,,ii ,calendar ,no4 #dfa #aadth ,,congress #b;d ,session ,s4 #biag ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,may #aj1 #bjaf,mr4 ,roberts1 from the ,committee on ,agriculture1 ,nutrition1 and ,forestry1 reported the following original bill2 which was read twice and placed on the calendar ,a ,,bill ,to reauthorize the ,commodity ,futures ,trading ,commission1 to ensure protections of futures customers1 to provide relief for farmers1 ranchers1 and end-users that manage risk to help keep consumer costs low1 and for other purposes4 #a4 ,short title2 table of contents 7a7 ,short title ,this ,act may be cited as the ,commodity ,end-,user ,relief ,act4 7b7 ,table of contents ,the table of contents for this ,act is as follows3 ,sec4 #a4 ,short title2 table of contents4 ,,title ,i--,consumer ,protection ,sec4 #aja4 ,enhanced protections for futures customers4 ,sec4 #ajb4 ,electronic confirmation of customer funds4 ,sec4 #ajc4 ,notice and certifications providing additional customer protections4 ,sec4 #ajd4 ,futures commission merchant compliance4 ,sec4 #aje4 ,certainty for futures customers and market participants4 ,,title ,,ii--,commodity ,futures ,trading ,commission ,reforms ,sec4 #bja4 ,extension of operations4 ,sec4 #bjb4 ,clarification of exemptive authority4 ,sec4 #bjc4 ,privilege retention4 ,sec4 #bjd4 ,judicial review of ,commission rules4 ,sec4 #bje4 ,report on status of any application of metals exchange to register as a foreign board of trade2 deadline for action on application4 ,sec4 #bjf4 ,predominantly engaged4 ,sec4 #bjg4 ,public interest exemptions4 ,,title ,,iii--,end-,user ,relief ,sec4 #cja4 ,transactions with utility special entities4 ,sec4 #cjb4 ,relief for grain elevator operators1 agricultural producers1 agricultural counterparties1 and commercial market participants4 ,sec4 #cjc4 ,relief for end-users who use physical contracts with volumetric optionality and treatment of ,federal home loan bank products4 ,sec4 #cjd4 ,study of swap dealer de minimis exemption level4 ,sec4 #cje4 ,models for non-bank swap dealers4 ,sec4 #cjf4 ,bona fide hedge defined to protect end-user risk management needs4 ,sec4 #cjg4 ,exemption of qualified charitable organizations from designation and regulation as commodity pool operators4 ,,title ,,iv--,technical corrections ,sec4 #dja4 ,correction of cross-references4 ,sec4 #djb4 ,elimination of obsolete references to derivative transaction execution facilities4 ,sec4 #djc4 ,elimination of obsolete references to electronic trading facilities4 ,sec4 #djd4 ,elimination of obsolete references to exempt boards of trade4 ,sec4 #dje4 ,elimination of obsolete reference to significant price discovery contract4 ,sec4 #djf4 ,clarifications of retail foreign currency4 ,sec4 #djg4 ,elimination of obsolete references to dealer options4 ,sec4 #djh4 ,correction of references to designated contract markets4 ,sec4 #dji4 ,compliance report flexibility4 ,sec4 #daj4 ,reservations4 ,sec4 #daa4 ,flexibility for registered entities4 ,sec4 #dab4 ,elimination of obsolete reference to alternative swap execution facilities4 ,sec4 #dac4 ,elimination of redundant references to types of registered entities4 ,sec4 #dad4 ,clarification of ,commission authority over swaps trading4 ,sec4 #dae4 ,elimination of duplicative reference to ,commission4 ,sec4 #daf4 ,miscellaneous corrections4 ,sec4 #dag4 ,elimination of report due in #aihf4 ,i ,consumer ,protection #aja4 ,enhanced protections for futures customers ,section #ag of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #ba7 7as amended by section #daf7o77#a77 is amended by adding at the end the following3 7t7 ,enhanced protections for futures customers ,each registered futures association shall submit to the ,commission rules that-- 7#a7 require each member of the association that is a futures commission merchant to maintain written policies and procedures regarding the maintenance of-- 7,a7 the residual interest of the member1 as described in section #a4bc of title #ag1 ,code of ,federal ,regulations 7or successor regulations71 in any customer segregated funds of the member1 as identified in section #a4bj of that title 7or successor regulations71 and in any foreign futures and foreign options customer secured amount funds of the member1 as identified in section #cj4g of that title 7or successor regulations72 and 7,b7 the residual interest of the member1 as described in section #bb4b7;e77#d7 of that title 7or successor regulations71 in any cleared swaps customer collateral of the member1 as identified in section #bb4b of that title 7or successor regulations72 and 7#b7 govern the withdrawal1 transfer1 or disbursement by any member1 as described in section #a4bc of that title 7or successor regulations71 of the association1 that is a futures commission merchant1 of the residual interest of the member in any customer segregated funds as provided in section #a4bj of that title 7or successor regulations71 in any foreign futures and foreign options customer secured amount funds1 identified as provided in section #cj4g of that title 7or successor regulations71 and in any cleared swaps customer collateral1 identified as provided in section #bb4b of that title 7or successor regulations74 4 #ajb4 ,electronic confirmation of customer funds ,section #ag of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #ba7 7as amended by section #aja71 is amended by adding at the end the following3 7u7 ,electronic confirmation of customer funds ,each registered futures association shall submit to the ,commission rules that require any member of the association that is a futures commission merchant-- 7#a7 to use an electronic system or systems to report financial and operational information to the association or another party designated by the registered futures association1 including information related to customer segregated funds accounts1 foreign futures and foreign options customer secured amount funds accounts1 and cleared swaps customer collateral accounts1 in accordance with such terms1 conditions1 documentation standards1 and regular time intervals as are established by the registered futures association2 7#b7 to instruct each depository1 including any bank1 trust company1 derivatives clearing organization1 or futures commission merchant1 holding customer segregated funds under section #a4bj of title #ag1 ,code of ,federal ,regulations 7or successor regulations71 foreign futures and foreign options customer secured amount funds under section #cj4g of that title 7or successor regulations71 or cleared swaps customer collateral under section #bb4b of that title 7or successor regulations71 to report balances in section #a4bj customer segregated funds accounts1 section #cj4g foreign futures and foreign options customer secured amount funds accounts1 and section #bb4b cleared swaps customer collateral accounts of the futures commission merchant1 to the registered futures association or another party designated by the registered futures association1 in the form1 manner1 and interval prescribed by the registered futures association2 and 7#c7 to hold section #a4bj customer segregated funds1 section #cj4g foreign futures and foreign options customer secured amount funds and section #bb4b cleared swaps customer collateral in a depository that reports the balances in those accounts of the futures commission merchant held at the depository to the registered futures