[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6197 Introduced in House (IH)]
<DOC>
116th CONGRESS
2d Session
H. R. 6197
To reauthorize the Commodity Futures Trading Commission.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
March 11, 2020
Mr. Peterson (for himself, Mr. David Scott of Georgia, Mr. Conaway, and
Mr. Austin Scott of Georgia) introduced the following bill; which was
referred to the Committee on Agriculture
_______________________________________________________________________
A BILL
To reauthorize the Commodity Futures Trading Commission.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``CFTC Reauthorization Act of 2019''.
SEC. 2. TABLE OF CONTENTS.
The table of contents of this Act is as follows:
Sec. 1. Short title.
Sec. 2. Table of contents.
TITLE I--POLICY AMENDMENTS
Sec. 101. Foreign futures authority.
Sec. 102. Honors program.
Sec. 103. Advisory committee changes.
Sec. 104. Enhancement of Office of Minority and Women Inclusion at the
Commission; internship program.
Sec. 105. Detailing and resource-sharing.
Sec. 106. Office of the Chief Economist.
Sec. 107. Equal consideration for holding companies.
Sec. 108. Exemption of qualified charitable organizations from
regulation as commodity pool operators.
Sec. 109. Digital commodity.
Sec. 110. System safeguards.
Sec. 111. Administration of swap execution facilities.
Sec. 112. Applicability of prohibitions on fraud and manipulation to
activities outside the United States.
Sec. 113. Privilege retention.
Sec. 114. Proprietary information.
Sec. 115. Authority to provide food and incidental assistance to
foreign officials hosted by the Commission.
Sec. 116. Extension of operations.
Sec. 117. Aiding and abetting.
Sec. 118. Modernization of authority of the Commission to conduct
research, development, demonstration, and
information programs.
Sec. 119. Protecting customer property during commodity broker
bankruptcy.
Sec. 120. Elimination of the double-sided confirmation requirement for
swap data repositories.
Sec. 121. Whistleblower protections for internal disclosures.
Sec. 122. Updating standards for natural persons to meet requirements
for qualified eligible persons.
Sec. 123. Government Accountability Office study on aluminum markets.
Sec. 124. Response to foreign regulatory authority.
Sec. 125. Affiliate conditions.
TITLE II--TECHNICAL CORRECTIONS
Sec. 201. Correction of references.
Sec. 202. Elimination of obsolete references to dealer options.
Sec. 203. Updated trade data publication requirement.
Sec. 204. Flexibility for all registered entities.
Sec. 205. Elimination of obsolete references to electronic trading
facilities.
Sec. 206. Elimination of obsolete reference to alternative swap
execution facilities.
Sec. 207. Clarification of Commission authority over swaps trading.
Sec. 208. Elimination of obsolete reference to the Commodity Exchange
Commission.
Sec. 209. Elimination of obsolete references to derivative transaction
execution facilities.
Sec. 210. Elimination of obsolete references to exempt boards of trade.
Sec. 211. Elimination of completed reports.
Sec. 212. Miscellaneous corrections.
Sec. 213. Technical amendments to section 14(e).
Sec. 214. Technical clarifications for retail foreign currency.
Sec. 215. Miscellaneous swap technical corrections.
TITLE I--POLICY AMENDMENTS
SEC. 101. FOREIGN FUTURES AUTHORITY.
(a) In General.--Section 1a(26) of the Commodity Exchange Act (7
U.S.C. 1a(26)) is amended to read as follows:
``(26) Foreign futures authority.--The term `foreign
futures authority' means any foreign government, or any law
enforcement authority, department, central bank, ministry,
agency, governmental body, or regulatory organization empowered
by a foreign government to administer, enforce, or prosecute a
law, rule, or regulation relating to matters involving futures,
options, swaps, or commodities, or any such authority,
department, or agency of a political subdivision of a foreign
government empowered to administer, enforce, or prosecute a
law, rule, or regulation as it relates to such matters.''.
(b) Conforming Amendment.--Section 12(f) of such Act (7 U.S.C.
16(f)) is amended--
(1) in paragraph (1)--
(A) by striking ``futures or options'' and
inserting ``futures, options, swaps, or commodities'';
and
(B) by striking ``administers or enforces'' and
inserting ``administers, enforces, or prosecutes''; and
(2) in paragraph (2)(A), by striking ``in futures and
options'' and inserting ``in futures, options, swaps, or
commodities''.
SEC. 102. HONORS PROGRAM.
(a) In General.--Section 2(a)(7) of the Commodity Exchange Act (7
U.S.C. 2(a)(7)) is amended by adding at the end the following:
``(D) Honors program.--The Commission may establish
the Honors Program under its appointment and
compensation authorities.''.
(b) Conforming Amendment.--Section 12(b)(1) of such Act (7 U.S.C.
16(b)(1)) is amended by adding at the end the following: ``To clarify
the Commission's authority to establish the Honors Program under
section 2(a)(7)(D), the Commission may coordinate with the Office of
Personnel Management, as needed.''.
SEC. 103. ADVISORY COMMITTEE CHANGES.
(a) In General.--Section 2(a)(15) of the Commodity Exchange Act (7
U.S.C. 2(a)(15)) is amended to read as follows:
``(15) Advisory committees.--
``(A) Establishment.--
``(i) In general.--The Commission shall
establish advisory committees to serve as
vehicles for discussion and communication on
matters related to the regulatory activities of
the Commission.
``(ii) Membership.--The Commission shall
appoint to an advisory committee such members
as the Commission finds appropriate to promote
robust discussion of the subject mater before
the advisory committee. In appointing members
to an advisory committee, the Commission shall
seek to include a wide diversity of opinion and
represent a broad cross-section of interests,
as applicable to the subject matter.
``(B) Activities.--The activities of an advisory
committee shall include the following:
``(i) to hold meetings at such intervals as
necessary to carry out the functions of the
advisory committee;
``(ii) to submit to the Commission such
reports and recommendations to the Commission
(including minority views, if any) as the
advisory committee deems appropriate; and
``(iii) such activities as the Commission
determines is appropriate.
``(C) Applicability of the federal advisory
committee act.--An advisory committee established under
this paragraph shall be subject to the Federal Advisory
Committee Act.''.
(b) Existing Advisory Committees.--Notwithstanding section 2(a)(15)
of the Commodity Exchange Act, the Commodity Futures Trading Commission
may permit an advisory committee that, as of the date of the enactment
of this Act, had a charter established by the Commission, or that was
established under such section as in effect before such date of
enactment, to continue to operate in accordance with the charter or in
accordance with such predecessor section until the sponsor of the
advisory committee is changed. After which such advisory committee will
become subject to section 2(a)(15) of the Commodity Exchange Act.
SEC. 104. ENHANCEMENT OF OFFICE OF MINORITY AND WOMEN INCLUSION AT THE
COMMISSION; INTERNSHIP PROGRAM.
(a) In General.--Section 2(a) of the Commodity Exchange Act (7
U.S.C. 2(a)) is amended by adding at the end the following:
``(16) Office of minority and women inclusion.--Within 1
year after the date of the enactment of this paragraph, the
Commission shall comply with section 342 of the Dodd-Frank Wall
Street Reform and Consumer Protection Act.
``(17) Annual internship program.--
``(A) In general.--The Executive Director shall
establish a program to place an appropriate number of
students attending qualified institutions in a
semester-length internship within the Commission's
divisions and offices.
``(B) Funding.--The Commission shall set aside an
appropriate percentage of the funds allocated to the
office of the Chairman to enable the selected interns
identified in subparagraph (A) to afford living
expenses, including rent and a per-diem, in the
metropolitan areas where the Director identifies
internship opportunities.
``(C) Qualified institution defined.--In this
paragraph, the term `qualified institution' means--
``(i) an 1890 Institution (as defined in
section 2 of the Agricultural Research,
Extension, and Education Reform Act of 1998 (7
U.S.C. 7601));
``(ii) a 1994 Institution (as defined in
section 532 of the Equity in Educational Land-
Grant Status Act of 1994 (Public Law 103-382; 7
U.S.C. 301 note));
``(iii) an eligible institution (as defined
in section 1489 of the National Agricultural
Research, Extension, and Teaching Policy Act of
1977 (7 U.S.C. 3361)); or
``(iv) a Hispanic-serving institution (as
defined in section 1404 of the Food and
Agriculture Act of 1977 (7 U.S.C. 3103)).''.
(b) Joint Standards.--In carrying out section 2(a)(16) of the
Commodity Exchange Act, the Commodity Futures Trading Commission shall
adopt the joint standards established in the Interagency Policy
Statement published in the Federal Register on June 10, 2015 (80 Fed.
Reg. 33016), or any successor Policy Statement.
SEC. 105. DETAILING AND RESOURCE-SHARING.
Section 2(a) of the Commodity Exchange Act (7 U.S.C. 2(a)), as
amended by section 104 of this Act, is amended by adding at the end the
following:
``(18) Assistance from federal agencies.--
``(A) In general.--The Commission may accept any
assistance, including services, funds, facilities, and
other support services as determined by the Commission,
to effectuate the purposes and provisions of this Act,
from any department or agency of the United States that
is authorized under other law to provide the
assistance.
