<enum>I</enum> <header>CUSTOMER PROTECTIONS</header> <section id="H772E15FBFAB640828E4AD371B8F0577B"> <enum>101.</enum> <header>Enhanced protections for futures customers</header> <text display-inline="no-display-inline">Section 17 of the Commodity Exchange Act (7 U.S.C. 21) is amended by adding at the end the following:</text> <quoted-block id="H6C76CAE28C4543F09E37C13CAC36801E" style="OLC"> <subsection id="H615CF9CE481345158B2E2F55D1E3945E"> <enum>(s)</enum> <text>A registered futures association shall—</text> <paragraph id="H99AB8F970E0B434296326DCDCB4BA760"> <enum>(1)</enum> <text>require each member of the association that is a futures commission merchant to maintain written policies and procedures regarding the maintenance of—</text> <subparagraph id="HAD97A7952F414E96BEA8095F73097A43"> <enum>(A)</enum> <text>the residual interest of the member, as described in section 1.23 of title 17, Code of Federal Regulations, in any customer segregated funds account of the member, as identified in section 1.20 of such title, and in any foreign futures and foreign options customer secured amount funds account of the member, as identified in section 30.7 of such title; and</text> </subparagraph> <subparagraph id="H95CD857640854C76909A65ECE9A767FB"> <enum>(B)</enum> <text>the residual interest of the member, as described in section 22.2(e)(4) of such title, in any cleared swaps customer collateral account of the member, as identified in section 22.2 of such title; and</text> </subparagraph> </paragraph> <paragraph id="H6E3AF4EB9F7846A79BD2479A19176A49"> <enum>(2)</enum> <text>establish rules to govern the withdrawal, transfer or disbursement by any member of the association, that is a futures commission merchant, of the member’s residual interest in customer segregated funds as provided in such section 1.20, in foreign futures and foreign options customer secured amount funds, identified as provided in such section 30.7, and from a cleared swaps customer collateral, identified as provided in such section 22.2.</text> </paragraph> </subsection> <after-quoted-block>.</after-quoted-block> </quoted-block> </section> <section id="H0096F9F5906448AD9F00223BEA6DF160"> <enum>102.</enum> <header>Electronic confirmation of customer funds</header> <text display-inline="no-display-inline">Section 17 of the Commodity Exchange Act (7 U.S.C. 21), as amended by section 101 of this Act, is amended by adding at the end the following:</text> <quoted-block id="HE9C3EB4474A045EE81DA1541039787A1" style="OLC"> <subsection id="HB5D84724AC4144A7BB2D39D32D26A67B"> <enum>(t)</enum> <text>A registered futures association shall require any member of the association that is a futures commission merchant to—</text> <paragraph id="H40B016AE61CD411291FDDB48414B5E48"> <enum>(1)</enum> <text>use an electronic system or systems to report financial and operational information to the association or another party designated by the registered futures association, including information related to customer segregated funds, foreign futures and foreign options customer secured amount funds accounts, and cleared swaps customer collateral, in accordance with such terms, conditions, documentation standards, and regular time intervals as are established by the registered futures association;</text> </paragraph> <paragraph id="H4C23FA4FD7BF49679588C3FB15C6DA39"> <enum>(2)</enum> <text>instruct each depository, including any bank, trust company, derivatives clearing organization, or futures commission merchant, holding customer segregated funds under section 1.20 of title 17, Code of Federal Regulations, foreign futures and foreign options customer secured amount funds under section 30.7 of such title, or cleared swap customer funds under section 22.2 of such title, to report balances in the futures commission merchant’s section 1.20 customer segregated funds, section 30.7 foreign futures and foreign options customer secured amount funds, and section 22.2 cleared swap customer funds, to the registered futures association or another party designated by the registered futures association, in the form, manner, and interval prescribed by the registered futures association; and</text> </paragraph> <paragraph id="H4F8F799C7AC341808DB0D59ABF435F03"> <enum>(3)</enum> <text>hold section 1.20 customer segregated funds, section 30.7 foreign futures and foreign options customer secured amount funds and section 22.2 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 form, manner, and interval prescribed by the registered futures association.</text> </paragraph> </subsection> <after-quoted-block>.</after-quoted-block> </quoted-block> </section> <section id="H1232A9B99B7341F58333955C0A85F062"> <enum>103.</enum> <header>Notice and certifications providing additional customer protections</header> <text display-inline="no-display-inline">Section 17 of the Commodity Exchange Act (7 U.S.C. 21), as amended by sections 101 and 102 of this Act, is amended by adding at the end the following:</text> <quoted-block id="HFF35D45BE194478DA3F4D1F91B2BE48F" style="OLC"> <subsection id="H8E7B228C105B4228B9DBACDDD26F7A4A"> <enum>(u)</enum> <text>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 occurrence.</text> </subsection> <subsection id="H616D00A22A884484AAAA5F0728B97B89"> <enum>(v)</enum> <text>A futures commission merchant that does not hold a sufficient amount of funds in segregated accounts for futures customers under section 1.20 of title 17, Code of Federal Regulations, in foreign futures and foreign options secured amount accounts for foreign futures and foreign options secured amount customers under section 30.7 of such title, or in segregated accounts for cleared swap customers under section 22.2 of such title, as 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 occurrence.</text> </subsection> <subsection id="HB7194816777E4FA98F17A231FE884F3F"> <enum>(w)</enum> <text>Within such time period established by the Commission after the end of each fiscal year, 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 merchant.</text> </subsection> <after-quoted-block>.</after-quoted-block> </quoted-block> </section> <section id="HBDCFF3853EC3457980ECFD0EC866F995"> <enum>104.</enum> <header>Futures commission merchant compliance</header> <subsection id="HA8D44D6B7EA944E5B878783D7D6785A6"> <enum>(a)</enum> <header>In general</header> <text>Section 4d(a) of the Commodity Exchange Act (7 U.S.C. 6d(a)) is amended—</text> <paragraph id="H128B9CD908DC474C8673E9848564B379"> <enum>(1)</enum> <text>by redesignating paragraphs (1) and (2) as subparagraphs (A) and (B);</text> </paragraph> <paragraph id="HFDB47FCD79DE41DD8A0AFD955E52CAFF"> <enum>(2)</enum> <text>by inserting <quote>(1)</quote> before <quote>It shall be unlawful</quote>; and</text> </paragraph> <paragraph id="H631109C60C40478EB6957503108AD894"> <enum>(3)</enum> <text>by adding at the end the following new paragraph:</text> <quoted-block id="H7EAEBA74AD2E482F82A5EEBFD86FB389" style="OLC"> <paragraph id="HE744D2DAE37443AF9762DCD022F3851C"> <enum>(2)</enum> <text>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 day.</text> </paragraph> <after-quoted-block>.</after-quoted-block> </quoted-block> </paragraph> </subsection> <subsection id="HA5B82DB6E2D145D9BC94617401557BC6"> <enum>(b)</enum> <header>Conforming amendment</header> <text>Section 4d(h) of such Act (7 U.S.C. 6d(h)) is amended by striking <quote>Notwithstanding subsection (a)(2)</quote> and inserting <quote>Notwithstanding subsection (a)(1)(B)</quote>.</text> </subsection> </section> <section id="HA9F2921E0A9E4575AF3D870A01DEFFBD"> <enum>105.</enum> <header>Certainty for futures customers and market participants</header> <text display-inline="no-display-inline">Section 20(a) of the Commodity Exchange Act (7 U.S.C. 24(a)) is amended—</text> <paragraph id="H842382847B6147B5ACCA273D81FBB1C5"> <enum>(1)</enum> <text>by striking <quote>and</quote> at the end of paragraph (4);</text> </paragraph> <paragraph id="HDF1F1BC9D68249F98E57CCBF5BABE76B"> <enum>(2)</enum> <text>by striking the period at the end of paragraph (5) and inserting <quote>; and</quote>; and</text> </paragraph> <paragraph id="H7B09B359C73C4DAE9A2AA16F1A041A6C"> <enum>(3)</enum> <text>by adding at the end the following:</text> <quoted-block id="H9F9EE13F26364B8D8F4013F848B0AF80" style="OLC"> <paragraph id="H7F0DAD8A7AB241DCA1B52EDBDDC566BB"> <enum>(6)</enum> <text>that cash, securities, or other property of the estate of a commodity broker, including the trading or operating accounts of the commodity broker and commodities held in inventory by the commodity broker, shall be included in customer property, subject to any otherwise unavoidable security interest, or otherwise unavoidable contractual offset or netting rights of creditors (including rights set forth in a rule or bylaw of a derivatives clearing organization or a clearing agency) in respect of such property, but only to the extent that the property that is otherwise customer property is insufficient to satisfy the net equity claims of public customers (as such term may be defined by the Commission by rule or regulation) of the commodity broker.</text> </paragraph> <after-quoted-block>.</after-quoted-block> </quoted-block> </paragraph> </section>

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[Discussion Draft]

May 26, 2015

114th CONGRESS 1st Session

Rules Committee Print 114-18

Text of H.R. 2289, Commodity End-User Relief Act

[Showing text based on H.R. 2289, as ordered reported by the Committee on Agriculture.]

Short title

This Act may be cited as the Commodity End-User Relief Act.

Table of contents

The table of contents of this Act is as follows:

Sec. 1. Short title.

Sec. 2. Table of contents.

Title I—CUSTOMER PROTECTIONS

Sec. 101. Enhanced protections for futures customers.

Sec. 102. Electronic confirmation of customer funds.

Sec. 103. Notice and certifications providing additional customer protections.

Sec. 104. Futures commission merchant compliance.

Sec. 105. Certainty for futures customers and market participants.

Title II—COMMODITY FUTURES TRADING COMMISSION REFORMS

Sec. 201. Extension of operations.

Sec. 202. Consideration by the Commodity Futures Trading Commission of the costs and benefits of its regulations and orders.

Sec. 203. Division directors.

Sec. 204. Office of the Chief Economist.

Sec. 205. Procedures governing actions taken by Commission staff.

Sec. 206. Strategic technology plan.

Sec. 207. Internal risk controls.

Sec. 208. Subpoena duration and renewal.

Sec. 209. Applicability of notice and comment requirements of the Administrative Procedure Act to guidance voted on by the Commission.

Sec. 210. Judicial review of Commission rules.

Sec. 211. GAO study on use of Commission resources.

Sec. 212. Disclosure of required data of other registered entities.

Sec. 213. Report on status of any application of metals exchange to register as a foreign board of trade; deadline for action on application.

Title III—END-USER RELIEF

Sec. 301. Relief for hedgers utilizing centralized risk management practices.

Sec. 302. Indemnification requirements.

Sec. 303. Transactions with utility special entities.

Sec. 304. Utility special entity defined.

Sec. 305. Utility operations-related swap.

Sec. 306. End-users not treated as financial entities.

Sec. 307. Reporting of illiquid swaps so as to not disadvantage certain non-financial end-users.

Sec. 308. Relief for grain elevator operators, farmers, agricultural counterparties, and commercial market participants.

Sec. 309. Relief for end-users who use physical contracts with volumetric optionality.

Sec. 310. Commission vote required before automatic change of swap dealer de minimis level.

Sec. 311. Capital requirements for non-bank swap dealers.

Sec. 312. Harmonization with the Jumpstart Our Business Startups Act.

Sec. 313. Bona fide hedge defined to protect end-user risk management needs.

Sec. 314. Cross-border regulation of derivatives transactions.

Sec. 315. Exemption of qualified charitable organizations from designation and regulation as commodity pool operators.

Sec. 316. Small bank holding company clearing exemption.

Sec. 317. Core principle certainty.

Sec. 318. Treatment of Federal Home Loan Bank products.

Sec. 319. Treatment of certain funds.

Title IV—TECHNICAL CORRECTIONS

Sec. 401. Correction of references.

Sec. 402. Elimination of obsolete references to dealer options.

Sec. 403. Updated trade data publication requirement.

Sec. 404. Flexibility for registered entities.

Sec. 405. Elimination of obsolete references to electronic trading facilities.

Sec. 406. Elimination of obsolete reference to alternative swap execution facilities.

Sec. 407. Elimination of redundant references to types of registered entities.

Sec. 408. Clarification of Commission authority over swaps trading.

Sec. 409. Elimination of obsolete reference to the Commodity Exchange Commission.

Sec. 410. Elimination of obsolete references to derivative transaction execution facilities.

Sec. 411. Elimination of obsolete references to exempt boards of trade.

Sec. 412. Elimination of report due in 1986.

Sec. 413. Compliance report flexibility.

Sec. 414. Miscellaneous corrections.

