,,ib  ,union ,cal5d> ,no4 #bed  #aaf?   
,,congress  #a/ ,session  ,h4 ,r4 #dhie 
,report ,no4 #aaf-cac  ,,9 ,,! ,,h\se   
,,( ,,repres5tatives  ,octob] #bi1 #bjai
 ,mr4 ,pet]son 7= himself1 ,mr4         
,conaway1 ,mr4 ,david ,scott ( ,georgia1
 & ,mr4 ,au/9 ,scott ( ,georgia7        
introduc$ ! foll[+ bill2 :i* 0 ref]r$ to
 ! ,committee on ,agriculture  ,novemb] 
#bf1 #bjai ,additional sponsors3 ,ms4   
,fudge1 ,mr4 ,?ompson ( ,p5nsylvania1   
,mr4 ,vela1 ,mr4 ,craw=d1 ,ms4          
,spanb]g]1 ,mr4 ,rodney ,davis (        
,ill9ois1 ,mr4 ,cox ( ,cali=nia1 ,mr4   
,all51 ,ms4 ,craig1 ,mr4 ,bo/1 ,mr4 ,van
 ,drew1 ,mr4 ,r\z]1 ,mr4 ,h>d] (        
,cali=nia1 ,mr4 ,com]1 ,mr4 ,sean       
,patrick ,maloney ( ,new ,york1 ,mr4    
,m>%all1 ,mr4 ,lawson ( ,florida1 ,mr4  
,dunn1 ,mr4 ,panetta1 ,mr4 ,johnson (   
,s\? ,dakota1 ,mrs4 ,kirkpatrick1 ,mr4  
,baird1 ,mrs4 ,axne1 ,mr4 ,johnson (    
,georgia1 & ,mrs4 ,hayes  ,novemb] #bf1 
#bjai ,report$ ) an am5dm5t1 committ$ to
 ! ,committee ( ! ,:ole ,h\se on ! ,/ate

 ( ! ,union1 & ord]$ to be pr9t$ ,/rike 
out all aft] ! enact+ clause & ins]t !  
"p pr9t$ 9 italic ,= text ( introduc$   
bill1 see copy ( bill z introduc$ on    
,octob] #bi1 #bjai  ,a ,,bill  ,to      
reau?orize ! ,commodity ,futures ,trad+ 
,commission4  #a4 ,%ort title ,?is ,act 
may be cit$ z ! ,,cftc ,reau?orization  
,act ( #bjai4  #b4 ,table ( cont5ts ,!  
table ( cont5ts ( ?is ,act is z foll[s3 
,sec4 #a4 ,%ort title4 ,sec4 #b4 ,table 
( cont5ts4 ,title ,i--,policy am5dm5ts  
,sec4 #aja4 ,=eign futures au?ority4    
,sec4 #ajb4 ,honors program4 ,sec4 #ajc4
 ,advisory committee *anges4 ,sec4 #ajd4
 ,enhancem5t ( ,(fice ( ,m9ority & ,wom5
 ,inclusion at ! ,commission2 int]n%ip  
program4 ,sec4 #aje4 ,detail+ &         
res\rce-%>+4 ,sec4 #ajf4 ,(fice ( !     
,*ief ,economi/4 ,sec4 #ajg4 ,equal     
consid]ation = hold+ companies4 ,sec4   
#ajh4 ,exemption ( qualifi$ *>itable    
organizations f regulation z commodity  
pool op]ators4 ,sec4 #aji4 ,digital     
commodity4 ,sec4 #aaj4 ,sy/em safegu>ds4

 ,sec4 #aaa4 ,adm9i/ration ( swap       
execution facilities4 ,sec4 #aab4       
,applicability ( prohibitions on fraud &
 manipulation to activities outside !   
,unit$ ,/ates4 ,sec4 #aac4 ,privilege   
ret5tion4 ,sec4 #aad4 ,propriet>y       
in=mation4 ,sec4 #aae4 ,au?ority to     
provide food & incid5tal assi/ance to   
=eign (ficials ho/$ by ! ,commission4   
,sec4 #aaf4 ,ext5sion ( op]ations4 ,sec4
 #aag4 ,aid+ & abett+4 ,sec4 #aah4      
,mod]nization ( au?ority ( ! ,commission
 to conduct rese>*1 developm5t1         
demon/ration1 & in=mation programs4     
,sec4 #aai4 ,protect+ cu/om] prop]ty    
dur+ commodity brok] bankruptcy4 ,sec4  
#abj4 ,elim9ation ( ! d\ble-sid$        
confirmation requirem5t = swap data     
repositories4 ,sec4 #aba4 ,:i/lebl[]    
protections = int]nal disclosures4 ,sec4
 #abb4 ,updat+ /&>ds = natural p]sons to
 meet requirem5ts = qualifi$ eligible   
p]sons4 ,sec4 #abc4 ,gov]nm5t           
,acc\ntability ,(fice /udy on alum9um   
m>kets4 ,sec4 #abd4 ,response to =eign  

regulatory au?ority4 ,sec4 #abe4        
,affiliate conditions4 ,title           
,,ii--,,te*nical ,,corrections ,sec4    
#bja4 ,correction ( ref]5ces4 ,sec4     
#bjb4 ,elim9ation ( obsolete ref]5ces to
 deal] options4 ,sec4 #bjc4 ,updat$     
trade data publication requirem5t4 ,sec4
 #bjd4 ,flexibility = all regi/]$       
entities4 ,sec4 #bje4 ,elim9ation (     
obsolete ref]5ces to electronic trad+   
facilities4 ,sec4 #bjf4 ,elim9ation (   
obsolete ref]5ce to alt]native swap     
execution facilities4 ,sec4 #bjg4       
,cl>ification ( ,commission au?ority ov]
 swaps trad+4 ,sec4 #bjh4 ,elim9ation ( 
obsolete ref]5ce to ! ,commodity        
,ex*ange ,commission4 ,sec4 #bji4       
,elim9ation ( obsolete ref]5ces to      
d]ivative transaction execution         
facilities4 ,sec4 #baj4 ,elim9ation (   
obsolete ref]5ces to exempt bo>ds (     
trade4 ,sec4 #baa4 ,elim9ation (        
complet$ reports4 ,sec4 #bab4           
,miscellane\s corrections4 ,sec4 #bac4  
,te*nical am5dm5ts to section #ad7;e74  

,sec4 #bad4 ,te*nical cl>ifications =   
retail =eign curr5cy4 ,sec4 #bae4       
,miscellane\s swap te*nical corrections4
  ,i ,policy am5dm5ts  #aja4 ,=eign     
futures au?ority  7a7 ,9 g5]al ,section 
#a;a7#bf7 ( ! ,commodity ,ex*ange ,act  
7#g ,u4,s4,c4 #a;a7#bf77 is am5d$ to    
read z foll[s3  7#bf7 ,=eign futures    
au?ority ,! t]m =eign futures au?ority  
means any =eign gov]nm5t1 or any law    
en=cem5t au?ority1 dep>tm5t1 c5tral     
bank1 m9i/ry1 ag5cy1 gov]nm5tal body1 or
 regulatory organization emp[]$ by a    
=eign gov]nm5t to adm9i/]1 en=ce1 or    
prosecute a law1 rule1 or regulation    
relat+ to matt]s involv+ futures1       
options1 swaps1 or commodities1 or any  
su* au?ority1 dep>tm5t1 or ag5cy ( a    
political subdivision ( a =eign gov]nm5t
 emp[]$ to adm9i/]1 en=ce1 or prosecute 
a law1 rule1 or regulation z x relates  
to su* matt]s4  4  7b7 ,con=m+ am5dm5t  
,section #ab7;f7 ( su* ,act 7#g         
,u4,s4,c4 #af7;f77 is am5d$-- 7#a7 9    
p>agraph 7#a7--  7,a7 by /rik+ futures  

or options & ins]t+ futures1 options1   
swaps1 or commodities2 &  7,b7 by /rik+ 
adm9i/]s or en=ces & ins]t+ adm9i/]s1   
en=ces1 or prosecutes2 &  7#b7 9        
p>agraph 7#b77;,a71 by /rik+ 9 futures &
 options & ins]t+ 9 futures1 options1   
swaps1 or commodities4  #ajb4 ,honors   
program  7a7 ,9 g5]al ,section          
#b7;a77#g7 ( ! ,commodity ,ex*ange ,act 
7#g ,u4,s4,c4 #b7;a77#g77 is am5d$ by   
add+ at ! end ! foll[+3  7,d7 ,honors   
program ,! ,commission may e/abli% !    
,honors ,program "u its appo9tm5t &     
comp5sation au?orities4  4  7b7 ,con=m+ 
am5dm5t ,section #ab7;b77#a7 ( su* ,act 
7#g ,u4,s4,c4 #af7;b77#a77 is am5d$ by  
add+ at ! end ! foll[+3 ,to cl>ify !    
,commission's au?ority to e/abli% !     
,honors ,program "u section             
#b7;a77#g77;,d71 ! ,commission may      
coord9ate ) ! ,(fice ( ,p]sonnel        
,managem5t1 z ne$$44  #ajc4 ,advisory   
committee *anges  7a7 ,9 g5]al ,section 
#b7;a77#ae7 ( ! ,commodity ,ex*ange ,act
 7#g ,u4,s4,c4 #b7;a77#ae77 is am5d$ to 

read z foll[s3  7#ae7 ,advisory         
committees  7,a7 ,e/abli%m5t  7i7 ,9    
g5]al ,! ,commission %all e/abli%       
advisory committees to s]ve z vehicles =
 discussion & communication on matt]s   
relat$ to ! regulatory activities ( !   
,commission4  7ii7 ,memb]%ip ,!         
,commission %all appo9t to an advisory  
committee su* memb]s z ! ,commission    
f9ds appropriate to promote robu/       
discussion ( ! subject mat] be=e !      
advisory committee4 ,9 appo9t+ memb]s to
 an advisory committee1 ! ,commission   
%all seek to include a wide div]sity (  
op9ion & repres5t a broad cross-section 
( int]e/s1 z applicable to ! subject    
matt]4  7,b7 ,activities ,! activities (
 an advisory committee %all include !   
foll[+3 7i7 to hold meet+s at su*       
int]vals z necess>y to c>ry out !       
functions ( ! advisory committee2  7ii7 
to submit to ! ,commission su* reports &
 recomm5dations to ! ,commission        
7includ+ m9ority views1 if any7 z !     
advisory committee deems appropriate2 & 

7iii7 su* activities z ! ,commission    
det]m9es is appropriate4  7,c7          
,applicability ( ! ,f$]al ,advisory     
,committee ,act ,an advisory committee  
e/abli%$ "u ?is p>agraph %all be subject
 to ! ,f$]al ,advisory ,committee ,act4 
4  7b7 ,exi/+ advisory committees       
,not)/&+ section #b7;a77#ae7 ( !        
,commodity ,ex*ange ,act1 ! ,commodity  
,futures ,trad+ ,commission may p]mit an
 advisory committee t1 z ( ! date ( !   
enactm5t ( ?is ,act1 _h a *>t] e/abli%$ 
by ! ,commission1 or t 0 e/abli%$ "u su*
 section z 9 effect be=e su* date (     
enactm5t1 to cont9ue to op]ate 9        
accordance ) ! *>t] or 9 accordance )   
su* pr$ecessor section until ! sponsor (
 ! advisory committee is *ang$4 ,aft]   
:i* su* advisory committee w become     
subject to section #b7;a77#ae7 ( !      
,commodity ,ex*ange ,act4  #ajd4        
,enhancem5t ( ,(fice ( ,m9ority & ,wom5 
,inclusion at ! ,commission2 int]n%ip   
program  7a7 ,9 g5]al ,section #b7;a7 ( 
! ,commodity ,ex*ange ,act 7#g ,u4,s4,c4

 #b7;a77 is am5d$ by add+ at ! end !    
foll[+3  7#af7 ,(fice ( ,m9ority & ,wom5
 ,inclusion ,)9 #a ye> aft] ! date ( !  
enactm5t ( ?is p>agraph1 ! ,commission  
%all comply ) section #cdb ( !          
,dodd-,frank ,wall ,/reet ,re=m &       
,consum] ,protection ,act4  7#ag7       
,annual int]n%ip program  7,a7 ,9 g5]al 
,! ,executive ,director %all e/abli% a  
program to place an appropriate numb] ( 
/ud5ts att5d+ qualifi$ in/itutions 9 a  
seme/]-l5g? int]n%ip )9 ! ,commission's 
divisions & (fices4  7,b7 ,fund+ ,!     
,commission %all set aside an           
appropriate p]c5tage ( ! funds allocat$ 
to ! (fice ( ! ,*airman to enable !     
select$ int]ns id5tifi$ 9 subp>agraph   
7,a7 to af=d liv+ exp5ses1 includ+ r5t &
 a p]-diem1 9 ! metropolitan areas :]e !
 ,director id5tifies int]n%ip           
opportunities4  7,c7 ,qualifi$          
in/itution def9$ ,9 ?is p>agraph1 ! t]m 
qualifi$ in/itution means-- 7i7 an #ahij
 ,in/itution 7z def9$ 9 section #b ( !  
,agricultural ,rese>*1 ,ext5sion1 &     