association or another party designated by the registered futures association in the form1 manner1 and interval prescribed by the registered futures association4 4 #ajc4 ,notice and certifications providing additional customer protections ,section #ag of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #ba7 7as amended by section #ajb7 is amended by adding at the end the following3 7v7 ,notification required ,a futures commission merchant that has adjusted net capital in an amount less than the amount required by regulations established by the ,commission or a self-regulatory organization of which the futures commission merchant is a member shall immediately notify the ,commission and the self-regulatory organization of that occurrence4 7w7 ,insufficient funds in segregated accounts ,a futures commission merchant that does not hold a sufficient amount of funds in segregated accounts for futures customers under section #a4bj of title #ag1 ,code of ,federal ,regulations 7or successor regulations71 in foreign futures and foreign options secured amount accounts for foreign futures and foreign options secured amount customers under section #cj4g of that title 7or successor regulations71 or in segregated accounts for cleared swap customers under section #bb4b of that title 7or successor regulations71 as required by regulations established by the ,commission or a self-regulatory organization of which the futures commission merchant is a member1 shall immediately notify the ,commission and the self-regulatory organization of that occurrence4 7x7 ,internal compliance program assessment report ,not later than the last day of such period as is established by the ,commission after the end of each fiscal year1 each futures commission merchant shall file with the ,commission a report from the chief compliance officer of the futures commission merchant containing an assessment of the internal compliance programs of the futures commission merchant4 4 #ajd4 ,futures commission merchant compliance 7a7 ,in general ,section #d;d7a7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #f;d7a77 is amended-- 7#a7 by redesignating paragraphs 7#a7 and 7#b7 as subparagraphs 7,a7 and 7,b71 respectively1 and indenting appropriately2 7#b7 by striking ,sec4 #d;d4 and all that follows through ,it shall be unlawful and inserting the following3 #d;d4 ,dealing by unregistered futures commission merchants or introducing brokers prohibited 7a7 ,registration requirements and duties 7#a7 ,in general ,it shall be unlawful 2 and 7#c7 by adding at the end the following3 7#b7 ,residual interest requirement ,any rules or regulations requiring a futures commission merchant to maintain a residual interest in accounts held for the benefit of customers in amounts at least sufficient to exceed the sum of all uncollected margin deficits of the customers shall provide that a futures commission merchant shall meet the residual interest requirement as of the end of each business day calculated as of the close of business on the previous business day4 4 7b7 ,conforming amendments 7#a7 ,section #d;d7h7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #f;d7h77 is amended by striking ,notwithstanding subsection 7a77#b7 and inserting ,notwithstanding subsection 7a77#a77;,b74 7#b7 ,section #ae7;c77#c77;,c7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gho7c77#c77;,c77 is amended by striking #d;d7a77#b7 and inserting #d;d7a77#a77;,b74 #aje4 ,certainty for futures customers and market participants ,section #bj7;a7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #bd7;a77 is amended-- 7#a7 in paragraph 7#d71 by striking and at the end2 7#b7 in paragraph 7#e71 by striking the period at the end and inserting 2 and2 and 7#c7 by adding at the end the following3 7#f7 that cash1 securities1 or other property of the estate1 including the trading or operating accounts of the commodity broker and commodities held in inventory by the commodity broker1 shall be included in customer property1 subject to any otherwise unavoidable security interest1 or otherwise unavoidable contractual offset or netting rights of creditors 7including rights set forth in a rule or bylaw of a derivatives clearing organization or a securities clearing agency7 in respect of the property1 but only to the extent that the property that is otherwise customer property is insufficient to satisfy the net equity claims of public customers 7as that term may be defined by the ,commission by rule or regulation7 of the commodity broker4 4 ,,ii ,commodity ,futures ,trading ,commission ,reforms #bja4 ,extension of operations ,section #ab7;d7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #af7;d77 is amended by striking #bjac and inserting #bjai4 #bjb4 ,clarification of exemptive authority ,section #d7;c77#a7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #f7;c77#a77 is amended-- 7#a7 in the matter preceding subparagraph 7,a71 by inserting 1 or any swap1 after otherwise subject to subsection 7a72 and 7#b7 by striking except that-- and all that follows through 7,b7 the ,commission and inserting except that the ,commission4 #bjc4 ,privilege retention ,section #h of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #ab7 is amended-- 7#a7 by redesignating subsections 7h7 and 7i7 as subsections 7i7 and 7j71 respectively2 and 7#b7 by inserting after subsection 7g7 the following3 7h7 ,sharing privileged information with other authorities 7#a7 ,definitions ,in this subsection3 7,a7 ,foreign law enforcement authority ,the term foreign law enforcement authority means any foreign authority that is empowered under foreign law to detect1 investigate1 or prosecute potential violations of law4 7,b7 ,privilege ,the term privilege includes any applicable work-product privilege1 attorney-client privilege1 governmental privilege1 or other privilege recognized under ,federal1 ,state1 or foreign law4 7#b7 ,privileged information provided by the ,commission ,the ,commission shall not be considered to have waived any privilege by transferring information to or permitting that information to be used in accordance with subsection 7e74 7#c7 ,nondisclosure of privileged information provided to the ,commission ,the ,commission shall not be compelled to disclose privileged information obtained from any foreign futures authority1 or foreign law enforcement authority1 if the authority has in good faith determined and represented to the ,commission that the information is privileged4 7#d7 ,nonwaiver of privileged information provided to the ,commission ,the entities listed in subsection 7e7 shall not be considered to have waived any privilege by transferring information to or permitting information to be used by the ,commission4 4 #bjd4 ,judicial review of ,commission rules ,the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #a et seq47 is amended by adding at the end the following3 #bd4 ,judicial review of ,commission rules 7a7 ,in general ,except as provided in subsection 7e71 a person adversely affected by a rule of the ,commission promulgated under this ,act may obtain review of the rule in the ,united ,states ,court of ,appeals for the ,district of ,columbia ,circuit or the ,united ,states ,court of ,appeals for the circuit where the party resides or has the principal place of business1 by filing in the court1 not later than #fj days after publication in the ,federal ,register of the entry of the rule1 a