,,ii ,cal5d> ,no4 #dfa #aad? ,,congress 
#b;d ,session  ,s4 #biag  ,,9 ,,!       
,,s5ate ,,( ,,! ,,unit$ ,,/ates  ,may   
#aj1 #bjaf,mr4 ,rob]ts1 f ! ,committee  
on ,agriculture1 ,nutrition1 & ,=e/ry1  
report$ ! foll[+ orig9al bill2 :i* 0    
read twice & plac$ on ! cal5d>  ,a      
,,bill  ,to reau?orize ! ,commodity     
,futures ,trad+ ,commission1 to ensure  
protections ( futures cu/om]s1 to       
provide relief = f>m]s1 ran*]s1 &       
end-us]s t manage risk to help keep     
consum] co/s l[1 & = o!r purposes4  #a4 
,%ort title2 table ( cont5ts  7a7 ,%ort 
title ,?is ,act may be cit$ z !         
,commodity ,end-,us] ,relief ,act4  7b7 
,table ( cont5ts ,! table ( cont5ts =   
?is ,act is z foll[s3 ,sec4 #a4 ,%ort   
title2 table ( cont5ts4 ,,title         
,i--,consum] ,protection ,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 ,cl>ification ( exemptive         
au?ority4 ,sec4 #bjc4 ,privilege        
ret5tion4 ,sec4 #bjd4 ,judicial review (
 ,commission rules4 ,sec4 #bje4 ,report 
on /atus ( any application ( metals     
ex*ange to regi/] z a =eign bo>d (      
trade2 deadl9e = action on application4 
,sec4 #bjf4 ,pr$om9antly engag$4 ,sec4  
#bjg4 ,public int]e/ exemptions4 ,,title
 ,,iii--,end-,us] ,relief ,sec4 #cja4   
,transactions ) utility special         
entities4 ,sec4 #cjb4 ,relief = gra9    
elevator op]ators1 agricultural         
produc]s1 agricultural c\nt]p>ties1 &   
comm]cial m>ket p>ticipants4 ,sec4 #cjc4
 ,relief = end-us]s :o use physical     
contracts ) volumetric optionality &    
treatm5t ( ,f$]al home loan bank        
products4 ,sec4 #cjd4 ,/udy ( swap deal]
 de m9imis exemption level4 ,sec4 #cje4 

,models = non-bank swap deal]s4 ,sec4   
#cjf4 ,bona fide h$ge def9$ to protect  
end-us] risk managem5t ne$s4 ,sec4 #cjg4
 ,exemption ( qualifi$ *>itable         
organizations f designation & regulation
 z commodity pool op]ators4 ,,title     
,,iv--,te*nical corrections ,sec4 #dja4 
,correction ( cross-ref]5ces4 ,sec4     
#djb4 ,elim9ation ( obsolete ref]5ces to
 d]ivative transaction execution        
facilities4 ,sec4 #djc4 ,elim9ation (   
obsolete ref]5ces to electronic trad+   
facilities4 ,sec4 #djd4 ,elim9ation (   
obsolete ref]5ces to exempt bo>ds (     
trade4 ,sec4 #dje4 ,elim9ation (        
obsolete ref]5ce to significant price   
discov]y contract4 ,sec4 #djf4          
,cl>ifications ( retail =eign curr5cy4  
,sec4 #djg4 ,elim9ation ( obsolete      
ref]5ces to deal] options4 ,sec4 #djh4  
,correction ( ref]5ces to designat$     
contract m>kets4 ,sec4 #dji4 ,compliance
 report flexibility4 ,sec4 #daj4        
,res]vations4 ,sec4 #daa4 ,flexibility =
 regi/]$ entities4 ,sec4 #dab4          

,elim9ation ( obsolete ref]5ce to       
alt]native swap execution facilities4   
,sec4 #dac4 ,elim9ation ( r$undant      
ref]5ces to types ( regi/]$ entities4   
,sec4 #dad4 ,cl>ification ( ,commission 
au?ority ov] swaps trad+4 ,sec4 #dae4   
,elim9ation ( duplicative ref]5ce to    
,commission4 ,sec4 #daf4 ,miscellane\s  
corrections4 ,sec4 #dag4 ,elim9ation (  
report due 9 #aihf4  ,i ,consum]        
,protection  #aja4 ,enhanc$ protections 
= futures cu/om]s ,section #ag ( !      
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#ba7 7z am5d$ by section #daf7o77#a77 is
 am5d$ by add+ at ! end ! foll[+3  7t7  
,enhanc$ protections = futures cu/om]s  
,ea* regi/]$ futures association %all   
submit to ! ,commission rules t-- 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 ,regulations  
7or successor regulations71 9 any cu/om]

 segregat$ funds ( ! memb]1 z id5tifi$ 9
 section #a4bj ( t title 7or successor  
regulations71 & 9 any =eign futures &   
=eign options cu/om] secur$ am\nt funds 
( ! memb]1 z id5tifi$ 9 section #cj4g ( 
t title 7or successor regulations72 &   
7,b7 ! residual int]e/ ( ! memb]1 z     
describ$ 9 section #bb4b7;e77#d7 ( t    
title 7or successor regulations71 9 any 
cle>$ swaps cu/om] collat]al ( ! memb]1 
z id5tifi$ 9 section #bb4b ( t title 7or
 successor regulations72 &  7#b7 gov]n !
 )drawal1 transf]1 or disbursem5t by any
 memb]1 z describ$ 9 section #a4bc ( t  
title 7or successor regulations71 ( !   
association1 t is a futures commission  
m]*ant1 ( ! residual int]e/ ( ! memb] 9 
any cu/om] segregat$ funds z provid$ 9  
section #a4bj ( t title 7or successor   
regulations71 9 any =eign futures &     
=eign options cu/om] secur$ am\nt funds1
 id5tifi$ z provid$ 9 section #cj4g ( t 
title 7or successor regulations71 & 9   
any cle>$ swaps cu/om] collat]al1       
id5tifi$ z provid$ 9 section #bb4b ( t  

title 7or successor regulations74  4    
#ajb4 ,electronic confirmation ( cu/om] 
funds ,section #ag ( ! ,commodity       
,ex*ange ,act 7#g ,u4,s4,c4 #ba7 7z     
am5d$ by section #aja71 is am5d$ by add+
 at ! end ! foll[+3  7u7 ,electronic    
confirmation ( cu/om] funds ,ea* regi/]$
 futures association %all submit to !   
,commission rules t require any memb] ( 
! association t is a futures commission 
m]*ant--  7#a7 to 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$ funds        
acc\nts1 =eign futures & =eign options  
cu/om] secur$ am\nt funds acc\nts1 &    
cle>$ swaps cu/om] collat]al acc\nts1 9 
accordance ) su* t]ms1 conditions1      
docum5tation /&>ds1 & regul> "t int]vals
 z are e/abli%$ by ! regi/]$ futures    
association2  7#b7 to 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$]al ,regulations
 7or successor regulations71 =eign      
futures & =eign options cu/om] secur$   
am\nt funds "u section #cj4g ( t title  
7or successor regulations71 or cle>$    
swaps cu/om] collat]al "u section #bb4b 
( t title 7or successor regulations71 to
 report balances 9 section #a4bj cu/om] 
segregat$ funds acc\nts1 section #cj4g  
=eign futures & =eign options cu/om]    
secur$ am\nt funds acc\nts1 & section   
#bb4b cle>$ swaps cu/om] collat]al      
acc\nts ( ! futures commission m]*ant1  
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 to 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] collat]al 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 #ba7 7z     
am5d$ by section #ajb7 is am5d$ by add+ 
at ! end ! foll[+3  7v7 ,notification   
requir$ ,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$iately notify ! ,commission & !
 self-regulatory organization ( t       
occurr5ce4  7w7 ,insuffici5t funds 9    
segregat$ acc\nts ,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$]al ,regulations 7or         
successor regulations71 9 =eign futures 
& =eign options secur$ am\nt acc\nts =  
=eign futures & =eign options secur$    
am\nt cu/om]s "u section #cj4g ( t title
 7or successor regulations71 or 9       
segregat$ acc\nts = cle>$ swap cu/om]s  
"u section #bb4b ( t title 7or successor
 regulations71 z requir$ by regulations 
e/abli%$ by ! ,commission or a          
self-regulatory organization ( :i* !    
futures commission m]*ant is a memb]1   
%all imm$iately notify ! ,commission & !
 self-regulatory organization ( t       
occurr5ce4  7x7 ,int]nal compliance     
program assessm5t report ,n lat] ?an !  
la/ day ( su* p]iod z is e/abli%$ by !  
,commission aft] ! end ( ea* fiscal ye>1
 ea* 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,b71 
respectively1 & ind5t+ appropriately2   
7#b7 by /rik+ ,sec4 #d;d4 & all t foll[s
 ?r\gh ,x %all be unlawful & ins]t+ !   
foll[+3  #d;d4 ,deal+ by unregi/]$      
futures commission m]*ants or introduc+ 
brok]s prohibit$  7a7 ,regi/ration      
requirem5ts & duties  7#a7 ,9 g5]al ,x  
%all be unlawful  2 &  7#c7 by add+ at !
 end ! foll[+3  7#b7 ,residual int]e/   
requirem5t ,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 ( ! cu/om]s    
%all provide t a futures commission     
m]*ant %all meet ! residual int]e/      
requirem5t z ( ! end ( ea* bus9ess day  
calculat$ z ( ! close ( bus9ess on !    
previ\s bus9ess day4  4  7b7 ,con=m+    
am5dm5ts  7#a7 ,section #d;d7h7 ( !     