``(B) Detail flexibility.--When an employee from
another department or agency is detailed to the
Commission, the employee may be detailed on either a
reimbursable or non-reimbursable basis, and such detail
shall be without interruption or loss of civil service
status or privilege.
``(19) Assistance from foreign governmental entities.--
``(A) In general.--The Commission may--
``(i) accept details of officers or
employees of a foreign futures authority or any
department or agency of a foreign government,
including a central bank or ministry, on a
temporary basis as employees of the Commission
pursuant to section 12(b) of this Act, or
section 3101 or 3109 of title 5, United States
Code; and
``(ii) detail officers or employees of the
Commission to work on a temporary basis for an
entity described in clause (i).
``(B) Reciprocity and reimbursement.--
``(i) Reciprocity not required.--Assistance
described in subparagraph (A) need not be
provided on a reciprocal basis.
``(ii) Reimbursement.--
``(I) In general.--The Commission
may provide and accept assistance
described in subparagraph (A) on a
reimbursable or non-reimbursable basis,
only in accordance with a written
agreement between the Commission and
the respective foreign governmental
entity.
``(II) Form.--A reimbursement to or
from the Commission may be made in cash
or in kind. The Commission shall credit
a reimbursement received from a foreign
governmental entity to the appropriate
Commission appropriation, fund, or
account.
``(C) Standards of conduct.--An officer or employee
detailed under subparagraph (A)(i) shall be subject to
the provisions of law relating to ethics, conflicts of
interest, or corruption, and to any other statute
governing the standards of conduct for Commission
employees that are applicable to the type of
appointment.
``(D) Limitation.--An officer or employee detailed
under subparagraph (A)(i) may not hold any management
position at the Commission.''.
SEC. 106. OFFICE OF THE CHIEF ECONOMIST.
(a) In General.--Section 2(a) of the Commodity Exchange Act, as
amended by sections 104 and 105 of this Act, is amended by adding at
the end the following:
``(20) Office of the chief economist.--
``(A) Establishment.--There is established in the
Commission the Office of the Chief Economist.
``(B) Head.--The Office of the Chief Economist
shall be headed by the Chief Economist.
``(C) Functions.--The Chief Economist shall serve
as economic advisor to the Commission and perform
functions such as economic analysis, regulatory cost-
benefit analysis, and research.
``(D) Professional staff.--
``(i) In general.--The Commission shall
appoint such other economists and any related
positions as may be necessary for the Office of
the Chief Economist--
``(I) in accordance with the
statutes, rules, and regulations
governing appointments in the excepted
service; and
``(II) notwithstanding any
statutes, rules, and regulations
governing appointments in the
competitive service.
``(ii) Rule of construction.--The
appointment of a candidate to a position under
authority of this subsection shall not be
considered to cause such position to be
converted from the competitive service to the
excepted service.''.
(b) Conforming Amendment.--Section 15(a) of such Act (7 U.S.C.
19(a)) is amended--
(1) in paragraph (1), by inserting ``, after coordinating
with the Office of the Chief Economist,'' before ``shall'';
(2) in paragraph (2)(B), by striking ``futures markets''
and inserting ``markets under the jurisdiction of the
Commission'';
(3) in paragraph (2), by redesignating subparagraphs (D)
and (E) as subparagraphs (E) and (F); and
(4) in paragraph (2), by inserting after subparagraph (C)
the following:
``(D) considerations of market liquidity;''.
SEC. 107. EQUAL CONSIDERATION FOR HOLDING COMPANIES.
Section 2(h)(7)(C)(ii) of the Commodity Exchange Act (7 U.S.C.
2(h)(7)(C)(ii)) is amended--
(1) in the matter before subclause (I), by striking
``unions, including--'' and inserting ``unions, bank holding
companies, and savings and loan holding companies, including--
'';
(2) in subclause (II), by striking ``or'' at the end;
(3) in subclause (III), by striking the period at the end
and inserting a semicolon; and
(4) by adding at the end the following:
``(IV) bank holding companies (as
defined in section 2 of the Bank
Holding Company Act of 1956) that have
aggregated assets, including the assets
of their subsidiaries, of
$10,000,000,000 or less; and
``(V) savings and loan holding
companies (as defined in section 10 of
the Home Owners' Loan Act of 1933) that
have aggregated assets, including the
assets of their subsidiaries, of
$10,000,000,000 or less.''.
SEC. 108. EXEMPTION OF QUALIFIED CHARITABLE ORGANIZATIONS FROM
REGULATION AS COMMODITY POOL OPERATORS.
Section 4m of the Commodity Exchange Act (7 U.S.C. 6m) is amended
to read as follows:
``SEC. 4M. USE OF MAILS OR OTHER MEANS OR INSTRUMENTALITIES OF
INTERSTATE COMMERCE BY COMMODITY TRADING ADVISORS AND
COMMODITY POOL OPERATORS.
``(a) Prohibition.--It shall be unlawful for any commodity trading
advisor or commodity pool operator, unless registered under this Act,
to make use of the mails or any means or instrumentality of interstate
commerce in connection with business as the commodity trading advisor
or commodity pool operator.
``(b) Exceptions.--
``(1) In general.--Subsection (a) shall not apply to a
commodity trading advisor whose commodity trading advice is
solely incidental to the conduct of that person's business, and
who is a--
``(A) dealer, processor, broker, or seller in cash
market transactions of any commodity specifically set
forth in section 2(a) of this Act before the enactment
of the Commodity Futures Trading Commission Act of 1974
(or products thereof); or
``(B) nonprofit, voluntary membership, general farm
organization, that provides advice on the sale or
purchase of any commodity specifically set forth in
section 2(a) of this Act before the enactment of the
Commodity Futures Trading Commission Act of 1974.
``(2) Charitable organization.--Subsection (a) shall not
apply to any commodity trading advisor or commodity pool
operator that is--
``(A) a charitable organization, as defined in
section 3(c)(10)(D) of the Investment Company Act of
1940 (15 U.S.C. 80a-3(c)(10)(D)), 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 advisory or pool activities are
conducted only on behalf of, or with respect to, 1 or
more of--
``(i) any such charitable organization; or
``(ii) an investment trust, syndicate, or
similar form of enterprise excluded from the
definition of `investment company' pursuant to
section 3(c)(10) of the Investment Company Act
of 1940 (15 U.S.C. 80a-3(c)(10)), or the
trustees, administrators, settlors (or
potential settlors), or beneficiaries of the
foregoing; or
``(B) any plan, company, or account described in
section 3(c)(14) of the Investment Company Act of 1940
(15 U.S.C. 80a-3(c)(14)), 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
advisory or pool activities are conducted only on
behalf of, or with respect to, any investment trust,
syndicate, or similar form of enterprise excluded from
the definition of `investment company' pursuant to
section 3(c)(14) of the Investment Company Act of 1940
(15 U.S.C. 80a-3(c)(14)).
``(3) Small commodity trading advisors.--Subsection (a)
shall not apply to any commodity trading advisor who, during
the course of the preceding 12 months, has not furnished
commodity trading advice to more than 15 persons and who does
not hold themselves out generally to the public as a commodity
trading advisor.
``(4) SEC-registered.--
``(A) In general.--Subsection (a) shall not apply
to any commodity trading advisor that is registered
with the Securities and Exchange Commission as an
investment adviser whose business does not consist
primarily of acting as a commodity trading advisor and
that does not act as a commodity trading advisor to any
commodity pool that is primarily engaged in trading
commodity interests.
``(B) Engaged primarily.--For purposes of this
paragraph, a commodity trading advisor or a commodity
pool shall be considered to be `engaged primarily' in
the business of being a commodity trading advisor or
commodity pool if it is or holds itself out to the
public as being engaged primarily, or proposes to
engage primarily, in the business of advising on
commodity interests or investing, reinvesting, owning,
holding, or trading in commodity interests,
respectively.
``(C) Commodity interests.--For purposes of this
paragraph, commodity interests shall include contracts
of sale of a commodity for future delivery, options on
such contracts, security futures, swaps, leverage
contracts, foreign exchange, spot and forward contracts
on physical commodities, and any monies held in an
account used for trading commodity interests.
``(5) Subject to proceedings.--A person described in
paragraphs (1) and (2) shall be subject to proceedings under
section 14.
``(c) Relationship to Other Law.--Nothing in this Act shall relieve
any person of any obligation or duty, or affect the availability of any
right or remedy available to the Securities and Exchange Commission or
any private party arising under the Securities Act of 1933 (15 U.S.C.
77a et seq.) or the Securities Exchange Act of 1934 (15 U.S.C. 78a et
seq.) governing the issuance, offer, purchase, or sale of securities of
a commodity pool, or of persons engaged in transactions with respect to
the securities, or reporting by a commodity pool.
``(d) Disclosure Concerning Exempted Charitable Organizations.--A
commodity trading advisor or commodity pool operator that is an
organization or person described in subsection (b)(2)(A) of this
section to or of any investment trust, syndicate, or similar form of
enterprise excluded from the definition of `investment company'
pursuant to section 3(c)(10)(B) of the Investment Company Act of 1940
(15 U.S.C. 80a-3(c)(10)(B)) shall provide disclosure in accordance with
section 7(e) of that Act (15 U.S.C. 80a-7(e)).''.