written petition requesting that the rule be set aside4 7b7 ,action by ,commission ,after a written petition described in subsection 7a7 has been filed-- 7#a7 the clerk of the court shall transmit to an officer designated by the ,commission for that purpose a copy of the petition2 and 7#b7 the ,commission shall file in the court the record on which the rule complained of is entered1 as provided in section #baab of title #bh1 ,united ,states ,code1 and the ,federal ,rules of ,appellate ,procedure4 7c7 ,jurisdiction of the court ,on the filing of the petition1 the court has jurisdiction1 which becomes exclusive on the filing of the record1 to affirm and enforce or to set aside the rule in whole or in part4 7d7 ,requirements ,the court shall affirm and enforce the rule unless the action of the ,commission in promulgating the rule is found to be-- 7#a7 arbitrary1 capricious1 an abuse of discretion1 or otherwise not in accordance with law2 7#b7 contrary to constitutional right1 power1 privilege1 or immunity2 7#c7 in excess of statutory jurisdiction1 authority1 or limitations1 or without statutory authorization2 or 7#d7 without observance of procedure required by law4 7e7 ,district court alternative ,notwithstanding the direct review process authorized by subsection 7a71 a person adversely affected by a rule of the ,commission promulgated under this ,act may1 in the alternative1 obtain review by filing an action in the ,united ,states ,district ,court for the judicial district where the party resides or has the principal place of business or in the ,united ,states ,district ,court for the ,district of ,columbia4 4 #bje4 ,report on status of any application of metals exchange to register as a foreign board of trade2 deadline for action on application 7a7 ,report to ,congress ,not later than #ij days after the date of enactment of this ,act1 the ,commodity ,futures ,trading ,commission shall submit to the ,committee on ,agriculture of the ,house of ,representatives and the ,committee on ,agriculture1 ,nutrition1 and ,forestry of the ,senate a written report describing-- 7#a7 the status of the review by the ,commission of any application submitted by a metals exchange to register with the ,commission under section #d7;b77#a7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #f7;b77#a772 7#b7 the status of ,commission negotiations with foreign regulators regarding aluminum warehousing2 and 7#c7 the status of consultations with all ,united ,states market participants concerning metals exchanges and warehousing1 including major producers and consumers4 7b7 ,deadline for action ,not later than ,september #cj1 #bjag1 the ,commission shall take action on any application described in subsection 7a77#a7 that is submitted to the ,commission on or before ,august #ad1 #bjab4 #bjf4 ,predominantly engaged ,section #b7;h77#g77;,c7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #b7;h77#g77;,c77 is amended by adding at the end the following3 7iv7 ,regulations 7,i7 ,in general ,not later than #ij days after the date of enactment of this clause1 the ,commission shall promulgate regulations to define the term predominantly engaged for purposes of clause 7i77,,viii74 7,,ii7 ,revenue requirement ,regulations under this clause shall provide that an entity will not be considered to be predominantly engaged in activities that are in the business of banking or financial in nature if the consolidated revenues of the entity derived from such activities constitute less than #he percent of the total consolidated revenues of the entity4 7,,iii7 ,determination ,for purposes of subclause 7,,ii71 in determining the percentage of the revenues of an entity that are derived from activities that are in the business of banking or financial in nature1 all revenues that are1 or result from1 transactions used to hedge or mitigate commercial risk shall be excluded4 4 #bjg4 ,public interest exemptions ,section #d7;c77#f7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #f7;c77#f77 is amended in the matter preceding subparagraph 7,a7 by inserting 1 on the condition that an exemption pursuant to this paragraph shall include an exemption from section #bb1 after requirements of this ,act4 ,,iii ,end-,user ,relief #cja4 ,transactions with utility special entities 7a7 ,in general ,section #a;a7#di7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #a;a7#di77 is amended by adding at the end the following3 7,e7 ,certain transactions with a utility special entity ,in making a determination to exempt pursuant to subparagraph 7,d71 the ,commission shall treat a utility operations-related swap entered into with a utility special entity as if the swap were entered into with an entity that is not a special entity 7as defined in section #ds7h77#b77;,c774 4 7b7 ,reporting transactions in utility operations-related swaps ,section #dr7a77#c7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #fr7a77#c77 is amended by adding at the end the following3 7,d7 ,transactions in utility operations-related swaps ,transactions in utility operations-related swaps shall be reported pursuant to this section4 4 7c7 ,utility operations-related swap ,section #a;a7#dg77;,a77iii7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #a;a7#dg77;,a77iii77 is amended-- 7#a7 in subclause 7,,xxi71 by striking and at the end2 7#b7 in subclause 7,,xxii71 by adding and at the end2 and 7#c7 by adding at the end the following3 7,,xxiii7 a utility operations-related swap2 4 7d7 ,definitions ,section #a;a of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #a;a7 is amended by adding at the end the following3 7#eb7 ,utility operations-related swap ,the term utility operations-related swap means a swap that-- 7,a7 is entered into by a utility to hedge or mitigate a commercial risk2 7,b7 is not a contract1 agreement1 or transaction based on1 derived on1 or referencing-- 7i7 an interest rate1 credit1 equity1 or currency asset class2 7ii7 except as used for fuel for electric energy generation1 a metal1 agricultural commodity1 or crude oil or gasoline commodity of any grade2 or 7iii7 any other commodity or category of commodities identified for this purpose in a rule or order adopted by the ,commission in consultation with the appropriate ,federal and ,state regulatory commissions2 and 7,c7 is associated with-- 7i7 the generation1 production1 purchase1 or sale of natural gas or electric energy1 the supply of natural gas or electric energy to a utility1 or the delivery of natural gas or electric energy service to utility customers2 7ii7 fuel supply for the facilities or operations of a utility2 7iii7 compliance with an electric system reliability obligation2 7iv7 compliance with an energy1 energy efficiency1 conservation1 or renewable energy or environmental law1 regulation1 or government order applicable to a utility2 or 7v7 any other electric energy or natural gas swap to which a utility is a party4 7#ec7 ,utility special entity ,the term utility special entity means a special entity1 or any instrumentality1 department1 or corporation of or established by a ,state or political subdivision of a ,state1 that-- 7,a7 owns or operates1 or anticipates owning or operating1 an electric or natural gas facility or an electric or natural gas operation2 7,b7 supplies1 or anticipates supplying1 natural gas and or electric energy to another utility special entity2 7,c7 has1 or anticipates having1 public