H.R.2586 - Swap Execution Facility Clarification Act112th Congress (2011-2012)
|Sponsor:||Rep. Garrett, Scott [R-NJ-5] (Introduced 07/19/2011)|
|Committees:||House - Financial Services; Agriculture|
|Committee Reports:||H. Rept. 112-345,Part 1; H. Rept. 112-345|
|Latest Action:||02/08/2012 Placed on the Union Calendar, Calendar No. 266. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
Summary: H.R.2586 — 112th Congress (2011-2012)All Information (Except Text)
Reported to House amended, Part II (02/08/2012)
Swap Execution Facility Clarification Act - Amends the Commodity Exchange Act to prohibit the Commodity Futures Trading Commission (CFTC), in interpreting or defining a "security-based swap execution facility," from requiring it to: (1) have a minimum number of participants receive a bid or offer or respond to any trading system or platform functionality, (2) display or delay bids or offers for any period of time, (3) limit the means of interstate commerce used by market participants to enter into and execute swap transactions on the trading system or platform, or (4) require bids or offers on one trading system or platform operated by the swap execution facility to interact with bids or offers on another trading system or platform operated by that facility.
Amends the Securities Exchange Act of 1934 to prohibit the Securities and Exchange Commission (SEC), in interpreting or defining a "security-based swap execution facility," from requiring such a facility to do any of the things the CFTC is prohibited by this Act from requiring, with the exception that the SEC may not require such a facility to limit the means of interstate commerce used by market participants to enter into and execute security-based swap transactions on the method of trading functionality.