#aaeth ,,congress #ast ,session ,h4 ,r4 #bch ,,an ,,act ,to reauthorize the ,commodity ,futures ,trading ,commission1 to better protect futures customers1 to provide end-users with market certainty1 to make basic reforms to ensure transparency and accountability at the ,commission1 to help farmers1 ranchers1 and end-users manage risks1 to help keep consumer costs low1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,commodity ,end-,user ,relief ,act4 #b4 ,table of contents ,the table of contents of this ,act is as follows3 ,sec4 #a4 ,short title4 ,sec4 #b4 ,table of contents4 ,title ,i--,,customer ,,protections ,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 ,consideration by the ,commodity ,futures ,trading ,commission of the costs and benefits of its regulations and orders4 ,sec4 #bjc4 ,division directors4 ,sec4 #bjd4 ,office of the ,chief ,economist4 ,sec4 #bje4 ,procedures governing actions taken by ,commission staff4 ,sec4 #bjf4 ,strategic technology plan4 ,sec4 #bjg4 ,internal risk controls4 ,sec4 #bjh4 ,subpoena duration and renewal4 ,sec4 #bji4 ,applicability of notice and comment requirements of the ,administrative ,procedure ,act to guidance voted on by the ,commission4 ,sec4 #baj4 ,judicial review of ,commission rules4 ,sec4 #baa4 ,,gao study on use of ,commission resources4 ,sec4 #bab4 ,disclosure of required data of other registered entities4 ,sec4 #bac4 ,elimination of certain leasing authority of the ,commission4 ,sec4 #bad4 ,reform of the ,customer ,protection ,fund4 ,title ,,iii--,,end-,,user ,,relief ,sec4 #cja4 ,transactions with utility special entities4 ,sec4 #cjb4 ,utility special entity defined4 ,sec4 #cjc4 ,utility operations-related swap4 ,sec4 #cjd4 ,end-users not treated as financial entities4 ,sec4 #cje4 ,reporting of illiquid swaps so as to not disadvantage certain non-financial end-users4 ,sec4 #cjf4 ,relief for grain elevator operators1 farmers1 agricultural counterparties1 and commercial market participants4 ,sec4 #cjg4 ,relief for end-users who use physical contracts with volumetric optionality4 ,sec4 #cjh4 ,commission vote required before automatic change of swap dealer de minimis level4 ,sec4 #cji4 ,capital requirements for non-bank swap dealers4 ,sec4 #caj4 ,harmonization with the ,jumpstart ,our ,business ,startups ,act4 ,sec4 #caa4 ,bona fide hedge defined to protect end-user risk management needs4 ,sec4 #cab4 ,cross-border regulation of derivatives transactions4 ,sec4 #cac4 ,exemption of qualified charitable organizations from designation and regulation as commodity pool operators4 ,sec4 #cad4 ,small bank holding company clearing exemption4 ,sec4 #cae4 ,core principle certainty4 ,sec4 #caf4 ,treatment of ,federal ,home ,loan ,bank products4 ,sec4 #cag4 ,treatment of certain funds4 ,sec4 #cah4 ,procedure for obtaining certain intellectual property4 ,sec4 #cai4 ,determination of predominant engagement4 ,sec4 #cbj4 ,treatment of transactions between affiliates4 ,sec4 #cba4 ,requirements related to position limits4 ,title ,,iv--,,technical ,,corrections ,sec4 #dja4 ,correction of references4 ,sec4 #djb4 ,elimination of obsolete references to dealer options4 ,sec4 #djc4 ,updated trade data publication requirement4 ,sec4 #djd4 ,flexibility for registered entities4 ,sec4 #dje4 ,elimination of obsolete references to electronic trading facilities4 ,sec4 #djf4 ,elimination of obsolete reference to alternative swap execution facilities4 ,sec4 #djg4 ,elimination of redundant references to types of registered entities4 ,sec4 #djh4 ,clarification of ,commission authority over swaps trading4 ,sec4 #dji4 ,elimination of obsolete reference to the ,commodity ,exchange ,commission4 ,sec4 #daj4 ,elimination of obsolete references to derivative transaction execution facilities4 ,sec4 #daa4 ,elimination of obsolete references to exempt boards of trade4 ,sec4 #dab4 ,elimination of report due in #aihf4 ,sec4 #dac4 ,compliance report flexibility4 ,sec4 #dad4 ,miscellaneous corrections4 ,sec4 #dae4 ,delay in full implementation of the final rule on ownership and control reporting4 ,i ,,customer ,,protections #aja4 ,enhanced protections for futures customers ,section #ag of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #ba7 is amended by adding at the end the following3 7t7 ,a registered futures association shall-- 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 ,regulations1 in any customer segregated funds account of the member1 as identified in section #a4bj of such title1 and in any foreign futures and foreign options customer secured amount funds account of the member1 as identified in section #cj4g of such title2 and 7,b7 the residual interest of the member1 as described in section #bb4b7;e77#d7 of such title1 in any cleared swaps customer collateral account of the member1 as identified in section #bb4b of such title2 and 7#b7 establish rules to govern the withdrawal1 transfer or disbursement by any member of the association1 that is a futures commission merchant1 of the member's residual interest in customer segregated funds as provided in such section #a4bj1 in foreign futures and foreign options customer secured amount funds1 identified as provided in such section #cj4g1 and from a cleared swaps customer collateral1 identified as provided in such section #bb4b4 4 #ajb4 ,electronic confirmation of customer funds ,section #ag of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #ba71 as amended by section #aja of this ,act1 is amended by adding at the end the following3 7u7 ,a registered futures association shall require any member of the association that is a futures commission merchant to-- 7#a7 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 funds1 foreign futures and foreign options customer secured amount funds accounts1 and cleared swaps customer collateral1 in accordance with such terms1 conditions1 documentation standards1 and regular time intervals as are established by the registered futures association2 7#b7 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 ,regulations1 foreign futures and foreign options customer secured amount funds under section #cj4g of such title1 or cleared swap customer funds under section #bb4b of such title1 to report balances in the futures commission merchant's section #a4bj customer segregated funds1 section #cj4g foreign futures and foreign options customer secured amount funds1 and section #bb4b cleared swap customer funds1 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 hold section #a4bj customer segregated funds1 section #cj4g foreign futures and foreign options customer secured amount funds and section #bb4b cleared swaps customer funds in a depository that reports the balances in these 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 #ba71 as amended by sections #aja and #ajb of this ,act1 is amended by adding at the end the following3 7v7 ,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 this occurrence4 7w7 ,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 ,regulations1 in foreign futures and foreign options secured amount accounts for foreign futures and foreign options secured amount customers under section #cj4g of such title1 or in segregated accounts for cleared swap customers under section #bb4b of such title1 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 this occurrence4 7x7 ,within such time period established by the ,commission after the end of each fiscal year1 a 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,b72 7#b7 by inserting 7#a7 before ,it shall be unlawful2 and 7#c7 by adding at the end the following new paragraph3 7#b7 ,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 such customers shall provide that a futures commission merchant shall meet its 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 amendment ,section #d;d7h7 of such ,act 7#g ,u4,s4,c4 #f;d7h77 is amended by striking ,notwithstanding subsection 7a77#b7 and inserting ,notwithstanding subsection 7a77#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 by striking and at the end of paragraph 7#d72 7#b7 by striking the period at the end of paragraph 7#e7 and inserting 2 and2 and 7#c7 by adding at the end the following3 7#f7 that cash1 securities1 or other property of the estate of a commodity broker1 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 clearing agency7 in respect of such 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 such 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 to read as follows3 7d7 ,authorization of appropriations ,there is authorized to be appropriated #bej1jjj1jjj for each of fiscal years #bjag through #bjba to carry out this ,act4 4 #bjb4 ,consideration by the ,commodity ,futures ,trading ,commission of the costs and benefits of its regulations and orders ,section #ae7;a7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #ai7;a77 is amended-- 7#a7 by striking paragraphs 7#a7 and 7#b7 and inserting the following3 7#a7 ,in general ,before promulgating a regulation under this ,act or issuing an order 7except as provided in paragraph 7#c771 the ,commission1 through the ,office of the ,chief ,economist1 shall assess and publish in the regulation or order the costs and benefits1 both qualitative and quantitative1 of the proposed regulation or order1 and the proposed regulation or order shall state its statutory justification4 7#b7 ,considerations ,in making a reasoned determination of the costs and the benefits1 the ,commission shall evaluate-- 7,a7 considerations of protection of