,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#f;d7h77 is am5d$ by /rik+ ,not)/&+     
subsection 7a77#b7 & ins]t+ ,not)/&+    
subsection 7a77#a77;,b74  7#b7 ,section 
#ae7;c77#c77;,c7 ( ! ,securities        
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#gho7c77#c77;,c77 is am5d$ by /rik+     
#d;d7a77#b7 & ins]t+ #d;d7a77#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$-- 7#a7 9 p>agraph     
7#d71 by /rik+ & at ! end2  7#b7 9      
p>agraph 7#e71 by /rik+ ! p]iod at ! end
 & ins]t+ 2 &2 &  7#c7 by add+ at ! end 
! foll[+3  7#f7 t ca%1 securities1 or   
o!r prop]ty ( ! e/ate1 includ+ ! trad+  
or op]at+ acc\nts ( ! commodity brok] & 
commodities held 9 inv5tory by !        
commodity brok]1 %all be includ$ 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 securities cle>+      
ag5cy7 9 respect ( ! 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 t 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 ,cl>ification (    
exemptive au?ority ,section #d7;c77#a7 (
 ! ,commodity ,ex*ange ,act 7#g         
,u4,s4,c4 #f7;c77#a77 is am5d$--  7#a7 9
 ! matt] prec$+ subp>agraph 7,a71 by    
ins]t+ 1 or any swap1 aft] o!rwise      
subject to subsection 7a72 &  7#b7 by   
/rik+ except t-- & all t foll[s ?r\gh   
7,b7 ! ,commission & ins]t+ except t !  
,commission4  #bjc4 ,privilege ret5tion 
,section #h ( ! ,commodity ,ex*ange ,act
 7#g ,u4,s4,c4 #ab7 is am5d$-- 7#a7 by  
r$esignat+ subsections 7h7 & 7i7 z      

subsections 7i7 & 7j71 respectively2 &  
7#b7 by ins]t+ aft] subsection 7g7 !    
foll[+3  7h7 ,%>+ privileg$ in=mation ) 
o!r au?orities  7#a7 ,def9itions ,9 ?is 
subsection3  7,a7 ,=eign law en=cem5t   
au?ority ,! t]m =eign law en=cem5t      
au?ority means any =eign au?ority t is  
emp[]$ "u =eign law to detect1          
inve/igate1 or prosecute pot5tial       
violations ( law4  7,b7 ,privilege ,!   
t]m privilege includes any applicable   
"w-product privilege1 attorney-cli5t    
privilege1 gov]nm5tal privilege1 or o!r 
privilege recogniz$ "u ,f$]al1 ,/ate1 or
 =eign law4  7#b7 ,privileg$ in=mation  
provid$ by ! ,commission ,! ,commission 
%all n be consid]$ to h waiv$ any       
privilege by transf]r+ in=mation to or  
p]mitt+ t in=mation to be us$ 9         
accordance ) subsection 7e74  7#c7      
,nondisclosure ( privileg$ in=mation    
provid$ to ! ,commission ,! ,commission 
%all n be compell$ to disclose privileg$
 in=mation obta9$ f any =eign futures   
au?ority1 or =eign law en=cem5t         

au?ority1 if ! au?ority has 9 good fai? 
det]m9$ & repres5t$ to ! ,commission t !
 in=mation is privileg$4  7#d7 ,nonwaiv]
 ( privileg$ in=mation provid$ to !     
,commission ,! entities li/$ 9          
subsection 7e7 %all n be consid]$ to h  
waiv$ any privilege by transf]r+        
in=mation to or p]mitt+ in=mation to be 
us$ by ! ,commission4  4  #bjd4         
,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 ,9 g5]al ,except 
z provid$ 9 subsection 7e71 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 n lat] ?an   
#fj days aft] publication 9 ! ,f$]al    
,regi/] ( ! entry ( ! rule1 a writt5    

petition reque/+ t ! rule be set aside4 
7b7 ,action by ,commission ,aft] a      
writt5 petition describ$ 9 subsection   
7a7 has be5 fil$-- 7#a7 ! cl]k ( ! c\rt 
%all transmit to an (fic] designat$ by !
 ,commission = t purpose a copy ( !     
petition2 &  7#b7 ! ,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 ,jurisdiction ( ! c\rt  
,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
 ,requirem5ts ,! c\rt %all affirm &     
en=ce ! rule unless ! action ( !        
,commission 9 promulgat+ ! rule is f\nd 
to be--  7#a7 arbitr>y1 caprici\s1 an   
abuse ( discretion1 or o!rwise n 9      
accordance ) law2  7#b7 contr>y to      
con/itutional "r1 p[]1 privilege1 or    
immunity2  7#c7 9 excess ( /atutory     
jurisdiction1 au?ority1 or limitations1 

or )\t /atutory au?orization2 or  7#d7  
)\t obs]vance ( proc$ure requir$ by law4
  7e7 ,di/rict c\rt alt]native ,not)/&+ 
! direct review process au?oriz$ by     
subsection 7a71 a p]son adv]sely affect$
 by a rule ( ! ,commission promulgat$ "u
 ?is ,act may1 9 ! alt]native1 obta9    
review by fil+ an action 9 ! ,unit$     
,/ates ,di/rict ,c\rt = ! judicial      
di/rict :]e ! p>ty resides or has !     
pr9cipal place ( bus9ess or 9 ! ,unit$  
,/ates ,di/rict ,c\rt = ! ,di/rict (    
,columbia4  4  #bje4 ,report on /atus ( 
any application ( metals ex*ange to     
regi/] z a =eign bo>d ( trade2 deadl9e =
 action on application  7a7 ,report to  
,congress ,n lat] ?an #ij days aft] !   
date ( enactm5t ( ?is ,act1 ! ,commodity
 ,futures ,trad+ ,commission %all submit
 to ! ,committee on ,agriculture ( !    
,h\se ( ,repres5tatives & ! ,committee  
on ,agriculture1 ,nutrition1 & ,=e/ry ( 
! ,s5ate a writt5 report describ+--     
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 ,act 7#g ,u4,s4,c4 #f7;b77#a772
  7#b7 ! /atus ( ,commission            
negotiations ) =eign regulators reg>d+  
alum9um w>eh\s+2 &  7#c7 ! /atus (      
consultations ) all ,unit$ ,/ates m>ket 
p>ticipants conc]n+ metals ex*anges &   
w>eh\s+1 includ+ major produc]s &       
consum]s4  7b7 ,deadl9e = action ,n lat]
 ?an ,septemb] #cj1 #bjag1 ! ,commission
 %all take action on any application    
describ$ 9 subsection 7a77#a7 t is      
submitt$ to ! ,commission on or be=e    
,augu/ #ad1 #bjab4  #bjf4 ,pr$om9antly  
engag$ ,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 ,regulations  7,i7  
,9 g5]al ,n lat] ?an #ij days aft] !    
date ( enactm5t ( ?is clause1 !         
,commission %all promulgate regulations 
to def9e ! t]m pr$om9antly engag$ =     
purposes ( clause 7i77,,viii74  7,,ii7  
,rev5ue requirem5t ,regulations "u ?is  

