116 HR 4895 RH: CFTC Reauthorization Act of 2019
U.S. House of Representatives
2019-11-26
text/xml
EN
Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
1.This Act may be cited as the CFTC Reauthorization Act of 2019
. 2.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.
<enum>I</enum><header>Policy amendments</header>
<section id="HD83BDCFFF19946A2B48B9788A3696BE8"><enum>101.</enum><header>Foreign futures authority</header>
<subsection id="H9DDC36A60C604D6BA2DCC0BFF7D839BE"><enum>(a)</enum><header>In general</header><text>Section 1a(26) of the Commodity Exchange Act (<external-xref legal-doc="usc" parsable-cite="usc/7/1a">7 U.S.C. 1a(26)</external-xref>) is amended to read as follows:</text> <quoted-block changed="added" committee-id="HAG00" id="H2CF5ABAB8A734514907D8C9F9BC5EDA1" reported-display-style="italic" style="OLC"> <paragraph id="H036B0F78F4A1419D840EF7C9A3BB15D5"><enum>(26)</enum><header>Foreign futures authority</header><text>The term <term>foreign futures authority</term> 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.</text></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="HB11191791B364BC3BEDD66BC830A598E"><enum>(b)</enum><header>Conforming amendment</header><text>Section 12(f) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/16">7 U.S.C. 16(f)</external-xref>) is amended—</text> <paragraph id="HE6FCCAB9083A406EA8C8D73CEFC48120"><enum>(1)</enum><text>in paragraph (1)—</text>
<subparagraph id="H0DD9A737762942E3B958CCD74CECBDE3"><enum>(A)</enum><text>by striking <quote>futures or options</quote> and inserting <quote>futures, options, swaps, or commodities</quote>; and</text> </subparagraph><subparagraph commented="no" id="H84E249EB78A54039AF4DC4A8882AC3D2"><enum>(B)</enum><text>by striking <quote>administers or enforces</quote> and inserting <quote>administers, enforces, or prosecutes</quote>; and</text>
</subparagraph></paragraph><paragraph id="HB46C75B6B0524E0CB33E4C56917204FA"><enum>(2)</enum><text>in paragraph (2)(A), by striking <quote>in futures and options</quote> and inserting <quote>in futures, options, swaps, or commodities</quote>.</text> </paragraph></subsection></section><section id="HC7D3D3CE0F874B21A4A891CE1F188125"><enum>102.</enum><header>Honors program</header> <subsection id="H7C766405B9C74491B7BD3FFAE9C14523"><enum>(a)</enum><header>In general</header><text>Section 2(a)(7) of the Commodity Exchange Act (<external-xref legal-doc="usc" parsable-cite="usc/7/2">7 U.S.C. 2(a)(7)</external-xref>) is amended by adding at the end the following:</text>
<quoted-block changed="added" committee-id="HAG00" id="HDE9BE27B0D3D4481ACDBBEECEFD017AE" reported-display-style="italic" style="OLC">
<subparagraph id="HF4776EF4478146AC849B8EE6712E004C"><enum>(D)</enum><header>Honors program</header><text>The Commission may establish the Honors Program under its appointment and compensation authorities.</text></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block> </subsection><subsection id="HC101AE68B32249B0BD1F371B74D7EBE6"><enum>(b)</enum><header>Conforming amendment</header><text>Section 12(b)(1) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/16">7 U.S.C. 16(b)(1)</external-xref>) is amended by adding at the end the following: <quote>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.</quote>.</text>
</subsection></section><section id="H32F4FD3AD07241FD84F0089E4199654F"><enum>103.</enum><header>Advisory committee changes</header>
<subsection id="H02B86C75CED24E43B491CDB6C1AA4AAE"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Section 2(a)(15) of the Commodity Exchange Act (<external-xref legal-doc="usc" parsable-cite="usc/7/2">7 U.S.C. 2(a)(15)</external-xref>) is amended to read as follows:</text> <quoted-block changed="added" committee-id="HAG00" id="H5F5F66393A1D487CB6D601E39D468E9F" reported-display-style="italic" style="OLC"> <paragraph id="H746B814682D949A2AD58B0AE3E1E3F64"><enum>(15)</enum><header>Advisory committees</header> <subparagraph id="H3DB4F2BFF163492FB19B5145330D8042"><enum>(A)</enum><header>Establishment</header> <clause id="HD18329124E6E42839B57D9C39B545F61"><enum>(i)</enum><header>In general</header><text>The Commission shall establish advisory committees to serve as vehicles for discussion and communication on matters related to the regulatory activities of the Commission.</text>
</clause><clause id="H8CB8515F0DE44CF09BAABF8014D7FE64"><enum>(ii)</enum><header>Membership</header><text>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.</text>
</clause></subparagraph><subparagraph id="HA1C05FE4DDC44FE1ACCF554FF73927EE"><enum>(B)</enum><header>Activities</header><text>The activities of an advisory committee shall include the following:</text> <clause id="H4A2C1A68C3324F0AA8097AAB3C9626E1"><enum>(i)</enum><text>to hold meetings at such intervals as necessary to carry out the functions of the advisory committee;</text>
</clause><clause id="H1A37B9633DF44DFF95A1E4924201AD63"><enum>(ii)</enum><text>to submit to the Commission such reports and recommendations to the Commission (including minority views, if any) as the advisory committee deems appropriate; and</text>
</clause><clause id="H946EF94A76D349A9A8ABE002AE8BFA6A"><enum>(iii)</enum><text display-inline="yes-display-inline">such activities as the Commission determines is appropriate.</text> </clause></subparagraph><subparagraph id="H2F51AA75FC144CAEB9FD4D1A75788727"><enum>(C)</enum><header>Applicability of the Federal Advisory Committee Act</header><text>An advisory committee established under this paragraph shall be subject to the Federal Advisory Committee Act.</text></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="HFD997F2101354D8F86575FE36C096409"><enum>(b)</enum><header>Existing advisory committees</header><text display-inline="yes-display-inline">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.</text>
</subsection></section><section commented="no" id="H5EB9125F49684943A0E2B26AFFCE39D9" section-type="subsequent-section"><enum>104.</enum><header>Enhancement of Office of Minority and Women Inclusion at the Commission; internship program</header>
<subsection commented="no" id="H730B92B534D44A05A6B9138B0EB71656"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Section 2(a) of the Commodity Exchange Act (<external-xref legal-doc="usc" parsable-cite="usc/7/2">7 U.S.C. 2(a)</external-xref>) is amended by adding at the end the following:</text>