market participants and the public2 7,b7 considerations of the efficiency1 competitiveness1 and financial integrity of futures and swaps markets2 7,c7 considerations of the impact on market liquidity in the futures and swaps markets2 7,d7 considerations of price discovery2 7,e7 considerations of sound risk management practices2 7,f7 available alternatives to direct regulation2 7,g7 the degree and nature of the risks posed by various activities within the scope of its jurisdiction2 7,h7 the costs of complying with the proposed regulation or order by all regulated entities1 including a methodology for quantifying the costs 7recognizing that some costs are difficult to quantify72 7,i7 whether the proposed regulation or order is inconsistent1 incompatible1 or duplicative of other ,federal regulations or orders2 7,j7 the cost to the ,commission of implementing the proposed regulation or order by the ,commission staff1 including a methodology for quantifying the costs2 7,k7 whether1 in choosing among alternative regulatory approaches1 those approaches maximize net benefits 7including potential economic and other benefits1 distributive impacts1 and equity72 and 7,l7 other public interest considerations4 2 and 7#b7 by adding at the end the following3 7#d7 ,judicial review ,notwithstanding section #bd7;d71 a court shall affirm a ,commission assessment of costs and benefits under this subsection1 unless the court finds the assessment to be an abuse of discretion4 4 #bjc4 ,division directors ,section #b7;a77#f77;,c7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #b7;a77#f77;,c77 is amended by inserting 1 and the heads of the units shall serve at the pleasure of the ,commission before the period4 #bjd4 ,office of the ,chief ,economist 7a7 ,in general ,section #b7;a7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #b7;a77 is amended by adding at the end the following3 7#af7 ,office of the chief economist 7,a7 ,establishment ,there is established in the ,commission the ,office of the ,chief ,economist4 7,b7 ,head ,the ,office of the ,chief ,economist shall be headed by the ,chief ,economist1 who shall be appointed by the ,commission and serve at the pleasure of the ,commission4 7,c7 ,functions ,the ,chief ,economist shall report directly to the ,commission and perform such functions and duties as the ,commission may prescribe4 7,d7 ,professional staff ,the ,commission shall appoint such other economists as may be necessary to assist the ,chief ,economist in performing such economic analysis1 regulatory cost-benefit analysis1 or research any member of the ,commission may request4 4 7b7 ,conforming amendment ,section #b7;a77#f77;,a7 of such ,act 7#g ,u4,s4,c4 #b7;a77#f77;,a77 is amended by striking 7#d7 and 7#e7 of this subsection and inserting 7#d71 7#e71 and 7#af74 7c7 ,sense of the ,congress ,it is the sense of the ,congress that the ,commodity ,futures ,trading ,commission should take all appropriate actions to encourage applications for positions in the ,office of the ,chief ,economist from members of minority groups1 women1 disabled persons1 and veterans4 #bje4 ,procedures governing actions taken by ,commission staff ,section #b7;a77#ab7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #b7;a77#ab77 is amended-- 7#a7 by striking 7#ab7 ,the and inserting the following3 7#ab7 ,rules and regulations 7,a7 ,in general ,subject to the other provisions of this paragraph1 the 2 and 7#b7 by adding after and below the end the following new subparagraph3 7,b7 ,notice to commissioners ,the ,commission shall develop and publish internal procedures governing the issuance by any division or office of the ,commission of any response to a formal1 written request or petition from any member of the public for an exemptive1 a no-action1 or an interpretive letter and such procedures shall provide that the commissioners be provided with the final version of the matter to be issued with sufficient notice to review the matter prior to its issuance4 4 #bjf4 ,strategic technology plan ,section #b7;a7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #b7;a771 as amended by section #bjd7;a7 of this ,act1 is amended by adding at the end the following3 7#ag7 ,strategic technology plan 7,a7 ,in general ,every #e years1 the ,commission shall develop and submit to the ,committee on ,agriculture of the ,house of ,representatives and the ,committee on ,agriculture1 ,nutrition1 and ,forestry of the ,senate a detailed plan focused on the acquisition and use of technology by the ,commission4 7,b7 ,contents ,the plan shall-- 7i7 include for each related division or office a detailed technology strategy focused on market surveillance and risk detection1 market data collection1 aggregation1 interpretation1 standardization1 harmonization1 normalization1 validation1 streamlining or other data analytic processes1 and internal management and protection of data collected by the ,commission1 including a detailed accounting of how the funds provided for technology will be used and the priorities that will apply in the use of the funds2 7ii7 set forth annual goals to be accomplished and annual budgets needed to accomplish the goals2 and 7iii7 include a summary of any plan of action and milestones to address any known information security vulnerability1 as identified pursuant to a widely accepted industry or ,government standard1 including-- 7,i7 specific information about the industry or ,government standard used to identify the known information security vulnerability2 7,,ii7 a detailed time line with specific deadlines for addressing the known information security vulnerability2 and 7,,iii7 an update of any such time line and the rationale for any deviation from the time line4 4 #bjg4 ,internal risk controls ,section #b7;a77#ab7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #b7;a77#ab771 as amended by section #bje of this ,act1 is amended by adding at the end the following3 7,c7 ,internal risk controls ,the ,commission1 in consultation with the ,chief ,economist1 shall develop comprehensive internal risk control mechanisms to safeguard and govern the storage of all market data by the ,commission1 all market data sharing agreements of the ,commission1 and all academic research performed at the ,commission using market data4 4 #bjh4 ,subpoena duration and renewal ,section #f7;c77#e7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #i7e77 is amended-- 7#a7 by striking 7#e7 ,subpoena4--,for and inserting the following3 7#e7 ,subpoena 7,a7 ,in general ,for 2 and 7#b7 by adding after and below the end the following3 7,b7 ,omnibus orders of investigation 7i7 ,duration and renewal ,an omnibus order of investigation shall not be for an indefinite duration and may be renewed only by ,commission action4 7ii7 ,definition ,in clause 7i71 the term omnibus order of investigation means an order of the ,commission authorizing one of more members of the ,commission or its staff to issue subpoenas under subparagraph 7,a7 to multiple persons in relation to a particular subject matter area4 4 #bji4 ,applicability of notice and comment requirements of the ,administrative ,procedure ,act to guidance voted on by the ,commission ,section #b7;a77#ab7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #b7;a77#ab771 as amended by sections #bje and #bjg of this ,act1 is amended by adding at the end the following3 7,d7 ,applicability of notice and comment rules to guidance voted on by the ,commission ,the notice and comment requirements of section #eec of title #e1 ,united ,states ,code1 shall also apply with respect to any ,commission statement or guidance1 including interpretive rules1 general statements of policy1 or rules of ,commission organization1 procedure1 or practice1 that has the effect of implementing1 interpreting or prescribing law or policy and that is voted on by the ,commission4 4 #baj4 ,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 ,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 within #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 ,a copy of the petition shall be transmitted forthwith by the clerk of the court to an officer designated by the ,commission for that purpose4 ,thereupon 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 ,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 ,the court shall affirm and enforce the rule unless the ,commission's action in promulgating the rule is found to be arbitrary1 capricious1 an abuse of discretion1 or otherwise not in accordance with law2 contrary to constitutional right1 power1 privilege1 or immunity2 in excess of statutory jurisdiction1 authority1 or limitations1 or short of statutory right2 or without observance of procedure required by law4 4 #baa4 ,,gao study on use of ,commission resources 7a7 ,study ,the ,comptroller ,general of the ,united ,states shall conduct a study of the resources of the ,commodity ,futures ,trading ,commission that-- 7#a7 assesses whether the resources of the ,commission are sufficient to enable the ,commission to effectively carry out the duties of the ,commission2 7#b7 examines the expenditures of the ,commission on hardware1 software1 and analytical processes designed to protect customers in the areas of-- 7,a7 market surveillance and risk detection2 and 7,b7 market data collection1 aggregation1 interpretation1 standardization1 harmonization1 and streamlining2 7#c7 analyzes the additional workload undertaken by the ,commission1 and ascertains where self-regulatory organizations could