clause %all provide t an entity w n be  
consid]$ to be pr$om9antly engag$ 9     
activities t are 9 ! bus9ess ( bank+ or 
f9ancial 9 nature if ! consolidat$      
rev5ues ( ! entity d]iv$ f su*          
activities con/itute less ?an #he p]c5t 
( ! total consolidat$ rev5ues ( !       
entity4  7,,iii7 ,det]m9ation ,=        
purposes ( subclause 7,,ii71 9 det]m9+ !
 p]c5tage ( ! rev5ues ( an entity t are 
d]iv$ f activities t are 9 ! bus9ess (  
bank+ or f9ancial 9 nature1 all rev5ues 
t are1 or result f1 transactions us$ to 
h$ge or mitigate comm]cial risk %all be 
exclud$4  4  #bjg4 ,public int]e/       
exemptions ,section #d7;c77#f7 ( !      
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#f7;c77#f77 is am5d$ 9 ! matt] prec$+   
subp>agraph 7,a7 by ins]t+ 1 on !       
condition t an exemption pursuant to ?is
 p>agraph %all include an exemption f   
section #bb1 aft] requirem5ts ( ?is     
,act4  ,,iii ,end-,us] ,relief  #cja4   
,transactions ) utility special entities
  7a7 ,9 g5]al ,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 ,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 entity z 
if ! swap 7 ent]$ into ) an entity t is 
n a special entity 7z def9$ 9 section   
#ds7h77#b77;,c774  4  7b7 ,report+      
transactions 9 utility op]ations-relat$ 
swaps ,section #dr7a77#c7 ( ! ,commodity
 ,ex*ange ,act 7#g ,u4,s4,c4 #fr7a77#c77
 is am5d$ by add+ at ! end ! foll[+3    
7,d7 ,transactions 9 utility            
op]ations-relat$ swaps ,transactions 9  
utility op]ations-relat$ swaps %all be  
report$ pursuant to ?is section4  4  7c7
 ,utility op]ations-relat$ swap ,section
 #a;a7#dg77;,a77iii7 ( ! ,commodity     
,ex*ange ,act 7#g ,u4,s4,c4             
#a;a7#dg77;,a77iii77 is am5d$--  7#a7 9 
subclause 7,,xxi71 by /rik+ & at ! end2 
7#b7 9 subclause 7,,xxii71 by add+ & at 

! end2 &  7#c7 by add+ at ! end !       
foll[+3  7,,xxiii7 a utility            
op]ations-relat$ swap2  4  7d7          
,def9itions ,section #a;a ( ! ,commodity
 ,ex*ange ,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 law1 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  7#ec7 ,utility special entity ,! 
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--  7,a7 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  7,b7 supplies1
 or anticipates supply+1 natural gas &  
or electric en]gy to ano!r utility      
special entity2  7,c7 has1 or           

anticipates hav+1 public s]vice         
obligations "u ,f$]al1 ,/ate1 or local  
law 7includ+ regulations7 to deliv]     
electric en]gy or natural gas s]vice to 
cu/om]s2 or  7,d7 is a ,f$]al p[] m>ket+
 ag5cy 7z def9$ 9 section #c ( ! ,f$]al 
,p[] ,act 7#af ,u4,s4,c4 #gif774  4     
#cjb4 ,relief = gra9 elevator op]ators1 
agricultural produc]s1 agricultural     
c\nt]p>ties1 & comm]cial m>ket          
p>ticipants ,! ,commodity ,ex*ange ,act 
is am5d$ by ins]t+ aft] section #dt 7#g 
,u4,s4,c4 #ft7 ! foll[+3  #du4          
,recordkeep+ requirem5ts applicable to  
nonregi/]$ memb]s ( c]ta9 regi/]$       
entities  7a7 ,9 g5]al ,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 & 
relat$ ca% or =w>d transactions4  7b7   
,suffici5cy ,a writt5 record describ$ 9 
subsection 7a7 %all be suffici5t if !   
writt5 record includes ! f9al agreem5t  
betwe5 ! p>ties & ! mat]ial economic    
t]ms ( ! transaction4  4  #cjc4 ,relief 
= end-us]s :o use physical contracts )  
volumetric optionality & treatm5t (     
,f$]al home loan bank products ,section 
#a;a7#dg77;,b7 ( ! ,commodity ,ex*ange  
,act 7#g ,u4,s4,c4 #a;a7#dg77;,b77 is   
am5d$-- 7#a7 9 clause 7ix71 by /rik+ &  
at ! end2  7#b7 9 clause 7x71 by /rik+ !
 p]iod at ! end & ins]t+ a semicolon2 & 
7#c7 by add+ at ! end ! foll[+3  7xi7   
any option 9 a nonf9ancial commodity =  
:i* ex]cise is int5d$ to result 9 a     
physical deliv]y obligation2 &  7xii7   
any advance by a ,f$]al ,home ,loan     
,bank4  4  #cjd4 ,/udy ( swap deal] de  
m9imis exemption level  7a7 ,9 g5]al ,! 
,commodity ,futures ,trad+ ,commission  
%all conduct a /udy ( ! appropriate de  

m9imis exemption level ( swap deal+ "u  
section #a;a7#di77;,d7 ( ! ,commodity   
,ex*ange ,act 7#g ,u4,s4,c4             
#a;a7#di77;,d774  7b7 ,consid]ations ,9 
conduct+ ! /udy describ$ 9 subsection   
7a71 ! ,commission may consid]-- 7#a7 ! 
pot5tial impact ( modify+ ! de m9imis   
?re%old2  7#b7 :e!r ! de m9imis ?re%old 
%\ld be increas$ or decreas$2  7#c7 !   
factors t are useful = id5tify+ swap    
deal+ activity1 includ+ ! application ( 
! deal] trad] di/9ction = t purpose1 & !
 pot5tial use ( objective te/s or safe  
h>bors z "p ( ! analysis2 &  7#d7 any   
o!r factors1 or any o!r analysis ( swap 
data & in=mation relat+ to swaps1 t !   
,commission consid]s to be relevant4    
7c7 ,regulation requir$  7#a7 ,9 g5]al  
,bas$ on ! in=mation ga!r$ 9 ! /udy "u  
?is section1 ! ,commission1 ?r\gh a     
rulemak+1 %all promulgate a regulation t
 sets an appropriate swap deal] de      
m9imis exemption level4  7#b7 ,exi/+    
exemption level  7,a7 ,9 g5]al ,! swap  
deal] de m9imis exemption level 9 effect