<quoted-block changed="added" committee-id="HAG00" display-inline="no-display-inline" id="H376F1B6986CA4B1CB418B14FD5542DCA" reported-display-style="italic" style="OLC">
<paragraph commented="no" id="H0E76F22469794FD9BF4B2BE4531F6A15"><enum>(16)</enum><header>Office of Minority and Women Inclusion</header><text display-inline="yes-display-inline">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.</text>
</paragraph><paragraph commented="no" id="H43329A55865E41CFB0A6F41224A879A1"><enum>(17)</enum><header>Annual internship program</header>
<subparagraph commented="no" id="HFC75022E3B0A4FA28265620F976CEB36"><enum>(A)</enum><header>In general</header><text>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.</text>
</subparagraph><subparagraph commented="no" id="H7C95BB3C5E7A4995A6D25F856D721E6E"><enum>(B)</enum><header>Funding</header><text>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.</text>
</subparagraph><subparagraph commented="no" id="H152B230CD7C14CD2A350016E37980CD3"><enum>(C)</enum><header>Qualified institution defined</header><text>In this paragraph, the term <term>qualified institution</term> means—</text> <clause commented="no" id="HD97ED89677984EB7A1288298294AE69C"><enum>(i)</enum><text display-inline="yes-display-inline">an 1890 Institution (as defined in section 2 of the Agricultural Research, Extension, and Education Reform Act of 1998 (<external-xref legal-doc="usc" parsable-cite="usc/7/7601">7 U.S.C. 7601</external-xref>));</text>
</clause><clause commented="no" id="H65AAE3EACF334FFFBC784EEA6FE5F834"><enum>(ii)</enum><text display-inline="yes-display-inline">a 1994 Institution (as defined in section 532 of the Equity in Educational Land-Grant Status Act of 1994 (<external-xref legal-doc="public-law" parsable-cite="pl/103/382">Public Law 103–382</external-xref>; <external-xref legal-doc="usc" parsable-cite="usc/7/301">7 U.S.C. 301</external-xref> note));</text>
</clause><clause commented="no" id="H60BDE72B0AA64A31A20EF3B44B7775E2"><enum>(iii)</enum><text>an eligible institution (as defined in section 1489 of the National Agricultural Research, Extension, and Teaching Policy Act of 1977 (<external-xref legal-doc="usc" parsable-cite="usc/7/3361">7 U.S.C. 3361</external-xref>)); or</text>
</clause><clause commented="no" id="H8D1D1077A98A439F824F2A39588260BF"><enum>(iv)</enum><text display-inline="yes-display-inline">a Hispanic-serving institution (as defined in section 1404 of the Food and Agriculture Act of 1977 (<external-xref legal-doc="usc" parsable-cite="usc/7/3103">7 U.S.C. 3103</external-xref>)).</text></clause></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection commented="no" id="HFA10352DE75F4A1BABACF764F3AF28B9"><enum>(b)</enum><header>Joint standards</header><text display-inline="yes-display-inline">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.</text>
</subsection></section><section id="HA4239105816647DAAF9CB662DB3D4A88"><enum>105.</enum><header>Detailing and resource-sharing</header><text display-inline="no-display-inline">Section 2(a) of the Commodity Exchange Act (<external-xref legal-doc="usc" parsable-cite="usc/7/2">7 U.S.C. 2(a)</external-xref>), as amended by section 104 of this Act, is amended by adding at the end the following:</text>
<quoted-block changed="added" committee-id="HAG00" id="HE69C3497A12444A49C2D24072E9BCC35" reported-display-style="italic" style="OLC">
<paragraph id="H8B11904C0CD04DFDB4E595F957F6DEAD"><enum>(18)</enum><header>Assistance from federal agencies</header>
<subparagraph id="H5B40B50ABC944672953AF47B0CB42AC6"><enum>(A)</enum><header>In general</header><text>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.</text>
</subparagraph><subparagraph id="HEFDB53A5659A4CC28B2791459EF0F935"><enum>(B)</enum><header>Detail flexibility</header><text display-inline="yes-display-inline">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.</text>
</subparagraph></paragraph><paragraph id="H5C7EC68AEAA34E5299A319CE1BFA6642"><enum>(19)</enum><header>Assistance from foreign governmental entities</header>
<subparagraph id="H5E776E0584EC4E9A842BACFABB3B6174"><enum>(A)</enum><header>In general</header><text>The Commission may—</text> <clause id="H723E855C62C64AD69E162E23190ACFFE"><enum>(i)</enum><text>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</text>
</clause><clause id="H7AEF81FFF84A4EB08FC303874E18D85B"><enum>(ii)</enum><text>detail officers or employees of the Commission to work on a temporary basis for an entity described in clause (i).</text>
</clause></subparagraph><subparagraph id="HCF3D4AD7FEC84F18960415E2E92A0309"><enum>(B)</enum><header>Reciprocity and reimbursement</header>
<clause id="H69A3CEDDFE90499D8789BFD671B8DFCE"><enum>(i)</enum><header>Reciprocity not required</header><text>Assistance described in subparagraph (A) need not be provided on a reciprocal basis.</text> </clause><clause id="HFE924E194E9F486485E1FFCFEE7F76F3"><enum>(ii)</enum><header>Reimbursement</header> <subclause id="H121FF9617E5044DBBD483637C8803F63"><enum>(I)</enum><header>In general</header><text>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.</text>
</subclause><subclause id="H3E3EE75A1DF6499C86C58D47BC084EDC"><enum>(II)</enum><header>Form</header><text>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.</text>
</subclause></clause></subparagraph><subparagraph id="H1E7DAF0EC1A84568A852824867024A8B"><enum>(C)</enum><header>Standards of conduct</header><text>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.</text>
</subparagraph><subparagraph id="H5041B0A0182B490E9FD64DF41A498386"><enum>(D)</enum><header>Limitation</header><text>An officer or employee detailed under subparagraph (A)(i) may not hold any management position at the Commission.</text></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="H3B554F3D90CC4487AD7C85DD195EF1A8"><enum>106.</enum><header>Office of the Chief Economist</header>
<subsection id="H5FE05CB7FE8A47CAA40CF933CAF974C2"><enum>(a)</enum><header>In general</header><text>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:</text>
<quoted-block changed="added" committee-id="HAG00" id="H31750AF248F54B6787C96EDBA778AD7C" reported-display-style="italic" style="OLC">