,education ,re=m ,act ( #aiih 7#g       
,u4,s4,c4 #gfja772  7ii7 a #aiid        
,in/itution 7z def9$ 9 section #ecb ( ! 
,equity 9 ,educational ,l&-,grant ,/atus
 ,act ( #aiid 7,public ,law #ajc-chb2 #g
 ,u4,s4,c4 #cja note772  7iii7 an       
eligible in/itution 7z def9$ 9 section  
#adhi ( ! ,national ,agricultural       
,rese>*1 ,ext5sion1 & ,tea*+ ,policy    
,act ( #aigg 7#g ,u4,s4,c4 #ccfa772 or  
7iv7 a ,hispanic-s]v+ in/itution 7z     
def9$ 9 section #adjd ( ! ,food &       
,agriculture ,act ( #aigg 7#g ,u4,s4,c4 
#cajc774  4  7b7 ,jo9t /&>ds ,9 c>ry+   
out section #b7;a77#af7 ( ! ,commodity  
,ex*ange ,act1 ! ,commodity ,futures    
,trad+ ,commission %all adopt ! jo9t    
/&>ds e/abli%$ 9 ! ,int]ag5cy ,policy   
,/atem5t publi%$ 9 ! ,f$]al ,regi/] on  
,june #aj1 #bjae 7#hj ,f$4 ,reg4        
#ccjaf71 or any successor ,policy       
,/atem5t4  #aje4 ,detail+ & res\rce-%>+ 
,section #b7;a7 ( ! ,commodity ,ex*ange 
,act 7#g ,u4,s4,c4 #b7;a771 z am5d$ by  
section #ajd ( ?is ,act1 is am5d$ by    

add+ at ! end ! foll[+3  7#ah7          
,assi/ance f f$]al ag5cies  7,a7 ,9     
g5]al ,! ,commission may accept any     
assi/ance1 includ+ s]vices1 funds1      
facilities1 & o!r support s]vices z     
det]m9$ by ! ,commission1 to effectuate 
! purposes & provisions ( ?is ,act1 f   
any dep>tm5t or ag5cy ( ! ,unit$ ,/ates 
t is au?oriz$ "u o!r law to provide !   
assi/ance4  7,b7 ,detail flexibility ,:5
 an employee f ano!r dep>tm5t or ag5cy  
is detail$ to ! ,commission1 ! employee 
may be detail$ on ei!r a reimbursable or
 non-reimbursable basis1 & su* detail   
%all be )\t int]ruption or loss ( civil 
s]vice /atus or privilege4  7#ai7       
,assi/ance f =eign gov]nm5tal entities  
7,a7 ,9 g5]al ,! ,commission may-- 7i7  
accept details ( (fic]s or employees ( a
 =eign futures au?ority or any dep>tm5t 
or ag5cy ( a =eign gov]nm5t1 includ+ a  
c5tral bank or m9i/ry1 on a tempor>y    
basis z employees ( ! ,commission       
pursuant to section #ab7;b7 ( ?is ,act1 
or section #caja or #caji ( title #e1   

,unit$ ,/ates ,code2 &  7ii7 detail     
(fic]s or employees ( ! ,commission to  
"w on a tempor>y basis = an entity      
describ$ 9 clause 7i74  7,b7            
,reciprocity & reimbursem5t  7i7        
,reciprocity n requir$ ,assi/ance       
describ$ 9 subp>agraph 7,a7 ne$ n be    
provid$ on a reciprocal basis4  7ii7    
,reimbursem5t  7,i7 ,9 g5]al ,!         
,commission may provide & accept        
assi/ance describ$ 9 subp>agraph 7,a7 on
 a reimbursable or non-reimbursable     
basis1 only 9 accordance ) a writt5     
agreem5t betwe5 ! ,commission & !       
respective =eign gov]nm5tal entity4     
7,,ii7 ,=m ,a reimbursem5t to or f !    
,commission may be made 9 ca% or 9 k9d4 
,! ,commission %all cr$it a reimbursem5t
 receiv$ f a =eign gov]nm5tal entity to 
! appropriate ,commission appropriation1
 fund1 or acc\nt4  7,c7 ,/&>ds ( conduct
 ,an (fic] or employee detail$ "u       
subp>agraph 7,a77i7 %all be subject to !
 provisions ( law relat+ to e?ics1      
conflicts ( int]e/1 or corruption1 & to 

any o!r /atute gov]n+ ! /&>ds ( conduct 
= ,commission employees t are applicable
 to ! type ( appo9tm5t4  7,d7           
,limitation ,an (fic] or employee       
detail$ "u subp>agraph 7,a77i7 may n    
hold any managem5t position at !        
,commission4  4  #ajf4 ,(fice ( ! ,*ief 
,economi/  7a7 ,9 g5]al ,section #b7;a7 
( ! ,commodity ,ex*ange ,act1 z am5d$ by
 sections #ajd & #aje ( ?is ,act1 is    
am5d$ by add+ at ! end ! foll[+3  7#bj7 
,(fice ( ! *ief economi/  7,a7          
,e/abli%m5t ,!re is e/abli%$ 9 !        
,commission ! ,(fice ( ! ,*ief          
,economi/4  7,b7 ,head ,! ,(fice ( !    
,*ief ,economi/ %all be head$ by ! ,*ief
 ,economi/4  7,c7 ,functions ,! ,*ief   
,economi/ %all s]ve z economic advisor  
to ! ,commission & p]=m functions su* z 
economic analysis1 regulatory co/-b5efit
 analysis1 & rese>*4  7,d7 ,pr(essional 
/aff  7i7 ,9 g5]al ,! ,commission %all  
appo9t su* o!r economi/s & any relat$   
positions z may be necess>y = ! ,(fice (
 ! ,*ief ,economi/--  7,i7 9 accordance 

) ! /atutes1 rules1 & regulations gov]n+
 appo9tm5ts 9 ! except$ s]vice2 &       
7,,ii7 not)/&+ any /atutes1 rules1 &    
regulations gov]n+ appo9tm5ts 9 !       
competitive s]vice4  7ii7 ,rule (       
con/ruction ,! appo9tm5t ( a c&idate to 
a position "u au?ority ( ?is subsection 
%all n be consid]$ to cause su* position
 to be conv]t$ f ! competitive s]vice to
 ! except$ s]vice4  4  7b7 ,con=m+      
am5dm5t ,section #ae7;a7 ( su* ,act 7#g 
,u4,s4,c4 #ai7;a77 is am5d$-- 7#a7 9    
p>agraph 7#a71 by ins]t+ 1 aft]         
coord9at+ ) ! ,(fice ( ! ,*ief          
,economi/1 be=e %all2  7#b7 9 p>agraph  
7#b77;,b71 by /rik+ futures m>kets &    
ins]t+ m>kets "u ! jurisdiction ( !     
,commission2  7#c7 9 p>agraph 7#b71 by  
r$esignat+ subp>agraphs 7,d7 & 7,e7 z   
subp>agraphs 7,e7 & 7,f72 &  7#d7 9     
p>agraph 7#b71 by ins]t+ aft]           
subp>agraph 7,c7 ! foll[+3  7,d7        
consid]ations ( m>ket liquidity2  4     
#ajg4 ,equal consid]ation = hold+       
companies ,section #b7;h77#g77;,c77ii7 (

 ! ,commodity ,ex*ange ,act 7#g         
,u4,s4,c4 #b7;h77#g77;,c77ii77 is       
am5d$-- 7#a7 9 ! matt] be=e subclause   
7,i71 by /rik+ unions1 includ+-- &      
ins]t+ unions1 bank hold+ companies1 &  
sav+s & loan hold+ companies1 includ+--2
  7#b7 9 subclause 7,,ii71 by /rik+ or  
at ! end2  7#c7 9 subclause 7,,iii71 by 
/rik+ ! p]iod at ! end & ins]t+ a       
semicolon2 &  7#d7 by add+ at ! end !   
foll[+3  7,,iv7 bank hold+ companies 7z 
def9$ 9 section #b ( ! ,bank ,hold+     
,company ,act ( #aief7 t h aggregat$    
assets1 includ+ ! assets ( _!           
subsidi>ies1 ( #aj1jjj1jjj1jjj or less2 
&  7,v7 sav+s & loan hold+ companies 7z 
def9$ 9 section #aj ( ! ,home ,own]s'   
,loan ,act ( #aicc7 t h aggregat$       
assets1 includ+ ! assets ( _!           
subsidi>ies1 ( #aj1jjj1jjj1jjj or less4 
4  #ajh4 ,exemption ( qualifi$ *>itable 
organizations f regulation z commodity  
pool op]ators ,section #dm ( !          
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#fm7 is am5d$ to read z foll[s3  #dm4   

,use ( mails or o!r means or            
in/rum5talities ( int]/ate comm]ce by   
commodity trad+ advisors & commodity    
pool op]ators  7a7 ,prohibition ,x %all 
be unlawful = any commodity trad+       
advisor or commodity pool op]ator1      
unless regi/]$ "u ?is ,act1 to make use 
( ! mails or any means or in/rum5tality 
( int]/ate comm]ce 9 connection )       
bus9ess z ! commodity trad+ advisor or  
commodity pool op]ator4  7b7 ,exceptions
  7#a7 ,9 g5]al ,subsection 7a7 %all n  
apply to a commodity trad+ advisor ^:   
commodity trad+ advice is solely        
incid5tal to ! conduct ( t p]son's      
bus9ess1 & :o is a--  7,a7 deal]1       
processor1 brok]1 or sell] 9 ca% m>ket  
transactions ( any commodity            
specifically set =? 9 section #b7;a7 (  
?is ,act be=e ! enactm5t ( ! ,commodity 
,futures ,trad+ ,commission ,act ( #aigd
 7or products !re(72 or  7,b7 nonpr(it1 
volunt>y memb]%ip1 g5]al f>m            
organization1 t provides advice on !    
sale or pur*ase ( any commodity         

specifically set =? 9 section #b7;a7 (  
?is ,act be=e ! enactm5t ( ! ,commodity 
,futures ,trad+ ,commission ,act (      
#aigd4  7#b7 ,*>itable organization     
,subsection 7a7 %all n apply to any     
commodity trad+ advisor or commodity    
pool op]ator t is-- 7,a7 a *>itable     
organization1 z def9$ 9 section         
#c7;c77#aj77;,d7 ( ! ,inve/m5t ,company 
,act ( #aidj 7#ae ,u4,s4,c4             
#hj;a-#c7;c77#aj77;,d771 or a tru/ee1   
director1 (fic]1 employee1 or volunte] (
 su* a *>itable organization act+ )9 !  
scope ( ! employm5t or duties ( ! p]son 
) ! organization1 ^: advisory or pool   
activities are conduct$ only on behalf  
(1 or ) respect to1 #a or m (--  7i7 any
 su* *>itable organization2 or  7ii7 an 
inve/m5t tru/1 syndicate1 or simil> =m (
 ent]prise exclud$ f ! def9ition (      
inve/m5t company pursuant to section    
#c7;c77#aj7 ( ! ,inve/m5t ,company ,act 
( #aidj 7#ae ,u4,s4,c4                  
#hj;a-#c7;c77#aj771 or ! tru/ees1       
adm9i/rators1 settlors 7or pot5tial     

settlors71 or b5efici>ies ( ! =ego+2 or 
7,b7 any plan1 company1 or acc\nt       
describ$ 9 section #c7;c77#ad7 ( !      
,inve/m5t ,company ,act ( #aidj 7#ae    
,u4,s4,c4 #hj;a-#c7;c77#ad771 any p]son 
or entity :o e/abli%es or ma9ta9s su* a 
plan1 company1 or acc\nt1 or any tru/ee1
 director1 (fic]1 employee1 or volunte] 
= any ( ! =ego+ plans1 p]sons1 or       
entities act+ )9 ! scope ( ! employm5t  
or duties ( ! p]son ) ! organization1 ^:
 advisory or pool activities are        
conduct$ only on behalf (1 or ) respect 
to1 any inve/m5t tru/1 syndicate1 or    
simil> =m ( ent]prise exclud$ f !       
def9ition ( inve/m5t company pursuant to
 section #c7;c77#ad7 ( ! ,inve/m5t      
,company ,act ( #aidj 7#ae ,u4,s4,c4    
#hj;a-#c7;c77#ad774  7#c7 ,small        
commodity trad+ advisors ,subsection 7a7
 %all n apply to any commodity trad+    
advisor :o1 dur+ ! c\rse ( ! prec$+ #ab 
mon?s1 has n furni%$ commodity trad+    
advice to m ?an #ae p]sons & :o does n  
hold !mselves out g5]ally to ! public z 

a commodity trad+ advisor4  7#d7        
,,sec-regi/]$  7,a7 ,9 g5]al ,subsection
 7a7 %all n apply to any commodity trad+
 advisor t is regi/]$ ) ! ,securities & 
,ex*ange ,commission z an inve/m5t      
advis] ^: bus9ess does n consi/ prim>ily
 ( act+ z a commodity trad+ advisor & t 
does n act z a commodity trad+ advisor  
to any commodity pool t is prim>ily     
engag$ 9 trad+ commodity int]e/s4  7,b7 
,engag$ prim>ily ,= purposes ( ?is      
p>agraph1 a commodity trad+ advisor or a
 commodity pool %all be consid]$ to be  
engag$ prim>ily 9 ! bus9ess ( be+ a     
commodity trad+ advisor or commodity    
pool if x is or holds itself out to !   
public z be+ engag$ prim>ily1 or        
proposes to engage prim>ily1 9 ! bus9ess
 ( advis+ on commodity int]e/s or       
inve/+1 re9ve/+1 own+1 hold+1 or trad+ 9
 commodity int]e/s1 respectively4  7,c7 
,commodity int]e/s ,= purposes ( ?is    
p>agraph1 commodity int]e/s %all include
 contracts ( sale ( a commodity = future
 deliv]y1 options on su* contracts1     