SEC. 109. DIGITAL COMMODITY.
(a) Requirements Applicable to Boards of Trade.--Section 5(d)(4) of
such Act (7 U.S.C. 7(d)(4)) is amended--
(1) by striking all that precedes ``board of trade'' and
inserting the following:
``(4) Prevention of market disruption.--
``(A) In general.--The'';
(2) by redesignating each of subparagraphs (A) and (B) as
clauses (i) and (ii), respectively, and moving each of such
provisions 2 ems to the right; and
(3) by adding after and below the end the following:
``(B) Digital commodity.--With regard to a contract
on the contract market that references a digital
commodity available on a cash market, the Commission
shall adopt rules detailing the content and
availability of trade and trader data and other
information the board of trade must be able to access
from the referenced cash markets and data sources in
order to comply with this paragraph.''.
(b) Requirements Applicable to Swap Execution Facilities.--Section
5h(f)(4) of such Act (7 U.S.C. 7b-3(f)(4)) is amended--
(1) by striking all that precedes ``swap execution facility
shall'' and inserting the following:
``(4) Monitoring of trading and trade processing.--
``(A) In general.--The'';
(2) by redesignating each of clauses (i) and (ii) of
subparagraph (A) as subclauses (I) and (II), respectively, and
moving each of such provisions 2 ems to the right;
(3) by redesignating subparagraphs (A) and (B) as clauses
(i) and (ii), respectively, and moving each of such provisions
2 ems to the right; and
(4) by adding after and below the end the following:
``(B) Digital commodity.--With regard to a swap on
the swap execution facility that references a digital
commodity available on a cash market, the Commission
shall adopt rules detailing the content and
availability of trade and trader data and other
information the swap execution facility must be able to
access from the referenced cash markets and data
sources in order to comply with this paragraph.''.
SEC. 110. SYSTEM SAFEGUARDS.
(a) Contract Markets.--Section 5(d)(20) of the Commodity Exchange
Act (7 U.S.C. 7(d)(20)) is amended--
(1) in subparagraph (A), by striking ``through'' and all
that follows and inserting ``through--
``(i) the implementation of appropriate
controls and procedures; and
``(ii) the development and operation of
automated systems that--
``(I) are reliable, secure, and
resilient;
``(II) have adequate scalable
capacity; and
``(III) maintain the
confidentiality, integrity, and
availability of the data they
contain;''; and
(2) in subparagraph (C), by striking ``tests to'' and all
that follows and inserting ``tests to--
``(i) verify the reliability, security,
resilience, and capacity of the board of
trade's automated systems;
``(ii) verify the confidentiality,
integrity, and availability of the data
contained in those systems; and
``(iii) verify that backup resources are
sufficient to ensure continued order processing
and trade matching, price reporting, market
surveillance, and maintenance of a
comprehensive and accurate audit trail.''.
(b) Clearinghouses.--Section 5b(c)(2)(I) of such Act (7 U.S.C. 7a-
1(c)(2)(I)) is amended--
(1) in clause (i), by striking ``through the'' and all that
follows and inserting ``through the--
``(I) implementation of appropriate
controls and procedures; and
``(II) development and operation of
automated systems that--
``(aa) are reliable,
secure, and resilient;
``(bb) have adequate
scalable capacity; and
``(cc) maintain the
confidentiality, integrity, and
availability of the data that
they contain;'';
(2) in clause (ii), by striking ``allows'' and inserting
``allow''; and
(3) in clause (iii), by striking ``tests to'' and all that
follows and inserting ``tests to--
``(I) verify the reliability,
security, resilience, and capacity of
the derivatives clearing organization's
automated systems;
``(II) verify the confidentiality,
integrity, and availability of the data
contained in those systems; and
``(III) verify that the backup
resources of the derivatives clearing
organization are sufficient to ensure
daily processing, clearing, and
settlement.''.
(c) Swap Execution Facilities.--Section 5h(f)(14) of such Act (7
U.S.C. 7b-3(f)(14)) is amended--
(1) in subparagraph (A), by striking ``through'' and all
that follows and inserting ``through--
``(i) the implementation of appropriate
controls and procedures; and
``(ii) the development and operation of
automated systems that--
``(I) are reliable, secure, and
resilient;
``(II) have adequate scalable
capacity; and
``(III) maintain the
confidentiality, integrity, and
availability of the data they
contain;''; and
(2) in subparagraph (C), by striking ``tests to'' and all
that follows and inserting ``tests to--
``(i) verify the reliability, security,
resilience, and capacity of the swap execution
facility's automated systems;
``(ii) verify the confidentiality,
integrity, and availability of the data
contained in those systems; and
``(iii) verify that backup resources are
sufficient to ensure continued order processing
and trade matching, price reporting, market
surveillance, and maintenance of a
comprehensive and accurate audit trail.''.
(d) Swap Data Repositories.--Section 21(f) of such Act (7 U.S.C.
24a(f)) is amended by redesignating paragraph (4) as paragraph (5) and
inserting after paragraph (3) the following:
``(4) System safeguards.--Each swap data repository shall--
``(A) establish and maintain a program of risk
analysis and oversight to identify and minimize sources
of operational risk, through--
``(i) the implementation of appropriate
controls and procedures; and
``(ii) the development and operation of
automated systems that--
``(I) are reliable, secure, and
resilient;
``(II) have adequate scalable
capacity; and
``(III) maintain the
confidentiality, integrity, and
availability of the data they contain;
``(B) establish and maintain emergency procedures,
backup facilities, and a plan for disaster recovery
that allow for--
``(i) the timely recovery and resumption of
operations; and
``(ii) the fulfillment of the
responsibilities and obligations of the swap
data repository; and
``(C) periodically conduct tests to--
``(i) verify the reliability, security,
resilience, and capacity of the automated
systems of the swap data repository;
``(ii) verify the confidentiality,
integrity, and availability of the data
contained in those systems; and
``(iii) verify that backup resources are
sufficient to ensure continued fulfillment of
all duties and obligations of the swap data
repository established by this Act or the
regulations of the Commission.''.
SEC. 111. ADMINISTRATION OF SWAP EXECUTION FACILITIES.
Section 5h of the Commodity Exchange Act (7 U.S.C. 7b-3) is
amended--
(1) in subsection (f)(8), by striking all that follows
``cooperation with the Commission'' and inserting ``and other
registered entities, as is necessary and appropriate, to
facilitate the liquidation or transfer of open positions in any
swap, or to suspend or curtail trading in a swap.''; and
(2) in subsection (f)(15)--
(A) in subparagraph (A), by adding at the end the
following: ``The individual may also perform other
responsibilities for the swap execution facility, if--
``(i) there are no conflicts of interest
between the other responsibilities and the
duties and obligations of the chief compliance
officer under this Act and the regulations
thereto; and
``(ii) the other responsibilities do not
limit the ability of the chief compliance
officer to carry out the responsibilities of
the chief compliance officer.'';
(B) in subparagraph (B)--
(i) by striking clauses (iii) through (v)
and inserting the following:
``(iii) establish and administer--
``(I) policies and procedures, in
consultation with the board of the
facility, a body performing a function
similar to that of a board, or the
senior officer of the facility, that
are reasonably designed, as determined
by the Commission, to resolve any
conflicts of interest that may arise;
``(II) the policies and procedures
required to be established pursuant to
this section; and
``(III) policies and procedures
that reasonably ensure, as determined
by the Commission, compliance with this
Act and the rules and regulations
issued under this Act, including rules
prescribed by the Commission pursuant
to this section; and''; and
(ii) by redesignating clause (vi) as clause
(iv);
(C) in subparagraph (C), by striking ``(B)(vi)''
and inserting ``(B)(iv)''; and
(D) in subparagraph (D)--
(i) in clause (i), by striking ``and
sign''; and
(ii) in clause (ii)--
(I) in the matter preceding
subclause (I), by inserting ``or senior
officer'' after ``officer''; and
(II) in subclause (II), by
inserting ``materially'' before
``accurate''.
SEC. 112. APPLICABILITY OF PROHIBITIONS ON FRAUD AND MANIPULATION TO
ACTIVITIES OUTSIDE THE UNITED STATES.
Section 6 of the Commodity Exchange Act (7 U.S.C. 8) is amended by
adding at the end the following:
``(h) Applicability to Activities Outside the United States.--
``(1) Applicability.--The provisions of this Act
prohibiting fraud, manipulation, attempted fraud, and attempted
manipulation, and providing for enforcement by the Commission
or the United States of such prohibitions (including sections
4b, 4c(a)(1)-(4), 4c(a)(7), 4c(b), 4o, 4s(h)(1), 4s(h)(4),
6(c), 6(e)(1)-(3), 6c, 9(a), 9(c), 9(d), and 9(e), including
any rule or regulation promulgated thereunder), shall apply to
activities outside the United States where such activities,
independently or in conjunction with activities in the United
States, have or would have a reasonably foreseeable substantial
effect within the United States.