be more effectively utilized2 and 7#d7 examines existing and emerging post-trade risk reduction services in the swaps market1 the notional amount of risk reduction transactions provided by the services1 and the effects the services have on financial stability1 including-- 7,a7 market surveillance and risk detection2 7,b7 market data collection1 aggregation1 interpretation1 standardization1 harmonization1 and streamlining2 and 7,c7 oversight and compliance work by market participants and regulators4 7b7 ,report ,not later than #ahj days after the date of the enactment of this ,act1 the ,comptroller ,general of the ,united ,states shall submit to the ,committee on ,agriculture of the ,house of ,representatives and the ,committee on ,agriculture1 ,nutrition1 and ,forestry of the ,senate a report that contains the results of the study required by subsection 7a74 #bab4 ,disclosure of required data of other registered entities ,section #h of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #ab7 is amended by adding at the end the following3 7j7 ,disclosure of required data of other registered entities 7#a7 ,except as provided in this subsection1 the ,commission may not be compelled to disclose any proprietary information provided to the ,commission1 except that nothing in this subsection-- 7,a7 authorizes the ,commission to withhold information from ,congress2 or 7,b7 prevents the ,commission from-- 7i7 complying with a request for information from any other ,federal department or agency1 any ,state or political subdivision thereof1 or any foreign government or any department1 agency1 or political subdivision thereof requesting the report or information for purposes within the scope of its jurisdiction1 upon an agreement of confidentiality to protect the information in a manner consistent with this paragraph and subsection 7e72 or 7ii7 making a disclosure made pursuant to a court order in connection with an administrative or judicial proceeding brought under this ,act1 in any receivership proceeding involving a receiver appointed in a judicial proceeding brought under this ,act1 or in any bankruptcy proceeding in which the ,commission has intervened or in which the ,commission has the right to appear and be heard under title #aa of the ,united ,states ,code4 7#b7 ,any proprietary information of a commodity trading advisor or commodity pool operator ascertained by the ,commission in connection with ,form ,,cpo-,,pqr1 ,form ,,cta-,,pr1 and any successor forms thereto1 shall be subject to the same limitations on public disclosure1 as any facts ascertained during an investigation1 as provided by subsection 7a72 provided1 however1 that the ,commission shall not be precluded from publishing aggregate information compiled from such forms1 to the extent such aggregate information does not identify any individual person or firm1 or such person's proprietary information4 7#c7 ,for purposes of section #eeb of title #e1 ,united ,states ,code1 this subsection1 and the information contemplated herein1 shall be considered a statute described in subsection 7b77#c77;,b7 of such section #eeb4 7#d7 ,for purposes of the definition of proprietary information in paragraph 7#e71 the records and reports of any client account or commodity pool to which a commodity trading advisor or commodity pool operator registered under this title provides services that are filed with the ,commission on ,form ,,cpo-,,pqr1 ,,cta-,,pr1 and any successor forms thereto1 shall be deemed to be the records and reports of the commodity trading advisor or commodity pool operator1 respectively4 7#e7 ,for purposes of this section1 proprietary information of a commodity trading advisor or commodity pool operator includes sensitive1 non-public information regarding-- 7,a7 the commodity trading advisor1 commodity pool operator or the trading strategies of the commodity trading advisor or commodity pool operator2 7,b7 analytical or research methodologies of a commodity trading advisor or commodity pool operator2 7,c7 trading data of a commodity trading advisor or commodity pool operator2 and 7,d7 computer hardware or software containing intellectual property of a commodity trading advisor or commodity pool operator2 4 #bac4 ,elimination of certain leasing authority of the ,commission ,section #ab7;b77#c7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #af7;b77#c77 is amended-- 7#a7 by striking including1 but not limited to1 and inserting excluding2 and 7#b7 by adding at the end the following new sentence3 ,in the case of an existing lease contract entered into under this paragraph1 the ,commission may not extend the lease term1 but may agree to any other contract modification that does not result in any additional cost to the ,federal ,government44 #bad4 ,reform of the ,customer ,protection ,fund ,section #bc7;g7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #bf7;g77 is amended-- 7#a7 in paragraph 7#b7-- 7,a7 in the matter preceding subparagraph 7,a71 by striking or fiscal year limitation2 7,b7 in subparagraph 7,a71 by striking 2 and and inserting 1 without fiscal year limitation22 and 7,c7 in subparagraph 7,b71 by striking thereunder4 and inserting 1 the total amount of which shall not exceed #e1jjj1jjj per fiscal year42 7#b7 in paragraph 7#c77;,a71 by striking unless the balance of the ,fund at the time the monetary judgment is collected exceeds #ajj1jjj1jjj and inserting 1 but only to the extent that the resulting balance of the ,fund does not exceed #ej1jjj1jjj2 and 7#c7 by redesignating paragraph 7#e7 as paragraph 7#f7 and inserting after paragraph 7#d7 the following3 7#e7 ,reversion to ,treasury ,notwithstanding the preceding provisions of this subsection1 to the extent the balance of the ,fund exceeds #ej1jjj1jjj1 the excess amount shall be deposited in the ,treasury of the ,united ,states as miscellaneous receipts4 4 ,,iii ,,end-,,user ,,relief #cja4 ,transactions with utility special entities ,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 7i7 ,transactions in utility operations-related swaps shall be reported pursuant to section #dr4 7ii7 ,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 entity1 as defined in section #ds7h77#b77;,d71 as if it were entered into with an entity that is not a special entity1 as defined in section #ds7h77#b77;,c74 4 #cjb4 ,utility special entity defined ,section #ds7h77#b7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #fs7h77#b77 is amended by adding at the end the following3 7,d7 ,utility special entity ,for purposes of this ,act1 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-- 7i7 owns or operates1 or anticipates owning or operating1 an electric or natural gas facility or an electric or natural gas operation2 7ii7 supplies1 or anticipates supplying1 natural gas and or electric energy to another utility special entity2 7iii7 has1 or anticipates having1 public service obligations under ,federal1 ,state1 or local law or regulation to deliver electric energy or natural gas service to customers2 or 7iv7 is a ,federal power marketing agency1 as defined in section #c of the ,federal ,power ,act4 4 #cjc4 ,utility operations-related swap 7a7 ,swap further defined ,section #a;a7#dg77;,a77iii7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #a;a7#dg77;,a77iii77 is amended-- 7#a7 by striking and at the end of subclause 7,,xxi72 7#b7 by adding and at the end of subclause 7,,xxii72 and 7#c7 by adding at the end the following3 7,,xxiii7 a utility operations-related swap2 4 7b7 ,utility operations-,related swap defined ,section #a;a of such ,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 statute1 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 4 #cjd4 ,end-users not treated as financial entities 7a7 ,in general ,section #b7;h77#g77;,c77iii7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #b7;h77#g77;,c77iii77 is amended to read as follows3 7iii7 ,limitation ,such definition shall not include an entity-- 7,i7 whose primary business is providing financing1 and who uses derivatives for the purpose of hedging underlying commercial risks related to interest rate and foreign currency exposures1 #ij percent or more of which arise from financing that facilitates the purchase or lease of products1 #ij percent or more of which are manufactured by the parent company or another subsidiary of the parent company2 or 7,,ii7 who is not supervised by a prudential regulator1 and is not described in any of subclauses 7,i7 through 7,,vii7 of clause 7i71 and-- 7aa7 is a commercial market participant2 or 7bb7 enters into swaps1 contracts for future delivery1 and other derivatives on behalf of1 or to hedge or mitigate the commercial risk of1 whether directly or in the aggregate1 affiliates that are not so supervised or described4 4 7b7 ,commercial market participant defined 7#a7 ,in general ,section #a;a of such ,act 7#g ,u4,s4,c4 #a;a71 as amended by section #cjc7;b7 of this ,act1 is amended by redesignating paragraphs 7#g7 through 7#eb7 as paragraphs 7#h7 through 7#ec71 respectively1 and by inserting after paragraph 7#f7 the following3 7#g7 ,commercial market participant ,the term commercial market participant means any producer1 processor1 merchant1 or commercial user of an exempt or agricultural commodity1 or the products or byproducts of such a commodity4 4 7#b7 ,conforming amendments 7,a7 ,section #a;a of such ,act 7#g ,u4,s4,c4 #a;a7 is amended-- 7i7 in subparagraph 7,a7 of paragraph 7#ah7 7as so redesignated by paragraph 7#a7 of this