<enum>I</enum> <header>CUSTOMER PROTECTIONS</header> <section id="H772E15FBFAB640828E4AD371B8F0577B"> <enum>101.</enum> <header>Enhanced protections for futures customers</header> <text display-inline="no-display-inline">Section 17 of the Commodity Exchange Act (7 U.S.C. 21) is amended by adding at the end the following:</text> <quoted-block id="H6C76CAE28C4543F09E37C13CAC36801E" style="OLC"> <subsection id="H615CF9CE481345158B2E2F55D1E3945E"> <enum>(s)</enum> <text>A registered futures association shall—</text> <paragraph id="H99AB8F970E0B434296326DCDCB4BA760"> <enum>(1)</enum> <text>require each member of the association that is a futures commission merchant to maintain written policies and procedures regarding the maintenance of—</text> <subparagraph id="HAD97A7952F414E96BEA8095F73097A43"> <enum>(A)</enum> <text>the residual interest of the member, as described in section 1.23 of title 17, Code of Federal Regulations, in any customer segregated funds account of the member, as identified in section 1.20 of such title, and in any foreign futures and foreign options customer secured amount funds account of the member, as identified in section 30.7 of such title; and</text> </subparagraph> <subparagraph id="H95CD857640854C76909A65ECE9A767FB"> <enum>(B)</enum> <text>the residual interest of the member, as described in section 22.2(e)(4) of such title, in any cleared swaps customer collateral account of the member, as identified in section 22.2 of such title; and</text> </subparagraph> </paragraph> <paragraph id="H6E3AF4EB9F7846A79BD2479A19176A49"> <enum>(2)</enum> <text>establish rules to govern the withdrawal, transfer or disbursement by any member of the association, that is a futures commission merchant, of the member’s residual interest in customer segregated funds as provided in such section 1.20, in foreign futures and foreign options customer secured amount funds, identified as provided in such section 30.7, and from a cleared swaps customer collateral, identified as provided in such section 22.2.</text> </paragraph> </subsection> <after-quoted-block>.</after-quoted-block> </quoted-block> </section> <section id="H0096F9F5906448AD9F00223BEA6DF160"> <enum>102.</enum> <header>Electronic confirmation of customer funds</header> <text display-inline="no-display-inline">Section 17 of the Commodity Exchange Act (7 U.S.C. 21), as amended by section 101 of this Act, is amended by adding at the end the following:</text> <quoted-block id="HE9C3EB4474A045EE81DA1541039787A1" style="OLC"> <subsection id="HB5D84724AC4144A7BB2D39D32D26A67B"> <enum>(t)</enum> <text>A registered futures association shall require any member of the association that is a futures commission merchant to—</text> <paragraph id="H40B016AE61CD411291FDDB48414B5E48"> <enum>(1)</enum> <text>use an electronic system or systems to report financial and operational information to the association or another party designated by the registered futures association, including information related to customer segregated funds, foreign futures and foreign options customer secured amount funds accounts, and cleared swaps customer collateral, in accordance with such terms, conditions, documentation standards, and regular time intervals as are established by the registered futures association;</text> </paragraph> <paragraph id="H4C23FA4FD7BF49679588C3FB15C6DA39"> <enum>(2)</enum> <text>instruct each depository, including any bank, trust company, derivatives clearing organization, or futures commission merchant, holding customer segregated funds under section 1.20 of title 17, Code of Federal Regulations, foreign futures and foreign options customer secured amount funds under section 30.7 of such title, or cleared swap customer funds under section 22.2 of such title, to report balances in the futures commission merchant’s section 1.20 customer segregated funds, section 30.7 foreign futures and foreign options customer secured amount funds, and section 22.2 cleared swap customer funds, to the registered futures association or another party designated by the registered futures association, in the form, manner, and interval prescribed by the registered futures association; and</text> </paragraph> <paragraph id="H4F8F799C7AC341808DB0D59ABF435F03"> <enum>(3)</enum> <text>hold section 1.20 customer segregated funds, section 30.7 foreign futures and foreign options customer secured amount funds and section 22.2 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 form, manner, and interval prescribed by the registered futures association.</text> </paragraph> </subsection> <after-quoted-block>.</after-quoted-block> </quoted-block> </section> <section id="H1232A9B99B7341F58333955C0A85F062"> <enum>103.</enum> <header>Notice and certifications providing additional customer protections</header> <text display-inline="no-display-inline">Section 17 of the Commodity Exchange Act (7 U.S.C. 21), as amended by sections 101 and 102 of this Act, is amended by adding at the end the following:</text> <quoted-block id="HFF35D45BE194478DA3F4D1F91B2BE48F" style="OLC"> <subsection id="H8E7B228C105B4228B9DBACDDD26F7A4A"> <enum>(u)</enum> <text>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 occurrence.</text> </subsection> <subsection id="H616D00A22A884484AAAA5F0728B97B89"> <enum>(v)</enum> <text>A futures commission merchant that does not hold a sufficient amount of funds in segregated accounts for futures customers under section 1.20 of title 17, Code of Federal Regulations, in foreign futures and foreign options secured amount accounts for foreign futures and foreign options secured amount customers under section 30.7 of such title, or in segregated accounts for cleared swap customers under section 22.2 of such title, as 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 occurrence.</text> </subsection> <subsection id="HB7194816777E4FA98F17A231FE884F3F"> <enum>(w)</enum> <text>Within such time period established by the Commission after the end of each fiscal year, 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 merchant.</text> </subsection> <after-quoted-block>.</after-quoted-block> </quoted-block> </section> <section id="HBDCFF3853EC3457980ECFD0EC866F995"> <enum>104.</enum> <header>Futures commission merchant compliance</header> <subsection id="HA8D44D6B7EA944E5B878783D7D6785A6"> <enum>(a)</enum> <header>In general</header> <text>Section 4d(a) of the Commodity Exchange Act (7 U.S.C. 6d(a)) is amended—</text> <paragraph id="H128B9CD908DC474C8673E9848564B379"> <enum>(1)</enum> <text>by redesignating paragraphs (1) and (2) as subparagraphs (A) and (B);</text> </paragraph> <paragraph id="HFDB47FCD79DE41DD8A0AFD955E52CAFF"> <enum>(2)</enum> <text>by inserting <quote>(1)</quote> before <quote>It shall be unlawful</quote>; and</text> </paragraph> <paragraph id="H631109C60C40478EB6957503108AD894"> <enum>(3)</enum> <text>by adding at the end the following new paragraph:</text> <quoted-block id="H7EAEBA74AD2E482F82A5EEBFD86FB389" style="OLC"> <paragraph id="HE744D2DAE37443AF9762DCD022F3851C"> <enum>(2)</enum> <text>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 day.</text> </paragraph> <after-quoted-block>.</after-quoted-block> </quoted-block> </paragraph> </subsection> <subsection id="HA5B82DB6E2D145D9BC94617401557BC6"> <enum>(b)</enum> <header>Conforming amendment</header> <text>Section 4d(h) of such Act (7 U.S.C. 6d(h)) is amended by striking <quote>Notwithstanding subsection (a)(2)</quote> and inserting <quote>Notwithstanding subsection (a)(1)(B)</quote>.</text> </subsection> </section> <section id="HA9F2921E0A9E4575AF3D870A01DEFFBD"> <enum>105.</enum> <header>Certainty for futures customers and market participants</header> <text display-inline="no-display-inline">Section 20(a) of the Commodity Exchange Act (7 U.S.C. 24(a)) is amended—</text> <paragraph id="H842382847B6147B5ACCA273D81FBB1C5"> <enum>(1)</enum> <text>by striking <quote>and</quote> at the end of paragraph (4);</text> </paragraph> <paragraph id="HDF1F1BC9D68249F98E57CCBF5BABE76B"> <enum>(2)</enum> <text>by striking the period at the end of paragraph (5) and inserting <quote>; and</quote>; and</text> </paragraph> <paragraph id="H7B09B359C73C4DAE9A2AA16F1A041A6C"> <enum>(3)</enum> <text>by adding at the end the following:</text> <quoted-block id="H9F9EE13F26364B8D8F4013F848B0AF80" style="OLC"> <paragraph id="H7F0DAD8A7AB241DCA1B52EDBDDC566BB"> <enum>(6)</enum> <text>that cash, securities, or other property of the estate of a commodity broker, including the trading or operating accounts of the commodity broker and commodities held in inventory by the commodity broker, shall be included in customer property, subject to any otherwise unavoidable security interest, or otherwise unavoidable contractual offset or netting rights of creditors (including rights set forth in a rule or bylaw of a derivatives clearing organization or a clearing agency) in respect of such property, but only to the extent that the property that is otherwise customer property is insufficient to satisfy the net equity claims of public customers (as such term may be defined by the Commission by rule or regulation) of the commodity broker.</text> </paragraph> <after-quoted-block>.</after-quoted-block> </quoted-block> </paragraph> </section> <enum>II</enum> <header>COMMODITY FUTURES TRADING COMMISSION REFORMS</header> <section id="H889888A7DEE2402B9119A46FFAB7D1A2"> <enum>201.</enum> <header>Extension of operations</header> <text display-inline="no-display-inline">Section 12(d) of the Commodity Exchange Act (7 U.S.C. 16(d)) is amended by striking <quote>2013</quote> and inserting <quote>2019</quote>.</text> </section> <section id="HBB4CB612520048C69199C9E89C822C21"> <enum>202.</enum> <header>Consideration by the Commodity Futures Trading Commission of the costs and benefits of its regulations and orders</header> <text display-inline="no-display-inline">Section 15(a) of the Commodity Exchange Act (7 U.S.C. 19(a)) is amended—</text> <paragraph id="HDBF1476E2B7C4B00A546CF3B46792BC8"> <enum>(1)</enum> <text>by striking paragraphs (1) and (2) and inserting the following:</text> <quoted-block id="HE590723EC5134667A29D7A394F6F2223" style="OLC"> <paragraph id="H1342365EA3DC4B9AB3923A89106D17B4"> <enum>(1)</enum> <header>In general</header> <text>Before promulgating a regulation under this Act or issuing an order (except as provided in paragraph (3)), the Commission, through the Office of the Chief Economist, shall assess and publish in the regulation or order the costs and benefits, both qualitative and quantitative, of the proposed regulation or order, and the proposed regulation or order shall state its statutory justification.</text> </paragraph> <paragraph id="H23194972212E4062A9C2F6F2E417F249"> <enum>(2)</enum> <header>Considerations</header> <text>In making a reasoned determination of the costs and the benefits, the Commission shall evaluate—</text> <subparagraph id="HD5D4FFD125C147C1BBCD2CF3F3072E5B"> <enum>(A)</enum> <text>considerations of protection of market participants and the public;</text> </subparagraph> <subparagraph id="H9D827A8F442841FB94E523CF09F50CF2"> <enum>(B)</enum> <text>considerations of the efficiency, competitiveness, and financial integrity of futures and swaps markets;</text> </subparagraph> <subparagraph id="HDD0E94CFC1FD450588942BF4333EA789"> <enum>(C)</enum> <text>considerations of the impact on market liquidity in the futures and swaps markets;</text> </subparagraph> <subparagraph id="H089CFEC9567242E585C16C8A56231779"> <enum>(D)</enum> <text>considerations of price discovery;</text> </subparagraph> <subparagraph id="HE66A68E4646F41B893B264E7446405D9"> <enum>(E)</enum> <text>considerations of sound risk management practices;</text> </subparagraph> <subparagraph id="HE68D8867A2934BCAACBD02A9DFCD6F5D"> <enum>(F)</enum> <text>available alternatives to direct regulation;</text> </subparagraph> <subparagraph id="H802BAB277724422A82577944F6DFDFBF"> <enum>(G)</enum> <text>the degree and nature of the risks posed by various activities within the scope of its jurisdiction;</text> </subparagraph> <subparagraph id="H09E04C1977A843A98EF965CD4492F32F"> <enum>(H)</enum> <text>the costs of complying with the proposed regulation or order by all regulated entities, including a methodology for quantifying the costs (recognizing that some costs are difficult to quantify);</text> </subparagraph> <subparagraph id="H7FAA8B8C26AC4F42919A7E59F1665FBA"> <enum>(I)</enum> <text>whether the proposed regulation or order is inconsistent, incompatible, or duplicative of other Federal regulations or orders;</text> </subparagraph> <subparagraph id="H9C2C91B6D31F465EA310E09BD0F49F09"> <enum>(J)</enum> <text display-inline="yes-display-inline">the cost to the Commission of implementing the proposed regulation or order by the Commission staff, including a methodology for quantifying the costs; </text> </subparagraph> <subparagraph id="H272D7C3A8A6D4472B03ACAA53CF48287"> <enum>(K)</enum> <text>whether, in choosing among alternative regulatory approaches, those approaches maximize net benefits (including potential economic and other benefits, distributive impacts, and equity); and</text> </subparagraph> <subparagraph id="H3C79D32EA02741BCB72728A770F3F14D"> <enum>(L)</enum> <text>other public interest considerations.</text> </subparagraph> </paragraph> <after-quoted-block>; and</after-quoted-block> </quoted-block> </paragraph> <paragraph id="H930BF9F26DFF4DB29E6365DD0DC2D6C6"> <enum>(2)</enum> <text>by adding at the end the following:</text> <quoted-block style="OLC" display-inline="no-display-inline" id="H3C11AC38B13E4EFD874852CCE64AF88A"> <paragraph id="HEAFDB616D23945B2BCD2DE9B4AF6BD9E"> <enum>(4)</enum> <header>Judicial review</header> <text display-inline="yes-display-inline">Notwithstanding section 24(d), a court shall affirm a Commission assessment of costs and benefits under this subsection, unless the court finds the assessment to be an abuse of discretion.</text> </paragraph> <after-quoted-block>.</after-quoted-block> </quoted-block> </paragraph> </section> <section id="H01529986A6234E48B9D46240D283C5B2"> <enum>203.</enum> <header>Division directors</header> <text display-inline="no-display-inline">Section 2(a)(6)(C) of the Commodity Exchange Act (7 U.S.C. 2(a)(6)(C)) is amended by inserting <quote>, and the heads of the units shall serve at the pleasure of the Commission</quote> before the period.</text> </section> <section id="H3673E0C9C50A4658A74DBC4CF4098A77"> <enum>204.</enum> <header>Office of the Chief Economist</header> <subsection id="H37F69B1AF60B48C39E519702347FDF71"> <enum>(a)</enum> <header>In general</header> <text>Section 2(a) of the Commodity Exchange Act (7 U.S.C. 2(a)) is amended by adding at the end the following:</text> <quoted-block id="H7D0AB3738F4F4B7EB695FFBF97DB8000" style="OLC"> <paragraph id="H3BA5B458F3CA4CAA9801879A0E369CBB"> <enum>(17)</enum> <header>Office of the chief economist</header> <subparagraph id="H55E1886695F3452099931E4D854DDE40"> <enum>(A)</enum> <header>Establishment</header> <text>There is established in the Commission the Office of the Chief Economist.</text> </subparagraph> <subparagraph id="H74FFE78EE92242A0A7CBEF920270A3D5"> <enum>(B)</enum> <header>Head</header> <text>The Office of the Chief Economist shall be headed by the Chief Economist, who shall be appointed by the Commission and serve at the pleasure of the Commission.</text> </subparagraph> <subparagraph id="H43DDDC08779E4E308C30F91440019A82"> <enum>(C)</enum> <header>Functions</header> <text>The Chief Economist shall report directly to the Commission and perform such functions and duties as the Commission may prescribe.</text> </subparagraph> <subparagraph id="H958F155516D1450FA145AD0493FED1E9"> <enum>(D)</enum> <header>Professional staff</header> <text>The Commission shall appoint such other economists as may be necessary to assist the Chief Economist in performing such economic analysis, regulatory cost-benefit analysis, or research any member of the Commission may request.</text> </subparagraph> </paragraph> <after-quoted-block>.</after-quoted-block> </quoted-block> </subsection> <subsection id="H710EB14ACFA344E8AD86AC8A01920A97"> <enum>(b)</enum> <header>Conforming amendment</header> <text>Section 2(a)(6)(A) of such Act (7 U.S.C. 2(a)(6)(A)) is amended by striking <quote>(4) and (5) of this subsection</quote> and inserting <quote>(4), (5), and (17)</quote>.</text> </subsection> </section> <section id="HB311A5B94C0647C3982697FDD46DBCDA"> <enum>205.</enum> <header>Procedures governing actions taken by Commission staff</header> <text display-inline="no-display-inline">Section 2(a)(12) of the Commodity Exchange Act (7 U.S.C. 2(a)(12)) is amended—</text> <paragraph id="HAE5573C41A6648CE828A3335A4838052"> <enum>(1)</enum> <text>by striking <quote>(12) The</quote> and inserting the following:</text> <quoted-block id="H3B04C9F7FFE24D9DB7E1C119D634E5E1" style="OLC"> <paragraph id="H383A4A79067F461D90779586242EEED9"> <enum>(12)</enum> <header>Rules and regulations</header> <subparagraph id="H15470ED9A44940C48B5FBB2DC37A6594"> <enum>(A)</enum> <header>In general</header> <text>Subject to the other provisions of this paragraph, the</text> </subparagraph> </paragraph> <after-quoted-block>; and</after-quoted-block> </quoted-block> </paragraph> <paragraph id="H95823ADBB00A4E41A18FE4C2256A33AE"> <enum>(2)</enum> <text>by adding after and below the end the following new subparagraph:</text> <quoted-block id="HAC7CA9B3DE42409A960B0F64DAB75D8F" style="OLC"> <subparagraph id="HE4569844935B41F39461DCA39D8A83BC"> <enum>(B)</enum> <header>Notice to commissioners</header> <text>The Commission shall develop and publish internal procedures governing the issuance by any division or office of the Commission of any response to a formal, written request or petition from any member of the public for an exemptive, a no-action, 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 issuance.</text> </subparagraph> <after-quoted-block>.</after-quoted-block> </quoted-block> </paragraph> </section> <section id="H208DD4AE6B564D6499B044638C8C9A56"> <enum>206.