<paragraph id="HF3245961026545519DF01D5262D5AA51"><enum>(20)</enum><header>Office of the chief economist</header>
<subparagraph id="H4531F426CA91400F8F6CD3632B40C545"><enum>(A)</enum><header>Establishment</header><text>There is established in the Commission the Office of the Chief Economist.</text> </subparagraph><subparagraph id="H9EDBCF9F5DA7433D8EAA81C56F652A02"><enum>(B)</enum><header>Head</header><text>The Office of the Chief Economist shall be headed by the Chief Economist.</text>
</subparagraph><subparagraph id="H67F297BC07ED4730B89CBE61CDF1659D"><enum>(C)</enum><header>Functions</header><text display-inline="yes-display-inline">The Chief Economist shall serve as economic advisor to the Commission and perform functions such as economic analysis, regulatory cost-benefit analysis, and research.</text>
</subparagraph><subparagraph id="H8CCADDF342DF45E788453014DDF6FF25"><enum>(D)</enum><header>Professional staff</header>
<clause id="H84DAF98E78ED4CE88337009C1FFE3561"><enum>(i)</enum><header>In general</header><text>The Commission shall appoint such other economists and any related positions as may be necessary for the Office of the Chief Economist—</text>
<subclause id="H1559C30E5EDF43A6AE33406311C8C031"><enum>(I)</enum><text>in accordance with the statutes, rules, and regulations governing appointments in the excepted service; and</text>
</subclause><subclause id="HF24AED151F2146208F518A5B861790C3"><enum>(II)</enum><text>notwithstanding any statutes, rules, and regulations governing appointments in the competitive service.</text>
</subclause></clause><clause id="HDD05AB20225547289BAC2CA09A8B6E84"><enum>(ii)</enum><header>Rule of construction</header><text>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.</text></clause></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="HE41C03284BCA42E3A4D27824BBFD9CE3"><enum>(b)</enum><header>Conforming amendment</header><text>Section 15(a) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/19">7 U.S.C. 19(a)</external-xref>) is amended—</text> <paragraph commented="no" id="H5DC64B536F494346A96F5E0460BCA7BE"><enum>(1)</enum><text>in paragraph (1), by inserting <quote>, after coordinating with the Office of the Chief Economist,</quote> before <quote>shall</quote>;</text>
</paragraph><paragraph id="H9E1407BE332E495186D9B4872B776D13"><enum>(2)</enum><text>in paragraph (2)(B), by striking <quote>futures markets</quote> and inserting <quote>markets under the jurisdiction of the Commission</quote>;</text> </paragraph><paragraph id="HCF1B50A9408548999C719FC9453FE0BA"><enum>(3)</enum><text>in paragraph (2), by redesignating subparagraphs (D) and (E) as subparagraphs (E) and (F); and</text>
</paragraph><paragraph id="H445C82670A144B0187E2D5A172AEA712"><enum>(4)</enum><text>in paragraph (2), by inserting after subparagraph (C) the following:</text> <quoted-block changed="added" committee-id="HAG00" id="HEF7183CFDD224EE6A21A992E887C4644" reported-display-style="italic" style="OLC"> <subparagraph id="H195BC3F0C7C04AB8A75E969B74391D2A"><enum>(D)</enum><text>considerations of market liquidity;</text></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection></section><section id="H86043E05258B402C840BAA3BB67FC1EF"><enum>107.</enum><header>Equal consideration for holding companies</header><text display-inline="no-display-inline">Section 2(h)(7)(C)(ii) of the Commodity Exchange Act (<external-xref legal-doc="usc" parsable-cite="usc/7/2">7 U.S.C. 2(h)(7)(C)(ii)</external-xref>) is amended—</text> <paragraph id="HF4105E1F78D1495C957C4F2C61AA764F"><enum>(1)</enum><text display-inline="yes-display-inline">in the matter before subclause (I), by striking <quote>unions, including—</quote> and inserting <quote>unions, bank holding companies, and savings and loan holding companies, including—</quote>;</text>
</paragraph><paragraph id="H776D603DDCE24D9BB7942A4DF99F945C"><enum>(2)</enum><text>in subclause (II), by striking <quote>or</quote> at the end;</text> </paragraph><paragraph id="HF7D0684139944192ABAB02771D3B4E18"><enum>(3)</enum><text>in subclause (III), by striking the period at the end and inserting a semicolon; and</text>
</paragraph><paragraph id="H323AB0B43E674884B1B5FBFAFAA3ACCF"><enum>(4)</enum><text>by adding at the end the following:</text> <quoted-block changed="added" committee-id="HAG00" id="H02CE102D551842B89DCD656EFB68887F" reported-display-style="italic" style="OLC"> <subclause id="HA4CDAAAA2F52402F9E5A74075B269E4C"><enum>(IV)</enum><text>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</text>
</subclause><subclause id="H5F1ACBFA86504FA39C8F94C8B7CE30FE"><enum>(V)</enum><text>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.</text></subclause><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></section><section display-inline="no-display-inline" id="HE131E60876F64795B975064952F224FB" section-type="subsequent-section"><enum>108.</enum><header>Exemption of qualified charitable organizations from regulation as commodity pool operators</header><text display-inline="no-display-inline">Section 4m of the Commodity Exchange Act (<external-xref legal-doc="usc" parsable-cite="usc/7/6m">7 U.S.C. 6m</external-xref>) is amended to read as follows:</text> <quoted-block changed="added" committee-id="HAG00" display-inline="no-display-inline" id="HA4070B0C9BF2417E9D3BDB8D2074B47E" reported-display-style="italic" style="OLC"> <section id="HCEACFDA1E6554218BE4586544A60B85D"><enum>4m.</enum><header>Use of mails or other means or instrumentalities of interstate commerce by commodity trading advisors and commodity pool operators</header> <subsection id="H1180782B431D415FB4D4C83BE9AD2626"><enum>(a)</enum><header>Prohibition</header><text display-inline="yes-display-inline">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.</text>
</subsection><subsection id="HD0A304D7F48641038A980DADE1685CE9"><enum>(b)</enum><header>Exceptions</header>
<paragraph id="HD701502B23B747EB8D511F9CF6092235"><enum>(1)</enum><header>In general</header><text>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—</text>
<subparagraph id="HDD832F5C8A024FFC86B67C85BBC51AD2"><enum>(A)</enum><text>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</text>
</subparagraph><subparagraph id="H667B4E13239D46A9A501E04D32C19430"><enum>(B)</enum><text>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.</text>
