H.R.677 - Inter-Affiliate Swap Clarification Act113th Congress (2013-2014)
|Sponsor:||Rep. Stivers, Steve [R-OH-15] (Introduced 02/13/2013)|
|Committees:||House - Financial Services; Agriculture|
|Latest Action:||House - 05/07/2013 Ordered to be Reported (Amended) by the Yeas and Nays: 50 - 10. (All Actions)|
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Summary: H.R.677 — 113th Congress (2013-2014)All Information (Except Text)
Introduced in House (02/13/2013)
Inter-Affiliate Swap Clarification Act - Amends the Commodity Exchange Act and the Securities Exchange Act of 1934, as amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act, to exempt from certain regulatory requirements any swaps and security-based swaps entered into by parties neither of which is a swap dealer or a major swap participant: (1) that is also an insured depository institution, (2) that reports information or prepares financial statements on a consolidated basis, or (3) for which a company affiliated with both parties reports information or prepares financial statements on a consolidated basis.
Requires that such exempted agreements, contracts, or transactions be reported to an appropriate data repository, or, if there is no such repository that would accept them, to: (1) the Commodity Futures Trading Commission (CFTC) in the case of exempted swaps, or (2) the Securities and Exchange Commission (SEC) in the case of exempted security-based swaps.