</enum> <header>Strategic technology plan</header> <text display-inline="no-display-inline">Section 2(a) of the Commodity Exchange Act (7 U.S.C. 2(a)), as amended by section 204(a) of this Act, is amended by adding at the end the following:</text> <quoted-block id="H5883436B4D29488280B9A5EAED15FEAE" style="OLC"> <paragraph id="H622A2138CE2E402EB1D597CF7312AD20"> <enum>(18)</enum> <header>Strategic technology plan</header> <subparagraph id="H27A626ED8BEE4230B52F795BF31ECF38"> <enum>(A)</enum> <header>In general</header> <text>Every 5 years, the Commission shall develop and submit to the Committee on Agriculture of the House of Representatives and the Committee on Agriculture, Nutrition, and Forestry of the Senate a detailed plan focused on the acquisition and use of technology by the Commission.</text> </subparagraph> <subparagraph id="H630504978DE54EC3B8F14578B20A00F7"> <enum>(B)</enum> <header>Contents</header> <text>The plan shall—</text> <clause id="HA72F1FDC6A3149E089E792F959391CF9"> <enum>(i)</enum> <text>include for each related division or office a detailed technology strategy focused on market surveillance and risk detection, market data collection, aggregation, interpretation, standardization, harmonization, normalization, validation, streamlining or other data analytic processes, and internal management and protection of data collected by the Commission, 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 funds; and</text> </clause> <clause id="H388B78A6D3CE4E728EB1B3530DF2820A"> <enum>(ii)</enum> <text>set forth annual goals to be accomplished and annual budgets needed to accomplish the goals.</text> </clause> </subparagraph> </paragraph> <after-quoted-block>.</after-quoted-block> </quoted-block> </section> <section id="H4CB62A8A6DE743C6BFAACD449213A336"> <enum>207.</enum> <header>Internal risk controls</header> <text display-inline="no-display-inline">Section 2(a)(12) of the Commodity Exchange Act (7 U.S.C. 2(a)(12)), as amended by section 205 of this Act, is amended by adding at the end the following:</text> <quoted-block id="HBB7E6A8C295C4AC88D019FAEAEF36D08" style="OLC"> <subparagraph id="H47EB5DA270334D23ADBD2FE1EFF6B97B"> <enum>(C)</enum> <header>Internal risk controls</header> <text>The Commission, in consultation with the Chief Economist, shall develop comprehensive internal risk control mechanisms to safeguard and govern the storage of all market data by the Commission, all market data sharing agreements of the Commission, and all academic research performed at the Commission using market data.</text> </subparagraph> <after-quoted-block>.</after-quoted-block> </quoted-block> </section> <section id="H35A8922FE4B34E06B98CBA1C382D7DD0"> <enum>208.</enum> <header>Subpoena duration and renewal</header> <text display-inline="no-display-inline">Section 6(c)(5) of the Commodity Exchange Act (7 U.S.C. 9(5)) is amended—</text> <paragraph id="H0771396AC6D84FAE8FA01CAC1FCB2811"> <enum>(1)</enum> <text>by striking <quote>(5) <header-in-text level="paragraph" style="OLC">Subpoena.—</header-in-text>For</quote> and inserting the following:</text> <quoted-block id="HBE7033A117554E929C89C81724D87080" style="OLC"> <paragraph id="H27EBD493729F456E8B68E09A0E13346D"> <enum>(5)</enum> <header>Subpoena</header> <subparagraph id="H193C15B25EEE49B3AAFBF7A7BF37C5CC"> <enum>(A)</enum> <header>In general</header> <text>For</text> </subparagraph> </paragraph> <after-quoted-block>; and</after-quoted-block> </quoted-block> </paragraph> <paragraph id="H72EBEEC1FD774119A5D84751366C8D35"> <enum>(2)</enum> <text>by adding after and below the end the following:</text> <quoted-block id="HED90FBEE06AA4B74BD5F89942E81C8A8" style="OLC"> <subparagraph id="H08780F27A9BC499DA2635F6C27BDC6DD"> <enum>(B)</enum> <header>Omnibus orders of investigation</header> <clause id="H9FF9775E4E7A42A592566AAA5A1CBD5A"> <enum>(i)</enum> <header>Duration and renewal</header> <text>An omnibus order of investigation shall not be for an indefinite duration and may be renewed only by Commission action.</text> </clause> <clause id="HD9B30711BEEC4A88BF0EB9163005A3C4"> <enum>(ii)</enum> <header>Definition</header> <text display-inline="yes-display-inline">In clause (i), the term <quote>omnibus order of investigation</quote> means an order of the Commission authorizing 1 of more members of the Commission or its staff to issue subpoenas under subparagraph (A) to multiple persons in relation to a particular subject matter area.</text> </clause> </subparagraph> <after-quoted-block>.</after-quoted-block> </quoted-block> </paragraph> </section> <section id="H45E421516A2F4C84A79F8772260F0525"> <enum>209.</enum> <header>Applicability of notice and comment requirements of the Administrative Procedure Act to guidance voted on by the Commission</header> <text display-inline="no-display-inline">Section 2(a)(12) of the Commodity Exchange Act (7 U.S.C. 2(a)(12)), as amended by sections 205 and 207 of this Act, is amended by adding at the end the following:</text> <quoted-block id="H5F47E5A0D06E4E03BFB24B5E448FF965" style="OLC"> <subparagraph id="H07B13946A3504B2CB857F984766BCE80"> <enum>(D)</enum> <header>Applicability of notice and comment rules to guidance voted on by the Commission</header> <text display-inline="yes-display-inline">The notice and comment requirements of section 553 of title 5, United States Code, shall also apply with respect to any Commission statement or guidance, including interpretive rules, general statements of policy, or rules of Commission organization, procedure, or practice, that has the effect of implementing, interpreting or prescribing law or policy and that is voted on by the Commission.</text> </subparagraph> <after-quoted-block>.</after-quoted-block> </quoted-block> </section> <section id="H532528DBF6E046E0B5A6E1074F73633C"> <enum>210.</enum> <header>Judicial review of Commission rules</header> <text display-inline="no-display-inline">The Commodity Exchange Act (7 U.S.C. 1 et seq.) is amended by adding at the end the following:</text> <quoted-block id="HFDE81061F2804969A183934EFFAF6DB2" style="OLC"> <section id="H9FFD3D3E8DCA4497A5E43D84A287F0AC"> <enum>24.</enum> <header>Judicial review of Commission rules</header> <subsection id="H7B9957D9AEB24E2E82F1EFBB9D8CCB21"> <enum>(a)</enum> <text>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 business, by filing in the court, within 60 days after publication in the Federal Register of the entry of the rule, a written petition requesting that the rule be set aside.</text> </subsection> <subsection id="HB3A80BF4088D43BA9124D5CFAC2ED458"> <enum>(b)</enum> <text>A copy of the petition shall be transmitted forthwith by the clerk of the court to an officer designated by the Commission for that purpose. Thereupon the Commission shall file in the court the record on which the rule complained of is entered, as provided in section 2112 of title 28, United States Code, and the Federal Rules of Appellate Procedure.</text> </subsection> <subsection id="H2E01E0F1DD624BEC8625395D244DBA0E"> <enum>(c)</enum> <text>On the filing of the petition, the court has jurisdiction, which becomes exclusive on the filing of the record, to affirm and enforce or to set aside the rule in whole or in part.</text> </subsection> <subsection id="H3A06DDC3CE364E16945A13A4AFAFAF1A"> <enum>(d)</enum> <text>The court shall affirm and enforce the rule unless the Commission’s action in promulgating the rule is found to be arbitrary, capricious, an abuse of discretion, or otherwise not in accordance with law; contrary to constitutional right, power, privilege, or immunity; in excess of statutory jurisdiction, authority, or limitations, or short of statutory right; or without observance of procedure required by law.</text> </subsection> </section> <after-quoted-block>.</after-quoted-block> </quoted-block> </section> <section id="H78D4FC6A5B8E44B99A7EA88D0238454F"> <enum>211.</enum> <header>GAO study on use of Commission resources</header> <subsection id="H6980D0DDE91849948020A59A9CBC865C"> <enum>(a)</enum> <header>Study</header> <text>The Comptroller General of the United States shall conduct a study of the resources of the Commodity Futures Trading Commission that—</text> <paragraph id="H5F4216DB84E4451EAE66CDD2C53F04E8"> <enum>(1)</enum> <text>assesses whether the resources of the Commission are sufficient to enable the Commission to effectively carry out the duties of the Commission;</text> </paragraph> <paragraph id="HB73BF5D8B31F4719877387ABC43AFF82"> <enum>(2)</enum> <text>examines the expenditures of the Commission on hardware, software, and analytical processes designed to protect customers in the areas of—</text> <subparagraph id="H3D0BE2B2C8F941348627A468DD413147"> <enum>(A)</enum> <text>market surveillance and risk detection; and</text> </subparagraph> <subparagraph id="H6FD83471A08F47E981910E32513190BC"> <enum>(B)</enum> <text>market data collection, aggregation, interpretation, standardization, harmonization, and streamlining;</text> </subparagraph> </paragraph> <paragraph id="HE69ECBF471D34D98BB2B6881E75B63E2"> <enum>(3)</enum> <text display-inline="yes-display-inline">analyzes the additional workload undertaken by the Commission, and ascertains where self-regulatory organizations could be more effectively utilized; and</text> </paragraph> <paragraph id="HF08295B517A240ADA38F229AE204FDBF"> <enum>(4)</enum> <text display-inline="yes-display-inline">examines existing and emerging post-trade risk reduction services in the swaps market, the notional amount of risk reduction transactions provided by the services, and the effects the services have on financial stability, including—</text> <subparagraph id="H331DC59B5F134B9493DDB62FF2E754A9"> <enum>(A)</enum> <text>market surveillance and risk detection;</text> </subparagraph> <subparagraph id="H33C184F0135D4DECBD86B1C0CCCE9E62"> <enum>(B)</enum> <text>market data collection, aggregation, interpretation, standardization, harmonization, and streamlining; and</text> </subparagraph> <subparagraph id="H37BABCA7D77E4E5CB2C170E8294A2A28"> <enum>(C)</enum> <text>oversight and compliance work by market participants and regulators.</text> </subparagraph> </paragraph> </subsection> <subsection id="HE4C5256DD8E74D39B044DE8676B26C40"> <enum>(b)</enum> <header>Report</header> <text>Not later than 180 days after the date of the enactment of this Act, the Comptroller General of the United States shall submit to the Committee on Agriculture of the House of Representatives and the Committee on Agriculture, Nutrition, and Forestry of the Senate a report that contains the results of the study required by subsection (a).</text> </subsection> </section> <section id="H2C9BB40144D7475BABD96E3646CCDFF1" display-inline="no-display-inline" section-type="subsequent-section"> <enum>212.</enum> <header>Disclosure of required data of other registered entities</header> <text display-inline="no-display-inline">Section 8 of the Commodity Exchange Act (7 U.S.C. 12) is amended by adding at the end the following:</text> <quoted-block style="OLC" id="H465CE4E755A74459B870037ED7AB06B8"> <subsection id="H14D430A806144052B1AC87EB39289E56"> <enum>(j)</enum> <header>Disclosure of required data of other registered entities</header> <paragraph id="H29DBCF82FC89469CB5DC3D6DDEEB2584"> <enum>(1)</enum> <text>Except as provided in this subsection, the Commission may not be compelled to disclose any proprietary information provided to the Commission, except that nothing in this subsection—</text> <subparagraph id="H19C18D728A554962BF6B82029972DF1D"> <enum>(A)</enum> <text>authorizes the Commission to withhold information from Congress; or</text> </subparagraph> <subparagraph id="H5B0D22A94A0A47088527272351327D59"> <enum>(B)</enum> <text>prevents the Commission from—</text> <clause id="H3E3D96031A214412AC4512F4A445694A"> <enum>(i)</enum> <text>complying with a request for information from any other Federal department or agency, any State or political subdivision thereof, or any foreign government or any department, agency, or political subdivision thereof requesting the report or information for purposes within the scope of its jurisdiction, upon an agreement of confidentiality to protect the information in a manner consistent with this paragraph and subsection (e); or</text> </clause> <clause id="H432949B52A1E4FE7BEF954DD2EEB771C"> <enum>(ii)</enum> <text>making a disclosure made pursuant to a court order in connection with an administrative or judicial proceeding brought under this Act, in any receivership proceeding involving a receiver appointed in a judicial proceeding brought under this Act, 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 11 of the United States Code.</text> </clause> </subparagraph> </paragraph> <paragraph id="H9BCF0FEC47AF4A88AAC34E81A0825C48"> <enum>(2)</enum> <text>Any proprietary information of a commodity trading advisor or commodity pool operator ascertained by the Commission in connection with Form CPO-PQR, Form CTA-PR, and any successor forms thereto, shall be subject to the same limitations on public disclosure, as any facts ascertained during an investigation, as provided by subsection (a); provided, however, that the Commission shall not be precluded from publishing aggregate information compiled from such forms, to the extent such aggregate information does not identify any individual person or firm, or such person’s proprietary information.</text> </paragraph> <paragraph id="H17452B9536774A8583B8CCDEE09ACBEF"> <enum>(3)</enum> <text>For purposes of section 552 of title 5, United States Code, this subsection, and the information contemplated herein, shall be considered a statute described in subsection (b)(3)(B) of such section 552.</text> </paragraph> <paragraph id="H316CF2F307964DB18E70DEE55425B9BB"> <enum>(4)</enum> <text>For purposes of the definition of proprietary information in paragraph (5), 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-PQR, CTA-PR, and any successor forms thereto, shall be deemed to be the records and reports of the commodity trading advisor or commodity pool operator, respectively.</text> </paragraph> <paragraph id="HFEDB630B22554F4EA1E55A52FB0B200B"> <enum>(5)</enum> <text>For purposes of this section, proprietary information of a commodity trading advisor or commodity pool operator includes sensitive, non-public information regarding—</text> <subparagraph id="HB7CBCE6C276B4028B0912029BE7A025D"> <enum>(A)</enum> <text>the commodity trading advisor, commodity pool operator or the trading strategies of the commodity trading advisor or commodity pool operator;</text> </subparagraph> <subparagraph id="H9150C4313BEA453D813F7C69C23BE71C"> <enum>(B)</enum> <text>analytical or research methodologies of a commodity trading advisor or commodity pool operator;</text> </subparagraph> <subparagraph id="H6FA32497D35B4453B880341CECB33E19"> <enum>(C)</enum> <text>trading data of a commodity trading advisor or commodity pool operator; and</text> </subparagraph> <subparagraph id="H6072B73FCF894C01AE98DCF221CA6CF7"> <enum>(D)</enum> <text>computer hardware or software containing intellectual property of a commodity trading advisor or commodity pool operator;</text> </subparagraph> </paragraph> </subsection> <after-quoted-block>.</after-quoted-block> </quoted-block> </section> <section id="H0177D1B0F49B40E7822F4D0903898020"> <enum>213.</enum> <header>Report on status of any application of metals exchange to register as a foreign board of trade; deadline for action on application</header> <subsection id="HA6569C4937754544A973C74B7827B690"> <enum>(a)</enum> <header>Report to Congress</header> <text display-inline="yes-display-inline">Within 90 days after the date of the enactment of this section, the Commodity Futures Trading Commission shall submit to the Congress a written report on—</text> <paragraph id="HDFAA0979C758499F9020D1069606F9B0"> <enum>(1)</enum> <text>the status of the review by the Commission of any application submitted by a metals exchange to register with the Commission under section 4(b)(1) of the Commodity Exchange Act; and</text> </paragraph> <paragraph id="HC21756C5BE9D44D1AEAE69C1D156F3F8"> <enum>(2)</enum> <text>the status of Commission negotiations with foreign regulators regarding aluminum warehousing.</text> </paragraph> </subsection> <subsection id="H46FE18DA51C04F42BECAC4D5BBACB687"> <enum>(b)</enum> <header>Deadline for action</header> <text>Not later than September 30, 2016, the Commission shall take action on any such application submitted to the Commission on or before August 14, 2012.</text> </subsection> </section> <enum>III</enum> <header>END-USER RELIEF</header> <section id="HE31098FFBC1A4657AA1B7BB0EE0E7B2C"> <enum>301.</enum> <header>Relief for hedgers utilizing centralized risk management practices</header> <subsection id="HBD9C5AD28D9D4351A2796C7799D58A02"> <enum>(a)</enum> <header>In general</header> <paragraph id="HC355D12591D6405A91A96EACE43AEF58"> <enum>(1)</enum> <header>Commodity Exchange Act amendment</header> <text display-inline="yes-display-inline">Section 2(h)(7)(D)(i) of the Commodity Exchange Act (7 U.S.C. 2(h)(7)(D)(i)) is amended to read as follows:</text> <quoted-block style="OLC" display-inline="no-display-inline" id="HA8A1455F7F1C40A4B87337E987BB21A1"> <clause id="HFA3AA660BD794E019264C6AC3C0519E8"> <enum>(i)</enum> <header>In general</header> <text display-inline="yes-display-inline">An affiliate of a person that qualifies for an exception under subparagraph (A) (including an affiliate entity predominantly engaged in providing financing for the purchase of the merchandise or manufactured goods of the person) may qualify for the exception only if the affiliate enters into the swap to hedge or mitigate the commercial risk of the person or other affiliate of the person that is not a financial entity, provided that if the hedge or mitigation of such commercial risk is addressed by entering into a swap with a swap dealer or major swap participant, an appropriate credit support measure or other mechanism must be utilized.</text> </clause> <after-quoted-block>.