7 by ins]t+ aft] #a1jjj1jjj 
! foll[+3 9 ! case ( an individual = ea*
 violation or #aj1jjj1jjj 9 ! case ( any
 p]son o!r ?an an individual = ea*      
violation14  7f7 ,/atute ( limitations  
,section #i ( ! ,commodity ,ex*ange ,act
 7#g ,u4,s4,c4 #ac7 is am5d$ by add+ at 
! end ! foll[+3  7f7 ,/atute (          
limitations  7#a7 ,9 g5]al ,an action1  
suit or proce$+ = ! en=cem5t ( any civil
 f9e1 p5alty1 or =feiture1 pecuni>y or  
o!rwise1 %all n be ent]ta9$ unless      
comm5c$ )9 #aj ye>s aft] ! date :5 !    
cause ( action fir/ accru$ if1 )9 ! same
 p]iod1 ! (f5d] or ! prop]ty is f\nd )9 
! ,unit$ ,/ates 9 ord] t prop] s]vice   
may be made !reon4  7#b7 ,accrual ,a    
cause ( action accrues z ( ! date !     
,commission le>ns ( facts suffici5t to  
give ! ,commission notice t a violation 
has occurr$4  4  7g7 ,effective date ,! 
am5dm5ts made by ?is section %all take  
effect on ! date t is #ij days aft] !   

date ( ! enactm5t ( ?is ,act4  #ajc4    
,clos+ ! cross-bord] loophole ,section  
#b7;i7 ( ! ,commodity ,ex*ange ,act 7#g 
,u4,s4,c4 #b7;i77 is am5d$-- 7#a7 by    
r$esignat+ p>agraphs 7#a7 & 7#b7 z      
subp>agraphs 7,a7 & 7,b71 respectively2 
7#b7 9 ! matt] prec$+ subp>agraph 7,a71 
z s r$esignat$1 by /rik+ ,! provisions &
 ins]t+ ! foll[+3  7#a7 ,9 g5]al ,!     
provisions  2  7#c7 9 p>agraph 7#a71 z s
 designat$-- 7,a7 9 subp>agraph 7,a71 z 
s r$esignat$1 by /rik+ or at ! end2     
7,b7 9 subp>agraph 7,b71 z s r$esignat$1
 by /rik+ ! p]iod at ! end & ins]t+ 2   
or2 &  7,c7 by add+ at ! end ! foll[+3  
7,c7 except z provid$ 9 p>agraph 7#b71  
involve a swaps transaction 9 :i* a     
f9ancial entity t is domicil$ or        
organiz$ 9 ! ,unit$ ,/ates1 or a        
subsidi>y entity t is majority own$ or  
controll$ by a f9ancial entity t is     
domicil$ or organiz$ 9 ! ,unit$ ,/ates1 
be>s swaps-relat$ risks4  2 &  7#d7 by  
add+ at ! end ! foll[+3  7#b7 ,sub/itut$
 compliance ,not)/&+ p>agraph 7#a77;,c71

 ! ,commission may all[ a swaps         
transaction t involves a subsidi>y      
entity t is majority own$ or controll$  
by a f9ancial entity t is domicil$ or   
organiz$ 9 ! ,unit$ ,/ates to be        
conduct$ 9 :ole or 9 "p "u ! rules &    
ov]sight ( a =eign jurisdiction if !    
,commission det]m9es1 by rule1 t--  7,a7
 ! applicable elem5ts ( ! =eign rules   
are sub/antively equival5t to1 or (f]   
great] protection ?an1 ! applicable     
rules 9 ! ,unit$ ,/ates2 &  7,b7        
en=cem5t ( & ov]sight ) respect to !    
rules describ$ 9 subp>agraph 7,a7 is n  
less /r+5t ?an en=cem5t ( & ov]sight )  
respect to ! applicable rules 9 ! ,unit$
 ,/ates4  4  #ajd4 ,provid+ ov]sight (  
=eign ex*ange swaps ,section #a;a7#dg7 (
 ! ,commodity ,ex*ange ,act 7#g         
,u4,s4,c4 #a;a7#dg77 is am5d$ by /rik+  
subp>agraph 7,e7 & ins]t+ ! foll[+3     
7,e7 ,treatm5t ( =eign ex*ange swaps &  
=w>ds ,=eign ex*ange swaps & =eign      
ex*ange =w>ds %all be consid]$ swaps "u 
?is p>agraph4  4  #aje4 ,improv+ data   