service obligations under ,federal1 ,state1 or local law 7including regulations7 to deliver electric energy or natural gas service to customers2 or 7,d7 is a ,federal power marketing agency 7as defined in section #c of the ,federal ,power ,act 7#af ,u4,s4,c4 #gif774 4 #cjb4 ,relief for grain elevator operators1 agricultural producers1 agricultural counterparties1 and commercial market participants ,the ,commodity ,exchange ,act is amended by inserting after section #dt 7#g ,u4,s4,c4 #ft7 the following3 #du4 ,recordkeeping requirements applicable to nonregistered members of certain registered entities 7a7 ,in general ,except as provided in section #d7;a77#c71 a member of a designated contract market or a swap execution facility that is not registered with the ,commission and not required to be registered with the ,commission in any capacity shall satisfy the recordkeeping requirements of this ,act and any recordkeeping rule1 order1 or regulation under this ,act by maintaining a written record of each transaction in a contract for future delivery1 option on a future1 swap1 swaption1 trade option1 and related cash or forward transactions4 7b7 ,sufficiency ,a written record described in subsection 7a7 shall be sufficient if the written record includes the final agreement between the parties and the material economic terms of the transaction4 4 #cjc4 ,relief for end-users who use physical contracts with volumetric optionality and treatment of ,federal home loan bank products ,section #a;a7#dg77;,b7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #a;a7#dg77;,b77 is amended-- 7#a7 in clause 7ix71 by striking and at the end2 7#b7 in clause 7x71 by striking the period at the end and inserting a semicolon2 and 7#c7 by adding at the end the following3 7xi7 any option in a nonfinancial commodity for which exercise is intended to result in a physical delivery obligation2 and 7xii7 any advance by a ,federal ,home ,loan ,bank4 4 #cjd4 ,study of swap dealer de minimis exemption level 7a7 ,in general ,the ,commodity ,futures ,trading ,commission shall conduct a study of the appropriate de minimis exemption level of swap dealing under section #a;a7#di77;,d7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #a;a7#di77;,d774 7b7 ,considerations ,in conducting the study described in subsection 7a71 the ,commission may consider-- 7#a7 the potential impact of modifying the de minimis threshold2 7#b7 whether the de minimis threshold should be increased or decreased2 7#c7 the factors that are useful for identifying swap dealing activity1 including the application of the dealer trader distinction for that purpose1 and the potential use of objective tests or safe harbors as part of the analysis2 and 7#d7 any other factors1 or any other analysis of swap data and information relating to swaps1 that the ,commission considers to be relevant4 7c7 ,regulation required 7#a7 ,in general ,based on the information gathered in the study under this section1 the ,commission1 through a rulemaking1 shall promulgate a regulation that sets an appropriate swap dealer de minimis exemption level4 7#b7 ,existing exemption level 7,a7 ,in general ,the swap dealer de minimis exemption level in effect on the date of enactment of this ,act shall remain in effect until changed by the ,commission through a rulemaking described in paragraph 7#a74 7,b7 ,effectiveness ,any ,commission regulation that changes the swap dealer de minimis exemption level shall take effect not less than #a year after the date on which the final regulation is published in the ,federal ,register4 #cje4 ,models for non-bank swap dealers 7a7 ,in general ,section #ds7e7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #fs7e77 is amended-- 7#a7 in paragraph 7#b77;,b71 in the matter preceding clause 7i71 by striking ,the ,commission and inserting ,in consultation with the prudential regulators and the ,securities and ,exchange ,commission1 the ,commission2 and 7#b7 in paragraph 7#c77;,d7-- 7,a7 in clause 7ii71 in the matter preceding subclause 7,i71 by inserting and in consultation with each other after practicable 2 and 7,b7 by adding at the end the following3 7iii7 ,financial models ,to the extent that swap dealers and major swap participants that are banks are permitted to use financial models approved by the prudential regulators or the ,securities and ,exchange ,commission to calculate minimum capital requirements and minimum initial and variation margin requirements1 including the use of noncash collateral1 the ,commission shall1 in consultation with the prudential regulators and the ,securities and ,exchange ,commission and to the maximum extent practicable1 permit the use of comparable financial models by swap dealers and major swap participants that are not banks4 4 7b7 ,conforming amendment ,section #ae;,f7e7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gho-#aj7;e77 is amended-- 7#a7 in paragraph 7#b77;,b71 in the matter preceding clause 7i71 by striking ,the ,commission and inserting ,in consultation with the prudential regulators and the ,commodity ,futures ,trading ,commission1 the ,commission2 and 7#b7 in paragraph 7#c77;,d7-- 7,a7 in clause 7ii71 in the matter preceding subclause 7,i71 by inserting and in consultation with each after practicable2 and 7,b7 by adding at the end the following3 7iii7 ,financial models ,to the extent that security-based swap dealers and major security-based swap participants that are banks are permitted to use financial models approved by the prudential regulators or the ,commodity ,futures ,trading ,commission to calculate minimum capital requirements and minimum initial and variation margin requirements1 including the use of noncash collateral1 the ,commission shall1 in consultation with the ,commodity ,futures ,trading ,commission and to the maximum extent practicable1 permit the use of comparable financial models by security-based swap dealers and major security-based swap participants that are not banks4 4 #cjf4 ,bona fide hedge defined to protect end-user risk management needs ,section #d;a7c7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #f;a7c77 is amended-- 7#a7 in paragraph 7#a71 in the second sentence-- 7,a7 by striking may and inserting shall2 and 7,b7 by striking future for which and inserting future1 to be determined by the ,commission1 for which either an appropriate swap is available or2 7#b7 in paragraph 7#b7-- 7,a7 in the matter preceding subparagraph 7,a71 by striking subsection 7a77#b7 and all that follows through position as and inserting paragraphs 7#b7 and 7#e7 of subsection 7a7 for swaps1 contracts of sale for future delivery1 or options on the contracts or commodities1 a bona fide hedging transaction or position is2 and 7,b7 in subparagraph 7,a77ii71 by striking of risks and inserting or management of current or anticipated risks2 and 7#c7 by adding at the end the following3 7#c7 ,bona fide hedging transaction ,the ,commission may further define1 by rule or regulation1 what constitutes a bona fide hedging transaction1 if the rule or regulation is consistent with the requirements of subparagraphs 7,a7 and 7,b7 of paragraph 7#b74 4 #cjg4 ,exemption of qualified charitable organizations from designation and regulation as commodity pool operators 7a7 ,exclusion from definition of commodity pool ,section #a;a7#aj7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #a;a7#aj77 is amended by adding at the