</after-quoted-block> </quoted-block> </paragraph> <paragraph id="HE9752796954A45CF98CA90AE5073234C"> <enum>(2)</enum> <header>Securities Exchange Act of <enum-in-header>1934</enum-in-header> amendment</header> <text>Section 3C(g)(4)(A) of the Securities Exchange Act of 1934 (15 U.S.C. 78c-3(g)(4)(A)) is amended to read as follows:</text> <quoted-block style="OLC" display-inline="no-display-inline" id="H2791DA2FE3FA4117B6C39A47F35A93B1"> <subparagraph id="HAC68A66E69224E908DB1D41415D0E130"> <enum>(A)</enum> <header>In general</header> <text display-inline="yes-display-inline">An affiliate of a person that qualifies for an exception under paragraph (1) (including affiliate entities predominantly engaged in providing financing for the purchase of the merchandise or manufactured goods of the person) may qualify for the exception only if the affiliate enters into the security-based swap to hedge or mitigate the commercial risk of the person or other affiliate of the person that is not a financial entity, provided that if the hedge or mitigation of such commercial risk is addressed by entering into a security-based swap with a security-based swap dealer or major security-based swap participant, an appropriate credit support measure or other mechanism must be utilized.</text> </subparagraph> <after-quoted-block>.</after-quoted-block> </quoted-block> </paragraph> </subsection> <subsection id="H7079416806994D1EA5D4498734DB2C9F"> <enum>(b)</enum> <header>Applicability of credit support measure requirement</header> <text>The requirements in section 2(h)(7)(D)(i) of the Commodity Exchange Act and section 3C(g)(4)(A) of the Securities Exchange Act of 1934, as amended by subsection (a), requiring that a credit support measure or other mechanism be utilized if the transfer of commercial risk referred to in such sections is addressed by entering into a swap with a swap dealer or major swap participant or a security-based swap with a security-based swap dealer or major security-based swap participant, as appropriate, shall not apply with respect to swaps or security-based swaps, as appropriate, entered into before the date of the enactment of this Act.</text> </subsection> </section> <section id="H6431FCC9986E4A43B9F41BEF9C02E263" display-inline="no-display-inline" section-type="subsequent-section"> <enum>302.</enum> <header>Indemnification requirements</header> <subsection id="HEAE10E4F5FE14C8E90D20BCAF3FDE9B6"> <enum>(a)</enum> <header>Derivatives clearing organizations</header> <text>Section 5b(k)(5) of the Commodity Exchange Act (7 U.S.C. 7a-1(k)(5)) is amended to read as follows:</text> <quoted-block style="OLC" id="H35D67655204B4C4FA13B78248489383B"> <paragraph id="H81F744DEB5254B78B6690CDA2D6FC8E1"> <enum>(5)</enum> <header>Confidentiality agreement</header> <text>Before the Commission may share information with any entity described in paragraph (4), the Commission shall receive a written agreement from each entity stating that the entity shall abide by the confidentiality requirements described in section 8 relating to the information on swap transactions that is provided.</text> </paragraph> <after-quoted-block>.</after-quoted-block> </quoted-block> </subsection> <subsection id="H033F709586FB464E9CCB2536F6EEEEC6"> <enum>(b)</enum> <header>Swap data repositories</header> <text>Section 21(d) of such Act (7 U.S.C. 24a(d)) is amended to read as follows:</text> <quoted-block style="OLC" id="H6D15229610C44C6E9F472803DDF34AA0"> <subsection id="H5E7B3417360A48BAB9BD63745537E8FE"> <enum>(d)</enum> <header>Confidentiality agreement</header> <text>Before the swap data repository may share information with any entity described in subsection (c)(7), the swap data repository shall receive a written agreement from each entity stating that the entity shall abide by the confidentiality requirements described in section 8 relating to the information on swap transactions that is provided.</text> </subsection> <after-quoted-block>.</after-quoted-block> </quoted-block> </subsection> <subsection id="H1C58E67F244F47679C28C5C1282D25D2"> <enum>(c)</enum> <header>Security-based swap data repositories</header> <text>Section 13(n)(5)(H) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(n)(5)(H)) is amended to read as follows:</text> <quoted-block style="OLC" id="H99668FB3D0F84367B6E935ACE020A11B"> <subparagraph id="HFD0C62E120C24C219E5B7CDFB6699D3E"> <enum>(H)</enum> <header>Confidentiality agreement</header> <text>Before the security-based swap data repository may share information with any entity described in subparagraph (G), the security-based swap data repository shall receive a written agreement from each entity stating that the entity shall abide by the confidentiality requirements described in section 24 relating to the information on security-based swap transactions that is provided.</text> </subparagraph> <after-quoted-block>.</after-quoted-block> </quoted-block> </subsection> </section> <section id="H1346146C9D7E479BB47799125D93B143" display-inline="no-display-inline" section-type="subsequent-section"> <enum>303.</enum> <header>Transactions with utility special entities</header> <text display-inline="no-display-inline">Section 1a(49) of the Commodity Exchange Act (7 U.S.C. 1a(49)) is amended by adding at the end the following:</text> <quoted-block id="H47FF06DBBDBC48ACA1E4A1D4E9BCA3B6" style="OLC"> <subparagraph id="H667E8C18C7F2454882C29ED3EF563EF0"> <enum>(E)</enum> <header>Certain transactions with a utility special entity</header> <clause id="H09C5F9190073452581E75F21C2350123"> <enum>(i)</enum> <text>Transactions in utility operations-related swaps shall be reported pursuant to section 4r.</text> </clause> <clause id="HFE1B8FDAD5934F34B65A89810BF07140"> <enum>(ii)</enum> <text>In making a determination to exempt pursuant to subparagraph (D), the Commission shall treat a utility operations-related swap entered into with a utility special entity, as defined in section 4s(h)(2)(D), as if it were entered into with an entity that is not a special entity, as defined in section 4s(h)(2)(C).</text> </clause> </subparagraph> <after-quoted-block>.</after-quoted-block> </quoted-block> </section> <section id="H154557F38E8441C59C6FD0A570AE48C3"> <enum>304.</enum> <header>Utility special entity defined</header> <text display-inline="no-display-inline">Section 4s(h)(2) of the Commodity Exchange Act (7 U.S.C. 6s(h)(2)) is amended by adding at the end the following:</text> <quoted-block id="HF06AA0BFC6184A6E8312DC5D585D3184" style="OLC"> <subparagraph id="HCCBF2CE754A442C4A6592761248F3EB9"> <enum>(D)</enum> <header>Utility special entity</header> <text>For purposes of this Act, the term <quote>utility special entity</quote> means a special entity, or any instrumentality, department, or corporation of or established by a State or political subdivision of a State, that—</text> <clause id="HA7CFEE265D0043AB9B3CAF7B9136C222"> <enum>(i)</enum> <text>owns or operates, or anticipates owning or operating, an electric or natural gas facility or an electric or natural gas operation;</text> </clause> <clause id="HD9DC1552F760418CB24980A4A8551345"> <enum>(ii)</enum> <text>supplies, or anticipates supplying, natural gas and or electric energy to another utility special entity;</text> </clause> <clause id="HE5B60527EBA7465AB3B5CE6E2544378F"> <enum>(iii)</enum> <text>has, or anticipates having, public service obligations under Federal, State, or local law or regulation to deliver electric energy or natural gas service to customers; or</text> </clause> <clause id="H8083CDA57B3E48C4B383691F2DDA8B35"> <enum>(iv)</enum> <text>is a Federal power marketing agency, as defined in section 3 of the Federal Power Act.</text> </clause> </subparagraph> <after-quoted-block>.</after-quoted-block> </quoted-block> </section> <section id="HB80C4FFDEB114461A94E5F4F258E9317"> <enum>305.</enum> <header>Utility operations-related swap</header> <subsection id="H64ACC162C10F41E8A3B936BC2B2D8D0D"> <enum>(a)</enum> <header>Swap further defined</header> <text>Section 1a(47)(A)(iii) of the Commodity Exchange Act (7 U.S.C. 1a(47)(A)(iii)) is amended—</text> <paragraph id="H449389DEFFB64D1CBC91F5E664820325"> <enum>(1)</enum> <text>by striking <quote>and</quote> at the end of subclause (XXI);</text> </paragraph> <paragraph id="HC1864778D29C4C3B825C566A5D1AD5F9"> <enum>(2)</enum> <text>by adding <quote>and</quote> at the end of subclause (XXII); and</text> </paragraph> <paragraph id="H6734E89E1E644C5AAFFEF35DEBDD2C02"> <enum>(3)</enum> <text>by adding at the end the following:</text> <quoted-block id="H0B5588012C724E78B2B472F0A2368480" style="OLC"> <subclause id="H75C3A226B7794FDFB628FFB4622E994A"> <enum>(XXIII)</enum> <text>a utility operations-related swap;</text> </subclause> <after-quoted-block>.</after-quoted-block> </quoted-block> </paragraph> </subsection> <subsection id="H5CB1EC43D73F441F9FFBE2DE4113DF83"> <enum>(b)</enum> <header>Utility operations-related swap defined</header> <text>Section 1a of such Act (7 U.S.C. 1a) is amended by adding at the end the following:</text> <quoted-block id="H34F68A900CF543CFBB9E2BB50E370BBE" style="OLC"> <paragraph id="HC94256DA54284579B3D9047581EBA3CF"> <enum>(52)</enum> <header>Utility operations-related swap</header> <text>The term <quote>utility operations-related swap</quote> means a swap that—</text> <subparagraph id="H44D471E65AAD438E93F71765F1F7E86F"> <enum>(A)</enum> <text>is entered into by a utility to hedge or mitigate a commercial risk;</text> </subparagraph> <subparagraph id="H005F737BDBD14C6198712CF578FB07D2"> <enum>(B)</enum> <text>is not a contract, agreement, or transaction based on, derived on, or referencing—</text> <clause id="H67254BE294EE4E83823C78A9F246A3A0"> <enum>(i)</enum> <text>an interest rate, credit, equity, or currency asset class; or</text> </clause> <clause id="H54B1E99DDD3343EA8CB4EE692D11D5CE"> <enum>(ii)</enum> <text>except as used for fuel for electric energy generation, a metal, agricultural commodity, or crude oil or gasoline commodity of any grade; or</text> </clause> <clause id="HA3ADD6BD55D241A8B6F9333BB046254B"> <enum>(iii)</enum> <text display-inline="yes-display-inline">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 commissions; and</text> </clause> </subparagraph> <subparagraph id="H4F04F69A948648E585DBD1AD474C01DD"> <enum>(C)</enum> <text>is associated with—</text> <clause id="HF55F7DA8E0D144FD9160817A6FE76940"> <enum>(i)</enum> <text>the generation, production, purchase, or sale of natural gas or electric energy, the supply of natural gas or electric energy to a utility, or the delivery of natural gas or electric energy service to utility customers;</text> </clause> <clause id="HCE7962D87E74490BA4B3DCFD46427709"> <enum>(ii)</enum> <text>fuel supply for the facilities or operations of a utility;</text> </clause> <clause id="H6EBB95BCE51F43C1969BFA584BD88CE6"> <enum>(iii)</enum> <text>compliance with an electric system reliability obligation;</text> </clause> <clause id="H9A098DA58691498080F8A63379C7D7AD"> <enum>(iv)</enum> <text>compliance with an energy, energy efficiency, conservation, or renewable energy or environmental statute, regulation, or government order applicable to a utility; or</text> </clause> <clause id="H7199FB841FFF43E7BCD88BF30E31DD6F"> <enum>(v)</enum> <text>any other electric energy or natural gas swap to which a utility is a party.</text> </clause> </subparagraph> </paragraph> <after-quoted-block>.</after-quoted-block> </quoted-block> </subsection> </section> <section id="H41E0278BB99E453F9B272607BF1DB0F4" display-inline="no-display-inline" section-type="subsequent-section"> <enum>306.</enum> <header>End-users not treated as financial entities</header> <subsection id="H518DED3775BF4F96AB2C8E5FFE2825F3"> <enum>(a)</enum> <header>In general</header> <text display-inline="yes-display-inline">Section 2(h)(7)(C)(iii) of the Commodity Exchange Act (7 U.S.C. 2(h)(7)(C)(iii)) is amended to read as follows:</text> <quoted-block style="OLC" id="HB668588D7BE744658D22E563F4866006" display-inline="no-display-inline"> <clause id="H548C2C76408B49A5A53E7DD267D584B8"> <enum>(iii)</enum> <header>Limitation</header> <text display-inline="yes-display-inline">Such definition shall not include an entity—</text> <subclause id="H5F3FF14E49224C1A89340884E1769324"> <enum>(I)</enum> <text>whose primary business is providing financing, and who uses derivatives for the purpose of hedging underlying commercial risks related to interest rate and foreign currency exposures, 90 percent or more of which arise from financing that facilitates the purchase or lease of products, 90 percent or more of which are manufactured by the parent company or another subsidiary of the parent company; or</text> </subclause> <subclause id="HC890CDA602584B7B845A197851A8C556"> <enum>(II)</enum> <text display-inline="yes-display-inline">who is not supervised by a prudential regulator, and is not described in any of subclauses (I) through (VII) of clause (i), and—</text> <item id="H77F007DC97E5494DB74C8F2ABC848348"> <enum>(aa)</enum> <text>is a commercial market participant; or</text> </item> <item id="H33C8A2927CEA412F8EF311EF6D49589A"> <enum>(bb)</enum> <text>enters into swaps, contracts for future delivery, and other derivatives on behalf of, or to hedge or mitigate the commercial risk of, whether directly or in the aggregate, affiliates that are not so supervised or described.</text> </item> </subclause> </clause> <after-quoted-block>.</after-quoted-block> </quoted-block> </subsection> <subsection id="H5105CB9270B04B76B1F8E2DA30C442B2"> <enum>(b)</enum> <header>Commercial market participant defined</header> <paragraph id="H961736F9237846839D89ACB1773ECC37"> <enum>(1)</enum> <header>In general</header> <text>Section 1a of such Act (7 U.S.C. 1a), as amended by section 305(b) of this Act, is amended by redesignating paragraphs (8) through (52) as paragraphs (9) through (53), respectively, and by inserting after paragraph (6) the following:</text> <quoted-block style="OLC" id="H7F847E8A2F014747A59DD8D5CB6C80EA" display-inline="no-display-inline"> <paragraph id="HF320DD554F1B4180894F0B8FBC2E6C92"> <enum>(7)</enum> <header>Commercial market participant</header> <text display-inline="yes-display-inline">The term <quote>commercial market participant</quote> means any producer, processor, merchant, or commercial user of an exempt or agricultural commodity, or the products or byproducts of such a commodity.</text> </paragraph> <after-quoted-block>.</after-quoted-block> </quoted-block> </paragraph> <paragraph id="H1B209552441F4EFEA219C1FD155E93CF"> <enum>(2)</enum> <header>Conforming amendments</header> <subparagraph id="HE33022CA3ABD45FBAE92898B928009EA"> <enum>(A)</enum> <text display-inline="yes-display-inline">Section 1a of such Act (7 U.S.C. 1a) is amended—</text> <clause id="H9C892B1F7A9A48A28D634526F3AA2786"> <enum>(i)</enum> <text>in subparagraph (A) of paragraph (18) (as so redesignated by paragraph (1) of this subsection), in the matter preceding clause (i), by striking <quote>(18)(A)</quote> and inserting <quote>(19)(A)</quote>; and</text> </clause> <clause id="H8700DFD8162849A4BDB5670C5D96B94B"> <enum>(ii)</enum> <text>in subparagraph (A)(vii) of paragraph (19) (as so redesignated by paragraph (1) of this subsection), in the matter following subclause (III), by striking <quote>(17)(A)</quote> and inserting <quote>(18)(A)</quote>.</text> </clause> </subparagraph> <subparagraph id="HC12744246E904A77919A2F26A76CA267"> <enum>(B)</enum> <text>Section 4(c)(1)(A)(i)(I) of such Act (7 U.S.C. 6(c)(1)(A)(i)(I)) is amended by striking <quote>(7), paragraph (18)(A)(vii)(III), paragraphs (23), (24), (31), (32), (38), (39), (41), (42), (46), (47), (48), and (49)</quote> and inserting <quote>(8), paragraph (19)(A)(vii)(III), paragraphs (24), (25), (32), (33), (39), (40), (42), (43), (47), (48), (49), and (50)</quote> .</text> </subparagraph> <subparagraph id="HD3933FB53F47489C99C02833A983A944"> <enum>(C)</enum> <text>Section 4q(a)(1) of such Act (7 U.S.C. 6o-1(a)(1)) is amended by striking <quote>1a(9)</quote> and inserting <quote>1a(10)</quote>. </text> </subparagraph> <subparagraph id="H0AB2A708391E49079D8A4B146456779A"> <enum>(D)</enum> <text>Section 4s(f)(1)(D) of such Act (7 U.S.C. 6s(f)(1)(D)) is amended by striking <quote>1a(47)(A)(v)</quote> and inserting <quote>1a(48)(A)(v)</quote>. </text> </subparagraph> <subparagraph id="H2EE4675446044BA29F4BCDCE8AD9D345"> <enum>(E)</enum> <text>Section 4s(h)(5)(A)(i) of such Act (7 U.S.C. 6s(h)(5)(A)(i)) is amended by striking <quote>1a(18)</quote> and inserting <quote>1a(19)</quote>. </text> </subparagraph> <subparagraph id="H8DD0077D587F41498EF99B68B5F2BA0E"> <enum>(F)</enum> <text>Section 4t(b)(1)(C) of such Act (7 U.S.C. 6t(b)(1)(C)) is amended by striking <quote>1a(47)(A)(v)</quote> and inserting <quote>1a(48)(A)(v)</quote>. </text> </subparagraph> <subparagraph id="HC9B08CEC35734686A12B2410D98D7D8D"> <enum>(G)</enum> <text>Section 5(d)(23) of such Act (7 U.S.C. 7(d)(23)) is amended by striking <quote>1a(47)(A)(v)</quote> and inserting <quote>1a(48)(A)(v)</quote>. </text> </subparagraph> <subparagraph id="HD9704918E7E04C0AA009E31F272678F9"> <enum>(H)</enum> <text>Section 5(e)(1) of such Act (7 U.S.C. 7(e)(1)) is amended by striking <quote>1a(9)</quote> and inserting <quote>1a(10)</quote>. </text> </subparagraph> <subparagraph id="H766CEB3FE1AC444A88EAD062B54BDDF4"> <enum>(I)</enum> <text>Section 5b(k)(3)(A) of such Act (7 U.S.C. 7a-1(k)(3)(A)) is amended by striking <quote>1a(47)(A)(v)</quote> and inserting <quote>1a(48)(A)(v)</quote>. </text> </subparagraph> <subparagraph id="H39B70E7E54104D09A3F1AA28ADCCB531"> <enum>(J)</enum> <text>Section 5h(f)(10)(A)(iii) of such Act (7 U.S.C. 7b-3(f)(10)(A)(iii)) is amended by striking <quote>1a(47)(A)(v)</quote> and inserting <quote>1a(48)(A)(v)</quote>. </text> </subparagraph> <subparagraph id="HADF2B43CB2E14E64B3BFBCF01D4FF7C0"> <enum>(K)</enum> <text>Section 21(f)(4)(C) of such Act (7 U.S.C. 24a(f)(4)(C)) is amended by striking <quote>1a(48)</quote> and inserting <quote>1a(49)</quote>.</text> </subparagraph> </paragraph> </subsection> </section> <section id="H3AD931B58B1242C8BA4BC0D91F550D94"> <enum>307.