,i #aafth ,,congress #ast ,session ,h4 ,r4 #dgag ,,in ,,the ,,house ,,of ,,representatives ,october #ag1 #bjai,mr4 ,crawford 7for himself and ,mr4 ,austin ,scott of ,georgia7 introduced the following bill2 which was referred to the ,committee on ,agriculture ,a ,,bill ,to improve swap execution facility administration1 swap entity compliance1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,swap ,trading ,improvement ,act4 #b4 ,simplification of swap data aggregation requirements 7a7 ,obligations for designated contract markets ,section #e7;d77#e7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #g7;d77#e77 is amended-- 7#a7 in subparagraph 7,a71 by inserting that is not a swap contract after for each contract of the board of trade2 and 7#b7 in subparagraph 7,b71 by inserting that is not a swap contract after contract4 7b7 ,obligations for swap execution facilities ,section #e;h7f77#d77;,b7 of such ,act 7#g ,u4,s4,c4 #g;b-#c7;f77#d77;,b77 is amended by striking in swaps and inserting activity in swaps occurring on the swap execution facility4 7c7 ,cross-,facility data aggregation relief ,section #e;h7f7 of such ,act 7#g ,u4,s4,c4 #g;b-#c7;f77 is amended by striking paragraph 7#f74 #c4 ,swap entity administrative improvements 7a7 ,authority of registered entities ,to use third-,party service providers ,section #e;c7b7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #g;a-#b7;b77 is amended to read as follows3 7b7 ,delegation of functions under core principles 7#a7 ,in general ,a registered entity may comply with any applicable core principle through delegation of any relevant function to a third-party service provider4 7#b7 ,responsibility ,a registered entity that delegates a function under paragraph 7#a7 shall remain responsible for carrying out the function4 7#c7 ,noncompliance ,if a registered entity that delegates a function under paragraph 7#a7 becomes aware that the function is not being performed as required under this ,act1 the registered entity shall promptly take steps to address the noncompliance4 4 7b7 ,registration of swap execution facilities ,section #e;h7a77#a7 of such ,act 7#g ,u4,s4,c4 #g;b-#c7;a77#a77 is amended by striking or processing4 7c7 ,core principles for swap execution facilities 7#a7 ,modification of emergency authority requirements ,section #e;h7f77#h7 of such ,act 7#g ,u4,s4,c4 #g;b-#c7;f77#h77 is amended by striking all that follows cooperation with the ,commission and inserting or other registered entities1 as is necessary and appropriate1 to facilitate the liquidation or transfer of open positions in any swap1 or to suspend or curtail trading in a swap44 7#b7 ,reduction of operating capital requirement ,section #e;h7f77#ac77;,b7 of such ,act 7#g ,u4,s4,c4 #g;b-#c7;f77#ac77;,b77 is amended by striking #a-year period1 as calculated on a rolling basis1 and inserting #ij-;day period1 as calculated on a rolling basis1 or conduct an orderly wind-down of its operations1 whichever is greater44 #d4 ,simplification of swap execution facility chief compliance officer obligations ,section #e;h7f77#ae7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #g;b-#c7;f77#ae77 is amended-- 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-- 7,a7 in clause 7i71 by inserting 1 to a committee of the board1 after directly to the board2 7,b7 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 7,c7 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-- 7,a7 in clause 7i7-- 7i7 by striking ,in accordance with rules prescribed by the ,commission1 the and inserting ,the2 and 7ii7 by striking and sign2 and 7,b7 in clause 7ii7-- 7i7 in the matter preceding subclause 7,i71 by inserting or senior officer after officer2 7ii7 by amending subclause 7,i7 to read as follows3 7,i7 submit each report described in clause 7i7 to the ,commission2 and 2 and 7iii7 in subclause 7,,ii71 by inserting materially before accurate4 #e4 ,clarification of ,,cftc authority over swaps entities 7a7 ,section #f;b of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #ac;a7 is amended by inserting or section #e;h after sections #e through #e;c4 7b7 ,section #h;a of such ,act 7#g ,u4,s4,c4 #ab;a7 is amended-- 7#a7 in paragraph 7#g77;,a71 by inserting or swap contracts after contracts of sale2 and 7#b7 in paragraph 7#i71 by striking futures contract and inserting contract of sale for future delivery or swap contract each place it occurs4 7c7 ,section #ae7;b7 of such ,act 7#g ,u4,s4,c4 #ai7;b77 is amended by striking contract market and inserting registered entity4 #f4 ,technical correction ,section #e;h7h7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #g;b-#c77;h77 is amended by striking alternative4