security futures1 swaps1 lev]age        
contracts1 =eign ex*ange1 spot & =w>d   
contracts on physical commodities1 & any
 monies held 9 an acc\nt us$ = trad+    
commodity int]e/s4  7#e7 ,subject to    
proce$+s ,a p]son describ$ 9 p>agraphs  
7#a7 & 7#b7 %all be subject to proce$+s 
"u section #ad4  7c7 ,relation%ip to o!r
 law ,no?+ 9 ?is ,act %all relieve any  
p]son ( any obligation or duty1 or      
affect ! availability ( any "r or rem$y 
available to ! ,securities & ,ex*ange   
,commission or any private p>ty aris+ "u
 ! ,securities ,act ( #aicc 7#ae        
,u4,s4,c4 #gg;a et seq47 or !           
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #gh;a et seq47 gov]n+ !       
issuance1 (f]1 pur*ase1 or sale (       
securities ( a commodity pool1 or (     
p]sons engag$ 9 transactions ) respect  
to ! securities1 or report+ by a        
commodity pool4  7d7 ,disclosure conc]n+
 exempt$ *>itable organizations ,a      
commodity trad+ advisor or commodity    
pool op]ator t is an organization or    

p]son describ$ 9 subsection 7b77#b77;,a7
 ( ?is section to or ( any inve/m5t     
tru/1 syndicate1 or simil> =m (         
ent]prise exclud$ f ! def9ition (       
inve/m5t company pursuant to section    
#c7;c77#aj77;,b7 ( ! ,inve/m5t ,company 
,act ( #aidj 7#ae ,u4,s4,c4             
#hj;a-#c7;c77#aj77;,b77 %all provide    
disclosure 9 accordance ) section #g7;e7
 ( t ,act 7#ae ,u4,s4,c4 #hj;a-#g7;e774 
4  #aji4 ,digital commodity  7a7        
,requirem5ts applicable to bo>ds ( trade
 ,section #e7;d77#d7 ( su* ,act 7#g     
,u4,s4,c4 #g7;d77#d77 is am5d$-- 7#a7 by
 /rik+ all t prec$es bo>d ( trade &     
ins]t+ ! foll[+3  7#d7 ,prev5tion (     
m>ket disruption  7,a7 ,9 g5]al ,!  2   
7#b7 by r$esignat+ ea* ( subp>agraphs   
7,a7 & 7,b7 z clauses 7i7 & 7ii71       
respectively1 & mov+ ea* ( su*          
provisions #b ems to ! "r2 &  7#c7 by   
add+ aft] & bel[ ! end ! foll[+3  7,b7  
,digital commodity ,) reg>d to a        
contract on ! contract m>ket t ref]5ces 
a digital commodity available on a ca%  

m>ket1 ! ,commission %all adopt rules   
detail+ ! cont5t & availability ( trade 
& trad] data & o!r in=mation ! bo>d (   
trade mu/ be able to access f ! ref]5c$ 
ca% m>kets & data s\rces 9 ord] to      
comply ) ?is p>agraph4  4  7b7          
,requirem5ts applicable to swap         
execution facilities ,section           
#e;h7f77#d7 ( su* ,act 7#g ,u4,s4,c4    
#g;b-#c7;f77#d77 is am5d$-- 7#a7 by     
/rik+ all t prec$es swap execution      
facility %all & ins]t+ ! foll[+3  7#d7  
,monitor+ ( trad+ & trade process+  7,a7
 ,9 g5]al ,!  2  7#b7 by r$esignat+ ea* 
( clauses 7i7 & 7ii7 ( subp>agraph 7,a7 
z subclauses 7,i7 & 7,,ii71             
respectively1 & mov+ ea* ( su*          
provisions #b ems to ! "r2  7#c7 by     
r$esignat+ subp>agraphs 7,a7 & 7,b7 z   
clauses 7i7 & 7ii71 respectively1 & mov+
 ea* ( su* provisions #b ems to ! "r2 & 
7#d7 by add+ aft] & bel[ ! end ! foll[+3
  7,b7 ,digital commodity ,) reg>d to a 
swap on ! swap execution facility t     
ref]5ces a digital commodity available  

on a ca% m>ket1 ! ,commission %all adopt
 rules detail+ ! cont5t & availability (
 trade & trad] data & o!r in=mation !   
swap execution facility mu/ be able to  
access f ! ref]5c$ ca% m>kets & data    
s\rces 9 ord] to comply ) ?is p>agraph4 
4  #aaj4 ,sy/em safegu>ds  7a7 ,contract
 m>kets ,section #e7;d77#bj7 ( !        
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#g7;d77#bj77 is am5d$-- 7#a7 9          
subp>agraph 7,a71 by /rik+ ?r\gh & all t
 foll[s & ins]t+  ?r\gh-- 7i7 !         
implem5tation ( appropriate controls &  
proc$ures2 &  7ii7 ! developm5t &       
op]ation ( automat$ sy/ems t--  7,i7 are
 reliable1 secure1 & resili5t2  7,,ii7 h
 adequate scalable capacity2 &  7,,iii7 
ma9ta9 ! confid5tiality1 integrity1 &   
availability ( ! data !y conta92  2 &   
7#b7 9 subp>agraph 7,c71 by /rik+ te/s  
to & all t foll[s & ins]t+  te/s to--   
7i7 v]ify ! reliability1 security1      
resili5ce1 & capacity ( ! bo>d ( trade's
 automat$ sy/ems2  7ii7 v]ify !         
confid5tiality1 integrity1 &            

availability ( ! data conta9$ 9 ^?      
sy/ems2 &  7iii7 v]ify t backup res\rces
 are suffici5t to ensure cont9u$ ord]   
process+ & trade mat*+1 price report+1  
m>ket surveillance1 & ma9t5ance ( a     
compreh5sive & accurate audit trail4  4 
7b7 ,cle>+h\ses ,section                
#e;b7c77#b77;,i7 ( su* ,act 7#g         
,u4,s4,c4 #g;a-#a7;c77#b77;,i77 is      
am5d$-- 7#a7 9 clause 7i71 by /rik+     
?r\gh ! & all t foll[s & ins]t+  ?r\gh  
!-- 7,i7 implem5tation ( appropriate    
controls & proc$ures2 &  7,,ii7         
developm5t & op]ation ( automat$ sy/ems 
t--  7aa7 are reliable1 secure1 &       
resili5t2  7bb7 h adequate scalable     
capacity2 &  7cc7 ma9ta9 !              
confid5tiality1 integrity1 &            
availability ( ! data t !y conta92  2   
7#b7 9 clause 7ii71 by /rik+ all[s &    
ins]t+ all[2 &  7#c7 9 clause 7iii71 by 
/rik+ te/s to & all t foll[s & ins]t+   
te/s to-- 7,i7 v]ify ! reliability1     
security1 resili5ce1 & capacity ( !     
d]ivatives cle>+ organization's automat$

 sy/ems2  7,,ii7 v]ify ! confid5tiality1
 integrity1 & availability ( ! data     
conta9$ 9 ^? sy/ems2 &  7,,iii7 v]ify t 
! backup res\rces ( ! d]ivatives cle>+  
organization are suffici5t to ensure    
daily process+1 cle>+1 & settlem5t4  4  
7c7 ,swap execution facilities ,section 
#e;h7f77#ad7 ( su* ,act 7#g ,u4,s4,c4   
#g;b-#c7;f77#ad77 is am5d$-- 7#a7 9     
subp>agraph 7,a71 by /rik+ ?r\gh & all t
 foll[s & ins]t+  ?r\gh-- 7i7 !         
implem5tation ( appropriate controls &  
proc$ures2 &  7ii7 ! developm5t &       
op]ation ( automat$ sy/ems t--  7,i7 are
 reliable1 secure1 & resili5t2  7,,ii7 h
 adequate scalable capacity2 &  7,,iii7 
ma9ta9 ! confid5tiality1 integrity1 &   
availability ( ! data !y conta92  2 &   
7#b7 9 subp>agraph 7,c71 by /rik+ te/s  
to & all t foll[s & ins]t+  te/s to--   
7i7 v]ify ! reliability1 security1      
resili5ce1 & capacity ( ! swap execution
 facility's automat$ sy/ems2  7ii7 v]ify
 ! confid5tiality1 integrity1 &         
availability ( ! data conta9$ 9 ^?      

sy/ems2 &  7iii7 v]ify t backup res\rces
 are suffici5t to ensure cont9u$ ord]   
process+ & trade mat*+1 price report+1  
m>ket surveillance1 & ma9t5ance ( a     
compreh5sive & accurate audit trail4  4 
7d7 ,swap data repositories ,section    
#ba7;f7 ( su* ,act 7#g ,u4,s4,c4        
#bd;a7f77 is am5d$ by r$esignat+        
p>agraph 7#d7 z p>agraph 7#e7 & ins]t+  
aft] p>agraph 7#c7 ! foll[+3  7#d7      
,sy/em safegu>ds ,ea* swap data         
repository %all-- 7,a7 e/abli% & ma9ta9 
a program ( risk analysis & ov]sight to 
id5tify & m9imize s\rces ( op]ational   
risk1 ?r\gh--  7i7 ! implem5tation (    
appropriate controls & proc$ures2 &     
7ii7 ! developm5t & op]ation ( automat$ 
sy/ems t--  7,i7 are reliable1 secure1 &
 resili5t2  7,,ii7 h adequate scalable  
capacity2 &  7,,iii7 ma9ta9 !           
confid5tiality1 integrity1 &            
availability ( ! data !y conta92  7,b7  
e/abli% & ma9ta9 em]g5cy proc$ures1     
backup facilities1 & a plan = disa/]    
recov]y t all[ =--  7i7 ! timely recov]y

 & resumption ( op]ations2 &  7ii7 !    
fulfillm5t ( ! responsibilities &       
obligations ( ! swap data repository2 & 
7,c7 p]iodically conduct te/s to-- 7i7  
v]ify ! reliability1 security1          
resili5ce1 & capacity ( ! automat$      
sy/ems ( ! swap data repository2  7ii7  
v]ify ! confid5tiality1 integrity1 &    
availability ( ! data conta9$ 9 ^?      
sy/ems2 &  7iii7 v]ify t backup res\rces
 are suffici5t to ensure cont9u$        
fulfillm5t ( all duties & obligations ( 
! swap data repository e/abli%$ by ?is  
,act or ! regulations ( ! ,commission4  
4  #aaa4 ,adm9i/ration ( swap execution 
facilities ,section #e;h ( ! ,commodity 
,ex*ange ,act 7#g ,u4,s4,c4 #g;b-#c7 is 
am5d$-- 7#a7 9 subsection 7f77#h71 by   
/rik+ all t foll[s coop]ation ) !       
,commission & ins]t+ & o!r regi/]$      
entities1 z is necess>y & appropriate1  
to facilitate ! liquidation or transf] (
 op5 positions 9 any swap1 or to susp5d 
or curtail trad+ 9 a swap42 &  7#b7 9   
subsection 7f77#ae7-- 7,a7 9 subp>agraph

 7,a71 by add+ at ! end ! foll[+3  ,!   
individual may also p]=m o!r            
responsibilities = ! swap execution     
facility1 if-- 7i7 !re are no conflicts 
( int]e/ betwe5 ! o!r responsibilities &
 ! duties & obligations ( ! *ief        
compliance (fic] "u ?is ,act & !        
regulations !reto2 &  7ii7 ! o!r        
responsibilities d n limit ! ability ( !
 *ief compliance (fic] to c>ry out !    
responsibilities ( ! *ief compliance    
(fic]4  2  7,b7 9 subp>agraph 7,b7-- 7i7
 by /rik+ clauses 7iii7 ?r\gh 7v7 &     
ins]t+ ! foll[+3  7iii7 e/abli% &       
adm9i/]-- 7,i7 policies & proc$ures1 9  
consultation ) ! bo>d ( ! facility1 a   
body p]=m+ a function simil> to t ( a   
bo>d1 or ! s5ior (fic] ( ! facility1 t  
are reasonably design$1 z det]m9$ by !  
,commission1 to resolve any conflicts ( 
int]e/ t may arise2  7,,ii7 ! policies &
 proc$ures requir$ to be e/abli%$       
pursuant to ?is section2 &  7,,iii7     
policies & proc$ures t reasonably       
ensure1 z det]m9$ by ! ,commission1     

compliance ) ?is ,act & ! rules &       
regulations issu$ "u ?is ,act1 includ+  
rules prescrib$ by ! ,commission        
pursuant to ?is section2 &  2 &  7ii7 by
 r$esignat+ clause 7vi7 z clause 7iv72  
7,c7 9 subp>agraph 7,c71 by /rik+       
7,b77vi7 & ins]t+ 7,b77iv72 &  7,d7 9   
subp>agraph 7,d7-- 7i7 9 clause 7i71 by 
/rik+ & sign2 &  7ii7 9 clause 7ii7--   
7,i7 9 ! matt] prec$+ subclause 7,i71 by
 ins]t+ or s5ior (fic] aft] (fic]2 &    
7,,ii7 9 subclause 7,,ii71 by ins]t+    
mat]ially be=e accurate4  #aab4         
,applicability ( prohibitions on fraud &
 manipulation to activities outside !   
,unit$ ,/ates ,section #f ( ! ,commodity
 ,ex*ange ,act 7#g ,u4,s4,c4 #h7 is     
am5d$ by add+ at ! end ! foll[+3  7h7   
,applicability to activities outside !  
unit$ /ates  7#a7 ,applicability ,!     
provisions ( ?is ,act prohibit+ fraud1  
manipulation1 attempt$ fraud1 & attempt$
 manipulation1 & provid+ = en=cem5t by !
 ,commission or ! ,unit$ ,/ates ( su*   
prohibitions 7includ+ sections #d;b1    