</subparagraph></paragraph><paragraph id="H871C9CFE1C0D4D628C00084225F06C64"><enum>(2)</enum><header>Charitable organization</header><text>Subsection (a) shall not apply to any commodity trading advisor or commodity pool operator that is—</text> <subparagraph id="H9AA017F8099C44E9BE6E04E1D60FA108"><enum>(A)</enum><text>a charitable organization, as defined in section 3(c)(10)(D) of the Investment Company Act of 1940 (<external-xref legal-doc="usc" parsable-cite="usc/15/80a-3">15 U.S.C. 80a–3(c)(10)(D)</external-xref>), 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—</text>
<clause id="H49E57185BC45468BB963CD1C36F679A5"><enum>(i)</enum><text>any such charitable organization; or</text> </clause><clause id="H4E7CD8F45CE840ABACCE52FA604F2FC6"><enum>(ii)</enum><text display-inline="yes-display-inline">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 (<external-xref legal-doc="usc" parsable-cite="usc/15/80a-3">15 U.S.C. 80a–3(c)(10)</external-xref>), or the trustees, administrators, settlors (or potential settlors), or beneficiaries of the foregoing; or</text>
</clause></subparagraph><subparagraph id="H094D8ADC164249E1B4F7FB6B2D437A7E"><enum>(B)</enum><text>any plan, company, or account described in section 3(c)(14) of the Investment Company Act of 1940 (<external-xref legal-doc="usc" parsable-cite="usc/15/80a-3">15 U.S.C. 80a–3(c)(14)</external-xref>), 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 <quote>investment company</quote> pursuant to section 3(c)(14) of the Investment Company Act of 1940 (<external-xref legal-doc="usc" parsable-cite="usc/15/80a-3">15 U.S.C. 80a–3(c)(14)</external-xref>).</text>
</subparagraph></paragraph><paragraph id="HE6FDBF52863B40DEAD3FA6B744F3A09B"><enum>(3)</enum><header>Small commodity trading advisors</header><text>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.</text>
</paragraph><paragraph id="HC5EB5D37E9D54C8781A06975AF02AA94"><enum>(4)</enum><header>SEC-registered</header>
<subparagraph id="HD1C042900670429AB9166AF8FDC4B6C7"><enum>(A)</enum><header>In general</header><text>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.</text>
</subparagraph><subparagraph id="HF395DBE18F3148D3B0919583EFC108F5"><enum>(B)</enum><header>Engaged primarily</header><text>For purposes of this paragraph, a commodity trading advisor or a commodity pool shall be considered to be <quote>engaged primarily</quote> 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.</text>
</subparagraph><subparagraph id="H8715718B47104466B96999070B0916E9"><enum>(C)</enum><header>Commodity interests</header><text>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.</text>
</subparagraph></paragraph><paragraph id="H00E46A70BDC34ED48528D154E60C08EF"><enum>(5)</enum><header>Subject to proceedings</header><text>A person described in paragraphs (1) and (2) shall be subject to proceedings under section 14.</text> </paragraph></subsection><subsection id="H03977CF78E8F410590247EF5CC6EE62D"><enum>(c)</enum><header>Relationship to other law</header><text>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 (<external-xref legal-doc="usc" parsable-cite="usc/15/77a">15 U.S.C. 77a</external-xref> et seq.) or the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78a">15 U.S.C. 78a</external-xref> 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.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="H128BD170EFAB42168E55472ADA745B1B"><enum>(d)</enum><header>Disclosure concerning exempted charitable organizations</header><text display-inline="yes-display-inline">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 <term>investment company</term> pursuant to section 3(c)(10)(B) of the Investment Company Act of 1940 (<external-xref legal-doc="usc" parsable-cite="usc/15/80a-3">15 U.S.C. 80a–3(c)(10)(B)</external-xref>) shall provide disclosure in accordance with section 7(e) of that Act (<external-xref legal-doc="usc" parsable-cite="usc/15/80a-7">15 U.S.C. 80a–7(e)</external-xref>).</text></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="H3E399FC18B4E4159944E1F5D64ADB29C" section-type="subsequent-section"><enum>109.</enum><header>Digital commodity</header>
<subsection id="H980A95067BFB40E9A5E58A2B5D54F9A5"><enum>(a)</enum><header>Requirements applicable to boards of trade</header><text>Section 5(d)(4) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/7">7 U.S.C. 7(d)(4)</external-xref>) is amended—</text> <paragraph id="H0C9EA8DF0B864BD39C97D3E4B1341E2B"><enum>(1)</enum><text>by striking all that precedes <quote>board of trade</quote> and inserting the following:</text>
<quoted-block changed="added" committee-id="HAG00" display-inline="no-display-inline" id="HF33AB4B62BCE4D01B512DDBEC450E58A" reported-display-style="italic" style="OLC">
<paragraph id="HB6888C949DBE4AA2BEAB2F3314712869"><enum>(4)</enum><header>Prevention of market disruption</header>
<subparagraph id="H7AE617E1701D401085FF2A3797C5C7D6"><enum>(A)</enum><header>In general</header><text display-inline="yes-display-inline">The</text></subparagraph></paragraph><after-quoted-block>;</after-quoted-block></quoted-block> </paragraph><paragraph id="HA4FFF0496C3A49E19D9E8A9320945225"><enum>(2)</enum><text>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</text>
</paragraph><paragraph id="H255FFA797B41419E870350F91B540BED"><enum>(3)</enum><text>by adding after and below the end the following:</text> <quoted-block changed="added" committee-id="HAG00" display-inline="no-display-inline" id="H73642E4B0FBC493BA4AF13C1FAB6ABD1" reported-display-style="italic" style="OLC"> <subparagraph id="H140744C6053F4AE1B2693BB97C062BD5"><enum>(B)</enum><header>Digital commodity</header><text display-inline="yes-display-inline">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.</text></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="H75FCCCFAEBDD444F90F5E2306767E6C2"><enum>(b)</enum><header>Requirements applicable to swap execution facilities</header><text>Section 5h(f)(4) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/7b-3">7 U.S.C. 7b–3(f)(4)</external-xref>) is amended—</text> <paragraph id="H7B1DE4D234DB47CE8B255C11835FCF97"><enum>(1)</enum><text>by striking all that precedes <quote>swap execution facility shall</quote> and inserting the following:</text>
