H.R.3300 - Derivative Trading Accountability and Disclosure Act111th Congress (2009-2010)
|Sponsor:||Rep. McMahon, Michael E. [D-NY-13] (Introduced 07/22/2009)|
|Committees:||House - Financial Services; Agriculture|
|Latest Action:||06/22/2010 Referred to the Subcommittee on General Farm Commodities and Risk Management. (All Actions)|
This bill has the status Introduced
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Summary: H.R.3300 — 111th Congress (2009-2010)All Bill Information (Except Text)
Introduced in House (07/22/2009)
Derivative Trading Accountability and Disclosure Act - Establishes within the Department of the Treasury the Office of Derivatives Supervision (Office) to: (1) implement this Act and oversee the registration of derivatives traders; (2) coordinate with the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in developing comprehensive, standardized regulations for derivatives transactions; and (3) facilitate information exchange among specified agencies regarding the development of derivatives regulations.
Makes it unlawful for any unregistered derivatives trader to make use of the mails or any means or instrumentality of interstate commerce to effect any transactions in, or to induce or attempt to induce the purchase or sale of any type of derivative.
Prescribes registration requirements for derivatives traders.
Grants the SEC and CFTC authority to: (1) issue separate proposed regulations imposing specified requirements governing trading in the derivative instruments over which each Commission has jurisdiction; (2) impose civil penalties; (3) issue cease and desist orders; and (4) order an accounting and disgorgement.
Requires the Office to invite representatives of the SEC, the CFTC, regulators of domestic and foreign boards of trade, and other experts, to participate in a working group of international regulators to review international standards in order to evaluate international regulations regarding harmonization of substantive commodities and securities regulation for economically equivalent instruments.