end the following3 7,c7 ,exclusion ,the term commodity pool does not include any investment trust1 syndicate1 or similar form of enterprise excluded from the definition of investment company pursuant to paragraph 7#aj7 or 7#ad7 of section #c7;c7 of the ,investment ,company ,act of #aidj 7#ae ,u4,s4,c4 #hj;a-#c7;c774 4 7b7 ,inapplicability of prohibition on use of instrumentalities of interstate commerce by unregistered commodity trading advisor ,section #dm of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #fm7 is amended-- 7#a7 by striking ,sec4 #dm4 7#a7 ,it and inserting the following3 #dm4 ,use of mails or other means or instrumentalities of interstate commerce by commodity trading advisors and commodity pool operators 7a7 ,prohibition 7#a7 ,in general ,it 2 7#b7 in the second sentence-- 7,a7 by striking ,the provisions of this section and inserting the following3 7#b7 ,exceptions 7,a7 ,commodity trading advisors 7i7 ,in general ,subject to clause 7ii7 and except as provided in subparagraphs 7,b7 and 7,c71 this section 2 7,b7 by striking commodity trading advisor who is a 7#a7 dealer and inserting the following3 8commodity trading advisor who is a-- 7,i7 dealer 2 7,c7 by striking or 7#b7 nonprofit and inserting the following3 82 or 7,,ii7 nonprofit 2 7,d7 by striking ,commodity ,futures ,trading ,commission ,act of #aigd2 if the advice by the person described in clause 7#a7 or 7#b7 of this sentence and inserting the following3 8,commodity ,futures ,trading ,commission ,act of #aigd4 7ii7 ,applicability ,clause 7i7 only applies if the advice by the person described in subclause 7,i7 or 7,,ii7 of clause 7i7 2 7,e7 by striking business3 and inserting business42 and 7,f7 by striking ,provided1 ,that such person shall be subject to proceedings under section #ad of this ,act4 and inserting the following3 7,b7 ,complaints against excepted persons ,a person described in subclause 7,i7 or 7,,ii7 of clause 7i7 shall be subject to proceedings under section #ad4 7,c7 ,charitable organizations ,this section shall not apply to any commodity trading advisor that is-- 7i7 a charitable organization1 as defined in section #c7;c77#aj77;,d77iii7 of the ,investment ,company ,act of #aidj 7#ae ,u4,s4,c4 #hj;a-#c7;c77#aj77;,d77iii771 or a trustee1 director1 officer1 employee1 or volunteer of such a charitable organization acting within the scope of the employment or duties of the person with the organization1 whose trading advice is provided only to1 or with respect to1 #a or more of-- 7,i7 any such charitable organization2 or 7,,ii7 an investment trust1 syndicate1 or similar form of enterprise excluded from the definition of investment company pursuant to section #c7;c77#aj7 of the ,investment ,company ,act of #aidj 7#ae ,u4,s4,c4 #hj;a-#c7;c77#aj772 or 7ii7 any plan1 company1 or account described in section #c7;c77#ad7 of the ,investment ,company ,act of #aidj 7#ae ,u4,s4,c4 #hj;a-#c7;c77#ad771 any person or entity who establishes or maintains such a plan1 company1 or account1 or any trustee1 director1 officer1 employee1 or volunteer for any of the foregoing plans1 persons1 or entities acting within the scope of the employment or duties of the person with the organization1 whose trading advice is provided only to1 or with respect to1 any investment trust1 syndicate1 or similar form of enterprise excluded from the definition of investment company pursuant to section #c7;c77#ad7 of the ,investment ,company ,act of #aidj 7#ae ,u4,s4,c4 #hj;a-#c7;c77#ad774 2 7#c7 by striking 7#b7 ,nothing in this ,act and inserting the following3 7b7 ,relationship to other law ,nothing in this ,act 2 7#d7 by striking 7#c7 ,exception4-- and all that follows through ,paragraph 7#a7 shall not apply and inserting the following3 7c7 ,exception 7#a7 ,in general ,subsection 7a7 shall not apply 2 7#e7 by striking 7,b7 ,engaged primarily4--,for purposes of subparagraph 7,a7 and inserting the following3 7#b7 ,engaged primarily ,for purposes of paragraph 7#a7 2 7#f7 by striking 7,c7 ,commodity interests4--,for purposes of this paragraph and inserting the following3 7#c7 ,commodity interests ,for purposes of this subsection 2 and 7#g7 by adding at the end the following3 7d7 ,disclosure concerning excluded charitable organizations ,the operator of or advisor to any investment trust1 syndicate1 or similar form of enterprise excluded from the definition of commodity pool by reason of section #a;a7#aj77;,c7 of this ,act pursuant to section #c7;c77#aj7 of the ,investment ,company ,act of #aidj 7#ae ,u4,s4,c4 #hj;a-#c7;c77#aj77 shall provide disclosure in accordance with section #g7;e7 of that ,act 7#ae ,u4,s4,c4 #hj;a-#g7;e74 4 ,,iv ,technical corrections #dja4 ,correction of cross-references 7a7 ,section #b7;h77#h77;,a77ii7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #b7;h77#h77;,a77ii77 is amended by striking #e;h7f7 of this ,act and inserting #e;h7g74 7b7 ,section #e;c7c77#e77;,c77i7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #g;a-#b7;c77#e77;,c77i77 is amended in the matter preceding subclause 7,i7 by striking section #a;a7#b77;i77 and inserting section #a;a7#ai77;,a774 7c7 ,section #bc7;f7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #bf7;f77 is amended by striking section #gjfd and inserting section #gjf4 #djb4 ,elimination of obsolete references to derivative transaction execution facilities 7a7 ,section #a;a of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #a;a7 is amended-- 7#a7 in paragraph 7#ab77;,b77vi71 by striking or derivatives transaction execution facility2 7#b7 in paragraph 7#cd7-- 7,a7 by striking the paragraph designation and heading and inserting the following3 7#cd7 ,member 2 and 7,b7 by striking or derivatives transaction execution facility each place it appears2 and 7#c7 in paragraph 7#ce77;,b77iii77,i71 by striking or registered derivatives transaction execution facility4 7b7 ,section #b of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #b7 is amended-- 7#a7 in subsection 7a7-- 7,a7 in paragraph 7#a7-- 7i7 in subparagraph 7,c7-- 7,i7 in clause 7ii71 in the matter preceding subclause 7,i7-- 7aa7 by striking 1 or register a derivatives transaction execution facility that trades or executes12 7bb7 by striking 1 and no derivatives transaction execution facility shall trade or execute such contracts of sale 7or options on such contracts7 for future delivery2 and 7cc7 by striking or the derivatives transaction execution facility12 and 7,,ii7 in clause 7v7-- 7aa7 in subclause 7,i71 by striking 1 or any derivatives transaction execution facility on which such contract or option is traded12 7bb7 in subclause 7,,ii71 by striking or derivatives transaction execution facility each place it appears2 and 7cc7 in subclause 7,v71 by striking or registered derivatives transaction execution facility2 and 7ii7 in subparagraph 7,d7-- 7,i7 in clause 7i7-- 7aa7 in the matter preceding subclause 7,i7-- 7,,aa7 by striking 1 or register a derivatives transaction execution facility2 and 7,,bb7 by striking 1 or registered as a derivatives transaction execution facility for12 and 7bb7 in subclause 7,,iv71 by striking registered derivatives transaction execution facility1 each place it appears2 7,,ii7 in clause 7ii7-- 7aa7 by striking subclause 7,i7 and inserting the following3 7,i7 the transaction is conducted on1 or subject to1 the rules of a board of trade that has been designated by the ,commission as a contract market