``(2) Effect on other authority.--Nothing in this
subsection affects the application or interpretation of, or
liability under, any other provision of this Act, including
section 22.''.
SEC. 113. PRIVILEGE RETENTION.
Section 8 of the Commodity Exchange Act (7 U.S.C. 12) is amended--
(1) by striking subsection (e) and inserting the following:
``(e) Disclosure Authorities.--
``(1) In general.--
``(A) Previously disclosed.--The Commission may
disclose and make public, where such information has
previously been disclosed publicly in accordance with
the provisions of this section, the names and addresses
of all traders on the boards of trade on the commodity
markets with respect to whom the Commission has
information, and any other information in the
possession of the Commission relating to the amount of
commodities purchased or sold by each such trader.
``(B) Congressional access.--Upon the request of
any committee of either House of Congress, acting
within the scope of its jurisdiction, the Commission
shall furnish to the committee the names and addresses
of all traders on the boards of trade with respect to
whom the Commission has information, and any other
information in the possession of the Commission
relating to the amount of any commodity purchased or
sold by each such trader.
``(2) Domestic agencies.--
``(A) In general.--Upon the request of any
department or agency of the Government of the United
States, acting within the scope of its jurisdiction,
the Commission may furnish to the department or agency
any information in the possession of the Commission
obtained in connection with the administration of this
Act.
``(B) Conditions.--Any information furnished under
this paragraph to any Federal department or agency
shall not be disclosed by the department or agency
except in any action or proceeding under the laws of
the United States to which the department or agency,
the Commission, or the United States is a party.
``(C) Federal reserve banks.--In this paragraph,
the term `agency' includes the Federal Reserve Banks.
``(3) State agencies.--
``(A) In general.--Upon the request of any
department or agency of any State or any political
subdivision thereof, acting within the scope of its
jurisdiction, the Commission may furnish to the
department, agency, or political subdivision any
information in the possession of the Commission
obtained in connection with the administration of this
Act.
``(B) Conditions.--Any information furnished to any
department or agency of any State or political
subdivision thereof shall not be disclosed by the
department or agency except in connection with an
adjudicatory action or proceeding under this Act or the
laws of the State or political subdivision to which the
State, political subdivision, department, or agency is
a party.
``(4) Foreign agencies.--
``(A) In general.--Upon the request of any foreign
futures authority, or any department, central bank,
ministry, or agency of any foreign government or any
political subdivision thereof, acting within the scope
of its jurisdiction, the Commission may furnish to the
foreign futures authority, department, central bank,
ministry, agency of any foreign government, or any
political subdivision thereof, any information in the
possession of the Commission obtained in connection
with the administration of this Act.
``(B) Conditions.--The Commission shall not furnish
any information to a foreign futures authority or to a
department, central bank, ministry, or agency of a
foreign government or political subdivision thereof,
unless the Commission is satisfied that the information
will not be disclosed by the foreign futures authority,
department, central bank, ministry, or agency of any
foreign government or any political subdivision
thereof, except in connection with an adjudicatory
action or proceeding under the laws of the foreign
government or political subdivision to which the
foreign government, political subdivision, department,
agency, central bank, ministry, or foreign futures
authority is a party.'';
(2) by redesignating subsections (h) and (i) as subsections
(i) and (j), respectively; and
(3) by inserting after subsection (g) the following:
``(h) Sharing Privileged Information With Other Authorities.--
``(1) Privilege definition.--The term `privilege' includes
any applicable work-product privilege, attorney-client
privilege, governmental privilege, or other privilege
recognized under Federal, State, or foreign law.
``(2) Privileged information provided by the commission.--
The Commission shall not be considered to have waived any
privilege by transferring information to or permitting that
information to be used in accordance with section 8a(6) or
paragraphs (2), (3), and (4) of subsection (e) of this section.
``(3) Nondisclosure of privileged information provided to
the commission.--The Commission shall not be compelled to
disclose privileged information obtained from any foreign
futures authority if the authority has in good faith determined
and represented to the Commission that the information is
privileged, except as provided for in subsection (a)(1).
``(4) Nonwaiver of privileged information provided to the
commission.--
``(A) In general.--The entities listed in
paragraphs (2), (3), and (4) of subsection (e) and
section 8(a)(6) shall not be considered to have waived
any privilege by transferring information to or
permitting information to be used by the Commission.
``(B) Exception.--Subparagraph (A) shall not apply
to an entity listed in section 8a(6) with respect to
information obtained by the Commission in an
investigation relating to or in any action against the
entity.
``(5) Rule of construction.--Nothing in this subsection
shall authorize the Commission to withhold information from the
Congress or prevent the Commission from complying with an order
of a court of the United States in an action commenced by the
United States or the Commission.''.
SEC. 114. PROPRIETARY INFORMATION.
Section 8 of the Commodity Exchange Act (7 U.S.C. 12), as amended
by section 113 of this Act, is amended by adding at the end the
following:
``(k) Proprietary Information.--
``(1) In general.--For any proprietary information provided
to the Commission, the Commission may, in its discretion, after
notice and comment, adopt rules and regulations to apply any of
the provisions of this section to such information it obtains
or receives, as it deems necessary, to the extent such
information is not already covered by the provisions of this
section.
``(2) Policies.--With regard to proprietary information it
obtains or receives, the Commission shall adopt policies, as
determined by the Commission, after notice and comment, to--
``(A) address circumstances when the Commission
requests proprietary information;
``(B) safeguard the information, taking into
consideration the level of sensitivity of the
information;
``(C) limit access to the information to
appropriate staff, as determined by the Commission; and
``(D) protect the information from unlawful use or
disclosure.
``(3) Sharing.--To the extent the Commission adopts rules
or regulations, pursuant to paragraph (1), regarding the
sharing of such proprietary information with other governmental
entities, the Commission shall receive assurances that such
other governmental entity shall maintain sufficient safeguards
consistent with--
``(A) policies that achieve the objectives of
subparagraphs (B), (C), and (D) of paragraph (2) of
this subsection; and
``(B) the limitations set forth in paragraphs (2),
(3), and (4) of subsection (e) concerning the
confidentiality of any such information received.''.
SEC. 115. AUTHORITY TO PROVIDE FOOD AND INCIDENTAL ASSISTANCE TO
FOREIGN OFFICIALS HOSTED BY THE COMMISSION.
Section 12(b) of the Commodity Exchange Act (7 U.S.C. 16(b)) is
amended by adding at the end the following:
``(5) The Commission may incur expenses for consultations
and meetings hosted by the Commission with foreign governmental
and other regulatory officials to exchange views concerning
derivatives matters, such expenses to include necessary
logistic and administrative expenses, including--
``(A) meals;
``(B) local travel and transportation; and
``(C) related incidental expenses.''.
SEC. 116. EXTENSION OF OPERATIONS.
Section 12(d) of the Commodity Exchange Act (7 U.S.C. 16(d)) is
amended by striking ``2008 through 2013'' and inserting ``2020 through
2025''.
SEC. 117. AIDING AND ABETTING.
Section 13(a) of the Commodity Exchange Act (7 U.S.C. 13c(a)) is
amended--
(1) by inserting ``or recklessly provides substantial
assistance to,'' after ``commission of,''; and
(2) by inserting ``, or who by recklessly providing
substantial assistance to another,'' before ``causes an act''.
SEC. 118. MODERNIZATION OF AUTHORITY OF THE COMMISSION TO CONDUCT
RESEARCH, DEVELOPMENT, DEMONSTRATION, AND INFORMATION
PROGRAMS.
Section 18 of the Commodity Exchange Act (7 U.S.C. 22) is amended
to read as follows:
``SEC. 18. RESEARCH AND DEVELOPMENT PROGRAMS.
``(a) Programs.--The Commission, as part of its ongoing operations,
shall establish and maintain research, development, demonstration, and
information programs that further the purposes of this Act, including
programs that--
``(1) facilitate the understanding by the Commission of
emerging technologies, technological advances, and innovations
and their potential application to and effect on the
transactions and markets under the jurisdiction of the
Commission, and associated implications for cybersecurity, data
security, and systemic risk;
``(2) provide an environment where emerging technologies,
technological advances, and innovations may be explored by the
Commission with developers and potential users to evaluate
potential effects on the Commission and the markets under the
jurisdiction of the Commission;
``(3) identify areas where the Commission should adapt its
administration of this Act in light of emerging technologies,
technological advances, and innovations to benefit the markets
under the jurisdiction of the Commission; and
``(4) develop educational and other informational materials
for dissemination and use among producers, market-users, and
the general public regarding--
``(A) derivatives;
``(B) emerging technologies, technological
advances, and innovations in markets under the
jurisdiction of the Commission; and
``(C) applicable requirements of this Act and the
regulations prescribed under this Act with regard to
the subjects described in subparagraphs (A) and (B).
``(b) Research and Development Plan.--
``(1) In general.--The Commission may, after notice and
comment, adopt a research and development plan for a program
established under subsection (a).
``(2) Conditions.--A research and development plan adopted
pursuant to paragraph (1) shall identify--
``(A) specific areas of interest to the Commission;
``(B) potential activities the Commission will
undertake to investigate an area of interest; and
``(C) how the authority described in subsection (c)
will be utilized in the program.