</enum> <header>Reporting of illiquid swaps so as to not disadvantage certain non-financial end-users</header> <text display-inline="no-display-inline">Section 2(a)(13) of the Commodity Exchange Act (7 U.S.C. 2(a)(13)) is amended—</text> <paragraph id="HC8B927C94F534AB2866AC75DEE6F2C50"> <enum>(1)</enum> <text>in subparagraph (C), by striking <quote>The Commission</quote> and inserting <quote>Except as provided in subparagraph (D), the Commission</quote>; and</text> </paragraph> <paragraph id="HAB9CB978AA574E6DA7034247580EAA9E"> <enum>(2)</enum> <text>by redesignating subparagraphs (D) through (G) as subparagraphs (E) through (H), respectively, and inserting after subparagraph (C) the following:</text> <quoted-block id="HE4ECCA2C2D564A5B8CCD65E9F07F83BB" style="OLC"> <subparagraph id="H4C6CDA82A15C4A3C8728C4A2560A2D4A"> <enum>(D)</enum> <header>Requirements for swap transactions in illiquid markets</header> <text>Notwithstanding subparagraph (C):</text> <clause id="HABBCA19EF1FE47EDBCF7FE76883D519C"> <enum>(i)</enum> <text>The Commission shall provide by rule for the public reporting of swap transactions, including price and volume data, 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 (h)(7)(A).</text> </clause> <clause id="HDD2DAF59A065469489E6C85305F6A94F"> <enum>(ii)</enum> <text>The Commission shall ensure that the swap transaction information referred to in clause (i) of this subparagraph is available to the public no sooner than 30 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 liquidity.</text> </clause> <clause id="H362726A2A43946249BF551D502FCCD7C"> <enum>(iii)</enum> <text>In this subparagraph, the term <quote>illiquid markets</quote> 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 participants.</text> </clause> </subparagraph> <after-quoted-block>.</after-quoted-block> </quoted-block> </paragraph> </section> <section id="H4EE0A52724AD4731B7547231835AAADE"> <enum>308.</enum> <header>Relief for grain elevator operators, farmers, agricultural counterparties, and commercial market participants</header> <text display-inline="no-display-inline">The Commodity Exchange Act (7 U.S.C. 1 et seq.) is amended by inserting after section 4t the following:</text> <quoted-block id="HB7C9AFD970D0499A9C8FF611DF28EB13" style="OLC"> <section id="H0D4789DC2DE14561B1417B9CF94B983A"> <enum>4u.</enum> <header>Recordkeeping requirements applicable to non-registered members of certain registered entities</header> <text display-inline="no-display-inline">Except as provided in section 4(a)(3), 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 rule, order, or regulation under this Act by maintaining a written record of each transaction in a contract for future delivery, option on a future, swap, swaption, trade option, or related cash or forward transaction. The written record shall be sufficient if it includes the final agreement between the parties and the material economic terms of the transaction.</text> </section> <after-quoted-block>.</after-quoted-block> </quoted-block> </section> <section id="H957EAAF7FCF2487488AC95E992266387"> <enum>309.</enum> <header>Relief for end-users who use physical contracts with volumetric optionality</header> <text display-inline="no-display-inline">Section 1a(47)(B)(ii) of the Commodity Exchange Act (7 U.S.C. 1a(47)(B)(ii)) is amended to read as follows:</text> <quoted-block style="OLC" display-inline="no-display-inline" id="HD47536838DAA4DDBB7C1010F4A356EF2"> <clause id="H1669C0273D06460DBEE9D0B773CD1AE9"> <enum>(ii)</enum> <text display-inline="yes-display-inline">any purchase or sale of a nonfinancial commodity or security for deferred shipment or delivery, so long as the transaction is intended to be physically settled, including any stand-alone or embedded option for which exercise results in a physical delivery obligation;</text> </clause> <after-quoted-block>.</after-quoted-block> </quoted-block> </section> <section id="H687D1555FCE84D1D8C389C231A476F37"> <enum>310.</enum> <header>Commission vote required before automatic change of swap dealer de minimis level</header> <text display-inline="no-display-inline">Section 1a(49)(D) of the Commodity Exchange Act (7 U.S.C. 1a(49)(D)) is amended—</text> <paragraph id="HE16473CE23874545803D6A30842D4520"> <enum>(1)</enum> <text>by striking all that precedes <quote>shall exempt</quote> and inserting the following:</text> <quoted-block style="OLC" display-inline="no-display-inline" id="H5950548DC5944839948FEBD78ECC2D26"> <subparagraph id="H610162CC4A30487EA9BF4EB55E0B2AB1"> <enum>(D)</enum> <header>Exception</header> <clause id="HB098D00B18D147E0A171E0BC0E91760D"> <enum>(i)</enum> <header>In general</header> <text>The Commission</text> </clause> </subparagraph> <after-quoted-block>; and</after-quoted-block> </quoted-block> </paragraph> <paragraph id="H48F5328E8503435AA3B029266564721E"> <enum>(2)</enum> <text>by adding after and below the end the following new clause:</text> <quoted-block style="OLC" display-inline="no-display-inline" id="H4A0BE3D0A27145E3A62AE74906EB7F91"> <clause id="H48A3D9BD6ABE4D85A551C86F1074BF60"> <enum>(ii)</enum> <header>De minimis quantity</header> <text display-inline="yes-display-inline">The de minimis quantity of swap dealing described in clause (i) shall be set at a quantity of $8,000,000,000, and may be amended or changed only through a new affirmative action of the Commission undertaken by rule or regulation.</text> </clause> <after-quoted-block>.</after-quoted-block> </quoted-block> </paragraph> </section> <section id="H2C666C3D8C234D32908307248892E6A3"> <enum>311.</enum> <header>Capital requirements for non-bank swap dealers</header> <subsection id="HDF7BD541365B4FE6AB3CF0DD0614793E"> <enum>(a)</enum> <header>Commodity exchange act</header> <text>Section 4s(e) of the Commodity Exchange Act (7 U.S.C. 6s(e)) is amended—</text> <paragraph id="H14847E5F285448F7966DB70D6A140277"> <enum>(1)</enum> <text>in paragraph (2)(B), by striking <quote>shall</quote> and inserting the following: <quote>and the Securities and Exchange Commission, in consultation with the prudential regulators, shall jointly</quote>; and</text> </paragraph> <paragraph id="H687753FC94494F85BE954F0C9FD05000"> <enum>(2)</enum> <text>in paragraph (3)(D)—</text> <subparagraph id="HBAE559C9D53242D1B61263175904A6B1"> <enum>(A)</enum> <text>in clause (ii), by striking <quote>shall, to the maximum extent practicable,</quote> and inserting <quote>shall</quote>; and</text> </subparagraph> <subparagraph id="H89211394F08F4F6F9CCD88CC25E2B3F3"> <enum>(B)</enum> <text>by adding at the end the following:</text> <quoted-block id="H9E7030D81DB449B7B5B6C8CBB68152F0" style="OLC"> <clause id="H6EDD65D025C4423C9110BC19B85CB323"> <enum>(iii)</enum> <header>Financial models</header> <text>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 requirements, including the use of non-cash collateral, the Commission shall, in consultation with the prudential regulators and the Securities and Exchange Commission, permit the use of comparable financial models by swap dealers and major swap participants that are not banks.</text> </clause> <after-quoted-block>.</after-quoted-block> </quoted-block> </subparagraph> </paragraph> </subsection> <subsection id="HDD3EFFC7EF3B43029BFDCB691E7AF1EF"> <enum>(b)</enum> <header>Securities exchange act of 1934</header> <text>Section 15F(e) of the Securities Exchange Act of 1934 (15 U.S.C. 78o-10(e)) is amended—</text> <paragraph id="H8A04FFA1570E4A87BD76621268B20F1C"> <enum>(1)</enum> <text>in paragraph (2)(B), by striking <quote>shall</quote> and inserting the following: <quote>and the Commodity Futures Trading Commission, in consultation with the prudential regulators, shall jointly</quote>; and</text> </paragraph> <paragraph id="H67F7BE2DA5634F6F93EE02D01AA3FC90"> <enum>(2)</enum> <text>in paragraph (3)(D)—</text> <subparagraph id="HFB924143CA554F9788675A50066B1611"> <enum>(A)</enum> <text>in clause (ii), by striking <quote>shall, to the maximum extent practicable,</quote> and inserting <quote>shall</quote>; and</text> </subparagraph> <subparagraph id="HDCF8F2FF6C5E4DE78F7448911BD07E7A"> <enum>(B)</enum> <text>by adding at the end the following:</text> <quoted-block id="HB95A2F8519324BEAB14BF3E9E17AC518" style="OLC"> <clause id="H6A2D2038161945FAA2CA5BD7986D5F92"> <enum>(iii)</enum> <header>Financial models</header> <text>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 requirements, including the use of non-cash collateral, the Commission shall, in consultation with the Commodity Futures Trading Commission, permit the use of comparable financial models by security-based swap dealers and major security-based swap participants that are not banks.</text> </clause> <after-quoted-block>.</after-quoted-block> </quoted-block> </subparagraph> </paragraph> </subsection> </section> <section id="H7D1AEE9AFA2943C1B09107C82C03E6F1"> <enum>312.</enum> <header>Harmonization with the Jumpstart Our Business Startups Act</header> <text display-inline="no-display-inline">Within 90 days after the date of the enactment of this Act, the Commodity Futures Trading Commission shall—</text> <paragraph id="H153D8304F1AA4148930BE3D631B83E02"> <enum>(1)</enum> <text>revise section 4.7(b) of title 17, Code of Federal Regulations, in the matter preceding paragraph (1), to read as follows:</text> <quoted-block id="HFEDBB47D70D44C50A90CBB619F2AD95F" style="OLC"> <subsection id="H0854AB870973464886CAC5270BEC2F6E"> <enum>(b)</enum> <text>Relief available to commodity pool operators. Upon filing the notice required by paragraph (d) of this section, and subject to compliance with the conditions specified in paragraph (d) of this section, 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 4(2) of that Act or pursuant to Regulation S, 17 CFR 230.901 et seq., 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 3(a)(2) of that Act and are sold solely to qualified eligible persons, may claim any or all of the following relief with respect to such pool:</text> </subsection> <after-quoted-block>; and</after-quoted-block> </quoted-block> </paragraph> <paragraph id="H2E0AD30D9A0F410591248D36CB4F1C21"> <enum>(2)</enum> <text>revise section 4.13(a)(3)(i) of such title to read as follows:</text> <quoted-block id="HB0382D7BAC4948238D6BD60D3DCDCE75" style="OLC"> <clause id="H4B3F374FBD054824A5D2F0C871BF76F1"> <enum>(i)</enum> <text>Interests in the pool are exempt from registration under the Securities Act of 1933, and such interests are offered and sold pursuant to section 4 of the Securities Act of 1933 and the regulations thereunder;</text> </clause> <after-quoted-block>.</after-quoted-block> </quoted-block> </paragraph> </section> <section id="H516E1704B4A54AFFB09E60C23B20700B"> <enum>313.</enum> <header>Bona fide hedge defined to protect end-user risk management needs</header> <text display-inline="no-display-inline">Section 4a(c) of the Commodity Exchange Act (7 U.S.C. 6a(c)) is amended—</text> <paragraph id="H3693987787F44B40822A62F4E3589968"> <enum>(1)</enum> <text>in paragraph (1)—</text> <subparagraph id="H3A0456F3582440F5A8AA8F3F10C0A981"> <enum>(A)</enum> <text>by striking <quote>may</quote> and inserting <quote>shall</quote>; and</text> </subparagraph> <subparagraph id="H108AB88A21494AF5AE0D918EE1FD1B10"> <enum>(B)</enum> <text>by striking <quote>future for which</quote> and inserting <quote>future, to be determined by the Commission, for which either an appropriate swap is available or</quote>;</text> </subparagraph> </paragraph> <paragraph id="H67430FA726AF4A19ACF283DF056262A8"> <enum>(2)</enum> <text>in paragraph (2)—</text> <subparagraph id="H45E6303F657A4A56ADE7A3ACE28FD282"> <enum>(A)</enum> <text>in the matter preceding subparagraph (A), by striking <quote>subsection (a)(2)</quote> and all that follows through <quote>position as</quote> and inserting <quote>paragraphs (2) and (5) of subsection (a) for swaps, contracts of sale for future delivery, or options on the contracts or commodities, a bona fide hedging transaction or position is</quote>; and</text> </subparagraph> <subparagraph id="H4D26D03474954E14A0003B667D7CFDFC"> <enum>(B)</enum> <text>in subparagraph (A)(ii), by striking <quote>of risks</quote> and inserting <quote>or management of current or anticipated risks</quote>; and</text> </subparagraph> </paragraph> <paragraph id="H7C7616EEF92849F38D4F504D66CA0E4B"> <enum>(3)</enum> <text>by adding at the end the following:</text> <quoted-block id="H7895B7BFE2164C6B82052A1E6E90EEA0" style="OLC"> <paragraph id="HEFBF31529FDB46B6926ED058DF3783F7"> <enum>(3)</enum> <text>The Commission may further define, by rule or regulation, what constitutes a bona fide hedging transaction, provided that the rule or regulation is consistent with the requirements of subparagraphs (A) and (B) of paragraph (2).</text> </paragraph> <after-quoted-block>.</after-quoted-block> </quoted-block> </paragraph> </section> <section id="HE57FEC25BC3943A18BFD50B8E3BB4C29"> <enum>314.</enum> <header>Cross-border regulation of derivatives transactions</header> <subsection id="H1609DFB49A4E4EB5AF1C7A4E8C030BE7"> <enum>(a)</enum> <header>Rulemaking required</header> <text>Within 1 year after the date of the enactment of this Act, the Commodity Futures Trading Commission shall issue a rule that addresses—</text> <paragraph id="HA43A1504824E42A19ABB7B086B61570E"> <enum>(1)</enum> <text>the nature of the connections to the United States that require a non-U.S. person to register as a swap dealer or a major swap participant under the Commodity Exchange Act and the regulations issued under such Act;</text> </paragraph> <paragraph id="HF557A1A95EFE4C7484BA85EA29E6E43B"> <enum>(2)</enum> <text>which of the United States swaps requirements apply to the swap activities of non-U.S. persons and U.S. persons and their branches, agencies, subsidiaries, and affiliates outside of the United States, and the extent to which the requirements apply; and</text> </paragraph> <paragraph id="H32021C6ABFBC44B4B162CF13A940B530"> <enum>(3)</enum> <text>the circumstances under which a U.S. person or non-U.S. person in compliance with the swaps regulatory requirements of a foreign jurisdiction shall be exempt from United States swaps requirements.</text> </paragraph> </subsection> <subsection id="HC9B35F53608A42B8917355D0EE551470"> <enum>(b)</enum> <header>Content of the rule</header> <paragraph id="HC90C07FB022241638A240C376E7A819A"> <enum>(1)</enum> <header>Criteria</header> <text>In the rule, the Commission shall establish criteria for determining that 1 or more categories of the swaps regulatory requirements of a foreign jurisdiction are comparable to and as comprehensive as United States swaps requirements. The criteria shall include—</text> <subparagraph id="HC651F13D780A43AFBC0E2BB1FA5C46DF"> <enum>(A)</enum> <text>the scope and objectives of the swaps regulatory requirements of the foreign jurisdiction;</text> </subparagraph> <subparagraph id="HB558D7C01F8A4E1394747CAFE5E0B34B"> <enum>(B)</enum> <text>the effectiveness of the supervisory compliance program administered;</text> </subparagraph> <subparagraph id="HD4DB8BADDD3C41BCAAF7CFA3947A3348"> <enum>(C)</enum> <text>the enforcement authority exercised by the foreign jurisdiction; and</text> </subparagraph> <subparagraph id="HF77FFD9F065045A883AAD44A209B3045"> <enum>(D)</enum> <text>such other factors as the Commission, by rule, determines to be necessary or appropriate in the public interest.</text> </subparagraph> </paragraph> <paragraph id="H4F2FF7430CCE4F2682845C2F7711F282"> <enum>(2)</enum> <header>Comparability</header> <text>In the rule, the Commission shall—</text> <subparagraph id="H4B476358072748F29872A038A9B5BE63"> <enum>(A)</enum> <text>provide that any non-U.S. person or any transaction between two non-U.S. 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 requirements; and</text> </subparagraph> <subparagraph id="H06C6F5E362044DBD9EC5C18C136EABDB"> <enum>(B)</enum> <text>set forth the circumstances in which a U.S. person or a transaction between a U.S. person and a non-U.S. 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 requirements.</text> </subparagraph> </paragraph> <paragraph id="H2DA0FB6FCC8B405485672898F9B48B1B"> <enum>(3)</enum> <header>Outcomes-based comparison</header> <text>In developing and applying the criteria, the Commission shall emphasize the results and outcomes of, rather than the design and construction of, foreign swaps regulatory requirements.</text> </paragraph> <paragraph id="H3F7CF6BFF63145B29BE10F8A9FCB7A40"> <enum>(4)</enum> <header>Risk-based rulemaking</header> <text>In the rule, the Commission shall not take into account, for the purposes of determining the applicability of United States swaps requirements, the location of personnel that arrange, negotiate, or execute swaps.</text> </paragraph> <paragraph id="H20A9993A2DA74E3E895FAC15AE73DA6A"> <enum>(5)</enum> <text>No part of any rulemaking under this section shall limit the Commission’s antifraud or antimanipulation authority.</text> </paragraph> </subsection> <subsection id="HD6C9BAABF89A4BA4B92C59B8C66525AB"> <enum>(c)</enum> <header>Application of the rule</header> <paragraph id="H880D5E2CCFD246A1A6E1E8C0376EECEC"> <enum>(1)</enum> <header>Assessments of foreign jurisdictions</header> <text>Beginning on the date on which a final rule is issued under this section, the Commission shall begin to assess the swaps regulatory requirements of foreign jurisdictions, in the order the Commission determines appropriate, in accordance with the criteria established pursuant to subsection (b)(1). Following each assessment, the Commission shall determine, by rule or by order, whether the swaps regulatory requirements of the foreign jurisdiction are comparable to and as comprehensive as United States swaps requirements.</text> </paragraph> <paragraph id="HC42AB1490E694C3F83BF438639BA94BA"> <enum>(2)</enum> <header>Substituted compliance for unassessed major markets</header> <text>Beginning 18 months after the date of enactment of this Act—</text> <subparagraph id="H964FF026C4E04539AE14B6F0D9D4B57D"> <enum>(A)</enum> <text>the swaps regulatory requirements of each of the 8 foreign jurisdictions with the largest swaps markets, as calculated by notional value during the 12-month period ending with such date of enactment, except those with respect to which a determination has been made under paragraph (1), shall be considered to be comparable to and as comprehensive as United States swaps requirements; and</text> </subparagraph> <subparagraph id="H2B9EAC53410B485C8AB2193D2A0B9E1A"> <enum>(B)</enum> <text>a non-U.S. person or a transaction between 2 non-U.S. 