subsection71 in the matter preceding clause 7i71 by striking 7#ah77;,a7 and inserting 7#ai77;,a72 and 7ii7 in subparagraph 7,a77vii7 of paragraph 7#ai7 7as so redesignated by paragraph 7#a7 of this subsection71 in the matter following subclause 7,,iii71 by striking 7#ag77;,a7 and inserting 7#ah77;,a74 7,b7 ,section #d7;c77#a77;,a77i77,i7 of such ,act 7#g ,u4,s4,c4 #f7;c77#a77;,a77i77,i77 is amended by striking 7#g71 paragraph 7#ah77;,a77vii77,,iii71 paragraphs 7#bc71 7#bd71 7#ca71 7#cb71 7#ch71 7#ci71 7#da71 7#db71 7#df71 7#dg71 7#dh71 and 7#di7 and inserting 7#h71 paragraph 7#ai77;,a77vii77,,iii71 paragraphs 7#bd71 7#be71 7#cb71 7#cc71 7#ci71 7#dj71 7#db71 7#dc71 7#dg71 7#dh71 7#di71 and 7#ej7 4 7,c7 ,section #dq7a77#a7 of such ,act 7#g ,u4,s4,c4 #fo-#a7;a77#a77 is amended by striking #a;a7#i7 and inserting #a;a7#aj74 7,d7 ,section #ds7f77#a77;,d7 of such ,act 7#g ,u4,s4,c4 #fs7f77#a77;,d77 is amended by striking #a;a7#dg77;,a77v7 and inserting #a;a7#dh77;,a77v74 7,e7 ,section #ds7h77#e77;,a77i7 of such ,act 7#g ,u4,s4,c4 #fs7h77#e77;,a77i77 is amended by striking #a;a7#ah7 and inserting #a;a7#ai74 7,f7 ,section #dt7b77#a77;,c7 of such ,act 7#g ,u4,s4,c4 #ft7b77#a77;,c77 is amended by striking #a;a7#dg77;,a77v7 and inserting #a;a7#dh77;,a77v74 7,g7 ,section #e7;d77#bc7 of such ,act 7#g ,u4,s4,c4 #g7;d77#bc77 is amended by striking #a;a7#dg77;,a77v7 and inserting #a;a7#dh77;,a77v74 7,h7 ,section #e7;e77#a7 of such ,act 7#g ,u4,s4,c4 #g7;e77#a77 is amended by striking #a;a7#i7 and inserting #a;a7#aj74 7,i7 ,section #e;b7k77#c77;,a7 of such ,act 7#g ,u4,s4,c4 #g;a-#a7k77#c77;,a77 is amended by striking #a;a7#dg77;,a77v7 and inserting #a;a7#dh77;,a77v74 7,j7 ,section #e;h7f77#aj77;,a77iii7 of such ,act 7#g ,u4,s4,c4 #g;b-#c7;f77#aj77;,a77iii77 is amended by striking #a;a7#dg77;,a77v7 and inserting #a;a7#dh77;,a77v74 7,k7 ,section #ba7;f77#d77;,c7 of such ,act 7#g ,u4,s4,c4 #bd;a7f77#d77;,c77 is amended by striking #a;a7#dh7 and inserting #a;a7#di74 7,l7 ,section #c;a7#fh77;,a77i7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;c7a77#fh77;,a77i77 is amended by striking 7#dg77;,b77x7 and inserting 7#dh77;,b77x74 7,m7 ,section #c;,c7g77#c77;,a77v7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;c-#c7;g77#c77;,a77v77 is amended by striking #a;a7#aj7 and inserting #a;a7#aa74 7,n7 ,section #f7;g77#e77;,b77i7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;f7g77#e77;,b77i77 is amended-- 7i7 in sublcause 7,i71 by striking #a;a7#ah77;,b77ii7 and inserting #a;a7#ai77;,b77ii72 and 7ii7 in subclause 7,,ii71 by striking #a;a7#ah7 and inserting #a;a7#ai74 7,o7 ,section #ae;,f7h77#e77;,a77i7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gho-#aj7;h77#e77;,a77i77 is amended by striking #a;a7#ah7 and inserting #a;a7#ai74 #cje4 ,reporting of illiquid swaps so as to not disadvantage certain non-financial end-users ,section #b7;a77#ac7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #b7;a77#ac77 is amended-- 7#a7 in subparagraph 7,c71 by striking ,the ,commission and inserting ,except as provided in subparagraph 7,d71 the ,commission2 and 7#b7 by redesignating subparagraphs 7,d7 through 7,g7 as subparagraphs 7,e7 through 7,h71 respectively1 and inserting after subparagraph 7,c7 the following3 7,d7 ,requirements for swap transactions in illiquid markets ,notwithstanding subparagraph 7,c73 7i7 ,the ,commission shall provide by rule for the public reporting of swap transactions1 including price and volume data1 in illiquid markets that are not cleared and entered into by a non-financial entity that is hedging or mitigating commercial risk in accordance with subsection 7h77#g77;,a74 7ii7 ,the ,commission shall ensure that the swap transaction information referred to in clause 7i7 of this subparagraph is available to the public no sooner than #cj days after the swap transaction has been executed or at such later date as the ,commission determines appropriate to protect the identity of participants and positions in illiquid markets and to prevent the elimination or reduction of market liquidity4 7iii7 ,in this subparagraph1 the term illiquid markets means any market in which the volume and frequency of trading in swaps is at such a level as to allow identification of individual market participants4 4 #cjf4 ,relief for grain elevator operators1 farmers1 agricultural counterparties1 and commercial market participants ,the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #a et seq47 is amended by inserting after section #dt the following3 #du4 ,recordkeeping requirements applicable to non-registered members of certain registered entities ,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 or related cash or forward transaction4 ,the written record shall be sufficient if it includes the final agreement between the parties and the material economic terms of the transaction4 4 #cjg4 ,relief for end-users who use physical contracts with volumetric optionality ,section #a;a7#dh77;,b77ii7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #a;a7#dg77;,b77ii771 as so redesignated by section #cjd7;b77#a7 of this ,act1 is amended to read as follows3 7ii7 any purchase or sale of a nonfinancial commodity or security for deferred shipment or delivery1 so long as the transaction is intended to be physically settled1 including any stand-alone or embedded option for which exercise results in a physical delivery obligation2 4 #cjh4 ,commission vote required before automatic change of swap dealer de minimis level ,section #a;a7#ej77;,d7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #a;a7#di77;,d771 as so redesignated by section #cjd7;b77#a7 of this ,act1 is amended-- 7#a7 by striking all that precedes shall exempt and inserting the following3 7,d7 ,exception 7i7 ,in general ,the ,commission 2 and 7#b7 by adding after and below the end the following new clause3 7ii7 ,de minimis quantity ,the de minimis quantity of swap dealing described in clause 7i7 shall be set at a quantity of #h1jjj1jjj1jjj1 and may be amended or changed only through a new affirmative action of the ,commission undertaken by rule or regulation4 4 #cji4 ,capital requirements for non-bank swap dealers 7a7 ,commodity exchange act ,section #ds7e7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #fs7e77 is amended-- 7#a7 in paragraph 7#b77;,b71 by striking shall and inserting the following3 and the ,securities and ,exchange ,commission1 in consultation with the prudential regulators1 shall jointly2 and 7#b7 in paragraph 7#c77;,d7-- 7,a7 in clause 7ii71 by striking shall1 to the maximum extent practicable1 and inserting shall2 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 non-cash collateral1 the ,commission shall1 in consultation with the prudential regulators and the ,securities and ,exchange ,commission1 permit the use of comparable financial models by swap dealers and major swap participants that are not banks4 4 7b7 ,securities exchange act of #aicd ,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 by striking shall and inserting the following3 and the ,commodity ,futures ,trading ,commission1 in consultation with the prudential regulators1 shall jointly2 and 7#b7 in paragraph 7#c77;,d7-- 7,a7 in clause 7ii71 by striking shall1 to the maximum extent practicable1 and inserting shall2 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 non-cash collateral1 the ,commission shall1 in consultation with the ,commodity ,futures ,trading ,commission1 permit the use of comparable financial models by security-based swap dealers and major security-based swap participants that are not banks4 4 #caj4 ,harmonization with the ,jumpstart ,our ,business ,startups ,act ,within #ij days after the date of the enactment of this ,act1 the ,commodity ,futures ,trading ,commission shall-- 7#a7 revise section #d4g7;b7 of title #ag1 ,code of ,federal ,regulations1 in the matter preceding paragraph 7#a71 to read as follows3 7b7 ,relief available to commodity pool operators4 ,upon filing the notice required by paragraph 7d7 of this section1 and subject to compliance with the conditions specified in paragraph 7d7 of this section1 any registered commodity pool operator who sells participations in a pool solely to qualified eligible persons in an offering which qualifies for exemption from the registration requirements of the ,securities ,act pursuant to section #d7b7 of that ,act or pursuant to ,regulation ,s1 #ag ,,cfr #bcj4ija et seq41 and any bank registered as a commodity pool operator in connection with a pool that is a collective trust fund whose securities are exempt from registration under the ,securities ,act pursuant to section #c7;a77#b7 of that ,act and are sold solely to qualified eligible persons1 may claim any or all of the following relief with respect to such pool3 2 and 7#b7 revise section #d4ac7;a77#c77;i7 of such title to read as follows3 7i7 ,interests in the pool are exempt from registration under the ,securities ,act of #aicc1 and such interests are offered and sold pursuant to section #d of the ,securities ,act of #aicc and the regulations thereunder2 4 #caa4 ,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#a7-- 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 paragraph 7#a7 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 ,the ,commission may further define1 by rule or regulation1 what constitutes a bona fide hedging transaction1 provided that the rule or regulation is consistent with the requirements of subparagraphs 7,a7 and 7,b7 of paragraph 7#b74 4 #cab4 ,cross-border regulation of derivatives transactions 7a7 ,rulemaking required ,within #a year after the date of the enactment of this ,act1 the ,commodity ,futures ,trading ,commission shall issue a rule that addresses-- 7#a7 the nature of the connections to the ,united ,states that require a non-,united ,states person to register as a swap dealer or a major swap participant under the ,commodity ,exchange ,act and the regulations issued under such ,act2 7#b7 which of the ,united ,states swaps requirements apply to the swap activities of non-,united ,states persons and ,united ,states persons and their branches1 agencies1 subsidiaries1 and affiliates outside of the ,united ,states1 and the extent to which the requirements apply2 and 7#c7 the circumstances under which a ,united ,states person or non-,united ,states person in compliance with the swaps regulatory requirements of a foreign jurisdiction shall be exempt from ,united ,states swaps requirements4 7b7 ,content of the rule 7#a7 ,criteria ,in the rule1 the ,commission shall establish criteria for determining that one or more categories of the swaps regulatory requirements of a foreign jurisdiction are comparable to and as comprehensive as ,united ,states swaps requirements4 ,the criteria shall include-- 7,a7 the scope and objectives of the swaps regulatory requirements of the foreign jurisdiction2 7,b7 the effectiveness of the supervisory compliance program administered2 7,c7 the enforcement authority exercised by the foreign jurisdiction2 and 7,d7 such other factors as the ,commission1 by rule1 determines to be necessary or appropriate in the public interest4 7#b7 ,comparability ,in the rule1 the ,commission shall-- 7,a7 provide that any non-,united ,states person or any transaction between two non-,united ,states persons shall be exempt from ,united ,states swaps requirements if the person or transaction is in compliance with the swaps regulatory requirements of a foreign jurisdiction which the ,commission has determined to be comparable to and as comprehensive as ,united ,states swaps requirements2 and 7,b7 set forth the circumstances in which a ,united ,states person or a transaction between a ,united ,states person and a non-,united ,states person shall be exempt from ,united ,states swaps requirements if the person or transaction is in compliance with the swaps regulatory requirements of a foreign jurisdiction which the ,commission has determined to be comparable to and as comprehensive as ,united ,states swaps requirements4 7#c7 ,outcomes-based comparison ,in developing and applying the criteria1 the ,commission shall emphasize the results and outcomes of1 rather than the design and construction of1 foreign swaps regulatory requirements4 7#d7 ,risk-based rulemaking ,in the rule1 the ,commission shall not take into account1 for the purposes of determining the applicability of ,united ,states swaps requirements1 the location of personnel that arrange1 negotiate1 or execute swaps4 7#e7 ,no part of any rulemaking under this section shall limit the ,commission's antifraud or antimanipulation authority4 7c7 ,application of the rule 7#a7 ,assessments of foreign jurisdictions ,beginning on the date on which a final rule is issued under this section1 the ,commission shall begin to assess the swaps regulatory requirements of foreign jurisdictions1 in the order the ,commission determines appropriate1 in accordance with the criteria established pursuant to subsection 7b77#a74 ,following each assessment1 the ,commission shall determine1 by rule or by order1 whether the swaps regulatory requirements of the foreign jurisdiction are comparable to and as comprehensive as ,united ,states swaps requirements4 7#b7 ,substituted compliance for unassessed major markets ,beginning #ah months after the date of enactment of this ,act-- 7,a7 the swaps regulatory requirements of each of the #h foreign jurisdictions with the largest swaps markets1 as calculated by notional value during the #ab-month period ending with such date of enactment1 except those with respect to which a determination has been made under paragraph 7#a71 shall be considered to be comparable to and as comprehensive as ,united ,states swaps requirements2 and 7,b7 a non-,united ,states person or a transaction between two non-,united ,states persons shall be exempt from ,united ,states swaps requirements if the person or transaction is in compliance with the swaps regulatory requirements of any of such unexcepted foreign jurisdictions4 7#c7 ,suspension of substituted compliance ,if the ,commission determines1 by rule or by order1 that-- 7,a7 the swaps regulatory requirements of a foreign jurisdiction are not comparable to and as comprehensive as ,united ,states swaps requirements1 using the categories and criteria established under subsection 7b77#a72 7,b7 the foreign jurisdiction does not exempt from its swaps regulatory requirements ,united ,states persons who are in compliance with ,united ,states swaps requirements2 or 7,c7 the foreign jurisdiction is not providing equivalent recognition of1 or substituted compliance for1 registered entities 7as defined in section #a;a7#da7 of the ,commodity ,exchange ,act7 domiciled in the ,united ,states1 the ,commission may suspend1 in whole or in part1 a determination made under paragraph 7#a7 or a consideration granted under paragraph 7#b74 7d7 ,petition for review of foreign jurisdiction practices ,a registered entity1 commercial market participant 7as defined in section #a;a7#g7 of the ,commodity ,exchange ,act71 or ,commission registrant 7within the meaning of such ,act7 who petitions the ,commission to make or change a determination under subsection 7c77#a7 or 7c77#c7 of this section shall be entitled to expedited consideration of the petition4 ,a petition shall include any evidence or other supporting materials to justify why the petitioner believes the ,commission should make or change the determination4 ,petitions under this section shall be considered by the ,commission any time following the enactment of this ,act4 ,within #ahj days after receipt of a petition for a rulemaking under this section1 the ,commission shall take final action on the petition4 ,within #ij days after receipt of a petition to issue an order or change an order issued under this section1 the ,commission shall take final action on the petition4 7e7 ,report to congress ,if the ,commission makes a determination described in this section through an order1 the ,commission shall articulate the basis for the determination in a written report published in the ,federal ,register and transmitted to the ,committee on ,agriculture of the ,house of ,representatives and ,committee on ,agriculture1 ,nutrition1 and ,forestry of the ,senate within #ae days of the determination4 ,the determination shall not be effective until #ae days after the committees receive the report4 7f7 ,definitions ,as used in this ,act and for purposes of the rules issued pursuant to this ,act1 the following definitions apply3 7#a7 ,united ,states person ,the term ,united ,states person-- 7,a7 means-- 7i7 any natural person resident in the ,united ,states2 7ii7 any partnership1 corporation1 trust1 or other legal person organized or incorporated under the laws of the ,united ,states or having its principal place of business in the ,united ,states2 7iii7 any account 7whether discretionary or non-discretionary7 of a ,united ,states person2 and 7iv7 any other person as the ,commission may further define to more effectively carry out the purposes of this section2 and 7,b7 does not include the ,international ,monetary ,fund1 the ,international ,bank for ,reconstruction and ,development1 the ,inter-,american ,development ,bank1 the ,asian ,development ,bank1 the ,african ,development ,bank1 the ,united ,nations1 their agencies or pension plans1 or any other similar international organizations or their agencies or pension plans4 7#b7 ,united states swaps requirements ,the term ,united ,states swaps requirements means the provisions relating to swaps contained in the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #a;a et seq47 that were added by title ,,vii of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ae ,u4,s4,c4 #hcja et seq47 and any rules or regulations prescribed by the ,commodity ,futures ,trading ,commission pursuant to such provisions4 7#c7 ,foreign jurisdiction ,the term foreign jurisdiction means any national or supranational political entity with common rules governing swaps transactions4 7#d7 ,swaps regulatory requirements ,the term swaps regulatory requirements means any provisions of law1 and any rules or regulations pursuant to the provisions1 governing swaps transactions or the counterparties to swaps transactions4 7g7 ,conforming amendment ,section #d7;c77#a77;,a7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #f7;c77#a77;,a77 is amended by inserting or except as necessary to effectuate the purposes of the ,commodity ,end-,user ,relief ,act1 after to grant exemptions14 #cac4 ,exemption of qualified charitable organizations from designation and regulation as commodity pool operators 7a7 ,exclusion from definition of commodity pool ,section #a;a7#aa7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #a;a7#aj771 as so redesignated by section #cjd7;b77#a7 of this ,act1 is amended by adding at the end the following3 7,c7 ,exclusion ,the term commodity pool shall not include any investment trust1 syndicate1 or similar form of enterprise excluded