``(c) Other Transaction Authority.--
``(1) In general.--Notwithstanding the Office of Federal
Procurement Policy Act of 1974 and the Competition in
Contracting Act, the Commission may enter into and perform a
transaction (other than a standard contract) for the purpose of
aiding or facilitating the programs and activities under
subsection (a).
``(2) Conditions.--The Commission may enter into a
transaction under this subsection only if--
``(A) the transaction is used only in furtherance
of a research and development plan established under
subsection (b);
``(B) the Commission endeavored to use a
competitive process, where appropriate, when
determining the parties to the transaction; and
``(C) using a standard contract to do so is either
not feasible or not appropriate.
``(3) Policies.--The Commission shall, after notice and
comment, establish and publish written policies setting forth
the manner and criteria for utilizing the authority provided by
this subsection.
``(d) Gift Acceptance Authority.--
``(1) In general.--The Commission may accept and use, on
behalf of the United States, any non-monetary gift of a
provision of access, use of facilities, personal property, or
services, that is related to--
``(A) sharing of research, data, or other
information;
``(B) public presentations; or
``(C) non-commercially available services or
systems.
``(2) Conditions.--
``(A) In general.--A gift may be accepted pursuant
to this subsection only if it is in furtherance of a
research and development plan established under
subsection (b).
``(B) Limitations.--The Commission may not accept a
gift if--
``(i) conditions inconsistent with
applicable laws or regulations apply to the
gift;
``(ii) the gift is conditioned on, or will
require, the expenditure of appropriated funds
not available to the Commission;
``(iii) using a standard contract or other
transaction authority under subsection (c) to
acquire the gift is either feasible or
appropriate; or
``(iv) acceptance of the gift would--
``(I) reflect unfavorably on the
ability of the Commission to carry out
its responsibilities or official duties
in a fair and objective manner, or
compromise the integrity or the
appearance of the integrity of its
programs or any official involved in
its programs; or
``(II) give the endorsement or the
appearance of the endorsement by the
Commission or Commission staff of the
products, services, activities, or
policies of the donor.
``(C) Solicitation prohibition.--
``(i) In general.--Except as provided in
clause (ii), no gift may be solicited by any
Commissioner, employee of, or contractor at the
Commission.
``(ii) Exception.--A Commissioner or
employee of the Commission may solicit only for
a gift described in paragraph (1)(B).
``(D) Duration.--To the extent applicable, the
Commission shall return any gift accepted pursuant to
this subsection within 90 days after accepting the
gift.
``(E) Rules.--The Commission shall, after notice
and comment, establish and publish written rules
setting forth the manner and criteria to be used in
determining whether a gift meets the conditions of this
paragraph.
``(3) Disclosure.--Within 30 days after accepting a gift
pursuant to this subsection, the Commission shall publish in
the Federal Register a notice detailing--
``(A) the source of the gift;
``(B) the nature of the gift;
``(C) whether the gift was solicited pursuant to
paragraph (2)(C)(ii), and if so, by whom; and
``(D) how the gift meets the conditions set forth
in paragraph (2).
``(4) Sunset.--The authority provided in this subsection
may not be exercised on or after October 1, 2025.
``(e) Annual Report.--Not later than 60 days after the end of each
fiscal year, the Commission shall submit to the Committee on
Agriculture, Nutrition, and Forestry of the Senate and the Committee on
Agriculture of the House of Representatives a report on all
transactions entered into under subsection (c) and all gifts accepted
under subsection (d) in the fiscal year, which shall include the
following:
``(1) A brief description of the subject of each such
transaction or gift, with an explanation of--
``(A) its potential utility to the Commission or
the markets regulated by the Commission;
``(B) how it fulfills the goals and objectives of
the research and development plan established under
subsection (b); and
``(C) the status of all related projects.
``(2) The information required to be published pursuant to
subsection (d)(3).
``(3) A description of all sums expended by the Commission
in connection with a transaction entered into under subsection
(c), and, if readily ascertainable, the value of any gift
accepted under subsection (d).''.
SEC. 119. PROTECTING CUSTOMER PROPERTY DURING COMMODITY BROKER
BANKRUPTCY.
Section 20(a) of the Commodity Exchange Act (7 U.S.C. 24(a)) is
amended--
(1) by striking ``and'' at the end of paragraph (4);
(2) by striking the period at the end of paragraph (5) and
inserting ``; and''; and
(3) by adding at the end the following:
``(6) 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, 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, be included in customer 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.''.
SEC. 120. ELIMINATION OF THE DOUBLE-SIDED CONFIRMATION REQUIREMENT FOR
SWAP DATA REPOSITORIES.
Section 21(c)(2) of the Commodity Exchange Act (7 U.S.C. 24a(c)(2))
is amended to read as follows:
``(2) confirm with any counterparty to the swap, as
determined by the Commission, the accuracy of the data that was
submitted, and the counterparty shall comply with the rules or
procedures of a swap data repository to confirm the accuracy of
the data;''.
SEC. 121. WHISTLEBLOWER PROTECTIONS FOR INTERNAL DISCLOSURES.
(a) Internal Reporting.--Section 23 of the Commodity Exchange Act
(7 U.S.C. 26) is amended--
(1) in subsection (a)(7)--
(A) by striking ``The term'' and inserting the
following:
``(A) In general.--The term''; and
(B) by adding at the end the following:
``(B) Special rule.--Solely for the purposes of
subsection (h)(1), the term `whistleblower' includes
any individual who takes, or 2 or more individuals
acting jointly who take, an action described in
subsection (h)(1)(A).''; and
(2) in subsection (h)(1)(A)--
(A) in clause (i), by striking ``or'' at the end;
(B) in clause (ii), by striking the period at the
end and inserting ``; or''; and
(C) by adding at the end the following:
``(iii) in providing information regarding
any conduct that the whistleblower reasonably
believes constitutes a violation of any law,
rule, or regulation subject to the jurisdiction
of the Commission to--
``(I) a person with supervisory
authority over the whistleblower at the
employer of the whistleblower, if that
employer is an entity registered with,
or required to be registered with, the
Commission, a self-regulatory
organization, or a State securities
commission or office performing like
functions; or
``(II) another individual working
for the employer described in subclause
(I) who the whistleblower reasonably
believes has the authority--
``(aa) to investigate,
discover, or terminate the
misconduct; or
``(bb) to take any other
action to address the
misconduct.''.
(b) Claims Processing.--
(1) In general.--Section 23(b) of the Commodity Exchange
Act (7 U.S.C. 26) is amended by adding at the end the
following:
``(3) Timely processing of claims.--
``(A) Initial disposition.--
``(i) In general.--Except as provided in
subparagraph (B), and subject to clause (ii),
the Commission shall make an initial
disposition with respect to a claim submitted
by a whistleblower for an award under this
section (referred to in this paragraph as an
`award claim') not later than 1 year after the
deadline established by the Commission, by
rule, for the whistleblower to file the award
claim.
``(ii) Multiple actions.--If a covered
judicial or administrative action involves 1 or
more related actions, the requirement under
clause (i) shall apply with respect to the
latest deadline with respect to the actions.
``(B) Exceptions.--
``(i) Initial extension.--If the Director
of the Division of Enforcement of the
Commission (referred to in this paragraph as
the `Director'), or the designee of the
Director, determines that an award claim is
sufficiently complex or involves more than 1
whistleblower, or if other good cause exists
such that the Commission cannot reasonably
satisfy the requirement under subparagraph (A),
the Director or the designee, as applicable,
after providing notice to the Chairman of the
Commission (referred to in this paragraph as
the `Chairman'), may extend the deadline with
respect to the satisfaction of that
subparagraph by not more than 180 days.
``(ii) Additional extensions.--If, after
providing an extension under clause (i), the
Director, or the designee of the Director,
determines that the Commission cannot
reasonably satisfy the requirement under
subparagraph (A) with respect to an award
claim, as extended under that clause, the
Director or the designee, as applicable, after
providing notice to the Chairman, may extend
the period in which the Commission may satisfy
subparagraph (A) by 1 additional 180-day
period.
``(iii) Notice to whistleblower required.--
If the Director, or the designee of the
Director, exercises authority under clause (i)
or (ii), the Director or the designee, as
applicable, shall submit to the whistleblower
who filed the award claim that is subject to
that action by the Director or the designee a
written notification of that action by the
Director or the designee.
``(C) Applicability.--This paragraph shall apply
only to an award claim that is timely submitted under a
deadline established by the Commission after the date
of enactment of this paragraph.''.
(2) Rules.--The Commodity Futures Trading Commission may
issue any rules that are necessary to carry out paragraph (3)
of section 23(b) of the Commodity Exchange Act (7 U.S.C. 26(b))
(as added by paragraph (1)).
(c) CFTC Whistleblower Program Education Initiatives.--Section
23(g)(2) of the Commodity Exchange Act (7 U.S.C. 26(g)(2)) is amended--
(1) in subparagraph (A), by striking ``and'' at the end;
(2) in subparagraph (B), by striking the period at the end
and inserting ``; and''; and
(3) by adding at the end the following:
``(C) the funding of initiatives designed to
educate stakeholders regarding the incentives and
protections available under this section, including the
benefits of those incentives and protections.''.