in the security futures product2 or 2 7bb7 in subclause 7,,ii7-- 7,,aa7 by striking 7,,ii7 the contract and inserting the following3 7,,ii7 7aa7 the contract 2 and 7,,bb7 by striking or registered derivatives transaction execution facility2 and 7cc7 in subclause 7,,iii7-- 7,,aa7 by striking or registered derivatives transaction execution facility member2 and 7,,bb7 by striking 7,,iii7 the security and inserting the following3 7bb7 the security 2 and 7,,iii7 in clause 7vi77,,iii77aa71 by striking and registered derivatives transaction execution facilities2 and 7,b7 in paragraph 7#i77;,b77ii7-- 7i7 by striking or registration each place it appears2 7ii7 by striking or derivatives transaction execution facility each place it appears2 7iii7 in the second sentence1 by striking or register2 and 7iv7 in the fourth sentence-- 7,i7 by striking 1 registering12 and 7,,ii7 by striking 1 registration2 and 7#b7 in subsection 7c77#b71 by striking or a derivatives transaction execution facility each place it appears4 7c7 ,section #d of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #f7 is amended-- 7#a7 in subsection 7a7-- 7,a7 in paragraph 7#a71 by striking or derivatives transaction execution facility2 and 7,b7 in paragraph 7#c71 by striking or derivatives transaction execution facility2 and 7#b7 in subsection 7c7-- 7,a7 in paragraph 7#a71 in the matter preceding subparagraph 7,a71 by striking or registered as a contract market or derivatives transaction execution facility and inserting as a contract market2 and 7,b7 in paragraph 7#b77;,b77ii71 by striking 8or derivatives transaction execution facility04 7d7 ,section #d;a of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #f;a7 is amended-- 7#a7 in subsection 7a77#a7-- 7,a7 by striking or derivatives transaction execution facilities2 and 7,b7 by striking or derivatives transaction execution facility2 and 7#b7 in subsection 7e7-- 7,a7 by striking 1 derivatives transaction execution facility1 each place it appears2 and 7,b7 by striking or derivatives transaction execution facility4 7e7 ,section #d;c7g7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #f;c7g77 is amended by striking or derivatives transaction execution facility each place it appears4 7f7 ,section #d;d of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #f;d7 is amended by striking or derivatives transaction execution facility each place it appears4 7g7 ,section #d;e of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #f;e7 is amended by striking or derivatives transaction execution facility4 7h7 ,section #d;f of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #f;f7 is amended by striking or derivatives transaction execution facility each place it appears4 7i7 ,section #d;i of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #f;i7 is amended in the matter preceding paragraph 7#a7 by striking or derivatives transaction execution facility4 7j7 ,section #d;j of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #f;j7 is amended-- 7#a7 in the section heading1 by striking and registered derivatives transaction execution facilities2 7#b7 in subsection 7a71 in the first sentence1 by striking and registered derivatives transaction execution facility2 7#c7 in subsection 7b71 in the matter preceding paragraph 7#a71 by striking or registered derivatives transaction execution facility2 and 7#d7 in subsection 7c71 in the matter preceding paragraph 7#a71 by striking or registered derivatives transaction execution facility members4 7k7 ,section #dk7#e7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #fk7#e77 is amended1 in the matter preceding subparagraph 7,a71 by striking or registered derivatives transaction execution facility4 7l7 ,section #dl of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #fl7 is amended by striking or registered derivatives transaction execution facilities each place it appears4 7m7 ,section #dp of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #fp7 is amended-- 7#a7 in subsection 7a71 in the third sentence1 by striking contract markets1 or derivatives transaction execution facilities and inserting or contract markets2 and 7#b7 in subsection 7b71 by striking derivatives transaction execution facility14 7n7 ,section #e7;e7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #g7;e77 is amended-- 7#a7 by striking the subsection designation and heading and all that follows through a contract for in paragraph 7#a7 and inserting the following3 7e7 ,current agricultural commodities ,a contract for 2 and 7#b7 by striking paragraph 7#b74 7o7 ,section #e;c of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #g;a-#b7 is amended-- 7#a7 in subsection 7b71 by striking 1 derivatives transaction execution facility1 each place it appears2 and 7#b7 in subsection 7f7-- 7,a7 in the matter preceding paragraph 7#a71 by striking and registered derivatives transaction execution facility2 and 7,b7 in paragraph 7#a71 by striking or registered derivatives transaction execution facility4 7p7 ,section #f of the ,commodity ,exchange ,act is amended-- 7#a7 by striking the section designation 7#db ,stat4 #ajja1 chapter #ci7 and all that follows through ,any person in subsection 7a7 7#g ,u4,s4,c4 #h7 and inserting the following3 #f4 ,application for designation as contract market 7a7 ,application ,any person 2 7#b7 in subsection 7a7 7#g ,u4,s4,c4 #h7-- 7,a7 in the first sentence1 by striking or registered as a contract market or derivatives transaction execution facility and inserting as a contract market2 and 7,b7 in the last sentence1 by striking or register2 and 7#c7 in subsections 7a7 and 7b7 7#g ,u4,s4,c4 #h7-- 7,a7 by striking or derivatives transaction execution facility each place it appears2 and 7,b7 by striking or registration each place it appears4 7q7 ,section #f;a of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #aj;a7 is amended-- 7#a7 in subsection 7a71 by striking or registered as a contract market or a derivatives transaction execution facility exclude and inserting as a contract market shall exclude2 and 7#b7 in subsection 7b7-- 7,a7 by striking or registered2 and 7,b7 by striking or a derivatives transaction execution facility4 7r7 ,section #f;d7#a7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #ac;a-#b7a77 is amended by striking derivatives transaction execution facility14 #djc4 ,elimination of obsolete references to electronic trading facilities 7a7 ,section #a;a of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #a;a7 is amended-- 7#a7 in paragraph 7#ah77;,a77x71 by striking 7other than an electronic trading facility with respect to a significant price discovery contract72 and 7#b7 in paragraph 7#dj7-- 7,a7 in subparagraph 7,d71 by adding and at the end2 7,b7 in subparagraph 7,e71 by striking 2 and at the end and inserting a period2 and 7,c7 by striking subparagraph 7,f74 7b7 ,section #b7;a77#a77;,a7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #b7;a77#a77;,a77 is amended in the first sentence by striking 7including significant price discovery contracts74 7c7 ,section #d;a of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #f;a7 7as amended by section #djb7;d77 is amended-- 7#a7 in subsection 7b7-- 7,a7 in paragraph 7#a71 by striking with respect to a significant price discovery contract2 and 7,b7 in paragraph 7#b71 by striking any contract and all that follows through price discovery contract and inserting any contract market or swap