 on ! date ( enactm5t ( ?is ,act %all   
rema9 9 effect until *ang$ by !         
,commission ?r\gh a rulemak+ describ$ 9 
p>agraph 7#a74  7,b7 ,effectiv5ess ,any 
,commission regulation t *anges ! swap  
deal] de m9imis exemption level %all    
take effect n less ?an #a ye> aft] !    
date on :i* ! f9al regulation is publi%$
 9 ! ,f$]al ,regi/]4  #cje4 ,models =   
non-bank swap deal]s  7a7 ,9 g5]al      
,section #ds7e7 ( ! ,commodity ,ex*ange 
,act 7#g ,u4,s4,c4 #fs7e77 is am5d$--   
7#a7 9 p>agraph 7#b77;,b71 9 ! matt]    
prec$+ clause 7i71 by /rik+ ,!          
,commission & ins]t+ ,9 consultation ) !
 prud5tial regulators & ! ,securities & 
,ex*ange ,commission1 ! ,commission2 &  
7#b7 9 p>agraph 7#c77;,d7-- 7,a7 9      
clause 7ii71 9 ! matt] prec$+ subclause 
7,i71 by ins]t+ & 9 consultation ) ea*  
o!r aft] practicable 2 &  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 ( nonca%     
collat]al1 ! ,commission %all1 9        
consultation ) ! prud5tial regulators & 
! ,securities & ,ex*ange ,commission &  
to ! maximum ext5t practicable1 p]mit ! 
use ( comp>able f9ancial models by swap 
deal]s & major swap p>ticipants t are n 
banks4  4  7b7 ,con=m+ am5dm5t ,section 
#ae;,f7e7 ( ! ,securities ,ex*ange ,act 
( #aicd 7#ae ,u4,s4,c4 #gho-#aj7;e77 is 
am5d$-- 7#a7 9 p>agraph 7#b77;,b71 9 !  
matt] prec$+ clause 7i71 by /rik+ ,!    
,commission & ins]t+ ,9 consultation ) !
 prud5tial regulators & ! ,commodity    
,futures ,trad+ ,commission1 !          
,commission2 &  7#b7 9 p>agraph         
7#c77;,d7-- 7,a7 9 clause 7ii71 9 !     
matt] prec$+ subclause 7,i71 by ins]t+ &
 9 consultation ) ea* aft] practicable2 
&  7,b7 by add+ at ! end ! foll[+3      
7iii7 ,f9ancial models ,to ! ext5t t    

security-bas$ swap deal]s & major       
security-bas$ swap p>ticipants t are    
banks are p]mitt$ to use f9ancial models
 approv$ by ! prud5tial regulators or ! 
,commodity ,futures ,trad+ ,commission  
to calculate m9imum capital requirem5ts 
& m9imum initial & v>iation m>g9        
requirem5ts1 includ+ ! use ( nonca%     
collat]al1 ! ,commission %all1 9        
consultation ) ! ,commodity ,futures    
,trad+ ,commission & to ! maximum ext5t 
practicable1 p]mit ! use ( comp>able    
f9ancial models by security-bas$ swap   
deal]s & major security-bas$ swap       
p>ticipants t are n banks4  4  #cjf4    
,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#a71 9 ! second s5t5ce--  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 ,bona fide h$g+     
transaction ,! ,commission may fur!r    
def9e1 by rule or regulation1 :at       
con/itutes a bona fide h$g+ transaction1
 if ! rule or regulation is consi/5t ) !
 requirem5ts ( subp>agraphs 7,a7 & 7,b7 
( p>agraph 7#b74  4  #cjg4 ,exemption ( 
qualifi$ *>itable organizations f       
designation & regulation z commodity    
pool op]ators  7a7 ,exclusion f         
def9ition ( commodity pool ,section     
#a;a7#aj7 ( ! ,commodity ,ex*ange ,act  
7#g ,u4,s4,c4 #a;a7#aj77 is am5d$ by    
add+ at ! end ! foll[+3  7,c7 ,exclusion
 ,! t]m commodity pool does n include   

any inve/m5t tru/1 syndicate1 or simil> 
=m ( ent]prise exclud$ f ! def9ition (  
inve/m5t company pursuant to p>agraph   
7#aj7 or 7#ad7 ( section #c7;c7 ( !     
,inve/m5t ,company ,act ( #aidj 7#ae    
,u4,s4,c4 #hj;a-#c7;c774  4  7b7        
,inapplicability ( prohibition on use ( 
in/rum5talities ( int]/ate comm]ce by   
unregi/]$ commodity trad+ advisor       
,section #dm ( ! ,commodity ,ex*ange    
,act 7#g ,u4,s4,c4 #fm7 is am5d$-- 7#a7 
by /rik+ ,sec4 #dm4 7#a7 ,x & ins]t+ !  
foll[+3  #dm4 ,use ( mails or o!r means 
or in/rum5talities ( int]/ate comm]ce by
 commodity trad+ advisors & commodity   
pool op]ators  7a7 ,prohibition  7#a7 ,9
 g5]al ,x  2  7#b7 9 ! second s5t5ce--  
7,a7 by /rik+ ,! provisions ( ?is       
section & ins]t+ ! foll[+3  7#b7        
,exceptions  7,a7 ,commodity trad+      
advisors  7i7 ,9 g5]al ,subject to      
clause 7ii7 & except z provid$ 9        
subp>agraphs 7,b7 & 7,c71 ?is section  2
  7,b7 by /rik+ commodity trad+ advisor 
:o is a 7#a7 deal] & ins]t+ ! foll[+3   

8commodity trad+ advisor :o is a--  7,i7
 deal]  2  7,c7 by /rik+ or 7#b7        
nonpr(it & ins]t+ ! foll[+3 82 or       
7,,ii7 nonpr(it  2  7,d7 by /rik+       
,commodity ,futures ,trad+ ,commission  
,act ( #aigd2 if ! advice by ! p]son    
describ$ 9 clause 7#a7 or 7#b7 ( ?is    
s5t5ce & ins]t+ ! foll[+3 8,commodity   
,futures ,trad+ ,commission ,act (      
#aigd4  7ii7 ,applicability ,clause 7i7 
only applies if ! advice by ! p]son     
describ$ 9 subclause 7,i7 or 7,,ii7 (   
clause 7i7  2  7,e7 by /rik+ bus9ess3 & 
ins]t+ bus9ess42 &  7,f7 by /rik+       
,provid$1 ,t su* p]son %all be subject  
to proce$+s "u section #ad ( ?is ,act4 &
 ins]t+ ! foll[+3  7,b7 ,compla9ts aga9/
 except$ p]sons ,a p]son describ$ 9     
subclause 7,i7 or 7,,ii7 ( clause 7i7   
%all be subject to proce$+s "u section  
#ad4  7,c7 ,*>itable organizations ,?is 
section %all n apply to any commodity   
trad+ advisor t is-- 7i7 a *>itable     
organization1 z def9$ 9 section         
#c7;c77#aj77;,d77iii7 ( ! ,inve/m5t     

,company ,act ( #aidj 7#ae ,u4,s4,c4    
#hj;a-#c7;c77#aj77;,d77iii771 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 (--  7,i7 any su* *>itable  
organization2 or  7,,ii7 an inve/m5t    
tru/1 syndicate1 or simil> =m (         
ent]prise exclud$ f ! def9ition (       
inve/m5t company pursuant to section    
#c7;c77#aj7 ( ! ,inve/m5t ,company ,act 
( #aidj 7#ae ,u4,s4,c4                  
#hj;a-#c7;c77#aj772 or  7ii7 any plan1  
company1 or acc\nt describ$ 9 section   
#c7;c77#ad7 ( ! ,inve/m5t ,company ,act 
( #aidj 7#ae ,u4,s4,c4                  
#hj;a-#c7;c77#ad771 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 7#ae    
,u4,s4,c4 #hj;a-#c7;c77#ad774  2  7#c7  
by /rik+ 7#b7 ,no?+ 9 ?is ,act & ins]t+ 
! foll[+3  7b7 ,relation%ip to o!r law  
,no?+ 9 ?is ,act  2  7#d7 by /rik+ 7#c7 
,exception4-- & all t foll[s ?r\gh      
,p>agraph 7#a7 %all n apply & ins]t+ !  
foll[+3  7c7 ,exception  7#a7 ,9 g5]al  
,subsection 7a7 %all n apply  2  7#e7 by
 /rik+ 7,b7 ,engag$ prim>ily4--,=       
purposes ( subp>agraph 7,a7 & ins]t+ !  
foll[+3  7#b7 ,engag$ prim>ily ,=       
purposes ( p>agraph 7#a7  2  7#f7 by    
/rik+ 7,c7 ,commodity int]e/s4--,=      
purposes ( ?is p>agraph & ins]t+ !      
foll[+3  7#c7 ,commodity int]e/s ,=     
purposes ( ?is subsection  2 &  7#g7 by 
add+ at ! end ! foll[+3  7d7 ,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 ( ?is ,act pursuant to   
section #c7;c77#aj7 ( ! ,inve/m5t       
,company ,act ( #aidj 7#ae ,u4,s4,c4    
#hj;a-#c7;c77#aj77 %all provide         
disclosure 9 accordance ) section #g7;e7
 ( t ,act 7#ae ,u4,s4,c4 #hj;a-#g7;e74  
4  ,,iv ,te*nical corrections  #dja4    
,correction ( cross-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 ( !    
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#g;a-#b7;c77#e77;,c77i77 is am5d$ 9 !   
matt] prec$+ subclause 7,i7 by /rik+    
section #a;a7#b77;i77 & ins]t+ section  
#a;a7#ai77;,a774  7c7 ,section #bc7;f7 (
 ! ,commodity ,ex*ange ,act 7#g         
,u4,s4,c4 #bf7;f77 is am5d$ by /rik+    
section #gjfd & ins]t+ section #gjf4    
#djb4 ,elim9ation ( obsolete ref]5ces to