%>+ betwe5 regulators ,section #ba ( !  
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#bd;a7 is am5d$ by add+ at ! end !      
foll[+3  7i7 ,data %>+ ,! ,commission   
%all make data ) respect to any p]son t 
is requir$ to be regi/]$ z a swap data  
repository "u ?is section available to  
any o!r f9ancial regulatory ag5cy--     
7#a7 ^u reque/2 &  7#b7 z soon z is     
practicable aft] receiv+ a reque/4  4   
#ajf4 ,improv+ data quality &           
accessibility ,section #ds ( !          
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#fs7 is am5d$ by add+ at ! end ! foll[+3
  7m7 ,data quality & accessibility     
7#a7 ,9 g5]al ,n lat] ?an #b ye>s aft] !
 date ( enactm5t ( ?is subsection1 !    
,commission & ! ,securities & ,ex*ange  
,commission %all det]m9e :e!r ! data t  
swap deal]s regi/]$ "u ?is section      
provide to swap data repositories--     
7,a7 are accurate2 &  7,b7 use consi/5t 
& /&>diz$ =mats t all[ t data to be     
aggregat$ & analyz$ by regulators4  7#b7
 ,p5alty ,! ,commission %all revoke !   

lic5se ( any swap deal] t ! ,commission 
& ! ,securities & ,ex*ange ,commission  
has f\nd violat$ p>agraph 7#a74  4  ,,ii
 ,%ift+ d]ivatives risks f taxpay]s to  
f9ancial in/itutions  #bja4 ,end+       
favorable treatm5t ( d]ivatives 9       
bankruptcy ,section #efj ( title #aa1   
,unit$ ,/ates ,code1 is repeal$4  #bjb4 
,rev]s+ ! ,,cftc's int]affiliate m>g9   
exception ,n lat] ?an #ahj days aft] !  
date ( enactm5t ( ?is ,act1 ! ,commodity
 ,futures ,trad+ ,commission %all modify
 ! rule on m>g9 requirem5ts entitl$     
,m>g9 ,requirem5ts = ,uncle>$ ,swaps =  
,swap ,deal]s & ,major ,swap            
,p>ticipants 7#ha ,f$4 ,reg4 #fcf       
7,janu>y #f1 #bjaf77 to require entities
 to collect m>g9 9 all int]affiliate    
swaps4  #bjc4 ,bann+ close\t nett+ =    
capital purposes2 ensur+ m9imum capital 
,section #afe7;b77#a7 ( ! ,f9ancial     
,/ability ,act ( #bjaj 7#ab ,u4,s4,c4   
#ecfe7;b77#a77 is am5d$ by add+ at ! end
 ! foll[+3  7,c7 ,consolidat$ assets    
7i7 ,def9ition ,9 ?is subp>agraph1 ! t]m

 cov]$ f9ancial in/itution means-- 7,i7 
a swap deal] regi/]$ "u section #ds ( ! 
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#fs72  7,,ii7 a security-bas$ swap      
deal]1 z def9$ 9 section #c7;a7 ( !     
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #gh;c7a772  7,,iii7 an insur$ 
depository in/itution1 z def9$ 9 section
 #c ( ! ,f$]al ,deposit ,insurance ,act 
7#ab ,u4,s4,c4 #ahac72  7,,iv7 a nonbank
 f9ancial company sup]vis$ by ! ,bo>d ( 
,gov]nors2  7,v7 a major swap           
p>ticipant1 z def9$ 9 section #a;a ( !  
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#a;a72  7,,vi7 a bank hold+ company     
describ$ 9 subsection 7a72 &  7,,vii7   
any subsidi>y ( a bank hold+ company    
describ$ 9 subsection 7a74  7ii7 ,9     
g5]al ,= purposes ( det]m9+ ! am\nt (   
capital requir$ "u ! risk-bas$ capital  
requirem5ts & lev]age limits requir$ "u 
subp>agraph 7,a77i71 consolidat$ assets 
%all include ! fair value & pot5tial    
future exposure ( d]ivatives exposures1 
)\t recogniz+ ! b5efits ( any nett+     