execution facility2 and 7#b7 in subsection 7e7-- 7,a7 in the first sentence-- 7i7 by striking or by any electronic trading facility2 7ii7 by striking or on an electronic trading facility2 and 7iii7 by striking or electronic trading facility each place it appears2 and 7,b7 in the second sentence1 by striking or electronic trading facility with respect to a significant price discovery contract4 7d7 ,section #d;g7a7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #f;g7a77 is amended by striking and in any significant price discovery contract traded or executed on an electronic trading facility or any agreement1 contract1 or transaction that is treated by a derivatives clearing organization1 whether registered or not registered1 as fungible with a significant price discovery contract24 7e7 ,section #d;i of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #f;i7 is amended in the matter preceding paragraph 7#a7 by striking 1 or any significant price discovery contract traded or executed on an electronic trading facility or any agreement1 contract1 or transaction that is treated by a derivatives clearing organization1 whether registered or not registered1 as fungible with a significant price discovery contract4 7f7 ,section #e;c7b7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #g;a-#b7;b77 7as amended by section #djb7o77 is amended-- 7#a7 in paragraph 7#a7-- 7,a7 by striking or electronic trading facility with respect to a significant price discovery contract2 and 7,b7 by striking that is not an electronic trading facility2 7#b7 in paragraph 7#b71 by striking or electronic trading facility2 and 7#c7 in paragraph 7#c71 by striking or electronic trading facility4 7g7 ,section #f7;b7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #h7;b77 is amended by striking or electronic trading facility each place it appears4 7h7 ,section #ab7;e77#b7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #af7;e77#b77 is amended by striking in the case of-- and all that follows through the period at the end and inserting the following3 in the case of an agreement1 contract1 or transaction that is excluded from this ,act under subsection 7c7 or 7f7 of section #b of this ,act or title ,,iv of the ,commodity ,futures ,modernization ,act of #bjjj 7as enacted by section #a7;a77#e7 of the ,consolidated ,appropriations ,act1 #bjja 7,public ,law #ajf-eed2 #aad ,stat4 #bgfc1 #bgfc;,a-#deg771 or exempted under section #d7;c7 7regardless of whether any such agreement1 contract1 or transaction is otherwise subject to this ,act744 #djd4 ,elimination of obsolete references to exempt boards of trade 7a7 ,section #a;a7#ah77;,a77x7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #a;a7#ah77;,a77x77 7as amended by section #djc7;a77#a77 is amended by striking 8or an exempt board of trade04 7b7 ,section #ab7;e77#a77;,b77i7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #af7;e77#a77;,b77i77 is amended by striking 8or exempt board of trade04 #dje4 ,elimination of obsolete reference to significant price discovery contract ,section #a;a of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #a;a7 is amended by striking paragraph 7#df7 and inserting the following3 7#df7 ,reserved 4 #djf4 ,clarifications of retail foreign currency ,section #b7;c77#b7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #b7;c77#b77 is amended-- 7#a7 in subparagraph 7,b7-- 7,a7 by striking 7gg7 each place it appears and inserting 7ee72 7,b7 in clause 7i77,,ii71 by redesignating item 7ff7 as item 7ee72 7,c7 in clause 7iii71 by striking item 7aa71 7bb71 7ee71 or 7ff7 of clause 7i77,,ii7 of this subparagraph and inserting item 7aa71 7bb71 or 7dd7 of clause 7i77,,ii72 and 7,d7 in clause 7iv7-- 7i7 in subclauses 7,i7 and 7,,ii71 by striking 7ee71 or 7ff7 each place it appears and inserting or 7dd72 7ii7 in subclause 7,i77bb71 by inserting 1 or otherwise act as a commodity trading advisor with respect to any agreement1 contract1 or transaction described in clause 7i7 before the semicolon2 and 7iii7 in subclause 7,,iv77aa71 by striking 7ff7 and inserting 7dd72 and 7#b7 in subparagraph 7,c7-- 7,a7 by striking 7ee71 or 7ff7 each place it appears and inserting or 7dd72 7,b7 by striking item 7aa7 through 7ff7 each place it appears and inserting items 7aa7 through 7dd72 and 7,c7 in clause 7iii77,i77bb71 by inserting 1 or otherwise act as a commodity trading advisor with respect to any agreement1 contract1 or transaction described in clause 7i7 before the semicolon4 #djg4 ,elimination of obsolete references to dealer options 7a7 ,in general ,section #d;c of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #f;c7 is amended-- 7#a7 by striking subsections 7d7 and 7e72 and 7#b7 by redesignating subsections 7f7 and 7g7 as subsections 7d7 and 7e71 respectively4 7b7 ,conforming amendments 7#a7 ,section #b7;d7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #b7;d77 is amended by striking 7g7 of and inserting 7e7 of4 7#b7 ,section #d;f7a77#d77;,a77i7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #f;f7a77#d77;,a77i77 is amended by striking 1 7d71 7e71 and 7g7 and inserting and 7e74 7#c7 ,section #dk7#e77;,a7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #fk7#e77;,a77 is amended by striking 1 7d71 7e71 and 7g7 and inserting and 7e74 7#d7 ,section #e;f7b77#a77;,a7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #g;b-#a7;b77#a77;,a77 is amended by striking 1 7e71 and 7g7 and inserting and 7e74 7#e7 ,section #i7;a77#b7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #ac7;a77#b77 is amended by striking through 7e7 of subsection #d;c and inserting and 7c7 of section #d;c4 #djh4 ,correction of references to designated contract markets 7a7 ,section #d;a7c77#a7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #f;a7c77#a77 is amended in the second sentence by striking an exchange and inserting a designated contract market4 7b7 ,section #d;b7c7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #f;b7c77 is amended in the first proviso-- 7#a7 by striking the exchange and inserting the designated contract market2 and 7#b7 by striking such exchange and inserting that designated contract market4 7c7 ,section #d;g7e7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #f;g7e77 is amended by striking the exchange and inserting each designated contract market and swap execution facility4 7d7 ,section #ds7h77#g77;,a7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #fs7h77#g77;,a77 is amended by striking an exchange and inserting a designated contract market4 7e7 ,section #h;c of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #ab;c7 is amended-- 7#a7 in subsection 7a7-- 7,a7 in paragraph 7#a71 by striking exchange each place it appears and inserting registered entity2 and 7,b7 in paragraph 7#b7-- 7i7 in the first sentence-- 7,i7 by striking an exchange and inserting a registered entity2 and 7,,ii7 by striking the exchange and inserting the registered entity2 and 7ii7 in the second sentence-- 7,i7 by striking ,an exchange and inserting ,a registered entity2 and 7,,ii7 by striking the exchange and inserting the registered entity2 7#b7 in subsection 7b7-- 7,a7 in the first sentence-- 7i7 by striking an exchange and inserting a registered entity2 and 7ii7 by striking the exchange and inserting the registered entity2 and 7,b7 in the second sentence1 by striking exchange and inserting registered entity2 and 7#c7 in subsection 7c71 by striking exchange each