 d]ivative transaction execution        
facilities  7a7 ,section #a;a ( !       
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#a;a7 is am5d$--  7#a7 9 p>agraph       
7#ab77;,b77vi71 by /rik+ or d]ivatives  
transaction execution facility2  7#b7 9 
p>agraph 7#cd7--  7,a7 by /rik+ !       
p>agraph designation & head+ & ins]t+ ! 
foll[+3  7#cd7 ,memb]  2 &  7,b7 by     
/rik+ or d]ivatives transaction         
execution facility ea* place x appe>s2 &
  7#c7 9 p>agraph 7#ce77;,b77iii77,i71  
by /rik+ or regi/]$ d]ivatives          
transaction execution facility4  7b7    
,section #b ( ! ,commodity ,ex*ange ,act
 7#g ,u4,s4,c4 #b7 is am5d$--  7#a7 9   
subsection 7a7-- 7,a7 9 p>agraph 7#a7-- 
7i7 9 subp>agraph 7,c7-- 7,i7 9 clause  
7ii71 9 ! matt] prec$+ subclause 7,i7-- 
7aa7 by /rik+ 1 or regi/] a d]ivatives  
transaction execution facility t trades 
or executes12  7bb7 by /rik+ 1 & no     
d]ivatives transaction execution        
facility %all trade or execute su*      
contracts ( sale 7or options on su*     

contracts7 = future deliv]y2 &  7cc7 by 
/rik+ or ! d]ivatives transaction       
execution facility12 &  7,,ii7 9 clause 
7v7--  7aa7 9 subclause 7,i71 by /rik+ 1
 or any d]ivatives transaction execution
 facility on :i* su* contract or option 
is trad$12  7bb7 9 subclause 7,,ii71 by 
/rik+ or d]ivatives transaction         
execution facility ea* place x appe>s2 &
  7cc7 9 subclause 7,v71 by /rik+ or    
regi/]$ d]ivatives transaction execution
 facility2 &  7ii7 9 subp>agraph 7,d7-- 
7,i7 9 clause 7i7-- 7aa7 9 ! matt]      
prec$+ subclause 7,i7-- 7,,aa7 by /rik+ 
1 or regi/] a d]ivatives transaction    
execution facility2 & 7,,bb7 by /rik+ 1 
or regi/]$ z a d]ivatives transaction   
execution facility =12 &  7bb7 9        
subclause 7,,iv71 by /rik+ regi/]$      
d]ivatives transaction execution        
facility1 ea* place x appe>s2  7,,ii7 9 
clause 7ii7--  7aa7 by /rik+ subclause  
7,i7 & ins]t+ ! foll[+3  7,i7 !         
transaction is conduct$ on1 or subject  
to1 ! rules ( a bo>d ( trade t has be5  

designat$ by ! ,commission z a contract 
m>ket 9 ! security futures product2 or  
2  7bb7 9 subclause 7,,ii7-- 7,,aa7 by  
/rik+ 7,,ii7 ! contract & ins]t+ !      
foll[+3  7,,ii7 7aa7 ! contract  2 &    
7,,bb7 by /rik+ or regi/]$ d]ivatives   
transaction execution facility2 &  7cc7 
9 subclause 7,,iii7-- 7,,aa7 by /rik+ or
 regi/]$ d]ivatives transaction         
execution facility memb]2 & 7,,bb7 by   
/rik+ 7,,iii7 ! security & ins]t+ !     
foll[+3  7bb7 ! security  2 &  7,,iii7 9
 clause 7vi77,,iii77aa71 by /rik+ &     
regi/]$ d]ivatives transaction execution
 facilities2 &  7,b7 9 p>agraph         
7#i77;,b77ii7--  7i7 by /rik+ or        
regi/ration ea* place x appe>s2  7ii7 by
 /rik+ or d]ivatives transaction        
execution facility ea* place x appe>s2  
7iii7 9 ! second s5t5ce1 by /rik+ or    
regi/]2 &  7iv7 9 ! f\r? s5t5ce--  7,i7 
by /rik+ 1 regi/]+12 &  7,,ii7 by /rik+ 
1 regi/ration2 &  7#b7 9 subsection     
7c77#b71 by /rik+ or a d]ivatives       
transaction execution facility ea* place

 x appe>s4  7c7 ,section #d ( !         
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#f7 is am5d$--  7#a7 9 subsection 7a7-- 
7,a7 9 p>agraph 7#a71 by /rik+ or       
d]ivatives transaction execution        
facility2 &  7,b7 9 p>agraph 7#c71 by   
/rik+ or d]ivatives transaction         
execution facility2 &  7#b7 9 subsection
 7c7--  7,a7 9 p>agraph 7#a71 9 ! matt] 
prec$+ subp>agraph 7,a71 by /rik+ or    
regi/]$ z a contract m>ket or d]ivatives
 transaction execution facility & ins]t+
 z a contract m>ket2 &  7,b7 9 p>agraph 
7#b77;,b77ii71 by /rik+ 8or d]ivatives  
transaction execution facility04  7d7   
,section #d;a ( ! ,commodity ,ex*ange   
,act 7#g ,u4,s4,c4 #f;a7 is am5d$-- 7#a7
 9 subsection 7a77#a7--  7,a7 by /rik+  
or d]ivatives transaction execution     
facilities2 &  7,b7 by /rik+ or         
d]ivatives transaction execution        
facility2 &  7#b7 9 subsection 7e7--    
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  7e7    
,section #d;c7g7 ( ! ,commodity ,ex*ange
 ,act 7#g ,u4,s4,c4 #f;c7g77 is am5d$ by
 /rik+ or d]ivatives transaction        
execution facility ea* place x appe>s4  
7f7 ,section #d;d ( ! ,commodity        
,ex*ange ,act 7#g ,u4,s4,c4 #f;d7 is    
am5d$ by /rik+ or d]ivatives transaction
 execution facility ea* place x appe>s4 
7g7 ,section #d;e ( ! ,commodity        
,ex*ange ,act 7#g ,u4,s4,c4 #f;e7 is    
am5d$ by /rik+ or d]ivatives transaction
 execution facility4  7h7 ,section #d;f 
( ! ,commodity ,ex*ange ,act 7#g        
,u4,s4,c4 #f;f7 is am5d$ by /rik+ or    
d]ivatives transaction execution        
facility ea* place x appe>s4  7i7       
,section #d;i ( ! ,commodity ,ex*ange   
,act 7#g ,u4,s4,c4 #f;i7 is am5d$ 9 !   
matt] prec$+ p>agraph 7#a7 by /rik+ or  
d]ivatives transaction execution        
facility4  7j7 ,section #d;j ( !        
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#f;j7 is am5d$-- 7#a7 9 ! section head+1
 by /rik+ & regi/]$ d]ivatives          