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 jurisdictions.</text> </subparagraph> </paragraph> <paragraph id="H13955E2BA3FE4AAC86E0A40FAFAB926E"> <enum>(3)</enum> <header>Suspension of substituted compliance</header> <text>If the Commission determines, by rule or by order, that—</text> <subparagraph id="H1A38D94C2484427981CF52220C96E2C2"> <enum>(A)</enum> <text>the swaps regulatory requirements of a foreign jurisdiction are not comparable to and as comprehensive as United States swaps requirements, using the categories and criteria established under subsection (b)(1);</text> </subparagraph> <subparagraph id="HD0E0792E2EE3447790D70CDC0266B578"> <enum>(B)</enum> <text>the foreign jurisdiction does not exempt from its swaps regulatory requirements U.S. persons who are in compliance with United States swaps requirements; or</text> </subparagraph> <subparagraph id="H2D9B1FD26097446AB76FC953828EF483"> <enum>(C)</enum> <text display-inline="yes-display-inline">the foreign jurisdiction is not providing equivalent recognition of, or substituted compliance for, registered entities (as defined in section 1a(41) of the Commodity Exchange Act) domiciled in the United States,</text> </subparagraph> <continuation-text continuation-text-level="paragraph">the Commission may suspend, in whole or in part, a determination made under paragraph (1) or a consideration granted under paragraph (2).</continuation-text> </paragraph> </subsection> <subsection id="H304E723C563A466DA7CC3E0E2844B22F"> <enum>(d)</enum> <header>Petition for review of foreign jurisdiction practices</header> <text>A registered entity, commercial market participant (as defined in section 1a(7) of the Commodity Exchange Act), or Commission registrant (within the meaning of such Act) who petitions the Commission to make or change a determination under subsection (c)(1) or (c)(3) of this section shall be entitled to expedited consideration of the petition. A petition shall include any evidence or other supporting materials to justify why the petitioner believes the Commission should make or change the determination. Petitions under this section shall be considered by the Commission any time following the enactment of this Act. Within 180 days after receipt of a petition for a rulemaking under this section, the Commission shall take final action on the petition. Within 90 days after receipt of a petition to issue an order or change an order issued under this section, the Commission shall take final action on the petition.</text> </subsection> <subsection id="HADB9B4D58DF7442B8FB7CF3DAD67ECC4"> <enum>(e)</enum> <header>Report to congress</header> <text>If the Commission makes a determination described in this section through an order, 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 Agriculture, Nutrition, and Forestry of the Senate within 15 days of the determination. The determination shall not be effective until 15 days after the committees receive the report.</text> </subsection> <subsection id="H77B80EB9033D4774B3D4727D1BABE449"> <enum>(f)</enum> <header>Definitions</header> <text>As used in this Act and for purposes of the rules issued pursuant to this Act, the following definitions apply:</text> <paragraph id="H3AB4EF0CE9804241B3FB05E34517A46A"> <enum>(1)</enum> <header>U.S. person</header> <text>The term <quote>U.S. person</quote>—</text> <subparagraph id="H4FE5A52FAE044D4DAB3511019102A968"> <enum>(A)</enum> <text>means—</text> <clause id="H8D483EA94A644605B74DD18F12FB4EEF"> <enum>(i)</enum> <text>any natural person resident in the United States;</text> </clause> <clause id="H9C520BCC649B473B93CB7353CAC34761"> <enum>(ii)</enum> <text>any partnership, corporation, trust, or other legal person organized or incorporated under the laws of the United States or having its principal place of business in the United States;</text> </clause> <clause id="H28F050257EED406DB9F9540804062608"> <enum>(iii)</enum> <text>any account (whether discretionary or non-discretionary) of a U.S. person; and</text> </clause> <clause id="H6227600FD45F4D59B11F2D1D711979B3"> <enum>(iv)</enum> <text>any other person as the Commission may further define to more effectively carry out the purposes of this section; and</text> </clause> </subparagraph> <subparagraph id="H17FB1A17A0164937ACB3BBB2D540B3EE"> <enum>(B)</enum> <text>does not include the International Monetary Fund, the International Bank for Reconstruction and Development, the Inter-American Development Bank, the Asian Development Bank, the African Development Bank, the United Nations, their agencies or pension plans, or any other similar international organizations or their agencies or pension plans.</text> </subparagraph> </paragraph> <paragraph id="H1031DAFDEB9A46599395E4347C417907"> <enum>(2)</enum> <header>United states swaps requirements</header> <text>The term <quote>United States swaps requirements</quote> means the provisions relating to swaps contained in the Commodity Exchange Act (7 U.S.C. 1a et seq.) that were added by title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (15 U.S.C. 8301 et seq.) and any rules or regulations prescribed by the Commodity Futures Trading Commission pursuant to such provisions.</text> </paragraph> <paragraph id="H6487F7510B7D436C89FE6D498D9FA923"> <enum>(3)</enum> <header>Foreign jurisdiction</header> <text>The term <quote>foreign jurisdiction</quote> means any national or supranational political entity with common rules governing swaps transactions.</text> </paragraph> <paragraph id="H513F336B55944BAF88D25AA3D3B2F999"> <enum>(4)</enum> <header>Swaps regulatory requirements</header> <text>The term <quote>swaps regulatory requirements</quote> means any provisions of law, and any rules or regulations pursuant to the provisions, governing swaps transactions or the counterparties to swaps transactions.</text> </paragraph> </subsection> <subsection id="H968A5A3222D14F82AA82243805442EED"> <enum>(g)</enum> <header>Conforming amendment</header> <text>Section 4(c)(1)(A) of the Commodity Exchange Act (7 U.S.C. 6(c)(1)(A)) is amended by inserting <quote>or except as necessary to effectuate the purposes of the Commodity End-User Relief Act,</quote> after <quote>to grant exemptions,</quote>.</text> </subsection> </section> <section id="HE49D7CA65B024FD5A0DDA6C67A3C56B2" display-inline="no-display-inline" section-type="subsequent-section"> <enum>315.</enum> <header>Exemption of qualified charitable organizations from designation and regulation as commodity pool operators</header> <subsection id="H25B398E2ED044499B04FB7B083269DB5"> <enum>(a)</enum> <header>Exclusion from definition of commodity pool</header> <text display-inline="yes-display-inline">Section 1a(10) of the Commodity Exchange Act (7 U.S.C. 1a(10)) is amended by adding at the end the following:</text> <quoted-block style="OLC" display-inline="no-display-inline" id="HD365FA71EDC047EA83BE258C72768516"> <subparagraph id="H469BB92B9F894446A43CD0E16500B3BC"> <enum>(C)</enum> <header>Exclusion</header> <text display-inline="yes-display-inline">The term <quote>commodity pool</quote> shall not include any investment trust, syndicate, or similar form of enterprise excluded from the definition of <quote>investment company</quote> pursuant to sections 3(c)(10) or 3(c)(14) of the Investment Company Act of 1940.</text> </subparagraph> <after-quoted-block>.</after-quoted-block> </quoted-block> </subsection> <subsection id="H76D7E76457114BC58A4D18DBF3BD10DD"> <enum>(b)</enum> <header>Inapplicability of prohibition on use of instrumentalities of interstate commerce by unregistered commodity trading advisor</header> <text>Section 4m of such Act (7 U.S.C. 6m) is amended—</text> <paragraph id="H4676F6A0BCD249A9973DCE3E02257BD6"> <enum>(1)</enum> <text>in paragraph (1), in the 2nd sentence, by inserting <quote>: <italic>Provided further</italic>, That the provisions of this section shall not apply to any commodity trading advisor that is: (A) a charitable organization, as defined in section 3(c)(10)(D) of the Investment Company Act of 1940, or a trustee, director, officer, employee, or volunteer of such a charitable organization acting within the scope of the employment or duties of the person with the organization, whose trading advice is provided only to, or with respect to, 1 or more of the following: (i) any such charitable organization, or (ii) an investment trust, syndicate or similar form of enterprise excluded from the definition of <quote>investment company</quote> pursuant to section 3(c)(10) of the Investment Company Act of 1940; or (B) any plan, company, or account described in section 3(c)(14) of the Investment Company Act of 1940, any person or entity who establishes or maintains such a plan, company, or account, or any trustee, director, officer, employee, or volunteer for any of the foregoing plans, persons, or entities acting within the scope of the employment or duties of the person with the organization, whose trading advice is provided only to, or with respect to, any investment trust, syndicate, or similar form of enterprise excluded from the definition of <quote>investment company</quote> pursuant to section 3(c)(14) of the Investment Company Act of 1940</quote> before the period; and</text> </paragraph> <paragraph id="HC62C16017A1B46B982870CD3369AEA8C"> <enum>(2)</enum> <text>by adding at the end the following:</text> <quoted-block style="OLC" display-inline="no-display-inline" id="H9A75221D09C04CD6AAD83B1C1F3955EA"> <subsection id="HFD8430D586C24447901C5B879A0A523B"> <enum>(4)</enum> <header>Disclosure concerning excluded charitable organizations</header> <text display-inline="yes-display-inline">The operator of or advisor to any investment trust, syndicate, or similar form of enterprise excluded from the definition of <quote>commodity pool</quote> by reason of section 1a(10)(C) of this Act pursuant to section 3(c)(10) of the Investment Company Act of 1940 shall provide disclosure in accordance with section 7(e) of the Investment Company Act of 1940.</text> </subsection> <after-quoted-block>.</after-quoted-block> </quoted-block> </paragraph> </subsection> </section> <section id="H0E8A9A77FC11491BA0E0D0D11D7C7564" display-inline="no-display-inline" section-type="subsequent-section"> <enum>316.</enum> <header>Small bank holding company clearing exemption</header> <text display-inline="no-display-inline">Section 2(h)(7)(C) of the Commodity Exchange Act (7 U.S.C. 2(h)(7)(C)) is amended by adding at the end the following:</text> <quoted-block style="OLC" display-inline="no-display-inline" id="H0A0A48DA835B433FBA7670CEF710DD3F"> <clause id="HF215E1E5E92F4383A4EBFE9C4180BE5F"> <enum>(iv)</enum> <header>Holding companies</header> <text display-inline="yes-display-inline">A determination made by the Commission under clause (ii) shall, with respect to small banks and savings associations, also apply to their respective bank holding company (as defined in section 2 of the Bank Holding Company Act of 1956), or savings and loan holding company (as defined in section 10 of the Home Owners’ Loan Act of 1933)), 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 (ii).</text> </clause> <after-quoted-block>.</after-quoted-block> </quoted-block> </section> <section id="H8CB2FC654555447BAA2B268A2E8D652C" section-type="subsequent-section"> <enum>317.</enum> <header>Core principle certainty</header> <text display-inline="no-display-inline">Section 5h(f) of the Commodity Exchange Act (7 U.S.C. 7b–3(f)) is amended—</text> <paragraph id="HDC6D1330966C49268F1DAAAB8AE3F6EA"> <enum>(1)</enum> <text>in paragraph (1)(B), by inserting <quote>except as described in this subsection,</quote> after <quote>Commission by rule or regulation</quote>;</text> </paragraph> <paragraph id="H2183A7F822614BEFBF87D20F2D8B126D"> <enum>(2)</enum> <text>in paragraph (2), by amending subparagraph (D) to read as follows: </text> <quoted-block style="OLC" display-inline="no-display-inline" id="HE2DBBF50C2804814B7C74004374014A6"> <subparagraph id="H3CB5B490F3A94348B14D7EE12787B6B0"> <enum>(D)</enum> <text display-inline="yes-display-inline">have reasonable discretion in establishing and enforcing its rules related to trade practice surveillance, market surveillance, real-time marketing monitoring, 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 commerce. A swap execution facility shall be responsible for monitoring trading in swaps only on its own facility.</text> </subparagraph> <after-quoted-block>;</after-quoted-block> </quoted-block> </paragraph> <paragraph id="H34C7D497CE0F41BCBB0B0FDDD7A32A53"> <enum>(3)</enum> <text>in paragraph (4)(B), by adding at the end the following: <quote>A swap execution facility shall be responsible for monitoring trading in swaps only on its own facility.</quote>;</text> </paragraph> <paragraph id="H830E0AF597EE46AB9FDB8E8A48F69A89"> <enum>(4)</enum> <text>in paragraph (6)(B)—</text> <subparagraph id="HB1318A6E4B0043C6A5B399136FDCBC8E"> <enum>(A)</enum> <text>by striking <quote>shall—</quote> and all that follows through <quote>compliance with the</quote> and insert <quote>shall monitor the trading activity on its facility for compliance with any</quote>;</text> </subparagraph> <subparagraph id="HC5BBD776E3884EF995609446D2710BE7"> <enum>(B)</enum> <text>by striking <quote>or through</quote>; and</text> </subparagraph> <subparagraph id="H4D06B0F82B314589B394D649BA4FFAB3"> <enum>(C)</enum> <text>by adding at the end the following: <quote>A swap execution facility shall be responsible for monitoring positions only on its own facility.</quote>;</text> </subparagraph> </paragraph> <paragraph id="H272EA9EAAAAB416D98F406C4839FCA6D"> <enum>(5)</enum> <text>in paragraph (8), by striking <quote>to liquidate</quote> and all that follows and inserting <quote>to suspend or curtail trading in a swap on its own facility.</quote>;</text> </paragraph> <paragraph id="H7005FCBC3F6149C88957C7AC1EAB57F3"> <enum>(6)</enum> <text>in paragraph (13)(B), by striking <quote>1-year period, as calculated on a rolling basis</quote> and inserting <quote>90-day period, as calculated on a rolling basis, or conduct an orderly wind-down of its operations, whichever is greater</quote>; and</text> </paragraph> <paragraph id="HB5D3D92CF84C46D9AAB8EFDEBA62E061"> <enum>(7)</enum> <text>in paragraph (15)—</text> <subparagraph id="HF8DDB3EBF0BF45A2A50C2226A97FCDC8"> <enum>(A)</enum> <text>in subparagraph (A), by adding at the end the following: <quote>The individual may also perform other responsibilities for the swap execution facility.</quote>;</text> </subparagraph> <subparagraph id="HB79062C2D33E4C93A792DB2F8690C311"> <enum>(B)</enum> <text>in subparagraph (B)—</text> <clause id="HB2D0B88308E7455A97A6AAB7C927D60B"> <enum>(i)</enum> <text>in clause (i), by inserting <quote>, a committee of the board,</quote> after <quote>directly to the board</quote>;</text> </clause> <clause id="H0B813D5A730F4BDFB8E78F54AD5C10A1"> <enum>(ii)</enum> <text>by striking clauses (iii) through (v) and inserting the following: </text> <quoted-block style="OLC" display-inline="no-display-inline" id="HD084DFDF856945E5B9262D37B57DC427"> <clause id="H011805923D5E4A9A943D8FC4F3646A40"> <enum>(iii)</enum> <text>establish and administer policies and procedures that are reasonably designed to resolve any conflicts of interest that may arise;</text> </clause> <clause id="HCC2DDAB2E7334878943E804DBB3EB4D8"> <enum>(iv)</enum> <text>establish and administer policies and procedures that reasonably ensure compliance with this Act and the rules and regulations issued under this Act, including rules prescribed by the Commission pursuant to this section; and</text> </clause> <after-quoted-block>; and</after-quoted-block> </quoted-block> </clause> <clause id="H5C539D4CF81243D3B4FF2AA5FAC358E8"> <enum>(iii)</enum> <text>by redesignating clause (vi) as clause (v);</text> </clause> </subparagraph> <subparagraph id="H887346D3CC3C4DE684BBE4E27CC9761E"> <enum>(C)</enum> <text>in subparagraph (C), by striking <quote>(B)(vi)</quote> and inserting <quote>(B)(v)</quote>; and</text> </subparagraph> <subparagraph id="H003A825BD4C54B60AC6D39634C921021"> <enum>(D)</enum> <text>in subparagraph (D)—</text> <clause id="HC0E9835DD2DD468FADA8F322946A6D35"> <enum>(i)</enum> <text>in clause (i)—</text> <subclause id="H848309D3B4BA4A439EEFF632D1FD1EFE"> <enum>(I)</enum> <text>by striking <quote>In accordance with rules prescribed by the Commission, the</quote> and inserting <quote>The</quote>; and</text> </subclause> <subclause id="H0112C35BFE044D46AFD4AA3292A2A45E"> <enum>(II)</enum> <text>by striking <quote>and sign</quote>; and </text> </subclause> </clause> <clause id="H3F0013EA5D1743F9AAD14702DDEBCFF9"> <enum>(ii)</enum> <text>in clause (ii)—</text> <subclause id="H5F12A191F8064BDBB16F64CD27A63008"> <enum>(I)</enum> <text>in the matter preceding subclause (I), by inserting <quote>or senior officer</quote> after <quote>officer</quote>; </text> </subclause> <subclause id="HCC483FDE1DB849DD8DAF993BACA5E2F2"> <enum>(II)</enum> <text>by amending subclause (I) to read as follows:</text> <quoted-block style="OLC" display-inline="no-display-inline" id="H6B28E5CA4C524DD48741A2A612BCD364"> <subclause id="H2EEADDD1B6364BCA89A229B0150A624C"> <enum>(I)</enum> <text display-inline="yes-display-inline">submit each report described in clause (i) to the Commission; and</text> </subclause> <after-quoted-block>; and</after-quoted-block> </quoted-block> </subclause> <subclause id="HB8275D5E363D4413B1B0F662A3B576E9"> <enum>(III)</enum> <text>in subclause (II), by inserting <quote>materially</quote> before <quote>accurate</quote>.</text> </subclause> </clause> </subparagraph> </paragraph> </section> <section id="H826708060903491AA217DADDB791C74C" display-inline="no-display-inline" section-type="subsequent-section"> <enum>318.