<quoted-block changed="added" committee-id="HAG00" display-inline="no-display-inline" id="H5E2BB1FF1AAD454F9520D1239F2074E1" reported-display-style="italic" style="OLC">
<paragraph id="H9EA60DD00B4F4BAAADEB4BF29D586004"><enum>(4)</enum><header>Monitoring of trading and trade processing</header>
<subparagraph id="H7CC6D72B12AC42A8BDB2BAAF23167990"><enum>(A)</enum><header>In general</header><text display-inline="yes-display-inline">The</text></subparagraph></paragraph><after-quoted-block>;</after-quoted-block></quoted-block> </paragraph><paragraph id="H3B7B892A24134BC4BB69F0A1964E53C1"><enum>(2)</enum><text>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;</text>
</paragraph><paragraph id="H435D346FB18D4D6CAFF08E73FEA07789"><enum>(3)</enum><text>by redesignating subparagraphs (A) and (B) as clauses (i) and (ii), respectively, and moving each of such provisions 2 ems to the right; and</text>
</paragraph><paragraph id="HD20D49C3CFC8436DBDE37D59360E580C"><enum>(4)</enum><text>by adding after and below the end the following:</text> <quoted-block changed="added" committee-id="HAG00" display-inline="no-display-inline" id="H8C434FFE8D174F35A539B1973D0D6522" reported-display-style="italic" style="OLC"> <subparagraph id="H46F7AC4B794247BAB3E83C5B6C5F83C0"><enum>(B)</enum><header>Digital commodity</header><text display-inline="yes-display-inline">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.</text></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection></section><section id="HAE561603A7B14B93AF8D06DECDC45767"><enum>110.</enum><header>System safeguards</header>
<subsection id="H490CD857B262429FA5FFE29EB3688766"><enum>(a)</enum><header>Contract markets</header><text>Section 5(d)(20) of the Commodity Exchange Act (<external-xref legal-doc="usc" parsable-cite="usc/7/7">7 U.S.C. 7(d)(20)</external-xref>) is amended—</text> <paragraph id="H1A969E0464DA43978ACB7BB29CCF77CA"><enum>(1)</enum><text display-inline="yes-display-inline">in subparagraph (A), by striking <quote>through</quote> and all that follows and inserting</text>
<quoted-block changed="added" committee-id="HAG00" display-inline="yes-display-inline" id="HFE1CEE67C73346D1954423A43F491963" reported-display-style="italic" style="OLC">
<text>through—</text><clause id="HBF99BB65169B4B72851EF3B7339A56B5"><enum>(i)</enum><text>the implementation of appropriate controls and procedures; and</text> </clause><clause id="H7211D12553744388A8798B91796DFC08"><enum>(ii)</enum><text>the development and operation of automated systems that—</text>
<subclause id="H7DA1F51AC7734C2CB5AB767430D9CBFE"><enum>(I)</enum><text>are reliable, secure, and resilient;</text> </subclause><subclause id="H3FA970D6C581455ABBBE68278482407A"><enum>(II)</enum><text>have adequate scalable capacity; and</text>
</subclause><subclause id="H60C31CE368524A748FEFCBC75534111F"><enum>(III)</enum><text>maintain the confidentiality, integrity, and availability of the data they contain;</text></subclause></clause><after-quoted-block>; and</after-quoted-block></quoted-block> </paragraph><paragraph id="H03C31B3BA71A4C34841DB86C3DE36BE8"><enum>(2)</enum><text display-inline="yes-display-inline">in subparagraph (C), by striking <quote>tests to</quote> and all that follows and inserting</text>
<quoted-block changed="added" committee-id="HAG00" display-inline="yes-display-inline" id="H963446AD677F4EFBA643A3CE5FB18B46" reported-display-style="italic" style="OLC">
<text>tests to—</text><clause id="H9D239D6EF4CE48C0ACC3E18DD72C4289"><enum>(i)</enum><text>verify the reliability, security, resilience, and capacity of the board of trade’s automated systems;</text>
</clause><clause id="H3BE79847B8494D04BB45D6785FA8A5C3"><enum>(ii)</enum><text>verify the confidentiality, integrity, and availability of the data contained in those systems; and</text> </clause><clause id="HE8E0D62D519849F2A88D522F6DFFA4F2"><enum>(iii)</enum><text>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.</text></clause><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="HA56F219BB23D431AB125C960113AB96E"><enum>(b)</enum><header>Clearinghouses</header><text>Section 5b(c)(2)(I) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/7a-1">7 U.S.C. 7a–1(c)(2)(I)</external-xref>) is amended—</text> <paragraph id="H1D40E0DF2CFE4AF59869BB811DB35822"><enum>(1)</enum><text display-inline="yes-display-inline">in clause (i), by striking <quote>through the</quote> and all that follows and inserting</text>
<quoted-block changed="added" committee-id="HAG00" display-inline="yes-display-inline" id="HD632586617724C3085712812DBB68B81" reported-display-style="italic" style="OLC">
<text>through the—</text><subclause id="HD8C1D7E81FAC4D46857DAE1DFC9A6B8B"><enum>(I)</enum><text>implementation of appropriate controls and procedures; and</text> </subclause><subclause id="H51AB09C1A7C74DB6838CE445EBEBA48D"><enum>(II)</enum><text>development and operation of automated systems that—</text>
<item id="H266DB05757D847B2AF2F4810BF4ADB20"><enum>(aa)</enum><text>are reliable, secure, and resilient;</text> </item><item id="H6F7A94FB002040E2AFC713EDE28FC37F"><enum>(bb)</enum><text>have adequate scalable capacity; and</text>
</item><item id="HD87C20EE0F144D2D97597FEF994FCC8E"><enum>(cc)</enum><text>maintain the confidentiality, integrity, and availability of the data that they contain;</text></item></subclause><after-quoted-block>;</after-quoted-block></quoted-block> </paragraph><paragraph id="H07218D107CF64DBE90C54632420E6299"><enum>(2)</enum><text>in clause (ii), by striking <quote>allows</quote> and inserting <quote>allow</quote>; and</text>
</paragraph><paragraph id="HE983FA89C03642D09841B5F9953D6CE1"><enum>(3)</enum><text display-inline="yes-display-inline">in clause (iii), by striking <quote>tests to</quote> and all that follows and inserting</text> <quoted-block changed="added" committee-id="HAG00" display-inline="yes-display-inline" id="HA369A76A11AF493688E166B2C6D68E92" reported-display-style="italic" style="OLC"> <text>tests to—</text><subclause id="H06AFBEA587A04F58B295FB08E788D3F8"><enum>(I)</enum><text>verify the reliability, security, resilience, and capacity of the derivatives clearing organization’s automated systems;</text>