transaction execution facilities2  7#b7 
9 subsection 7a71 9 ! fir/ s5t5ce1 by   
/rik+ & regi/]$ d]ivatives transaction  
execution facility2  7#c7 9 subsection  
7b71 9 ! matt] prec$+ p>agraph 7#a71 by 
/rik+ or regi/]$ d]ivatives transaction 
execution facility2 &  7#d7 9 subsection
 7c71 9 ! matt] prec$+ p>agraph 7#a71 by
 /rik+ or regi/]$ d]ivatives transaction
 execution facility memb]s4  7k7        
,section #dk7#e7 ( ! ,commodity ,ex*ange
 ,act 7#g ,u4,s4,c4 #fk7#e77 is am5d$1 9
 ! matt] prec$+ subp>agraph 7,a71 by    
/rik+ or regi/]$ d]ivatives transaction 
execution facility4  7l7 ,section #dl ( 
! ,commodity ,ex*ange ,act 7#g ,u4,s4,c4
 #fl7 is am5d$ by /rik+ or regi/]$      
d]ivatives transaction execution        
facilities ea* place x appe>s4  7m7     
,section #dp ( ! ,commodity ,ex*ange    
,act 7#g ,u4,s4,c4 #fp7 is am5d$--  7#a7
 9 subsection 7a71 9 ! ?ird s5t5ce1 by  
/rik+ contract m>kets1 or d]ivatives    
transaction execution facilities &      
ins]t+ or contract m>kets2 &  7#b7 9    

subsection 7b71 by /rik+ d]ivatives     
transaction execution facility14  7n7   
,section #e7;e7 ( ! ,commodity ,ex*ange 
,act 7#g ,u4,s4,c4 #g7;e77 is am5d$--   
7#a7 by /rik+ ! subsection designation &
 head+ & all t foll[s ?r\gh a contract =
 9 p>agraph 7#a7 & ins]t+ ! foll[+3  7e7
 ,curr5t agricultural commodities ,a    
contract =  2 &  7#b7 by /rik+ p>agraph 
7#b74  7o7 ,section #e;c ( ! ,commodity 
,ex*ange ,act 7#g ,u4,s4,c4 #g;a-#b7 is 
am5d$-- 7#a7 9 subsection 7b71 by /rik+ 
1 d]ivatives transaction execution      
facility1 ea* place x appe>s2 &  7#b7 9 
subsection 7f7-- 7,a7 9 ! matt] prec$+  
p>agraph 7#a71 by /rik+ & regi/]$       
d]ivatives transaction execution        
facility2 &  7,b7 9 p>agraph 7#a71 by   
/rik+ or regi/]$ d]ivatives transaction 
execution facility4  7p7 ,section #f ( !
 ,commodity ,ex*ange ,act is am5d$--    
7#a7 by /rik+ ! section designation 7#db
 ,/at4 #ajja1 *apt] #ci7 & all t foll[s 
?r\gh ,any p]son 9 subsection 7a7 7#g   
,u4,s4,c4 #h7 & ins]t+ ! foll[+3  #f4   

,application = designation z contract   
m>ket  7a7 ,application ,any p]son  2   
7#b7 9 subsection 7a7 7#g ,u4,s4,c4     
#h7-- 7,a7 9 ! fir/ s5t5ce1 by /rik+ or 
regi/]$ z a contract m>ket or d]ivatives
 transaction execution facility & ins]t+
 z a contract m>ket2 &  7,b7 9 ! la/    
s5t5ce1 by /rik+ or regi/]2 &  7#c7 9   
subsections 7a7 & 7b7 7#g ,u4,s4,c4     
#h7--  7,a7 by /rik+ or d]ivatives      
transaction execution facility ea* place
 x appe>s2 &  7,b7 by /rik+ or          
regi/ration ea* place x appe>s4  7q7    
,section #f;a ( ! ,commodity ,ex*ange   
,act 7#g ,u4,s4,c4 #aj;a7 is am5d$--    
7#a7 9 subsection 7a71 by /rik+ or      
regi/]$ z a contract m>ket or a         
d]ivatives transaction execution        
facility exclude & ins]t+ z a contract  
m>ket %all exclude2 &  7#b7 9 subsection
 7b7-- 7,a7 by /rik+ or regi/]$2 &  7,b7
 by /rik+ or a d]ivatives transaction   
execution facility4  7r7 ,section       
#f;d7#a7 ( ! ,commodity ,ex*ange ,act   
7#g ,u4,s4,c4 #ac;a-#b7a77 is am5d$ by  

/rik+ d]ivatives transaction execution  
facility14  #djc4 ,elim9ation ( obsolete
 ref]5ces to electronic trad+ facilities
  7a7 ,section #a;a ( ! ,commodity      
,ex*ange ,act 7#g ,u4,s4,c4 #a;a7 is    
am5d$-- 7#a7 9 p>agraph 7#ah77;,a77x71  
by /rik+ 7o!r ?an an electronic trad+   
facility ) respect to a significant     
price discov]y contract72 &  7#b7 9     
p>agraph 7#dj7-- 7,a7 9 subp>agraph     
7,d71 by add+ & at ! end2  7,b7 9       
subp>agraph 7,e71 by /rik+ 2 & at ! end 
& ins]t+ a p]iod2 &  7,c7 by /rik+      
subp>agraph 7,f74  7b7 ,section         
#b7;a77#a77;,a7 ( ! ,commodity ,ex*ange 
,act 7#g ,u4,s4,c4 #b7;a77#a77;,a77 is  
am5d$ 9 ! fir/ s5t5ce by /rik+ 7includ+ 
significant price discov]y contracts74  
7c7 ,section #d;a ( ! ,commodity        
,ex*ange ,act 7#g ,u4,s4,c4 #f;a7 7z    
am5d$ by section #djb7;d77 is am5d$--   
7#a7 9 subsection 7b7--  7,a7 9 p>agraph
 7#a71 by /rik+ ) respect to a          
significant price discov]y contract2 &  
7,b7 9 p>agraph 7#b71 by /rik+ any      

contract & all t foll[s ?r\gh price     
discov]y contract & ins]t+ any contract 
m>ket or swap execution facility2 &     
7#b7 9 subsection 7e7-- 7,a7 9 ! fir/   
s5t5ce--  7i7 by /rik+ or by any        
electronic trad+ facility2  7ii7 by     
/rik+ or on an electronic trad+         
facility2 &  7iii7 by /rik+ or          
electronic trad+ facility ea* place x   
appe>s2 &  7,b7 9 ! second s5t5ce1 by   
/rik+ or electronic trad+ facility )    
respect to a significant price discov]y 
contract4  7d7 ,section #d;g7a7 ( !     
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#f;g7a77 is am5d$ by /rik+ & 9 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/]$1 z fungible ) a significant     
price discov]y contract24  7e7 ,section 
#d;i ( ! ,commodity ,ex*ange ,act 7#g   
,u4,s4,c4 #f;i7 is am5d$ 9 ! matt]      
prec$+ p>agraph 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/]$1 z fungible ) a significant     
price discov]y contract4  7f7 ,section  
#e;c7b7 ( ! ,commodity ,ex*ange ,act 7#g
 ,u4,s4,c4 #g;a-#b7;b77 7z am5d$ by     
section #djb7o77 is am5d$--  7#a7 9     
p>agraph 7#a7-- 7,a7 by /rik+ or        
electronic trad+ facility ) respect to a
 significant price discov]y contract2 & 
7,b7 by /rik+ t is n an electronic trad+
 facility2  7#b7 9 p>agraph 7#b71 by    
/rik+ or electronic trad+ facility2 &   
7#c7 9 p>agraph 7#c71 by /rik+ or       
electronic trad+ facility4  7g7 ,section
 #f7;b7 ( ! ,commodity ,ex*ange ,act 7#g
 ,u4,s4,c4 #h7;b77 is am5d$ by /rik+ or 
electronic trad+ facility ea* place x   
appe>s4  7h7 ,section #ab7;e77#b7 ( !   
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#af7;e77#b77 is am5d$ by /rik+ 9 ! case 
(-- & all t foll[s ?r\gh ! p]iod at !   

