,i #aaf? ,,congress #a/ ,session ,h4 ,r4 #dgag ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,octob] #ag1 #bjai,mr4 ,craw=d 7= himself & ,mr4 ,au/9 ,scott ( ,georgia7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,agriculture ,a ,,bill ,to improve swap execution facility adm9i/ration1 swap entity compliance1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,swap ,trad+ ,improvem5t ,act4 #b4 ,simplification ( swap data aggregation requirem5ts 7a7 ,obligations = designat$ contract m>kets ,section #e7;d77#e7 ( ! ,commodity ,ex*ange ,act 7#g ,u4,s4,c4 #g7;d77#e77 is am5d$-- 7#a7 9 subp>agraph 7,a71 by ins]t+ t is n a swap contract aft] = ea* contract ( ! bo>d ( trade2 & 7#b7 9 subp>agraph 7,b71 by ins]t+ t is n a swap contract aft] contract4 7b7 ,obligations = swap execution facilities ,section #e;h7f77#d77;,b7 ( su* ,act 7#g ,u4,s4,c4 #g;b-#c7;f77#d77;,b77 is am5d$ by /rik+ 9 swaps & ins]t+ activity 9 swaps occurr+ on ! swap execution facility4 7c7 ,cross-,facility data aggregation relief ,section #e;h7f7 ( su* ,act 7#g ,u4,s4,c4 #g;b-#c7;f77 is am5d$ by /rik+ p>agraph 7#f74 #c4 ,swap entity adm9i/rative improvem5ts 7a7 ,au?ority ( regi/]$ entities ,to use ?ird-,p>ty s]vice provid]s ,section #e;c7b7 ( ! ,commodity ,ex*ange ,act 7#g ,u4,s4,c4 #g;a-#b7;b77 is am5d$ to read z foll[s3 7b7 ,delegation ( functions "u core pr9ciples 7#a7 ,9 g5]al ,a regi/]$ entity may comply ) any applicable core pr9ciple ?r\gh delegation ( any relevant function to a ?ird-p>ty s]vice provid]4 7#b7 ,responsibility ,a regi/]$ entity t delegates a function "u p>agraph 7#a7 %all rema9 responsible = c>ry+ out ! function4 7#c7 ,noncompliance ,if a regi/]$ entity t delegates a function "u p>agraph 7#a7 becomes aw>e t ! function is n be+ p]=m$ z requir$ "u ?is ,act1 ! regi/]$ entity %all promptly take /eps to address ! noncompliance4 4 7b7 ,regi/ration ( swap execution facilities ,section #e;h7a77#a7 ( su* ,act 7#g ,u4,s4,c4 #g;b-#c7;a77#a77 is am5d$ by /rik+ or process+4 7c7 ,core pr9ciples = swap execution facilities 7#a7 ,modification ( em]g5cy au?ority requirem5ts ,section #e;h7f77#h7 ( su* ,act 7#g ,u4,s4,c4 #g;b-#c7;f77#h77 is am5d$ by /rik+ all t foll[s coop]ation ) ! ,commission & ins]t+ or o!r regi/]$ entities1 z is necess>y & appropriate1 to facilitate ! liquidation or transf] ( op5 positions 9 any swap1 or to susp5d or curtail trad+ 9 a swap44 7#b7 ,r$uction ( op]at+ capital requirem5t ,section #e;h7f77#ac77;,b7 ( su* ,act 7#g ,u4,s4,c4 #g;b-#c7;f77#ac77;,b77 is am5d$ by /rik+ #a-ye> p]iod1 z calculat$ on a roll+ basis1 & ins]t+ #ij-;day p]iod1 z calculat$ on a roll+ basis1 or conduct an ord]ly w9d-d[n ( its op]ations1 :i*ev] is great]44 #d4 ,simplification ( swap execution facility *ief compliance (fic] obligations ,section #e;h7f77#ae7 ( ! ,commodity ,ex*ange ,act 7#g ,u4,s4,c4 #g;b-#c7;f77#ae77 is am5d$-- 7#a7 9 subp>agraph 7,a71 by add+ at ! end ! foll[+3 ,! individual may also p]=m o!r responsibilities = ! swap execution facility42 7#b7 9 subp>agraph 7,b7-- 7,a7 9 clause 7i71 by ins]t+ 1 to a committee ( ! bo>d1 aft] directly to ! bo>d2 7,b7 by /rik+ clauses 7iii7 ?r\gh 7v7 & ins]t+ ! foll[+3 7iii7 e/abli% & adm9i/] policies & proc$ures t are reasonably design$ to resolve any conflicts ( int]e/ t may arise2 7iv7 e/abli% & adm9i/] policies & proc$ures t reasonably ensure compliance ) ?is ,act & ! rules & regulations issu$ "u ?is ,act1 includ+ rules prescrib$ by ! ,commission pursuant to ?is section2 & 2 & 7,c7 by r$esignat+ clause 7vi7 z clause 7v72 7#c7 9 subp>agraph 7,c71 by /rik+ 7,b77vi7 & ins]t+ 7,b77v72 & 7#d7 9 subp>agraph 7,d7-- 7,a7 9 clause 7i7-- 7i7 by /rik+ ,9 accordance ) rules prescrib$ by ! ,commission1 ! & ins]t+ ,!2 & 7ii7 by /rik+ & sign2 & 7,b7 9 clause 7ii7-- 7i7 9 ! matt] prec$+ subclause 7,i71 by ins]t+ or s5ior (fic] aft] (fic]2 7ii7 by am5d+ subclause 7,i7 to read z foll[s3 7,i7 submit ea* report describ$ 9 clause 7i7 to ! ,commission2 & 2 & 7iii7 9 subclause 7,,ii71 by ins]t+ mat]ially be=e accurate4 #e4 ,cl>ification ( ,,cftc au?ority ov] swaps entities 7a7 ,section #f;b ( ! ,commodity ,ex*ange ,act 7#g ,u4,s4,c4 #ac;a7 is am5d$ by ins]t+ or section #e;h aft] sections #e ?r\gh #e;c4 7b7 ,section #h;a ( su* ,act 7#g ,u4,s4,c4 #ab;a7 is am5d$-- 7#a7 9 p>agraph 7#g77;,a71 by ins]t+ or swap contracts aft] contracts ( sale2 & 7#b7 9 p>agraph 7#i71 by /rik+ futures contract & ins]t+ contract ( sale = future deliv]y or swap contract ea* place x occurs4 7c7 ,section #ae7;b7 ( su* ,act 7#g ,u4,s4,c4 #ai7;b77 is am5d$ by /rik+ contract m>ket & ins]t+ regi/]$ entity4 #f4 ,te*nical correction ,section #e;h7h7 ( ! ,commodity ,ex*ange ,act 7#g ,u4,s4,c4 #g;b-#c77;h77 is am5d$ by /rik+ alt]native4