#d;c7a77#a7-7d71 #d;c7a77#g71 #d;c7b71  
#do1 #ds7h77#a71 #ds7h77#d71 #f7;c71    
#f7;e77#a7-7c71 #f;c1 #i7;a71 #i7;c71   
#i7;d71 & #i7;e71 includ+ any rule or   
regulation promulgat$ !reund]71 %all    
apply to activities outside ! ,unit$    
,/ates :]e su* activities1 indep5d5tly  
or 9 conjunction ) activities 9 ! ,unit$
 ,/ates1 h or w\ld h a reasonably       
=eseeable sub/antial effect )9 ! ,unit$ 
,/ates4  7#b7 ,effect on o!r au?ority   
,no?+ 9 ?is subsection affects !        
application or int]pretation (1 or      
liability "u1 any o!r provision ( ?is   
,act1 includ+ section #bb4  4  #aac4    
,privilege ret5tion ,section #h ( !     
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#ab7 is am5d$-- 7#a7 by /rik+ subsection
 7e7 & ins]t+ ! foll[+3  7e7 ,disclosure
 au?orities  7#a7 ,9 g5]al  7,a7        
,previ\sly disclos$ ,! ,commission may  
disclose & make public1 :]e su*         
in=mation has previ\sly be5 disclos$    
publicly 9 accordance ) ! provisions (  
?is section1 ! names & addresses ( all  

trad]s on ! bo>ds ( trade on ! commodity
 m>kets ) respect to :om ! ,commission  
has in=mation1 & any o!r in=mation 9 !  
possession ( ! ,commission relat+ to !  
am\nt ( commodities pur*as$ or sold by  
ea* su* trad]4  7,b7 ,congressional     
access ,^u ! reque/ ( any committee (   
ei!r ,h\se ( ,congress1 act+ )9 ! scope 
( its jurisdiction1 ! ,commission %all  
furni% to ! committee ! names &         
addresses ( all trad]s on ! bo>ds (     
trade ) respect to :om ! ,commission has
 in=mation1 & any o!r in=mation 9 !     
possession ( ! ,commission relat+ to !  
am\nt ( any commodity pur*as$ or sold by
 ea* su* trad]4  7#b7 ,dome/ic ag5cies  
7,a7 ,9 g5]al ,^u ! reque/ ( any        
dep>tm5t or ag5cy ( ! ,gov]nm5t ( !     
,unit$ ,/ates1 act+ )9 ! scope ( its    
jurisdiction1 ! ,commission may furni%  
to ! dep>tm5t or ag5cy any in=mation 9 !
 possession ( ! ,commission obta9$ 9    
connection ) ! adm9i/ration ( ?is ,act4 
7,b7 ,conditions ,any in=mation furni%$ 
"u ?is p>agraph to any ,f$]al dep>tm5t  

or ag5cy %all n be disclos$ by !        
dep>tm5t or ag5cy except 9 any action or
 proce$+ "u ! laws ( ! ,unit$ ,/ates to 
:i* ! dep>tm5t or ag5cy1 ! ,commission1 
or ! ,unit$ ,/ates is a p>ty4  7,c7     
,f$]al res]ve banks ,9 ?is p>agraph1 !  
t]m ag5cy includes ! ,f$]al ,res]ve     
,banks4  7#c7 ,/ate ag5cies  7,a7 ,9    
g5]al ,^u ! reque/ ( any dep>tm5t or    
ag5cy ( any ,/ate or any political      
subdivision !re(1 act+ )9 ! scope ( its 
jurisdiction1 ! ,commission may furni%  
to ! dep>tm5t1 ag5cy1 or political      
subdivision any in=mation 9 ! possession
 ( ! ,commission obta9$ 9 connection ) !
 adm9i/ration ( ?is ,act4  7,b7         
,conditions ,any in=mation furni%$ to   
any dep>tm5t or ag5cy ( any ,/ate or    
political subdivision !re( %all n be    
disclos$ by ! dep>tm5t or ag5cy except 9
 connection ) an adjudicatory action or 
proce$+ "u ?is ,act or ! laws ( ! ,/ate 
or political subdivision to :i* ! ,/ate1
 political subdivision1 dep>tm5t1 or    
ag5cy is a p>ty4  7#d7 ,=eign ag5cies   

7,a7 ,9 g5]al ,^u ! reque/ ( any =eign  
futures au?ority1 or any dep>tm5t1      
c5tral bank1 m9i/ry1 or ag5cy ( any     
=eign gov]nm5t or any political         
subdivision !re(1 act+ )9 ! scope ( its 
jurisdiction1 ! ,commission may furni%  
to ! =eign futures au?ority1 dep>tm5t1  
c5tral bank1 m9i/ry1 ag5cy ( any =eign  
gov]nm5t1 or any political subdivision  
!re(1 any in=mation 9 ! possession ( !  
,commission obta9$ 9 connection ) !     
adm9i/ration ( ?is ,act4  7,b7          
,conditions ,! ,commission %all n furni%
 any in=mation to a =eign futures       
au?ority or to a dep>tm5t1 c5tral bank1 
m9i/ry1 or ag5cy ( a =eign gov]nm5t or  
political subdivision !re(1 unless !    
,commission is satisfi$ t ! in=mation w 
n be disclos$ by ! =eign futures        
au?ority1 dep>tm5t1 c5tral bank1 m9i/ry1
 or ag5cy ( any =eign gov]nm5t or any   
political subdivision !re(1 except 9    
connection ) an adjudicatory action or  
proce$+ "u ! laws ( ! =eign gov]nm5t or 
political subdivision to :i* ! =eign    

gov]nm5t1 political subdivision1        
dep>tm5t1 ag5cy1 c5tral bank1 m9i/ry1 or
 =eign futures au?ority is a p>ty4  2   
7#b7 by r$esignat+ subsections 7h7 & 7i7
 z subsections 7i7 & 7j71 respectively2 
&  7#c7 by ins]t+ aft] subsection 7g7 ! 
foll[+3  7h7 ,%>+ privileg$ in=mation ) 
o!r au?orities  7#a7 ,privilege         
def9ition ,! t]m privilege includes any 
applicable "w-product privilege1        
attorney-cli5t privilege1 gov]nm5tal    
privilege1 or o!r privilege recogniz$ "u
 ,f$]al1 ,/ate1 or =eign law4  7#b7     
,privileg$ in=mation provid$ by !       
,commission ,! ,commission %all n be    
consid]$ to h waiv$ any privilege by    
transf]r+ in=mation to or p]mitt+ t     
in=mation to be us$ 9 accordance )      
section #h;a7#f7 or p>agraphs 7#b71     
7#c71 & 7#d7 ( subsection 7e7 ( ?is     
section4  7#c7 ,nondisclosure (         
privileg$ in=mation provid$ to !        
,commission ,! ,commission %all n be    
compell$ to disclose privileg$ in=mation
 obta9$ f any =eign futures au?ority if 

! au?ority has 9 good fai? det]m9$ &    
repres5t$ to ! ,commission t ! in=mation
 is privileg$1 except z provid$ = 9     
subsection 7a77#a74  7#d7 ,nonwaiv] (   
privileg$ in=mation provid$ to !        
,commission  7,a7 ,9 g5]al ,! entities  
li/$ 9 p>agraphs 7#b71 7#c71 & 7#d7 (   
subsection 7e7 & section #h7;a77#f7 %all
 n be consid]$ to h waiv$ any privilege 
by transf]r+ in=mation to or p]mitt+    
in=mation to be us$ by ! ,commission4   
7,b7 ,exception ,subp>agraph 7,a7 %all n
 apply to an entity li/$ 9 section      
#h;a7#f7 ) respect to in=mation obta9$  
by ! ,commission 9 an inve/igation      
relat+ to or 9 any action aga9/ !       
entity4  7#e7 ,rule ( con/ruction ,no?+ 
9 ?is subsection %all au?orize !        
,commission to )hold in=mation f !      
,congress or prev5t ! ,commission f     
comply+ ) an ord] ( a c\rt ( ! ,unit$   
,/ates 9 an action comm5c$ by ! ,unit$  
,/ates or ! ,commission4  4  #aad4      
,propriet>y in=mation ,section #h ( !   
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  

#ab71 z am5d$ by section #aac ( ?is     
,act1 is am5d$ by add+ at ! end !       
foll[+3  7k7 ,propriet>y in=mation  7#a7
 ,9 g5]al ,= any propriet>y in=mation   
provid$ to ! ,commission1 ! ,commission 
may1 9 its discretion1 aft] notice &    
comm5t1 adopt rules & regulations to    
apply any ( ! provisions ( ?is section  
to su* in=mation x obta9s or receives1 z
 x deems necess>y1 to ! ext5t su*       
in=mation is n already cov]$ by !       
provisions ( ?is section4  7#b7         
,policies ,) reg>d to propriet>y        
in=mation x obta9s or receives1 !       
,commission %all adopt policies1 z      
det]m9$ by ! ,commission1 aft] notice & 
comm5t1 to--  7,a7 address circum/ances 
:5 ! ,commission reque/s propriet>y     
in=mation2  7,b7 safegu>d ! in=mation1  
tak+ into consid]ation ! level (        
s5sitivity ( ! in=mation2  7,c7 limit   
access to ! in=mation to appropriate    
/aff1 z det]m9$ by ! ,commission2 &     
7,d7 protect ! in=mation f unlawful use 
or disclosure4  7#c7 ,%>+ ,to ! ext5t ! 

,commission adopts rules or regulations1
 pursuant to p>agraph 7#a71 reg>d+ ! %>+
 ( su* propriet>y in=mation ) o!r       
gov]nm5tal entities1 ! ,commission %all 
receive assurances t su* o!r gov]nm5tal 
entity %all ma9ta9 suffici5t safegu>ds  
consi/5t )--  7,a7 policies t a*ieve !  
objectives ( subp>agraphs 7,b71 7,c71 & 
7,d7 ( p>agraph 7#b7 ( ?is subsection2 &
  7,b7 ! limitations set =? 9 p>agraphs 
7#b71 7#c71 & 7#d7 ( subsection 7e7     
conc]n+ ! confid5tiality ( any su*      
in=mation receiv$4  4  #aae4 ,au?ority  
to provide food & incid5tal assi/ance to
 =eign (ficials ho/$ by ! ,commission   
,section #ab7;b7 ( ! ,commodity ,ex*ange
 ,act 7#g ,u4,s4,c4 #af7;b77 is am5d$ by
 add+ at ! end ! foll[+3  7#e7 ,!       
,commission may incur exp5ses =         
consultations & meet+s ho/$ by !        
,commission ) =eign gov]nm5tal & o!r    
regulatory (ficials to ex*ange views    
conc]n+ d]ivatives matt]s1 su* exp5ses  
to include necess>y logi/ic &           
adm9i/rative exp5ses1 includ+--  7,a7   

meals2  7,b7 local travel &             
transportation2 &  7,c7 relat$ incid5tal
 exp5ses4  4  #aaf4 ,ext5sion (         
op]ations ,section #ab7;d7 ( !          
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#af7;d77 is am5d$ by /rik+ #bjjh ?r\gh  
#bjac & ins]t+ #bjbj ?r\gh #bjbe4  #aag4
 ,aid+ & abett+ ,section #ac7;a7 ( !    
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#ac;c7a77 is am5d$-- 7#a7 by ins]t+ or  
recklessly provides sub/antial assi/ance
 to1 aft] commission (12 &  7#b7 by     
ins]t+ 1 or :o by recklessly provid+    
sub/antial assi/ance to ano!r1 be=e     
causes an act4  #aah4 ,mod]nization (   
au?ority ( ! ,commission to conduct     
rese>*1 developm5t1 demon/ration1 &     
in=mation programs ,section #ah ( !     
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#bb7 is am5d$ to read z foll[s3  #ah4   
,rese>* & developm5t programs  7a7      
,programs ,! ,commission1 z "p ( its    
ongo+ op]ations1 %all e/abli% & ma9ta9  
rese>*1 developm5t1 demon/ration1 &     
in=mation programs t fur!r ! purposes ( 

?is ,act1 includ+ programs t--  7#a7    
facilitate ! und]/&+ by ! ,commission ( 
em]g+ te*nologies1 te*nological         
advances1 & innovations & _! pot5tial   
application to & effect on !            
transactions & m>kets "u ! jurisdiction 
( ! ,commission1 & associat$            
implications = cyb]security1 data       
security1 & sy/emic risk2  7#b7 provide 
an environm5t :]e em]g+ te*nologies1    
te*nological advances1 & innovations may
 be explor$ by ! ,commission ) develop]s
 & pot5tial us]s to evaluate pot5tial   
effects on ! ,commission & ! m>kets "u !
 jurisdiction ( ! ,commission2  7#c7    
id5tify areas :]e ! ,commission %\ld    
adapt its adm9i/ration ( ?is ,act 9     
light ( em]g+ te*nologies1 te*nological 
advances1 & innovations to b5efit !     
m>kets "u ! jurisdiction ( !            
,commission2 &  7#d7 develop educational
 & o!r in=mational mat]ials =           
dissem9ation & use among produc]s1      
m>ket-us]s1 & ! g5]al public reg>d+--   
7,a7 d]ivatives2  7,b7 em]g+            

te*nologies1 te*nological advances1 &   
innovations 9 m>kets "u ! jurisdiction (
 ! ,commission2 &  7,c7 applicable      
requirem5ts ( ?is ,act & ! regulations  
prescrib$ "u ?is ,act ) reg>d to !      
subjects describ$ 9 subp>agraphs 7,a7 & 
7,b74  7b7 ,rese>* & developm5t plan    
7#a7 ,9 g5]al ,! ,commission may1 aft]  
notice & comm5t1 adopt a rese>* &       
developm5t plan = a program e/abli%$ "u 
subsection 7a74  7#b7 ,conditions ,a    
rese>* & developm5t plan adopt$ pursuant
 to p>agraph 7#a7 %all id5tify-- 7,a7   
specific areas ( int]e/ to !            
,commission2  7,b7 pot5tial activities !
 ,commission w und]take to inve/igate an
 area ( int]e/2 &  7,c7 h[ ! au?ority   
describ$ 9 subsection 7c7 w be utiliz$ 9
 ! program4  7c7 ,o!r transaction       
au?ority  7#a7 ,9 g5]al ,not)/&+ !      
,(fice ( ,f$]al ,procurem5t ,policy ,act
 ( #aigd & ! ,competition 9 ,contract+  
,act1 ! ,commission may ent] into & p]=m
 a transaction 7o!r ?an a /&>d contract7
 = ! purpose ( aid+ or facilitat+ !     