</enum> <header>Treatment of Federal Home Loan Bank products</header> <subsection id="H3EF42756F9CA47EAB5472711F78598F5"> <enum>(a)</enum> <text display-inline="yes-display-inline">Section 1a(2) of the Commodity Exchange Act (7 U.S.C. 1a(2)) is amended—</text> <paragraph id="HEC4550E002E24215AD90372118F36273"> <enum>(1)</enum> <text>in subparagraph (B), by striking <quote>and</quote>;</text> </paragraph> <paragraph id="H864EE6650313488EAAFAA2E63FD50FAF"> <enum>(2)</enum> <text>in subparagraph (C), by striking the period and inserting <quote>; and</quote>; and</text> </paragraph> <paragraph id="HA7862F4004C24234B296CEFFCF37318B"> <enum>(3)</enum> <text>by adding at the end the following:</text> <quoted-block style="OLC" display-inline="no-display-inline" id="HB33A026430934FBFAA677C58EF881695"> <subparagraph id="HEB87FEC9B6464EF58D512F18F50BB0B5"> <enum>(D)</enum> <text display-inline="yes-display-inline">is the Federal Housing Finance Agency for any Federal Home Loan Bank (as defined in section 2 of the Federal Home Loan Bank Act).</text> </subparagraph> <after-quoted-block>.</after-quoted-block> </quoted-block> </paragraph> </subsection> <subsection id="HE6984E59025F4C27A49228F637757B07" display-inline="no-display-inline"> <enum>(b)</enum> <text>Section 402(a) of the Legal Certainty for Bank Products Act of 2000 (7 U.S.C. 27(a)) is amended—</text> <paragraph id="H6FBCF970F2074918B395651D0C0894A5"> <enum>(1)</enum> <text>by striking <quote>or</quote> at the end of paragraph (6);</text> </paragraph> <paragraph id="H2813CD31DE1D4E02ABB279BEADD7D03E"> <enum>(2)</enum> <text>by striking the period at the end of paragraph (7) and inserting <quote>; or</quote>; and</text> </paragraph> <paragraph id="HE782B127F98145A48299F2094C62DFC5"> <enum>(3)</enum> <text>by adding at the end the following:</text> <quoted-block style="OLC" display-inline="no-display-inline" id="H8E80861F33CA429F9C90EE88BD8430A7"> <paragraph id="H9972B4DB4F814F1286A96329681ECF82"> <enum>(8)</enum> <text display-inline="yes-display-inline">any Federal Home Loan Bank (as defined in section 2 of the Federal Home Loan Bank Act).</text> </paragraph> <after-quoted-block>.</after-quoted-block> </quoted-block> </paragraph> </subsection> </section> <section id="H01B5F31C4A6643639F9444594A87FD02" display-inline="no-display-inline" section-type="subsequent-section"> <enum>319.</enum> <header>Treatment of certain funds</header> <subsection id="H27DE36DBFEFD4BF29C9B64F50756DAF2"> <enum>(a)</enum> <header>Amendment to the definition of commodity pool operator</header> <text display-inline="yes-display-inline">Section 1a(11) of the Commodity Exchange Act (7 U.S.C. 1a(11)) is amended by adding at the end the following:</text> <quoted-block style="OLC" display-inline="no-display-inline" id="HAABD046018DC41F29EF7F7F527A97BEF"> <subparagraph id="HC8079EE596674018ABD1C87A47CB5ACD"> <enum>(C)</enum> <clause id="HBD1CAB24A03045448A9BB2E686E1342D" display-inline="yes-display-inline"> <enum>(i)</enum> <text>The term <quote>commodity pool operator</quote> does not include a person who serves as an investment adviser to an investment company registered pursuant to section 8 of the Investment Company Act of 1940 or a subsidiary of such a company, if the investment company or subsidiary invests, reinvests, owns, holds, or trades in commodity interests limited to only financial commodity interests.</text> </clause> <clause id="H90844F2C16E148C7987EC2DC5AADDF63" indent="up1"> <enum>(ii)</enum> <text display-inline="yes-display-inline">For purposes of this subparagraph only, the term <quote>financial commodity interest</quote> means a futures contract, an option on a futures contract, or a swap, involving a commodity that is not an exempt commodity or an agricultural commodity, including any index of financial commodity interests, whether cash settled or involving physical delivery.</text> </clause> <clause id="H53AB3862DC72443BBED49A04F70F7A9B" indent="up1"> <enum>(iii)</enum> <text display-inline="yes-display-inline">For purposes of this subparagraph only, the term <quote>commodity</quote> does not include a security issued by a real estate investment trust, business development company, or issuer of asset-backed securities, including any index of such securities.</text> </clause> </subparagraph> <after-quoted-block>.</after-quoted-block> </quoted-block> </subsection> <subsection id="H8FABE1CA48BE444C9617F4FA2A5FD250"> <enum>(b)</enum> <header>Amendment to the definition of commodity trading advisor</header> <text display-inline="yes-display-inline">Section 1a(12) of such Act (7 U.S.C. 1a(12)) is amended by adding at the end the following:</text> <quoted-block style="OLC" display-inline="no-display-inline" id="HEE376BDDC62E413D87F2899654C908BA"> <subparagraph id="HC4440F5A72484AE7932FAEE0F390D3BB"> <enum>(E)</enum> <text display-inline="yes-display-inline">The term <quote>commodity trading advisor</quote> does not include a person who serves as an investment adviser to an investment company registered pursuant to section 8 of the Investment Company Act of 1940 or a subsidiary of such a company, if the commodity trading advice relates only to a financial commodity interest, as defined in paragraph (11)(C)(ii) of this section. For purposes of this subparagraph only, the term <quote>commodity</quote> does not include a security issued by a real estate investment trust, business development company, or issuer of asset-backed securities, including any index of such securities.</text> </subparagraph> <after-quoted-block>.</after-quoted-block> </quoted-block> </subsection> </section> <enum>IV</enum> <header>TECHNICAL CORRECTIONS</header> <section id="H7C2C6D3B81564DACB526498BA46C84FE"> <enum>401.</enum> <header>Correction of references</header> <subsection id="HF7357052D9C546F6B7F154F2B78F6A21"> <enum>(a)</enum> <text display-inline="yes-display-inline">Section 2(h)(8)(A)(ii) of the Commodity Exchange Act (7 U.S.C. 2(h)(8)(A)(ii)) is amended by striking <quote>5h(f) of this Act</quote> and inserting <quote>5h(g)</quote>.</text> </subsection> <subsection id="HA5C708D8C18144A8B47435A7FD165718"> <enum>(b)</enum> <text>Section 5c(c)(5)(C)(i) of such Act (7 U.S.C. 7a-2(c)(5)(C)(i)) is amended by striking <quote>1a(2)(i))</quote> and inserting <quote>1a(19)(i))</quote>.</text> </subsection> <subsection id="H5D48841645C44542AFE1544D45152F26"> <enum>(c)</enum> <text>Section 23(f) of such Act (7 U.S.C. 26(f)) is amended by striking <quote>section 7064</quote> and inserting <quote>section 706</quote>.</text> </subsection> </section> <section id="H0481CD7D14B24E81AB5FE8B68595E7DE"> <enum>402.</enum> <header>Elimination of obsolete references to dealer options</header> <subsection id="HD4FA8A3FBFC64385843F05229A1B5B49"> <enum>(a)</enum> <header>In general</header> <text display-inline="yes-display-inline">Section 4c of the Commodity Exchange Act (7 U.S.C. 6c) is amended by striking subsections (d) and (e) and redesignating subsections (f) and (g) as subsections (d) and (e), respectively.</text> </subsection> <subsection id="HDA0C0FFD42FC466D8FD44CBF4DF019B9"> <enum>(b)</enum> <header>Conforming amendments</header> <paragraph id="H5C250C197CB94E4EA0CB82CAB9C47C42"> <enum>(1)</enum> <text>Section 2(d) of such Act (7 U.S.C. 2(d)) is amended by striking <quote>(g) of</quote> and inserting <quote>(e) of</quote>.</text> </paragraph> <paragraph id="HC7E5CF6746A345F4ACCD262A496C0422"> <enum>(2)</enum> <text>Section 4f(a)(4)(A)(i) of such Act (7 U.S.C. 6f(a)(4)(A)(i)) is amended by striking <quote>(d), (e), and (g)</quote> and inserting <quote>and (e)</quote>.</text> </paragraph> <paragraph id="H88543C3A9D8544AC8B2CA448B8229474"> <enum>(3)</enum> <text>Section 4k(5)(A) of such Act (7 U.S.C. 6k(5)(A)) is amended by striking <quote>(d), (e), and (g)</quote> and inserting <quote>and (e)</quote>.</text> </paragraph> <paragraph id="HAAD951D2BBC14F18A56868761591FE00"> <enum>(4)</enum> <text>Section 5f(b)(1)(A) of such Act (7 U.S.C. 7b-1(b)(1)(A)) is amended by striking <quote>, (e) and (g)</quote> and inserting <quote>and (e)</quote>.</text> </paragraph> <paragraph id="HAF7CABB8FD8644F2AD202439965019E4"> <enum>(5)</enum> <text>Section 9(a)(2) of such Act (7 U.S.C. 13(a)(2)) is amended by striking <quote>through (e)</quote> and inserting <quote>and (c)</quote>.</text> </paragraph> </subsection> </section> <section id="H7ED1F0DB71C848B38263170405A98820"> <enum>403.</enum> <header>Updated trade data publication requirement</header> <text display-inline="no-display-inline">Section 4g(e) of the Commodity Exchange Act (7 U.S.C. 6g(e)) is amended by striking <quote>exchange</quote> and inserting <quote>each designated contract market and swap execution facility</quote>.</text> </section> <section id="HF0CEB25FF2FA40F6A4124A1C6E51F521"> <enum>404.</enum> <header>Flexibility for registered entities</header> <text display-inline="no-display-inline">Section 5c(b) of the Commodity Exchange Act (7 U.S.C. 7a-2(b)) is amended by striking <quote>contract market, derivatives transaction execution facility, or electronic trading facility</quote> each place it appears and inserting <quote>registered entity</quote>.</text> </section> <section id="H9490921F835C4FF7922A24BCC4710AFD"> <enum>405.</enum> <header>Elimination of obsolete references to electronic trading facilities</header> <subsection id="H9EEAC18977174C95AC653C164EBD9E2F"> <enum>(a)</enum> <text>Section 1a(18)(A)(x) of the Commodity Exchange Act (7 U.S.C. 1a(18)(A)(x)) is amended by striking <quote>(other than an electronic trading facility with respect to a significant price discovery contract)</quote>.</text> </subsection> <subsection id="HCF7D806D2EEA4FD5AFD50853E9552F5A"> <enum>(b)</enum> <text>Section 1a(40) of such Act (7 U.S.C. 1a(40)) is amended—</text> <paragraph id="H5FE17510CE534349AFE7A12D22473A5A"> <enum>(1)</enum> <text>by adding <quote>and</quote> at the end of subparagraph (D); and</text> </paragraph> <paragraph id="H16A62AC096A94052AB883E21F66A43CD"> <enum>(2)</enum> <text>by striking all that follows “section 21” and inserting a period.</text> </paragraph> </subsection> <subsection id="H76B17B5B5E68420AAAF84849BB6B86B0"> <enum>(c)</enum> <text>Section 4a(e) of such Act (7 U.S.C. 6a(e)) is amended—</text> <paragraph id="HDC3409F0BAFF415685477369FDC82D4A"> <enum>(1)</enum> <text>in the 1st sentence—</text> <subparagraph id="HAC178745604943A4A204F89408F1B2B8"> <enum>(A)</enum> <text>by striking <quote>or by any electronic trading facility</quote>;</text> </subparagraph> <subparagraph id="HEAD0350B4383419EB59DA0813FB46CDE" display-inline="no-display-inline"> <enum>(B)</enum> <text>by striking <quote>or on an electronic trading facility</quote>; and</text> </subparagraph> <subparagraph id="HFA050D41C25D4103B563F1CBCF9CB5B7"> <enum>(C)</enum> <text>by striking <quote>or electronic trading facility</quote> each place it appears; and</text> </subparagraph> </paragraph> <paragraph id="H9D2BEE7AADEF46CC9E6D66FDC39C654A"> <enum>(2)</enum> <text>in the 2nd sentence, by striking <quote>or electronic trading facility with respect to a significant price discovery contract</quote>.</text> </paragraph> </subsection> <subsection id="H4588C2E042FD4F379D57EA7FD111D056"> <enum>(d)</enum> <text>Section 4g(a) of such Act (7 U.S.C. 6g(a)) is amended by striking <quote>any significant price discovery contract traded or executed on an electronic trading facility or</quote>.</text> </subsection> <subsection id="HCE4765AD62914BA19079B997A4E2FE6B"> <enum>(e)</enum> <text>Section 4i(a) of such Act (7 U.S.C. 6i(a)) is amended—</text> <paragraph id="H9F8061A11322457BB76398ED5470869E"> <enum>(1)</enum> <text>by striking <quote>, or any significant price discovery contract traded or executed on an electronic trading facility or any agreement, contract, or transaction that is treated by a derivatives clearing organization, whether registered or not registered, as fungible with a significant price discovery contract</quote>; and</text> </paragraph> <paragraph id="H0E636E711A7543AF90D05314C3B8F9BF"> <enum>(2)</enum> <text>by striking <quote>or electronic trading facility</quote></text> </paragraph> </subsection> <subsection id="HBB53EFD44F984A30B9637AFF9871AECE"> <enum>(f)</enum> <text>Section 6(b) of such Act (7 U.S.C. 8(b)) is amended by striking <quote>or electronic trading facility</quote> each place it appears.</text> </subsection> <subsection id="HB43F27F9CEA840A8A84515E5375CEDC6"> <enum>(g)</enum> <text>Section 12(e)(2) of such Act (7 U.S.C. 16(e)(2)) is amended by striking <quote>in the case of—</quote> and all that follows and inserting <quote>in the case of an agreement, contract, or transaction that is excluded from this Act under section 2(c) or 2(f) of this Act or title IV of the Commodity Futures Modernization Act of 2000, or exempted under section 4(c) of this Act (regardless of whether any such agreement, contract, or transaction is otherwise subject to this Act).</quote>.</text> </subsection> </section> <section id="H51F5ED637B3F488AAC59A5170D9ADAF0"> <enum>406.</enum> <header>Elimination of obsolete reference to alternative swap execution facilities</header> <text display-inline="no-display-inline">Section 5h(h) of the Commodity Exchange Act (7 U.S.C. 7b-3(h)) is amended by striking <quote>alternative</quote> before <quote>swap</quote>.</text> </section> <section id="H254919AC5AE445FC933F4EECA7331608"> <enum>407.</enum> <header>Elimination of redundant references to types of registered entities</header> <text display-inline="no-display-inline">Section 6b of the Commodity Exchange Act (7 U.S.C. 13a) is amended in the 1st sentence by striking <quote>as set forth in sections 5 through 5c</quote>.</text> </section> <section id="HA45FDC16D22E497DBED01EB86283A1CC"> <enum>408.</enum> <header>Clarification of Commission authority over swaps trading</header> <text display-inline="no-display-inline">Section 8a of the Commodity Exchange Act (7 U.S.C. 12a) is amended—</text> <paragraph id="HB4C9A005288E404291B01F0FF8BAAF3F"> <enum>(1)</enum> <text display-inline="yes-display-inline">in paragraph (7)—</text> <subparagraph id="HE84192C2BABC4041A367E7E9B9E1177E"> <enum>(A)</enum> <text>by inserting <quote>the protection of swaps traders and to assure fair dealing in swaps, for</quote> after <quote>appropriate for</quote>; </text> </subparagraph> <subparagraph id="H8376DA44736A493D8878511C581BC55A"> <enum>(B)</enum> <text>in subparagraph (A), by inserting <quote>swaps or</quote> after <quote>conditions in</quote>; and</text> </subparagraph> <subparagraph id="HBC573F40AD43491A91EC7A40CE561E7D"> <enum>(C)</enum> <text>in subparagraph (B), by inserting <quote>or swaps</quote> after <quote>future delivery</quote>; and</text> </subparagraph> </paragraph> <paragraph id="HE37BFDD5AA62442E91425ED14D69D9D1"> <enum>(2)</enum> <text>in paragraph (9)—</text> <subparagraph id="H6CA88DDDA345438E9E35B79DE3CEB37D"> <enum>(A)</enum> <text>by inserting <quote>swap or</quote> after <quote>or liquidation of any</quote>; and</text> </subparagraph> <subparagraph id="H4097D6F07F1445F8879EE83E306CBF63"> <enum>(B)</enum> <text>by inserting <quote>swap or</quote> after <quote>margin levels on any</quote>.</text> </subparagraph> </paragraph> </section> <section id="H5AE1B68F887B4E78AD8F72C8AF0C8642"> <enum>409.</enum> <header>Elimination of obsolete reference to the Commodity Exchange Commission</header> <text display-inline="no-display-inline">Section 13(c) of the Commodity Exchange Act (7 U.S.C. 13c(c)) is amended by striking <quote>or the Commission</quote>.</text> </section> <section id="H5A0D5E80EBC74FDD9DFBFE7DFD052EA1"> <enum>410.</enum> <header>Elimination of obsolete references to derivative transaction execution facilities</header> <subsection id="H0392846F72F74A68B928A6A163B0A69B"> <enum>(a)</enum> <text>Section 1a(12)(B)(vi) of the Commodity Exchange Act (7 U.S.C. 1a(12)(B)(vi)) is amended by striking <quote>derivatives transaction execution facility</quote> and inserting <quote>swap execution facility</quote>.</text> </subsection> <subsection id="HE98D06B7F96B4DEFB3D13DA5FB39041F"> <enum>(b)</enum> <text>Section 1a(34) of such Act (7 U.S.C. 1a(34)) is amended by striking <quote>or derivatives transaction execution facility</quote> each place it appears.</text> </subsection> <subsection id="HFA1EDAED31A44D0083D18777A69A7A6B"> <enum>(c)</enum> <text>Section 1a(35)(B)(iii)(I) of such Act (7 U.S.C. 1a(35)(B)(iii)(I)) is amended by striking <quote>or registered derivatives transaction execution facility</quote>.</text> </subsection> <subsection id="H71EA37B72E7C4864B82A531DAA936A26"> <enum>(d)</enum> <text>Section 2(a)(1)(C)(ii) of such Act (7 U.S.C. 2(a)(1)(C)(ii)) is amended—</text> <paragraph id="H5E31E8DB21664CBB8F5EF5C02889DEF9"> <enum>(1)</enum> <text>by striking <quote>, or register a derivatives transaction execution facility that trades or executes,</quote>;</text> </paragraph> <paragraph id="H1627577B29EF4199A3BD50306CE00F37"> <enum>(2)</enum> <text>by striking <quote>, and no derivatives transaction execution facility shall trade or execute such contracts of sale (or options on such contracts) for future delivery</quote>; and</text> </paragraph> <paragraph id="H8C4557BA8651449BA8D91C710A827BCE"> <enum>(3)</enum> <text>by striking <quote>or the derivatives transaction execution facility,</quote>.</text> </paragraph> </subsection> <subsection id="HB653B9B9CA6C42F99CF788D8E0DE161C"> <enum>(e)</enum> <text>Section 2(a)(1)(C)(v)(I) of such Act (7 U.S.C. 2(a)(1)(C)(v)(I)) is amended by striking <quote>, or any derivatives transaction execution facility on which such contract or option is traded,</quote>.</text> </subsection> <subsection id="HC87D13E460C64BDBB28DB23666211547"> <enum>(f)</enum> <text>Section 2(a)(1)(C)(v)(II) of such Act (7 U.S.C. 2(a)(1)(C)(v)(II)) is amended by striking <quote>or derivatives transaction execution facility</quote> each place it appears.</text> </subsection> <subsection id="H523A14E72B6940EABBA40948829FAC21"> <enum>(g)</enum> <text>Section 2(a)(1)(C)(v)(V) of such Act (7 U.S.C. 2(a)(1)(C)(v)(V)) is amended by striking <quote>or registered derivatives transaction execution facility</quote>.