(d) Deposits Into CFTC Customer Protection Fund.--Section
23(g)(3)(A) of the Commodity Exchange Act (7 U.S.C. 26(g)(3)(A)) is
amended by striking ``$100,000,000'' and inserting ``$150,000,000''.
(e) Availability of Certain CFTC Information to Government
Agencies.--Section 23(h)(2)(C) of the Commodity Exchange Act (7 U.S.C.
26(h)(2)(C)) is amended--
(1) in clause (i)--
(A) in subclause (II), by striking
``jurisdiction;'' and inserting the following:
``jurisdiction, including--
``(aa) the Federal Trade
Commission;
``(bb) the Internal Revenue
Service; and
``(cc) the Department of
State;''; and
(B) in subclause (VI), by inserting ``or other
foreign law enforcement authority'' before the period
at the end; and
(2) in clause (ii)--
(A) by striking ``Each'' and inserting the
following:
``(I) In general.--Each'';
(B) in subclause (I) (as so designated), by
inserting ``subclauses (I) through (V) of'' before
``clause (i)''; and
(C) by adding at the end the following:
``(II) Foreign authorities.--An
entity described in subclause (VI) of
clause (i) shall maintain information
described in that clause in accordance
with such assurances of confidentiality
as the Commission determines
appropriate.''.
SEC. 122. UPDATING STANDARDS FOR NATURAL PERSONS TO MEET REQUIREMENTS
FOR QUALIFIED ELIGIBLE PERSONS.
(a) In General.--Within 1 year after the date of the enactment of
this section, the Commodity Futures Trading Commission shall adopt a
rule to update its regulations governing the requirements for natural
persons to be qualified eligible persons who must satisfy portfolio
requirements, for the purposes of providing relief to commodity trading
advisors and commodity pool operators in their dealings with qualified
eligible persons pursuant to section 4.7 of title 17, Code of Federal
Regulations, so that a natural person, to be a qualified eligible
person who must satisfy the portfolio requirement, must meet the
requirement of paragraph (1) and the requirement of paragraph (2):
(1) Means.--The requirement of this paragraph is that the
person must have--
(A) an individual net worth, or joint net worth
with the spouse, if any, of the person, at the time of
the opening of an exempt account or purchase of 1 or
more participation units in an exempt commodity pool,
to qualify the person as an accredited investor, as
defined in section 230.501(a)(5) of title 17, Code of
Federal Regulations, as if that regulation were amended
by striking ``$1,000,000'' and inserting
``$5,000,000''; or
(B) individual income, or joint income with the
spouse, if any, of the person, in excess of $500,000 in
each of the 2 most recent years, and have a reasonable
expectation of reaching the same income level in the
current year.
(2) Portfolio.--The requirement of this paragraph is that
the person must meet a portfolio requirement under section
4.7(a)(1)(v) of title 17, Code of Federal Regulations, as if
that regulation were amended--
(A) by striking ``$2,000,000'' and inserting
``$5,000,000'';
(B) by striking ``$200,000'' and inserting
``$500,000'';
(C) by striking ``$1,000,000'' and inserting
``2,500,000''; and
(D) by striking ``$100,000'' and inserting
``$250,000''.
(b) Inflation.--In adopting a rule pursuant to subsection (a), the
Commission shall--
(1) include provisions providing for adjusting the dollar
amounts referred to in subsection (a) for inflation every three
years to the nearest $1,000 to reflect the change in the
Consumer Price Index for All Urban Consumers published by the
Bureau of Labor Statistics; and
(2) allow any natural person who meets the requirements of
a qualified eligible person and is a participant in a commodity
pool or the customer of a commodity trading advisor provided
relief under section 4.7 of title 17, Code of Federal
Regulations, before the date of any adjustment in such
requirements established pursuant to this rule to remain a
qualified eligible person, notwithstanding such adjustments
established pursuant to this rule, if--
(A) the natural person continues to meet the
requirements of qualified eligible persons pursuant to
section 4.7 of title 17, Code of Federal Regulations,
as in effect before the date of any adjustment in such
requirements established pursuant to this rule; and
(B) the natural person does not--
(i) sell all shares of its participation in
such exempt commodity pool;
(ii) withdraw all assets from any account
managed by such exempt commodity trading
advisor;
(iii) purchase any new shares of
participation in such exempt commodity pool; or
(iv) contribute additional assets to any
account managed by such exempt commodity
trading advisor.
SEC. 123. GOVERNMENT ACCOUNTABILITY OFFICE STUDY ON ALUMINUM MARKETS.
(a) Study.--The Comptroller General of the United States shall
conduct a study of--
(1) the aluminum markets in the United States and globally,
in general;
(2) the effectiveness and efficiency of the markets for
purchasers of aluminum;
(3) what factors and policies influence the supply, demand,
and movement of aluminum around the world; and
(4) the effectiveness of government oversight over the
markets.
(b) Report.--Within 180 days after the date of the enactment of
this Act, the Comptroller General shall submit to the Committee on
Agriculture of the House of Representatives and the Committee on
Agriculture, Nutrition, and Forestry of the Senate a written report
that contains the results of the study required by subsection (a).
SEC. 124. RESPONSE TO FOREIGN REGULATORY AUTHORITY.
Where a foreign authority seeks to assert direct supervisory
authority over derivatives clearing organizations domiciled in the
United States, the Commodity Futures Trading Commission should review
the appropriateness of the exemptions granted to foreign entities,
including clearinghouses, under the jurisdiction of the foreign
authority.
SEC. 125. AFFILIATE CONDITIONS.
Section 2(h)(7)(D)(iv) of the Commodity Exchange Act (7 U.S.C.
2(h)(7)(D)(iv)) is amended--
(1) in subclause (I), by striking ``risk; and'' and
inserting ``risk, unless the affiliate can demonstrate to the
Commission, as determined by the Commission, that--
``(aa) the affiliate has
utilized the exception in
clause (i) only to hedge or
mitigate commercial risk; and
``(bb) the affiliate
complies, as a financial
entity, with the obligations of
the affiliate with respect to
any swap for which the
exception in clause (i) is not
exercised; and''; and
(2) in subclause (II), by striking ``neither the affiliate
nor any person affiliated with the affiliate that is not a
financial entity'' and inserting ``neither the affiliate that
qualifies for the exception in clause (i) nor any person
affiliated with the affiliate, that is directly or indirectly
wholly- or majority-owned by the same ultimate parent, and that
enters into swaps with the affiliate''.
TITLE II--TECHNICAL CORRECTIONS
SEC. 201. CORRECTION OF REFERENCES.
(a) Section 2(h)(8)(A)(ii) of the Commodity Exchange Act (7 U.S.C.
2(h)(8)(A)(ii)) is amended by striking ``5h(f) of this Act'' and
inserting ``5h(g)''.
(b) Section 5c(c)(5)(C)(i) of such Act (7 U.S.C. 7a-2(c)(5)(C)(i))
is amended by striking ``1a(2)(i))'' and inserting ``1a(19)(i))''.
(c) Section 23(f) of such Act (7 U.S.C. 26(f)) is amended by
striking ``section 7064'' and inserting ``section 706''.
SEC. 202. ELIMINATION OF OBSOLETE REFERENCES TO DEALER OPTIONS.
(a) In General.--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.
(b) Conforming Amendments.--
(1) Section 2(d) of such Act (7 U.S.C. 2(d)) is amended by
striking ``(g) of'' and inserting ``(e) of''.
(2) Section 4f(a)(4)(A)(i) of such Act (7 U.S.C.
6f(a)(4)(A)(i)) is amended by striking ``, (d), (e), and (g)''
and inserting ``and (e)''.
(3) Section 4k(5)(A) of such Act (7 U.S.C. 6k(5)(A)) is
amended by striking ``, (d), (e), and (g)'' and inserting ``and
(e)''.
(4) Section 5f(b)(1)(A) of such Act (7 U.S.C. 7b-
1(b)(1)(A)) is amended by striking ``, (e), and (g)'' and
inserting ``and (e)''.
(5) Section 9(a)(2) of such Act (7 U.S.C. 13(a)(2)) is
amended by striking ``through (e) of subsection'' and inserting
``through (c) of section''.
SEC. 203. UPDATED TRADE DATA PUBLICATION REQUIREMENT.
Section 4g(e) of the Commodity Exchange Act (7 U.S.C. 6g(e)) is
amended by striking ``the exchange'' and inserting ``each designated
contract market and swap execution facility''.
SEC. 204. FLEXIBILITY FOR ALL REGISTERED ENTITIES.
(a) Section 5c(b) of the Commodity Exchange Act (7 U.S.C. 7a-2(b))
is amended by striking ``contract market, derivatives transaction
execution facility, or electronic trading facility'' each place it
appears and inserting ``registered entity''.