end & ins]t+ ! foll[+3 9 ! case ( an    
agreem5t1 contract1 or transaction t is 
exclud$ f ?is ,act "u subsection 7c7 or 
7f7 ( section #b ( ?is ,act or title    
,,iv ( ! ,commodity ,futures            
,mod]nization ,act ( #bjjj 7z enact$ by 
section #a7;a77#e7 ( ! ,consolidat$     
,appropriations ,act1 #bjja 7,public    
,law #ajf-eed2 #aad ,/at4 #bgfc1        
#bgfc;,a-#deg771 or exempt$ "u section  
#d7;c7 7reg>dless ( :e!r any su*        
agreem5t1 contract1 or transaction is   
o!rwise subject to ?is ,act744  #djd4   
,elim9ation ( obsolete ref]5ces to      
exempt bo>ds ( trade  7a7 ,section      
#a;a7#ah77;,a77x7 ( ! ,commodity        
,ex*ange ,act 7#g ,u4,s4,c4             
#a;a7#ah77;,a77x77 7z am5d$ by section  
#djc7;a77#a77 is am5d$ by /rik+ 8or an  
exempt bo>d ( trade04  7b7 ,section     
#ab7;e77#a77;,b77i7 ( ! ,commodity      
,ex*ange ,act 7#g ,u4,s4,c4             
#af7;e77#a77;,b77i77 is am5d$ by /rik+  
8or exempt bo>d ( trade04  #dje4        
,elim9ation ( obsolete ref]5ce to       

significant price discov]y contract     
,section #a;a ( ! ,commodity ,ex*ange   
,act 7#g ,u4,s4,c4 #a;a7 is am5d$ by    
/rik+ p>agraph 7#df7 & ins]t+ ! foll[+3 
7#df7 ,res]v$  4  #djf4 ,cl>ifications (
 retail =eign curr5cy ,section          
#b7;c77#b7 ( ! ,commodity ,ex*ange ,act 
7#g ,u4,s4,c4 #b7;c77#b77 is am5d$--    
7#a7 9 subp>agraph 7,b7--  7,a7 by /rik+
 7gg7 ea* place x appe>s & ins]t+ 7ee72 
7,b7 9 clause 7i77,,ii71 by r$esignat+  
item 7ff7 z item 7ee72  7,c7 9 clause   
7iii71 by /rik+ item 7aa71 7bb71 7ee71  
or 7ff7 ( clause 7i77,,ii7 ( ?is        
subp>agraph & ins]t+ item 7aa71 7bb71 or
 7dd7 ( clause 7i77,,ii72 &  7,d7 9     
clause 7iv7--  7i7 9 subclauses 7,i7 &  
7,,ii71 by /rik+ 7ee71 or 7ff7 ea* place
 x appe>s & ins]t+ or 7dd72  7ii7 9     
subclause 7,i77bb71 by ins]t+ 1 or      
o!rwise act z a commodity trad+ advisor 
) respect to any agreem5t1 contract1 or 
transaction describ$ 9 clause 7i7 be=e !
 semicolon2 &  7iii7 9 subclause        
7,,iv77aa71 by /rik+ 7ff7 & ins]t+ 7dd72

 &  7#b7 9 subp>agraph 7,c7--  7,a7 by  
/rik+ 7ee71 or 7ff7 ea* place x appe>s &
 ins]t+ or 7dd72  7,b7 by /rik+ item    
7aa7 ?r\gh 7ff7 ea* place x appe>s &    
ins]t+ items 7aa7 ?r\gh 7dd72 &  7,c7 9 
clause 7iii77,i77bb71 by ins]t+ 1 or    
o!rwise act z a commodity trad+ advisor 
) respect to any agreem5t1 contract1 or 
transaction describ$ 9 clause 7i7 be=e !
 semicolon4  #djg4 ,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$-- 7#a7 by /rik+ subsections 7d7 & 
7e72 &  7#b7 by r$esignat+ subsections  
7f7 & 7g7 z subsections 7d7 & 7e71      
respectively4  7b7 ,con=m+ am5dm5ts     
7#a7 ,section #b7;d7 ( ! ,commodity     
,ex*ange ,act 7#g ,u4,s4,c4 #b7;d77 is  
am5d$ by /rik+ 7g7 ( & ins]t+ 7e7 (4    
7#b7 ,section #d;f7a77#d77;,a77i7 ( !   
,commodity ,ex*ange ,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 ( ! ,commodity    

,ex*ange ,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 ( ! ,commodity
 ,ex*ange ,act 7#g ,u4,s4,c4            
#g;b-#a7;b77#a77;,a77 is am5d$ by /rik+ 
1 7e71 & 7g7 & ins]t+ & 7e74  7#e7      
,section #i7;a77#b7 ( ! ,commodity      
,ex*ange ,act 7#g ,u4,s4,c4 #ac7;a77#b77
 is am5d$ by /rik+ ?r\gh 7e7 (          
subsection #d;c & ins]t+ & 7c7 ( section
 #d;c4  #djh4 ,correction ( ref]5ces to 
designat$ contract m>kets  7a7 ,section 
#d;a7c77#a7 ( ! ,commodity ,ex*ange ,act
 7#g ,u4,s4,c4 #f;a7c77#a77 is am5d$ 9 !
 second s5t5ce by /rik+ an ex*ange &    
ins]t+ a designat$ contract m>ket4  7b7 
,section #d;b7c7 ( ! ,commodity ,ex*ange
 ,act 7#g ,u4,s4,c4 #f;b7c77 is am5d$ 9 
! fir/ proviso-- 7#a7 by /rik+ ! ex*ange
 & ins]t+ ! designat$ contract m>ket2 & 
7#b7 by /rik+ su* ex*ange & ins]t+ t    
designat$ contract m>ket4  7c7 ,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  7d7   
,section #ds7h77#g77;,a7 ( ! ,commodity 
,ex*ange ,act 7#g ,u4,s4,c4             
#fs7h77#g77;,a77 is am5d$ by /rik+ an   
ex*ange & ins]t+ a designat$ contract   
m>ket4  7e7 ,section #h;c ( ! ,commodity
 ,ex*ange ,act 7#g ,u4,s4,c4 #ab;c7 is  
am5d$--  7#a7 9 subsection 7a7-- 7,a7 9 
p>agraph 7#a71 by /rik+ ex*ange ea*     
place x appe>s & ins]t+ regi/]$ entity2 
&  7,b7 9 p>agraph 7#b7-- 7i7 9 ! fir/  
s5t5ce--  7,i7 by /rik+ an ex*ange &    
ins]t+ a regi/]$ entity2 &  7,,ii7 by   
/rik+ ! ex*ange & ins]t+ ! regi/]$      
entity2 &  7ii7 9 ! second s5t5ce-- 7,i7
 by /rik+ ,an ex*ange & ins]t+ ,a       
regi/]$ entity2 &  7,,ii7 by /rik+ !    
ex*ange & ins]t+ ! regi/]$ entity2  7#b7
 9 subsection 7b7--  7,a7 9 ! fir/      
s5t5ce-- 7i7 by /rik+ an ex*ange &      
ins]t+ a regi/]$ entity2 &  7ii7 by     
/rik+ ! ex*ange & ins]t+ ! regi/]$      
entity2 &  7,b7 9 ! second s5t5ce1 by   
/rik+ ex*ange & ins]t+ regi/]$ entity2 &

  7#c7 9 subsection 7c71 by /rik+       
ex*ange ea* place x appe>s & ins]t+     
regi/]$ entity4  #dji4 ,compliance      
report flexibility ,section #ds7k77#c7 (
 ! ,commodity ,ex*ange ,act 7#g         
,u4,s4,c4 #fs7k77#c77 is am5d$ by /rik+ 
subp>agraph 7,b7 & ins]t+ ! foll[+3     
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]m9es1 by rule1     
regulation1 or ord]1 to be appropriate4 
4  #daj4 ,res]vations  7a7 ,section #e (
 ! ,commodity ,ex*ange ,act 7#g         
,u4,s4,c4 #g7 is am5d$ by ins]t+ aft]   
subsection 7a7 ! foll[+3  7b7 ,res]v$  4
  7b7 ,! ,commodity ,ex*ange ,act is    
am5d$ by ins]t+ aft] section #e 7#g     
,u4,s4,c4 #g7 ! foll[+3  #e;a4 ,res]v$  
4  7c7 ,section #e;b ( ! ,commodity     
,ex*ange ,act 7#g ,u4,s4,c4#g;a-#a7 is  
am5d$ aft] subsection 7i7 ! foll[+3  7j7
 ,res]v$  4  7d7 ,! ,commodity ,ex*ange 