programs & activities "u subsection 7a74
  7#b7 ,conditions ,! ,commission may   
ent] into a transaction "u ?is          
subsection only if-- 7,a7 ! transaction 
is us$ only 9 fur!rance ( a rese>* &    
developm5t plan e/abli%$ "u subsection  
7b72  7,b7 ! ,commission endeavor$ to   
use a competitive process1 :]e          
appropriate1 :5 det]m9+ ! p>ties to !   
transaction2 &  7,c7 us+ a /&>d contract
 to d s is ei!r n feasible or n         
appropriate4  7#c7 ,policies ,!         
,commission %all1 aft] notice & comm5t1 
e/abli% & publi% writt5 policies sett+  
=? ! mann] & crit]ia = utiliz+ !        
au?ority provid$ by ?is subsection4  7d7
 ,gift acceptance au?ority  7#a7 ,9     
g5]al ,! ,commission may accept & use1  
on behalf ( ! ,unit$ ,/ates1 any        
non-monet>y gift ( a provision ( access1
 use ( facilities1 p]sonal prop]ty1 or  
s]vices1 t is relat$ to--  7,a7 %>+ (   
rese>*1 data1 or o!r in=mation2  7,b7   
public pres5tations2 or  7,c7           
non-comm]cially available s]vices or    

sy/ems4  7#b7 ,conditions  7,a7 ,9 g5]al
 ,a gift may be accept$ pursuant to ?is 
subsection only if x is 9 fur!rance ( a 
rese>* & developm5t plan e/abli%$ "u    
subsection 7b74  7,b7 ,limitations ,!   
,commission may n accept a gift if-- 7i7
 conditions inconsi/5t ) applicable laws
 or regulations apply to ! gift2  7ii7 !
 gift is condition$ on1 or w require1 ! 
exp5diture ( appropriat$ funds n        
available to ! ,commission2  7iii7 us+ a
 /&>d contract or o!r transaction       
au?ority "u subsection 7c7 to acquire ! 
gift is ei!r feasible or appropriate2 or
  7iv7 acceptance ( ! gift w\ld-- 7,i7  
reflect unfavorably on ! ability ( !    
,commission to c>ry out its             
responsibilities or (ficial duties 9 a  
fair & objective mann]1 or compromise ! 
integrity or ! appe>ance ( ! integrity (
 its programs or any (ficial involv$ 9  
its programs1 or  7,,ii7 give !         
endorsem5t or ! appe>ance ( ! endorsem5t
 by ! ,commission or ,commission /aff ( 
! products1 s]vices1 activities1 or     

policies ( ! donor4  7,c7 ,solicitation 
prohibition  7i7 ,9 g5]al ,except z     
provid$ 9 clause 7ii71 no gift may be   
solicit$ by any ,commission]1 employee  
(1 or contractor at ! ,commission4  7ii7
 ,exception ,a ,commission] or employee 
( ! ,commission may solicit only = a    
gift describ$ 9 p>agraph 7#a77;,b74     
7,d7 ,duration ,to ! ext5t applicable1 !
 ,commission %all return any gift       
accept$ pursuant to ?is subsection )9   
#ij days aft] accept+ ! gift4  7,e7     
,rules ,! ,commission %all1 aft] notice 
& comm5t1 e/abli% & publi% writt5 rules 
sett+ =? ! mann] & crit]ia to be us$ 9  
det]m9+ :e!r a gift meets ! conditions (
 ?is p>agraph4  7#c7 ,disclosure ,)9 #cj
 days aft] accept+ a gift pursuant to   
?is subsection1 ! ,commission %all      
publi% 9 ! ,f$]al ,regi/] a notice      
detail+--  7,a7 ! s\rce ( ! gift2  7,b7 
! nature ( ! gift2  7,c7 :e!r ! gift 0  
solicit$ pursuant to p>agraph           
7#b77;,c77ii71 & if s1 by :om2 &  7,d7  
h[ ! gift meets ! conditions set =? 9   

p>agraph 7#b74  7#d7 ,sunset ,! au?ority
 provid$ 9 ?is subsection may n be      
ex]cis$ on or aft] ,octob] #a1 #bjbe4   
7e7 ,annual report ,n lat] ?an #fj days 
aft] ! end ( ea* fiscal ye>1 !          
,commission %all submit to ! ,committee 
on ,agriculture1 ,nutrition1 & ,=e/ry ( 
! ,s5ate & ! ,committee on ,agriculture 
( ! ,h\se ( ,repres5tatives a report on 
all transactions ent]$ into "u          
subsection 7c7 & all gifts accept$ "u   
subsection 7d7 9 ! fiscal ye>1 :i* %all 
include ! foll[+3  7#a7 ,a brief        
description ( ! subject ( ea* su*       
transaction or gift1 ) an explanation   
(-- 7,a7 its pot5tial utility to !      
,commission or ! m>kets regulat$ by !   
,commission2  7,b7 h[ x fulfills ! goals
 & objectives ( ! rese>* & developm5t   
plan e/abli%$ "u subsection 7b72 &  7,c7
 ! /atus ( all relat$ projects4  7#b7 ,!
 in=mation requir$ to be publi%$        
pursuant to subsection 7d77#c74  7#c7 ,a
 description ( all sums exp5d$ by !     
,commission 9 connection ) a transaction

 ent]$ into "u subsection 7c71 &1 if    
readily asc]ta9able1 ! value ( any gift 
accept$ "u subsection 7d74  4  #aai4    
,protect+ cu/om] prop]ty dur+ commodity 
brok] bankruptcy ,section #bj7;a7 ( !   
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#bd7;a77 is am5d$-- 7#a7 by /rik+ & at !
 end ( p>agraph 7#d72  7#b7 by /rik+ !  
p]iod at ! end ( p>agraph 7#e7 & ins]t+ 
2 &2 &  7#c7 by add+ at ! end ! foll[+3 
7#f7 t ca%1 securities1 or o!r prop]ty (
 ! e/ate ( a commodity brok]1 includ+ ! 
trad+ or op]at+ acc\nts ( ! commodity   
brok] & commodities held 9 inv5tory by !
 commodity brok]1 %all1 subject to any  
o!rwise unavoidable security int]e/1 or 
o!rwise unavoidable contractual (fset or
 nett+ rights ( cr$itors 7includ+ rights
 set =? 9 a rule or bylaw ( a d]ivatives
 cle>+ organization or a cle>+ ag5cy7 9 
respect ( su* prop]ty1 be includ$ 9     
cu/om] prop]ty1 b only to ! ext5t t !   
prop]ty t is o!rwise cu/om] prop]ty is  
insuffici5t to satisfy ! net equity     
claims ( public cu/om]s 7z su* t]m may  

be def9$ by ! ,commission by rule or    
regulation7 ( ! commodity brok]4  4     
#abj4 ,elim9ation ( ! d\ble-sid$        
confirmation requirem5t = swap data     
repositories ,section #ba7;c77#b7 ( !   
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#bd;a7c77#b77 is am5d$ to read z foll[s3
  7#b7 confirm ) any c\nt]p>ty to !     
swap1 z det]m9$ by ! ,commission1 !     
accuracy ( ! data t 0 submitt$1 & !     
c\nt]p>ty %all comply ) ! rules or      
proc$ures ( a swap data repository to   
confirm ! accuracy ( ! data2  4  #aba4  
,:i/lebl[] protections = int]nal        
disclosures  7a7 ,int]nal report+       
,section #bc ( ! ,commodity ,ex*ange    
,act 7#g ,u4,s4,c4 #bf7 is am5d$-- 7#a7 
9 subsection 7a77#g7--  7,a7 by /rik+ ,!
 t]m & ins]t+ ! foll[+3  7,a7 ,9 g5]al  
,! t]m  2 &  7,b7 by add+ at ! end !    
foll[+3  7,b7 ,special rule ,solely = ! 
purposes ( subsection 7h77#a71 ! t]m    
:i/lebl[] includes any individual :o    
takes1 or #b or m individuals act+      
jo9tly :o take1 an action describ$ 9    

subsection 7h77#a77;,a74  2 &  7#b7 9   
subsection 7h77#a77;,a7-- 7,a7 9 clause 
7i71 by /rik+ or at ! end2  7,b7 9      
clause 7ii71 by /rik+ ! p]iod at ! end &
 ins]t+ 2 or2 &  7,c7 by add+ at ! end !
 foll[+3  7iii7 9 provid+ in=mation     
reg>d+ any conduct t ! :i/lebl[]        
reasonably believes con/itutes a        
violation ( any law1 rule1 or regulation
 subject to ! jurisdiction ( !          
,commission to--  7,i7 a p]son )        
sup]visory au?ority ov] ! :i/lebl[] at !
 employ] ( ! :i/lebl[]1 if t employ] is 
an entity regi/]$ )1 or requir$ to be   
regi/]$ )1 ! ,commission1 a             
self-regulatory organization1 or a ,/ate
 securities commission or (fice p]=m+ l 
functions2 or  7,,ii7 ano!r individual  
work+ = ! employ] describ$ 9 subclause  
7,i7 :o ! :i/lebl[] reasonably believes 
has ! au?ority--  7aa7 to inve/igate1   
discov]1 or t]m9ate ! misconduct2 or    
7bb7 to take any o!r action to address !
 misconduct4  4  7b7 ,claims process+   
7#a7 ,9 g5]al ,section #bc7;b7 ( !      

,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#bf7 is am5d$ by add+ at ! end ! foll[+3
  7#c7 ,timely process+ ( claims  7,a7  
,initial disposition  7i7 ,9 g5]al      
,except z provid$ 9 subp>agraph 7,b71 & 
subject to clause 7ii71 ! ,commission   
%all make an initial disposition )      
respect to a claim submitt$ by a        
:i/lebl[] = an aw>d "u ?is section      
7ref]r$ to 9 ?is p>agraph z an aw>d     
claim7 n lat] ?an #a ye> aft] ! deadl9e 
e/abli%$ by ! ,commission1 by rule1 = ! 
:i/lebl[] to file ! aw>d claim4  7ii7   
,multiple actions ,if a cov]$ judicial  
or adm9i/rative action involves #a or m 
relat$ actions1 ! requirem5t "u clause  
7i7 %all apply ) respect to ! late/     
deadl9e ) respect to ! actions4  7,b7   
,exceptions  7i7 ,initial ext5sion ,if !
 ,director ( ! ,division ( ,en=cem5t ( !
 ,commission 7ref]r$ to 9 ?is p>agraph z
 ! ,director71 or ! designee ( !        
,director1 det]m9es t an aw>d claim is  
suffici5tly complex or involves m ?an #a
 :i/lebl[]1 or if o!r good cause exi/s  

su* t ! ,commission _c reasonably       
satisfy ! requirem5t "u subp>agraph     
7,a71 ! ,director or ! designee1 z      
applicable1 aft] provid+ notice to !    
,*airman ( ! ,commission 7ref]r$ to 9   
?is p>agraph z ! ,*airman71 may ext5d ! 
deadl9e ) respect to ! satisfaction ( t 
subp>agraph by n m ?an #ahj days4  7ii7 
,additional ext5sions ,if1 aft] provid+ 
an ext5sion "u clause 7i71 ! ,director1 
or ! designee ( ! ,director1 det]m9es t 
! ,commission _c reasonably satisfy !   
requirem5t "u subp>agraph 7,a7 ) respect
 to an aw>d claim1 z ext5d$ "u t clause1
 ! ,director or ! designee1 z           
applicable1 aft] provid+ notice to !    
,*airman1 may ext5d ! p]iod 9 :i* !     
,commission may satisfy subp>agraph 7,a7
 by #a additional #ahj-;day p]iod4      
7iii7 ,notice to :i/lebl[] requir$ ,if !
 ,director1 or ! designee ( ! ,director1
 ex]cises au?ority "u clause 7i7 or     
7ii71 ! ,director or ! designee1 z      
applicable1 %all submit to ! :i/lebl[]  
:o fil$ ! aw>d claim t is subject to t  

action by ! ,director or ! designee a   
writt5 notification ( t action by !     
,director or ! designee4  7,c7          
,applicability ,?is p>agraph %all apply 
only to an aw>d claim t is timely       
submitt$ "u a deadl9e e/abli%$ by !     
,commission aft] ! date ( enactm5t ( ?is
 p>agraph4  4  7#b7 ,rules ,! ,commodity
 ,futures ,trad+ ,commission may issue  
any rules t are necess>y to c>ry out    
p>agraph 7#c7 ( section #bc7;b7 ( !     
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#bf7;b77 7z add$ by p>agraph 7#a774  7c7
 ,,cftc ,:i/lebl[] ,program education   
initiatives ,section #bc7;g77#b7 ( !    
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#bf7;g77#b77 is am5d$-- 7#a7 9          
subp>agraph 7,a71 by /rik+ & at ! end2  
7#b7 9 subp>agraph 7,b71 by /rik+ !     
p]iod at ! end & ins]t+ 2 &2 &  7#c7 by 
add+ at ! end ! foll[+3  7,c7 ! fund+ ( 
initiatives design$ to educate          
/akehold]s reg>d+ ! inc5tives &         
protections available "u ?is section1   
includ+ ! b5efits ( ^? inc5tives &      