</subclause><subclause id="HB06BDD6190F54B16B04012890C08F25B"><enum>(II)</enum><text>verify the confidentiality, integrity, and availability of the data contained in those systems; and</text> </subclause><subclause id="HECDC4C1DDB624B1AB12FD80EB6F2FF4D"><enum>(III)</enum><text>verify that the backup resources of the derivatives clearing organization are sufficient to ensure daily processing, clearing, and settlement.</text></subclause><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="HA5890EADCBFA47D6B2DD7E02905B32B3"><enum>(c)</enum><header>Swap execution facilities</header><text>Section 5h(f)(14) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/7b-3">7 U.S.C. 7b-3(f)(14)</external-xref>) is amended—</text> <paragraph id="H4DFBE385490B449A9FFA210E7B28F197"><enum>(1)</enum><text display-inline="yes-display-inline">in subparagraph (A), by striking <quote>through</quote> and all that follows and inserting</text>
<quoted-block changed="added" committee-id="HAG00" display-inline="yes-display-inline" id="HF9E04ADEA917418EB4A46AFAA637F41F" reported-display-style="italic" style="OLC">
<text>through—</text><clause id="HD6CEAE24BB704822821DADEBB93DC836"><enum>(i)</enum><text>the implementation of appropriate controls and procedures; and</text> </clause><clause id="HF943901040C947E1B3B6D710CB31A280"><enum>(ii)</enum><text>the development and operation of automated systems that—</text>
<subclause id="H7D366A1FD94141D7B28C89F7A692D35A"><enum>(I)</enum><text>are reliable, secure, and resilient;</text> </subclause><subclause id="HF877A82D6F26454DA2CA6001A1B50070"><enum>(II)</enum><text>have adequate scalable capacity; and</text>
</subclause><subclause id="H6A0A4B64C37F4DCA91AA6DEE55E56FFB"><enum>(III)</enum><text>maintain the confidentiality, integrity, and availability of the data they contain;</text></subclause></clause><after-quoted-block>; and</after-quoted-block></quoted-block> </paragraph><paragraph id="H793BF449AB554B6D96AA67B7C098F991"><enum>(2)</enum><text display-inline="yes-display-inline">in subparagraph (C), by striking <quote>tests to</quote> and all that follows and inserting</text>
<quoted-block changed="added" committee-id="HAG00" display-inline="yes-display-inline" id="H5830DB8B0B9C4E6A8FCA22E9B609E6CF" reported-display-style="italic" style="OLC">
<text>tests to—</text><clause id="H4F72E9B1C96541DB833794752FBE6E7F"><enum>(i)</enum><text>verify the reliability, security, resilience, and capacity of the swap execution facility’s automated systems;</text>
</clause><clause id="H8AF319B86AAC47AB92CBB8F6DFF66611"><enum>(ii)</enum><text>verify the confidentiality, integrity, and availability of the data contained in those systems; and</text> </clause><clause id="HE2DE8739CE7E4E078E622D323BFAE848"><enum>(iii)</enum><text>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.</text></clause><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="H09D02432CD284151A5899202E0E52A1D"><enum>(d)</enum><header>Swap data repositories</header><text>Section 21(f) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/24a">7 U.S.C. 24a(f)</external-xref>) is amended by redesignating paragraph (4) as paragraph (5) and inserting after paragraph (3) the following:</text>
<quoted-block changed="added" committee-id="HAG00" id="HCC47E319483F46A89466BB9919DCF66A" reported-display-style="italic" style="OLC">
<paragraph id="H9EA1CEBA4031435F8DDCD34F60535402"><enum>(4)</enum><header>System safeguards</header><text>Each swap data repository shall—</text> <subparagraph id="H47ADDC9F59B64D5AA1684E85C5DA4538"><enum>(A)</enum><text>establish and maintain a program of risk analysis and oversight to identify and minimize sources of operational risk, through—</text>
<clause id="HB00EB1D2A65A4C8ABB50085C258E193C"><enum>(i)</enum><text>the implementation of appropriate controls and procedures; and</text> </clause><clause id="H67837FD960424BE8A561AAF017D51BE2"><enum>(ii)</enum><text>the development and operation of automated systems that—</text>
<subclause id="HC1ED933510AF4114B0224420A52C586A"><enum>(I)</enum><text>are reliable, secure, and resilient;</text> </subclause><subclause id="H73749693D387411D9ECE25C9B563DD2E"><enum>(II)</enum><text>have adequate scalable capacity; and</text>
</subclause><subclause id="H9626C5B65F1F4F6994B835EF45249ADC"><enum>(III)</enum><text>maintain the confidentiality, integrity, and availability of the data they contain;</text> </subclause></clause></subparagraph><subparagraph id="H4E5CA8826C1A4D42B46C3F7D64904A6E"><enum>(B)</enum><text>establish and maintain emergency procedures, backup facilities, and a plan for disaster recovery that allow for—</text>
<clause id="H13FB916753B94EBB9EE5E8BDD4C1EF93"><enum>(i)</enum><text>the timely recovery and resumption of operations; and</text> </clause><clause id="HB1066B74DE474240A89AC8C95E34DBB1"><enum>(ii)</enum><text>the fulfillment of the responsibilities and obligations of the swap data repository; and</text>
</clause></subparagraph><subparagraph id="HC1271ACEE16B48058351E22D32E09F3C"><enum>(C)</enum><text>periodically conduct tests to—</text> <clause id="H6740BF0F0BB243FAA3DB552570FC5892"><enum>(i)</enum><text>verify the reliability, security, resilience, and capacity of the automated systems of the swap data repository;</text>
</clause><clause id="H0658047793D942CBB85E50A0BDAE1E4D"><enum>(ii)</enum><text>verify the confidentiality, integrity, and availability of the data contained in those systems; and</text> </clause><clause id="H99992E971F14409FB7829554414E78C7"><enum>(iii)</enum><text>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.</text></clause></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection></section><section id="H0C9E0A5C041F40A4B2EC02E956437078"><enum>111.</enum><header>Administration of swap execution facilities</header><text display-inline="no-display-inline">Section 5h of the Commodity Exchange Act (<external-xref legal-doc="usc" parsable-cite="usc/7/7b-3">7 U.S.C. 7b–3</external-xref>) is amended—</text> <paragraph id="HE615DB4EB4C84F6CA5F894F63C0D9225"><enum>(1)</enum><text>in subsection (f)(8), by striking all that follows <quote>cooperation with the Commission</quote> and inserting <quote>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.</quote>; and</text>
</paragraph><paragraph id="HCBD08A17D3EC425485E75F0023FCF2BC"><enum>(2)</enum><text>in subsection (f)(15)—</text> <subparagraph id="H1C387C535F7F46889F442590AC782BF0"><enum>(A)</enum><text>in subparagraph (A), by adding at the end the following:</text>