</text> </subsection> <subsection id="HE34563FCE33A48BABF6672B679AE5BAE"> <enum>(h)</enum> <text>Section 2(a)(1)(D)(i) of such Act (7 U.S.C. 2(a)(1)(D)(i)) is amended in the matter preceding subclause (I)—</text> <paragraph id="H764FA710B47A4A9C90B46D03497910EF"> <enum>(1)</enum> <text>by striking <quote>in, or register a derivatives transaction execution facility</quote>; and</text> </paragraph> <paragraph id="HFF7AF61D156E417784623E529AB23DF5"> <enum>(2)</enum> <text>by striking <quote>, or registered as a derivatives transaction execution facility for,</quote>.</text> </paragraph> </subsection> <subsection id="H328C129E731C4229AF7D05A24D7586FD"> <enum>(i)</enum> <text>Section 2(a)(1)(D)(i)(IV) of such Act (7 U.S.C. 2(a)(1)(D)(i)(IV)) is amended by striking <quote>registered derivatives transaction execution facility,</quote> each place it appears.</text> </subsection> <subsection id="H2C2239EB17784C56BAFC2CFEDBC768D7"> <enum>(j)</enum> <text>Section 2(a)(1)(D)(ii)(I) of such Act (7 U.S.C. 2(a)(1)(D)(ii)(I)) is amended to read as follows:</text> <quoted-block style="OLC" id="HB6CF6489E9414EB096B89BE934DB6215" display-inline="no-display-inline"> <subclause id="H0A27A84DF7F24FEFB83BAD17E8F78287" indent="up3"> <enum>(I)</enum> <text display-inline="yes-display-inline">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 product; or</text> </subclause> <after-quoted-block>.</after-quoted-block> </quoted-block> </subsection> <subsection id="HEFF1B18B6C814DB2991501F67262D5BC"> <enum>(k)</enum> <text>Section 2(a)(1)(D)(ii)(II) of such Act (7 U.S.C. 2(a)(1)(D)(ii)(II)) is amended by striking <quote>or registered derivatives transaction execution facility</quote>.</text> </subsection> <subsection id="H41E0BB95AD9A4EB4BAC3B20EAC5FDF6F"> <enum>(l)</enum> <text>Section 2(a)(1)(D)(ii)(III) of such Act (7 U.S.C. 2(a)(1)(D)(ii)(III)) is amended by striking <quote>or registered derivatives transaction execution facility member</quote>.</text> </subsection> <subsection id="HB0D4E386DEDF454BB591E5AC04324D25"> <enum>(m)</enum> <text display-inline="yes-display-inline">Section 2(a)(9)(B)(ii) of such Act (7 U.S.C. 2(a)(9)(B)(ii)) is amended—</text> <paragraph id="H69EF49AD41AF47B0BD45FA9516001A47"> <enum>(1)</enum> <text>by striking <quote>or registration</quote> each place it appears;</text> </paragraph> <paragraph id="H1EF6E30E9BAE403EABC2231FDD60D0F5"> <enum>(2)</enum> <text>by striking <quote>or derivatives transaction execution facility</quote> each place it appears;</text> </paragraph> <paragraph id="HED6761767F4A4BA8A117CD8BAE4DBCB3"> <enum>(3)</enum> <text>by striking <quote>or register</quote>;</text> </paragraph> <paragraph id="HC0E98A46C9FC4585AF5C079F9446B8F6"> <enum>(4)</enum> <text>by striking <quote>registering,</quote>; </text> </paragraph> <paragraph id="H8E3FB529966844F796F480354D07DB91"> <enum>(5)</enum> <text>by striking <quote>or registering,</quote> each place it appears; and</text> </paragraph> <paragraph id="H15878CCD6FBA44C891D009433F417B5D"> <enum>(6)</enum> <text>by striking <quote>registration,</quote>.</text> </paragraph> </subsection> <subsection id="HBB6DA4B535044A3ABB4C348B3C52F6DC"> <enum>(n)</enum> <text>Section 2(c)(2) of such Act (7 U.S.C. 2(c)(2)) is amended by striking <quote>or a derivatives transaction execution facility</quote> each place it appears.</text> </subsection> <subsection id="H8EDAAE38B746408FB9BCB594C03D1BA3"> <enum>(o)</enum> <text>Section 4(a)(1) of such Act (7 U.S.C. 6(a)(1)) is amended by striking <quote>or derivatives transaction execution facility</quote> each place it appears.</text> </subsection> <subsection id="H8A24162E37624AD1B43278D5CD1CFB3B"> <enum>(p)</enum> <text>Section 4(c)(1) of such Act (7 U.S.C. 6(c)(1)) is amended—</text> <paragraph id="HC7F79682171341258C269F5ACF70D72F"> <enum>(1)</enum> <text>by striking <quote>or registered</quote> after <quote>designated</quote>; and</text> </paragraph> <paragraph id="HD3C8B867B7B1424DA05B948BD691DC95"> <enum>(2)</enum> <text>by striking <quote>or derivative transaction execution facility</quote>.</text> </paragraph> </subsection> <subsection id="H698FB52197B74C62A1769F440C9174A2"> <enum>(q)</enum> <text>Section 4a(a)(1) of such Act (7 U.S.C. 6a(a)(1)) is amended by striking <quote>or derivatives transaction execution facilities</quote> each place it appears.</text> </subsection> <subsection id="HE200AEBDA6944229965F49391EFE1814"> <enum>(r)</enum> <text>Section 4a(e) of such Act (7 U.S.C. 6a(e)) is amended—</text> <paragraph id="H9B351E3D37504E83B84862857488DBC6"> <enum>(1)</enum> <text>by striking <quote>, derivatives transaction execution facility,</quote> each place it appears; and</text> </paragraph> <paragraph id="HAF46D86F98E44B48B1D84B8448F14A15"> <enum>(2)</enum> <text>by striking <quote>or derivatives transaction execution facility</quote>.</text> </paragraph> </subsection> <subsection id="H84B4884588904BE8A8ACC763FD7426DB"> <enum>(s)</enum> <text>Section 4c(g) of such Act (7 U.S.C. 6c(g)) is amended by striking <quote>or derivatives transaction execution facility</quote> each place it appears.</text> </subsection> <subsection id="H85185852F452427185CE0A7D213ECDC1"> <enum>(t)</enum> <text>Section 4d of such Act (7 U.S.C. 6d) is amended by striking <quote>or derivatives transaction execution facility</quote> each place it appears.</text> </subsection> <subsection id="HDA6BCAC29E2F4867B98463095F1E28B6"> <enum>(u)</enum> <text>Section 4e of such Act (7 U.S.C. 6e) is amended by striking <quote>or derivatives transaction execution facility</quote>.</text> </subsection> <subsection id="H567FB869338B453AB763B076B3D537E1"> <enum>(v)</enum> <text>Section 4f(b) of such Act (7 U.S.C. 6f(b)) is amended by striking <quote>or derivatives transaction execution facility</quote> each place it appears.</text> </subsection> <subsection id="HC42B3EB2B3024C18B5377D8B0C5259C6"> <enum>(w)</enum> <text>Section 4i of such Act (7 U.S.C. 6i) is amended by striking <quote>or derivatives transaction execution facility</quote>.</text> </subsection> <subsection id="HD1301B292FED4BD8B5436E4CB324BEB0"> <enum>(x)</enum> <text>Section 4j(a) of such Act (7 U.S.C. 6j(a)) is amended by striking <quote>and registered derivatives transaction execution facility</quote>.</text> </subsection> <subsection id="H742B52B289F443189ED357E74C54B9E4"> <enum>(y)</enum> <text>Section 4p(a) of such Act (7 U.S.C. 6p(a)) is amended by striking <quote>, or derivatives transaction execution facilities</quote>.</text> </subsection> <subsection id="H8AD8E1C639E04E3295C842F0EADB1109"> <enum>(z)</enum> <text>Section 4p(b) of such Act (7 U.S.C. 6p(b)) is amended by striking <quote>derivatives transaction execution facility,</quote>.</text> </subsection> <subsection id="H3CFC78525F7F494BAE142AF20B4E6A63"> <enum>(aa)</enum> <text>Section 5c(f) of such Act (7 U.S.C. 7a-2(f)) is amended by striking <quote>and registered derivatives transaction execution facility</quote>.</text> </subsection> <subsection id="H352408C4A42F4C8188DACAC01BF5C62C"> <enum>(bb)</enum> <text>Section 5c(f)(1) of such Act (7 U.S.C. 7a-2(f)(1)) is amended by striking <quote>or registered derivatives transaction execution facility</quote>.</text> </subsection> <subsection id="H42BF8FC098A84847ADDCBEB7284037B3"> <enum>(cc)</enum> <text>Section 6 of such Act (7 U.S.C. 8) is amended—</text> <paragraph id="H561028F8567F40708811444822FDF1CB"> <enum>(1)</enum> <text>by striking <quote>or registered</quote>;</text> </paragraph> <paragraph id="H21CB2E07B6D24C068007A1337C733F58"> <enum>(2)</enum> <text>by striking <quote>or derivatives transaction execution facility</quote> each place it appears; and</text> </paragraph> <paragraph id="HA313C4FA85EE49C8BE05E944EBEDF561"> <enum>(3)</enum> <text>by striking <quote>or registration</quote> each place it appears.</text> </paragraph> </subsection> <subsection id="HD35CC9B523E344D59E2959C9005A72DA"> <enum>(dd)</enum> <text>Section 6a(a) of such Act (7 U.S.C. 10a(a)) is amended—</text> <paragraph id="HBC967497C3944AD1B6A6A59007FEBBC3"> <enum>(1)</enum> <text>by striking <quote>or registered</quote>;</text> </paragraph> <paragraph id="H3DE649BB3F68413C89CA178821424EA8"> <enum>(2)</enum> <text>by striking <quote>or a derivatives transaction execution facility</quote>; and</text> </paragraph> <paragraph id="H01A7783071FB4C25BE018FF5D1AD45CB"> <enum>(3)</enum> <text>by inserting <quote>shall</quote> before <quote>exclude</quote>.</text> </paragraph> </subsection> <subsection id="H624109A3134C45ABB4A929D6CD8DCAE1"> <enum>(ee)</enum> <text>Section 6a(b) of such Act (7 U.S.C. 10a(b)) is amended—</text> <paragraph id="HCFCB040C7F1047E686EC3318D0FE93B4"> <enum>(1)</enum> <text>by striking <quote>or registered</quote>; and</text> </paragraph> <paragraph id="HB563BC9F8370492A872041F8620BE386"> <enum>(2)</enum> <text>by striking <quote>or a derivatives transaction execution facility</quote>.</text> </paragraph> </subsection> <subsection id="H27EB6AF25DA443FE9DF6679BC0B8FF5C"> <enum>(ff)</enum> <text>Section 6d(1) of such Act (7 U.S.C. 13a-2(1)) is amended by striking <quote>derivatives transaction execution facility,</quote>.</text> </subsection> </section> <section id="H83A11A4CD15A40549EEFF2EC45A2CC36"> <enum>411.</enum> <header>Elimination of obsolete references to exempt boards of trade</header> <subsection id="HE8752BD491F44A0488880011106ABCED"> <enum>(a)</enum> <text display-inline="yes-display-inline">Section 1a(18)(A)(x) of the Commodity Exchange Act (7 U.S.C. 1a(18)(A)(x)) is amended by striking “or an exempt board of trade”.</text> </subsection> <subsection id="H056CCDC06AB34564B8C01FDE6C49391F"> <enum>(b)</enum> <text>Section 12(e)(1)(B)(i) of such Act (7 U.S.C. 16(e)(1)(B)(i)) is amended by striking “or exempt board of trade”.</text> </subsection> </section> <section id="H1C1FD811679848F3AB29883C841F4783" display-inline="no-display-inline" section-type="subsequent-section"> <enum>412.</enum> <header>Elimination of report due in <enum-in-header>1986</enum-in-header></header> <text display-inline="no-display-inline">Section 26 of the Futures Trading Act of 1978 (7 U.S.C. 16a) is amended by striking subsection (b) and redesignating subsection (c) as subsection (b).</text> </section> <section id="H8EEBECDE88B6434A841271CF92F7A4AF" display-inline="no-display-inline"> <enum>413.</enum> <header>Compliance report flexibility</header> <text display-inline="no-display-inline">Section 4s(k)(3)(B) of the Commodity Exchange Act (7 U.S.C. 6s(k)(3)(B)) is amended to read as follows:</text> <quoted-block style="OLC" display-inline="no-display-inline" id="H608EDCF4618D49F0862771458BD49EA6"> <subparagraph id="H00303381C3B9438584D846B7610FEB03"> <enum>(B)</enum> <header>Requirements</header> <text display-inline="yes-display-inline">A compliance report under subparagraph (A) shall—</text> <clause id="H2F113B6652EA49DE9DBBEF7B9B56E9D7"> <enum>(i)</enum> <text>include a certification that, under penalty of law, the compliance report is materially accurate and complete; and</text> </clause> <clause id="H7FEAD972C82D4B5B988131B0B925DD5B"> <enum>(ii)</enum> <text>be furnished at such time as the Commission determines by rule, regulation, or order, to be appropriate.</text> </clause> </subparagraph> <after-quoted-block>.</after-quoted-block> </quoted-block> </section> <section id="HF3C552FE22154F6FB9A5010FC66089F0"> <enum>414.</enum> <header>Miscellaneous corrections</header> <subsection id="HC933B196F08A47D583D783C2F46016E2"> <enum>(a)</enum> <text display-inline="yes-display-inline">Section 1a(12)(A)(i)(II) of the Commodity Exchange Act (7 U.S.C. 1a(12)(A)(i)(II)) is amended by adding at the end a semicolon.</text> </subsection> <subsection id="H5422EC0C3DAA43DA80F7C543CE67DC51"> <enum>(b)</enum> <text>Section 2(a)(1)(C)(ii)(III) of such Act (7 U.S.C. 2(a)(1)(C)(ii)(III)) is amended by moving the provision 2 ems to the right.</text> </subsection> <subsection id="H2ADDAD0F18274297B36588A6762BD5F4"> <enum>(c)</enum> <text>Section 2(a)(1)(C)(iii) of such Act (7 U.S.C. 2(a)(1)(C)(iii)) is amended by moving the provision 2 ems to the right.</text> </subsection> <subsection id="H2E06F765887843B5AF5C3BE2F645CF0B"> <enum>(d)</enum> <text>Section 2(a)(1)(C)(iv) of such Act (7 U.S.C. 2(a)(1)(C)(iv)) is amended by striking <quote>under or</quote> and inserting <quote>under</quote>.</text> </subsection> <subsection id="HC7325C0EF35A446B920F5985E06D1863"> <enum>(e)</enum> <text>Section 2(a)(1)(C)(v) of such Act (7 U.S.C. 2(a)(1)(C)(v)) is amended by moving the provision 2 ems to the right.</text> </subsection> <subsection id="HA171D234CAE14401941A0AE0D1517BA2"> <enum>(f)</enum> <text>Section 2(a)(1)(C)(v)(VI) of such Act (7 U.S.C. 2(a)(1)(C)(v)(VI)) is amended by striking <quote>III</quote> and inserting <quote>(III)</quote>.</text> </subsection> <subsection id="HEE6AECAF76EC405DA6B4C7ADF641674F"> <enum>(g)</enum> <text>Section 2(c)(1) of such Act (7 U.S.C. 2(c)(1)) is amended by striking the 2nd comma.</text> </subsection> <subsection id="HFA02C4A105A24AC1913D16F92E53514A"> <enum>(h)</enum> <text>Section 4(c)(3)(H) of such Act (7 U.S.C. 6(c)(3)(H)) is amended by striking <quote>state</quote> and inserting <quote>State</quote>.</text> </subsection> <subsection id="H4FAB2E3E72D342A5B38FD21F361646F9"> <enum>(i)</enum> <text>Section 4c(c) of such Act (7 U.S.C. 6c(c)) is amended to read as follows:</text> <quoted-block style="OLC" id="HBDB6A3A4811B4A39B1C0AAF8F4FFED28" display-inline="no-display-inline"> <subsection id="H77800B2855B44EDE80A440CE4418E1B6"> <enum>(c)</enum> <text display-inline="yes-display-inline">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 prescribe.</text> </subsection> <after-quoted-block>.</after-quoted-block> </quoted-block> </subsection> <subsection id="H2C50BF75A27B446A9AD4EF52B8DA9738"> <enum>(j)</enum> <text>Section 4d(b) of such Act (7 U.S.C. 6d(b)) is amended by striking <quote>paragraph (2) of this section</quote> and inserting <quote>subsection (a)(2)</quote>.</text> </subsection> <subsection id="H9E863CB8DB01414BBA530E3D8157B2C6"> <enum>(k)</enum> <text>Section 4f(c)(3)(A) of such Act (7 U.S.C. 6f(c)(3)(A)) is amended by striking the 1st comma.</text> </subsection> <subsection id="H5DE17983A65E42DDA654D05D0ECD6E1B"> <enum>(l)</enum> <text>Section 4f(c)(4)(A) of such Act (7 U.S.C. 6f(c)(4)(A)) is amended by striking <quote>in developing</quote> and inserting <quote>In developing</quote>.</text> </subsection> <subsection id="H53F2537B5AC641819734ECE6679B3805"> <enum>(m)</enum> <text>Section 4f(c)(4)(B) of such Act (7 U.S.C. 6f(c)(4)(B)) is amended by striking <quote>1817(a)</quote> and inserting <quote>1817(a))</quote>.</text> </subsection> <subsection id="HB8748A9D9BA843BE9AAEC885BA3BA7B9"> <enum>(n)</enum> <text>Section 5 of such Act (7 U.S.C. 7) is amended by redesignating subsections (c) through (e) as subsections (b) through (d), respectively. </text> </subsection> <subsection id="HAACD85745B734CDBBC5745E665E0A997"> <enum>(o)</enum> <text>Section 5b of such Act (7 U.S.C. 7a-1) is amended by redesignating subsection (k) as subsection (j).</text> </subsection> <subsection id="H5E654001EC4A4C039BC00FA7D600EFDD"> <enum>(p)</enum> <text>Section 5f(b)(1) of such Act (7 U.S.C. 7b-1(b)(1)) is amended by striking <quote>section 5f</quote> and inserting <quote>this section</quote>.</text> </subsection> <subsection id="HFC3DC32BF9884C45B73B989759E7A830"> <enum>(q)</enum> <text>Section 6(a) of such Act (7 U.S.C. 8(a)) is amended by striking <quote>the the</quote> and inserting <quote>the</quote>.</text> </subsection> <subsection id="H89EB51F3157D444FB7CA9219C0117706"> <enum>(r)</enum> <text>Section 8a of such Act (7 U.S.C. 12a) is amended in each of paragraphs (1)(E) and (3)(B) by striking <quote>Investors</quote> and inserting <quote>Investor</quote>.</text> </subsection> <subsection id="HA98A9FE44C5541DBA5FAE51898D0D617"> <enum>(s)</enum> <text>Section 9(a)(2) of such Act (7 U.S.C. 13(a)(2)) is amended by striking <quote>subsection 4c</quote> and inserting <quote>section 4c</quote>.</text> </subsection> <subsection id="HF08005084E384C74865F2D0621A2759C"> <enum>(t)</enum> <text>Section 12(b)(4) of such Act (7 U.S.C. 16(b)(4)) is amended by moving the provision 2 ems to the left.</text> </subsection> <subsection id="H8450D90BD86C415AA3CBD240021DC04E"> <enum>(u)</enum> <text>Section 14(a)(2) of such Act (7 U.S.C. 18(a)(2)) is amended by moving the provision 2 ems to the left.</text> </subsection> <subsection id="H0F8199F5990540EC8276083CDD8D284F"> <enum>(v)</enum> <text>Section 17(b)(9)(D) of such Act (7 U.S.C. 21(b)(9)(D)) is amended by striking the semicolon and inserting a period.</text> </subsection> <subsection id="H2FED66CE95434E5A97F6E00D2FCD60E7"> <enum>(w)</enum> <text>Section 17(b)(10)(C)(ii) of such Act (7 U.S.C. 21(b)(10)(C)(ii)) is amended by striking <quote>and</quote> at the end.</text> </subsection> <subsection id="H8D90F5547B794CE196A07EF059DD03A5"> <enum>(x)</enum> <text>Section 17(b)(11) of such Act (7 U.S.C. 21(b)(11)) is amended by striking the period and inserting a semicolon.</text> </subsection> <subsection id="HC2CD44F9FD504ED5A5529BB0321CA935"> <enum>(y)</enum> <text>Section 17(b)(12) of such Act (7 U.S.C. 21(b)(12)) is amended—</text> <paragraph id="H902BC3DCC317493BAA86F9158B9B13FE"> <enum>(1)</enum> <text>by striking <quote>(A)</quote>; and</text> </paragraph> <paragraph id="H534779DBA3B546ED9433A6FE51E85D07"> <enum>(2)</enum> <text>by striking the period and inserting <quote>; and</quote>.</text> </paragraph> </subsection> <subsection id="H7694515651634C9FB7B1959BB63D3D5E"> <enum>(z)</enum> <text display-inline="yes-display-inline">Section 17(b)(13) of such Act (7 U.S.C. 21(b)(13)) is amended by striking <quote>A</quote> and inserting <quote>a</quote>.</text> </subsection> <subsection id="HDB557636E14045E2BE3CA2B7072B6479"> <enum>(aa)</enum> <text>Section 17 of such Act (7 U.S.C. 21) is amended by redesignating subsection (q), as added by section 233(5) of Public Law 97–444, and subsection (r) as subsections (r) and (s), respectively.</text> </subsection> <subsection id="HBAD86A0874D74BE8BA41019E0531A3A9"> <enum>(bb)</enum> <text>Section 22(b)(3) of such Act (7 U.S.C. 25(b)(3)) is amended by striking <quote>of registered</quote> and inserting <quote>of a registered</quote>.</text> </subsection> <subsection id="H1B23932B28C24CAFA0487EFD59CEF453"> <enum>(cc)</enum> <text>Section 22(b)(4) of such Act (7 U.S.C. 25(b)(4)) is amended by inserting a comma after <quote>entity</quote>.</text> </subsection> </section>