protections4  4  7d7 ,deposits into     
,,cftc ,cu/om] ,protection ,fund        
,section #bc7;g77#c77;,a7 ( ! ,commodity
 ,ex*ange ,act 7#g ,u4,s4,c4            
#bf7;g77#c77;,a77 is am5d$ by /rik+     
#ajj1jjj1jjj & ins]t+ #aej1jjj1jjj4  7e7
 ,availability ( c]ta9 ,,cftc in=mation 
to gov]nm5t ag5cies ,section            
#bc7;h77#b77;,c7 ( ! ,commodity ,ex*ange
 ,act 7#g ,u4,s4,c4 #bf7;h77#b77;,c77 is
 am5d$--  7#a7 9 clause 7i7-- 7,a7 9    
subclause 7,,ii71 by /rik+ jurisdiction2
 & ins]t+ ! foll[+3 8jurisdiction1      
includ+--  7aa7 ! ,f$]al ,trade         
,commission2  7bb7 ! ,int]nal ,rev5ue   
,s]vice2 &  7cc7 ! ,dep>tm5t ( ,/ate2  2
 &  7,b7 9 subclause 7,,vi71 by ins]t+  
or o!r =eign law en=cem5t au?ority be=e 
! p]iod at ! end2 &  7#b7 9 clause      
7ii7-- 7,a7 by /rik+ ,ea* & ins]t+ !    
foll[+3  7,i7 ,9 g5]al ,ea*  2  7,b7 9  
subclause 7,i7 7z s designat$71 by      
ins]t+ subclauses 7,i7 ?r\gh 7,v7 ( be=e
 clause 7i72 &  7,c7 by add+ at ! end ! 
foll[+3  7,,ii7 ,=eign au?orities ,an   

entity describ$ 9 subclause 7,,vi7 (    
clause 7i7 %all ma9ta9 in=mation        
describ$ 9 t clause 9 accordance ) su*  
assurances ( confid5tiality z !         
,commission det]m9es appropriate4  4    
#abb4 ,updat+ /&>ds = natural p]sons to 
meet requirem5ts = qualifi$ eligible    
p]sons  7a7 ,9 g5]al ,)9 #a ye> aft] !  
date ( ! enactm5t ( ?is section1 !      
,commodity ,futures ,trad+ ,commission  
%all adopt a rule to update its         
regulations gov]n+ ! requirem5ts =      
natural p]sons to be qualifi$ eligible  
p]sons :o mu/ satisfy portfolio         
requirem5ts1 = ! purposes ( provid+     
relief to commodity trad+ advisors &    
commodity pool op]ators 9 _! deal+s )   
qualifi$ eligible p]sons pursuant to    
section #d4g ( title #ag1 ,code ( ,f$]al
 ,regulations1 s t a natural p]son1 to  
be a qualifi$ eligible p]son :o mu/     
satisfy ! portfolio requirem5t1 mu/ meet
 ! requirem5t ( p>agraph 7#a7 & !       
requirem5t ( p>agraph 7#b73  7#a7 ,means
 ,! requirem5t ( ?is p>agraph is t !    

p]son mu/ h-- 7,a7 an individual net    
wor?1 or jo9t net wor? ) ! sp\se1 if    
any1 ( ! p]son1 at ! "t ( ! op5+ ( an   
exempt acc\nt or pur*ase ( #a or m      
p>ticipation units 9 an exempt commodity
 pool1 to qualify ! p]son z an accr$it$ 
inve/or1 z def9$ 9 section              
#bcj4eja7;a77#e7 ( title #ag1 ,code (   
,f$]al ,regulations1 z if t regulation 7
 am5d$ by /rik+ #a1jjj1jjj & ins]t+     
#e1jjj1jjj2 or  7,b7 individual income1 
or jo9t income ) ! sp\se1 if any1 ( !   
p]son1 9 excess ( #ejj1jjj 9 ea* ( ! #b 
mo/ rec5t ye>s1 & h a reasonable        
expectation ( rea*+ ! same income level 
9 ! curr5t ye>4  7#b7 ,portfolio ,!     
requirem5t ( ?is p>agraph is t ! p]son  
mu/ meet a portfolio requirem5t "u      
section #d4g7;a77#a77v7 ( title #ag1    
,code ( ,f$]al ,regulations1 z if t     
regulation 7 am5d$--  7,a7 by /rik+     
#b1jjj1jjj & ins]t+ #e1jjj1jjj2  7,b7 by
 /rik+ #bjj1jjj & ins]t+ #ejj1jjj2  7,c7
 by /rik+ #a1jjj1jjj & ins]t+           
#b1ejj1jjj2 &  7,d7 by /rik+ #ajj1jjj & 

ins]t+ #bej1jjj4  7b7 ,inflation ,9     
adopt+ a rule pursuant to subsection    
7a71 ! ,commission %all-- 7#a7 include  
provisions provid+ = adju/+ ! doll>     
am\nts ref]r$ to 9 subsection 7a7 =     
inflation e ?ree ye>s to ! ne>e/ #a1jjj 
to reflect ! *ange 9 ! ,consum] ,price  
,index = ,all ,urban ,consum]s publi%$  
by ! ,bureau ( ,labor ,/ati/ics2 &  7#b7
 all[ any natural p]son :o meets !      
requirem5ts ( a qualifi$ eligible p]son 
& is a p>ticipant 9 a commodity pool or 
! cu/om] ( a commodity trad+ advisor    
provid$ relief "u section #d4g ( title  
#ag1 ,code ( ,f$]al ,regulations1 be=e !
 date ( any adju/m5t 9 su* requirem5ts  
e/abli%$ pursuant to ?is rule to rema9 a
 qualifi$ eligible p]son1 not)/&+ su*   
adju/m5ts e/abli%$ pursuant to ?is rule1
 if--  7,a7 ! natural p]son cont9ues to 
meet ! requirem5ts ( qualifi$ eligible  
p]sons pursuant to section #d4g ( title 
#ag1 ,code ( ,f$]al ,regulations1 z 9   
effect be=e ! date ( any adju/m5t 9 su* 
requirem5ts e/abli%$ pursuant to ?is    

rule2 &  7,b7 ! natural p]son does n--  
7i7 sell all %>es ( its p>ticipation 9  
su* exempt commodity pool2  7ii7 )draw  
all assets f any acc\nt manag$ by su*   
exempt commodity trad+ advisor2  7iii7  
pur*ase any new %>es ( p>ticipation 9   
su* exempt commodity pool2 or  7iv7     
contribute additional assets to any     
acc\nt manag$ by su* exempt commodity   
trad+ advisor4  #abc4 ,gov]nm5t         
,acc\ntability ,(fice /udy on alum9um   
m>kets  7a7 ,/udy ,! ,comptroll] ,g5]al 
( ! ,unit$ ,/ates %all conduct a /udy   
(--  7#a7 ! alum9um m>kets 9 ! ,unit$   
,/ates & globally1 9 g5]al2  7#b7 !     
effectiv5ess & effici5cy ( ! m>kets =   
pur*as]s ( alum9um2  7#c7 :at factors & 
policies influ5ce ! supply1 dem&1 &     
movem5t ( alum9um ar\nd ! _w2 &  7#d7 ! 
effectiv5ess ( gov]nm5t ov]sight ov] !  
m>kets4  7b7 ,report ,)9 #ahj days aft] 
! date ( ! enactm5t ( ?is ,act1 !       
,comptroll] ,g5]al %all submit to !     
,committee on ,agriculture ( ! ,h\se (  
,repres5tatives & ! ,committee on       

,agriculture1 ,nutrition1 & ,=e/ry ( !  
,s5ate a writt5 report t conta9s !      
results ( ! /udy requir$ by subsection  
7a74  #abd4 ,response to =eign          
regulatory au?ority ,:]e a =eign        
au?ority seeks to ass]t direct          
sup]visory au?ority ov] d]ivatives cle>+
 organizations domicil$ 9 ! ,unit$      
,/ates1 ! ,commodity ,futures ,trad+    
,commission %\ld review ! appropriat5ess
 ( ! exemptions grant$ to =eign         
entities1 includ+ cle>+h\ses1 "u !      
jurisdiction ( ! =eign au?ority4  #abe4 
,affiliate conditions ,section          
#b7;h77#g77;,d77iv7 ( ! ,commodity      
,ex*ange ,act 7#g ,u4,s4,c4             
#b7;h77#g77;,d77iv77 is am5d$-- 7#a7 9  
subclause 7,i71 by /rik+ risk2 & &      
ins]t+  risk1 unless ! affiliate c      
demon/rate to ! ,commission1 z det]m9$  
by ! ,commission1 t-- 7aa7 ! affiliate  
has utiliz$ ! exception 9 clause 7i7    
only to h$ge or mitigate comm]cial risk2
 &  7bb7 ! affiliate complies1 z a      
f9ancial entity1 ) ! obligations ( !    

affiliate ) respect to any swap = :i* ! 
exception 9 clause 7i7 is n ex]cis$2 &  
2 &  7#b7 9 subclause 7,,ii71 by /rik+  
nei!r ! affiliate nor any p]son         
affiliat$ ) ! affiliate t is n a        
f9ancial entity & ins]t+ nei!r !        
affiliate t qualifies = ! exception 9   
clause 7i7 nor any p]son affiliat$ ) !  
affiliate1 t is directly or indirectly  
:olly- or majority-own$ by ! same       
ultimate p>5t1 & t ent]s into swaps ) ! 
affiliate4  ,,ii ,,te*nical             
,,corrections  #bja4 ,correction (      
ref]5ces  7a7 ,section                  
#b7;h77#h77;,a77ii7 ( ! ,commodity      
,ex*ange ,act 7#g ,u4,s4,c4             
#b7;h77#h77;,a77ii77 is am5d$ by /rik+  
#e;h7f7 ( ?is ,act & ins]t+ #e;h7g74    
7b7 ,section #e;c7c77#e77;,c77i7 ( su*  
,act 7#g ,u4,s4,c4                      
#g;a-#b7;c77#e77;,c77i77 is am5d$ by    
/rik+ #a;a7#b77;i77 & ins]t+            
#a;a7#ai77;i774  7c7 ,section #bc7;f7 ( 
su* ,act 7#g ,u4,s4,c4 #bf7;f77 is am5d$
 by /rik+ section #gjfd & ins]t+ section

 #gjf4  #bjb4 ,elim9ation ( obsolete    
ref]5ces to deal] options  7a7 ,9 g5]al 
,section #d;c ( ! ,commodity ,ex*ange   
,act 7#g ,u4,s4,c4 #f;c7 is am5d$ by    
/rik+ subsections 7d7 & 7e7 & r$esignat+
 subsections 7f7 & 7g7 z subsections 7d7
 & 7e71 respectively4  7b7 ,con=m+      
am5dm5ts  7#a7 ,section #b7;d7 ( su*    
,act 7#g ,u4,s4,c4 #b7;d77 is am5d$ by  
/rik+ 7g7 ( & ins]t+ 7e7 (4  7#b7       
,section #d;f7a77#d77;,a77i7 ( su* ,act 
7#g ,u4,s4,c4 #f;f7a77#d77;,a77i77 is   
am5d$ by /rik+ 1 7d71 7e71 & 7g7 &      
ins]t+ & 7e74  7#c7 ,section            
#dk7#e77;,a7 ( su* ,act 7#g ,u4,s4,c4   
#fk7#e77;,a77 is am5d$ by /rik+ 1 7d71  
7e71 & 7g7 & ins]t+ & 7e74  7#d7        
,section #e;f7b77#a77;,a7 ( su* ,act 7#g
 ,u4,s4,c4 #g;b-#a7;b77#a77;,a77 is     
am5d$ by /rik+ 1 7e71 & 7g7 & ins]t+ &  
7e74  7#e7 ,section #i7;a77#b7 ( su*    
,act 7#g ,u4,s4,c4 #ac7;a77#b77 is am5d$
 by /rik+ ?r\gh 7e7 ( subsection &      
ins]t+ ?r\gh 7c7 ( section4  #bjc4      
,updat$ trade data publication          

requirem5t ,section #d;g7e7 ( !         
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#f;g7e77 is am5d$ by /rik+ ! ex*ange &  
ins]t+ ea* designat$ contract m>ket &   
swap execution facility4  #bjd4         
,flexibility = all regi/]$ entities  7a7
 ,section #e;c7b7 ( ! ,commodity        
,ex*ange ,act 7#g ,u4,s4,c4 #g;a-#b7;b77
 is am5d$ by /rik+ contract m>ket1      
d]ivatives transaction execution        
facility1 or electronic trad+ facility  
ea* place x appe>s & ins]t+ regi/]$     
entity4  7b7 ,section #e;c7b77#a7 ( su* 
,act 7#g ,u4,s4,c4 #g;a-#b7;b77#a77 is  
am5d$--  7#a7 by /rik+ 7#a7 ,9          
g5]al4--,a & ins]t+ ! foll[+3  7#a7     
,delegation  7,a7 ,9 g5]al ,a  2  7#b7  
by /rik+ ) respect to a significant     
price discov]y contract2 &  7#c7 by add+
 aft] & bel[ ! end ! foll[+3  7,b7      
,swaps ,9 addition to ! au?ority        
describ$ 9 subp>agraph 7,a71 a regi/]$  
entity may also comply ) any applicable 
core pr9ciple1 z x applies to swaps1    
?r\gh delegation ( any relevant function

 to a regi/]$ national securities       
association4  4  #bje4 ,elim9ation (    
obsolete ref]5ces to electronic trad+   
facilities  7a7 ,section                
#a;a7#ah77;,a77x7 ( ! ,commodity        
,ex*ange ,act 7#g ,u4,s4,c4             
#a;a7#ah77;,a77x77 is am5d$ by /rik+    
7o!r ?an an electronic trad+ facility ) 
respect to a significant price discov]y 
contract74  7b7 ,section #a;a7#dj7 ( su*
 ,act 7#g ,u4,s4,c4 #a;a7#dj77 is       
am5d$--  7#a7 by add+ & at ! end (      
subp>agraph 7,d72 &  7#b7 by /rik+ all t
 foll[s 8section #ba0 & ins]t+ a p]iod4 
7c7 ,section #d;a7e7 ( su* ,act 7#g     
,u4,s4,c4 #f;a7e77 is am5d$-- 7#a7 9 !  
fir/ s5t5ce--  7,a7 by /rik+ or by any  
electronic trad+ facility2  7,b7 by     
/rik+ or on an electronic trad+         
facility2 &  7,c7 by /rik+ or electronic
 trad+ facility ea* place x appe>s2 &   
7#b7 9 ! second s5t5ce1 by /rik+ or     
electronic trad+ facility ) respect to a
 significant price discov]y contract4   
7d7 ,section #d;g7a7 ( su* ,act 7#g     