from the definition of investment company pursuant to section #c7;c77#aj7 or #c7;c77#ad7 of the ,investment ,company ,act of #aidj4 4 7b7 ,inapplicability of prohibition on use of instrumentalities of interstate commerce by unregistered commodity trading advisor ,section #dm of such ,act 7#g ,u4,s4,c4 #fm7 is amended-- 7#a7 in paragraph 7#a71 in the second sentence1 by inserting 3 ,provided further1 ,that the provisions of this section shall not apply to any commodity trading advisor that is3 7,a7 a charitable organization1 as defined in section #c7;c77#aj77;,d7 of the ,investment ,company ,act of #aidj1 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 one or more of the following3 7i7 any such charitable organization2 or 7ii7 an investment trust1 syndicate or similar form of enterprise excluded from the definition of investment company pursuant to section #c7;c77#aj7 of the ,investment ,company ,act of #aidj2 or 7,b7 any plan1 company1 or account described in section #c7;c77#ad7 of the ,investment ,company ,act of #aidj1 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 before the period2 and 7#b7 by adding at the end the following3 7#d7 ,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#aa77;,c7 of this ,act pursuant to section #c7;c77#aj7 of the ,investment ,company ,act of #aidj shall provide disclosure in accordance with section #g7;e7 of the ,investment ,company ,act of #aidj4 4 #cad4 ,small bank holding company clearing exemption ,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 ,holding companies ,a determination made by the ,commission under clause 7ii7 shall1 with respect to small banks and savings associations1 also apply to their respective bank holding company 7as defined in section #b of the ,bank ,holding ,company ,act of #aief71 or savings and loan holding company 7as defined in section #aj of the ,home ,owners' ,loan ,act of #aicc771 if the total consolidated assets of the holding company are no greater than the asset threshold set by the ,commission in determining small bank and savings association eligibility under clause 7ii74 4 #cae4 ,core principle certainty ,section #e;h7f7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #g;b-#c7;f77 is amended-- 7#a7 in paragraph 7#a77;,b71 by inserting except as described in this subsection after ,commission by rule or regulation2 7#b7 in paragraph 7#b71 by amending subparagraph 7,d7 to read as follows3 7,d7 have reasonable discretion in establishing and enforcing its rules related to trade practice surveillance1 market surveillance1 real-time marketing monitoring1 and audit trail given that a swap execution facility may offer a trading system or platform to execute or trade swaps through any means of interstate commerce4 ,a swap execution facility shall be responsible for monitoring trading in swaps only on its own facility4 2 7#c7 in paragraph 7#d77;,b71 by adding at the end the following3 ,a swap execution facility shall be responsible for monitoring trading in swaps only on its own facility42 7#d7 in paragraph 7#f77;,b7-- 7,a7 by striking shall-- and all that follows through compliance with the and insert shall monitor the trading activity on its facility for compliance with any2 and 7,b7 by adding at the end the following3 ,a swap execution facility shall be responsible for monitoring positions only on its own facility42 7#e7 in paragraph 7#h71 by striking to liquidate and all that follows and inserting to suspend or curtail trading in a swap on its own facility42 7#f7 in paragraph 7#ac77;,b71 by striking #a-year period1 as calculated on a rolling basis and inserting #ij-;day period1 as calculated on a rolling basis1 or conduct an orderly wind-down of its operations1 whichever is greater2 and 7#g7 in paragraph 7#ae7-- 7,a7 in subparagraph 7,a71 by adding at the end the following3 ,the individual may also perform other responsibilities for the swap execution facility42 7,b7 in subparagraph 7,b7-- 7i7 in clause 7i71 by inserting 1 a committee of the board1 after directly to the board2 7ii7 by striking clauses 7iii7 through 7v7 and inserting the following3 7iii7 establish and administer policies and procedures that are reasonably designed to resolve any conflicts of interest that may arise2 7iv7 establish and administer policies and procedures that reasonably ensure compliance with this ,act and the rules and regulations issued under this ,act1 including rules prescribed by the ,commission pursuant to this section2 and 2 and 7iii7 by redesignating clause 7vi7 as clause 7v72 7,c7 in subparagraph 7,c71 by striking 7,b77vi7 and inserting 7,b77v72 and 7,d7 in subparagraph 7,d7-- 7i7 in clause 7i7-- 7,i7 by striking ,in accordance with rules prescribed by the ,commission1 the and inserting ,the2 and 7,,ii7 by striking and sign2 and 7ii7 in clause 7ii7-- 7,i7 in the matter preceding subclause 7,i71 by inserting or senior officer after officer2 7,,ii7 by amending subclause 7,i7 to read as follows3 7,i7 submit each report described in clause 7i7 to the ,commission2 and 2 and 7,,iii7 in subclause 7,,ii71 by inserting materially before accurate4 #caf4 ,treatment of ,federal ,home ,loan ,bank products 7a7 ,section #a;a7#b7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #a;a7#b77 is amended-- 7#a7 in subparagraph 7,b71 by striking and2 7#b7 in subparagraph 7,c71 by striking the period and inserting 2 and2 and 7#c7 by adding at the end the following3 7,d7 is the ,federal ,housing ,finance ,agency for any ,federal ,home ,loan ,bank 7as defined in section #b of the ,federal ,home ,loan ,bank ,act74 4 7b7 ,section #djb7;a7 of the ,legal ,certainty for ,bank ,products ,act of #bjjj 7#g ,u4,s4,c4 #bg7;a77 is amended-- 7#a7 by striking or at the end of paragraph 7#f72 7#b7 by striking the period at the end of paragraph 7#g7 and inserting 2 or2 and 7#c7 by adding at the end the following3 7#h7 any ,federal ,home ,loan ,bank 7as defined in section #b of the ,federal ,home ,loan ,bank ,act74 4 #cag4 ,treatment of certain funds 7a7 ,amendment to the definition of commodity pool operator ,section #a;a7#ab7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #a;a7#aa771 as so redesignated by section #cjd7;b77#a7 of this ,act1 is amended by adding at the end the following3 7,c7 7i7 ,the term commodity pool operator does not include a person who serves as an investment adviser to an investment company registered pursuant to section #h of the ,investment ,company ,act of #aidj or a subsidiary of such a company1 if the investment company or subsidiary invests1 reinvests1 owns1 holds1 or trades in commodity interests limited to only financial commodity interests4 7ii7 ,for purposes of this subparagraph only1 the term financial commodity interest means a futures contract1 an option on a futures contract1 or a swap1 involving a commodity that is not an exempt commodity or an agricultural commodity1 including any index of financial commodity interests1 whether cash settled or involving physical delivery4 7iii7 ,for purposes of this subparagraph only1 the term commodity does not include a security issued by a real estate investment trust1 business development company1 or issuer of asset-backed securities1 including any index of such securities4 4 7b7 ,amendment to the definition of commodity trading advisor ,section #a;a7#ac7 of such ,act 7#g ,u4,s4,c4 #a;a7#ab771 as so redesignated by section #cjd7;b77#a7 of this ,act1 is amended by adding at the end the following3 7,e7 ,the term commodity trading advisor does not include a person who serves as an investment adviser to an investment company registered pursuant to section #h of the ,investment ,company ,act of #aidj or a subsidiary of such a company1 if the commodity trading advice relates only to a financial commodity interest1 as defined in paragraph 7#ab77;,c77ii7 of this section4 ,for purposes of this subparagraph only1 the term commodity does not include a security issued by a real estate investment trust1 business development company1 or issuer of asset-backed securities1 including any index of such securities4 4 #cah4 ,procedure for obtaining certain intellectual property ,the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #a et seq47 is amended by inserting after section #dt the following3 #du4 ,procedure for obtaining certain intellectual property ,the ,commission is not authorized to compel persons to produce or furnish algorithmic trading source code or similar intellectual property to the ,commission1 unless the ,commission first issues a subpoena4 4 #cai4 ,determination of predominant engagement ,section #b7;h77#g77;,c7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #b7;h77#g77;,c771 as amended by section #cad of this ,act1 is amended by adding at the end the following3 7v7 ,in determining whether a person is predominantly engaged in a business or activity for purposes of clause 7i77,,viii71 there shall be excluded revenues and assets that are1 or result from1 any transaction that is entered into solely for purposes of hedging or mitigating commercial risk 7as defined by the ,commission for purposes of subparagraph 7,a77ii774 4 #cbj4 ,treatment of transactions between affiliates ,section #a;a7#dh7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #a;a7#dg771 as so redesignated by section #cjd7;b77#a7 of this ,act1 is amended by adding at the end the following3 7,g7 ,treatment of transactions between affiliates 7i7 ,exemption from swap rules ,an agreement1 contract1 or transaction described in subparagraphs 7,a7 through 