place it appears and inserting registered entity4 #dji4 ,compliance report flexibility ,section #ds7k77#c7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #fs7k77#c77 is amended by striking subparagraph 7,b7 and inserting the following3 7,b7 ,requirements ,a compliance report under subparagraph 7,a7 shall-- 7i7 include a certification that1 under penalty of law1 the compliance report is materially accurate and complete2 and 7ii7 be furnished at such time as the ,commission determines1 by rule1 regulation1 or order1 to be appropriate4 4 #daj4 ,reservations 7a7 ,section #e of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #g7 is amended by inserting after subsection 7a7 the following3 7b7 ,reserved 4 7b7 ,the ,commodity ,exchange ,act is amended by inserting after section #e 7#g ,u4,s4,c4 #g7 the following3 #e;a4 ,reserved 4 7c7 ,section #e;b of the ,commodity ,exchange ,act 7#g ,u4,s4,c4#g;a-#a7 is amended after subsection 7i7 the following3 7j7 ,reserved 4 7d7 ,the ,commodity ,exchange ,act is amended by inserting after section #e;c 7#g ,u4,s4,c4 #g;a-#b7 the following3 #e;d4 ,reserved 4 #daa4 ,flexibility for registered entities ,section #e;c7b7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #g;a-#b7;b77 7as amended by sections #djb7o7 and #djc7;f77 is amended by striking contract market each place it appears and inserting registered entity4 #dab4 ,elimination of obsolete reference to alternative swap execution facilities ,section #e;h7h7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #g;b-#c7;h77 is amended by striking alternative4 #dac4 ,elimination of redundant references to types of registered entities ,section #f;b of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #ac;a7 is amended in the first sentence by striking as set forth in sections #e through #e;c4 #dad4 ,clarification of ,commission authority over swaps trading ,section #h;a of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #ab;a7 is amended-- 7#a7 in paragraph 7#g7-- 7,a7 in the matter preceding subparagraph 7,a71 by inserting the protection of swaps traders and to assure fair dealing in swaps1 after appropriate for2 7,b7 in subparagraph 7,a71 by inserting swaps or after conditions in2 and 7,c7 in subparagraph 7,b71 by inserting or swaps after future delivery2 and 7#b7 in paragraph 7#i71 in the first sentence-- 7,a7 by inserting swap or after or liquidation of any2 and 7,b7 by inserting swap or after margin levels on any4 #dae4 ,elimination of duplicative reference to ,commission ,section #ac7;c7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #ac;c7c77 is amended by striking or the ,commission4 #daf4 ,miscellaneous corrections 7a7 ,section #a;a of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #a;a7 is amended-- 7#a7 in paragraph 7#ab77;,a77i77,,ii71 by adding a semicolon at the end2 and 7#b7 in paragraph 7#ai7-- 7,a7 by redesignating clauses 7i7 through 7iv7 as subparagraphs 7,a7 through 7,d71 respectively1 and indenting the subparagraphs appropriately2 and 7,b7 in each of subparagraphs 7,b7 and 7,d7 7as so redesignated7-- 7i7 by redesignating subclauses 7,i7 and 7,,ii7 as clauses 7i7 and 7ii71 respectively1 and indenting the clauses appropriately2 and 7ii7 by striking clause 7i7 each place it appears and inserting subparagraph 7,a74 7b7 ,section #b7;a77#a77;,c7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #b7;a77#a77;,c77 is amended-- 7#a7 in clause 7ii71 by indenting subclause 7,,iii7 appropriately2 7#b7 by indenting clause 7iii7 appropriately2 7#c7 in clause 7iv71 by striking under or and inserting under2 7#d7 by indenting clause 7v7 appropriately2 and 7#e7 in clause 7v77,,vi71 by striking ,,iii and inserting 7,,iii74 7c7 ,section #b7;c77#a7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #b7;c77#a77 is amended in the matter preceding subparagraph 7,a7 by striking section1 #e;b1 or and inserting section #e;b or4 7d7 ,section #d7;c77#c77;,h7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #f7;c77#c77;,h77 is amended by striking state and inserting ,state4 7e7 ,section #d;c of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #f;c7 is amended by striking subsection 7c7 and inserting the following3 7c7 ,regulations ,the ,commission shall issue regulations to continue to permit the trading of options on contract markets under such terms and conditions that the ,commission from time to time may prescribe4 4 7f7 ,section #d;d7b7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #f;d7b77 is amended by striking paragraph 7#b7 of this section and inserting subsection 7a77#a77;,b74 7g7 ,section #d;f7c7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #f;f7c77 is amended-- 7#a7 in paragraph 7#c77;,a71 by striking the first comma2 and 7#b7 in paragraph 7#d7-- 7,a7 in subparagraph 7,a71 in the first sentence1 by striking in developing and inserting ,in developing2 and 7,b7 in subparagraph 7,b71 by striking #ahag7;a7 and inserting #ahag7;a774 7h7 ,section #dp7b7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #fp7b77 is amended by striking state law and inserting ,state law4 7i7 ,section #e;f7b77#a7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #g;b-#a7;b77#a77 is amended in the matter preceding subparagraph 7,a7 by striking section #e;f and inserting this section4 7j7 ,section #f7;a7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #h7;a77 is amended in the first sentence by striking the the and inserting the4 7k7 ,section #h;a of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #ab;a7 is amended in paragraphs 7#b77;,e77i7 and 7#c77;,b77i7 by striking ,investors each place it appears and inserting ,investor4 7l7 ,section #ab7;b7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #af7;b77 is amended by indenting paragraph 7#d7 appropriately4 7m7 ,section #ad7;a7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #ah7;a77 is amended-- 7#a7 by indenting paragraph 7#b7 appropriately2 and 7#b7 in paragraph 7#b71 by indenting subparagraph 7,b7 appropriately4 7n7 ,section #ag7;b7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #ba7;b77 is amended-- 7#a7 in paragraph 7#i77;,d71 by striking the semicolon at the end and inserting a period2 7#b7 in paragraph 7#aj77;,c77ii71 by striking and at the end2 7#c7 in paragraph 7#aa71 by striking the period at the end and inserting a semicolon2 7#d7 in paragraph 7#ab7-- 7,a7 by striking 7,a72 and 7,b7 by striking the period at the end and inserting 2 and2 and 7#e7 in paragraph 7#ac71 in the matter preceding subparagraph 7,a71 by striking ,a major and inserting a major4 7o7 ,section #ag of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #ba7 is amended-- 7#a7 by redesignating subsection 7r7 as subsection 7s72 and 7#b7 by redesignating the second subsection 7q7 7relating to comprehensive rule implementation programs7 as subsection 7r74 7p7 ,section #bb of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #be7 is amended-- 7#a7 in subsection 7a77#a77;,c71 by indenting clause 7iv7 appropriately2 and 7#b7 in subsection 7b7-- 7,a7 in paragraph 7#c71 by striking of registered and inserting of a registered2 and 7,b7 in paragraph 7#d71 by inserting a comma after entity4 #dag4 ,elimination of report due in #aihf ,section #bf of the ,futures ,trading ,act of #aigh 7#g ,u4,s4,c4 #af;a7 is amended-- 7#a7 by striking subsection 7b72 and 7#b7 by redesignating subsection 7c7 as subsection 7b74 ,may #aj1 #bjaf,read twice and placed on the calendar