arrangem5t1 unless ! nett+ arrangem5t-- 
7,i7  7aa7 is docum5t$ "u a =mal ma/]   
nett+ agreem5t or o!r =mal arrangem5t ) 
a d]ivatives cle>+ organization regi/]$ 
) a prim>y ,f$]al f9ancial regulatory   
ag5cy2 &  7bb7 meets f9ancial /&>ds     
approv$ by ! ,bo>d ( ,gov]nors & !      
,corporation2 or  7,,ii7 7aa7 is        
docum5t$ "u a =mal ma/] nett+ agreem5t )
 a c\nt]p>ty2 &  7bb7 requires ! cov]$  
f9ancial in/itution1 z a matt] ( ongo+  
bus9ess practice1 to-- 7,,aa7 ex*ange   
collat]al daily = ! fulfillm5t (        
v>iation m>g9 requirem5ts on a net      
basis2 & 7,,bb7 fulfill all contractual 
paym5t requirem5ts1 includ+ paym5ts =   
contract det]m9ation1 on a net basis1 ) 
su* net ex*ange ( collat]al & paym5ts   
encompass+ all d]ivatives exposures     
cov]$ by ! =mal arrangem5t4  7,d7 ,total
 d]ivatives risk exposures ,= purposes (
 det]m9+ ! am\nt ( capital requir$ "u   
lev]age limits requir$ "u subp>agraph   
7,a77i7--  7i7 total d]ivatives risk    
exposures %all n be assess$ at a level  

less ?an #b p]c5t ( total gross notional
 d]ivatives contracts to :i* ! cov]$    
f9ancial in/itution1 z def9$ 9          
subp>agraph 7,c77i71 is a p>ty2 &  7ii7 
su* lev]age limits %all n v>y =         
d]ivatives exposures z comp>$ to o!r    
assets4  4  #bjd4 ,report on cle>+h\ses 
7a7 ,9 g5]al ,n lat] ?an #a ye> aft] !  
date ( enactm5t ( ?is ,act1 ! ,commodity
 ,futures ,trad+ ,commission1 ! ,(fice (
 ! ,comptroll] ( ! ,curr5cy1 ! ,f$]al   
,deposit ,insurance ,corporation1 & !   
,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve    
,sy/em %all jo9tly publi% a report t    
answ]s ! foll[+ que/ions3  7#a7 ,are    
prefund$ default funds at major         
cle>+h\ses1 along ) prefund$ liquidity  
res\rces1 adequate to absorb losses &   
cont9ue op]ations 9 ! ev5t ( ! failure (
 multiple l>ge cle>+ memb]s dur+ a      
sy/emic /ress ev5t affect+ ! f9ancial   
sy/em z a :ole8  7#b7 ,are capital &    
liquidity res\rces associat$ ) cle>$    
d]ivatives at cle>+h\se memb]s adequate 
to meet cle>+h\se capital & m>g9 calls t

 might occur dur+ a sy/emic /ress ev5t  
associat$ ) ! failure ( multiple l>ge   
cle>+ memb]s dur+ a sy/emic /ress ev5t8 
7#c7 ,bas$ on plann$ res\rce levels at  
cle>+h\ses & major cle>+ memb]s1 9 :at  
ways might a lack ( prefund$ res\rces at
 a cle>+ h\se1 or ! level ( memb]       
capital & liquidity res\rces associat$ )
 cle>$ d]ivatives1 contribute to        
increas$ f9ancial sy/em /ress dur+ a    
sy/emic ev5t8  7#d7 ,h[ w\ld ! answ]s to
 ! que/ions 9 p>agraphs 7#a7 ?r\gh 7#c7 
be affect$ if portfolio correlation     
levels 9 cle>+h\se m>g9 & default fund  
models 7 significantly l[] ?an ^? assum$
 9 curr5t risk models8  7#e7 ,are su*   
l[] correlation levels possible 9 a     
/ress ev5t8  7#f7 ,are capital levels   
held by cle>+h\ses curr5tly adequate to 
align risk managem5t inc5tives betwe5   
cle>+h\ses !mselves1 _! memb]s1 & end   
us] cli5ts ( _! memb]s8  7#g7 ,d !      
fiduci>y duties ( cle>+h\se managem5t to
 _! /ockhold]s 9 any way conflict ) !   
public int]e/8  7b7 ,policy             

recomm5dations ,! report requir$ "u     
subsection 7a7 %all conta9 policy       
recomm5dations associat$ ) ! answ]s to !
 que/ions pos$ "u p>agraphs 7#a7 ?r\gh  
7#g7 ( t subsection4