<quoted-block changed="added" committee-id="HAG00" display-inline="yes-display-inline" id="H731F5380BB4D4DFFA710E56FE2E22A67" reported-display-style="italic" style="OLC">
<text>The individual may also perform other responsibilities for the swap execution facility, if—</text><clause id="H2D6D49A52DD94179B38027756F7BFD9E"><enum>(i)</enum><text>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</text>
</clause><clause id="HC9DF956346EC4E3FB01B44CE2D7FECBE"><enum>(ii)</enum><text>the other responsibilities do not limit the ability of the chief compliance officer to carry out the responsibilities of the chief compliance officer.</text></clause><after-quoted-block>;</after-quoted-block></quoted-block>
</subparagraph><subparagraph id="HFF913659CC974DE0865768FE8B8F71E8"><enum>(B)</enum><text>in subparagraph (B)—</text> <clause id="HD875B73F14F34B1B8C360E2D9B4DDEAD"><enum>(i)</enum><text>by striking clauses (iii) through (v) and inserting the following:</text>
<quoted-block changed="added" committee-id="HAG00" id="H4B2AD0B5A1304C07B5D0193B1BDFAB9D" reported-display-style="italic" style="OLC">
<clause id="H4F28A27DC1D94D4CB53E3E0FC77124E8"><enum>(iii)</enum><text>establish and administer—</text> <subclause id="H8A2E8A9EAFEC479294F1D9CD872A88E8"><enum>(I)</enum><text>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;</text>
</subclause><subclause id="HE95DABBA34104AA79EC742AF86C4AFE9"><enum>(II)</enum><text>the policies and procedures required to be established pursuant to this section; and</text> </subclause><subclause id="HCCB3A66ACF4646659A83F51E10E713AD"><enum>(III)</enum><text>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</text></subclause></clause><after-quoted-block>; and</after-quoted-block></quoted-block>
</clause><clause id="H89BF1A2F47484995819C51518A059385"><enum>(ii)</enum><text>by redesignating clause (vi) as clause (iv);</text> </clause></subparagraph><subparagraph id="H003AEE45BF0C4989913052AD27A7643B"><enum>(C)</enum><text>in subparagraph (C), by striking <quote>(B)(vi)</quote> and inserting <quote>(B)(iv)</quote>; and</text>
</subparagraph><subparagraph id="HB43CCE9AA4304774AA23E2DDFF63CF9C"><enum>(D)</enum><text>in subparagraph (D)—</text> <clause id="H1786C60064A24891AB34DC13DDB463AF"><enum>(i)</enum><text>in clause (i), by striking <quote>and sign</quote>; and</text>
</clause><clause id="H4575043F5A7045B082D8C4C562EAC580"><enum>(ii)</enum><text>in clause (ii)—</text> <subclause id="H050711AFF8EC40848A6BE716C24C3E6E"><enum>(I)</enum><text>in the matter preceding subclause (I), by inserting <quote>or senior officer</quote> after <quote>officer</quote>; and</text>
</subclause><subclause id="H52B285BC4CD64CA7A98ECD7C13574F4E"><enum>(II)</enum><text>in subclause (II), by inserting <quote>materially</quote> before <quote>accurate</quote>.</text> </subclause></clause></subparagraph></paragraph></section><section id="H036EE10A7BC44F92815ABE314372FC1F"><enum>112.</enum><header>Applicability of prohibitions on fraud and manipulation to activities outside the United States</header><text display-inline="no-display-inline">Section 6 of the Commodity Exchange Act (<external-xref legal-doc="usc" parsable-cite="usc/7/8">7 U.S.C. 8</external-xref>) is amended by adding at the end the following:</text>
<quoted-block changed="added" committee-id="HAG00" id="HC16F0282D39E401FB0210FAD0E07E555" reported-display-style="italic" style="OLC">
<subsection id="H9B7250A66B1E4F01AA4D99B8C364A579"><enum>(h)</enum><header>Applicability to activities outside the united states</header>
<paragraph id="H3EBBB829681B488B99C04A8DDA810083"><enum>(1)</enum><header>Applicability</header><text display-inline="yes-display-inline">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.</text>
</paragraph><paragraph id="HC91A28EB898C4801AA8A76098B47E5DE"><enum>(2)</enum><header>Effect on other authority</header><text display-inline="yes-display-inline">Nothing in this subsection affects the application or interpretation of, or liability under, any other provision of this Act, including section 22.</text></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="H7F0E5C91326F441AB1E7BB9AA6D1BE60" section-type="subsequent-section"><enum>113.</enum><header>Privilege retention</header><text display-inline="no-display-inline">Section 8 of the Commodity Exchange Act (<external-xref legal-doc="usc" parsable-cite="usc/7/12">7 U.S.C. 12</external-xref>) is amended—</text> <paragraph id="H48F2272CF3C540298041DC9A28A95E71"><enum>(1)</enum><text>by striking subsection (e) and inserting the following:</text>
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<subsection id="H05BFCBAD3BE84FB4B7F6F4011963CFE3"><enum>(e)</enum><header>Disclosure authorities</header>
<paragraph id="HD3E58B32F7D44EB3B55AD7B3072DF571"><enum>(1)</enum><header>In general</header>
<subparagraph id="H0244691F06304ABEA0F00A5ED12245F8"><enum>(A)</enum><header>Previously disclosed</header><text>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.</text>
</subparagraph><subparagraph id="H9A5E37166F5C4FD7A9C02B12A710CE55"><enum>(B)</enum><header>Congressional access</header><text>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.</text>
</subparagraph></paragraph><paragraph id="H974EE6AEFECB483497077D13E9981D21"><enum>(2)</enum><header>Domestic agencies</header>
<subparagraph id="HBBD9E7638C5542438DDB4AAB545F16F1"><enum>(A)</enum><header>In general</header><text>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.</text>
</subparagraph><subparagraph id="HD92A114A1892404A9E6E96A34D61D135"><enum>(B)</enum><header>Conditions</header><text>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.</text>
</subparagraph><subparagraph id="H3CF5EB20AEC14C54AAE1333A6CA29D2D"><enum>(C)</enum><header>Federal reserve banks</header><text>In this paragraph, the term <term>agency</term> includes the Federal Reserve Banks.</text> </subparagraph></paragraph><paragraph id="H79401DA7A2AD4DF2B2AFDCF9AEF73363"><enum>(3)</enum><header>State agencies</header> <subparagraph id="HBBBE517A614B43DBA506AE5091FC082D"><enum>(A)</enum><header>In general</header><text>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.</text>