,u4,s4,c4 #f;g7a77 is am5d$ by /rik+ any
 significant price discov]y contract    
trad$ or execut$ on an electronic trad+ 
facility or4  7e7 ,section #d;i ( su*   
,act 7#g ,u4,s4,c4 #f;i7 is am5d$--     
7#a7 by /rik+ 1 or any significant price
 discov]y contract trad$ or execut$ on  
an electronic trad+ facility2 &  7#b7 by
 /rik+ or electronic trad+ facility4    
7f7 ,section #f7;b7 ( su* ,act 7#g      
,u4,s4,c4 #h7;b77 is am5d$ by /rik+ or  
electronic trad+ facility ea* place x   
appe>s4  7g7 ,section #ab7;e77#b7 ( su* 
,act 7#g ,u4,s4,c4 #af7;e77#b77 is am5d$
 by /rik+ 9 ! case (-- & all t foll[s & 
ins]t+ 9 ! case ( an agreem5t1 contract1
 or transaction t is exclud$ f ?is ,act 
"u section #b7;c7 or #b7;f7 ( ?is ,act  
or title ,,iv ( ! ,commodity ,futures   
,mod]nization ,act ( #bjjj1 or exempt$  
"u section #d7;c7 ( ?is ,act 7reg>dless 
( :e!r any su* agreem5t1 contract1 or   
transaction is o!rwise subject to ?is   
,act744  #bjf4 ,elim9ation ( obsolete   
ref]5ce to alt]native swap execution    

facilities ,section #e;h7h7 ( !         
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#g;b-#c7;h77 is am5d$ by /rik+          
alt]native be=e swap4  #bjg4            
,cl>ification ( ,commission au?ority ov]
 swaps trad+ ,section #h;a ( !          
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#ab;a7 is am5d$--  7#a7 9 p>agraph      
7#g7-- 7,a7 by ins]t+ ! protection (    
swaps trad]s & to assure fair deal+ 9   
swaps1 = aft] appropriate =2  7,b7 9    
subp>agraph 7,a71 by ins]t+ swaps or    
aft] conditions 92 &  7,c7 9 subp>agraph
 7,b71 by ins]t+ or swaps aft] future   
deliv]y2 &  7#b7 9 p>agraph 7#i7-- 7,a7 
by ins]t+ swap or aft] or liquidation ( 
any2 &  7,b7 by ins]t+ swap or aft] m>g9
 levels on any4  #bjh4 ,elim9ation (    
obsolete ref]5ce to ! ,commodity        
,ex*ange ,commission ,section #ac7;c7 ( 
! ,commodity ,ex*ange ,act 7#g ,u4,s4,c4
 #ac;c7c77 is am5d$ by /rik+ or !       
,commission4  #bji4 ,elim9ation (       
obsolete ref]5ces to d]ivative          
transaction execution facilities  7a7   

,section #a;a7#ab77;,b77vi7 ( !         
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#a;a7#ab77;,b77vi77 is am5d$ by /rik+   
d]ivatives transaction execution        
facility & ins]t+ swap execution        
facility4  7b7 ,section #a;a7#cd7 ( su* 
,act 7#g ,u4,s4,c4 #a;a7#cd77 is am5d$--
  7#a7 9 ! head+1 by /rik+ 2 memb] ( a  
d]ivatives transaction execution        
facility2 &  7#b7 by /rik+ or d]ivatives
 transaction execution facility ea*     
place x appe>s4  7c7 ,section           
#a;a7#ce77;,b77iii77,i7 ( su* ,act 7#g  
,u4,s4,c4 #a;a7#ce77;,b77iii77,i77 is   
am5d$ by /rik+ or regi/]$ d]ivatives    
transaction execution facility4  7d7    
,section #b7;a77#a77;,c77ii7 ( su* ,act 
7#g ,u4,s4,c4 #b7;a77#a77;,c77ii77 is   
am5d$--  7#a7 by /rik+ 1 or regi/] a    
d]ivatives transaction execution        
facility t trades or executes12  7#b7 by
 /rik+ 1 & no d]ivatives transaction    
execution facility %all trade or execute
 su* contracts ( sale 7or options on su*
 contracts7 = future deliv]y2 &  7#c7 by

 /rik+ or ! d]ivatives transaction      
execution facility14  7e7 ,section      
#b7;a77#a77;,c77v77,i7 ( su* ,act 7#g   
,u4,s4,c4 #b7;a77#a77;,c77v77,i77 is    
am5d$ by /rik+ 1 or any d]ivatives      
transaction execution facility on :i*   
su* contract or option is trad$14  7f7  
,section #b7;a77#a77;,c77v77,,ii7 ( su* 
,act 7#g ,u4,s4,c4                      
#b7;a77#a77;,c77v77,,ii77 is am5d$ by   
/rik+ or d]ivatives transaction         
execution facility ea* place x appe>s4  
7g7 ,section #b7;a77#a77;,c77v77,v7 (   
su* ,act 7#g ,u4,s4,c4                  
#b7;a77#a77;,c77v77,v77 is am5d$ by     
/rik+ or regi/]$ d]ivatives transaction 
execution facility4  7h7 ,section       
#b7;a77#a77;,d77i7 ( su* ,act 7#g       
,u4,s4,c4 #b7;a77#a77;,d77i77 is am5d$ 9
 ! matt] prec$+ subclause 7,i7--  7#a7  
by /rik+ 91 or regi/] a d]ivatives      
transaction execution facility2 &  7#b7 
by /rik+ 1 or regi/]$ z a d]ivatives    
transaction execution facility =14  7i7 
,section #b7;a77#a77;,d77i77,,iv7 ( su* 

,act 7#g ,u4,s4,c4                      
#b7;a77#a77;,d77i77,,iv77 is am5d$ by   
/rik+ regi/]$ d]ivatives transaction    
execution facility1 ea* place x appe>s4 
7j7 ,section #b7;a77#a77;,d77ii77,i7 (  
su* ,act 7#g ,u4,s4,c4                  
#b7;a77#a77;,d77ii77,i77 is am5d$ to    
read z foll[s3  7,i7 ! transaction is   
conduct$ on or subject to ! rules ( a   
bo>d ( trade t has be5 designat$ by !   
,commission z a contract m>ket 9 su*    
security futures product2  4  7k7       
,section #b7;a77#a77;,d77ii77,,ii7 ( su*
 ,act 7#g ,u4,s4,c4                     
#b7;a77#a77;,d77ii77,,ii77 is am5d$ by  
/rik+ or regi/]$ d]ivatives transaction 
execution facility4  7l7 ,section       
#b7;a77#a77;,d77ii77,,iii7 ( su* ,act   
7#g ,u4,s4,c4                           
#b7;a77#a77;,d77ii77,,iii77 is am5d$ by 
/rik+ or regi/]$ d]ivatives transaction 
execution facility memb]4  7m7 ,section 
#b7;a77#i77;,b77ii7 ( su* ,act 7#g      
,u4,s4,c4 #b7;a77#i77;,b77ii77 is       
am5d$-- 7#a7 by /rik+ or regi/ration ea*

 place x appe>s2  7#b7 by /rik+ or      
d]ivatives transaction execution        
facility ea* place x appe>s2  7#c7 by   
/rik+ or regi/]2  7#d7 by /rik+ 1       
regi/]+12 &  7#e7 by /rik+ regi/ration14
  7n7 ,section #b7;c77#b7 ( su* ,act 7#g
 ,u4,s4,c4 #b7;c77#b77 is am5d$ by /rik+
 or a d]ivatives transaction execution  
facility ea* place x appe>s4  7o7       
,section #d7;a7 ( su* ,act 7#g ,u4,s4,c4
 #f7;a77 is am5d$--  7#a7 by /rik+ or   
d]ivatives transaction execution        
facility ea* place x appe>s2 &  7#b7 9  
p>agraph 7#a71 by /rik+ or regi/]$4  7p7
 ,section #d7;c77#a7 ( su* ,act 7#g     
,u4,s4,c4 #f7;c77#a77 is am5d$-- 7#a7 by
 /rik+ or regi/]$2 &  7#b7 by /rik+ or  
d]ivatives transaction execution        
facility4  7q7 ,section #d;a7a77#a7 (   
su* ,act 7#g ,u4,s4,c4 #f;a7a77#a77 is  
am5d$--  7#a7 by /rik+ or d]ivatives    
transaction execution facilities2 &     
7#b7 by /rik+ or d]ivatives transaction 
execution facility4  7r7 ,section       
#d;a7e7 ( su* ,act 7#g ,u4,s4,c4        

#f;a7e77 is am5d$-- 7#a7 by /rik+ 1     
d]ivatives transaction execution        
facility1 ea* place x appe>s2 &  7#b7 by
 /rik+ or d]ivatives transaction        
execution facility4  7s7 ,section       
#d;c7e7 ( su* ,act 7#g ,u4,s4,c4        
#f;c7g771 z s r$esignat$ by section     
#bjb7;a7 ( ?is ,act1 is am5d$ by /rik+  
or d]ivatives transaction execution     
facility ea* place x appe>s4  7t7       
,section #d;d ( su* ,act 7#g ,u4,s4,c4  
#f;d7 is am5d$ by /rik+ or d]ivatives   
transaction execution facility ea* place
 x appe>s4  7u7 ,section #d;e ( su* ,act
 7#g ,u4,s4,c4 #f;e7 is am5d$ by /rik+  
or d]ivatives transaction execution     
facility4  7v7 ,section #d;f7a7 ( su*   
,act 7#g ,u4,s4,c4 #f;f7a77 is am5d$ by 
/rik+ 8or regi/]$ d]ivatives transaction
 execution facility04  7w7 ,section     
#d;f7b7 ( su* ,act 7#g ,u4,s4,c4        
#f;f7b77 is am5d$ by /rik+ or d]ivatives
 transaction execution facility ea*     
place x appe>s4  7x7 ,section #d;i ( su*
 ,act 7#g ,u4,s4,c4 #f;i7 is am5d$ by   

/rik+ or d]ivatives transaction         
execution facility4  7y7 ,section #d;j (
 su* ,act 7#g ,u4,s4,c4 #f;j7 is am5d$--
 7#a7 9 ! head+ by /rik+ & regi/]$      
d]ivatives transaction execution        
facilities2  7#b7 9 subsection 7a71 by  
/rik+ & regi/]$ d]ivatives transaction  
execution facility2  7#c7 9 subsection  
7b71 by /rik+ or regi/]$ d]ivatives     
transaction execution facility2 &  7#d7 
9 subsection 7c71 by /rik+ or regi/]$   
d]ivatives transaction execution        
facility memb]s4  7z7 ,section #dk ( su*
 ,act 7#g ,u4,s4,c4 #fk7 is am5d$ by    
/rik+ or regi/]$ d]ivatives transaction 
execution facility4  7aa7 ,section #dl (
 su* ,act 7#g ,u4,s4,c4 #fl7 is am5d$ by
 /rik+ or d]ivatives transaction        
execution facilities ea* place x appe>s 
7bb7 ,section #dp7a7 ( su* ,act 7#g     
,u4,s4,c4 #fp7a77 is am5d$ by /rik+ 1 or
 d]ivatives transaction execution       
facilities4  7cc7 ,section #dp7b7 ( su* 
,act 7#g ,u4,s4,c4 #fp7b77 is am5d$ by  
/rik+ d]ivatives transaction execution  

facility14  7dd7 ,section #e7;e7 ( su*  
,act 7#g ,u4,s4,c4 #g7;e77 is am5d$--   
7#a7 by /rik+ 7e7 & all t foll[s ?r\gh a
 contract = & ins]t+ ! foll[+3  7e7     
,curr5t agricultural commodities ,a     
contract =  2 &  7#b7 by /rik+ p>agraph 
7#b74  7ee7 ,section #e;c7b7 ( su* ,act 
7#g ,u4,s4,c4 #g;a-#b7;b77 is am5d$ by  
/rik+ 1 d]ivatives transaction execution
 facility1 ea* place x appe>s4  7ff7    
,section #e;c7f7 ( su* ,act 7#g         
,u4,s4,c4 #g;a-#b7;f77 is am5d$ by /rik+
 & regi/]$ d]ivatives transaction       
execution facility4  7gg7 ,section      
#e;c7f77#a7 ( su* ,act 7#g ,u4,s4,c4    
#g;a-#b7;f77#a77 is am5d$ by /rik+ or   
regi/]$ d]ivatives transaction execution
 facility4  7hh7 ,section #f ( su* ,act 
7#g ,u4,s4,c4 #h7 is am5d$-- 7#a7 9     
subsection 7a71 by /rik+ or regi/]$2    
7#b7 by /rik+ or d]ivatives transaction 
execution facility ea* place x appe>s2 &
  7#c7 by /rik+ or regi/ration ea* place
 x appe>s4  7ii7 ,section #f;a7a7 ( su* 
,act 7#g ,u4,s4,c4 #aj;a7a77 is am5d$-- 