7,f7 shall not be regulated as a swap under this ,act if all of the following apply with respect to the agreement1 contract1 or transaction3 7,i7 ,affiliation ,one counterparty1 directly or indirectly1 holds a majority ownership interest in the other counterparty1 or a third party1 directly or indirectly1 holds a majority ownership interest in both counterparties4 7,,ii7 ,financial statements ,the affiliated counterparty that holds the majority interest in the other counterparty or the third party that1 directly or indirectly1 holds the majority interests in both affiliated counterparties1 reports its financial statements on a consolidated basis under generally accepted accounting principles or ,international ,financial ,reporting ,standards1 or other similar standards1 and the financial statements include the financial results of the majority-owned affiliated counterparty or counterparties4 7ii7 ,reporting requirement ,if at least one counterparty to an agreement1 contract1 or transaction that meets the requirements of clause 7i7 is a swap dealer or major swap participant1 that counterparty shall report the agreement1 contract1 or transaction pursuant to section #dr1 within such time period as the ,commission may by rule or regulation prescribe-- 7,i7 to a swap data repository2 or 7,,ii7 if there is no swap data repository that would accept the agreement1 contract or transaction1 to the ,commission 4 7iii7 ,risk management requirement ,if at least one counterparty to an agreement1 contract1 or transaction that meets the requirements of clause 7i7 is a swap dealer or major swap participant1 the agreement1 contract1 or transaction shall be subject to a centralized risk management program pursuant to section #ds7j7 that is reasonably designed to monitor and to manage the risks associated with the agreement1 contract1 or transaction4 7iv7 ,variation margin requirement ,affiliated counterparties to an agreement1 contract1 or transaction that meets the requirements of clause 7i7 shall exchange variation margin to the extent prescribed under any rule promulgated by the ,commission or any prudential regulator pursuant to section #ds7e74 7v7 ,anti-evasion requirement ,an agreement1 contract1 or transaction that meets the requirements of clause 7i7 shall not be structured to evade the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act in violation of any rule promulgated by the ,commission pursuant to section #gba7;c7 of such ,act4 4 #cba4 ,requirements related to position limits 7a7 ,in general ,section #d;a7a7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #f;a7a77 is amended-- 7#a7 by striking paragraphs 7#b71 7#c71 7#e71 and 7#f72 and 7#b7 by redesignating paragraphs 7#d7 and 7#g7 as paragraphs 7#b7 and 7#c71 respectively4 7b7 ,bona fide hedging transaction definition ,section #d;a7c77#b77;,a77i7 of such ,act 7#g ,u4,s4,c4 #f;a7c77#b77;,a77i77 is amended by inserting normally before represents4 7c7 ,effective date ,the amendments made by this section shall take effect on the date of the enactment of this section4 ,,iv ,,technical ,,corrections #dja4 ,correction of 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 such ,act 7#g ,u4,s4,c4 #g;a-#b7;c77#e77;,c77i77 is amended by striking #a;a7#b77;i77 and inserting #a;a7#ai77;i774 7c7 ,section #bc7;f7 of such ,act 7#g ,u4,s4,c4 #bf7;f77 is amended by striking section #gjfd and inserting section #gjf4 #djb4 ,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 by striking subsections 7d7 and 7e7 and redesignating subsections 7f7 and 7g7 as subsections 7d7 and 7e71 respectively4 7b7 ,conforming amendments 7#a7 ,section #b7;d7 of such ,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 such ,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 such ,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 such ,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 such ,act 7#g ,u4,s4,c4 #ac7;a77#b77 is amended by striking through 7e7 and inserting and 7c74 #djc4 ,updated trade data publication requirement ,section #d;g7e7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #f;g7e77 is amended by striking exchange and inserting each designated contract market and swap execution facility4 #djd4 ,flexibility for registered entities ,section #e;c7b7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #g;a-#b7;b77 is amended by striking contract market1 derivatives transaction execution facility1 or electronic trading facility each place it appears and inserting registered entity4 #dje4 ,elimination of obsolete references to electronic trading facilities 7a7 ,section #a;a7#ai77;,a77x7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #a;a7#ah77;,a77x771 as so redesignated by section #cjd7;b77#a7 of this ,act1 is amended by striking 7other than an electronic trading facility with respect to a significant price discovery contract74 7b7 ,section #a;a7#dj7 of such ,act 7#g ,u4,s4,c4 #a;a7#da771 as so redesignated by section #cjd7;b77#a7 of this ,act1 is amended-- 7#a7 by adding and at the end of subparagraph 7,d72 and 7#b7 by striking all that follows 8section #ba0 and inserting a period4 7c7 ,section #d;a7e7 of such ,act 7#g ,u4,s4,c4 #f;a7e77 is amended-- 7#a7 in the first sentence-- 7,a7 by striking or by any electronic trading facility2 7,b7 by striking or on an electronic trading facility2 and 7,c7 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 such ,act 7#g ,u4,s4,c4 #f;g7a77 is amended by striking any significant price discovery contract traded or executed on an electronic trading facility or4 7e7 ,section #d;i of such ,act 7#g ,u4,s4,c4 #f;i7 is amended-- 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 contract2 and 7#b7 by striking or electronic trading facility4 7f7 ,section #f7;b7 of such ,act 7#g ,u4,s4,c4 #h7;b77 is amended by striking or electronic trading facility each place it appears4 7g7 ,section #ab7;e77#b7 of such ,act 7#g ,u4,s4,c4 #af7;e77#b77 is amended by striking in the case of-- and all that follows and inserting in the case of an agreement1 contract1 or transaction that is excluded from this ,act under section #b7;c7 or #b7;f7 of this ,act or title ,,iv of the ,commodity ,futures ,modernization ,act of #bjjj1 or exempted under section #d7;c7 of this ,act 7regardless of whether any such agreement1 contract1 or transaction is otherwise subject to this ,act744 #djf4 ,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 alternative before swap4 #djg4 ,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 #djh4 ,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 by inserting the protection of swaps traders and to assure fair dealing in swaps1 for 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#i7-- 7,a7 by inserting swap or after or liquidation of any2 and 7,b7 by inserting swap or after margin levels on any4 #dji4 ,elimination of obsolete reference to the ,commodity ,exchange ,commission ,section #ac7;c7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #ac;c7c77 is amended by striking or the ,commission4 #daj4 ,elimination of obsolete references to derivative transaction execution facilities 7a7 ,section #a;a7#ac77;,b77vi7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #a;a7#ab77;,b77vi771 as so redesignated by section #cjd7;b77#a7 of this ,act1 is amended by striking derivatives transaction execution facility and inserting swap execution facility4 7b7 ,section #a;a7#ce7 of such ,act 7#g ,u4,s4,c4 #a;a7#cd771 as so redesignated by section #cjd7;b77#a7 of this ,act1 is amended by striking or derivatives transaction execution facility each place it appears4 7c7 ,section #a;a7#cf77;,b77iii77,i7 of such ,act 7#g ,u4,s4,c4 #a;a7#ce77;,b77iii77,i771 as so redesignated by section #cjd7;b77#a7 of this ,act1 is amended by striking or registered derivatives transaction execution facility4 7d7 ,section #b7;a77#a77;,c77ii7 of such ,act 7#g ,u4,s4,c4 #b7;a77#a77;,c77ii77 is amended-- 7#a7 by striking 1 or register a derivatives transaction execution facility that trades or executes12 7#b7 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 7#c7 by striking or the derivatives transaction execution facility14 7e7 ,section #b7;a77#a77;,c77v77,i7 of such ,act 7#g ,u4,s4,c4 #b7;a77#a77;,c77v77,i77 is amended by striking 1 or any derivatives transaction execution facility on which such contract or option is traded14 7f7 ,section #b7;a77#a77;,c77v77,,ii7 of such ,act 7#g ,u4,s4,c4 #b7;a77#a77;,c77v77,,ii77 is amended by striking or derivatives transaction execution facility each place it appears4 7g7 ,section #b7;a77#a77;,c77v77,v7 of such ,act 7#g ,u4,s4,c4 #b7;a77#a77;,c77v77,v77 is amended by striking or registered derivatives transaction execution facility4 7h7 ,section #b7;a77#a77;,d77i7 of such ,act 7#g ,u4,s4,c4 #b7;a77#a77;,d77i77 is amended in the matter preceding subclause 7,i7-- 7#a7 by striking in1 or register a derivatives transaction execution facility2 and 7#b7 by striking 1 or registered as a derivatives transaction execution facility for14 7i7 ,section #b7;a77#a77;,d77i77,,iv7 of such ,act 7#g ,u4,s4,c4 #b7;a77#a77;,d77i77,,iv77 is amended by striking registered derivatives transaction execution facility1 each place it appears4 7j7 ,section #b7;a77#a77;,d77ii77,i7 of such ,act 7#g ,u4,s4,c4 #b7;a77#a77;,d77ii77,i77 is amended to read as follows3 7,i7 the transaction is conducted on or subject to the rules of a board of trade that has been designated by the ,commission as a contract market in such security futures product2 or 4 7k7 ,section #b7;a77#a77;,d77ii77,,ii7 of such ,act 7#g ,u4,s4,c4 #b7;a77#a77;,d77ii77,,ii77 is amended by striking or registered derivatives transaction execution facility4 7l7 ,section #b7;a77#a77;,d77ii77,,iii7 of such ,act 7#g ,u4,s4,c4 #b7;a77#a77;,d77ii77,,iii77 is amended by striking or registered derivatives transaction execution facility member4 7m7 ,section #b7;a77#i77;,b77ii7 of such ,act 7#g ,u4,s4,c4 #b7;a77#i77;,b77ii77 is amended-- 7#a7 by striking or registration each place it appears2 7#b7 by striking or derivatives transaction execution facility each place it appears2 7#c7 by striking or register2 7#d7 by striking 1 registering12 and 7#e7 by striking registration14 7n7 ,section #b7;c77#b7 of such ,act 7#g ,u4,s4,c4 #b7;c77#b77 is amended by striking or a derivatives transaction execution facility4 7o7 ,section #d7;a77#a7 of such ,act 7#g ,u4,s4,c4 #f7;a77#a77 is amended by striking or derivatives transaction execution facility each place it appears4 7p7 ,section #d7;c77#a7 of such ,act 7#g ,u4,s4,c4 #f7;c77#a77 is amended-- 7#a7 by striking or registered after designated2 and 7#b7 by striking or derivatives transaction execution facility4 7q7 ,section #d;a7a77#a7 of such ,act 7#g ,u4,s4,c4 #f;a7a77#a77 is amended-- 7#a7 by striking or derivatives transaction execution facilities2 and 7#b7 by striking or derivatives transaction execution facility4 7r7 ,section #d;a7e7 of such ,act 7#g ,u4,s4,c4 #f;a7e77 is amended-- 7#a7 by striking 1 derivatives transaction execution facility1 each place it appears2 and 7#b7 by striking or derivatives transaction execution facility4 7s7 ,section #d;c7e7 of such ,act 7#g ,u4,s4,c4 #f;c7g771 as so redesignated by section #djb7;a7 of this ,act1 is amended by striking or derivatives transaction execution facility each place it appears4 7t7 ,section #d;d of such ,act 7#g ,u4,s4,c4 #f;d7 is amended by striking or derivatives transaction execution facility each place it appears4 7u7 ,section #d;e of such ,act 7#g ,u4,s4,c4 #f;e7 is amended by striking or derivatives transaction execution facility4 7v7 ,section #d;f7b7 of such ,act 7#g ,u4,s4,c4 #f;f7b77 is amended by striking or derivatives transaction execution facility each place it appears4 7w7 ,section #d;i of such ,act 7#g ,u4,s4,c4 #f;i7 is amended by striking or derivatives transaction execution facility4 7x7 ,section #d;j7a7 of such ,act 7#g ,u4,s4,c4 #f;j7a77 is amended by striking and registered derivatives transaction execution facility4 7y7 ,section #dp7a7 of such ,act 7#g ,u4,s4,c4 #fp7a77 is amended by striking 1 or derivatives transaction execution facilities4 7z7 ,section #dp7b7 of such ,act 7#g ,u4,s4,c4 #fp7b77 is amended by striking derivatives transaction execution facility14 7aa7 ,section #e;c7f7 of such ,act 7#g ,u4,s4,c4 #g;a-#b7;f77 is amended by striking and registered derivatives transaction execution facility4 7bb7 ,section #e;c7f77#a7 of such ,act 7#g ,u4,s4,c4 #g;a-#b7;f77#a77 is amended by striking or registered derivatives transaction execution facility4 7cc7 ,section #f of such ,act 7#g ,u4,s4,c4 #h7 is amended-- 7#a7 by striking or registered2 7#b7 by striking or derivatives transaction execution facility each place it appears2 and 7#c7 by striking or registration each place it appears4 7dd7 ,section #f;a7a7 of such ,act 7#g ,u4,s4,c4 #aj;a7a77 is amended-- 7#a7 by striking or registered2 7#b7 by striking or a derivatives transaction execution facility2 and 7#c7 by inserting shall before exclude the first place it appears4 7ee7 ,section #f;a7b7 of such ,act 7#g ,u4,s4,c4 #aj;a7b77 is amended-- 7#a7 by striking or registered2 and 7#b7 by striking or a derivatives transaction execution facility4 7ff7 ,section #f;d7#a7 of such ,act 7#g ,u4,s4,c4 #ac;a-#b7a77 is amended by striking derivatives transaction execution facility14 #daa4 ,elimination of obsolete references to exempt boards of trade 7a7 ,section #a;a7#ai77;,a77x7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #a;a7#ah77;,a77x771 as so redesignated by section #cjd7;b77#a7 of this ,act1 is amended by striking 8or an exempt board of trade04 7b7 ,section #ab7;e77#a77;,b77i7 of such ,act 7#g ,u4,s4,c4 #af7;e77#a77;,b77i77 is amended by striking 8or exempt board of trade04 #dab4 ,elimination of report due in #aihf ,section #bf of the ,futures ,trading ,act of #aigh 7#g ,u4,s4,c4 #af;a7 is amended by striking subsection 7b7 and redesignating subsection 7c7 as subsection 7b74 #dac4 ,compliance report flexibility ,section #ds7k77#c77;,b7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #fs7k77#c77;,b77 is amended to read as follows3 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 determines by rule1 regulation1 or order1 to be appropriate4 4 #dad4 ,miscellaneous corrections 7a7 ,section #a;a7#ac77;,a77i77,,ii7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #a;a7#ab77;,a77i77,,ii771 as so redesignated by section #cjd7;b77#a7 of this ,act1 is amended by adding at the end a semicolon4 7b7 ,section #b7;a77#a77;,c77ii77,,iii7 of such ,act 7#g ,u4,s4,c4 #b7;a77#a77;,c77ii77,,iii77 is amended by moving the provision #b ems to the right4 7c7 ,section #b7;a77#a77;,c77iii7 of such ,act 7#g ,u4,s4,c4 #b7;a77#a77;,c77iii77 is amended by moving the provision #b ems to the right4 7d7 ,section #b7;a77#a77;,c77iv7 of such ,act 7#g ,u4,s4,c4 #b7;a77#a77;,c77iv77 is amended by striking under or and inserting under4 7e7 ,section #b7;a77#a77;,c77v7 of such ,act 7#g ,u4,s4,c4 #b7;a77#a77;,c77v77 is amended by moving the provision #b ems to the right4 7f7 ,section #b7;a77#a77;,c77v77,,vi7 of such ,act 7#g ,u4,s4,c4 #b7;a77#a77;,c77v77,,vi77 is amended by striking ,,iii and inserting 7,,iii74 7g7 ,section #b7;c77#a7 of such ,act 7#g ,u4,s4,c4 #b7;c77#a77 is amended by striking the second comma4 7h7 ,section #d7;c77#c77;,h7 of such ,act 7#g ,u4,s4,c4 #f7;c77#c77;,h77 is amended by striking state and inserting ,state4 7i7 ,section #d;c7c7 of such ,act 7#g ,u4,s4,c4 #f;c7c77 is amended to read as follows3 7c7 ,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 7j7 ,section #d;d7b7 of such ,act 7#g ,u4,s4,c4 #f;d7b77 is amended by striking paragraph 7#b7 of this section and inserting subsection 7a77#b74 7k7 ,section #d;f7c77#c77;,a7 of such ,act 7#g ,u4,s4,c4 #f;f7c77#c77;,a77 is amended by striking the first comma4 7l7 ,section #d;f7c77#d77;,a7 of such ,act 7#g ,u4,s4,c4 #f;f7c77#d77;,a77 is amended by striking in developing and inserting ,in developing4 7m7 ,section #d;f7c77#d77;,b7 of such ,act 7#g ,u4,s4,c4 #f;f7c77#d77;,b77 is amended by striking #ahag7;a7 and inserting #ahag7;a774 7n7 ,section #e of such ,act 7#g ,u4,s4,c4 #g7 is amended by redesignating subsections 7c7 through 7e7 as subsections 7b7 through 7d71 respectively4 7o7 ,section #e;b of such ,act 7#g ,u4,s4,c4 #g;a-#a7 is amended by redesignating subsection 7k7 as subsection 7j74 7p7 ,section #e;f7b77#a7 of such ,act 7#g ,u4,s4,c4 #g;b-#a7;b77#a77 is amended by striking section #e;f and inserting this section4 7q7 ,section #f7;a7 of such ,act 7#g ,u4,s4,c4 #h7;a77 is amended by striking the the and inserting the4 7r7 ,section #h;a of such ,act 7#g ,u4,s4,c4 #ab;a7 is amended in each of paragraphs 7#b77;,e7 and 7#c77;,b7 by striking ,investors and inserting ,investor4 7s7 ,section #i7;a77#b7 of such ,act 7#g ,u4,s4,c4 #ac7;a77#b77 is amended by striking subsection #d;c and inserting section #d;c4 7t7 ,section #ab7;b77#d7 of such ,act 7#g ,u4,s4,c4 #af7;b77#d77 is amended by moving the provision #b ems to the left4 7u7 ,section #ad7;a77#b7 of such ,act 7#g ,u4,s4,c4 #ah7;a77#b77 is amended by moving the provision #b ems to the left4 7v7 ,section #ag7;b77#i77;,d7 of such ,act 7#g ,u4,s4,c4 #ba7;b77#i77;,d77 is amended by striking the semicolon and inserting a period4 7w7 ,section #ag7;b77#aj77;,c77ii7 of such ,act 7#g ,u4,s4,c4 #ba7;b77#aj77;,c77ii77 is amended by striking and at the end4 7x7 ,section #ag7;b77#aa7 of such ,act 7#g ,u4,s4,c4 #ba7;b77#aa77 is amended by striking the period and inserting a semicolon4 7y7 ,section #ag7;b77#ab7 of such ,act 7#g ,u4,s4,c4 #ba7;b77#ab77 is amended-- 7#a7 by striking 7,a72 and 7#b7 by striking the period and inserting 2 and4 7z7 ,section #ag7;b77#ac7 of such ,act 7#g ,u4,s4,c4 #ba7;b77#ac77 is amended by striking ,a and inserting a4 7aa7 ,section #ag of such ,act 7#g ,u4,s4,c4 #ba71 as amended by sections #aja through #ajc of this ,act1 is amended by redesignating subsection 7q71 as added by section #bcc7e7 of ,public ,law #ig-ddd1 and subsections 7s7 through 7w7 as subsections 7r7 through 7x71 respectively4 7bb7 ,section #bb7;b77#c7 of such ,act 7#g ,u4,s4,c4 #be7;b77#c77 is amended by striking of registered and inserting of a registered4 7cc7 ,section #bb7;b77#d7 of such ,act 7#g ,u4,s4,c4 #be7;b77#d77 is amended by inserting a comma after entity4 #dae4 ,delay in full implementation of the final rule on ownership and control reporting ,the ,commodity ,futures ,trading ,commission may not enforce non-compliance with the final rule titled ,ownership and ,control ,reports1 ,forms #ajb_/b,s1 #dj_/dj,s1 and #ga 7#gh ,,fr #fiagh2 ,november #ah1 #bjac7 until the ,commission votes to approve a final rule that has been amended to-- 7#a7 provide that the reportable trading volume level shall be at least #cjj contracts2 7#b7 provide that the reporting entity shall not be required to provide natural person controller data2 and 7#c7 provide that the reporting entity is not obligated to supply data that violates foreign privacy laws4 ,passed the ,house of ,representatives ,january #ab1 #bjag4;,clerk4