(b) Section 5c(b)(1) of such Act (7 U.S.C. 7a-2(b)(1)) is amended--
(1) by striking ``(1) In general.--A'' and inserting the
following:
``(1) Delegation.--
``(A) In general.--A'';
(2) by striking ``with respect to a significant price
discovery contract''; and
(3) by adding after and below the end the following:
``(B) Swaps.--In addition to the authority
described in subparagraph (A), a registered entity may
also comply with any applicable core principle, as it
applies to swaps, through delegation of any relevant
function to a registered national securities
association.''.
SEC. 205. ELIMINATION OF OBSOLETE REFERENCES TO ELECTRONIC TRADING
FACILITIES.
(a) Section 1a(18)(A)(x) of the Commodity Exchange Act (7 U.S.C.
1a(18)(A)(x)) is amended by striking ``(other than an electronic
trading facility with respect to a significant price discovery
contract)''.
(b) Section 1a(40) of such Act (7 U.S.C. 1a(40)) is amended--
(1) by adding ``and'' at the end of subparagraph (D); and
(2) by striking all that follows ``section 21'' and
inserting a period.
(c) Section 4a(e) of such Act (7 U.S.C. 6a(e)) is amended--
(1) in the first sentence--
(A) by striking ``or by any electronic trading
facility'';
(B) by striking ``or on an electronic trading
facility''; and
(C) by striking ``or electronic trading facility''
each place it appears; and
(2) in the second sentence, by striking ``or electronic
trading facility with respect to a significant price discovery
contract''.
(d) Section 4g(a) of such Act (7 U.S.C. 6g(a)) is amended by
striking ``any significant price discovery contract traded or executed
on an electronic trading facility or''.
(e) Section 4i of such Act (7 U.S.C. 6i) is amended--
(1) by striking ``, or any significant price discovery
contract traded or executed on an electronic trading
facility''; and
(2) by striking ``or electronic trading facility''.
(f) Section 6(b) of such Act (7 U.S.C. 8(b)) is amended by striking
``or electronic trading facility'' each place it appears.
(g) Section 12(e)(2) of such Act (7 U.S.C. 16(e)(2)) is amended by
striking ``in the case of--'' and all that follows and inserting ``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).''.
SEC. 206. ELIMINATION OF OBSOLETE REFERENCE TO ALTERNATIVE SWAP
EXECUTION FACILITIES.
Section 5h(h) of the Commodity Exchange Act (7 U.S.C. 7b-3(h)) is
amended by striking ``alternative'' before ``swap''.
SEC. 207. CLARIFICATION OF COMMISSION AUTHORITY OVER SWAPS TRADING.
Section 8a of the Commodity Exchange Act (7 U.S.C. 12a) is
amended--
(1) in paragraph (7)--
(A) by inserting ``the protection of swaps traders
and to assure fair dealing in swaps, for'' after
``appropriate for'';
(B) in subparagraph (A), by inserting ``swaps or''
after ``conditions in''; and
(C) in subparagraph (B), by inserting ``or swaps''
after ``future delivery''; and
(2) in paragraph (9)--
(A) by inserting ``swap or'' after ``or liquidation
of any''; and
(B) by inserting ``swap or'' after ``margin levels
on any''.
SEC. 208. ELIMINATION OF OBSOLETE REFERENCE TO THE COMMODITY EXCHANGE
COMMISSION.
Section 13(c) of the Commodity Exchange Act (7 U.S.C. 13c(c)) is
amended by striking ``or the Commission''.
SEC. 209. ELIMINATION OF OBSOLETE REFERENCES TO DERIVATIVE TRANSACTION
EXECUTION FACILITIES.
(a) Section 1a(12)(B)(vi) of the Commodity Exchange Act (7 U.S.C.
1a(12)(B)(vi)) is amended by striking ``derivatives transaction
execution facility'' and inserting ``swap execution facility''.
(b) Section 1a(34) of such Act (7 U.S.C. 1a(34)) is amended--
(1) in the heading, by striking ``; member of a derivatives
transaction execution facility''; and
(2) by striking ``or derivatives transaction execution
facility'' each place it appears.
(c) Section 1a(35)(B)(iii)(I) of such Act (7 U.S.C.
1a(35)(B)(iii)(I)) is amended by striking ``or registered derivatives
transaction execution facility''.
(d) Section 2(a)(1)(C)(ii) of such Act (7 U.S.C. 2(a)(1)(C)(ii)) is
amended--
(1) by striking ``, or register a derivatives transaction
execution facility that trades or executes,'';
(2) by striking ``, and no derivatives transaction
execution facility shall trade or execute such contracts of
sale (or options on such contracts) for future delivery''; and
(3) by striking ``or the derivatives transaction execution
facility,''.
(e) Section 2(a)(1)(C)(v)(I) of such Act (7 U.S.C.
2(a)(1)(C)(v)(I)) is amended by striking ``, or any derivatives
transaction execution facility on which such contract or option is
traded,''.
(f) Section 2(a)(1)(C)(v)(II) of such Act (7 U.S.C.
2(a)(1)(C)(v)(II)) is amended by striking ``or derivatives transaction
execution facility'' each place it appears.
(g) Section 2(a)(1)(C)(v)(V) of such Act (7 U.S.C.
2(a)(1)(C)(v)(V)) is amended by striking ``or registered derivatives
transaction execution facility''.
(h) 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)--
(1) by striking ``in, or register a derivatives transaction
execution facility''; and
(2) by striking ``, or registered as a derivatives
transaction execution facility for,''.
(i) Section 2(a)(1)(D)(i)(IV) of such Act (7 U.S.C.
2(a)(1)(D)(i)(IV)) is amended by striking ``registered derivatives
transaction execution facility,'' each place it appears.
(j) 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:
``(I) 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;''.
(k) Section 2(a)(1)(D)(ii)(II) of such Act (7 U.S.C.
2(a)(1)(D)(ii)(II)) is amended by striking ``or registered derivatives
transaction execution facility''.
(l) Section 2(a)(1)(D)(ii)(III) of such Act (7 U.S.C.
2(a)(1)(D)(ii)(III)) is amended by striking ``or registered derivatives
transaction execution facility member''.
(m) Section 2(a)(9)(B)(ii) of such Act (7 U.S.C. 2(a)(9)(B)(ii)) is
amended--
(1) by striking ``or registration'' each place it appears;
(2) by striking ``or derivatives transaction execution
facility'' each place it appears;
(3) by striking ``or register'';
(4) by striking ``, registering,''; and
(5) by striking ``registration,''.
(n) Section 2(c)(2) of such Act (7 U.S.C. 2(c)(2)) is amended by
striking ``or a derivatives transaction execution facility'' each place
it appears.
(o) Section 4(a) of such Act (7 U.S.C. 6(a)) is amended--
(1) by striking ``or derivatives transaction execution
facility'' each place it appears; and
(2) in paragraph (1), by striking ``or registered''.
(p) Section 4(c)(1) of such Act (7 U.S.C. 6(c)(1)) is amended--
(1) by striking ``or registered''; and
(2) by striking ``or derivatives transaction execution
facility''.
(q) Section 4a(a)(1) of such Act (7 U.S.C. 6a(a)(1)) is amended--
(1) by striking ``or derivatives transaction execution
facilities''; and
(2) by striking ``or derivatives transaction execution
facility''.
(r) Section 4a(e) of such Act (7 U.S.C. 6a(e)) is amended--
(1) by striking ``, derivatives transaction execution
facility,'' each place it appears; and
(2) by striking ``or derivatives transaction execution
facility''.
(s) Section 4c(e) of such Act (7 U.S.C. 6c(g)), as so redesignated
by section 202(a) of this Act, is amended by striking ``or derivatives
transaction execution facility'' each place it appears.
(t) Section 4d of such Act (7 U.S.C. 6d) is amended by striking
``or derivatives transaction execution facility'' each place it
appears.
(u) Section 4e of such Act (7 U.S.C. 6e) is amended by striking
``or derivatives transaction execution facility''.
(v) Section 4f(a) of such Act (7 U.S.C. 6f(a)) is amended by
striking ``or registered derivatives transaction execution facility''.
(w) Section 4f(b) of such Act (7 U.S.C. 6f(b)) is amended by
striking ``or derivatives transaction execution facility'' each place
it appears.
(x) Section 4i of such Act (7 U.S.C. 6i) is amended by striking
``or derivatives transaction execution facility''.
(y) Section 4j of such Act (7 U.S.C. 6j) is amended--
(1) in the heading by striking ``and registered derivatives
transaction execution facilities'';
(2) in subsection (a), by striking ``and registered
derivatives transaction execution facility'';
(3) in subsection (b), by striking ``or registered
derivatives transaction execution facility''; and
(4) in subsection (c), by striking ``or registered
derivatives transaction execution facility members''.
(z) Section 4k of such Act (7 U.S.C. 6k) is amended by striking
``or registered derivatives transaction execution facility''.
(aa) Section 4l of such Act (7 U.S.C. 6l) is amended by striking
``or derivatives transaction execution facilities'' each place it
appears.
(bb) Section 4p(a) of such Act (7 U.S.C. 6p(a)) is amended by
striking ``, or derivatives transaction execution facilities''.
(cc) Section 4p(b) of such Act (7 U.S.C. 6p(b)) is amended by
striking ``derivatives transaction execution facility,''.