7#a7 by /rik+ or regi/]$2  7#b7 by /rik+
 or a d]ivatives transaction execution  
facility2 &  7#c7 by ins]t+ %all be=e   
exclude ! fir/ place x appe>s4  7jj7    
,section #f;a7b7 ( su* ,act 7#g         
,u4,s4,c4 #aj;a7b77 is am5d$-- 7#a7 by  
/rik+ or regi/]$2 &  7#b7 by /rik+ or a 
d]ivatives transaction execution        
facility4  7kk7 ,section #f;d7#a7 ( su* 
,act 7#g ,u4,s4,c4 #ac;a-#b7a77 is am5d$
 by /rik+ d]ivatives transaction        
execution facility14  #baj4 ,elim9ation 
( obsolete ref]5ces to exempt bo>ds (   
trade  7a7 ,section #a;a7#ah77;,a77x7 ( 
! ,commodity ,ex*ange ,act 7#g ,u4,s4,c4
 #a;a7#ah77;,a77x77 is am5d$ by /rik+   
8or an exempt bo>d ( trade04  7b7       
,section #ab7;e77#a77;,b77i7 ( su* ,act 
7#g ,u4,s4,c4 #af7;e77#a77;,b77i77 is   
am5d$ by /rik+ 8or exempt bo>d ( trade04
  #baa4 ,elim9ation ( complet$ reports  
7a7 ,section #bc7;h77#b77;,c7 ( !       
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#bf7;h77#b77;,c77 is am5d$ by /rik+     
clause 7iii74  7b7 ,section #bf ( !     

,futures ,trad+ ,act ( #aigh 7#g        
,u4,s4,c4 #af;a7 is am5d$ by /rik+      
subsection 7b7 & r$esignat+ subsection  
7c7 z subsection 7b74  #bab4            
,miscellane\s corrections  7a7 ,section 
#a;a7#ab77;,a77i77,,ii7 ( ! ,commodity  
,ex*ange ,act 7#g ,u4,s4,c4             
#a;a7#ab77;,a77i77,,ii77 is am5d$ by    
add+ at ! end a semicolon4  7b7 ,section
 #b7;a77#a77;,c77ii77,,iii7 ( su* ,act  
7#g ,u4,s4,c4                           
#b7;a77#a77;,c77ii77,,iii77 is am5d$ by 
mov+ ! provision #b ems to ! "r4  7c7   
,section #b7;a77#a77;,c77iii7 ( su* ,act
 7#g ,u4,s4,c4 #b7;a77#a77;,c77iii77 is 
am5d$ by mov+ ! provision #b ems to !   
"r4  7d7 ,section #b7;a77#a77;,c77iv7 ( 
su* ,act 7#g ,u4,s4,c4                  
#b7;a77#a77;,c77iv77 is am5d$ by /rik+  
"u or & ins]t+ "u4  7e7 ,section        
#b7;a77#a77;,c77v7 ( su* ,act 7#g       
,u4,s4,c4 #b7;a77#a77;,c77v77 is am5d$  
by mov+ ! provision #b ems to ! "r4  7f7
 ,section #b7;a77#a77;,c77v77,,vi7 ( su*
 ,act 7#g ,u4,s4,c4                     

#b7;a77#a77;,c77v77,,vi77 is am5d$ by   
/rik+ ,,iii & ins]t+ 7,,iii74  7g7      
,section #b7;c77#a7 ( su* ,act 7#g      
,u4,s4,c4 #b7;c77#a77 is am5d$ by /rik+ 
! second comma4  7h7 ,section           
#d7;c77#c77;,h7 ( su* ,act 7#g ,u4,s4,c4
 #f7;c77#c77;,h77 is am5d$ by /rik+ /ate
 & ins]t+ ,/ate4  7i7 ,section #d;c7c7 (
 su* ,act 7#g ,u4,s4,c4 #f;c7c77 is     
am5d$ to read z foll[s3  7c7 ,!         
,commission %all issue regulations to   
cont9ue to p]mit ! trad+ ( options on   
contract m>kets "u su* t]ms & conditions
 t ! ,commission f "t to "t may         
prescribe4  4  7j7 ,section #d;d7b7 (   
su* ,act 7#g ,u4,s4,c4 #f;d7b77 is am5d$
 by /rik+ p>agraph 7#b7 ( ?is section & 
ins]t+ subsection 7a77#b74  7k7 ,section
 #d;f7c77#c77;,a7 ( su* ,act 7#g        
,u4,s4,c4 #f;f7c77#c77;,a77 is am5d$ by 
/rik+ ! fir/ comma4  7l7 ,section       
#d;f7c77#d77;,a7 ( su* ,act 7#g         
,u4,s4,c4 #f;f7c77#d77;,a77 is am5d$ by 
/rik+ 9 develop+ & ins]t+ ,9 develop+4  
7m7 ,section #d;f7c77#d77;,b7 ( su* ,act

 7#g ,u4,s4,c4 #f;f7c77#d77;,b77 is     
am5d$ by /rik+ #ahag7;a7 & ins]t+       
#ahag7;a774  7n7 ,section #e ( su* ,act 
7#g ,u4,s4,c4 #g7 is am5d$ by r$esignat+
 subsections 7c7 ?r\gh 7e7 z subsections
 7b7 ?r\gh 7d71 respectively4  7o7      
,section #e;b ( su* ,act 7#g ,u4,s4,c4  
#g;a-#a7 is am5d$ by r$esignat+         
subsection 7k7 z subsection 7j74  7p7   
,section #e;f7b77#a7 ( su* ,act 7#g     
,u4,s4,c4 #g;b-#a7;b77#a77 is am5d$ by  
/rik+ section #e;f & ins]t+ ?is section4
  7q7 ,section #f7;a7 ( su* ,act 7#g    
,u4,s4,c4 #h7;a77 is am5d$ by /rik+ ! ! 
& ins]t+ !4  7r7 ,section #h;a ( su*    
,act 7#g ,u4,s4,c4 #ab;a7 is am5d$ 9 ea*
 ( p>agraphs 7#b77;,e7 & 7#c77;,b7 by   
/rik+ ,inve/ors & ins]t+ ,inve/or4  7s7 
,section #ab7;b77#d7 ( su* ,act 7#g     
,u4,s4,c4 #af7;b77#d77 is am5d$ by mov+ 
! provision #b ems to ! left4  7t7      
,section #ad7;a77#b7 ( su* ,act 7#g     
,u4,s4,c4 #ah7;a77#b77 is am5d$ by mov+ 
! m>g9 ( ! provision #b ems to ! left4  
7u7 ,section #ag7;b77#i77;,d7 ( su* ,act

 7#g ,u4,s4,c4 #ba7;b77#i77;,d77 is     
am5d$ by /rik+ ! semicolon & ins]t+ a   
p]iod4  7v7 ,section                    
#ag7;b77#aj77;,c77ii7 ( su* ,act 7#g    
,u4,s4,c4 #ba7;b77#aj77;,c77ii77 is     
am5d$ by /rik+ & at ! end4  7w7 ,section
 #ag7;b77#aa7 ( su* ,act 7#g ,u4,s4,c4  
#ba7;b77#aa77 is am5d$ by /rik+ ! p]iod 
& ins]t+ a semicolon4  7x7 ,section     
#ag7;b77#ab7 ( su* ,act 7#g ,u4,s4,c4   
#ba7;b77#ab77 is am5d$-- 7#a7 by /rik+  
7,a72 &  7#b7 by /rik+ ! p]iod & ins]t+ 
2 &4  7y7 ,section #ag7;b77#ac7 ( su*   
,act 7#g ,u4,s4,c4 #ba7;b77#ac77 is     
am5d$ by /rik+ ,a & ins]t+ a4  7z7      
,section #ag ( su* ,act 7#g ,u4,s4,c4   
#ba7 is am5d$ by r$esignat+ subsection  
7q71 z add$ by section #bcc7e7 ( ,public
 ,law #ig-ddd1 & subsection 7r7 z       
subsections 7r7 & 7s71 respectively4    
7aa7 ,section #bb7;b77#c7 ( su* ,act 7#g
 ,u4,s4,c4 #be7;b77#c77 is am5d$ by     
/rik+ ( regi/]$ & ins]t+ ( a regi/]$4   
7bb7 ,section #bb7;b77#d7 ( su* ,act 7#g
 ,u4,s4,c4 #be7;b77#d77 is am5d$ by     

ins]t+ a comma aft] entity4  #bac4      
,te*nical am5dm5ts to section #ad7;e7   
,section #ad7;e7 ( ! ,commodity ,ex*ange
 ,act 7#g ,u4,s4,c4 #ah7;e77 is am5d$-- 
7#a7 by ins]t+ 7#a7 aft] 7e72  7#b7 9 ! 
#a/ s5t5ce-- 7,a7 by ins]t+ f9al aft]   
,any2  7,b7 by /rik+ h]eund] & ins]t+ "u
 ?is section2 &  7,c7 by /rik+ !        
appellee & ins]t+ an appellee2  7#c7 9 !
 #bnd s5t5ce-- 7,a7 by /rik+ ,su* appeal
 & ins]t+ ,if ! ord] requires !         
petition] to pay rep>ation1 or upholds a
 prior ord] requir+ su* a paym5t1 !     
petition = review2  7,b7 by /rik+       
appellant ea* place x appe>s & ins]t+   
petition]2  7,c7 by /rik+ = ! appellee1 
if ! appellee %all prevail & ins]t+ z   
set =? bel[2  7#d7 9 ! #d? s5t5ce1 by   
/rik+ ,! & ins]t+ ,an2 &  7#e7 9 ! #e?  
s5t5ce--  7,a7 by ins]t+ p>ticipates 9 !
 proce$+s be=e ! ,c\rt ( ,appeals ?r\gh 
c\nsel & be=e prevails2 &  7,b7 by /rik+
 8 & ins]t+ ! appellee's2 &  7#f7 by    
add+ aft] & bel[ ! end ! foll[+3  7#b7  
,9 p>agraph 7#a71 ! t]m appellee means a

 p>ty to a proce$+ be=e ! ,commission "u
 ?is section 9 ^: favor ! ,commission   
rul$ 9 an ord] t is ! subject ( a       
petition = review "u p>agraph 7#a7 & ^: 
int]e/s are adv]se to ^? ( ! petition]4 
4  #bad4 ,te*nical cl>ifications =      
retail =eign curr5cy ,section #b7;c77#b7
 ( ! ,commodity ,ex*ange ,act 7#g       
,u4,s4,c4 #b7;c77#b77 is am5d$-- 7#a7 9 
subp>agraph 7,b7--  7,a7 9 clause       
7i77,,ii71 by r$esignat+ item 7ff7 z    
item 7ee72  7,b7 by /rik+ 7gg7 ea* place
 x appe>s & ins]t+ 7ee72  7,c7 9 clause 
7iii71 by /rik+ 7ee71 or 7ff7 ( clause  
7i77,,ii7 ( ?is subp>agraph & ins]t+ or 
7dd7 ( clause 7i77,,ii72 &  7,d7 9      
clause 7iv7--  7i7 9 ea* ( subclauses   
7,i7 & 7,,ii71 by /rik+ 7ee71 or 7ff7   
ea* place x appe>s & ins]t+ or 7dd72    
7ii7 9 subclause 7,i77bb71 by ins]t+ 1  
or o!rwise act z a commodity trad+      
advisor ) respect to any agreem5t1      
contract1 or transaction describ$ 9     
clause 7i7 be=e ! semicolon2 &  7iii7 9 
subclause 7,,iv77aa71 by /rik+ 7ff7 &   

ins]t+ 7dd72  7#b7 9 subp>agraph 7,c7-- 
7,a7 by /rik+ 7ee71 or 7ff7 ea* place x 
appe>s & ins]t+ or 7dd72 &  7,b7 9      
clause 7iii7--  7i7 9 subclause         
7,i77bb71 by ins]t+ 1 or o!rwise act z a
 commodity trad+ advisor ) respect to   
any agreem5t1 contract1 or transaction  
describ$ 9 clause 7i7 be=e ! semicolon2 
&  7ii7 9 subclause 7,,iv77aa71 by /rik+
 item 7aa7 ?r\gh 7ff7 & ins]t+ items    
7aa7 ?r\gh 7dd72 &  7#c7 9 subp>agraph  
7,e77ii77,i71 by ins]t+ or 7,c77i77,i7  
aft] 7,b77i77,i74  #bae4 ,miscellane\s  
swap te*nical corrections  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  ,novemb] #bf1 #bjai    
,report$ ) an am5dm5t1 committ$ to !    
,committee ( ! ,:ole ,h\se on ! ,/ate ( 
! ,union1 & ord]$ to be pr9t$