,act is am5d$ by ins]t+ aft] section    
#e;c 7#g ,u4,s4,c4 #g;a-#b7 ! foll[+3   
#e;d4 ,res]v$  4  #daa4 ,flexibility =  
regi/]$ entities ,section #e;c7b7 ( !   
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#g;a-#b7;b77 7z am5d$ by sections       
#djb7o7 & #djc7;f77 is am5d$ by /rik+   
contract m>ket ea* place x appe>s &     
ins]t+ regi/]$ entity4  #dab4           
,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]native4  #dac4       
,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 ! fir/ s5t5ce by /rik+
 z set =? 9 sections #e ?r\gh #e;c4     
#dad4 ,cl>ification ( ,commission       
au?ority ov] swaps trad+ ,section #h;a (
 ! ,commodity ,ex*ange ,act 7#g         
,u4,s4,c4 #ab;a7 is am5d$-- 7#a7 9      
p>agraph 7#g7--  7,a7 9 ! matt] prec$+  
subp>agraph 7,a71 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#i71 9 !   
fir/ s5t5ce--  7,a7 by ins]t+ swap or   
aft] or liquidation ( any2 &  7,b7 by   
ins]t+ swap or aft] m>g9 levels on any4 
#dae4 ,elim9ation ( duplicative ref]5ce 
to ,commission ,section #ac7;c7 ( !     
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#ac;c7c77 is am5d$ by /rik+ or !        
,commission4  #daf4 ,miscellane\s       
corrections  7a7 ,section #a;a ( !      
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#a;a7 is am5d$--  7#a7 9 p>agraph       
7#ab77;,a77i77,,ii71 by add+ a semicolon
 at ! end2 &  7#b7 9 p>agraph 7#ai7--   
7,a7 by r$esignat+ clauses 7i7 ?r\gh    
7iv7 z subp>agraphs 7,a7 ?r\gh 7,d71    
respectively1 & ind5t+ ! subp>agraphs   
appropriately2 &  7,b7 9 ea* (          
subp>agraphs 7,b7 & 7,d7 7z s           
r$esignat$7-- 7i7 by r$esignat+         

subclauses 7,i7 & 7,,ii7 z clauses 7i7 &
 7ii71 respectively1 & ind5t+ ! clauses 
appropriately2 &  7ii7 by /rik+ clause  
7i7 ea* place x appe>s & ins]t+         
subp>agraph 7,a74  7b7 ,section         
#b7;a77#a77;,c7 ( ! ,commodity ,ex*ange 
,act 7#g ,u4,s4,c4 #b7;a77#a77;,c77 is  
am5d$--  7#a7 9 clause 7ii71 by ind5t+  
subclause 7,,iii7 appropriately2  7#b7  
by ind5t+ clause 7iii7 appropriately2   
7#c7 9 clause 7iv71 by /rik+ "u or &    
ins]t+ "u2  7#d7 by ind5t+ clause 7v7   
appropriately2 &  7#e7 9 clause         
7v77,,vi71 by /rik+ ,,iii & ins]t+      
7,,iii74  7c7 ,section #b7;c77#a7 ( !   
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#b7;c77#a77 is am5d$ 9 ! matt] prec$+   
subp>agraph 7,a7 by /rik+ section1 #e;b1
 or & ins]t+ section #e;b or4  7d7      
,section #d7;c77#c77;,h7 ( ! ,commodity 
,ex*ange ,act 7#g ,u4,s4,c4             
#f7;c77#c77;,h77 is am5d$ by /rik+ /ate 
& ins]t+ ,/ate4  7e7 ,section #d;c ( !  
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#f;c7 is am5d$ by /rik+ subsection 7c7 &

 ins]t+ ! foll[+3  7c7 ,regulations ,!  
,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  7f7 ,section #d;d7b7 ( ! 
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#f;d7b77 is am5d$ by /rik+ p>agraph 7#b7
 ( ?is section & ins]t+ subsection      
7a77#a77;,b74  7g7 ,section #d;f7c7 ( ! 
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#f;f7c77 is am5d$--  7#a7 9 p>agraph    
7#c77;,a71 by /rik+ ! fir/ comma2 &     
7#b7 9 p>agraph 7#d7-- 7,a7 9           
subp>agraph 7,a71 9 ! fir/ s5t5ce1 by   
/rik+ 9 develop+ & ins]t+ ,9 develop+2 &
  7,b7 9 subp>agraph 7,b71 by /rik+     
#ahag7;a7 & ins]t+ #ahag7;a774  7h7     
,section #dp7b7 ( ! ,commodity ,ex*ange 
,act 7#g ,u4,s4,c4 #fp7b77 is am5d$ by  
/rik+ /ate law & ins]t+ ,/ate law4  7i7 
,section #e;f7b77#a7 ( ! ,commodity     
,ex*ange ,act 7#g ,u4,s4,c4             
#g;b-#a7;b77#a77 is am5d$ 9 ! matt]     
prec$+ subp>agraph 7,a7 by /rik+ section

 #e;f & ins]t+ ?is section4  7j7        
,section #f7;a7 ( ! ,commodity ,ex*ange 
,act 7#g ,u4,s4,c4 #h7;a77 is am5d$ 9 ! 
fir/ s5t5ce by /rik+ ! ! & ins]t+ !4    
7k7 ,section #h;a ( ! ,commodity        
,ex*ange ,act 7#g ,u4,s4,c4 #ab;a7 is   
am5d$ 9 p>agraphs 7#b77;,e77i7 &        
7#c77;,b77i7 by /rik+ ,inve/ors ea*     
place x appe>s & ins]t+ ,inve/or4  7l7  
,section #ab7;b7 ( ! ,commodity ,ex*ange
 ,act 7#g ,u4,s4,c4 #af7;b77 is am5d$ by
 ind5t+ p>agraph 7#d7 appropriately4    
7m7 ,section #ad7;a7 ( ! ,commodity     
,ex*ange ,act 7#g ,u4,s4,c4 #ah7;a77 is 
am5d$-- 7#a7 by ind5t+ p>agraph 7#b7    
appropriately2 &  7#b7 9 p>agraph 7#b71 
by ind5t+ subp>agraph 7,b7              
appropriately4  7n7 ,section #ag7;b7 ( !
 ,commodity ,ex*ange ,act 7#g ,u4,s4,c4 
#ba7;b77 is am5d$--  7#a7 9 p>agraph    
7#i77;,d71 by /rik+ ! semicolon at ! end
 & ins]t+ a p]iod2  7#b7 9 p>agraph     
7#aj77;,c77ii71 by /rik+ & at ! end2    
7#c7 9 p>agraph 7#aa71 by /rik+ ! p]iod 
at ! end & ins]t+ a semicolon2  7#d7 9  

p>agraph 7#ab7-- 7,a7 by /rik+ 7,a72 &  
7,b7 by /rik+ ! p]iod at ! end & ins]t+ 
2 &2 &  7#e7 9 p>agraph 7#ac71 9 ! matt]
 prec$+ subp>agraph 7,a71 by /rik+ ,a   
major & ins]t+ a major4  7o7 ,section   
#ag ( ! ,commodity ,ex*ange ,act 7#g    
,u4,s4,c4 #ba7 is am5d$-- 7#a7 by       
r$esignat+ subsection 7r7 z subsection  
7s72 &  7#b7 by r$esignat+ ! second     
subsection 7q7 7relat+ to compreh5sive  
rule implem5tation programs7 z          
subsection 7r74  7p7 ,section #bb ( !   
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#be7 is am5d$-- 7#a7 9 subsection       
7a77#a77;,c71 by ind5t+ clause 7iv7     
appropriately2 &  7#b7 9 subsection     
7b7-- 7,a7 9 p>agraph 7#c71 by /rik+ (  
regi/]$ & ins]t+ ( a regi/]$2 &  7,b7 9 
p>agraph 7#d71 by ins]t+ a comma aft]   
entity4  #dag4 ,elim9ation ( report due 
9 #aihf ,section #bf ( ! ,futures ,trad+
 ,act ( #aigh 7#g ,u4,s4,c4 #af;a7 is   
am5d$-- 7#a7 by /rik+ subsection 7b72 & 
7#b7 by r$esignat+ subsection 7c7 z     
subsection 7b74  ,may #aj1 #bjaf,read   

twice & plac$ on ! cal5d>