(dd) Section 5(e) of such Act (7 U.S.C. 7(e)) is amended--
(1) by striking ``(e)'' and all that follows through ``a
contract for'' and inserting the following:
``(e) Current Agricultural Commodities.--A contract for''; and
(2) by striking paragraph (2).
(ee) Section 5c(b) of such Act (7 U.S.C. 7a-2(b)) is amended by
striking ``, derivatives transaction execution facility,'' each place
it appears.
(ff) Section 5c(f) of such Act (7 U.S.C. 7a-2(f)) is amended by
striking ``and registered derivatives transaction execution facility''.
(gg) Section 5c(f)(1) of such Act (7 U.S.C. 7a-2(f)(1)) is amended
by striking ``or registered derivatives transaction execution
facility''.
(hh) Section 6 of such Act (7 U.S.C. 8) is amended--
(1) in subsection (a), by striking ``or registered'';
(2) by striking ``or derivatives transaction execution
facility'' each place it appears; and
(3) by striking ``or registration'' each place it appears.
(ii) Section 6a(a) of such Act (7 U.S.C. 10a(a)) is amended--
(1) by striking ``or registered'';
(2) by striking ``or a derivatives transaction execution
facility''; and
(3) by inserting ``shall'' before ``exclude'' the first
place it appears.
(jj) Section 6a(b) of such Act (7 U.S.C. 10a(b)) is amended--
(1) by striking ``or registered''; and
(2) by striking ``or a derivatives transaction execution
facility''.
(kk) Section 6d(1) of such Act (7 U.S.C. 13a-2(1)) is amended by
striking ``derivatives transaction execution facility,''.
SEC. 210. ELIMINATION OF OBSOLETE REFERENCES TO EXEMPT BOARDS OF TRADE.
(a) 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''.
(b) 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''.
SEC. 211. ELIMINATION OF COMPLETED REPORTS.
(a) Section 23(h)(2)(C) of the Commodity Exchange Act (7 U.S.C.
26(h)(2)(C)) is amended by striking clause (iii).
(b) 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).
SEC. 212. MISCELLANEOUS CORRECTIONS.
(a) 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.
(b) 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.
(c) 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.
(d) Section 2(a)(1)(C)(iv) of such Act (7 U.S.C. 2(a)(1)(C)(iv)) is
amended by striking ``under or'' and inserting ``under''.
(e) 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.
(f) Section 2(a)(1)(C)(v)(VI) of such Act (7 U.S.C.
2(a)(1)(C)(v)(VI)) is amended by striking ``III'' and inserting
``(III)''.
(g) Section 2(c)(1) of such Act (7 U.S.C. 2(c)(1)) is amended by
striking the second comma.
(h) Section 4(c)(3)(H) of such Act (7 U.S.C. 6(c)(3)(H)) is amended
by striking ``state'' and inserting ``State''.
(i) Section 4c(c) of such Act (7 U.S.C. 6c(c)) is amended to read
as follows:
``(c) 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.''.
(j) Section 4d(b) of such Act (7 U.S.C. 6d(b)) is amended by
striking ``paragraph (2) of this section'' and inserting ``subsection
(a)(2)''.
(k) Section 4f(c)(3)(A) of such Act (7 U.S.C. 6f(c)(3)(A)) is
amended by striking the first comma.
(l) Section 4f(c)(4)(A) of such Act (7 U.S.C. 6f(c)(4)(A)) is
amended by striking ``in developing'' and inserting ``In developing''.
(m) Section 4f(c)(4)(B) of such Act (7 U.S.C. 6f(c)(4)(B)) is
amended by striking ``1817(a)'' and inserting ``1817(a))''.
(n) Section 5 of such Act (7 U.S.C. 7) is amended by redesignating
subsections (c) through (e) as subsections (b) through (d),
respectively.
(o) Section 5b of such Act (7 U.S.C. 7a-1) is amended by
redesignating subsection (k) as subsection (j).
(p) Section 5f(b)(1) of such Act (7 U.S.C. 7b-1(b)(1)) is amended
by striking ``section 5f'' and inserting ``this section''.
(q) Section 6(a) of such Act (7 U.S.C. 8(a)) is amended by striking
``the the'' and inserting ``the''.
(r) Section 8a of such Act (7 U.S.C. 12a) is amended in each of
paragraphs (2)(E) and (3)(B) by striking ``Investors'' and inserting
``Investor''.
(s) 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.
(t) Section 14(a)(2) of such Act (7 U.S.C. 18(a)(2)) is amended by
moving the margin of the provision 2 ems to the left.
(u) 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.
(v) Section 17(b)(10)(C)(ii) of such Act (7 U.S.C.
21(b)(10)(C)(ii)) is amended by striking ``and'' at the end.
(w) Section 17(b)(11) of such Act (7 U.S.C. 21(b)(11)) is amended
by striking the period and inserting a semicolon.
(x) Section 17(b)(12) of such Act (7 U.S.C. 21(b)(12)) is amended--
(1) by striking ``(A)''; and
(2) by striking the period and inserting ``; and''.
(y) Section 17(b)(13) of such Act (7 U.S.C. 21(b)(13)) is amended
by striking ``A'' and inserting ``a''.
(z) 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.
(aa) Section 22(b)(3) of such Act (7 U.S.C. 25(b)(3)) is amended by
striking ``of registered'' and inserting ``of a registered''.
(bb) Section 22(b)(4) of such Act (7 U.S.C. 25(b)(4)) is amended by
inserting a comma after ``entity''.
SEC. 213. TECHNICAL AMENDMENTS TO SECTION 14(E).
Section 14(e) of the Commodity Exchange Act (7 U.S.C. 18(e)) is
amended--
(1) by inserting ``(1)'' after ``(e)'';
(2) in the 1st sentence--
(A) by inserting ``final'' after ``Any'';
(B) by striking ``hereunder'' and inserting ``under
this section''; and
(C) by striking ``the appellee'' and inserting ``an
appellee'';
(3) in the 2nd sentence--
(A) by striking ``Such appeal'' and inserting ``If
the order requires the petitioner to pay reparation, or
upholds a prior order requiring such a payment, the
petition for review'';
(B) by striking ``appellant'' each place it appears
and inserting ``petitioner'';
(C) by striking ``for the appellee, if the appellee
shall prevail'' and inserting ``as set forth below'';
(4) in the 4th sentence, by striking ``The'' and inserting
``An''; and
(5) in the 5th sentence--
(A) by inserting ``participates in the proceedings
before the Court of Appeals through counsel and''
before ``prevails''; and
(B) by striking ``his'' and inserting ``the
appellee's''; and
(6) by adding after and below the end the following:
``(2) In paragraph (1), the term `appellee' means a party to a
proceeding before the Commission under this section in whose favor the
Commission ruled in an order that is the subject of a petition for
review under paragraph (1) and whose interests are adverse to those of
the petitioner.''.
SEC. 214. TECHNICAL CLARIFICATIONS FOR RETAIL FOREIGN CURRENCY.
Section 2(c)(2) of the Commodity Exchange Act (7 U.S.C. 2(c)(2)) is
amended--
(1) in subparagraph (B)--
(A) in clause (i)(II), by redesignating item (ff)
as item (ee);
(B) by striking ``(gg)'' each place it appears and
inserting ``(ee)'';
(C) in clause (iii), by striking ``(ee), or (ff) of
clause (i)(II) of this subparagraph'' and inserting
``or (dd) of clause (i)(II)''; and
(D) in clause (iv)--
(i) in each of subclauses (I) and (II), by
striking ``(ee), or (ff)'' each place it
appears and inserting ``or (dd)'';
(ii) in subclause (I)(bb), by inserting ``,
or otherwise act as a commodity trading advisor
with respect to any agreement, contract, or
transaction described in clause (i)'' before
the semicolon; and
(iii) in subclause (IV)(aa), by striking
``(ff)'' and inserting ``(dd)'';
(2) in subparagraph (C)--
(A) by striking ``(ee), or (ff)'' each place it
appears and inserting ``or (dd)''; and
(B) in clause (iii)--
(i) in subclause (I)(bb), by inserting ``,
or otherwise act as a commodity trading advisor
with respect to any agreement, contract, or
transaction described in clause (i)'' before
the semicolon; and
(ii) in subclause (IV)(aa), by striking
``item (aa) through (ff)'' and inserting
``items (aa) through (dd)''; and
(3) in subparagraph (E)(ii)(I), by inserting ``or
(C)(i)(I)'' after ``(B)(i)(I)''.
SEC. 215. MISCELLANEOUS SWAP TECHNICAL CORRECTIONS.
(a) Section 6b of the Commodity Exchange Act (7 U.S.C. 13a) is
amended by inserting ``or section 5h'' after ``sections 5 through 5c''.
(b) Section 8a of such Act (7 U.S.C. 12a) is amended--
(1) in paragraph (7)(A), by inserting ``or swap contracts''
after ``contracts of sale''; and
(2) in paragraph (9), by striking ``futures contract'' and
inserting ``contract of sale for future delivery or swap
contract'' each place it occurs.
(c) Section 15(b) of such Act (7 U.S.C. 19(b)) is amended by
striking ``contract market'' and inserting ``registered entity''.
<all>