</subparagraph><subparagraph id="H5AD270E53B6A4985BB30FBA751985675"><enum>(B)</enum><header>Conditions</header><text>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.</text>
</subparagraph></paragraph><paragraph id="HF7663BBABE774A299B66949387059D6B"><enum>(4)</enum><header>Foreign agencies</header>
<subparagraph id="H48BC3E154E024938A061AC68B4F0203C"><enum>(A)</enum><header>In general</header><text>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.</text>
</subparagraph><subparagraph id="H6EC2659FE19E4B18BD257637DAEE8512"><enum>(B)</enum><header>Conditions</header><text display-inline="yes-display-inline">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.</text></subparagraph></paragraph></subsection><after-quoted-block>;</after-quoted-block></quoted-block>
</paragraph><paragraph id="H00ADEC8B43714ED8A3544314B4AA9E76"><enum>(2)</enum><text>by redesignating subsections (h) and (i) as subsections (i) and (j), respectively; and</text> </paragraph><paragraph id="H532D1C22DF004D92BBA612AD427CE9E5"><enum>(3)</enum><text>by inserting after subsection (g) the following:</text>
<quoted-block changed="added" committee-id="HAG00" display-inline="no-display-inline" id="H64DDAB65B3594007AD58AD3879DC9C62" reported-display-style="italic" style="OLC">
<subsection id="HEEDC6A9E7CB14F6BB3CAA99D4851BFD6"><enum>(h)</enum><header>Sharing privileged information with other authorities</header>
<paragraph id="HDD4C0F9EFD37439284ACFF36C696C465"><enum>(1)</enum><header>Privilege definition</header><text display-inline="yes-display-inline">The term <term>privilege</term> includes any applicable work-product privilege, attorney-client privilege, governmental privilege, or other privilege recognized under Federal, State, or foreign law.</text>
</paragraph><paragraph id="HEC2A0353089144E091C7FFFB2679FA99"><enum>(2)</enum><header>Privileged information provided by the Commission</header><text>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.</text>
</paragraph><paragraph id="H36E2FC4088F846329BFA4DC60B7954AB"><enum>(3)</enum><header>Nondisclosure of privileged information provided to the Commission</header><text>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).</text>
</paragraph><paragraph id="H2019712A05214BB38B011DB2A1EAE25D"><enum>(4)</enum><header>Nonwaiver of privileged information provided to the Commission</header>
<subparagraph id="HA4E3AB220D5D4B7FBA6D7265A0FE28CD"><enum>(A)</enum><header>In general</header><text>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.</text>
</subparagraph><subparagraph id="HA0373E366B9E4BF1B848E9AAB9E1BCA9"><enum>(B)</enum><header>Exception</header><text display-inline="yes-display-inline">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.</text>
</subparagraph></paragraph><paragraph id="H01CD0AF9410C42E380C57EFCC1E5A416"><enum>(5)</enum><header>Rule of construction</header><text display-inline="yes-display-inline">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.</text></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></section><section commented="no" display-inline="no-display-inline" id="H1A2B5924EB0A456D97FAF54A8FE78FF8" section-type="subsequent-section"><enum>114.</enum><header>Proprietary information</header><text display-inline="no-display-inline">Section 8 of the Commodity Exchange Act (<external-xref legal-doc="usc" parsable-cite="usc/7/12">7 U.S.C. 12</external-xref>), as amended by section 113 of this Act, is amended by adding at the end the following:</text>
<quoted-block changed="added" committee-id="HAG00" display-inline="no-display-inline" id="H549977A76DA047948B5961D8F58948CF" reported-display-style="italic" style="OLC">
<subsection commented="no" id="H587D5E76AE6244AEACCDF6E3ED4D3C62"><enum>(k)</enum><header>Proprietary information</header>
<paragraph commented="no" id="HCD76D9D841DC49289B74065DA0983660"><enum>(1)</enum><header>In general</header><text>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.</text>
</paragraph><paragraph commented="no" id="H9323284F92BF4DC39C63ACDC4D13FF89"><enum>(2)</enum><header>Policies</header><text>With regard to proprietary information it obtains or receives, the Commission shall adopt policies, as determined by the Commission, after notice and comment, to—</text>
<subparagraph commented="no" id="H88F63F8AC98046D0A98FF60EB7565CA9"><enum>(A)</enum><text>address circumstances when the Commission requests proprietary information;</text> </subparagraph><subparagraph commented="no" id="HFDDA7D8EA2BE44329A5ECA9B58F1DF7A"><enum>(B)</enum><text>safeguard the information, taking into consideration the level of sensitivity of the information;</text>
</subparagraph><subparagraph commented="no" id="H27111E2379A84B909F5DCD87D39606C4"><enum>(C)</enum><text>limit access to the information to appropriate staff, as determined by the Commission; and</text> </subparagraph><subparagraph commented="no" id="H31E87596BABD4D80B6920E1AF10D2A6E"><enum>(D)</enum><text>protect the information from unlawful use or disclosure.</text>
</subparagraph></paragraph><paragraph commented="no" id="H6A621029DDD14DD8A0999A69F9F583AA"><enum>(3)</enum><header>Sharing</header><text>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—</text>
<subparagraph commented="no" id="HD056A45A9F8545A4BBA3373396294DCB"><enum>(A)</enum><text>policies that achieve the objectives of subparagraphs (B), (C), and (D) of paragraph (2) of this subsection; and</text>
</subparagraph><subparagraph commented="no" id="H14ED72057ABB43F78832C6A4F0DD00A7"><enum>(B)</enum><text display-inline="yes-display-inline">the limitations set forth in paragraphs (2), (3), and (4) of subsection (e) concerning the confidentiality of any such information received.</text></subparagraph></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="H616651A06DE44CCCA07673E1B3A4B9CD"><enum>115.</enum><header>Authority to provide food and incidental assistance to foreign officials hosted by the Commission</header><text display-inline="no-display-inline">Section 12(b) of the Commodity Exchange Act (<external-xref legal-doc="usc" parsable-cite="usc/7/16">7 U.S.C. 16(b)</external-xref>) is amended by adding at the end the following:</text>
<quoted-block changed="added" committee-id="HAG00" id="H3DE3A851BEEB4A15807C84D08B052DDF" reported-display-style="italic" style="OLC">
<paragraph id="HEA49581052A34FA18B4CAEAF8F10C2B2"><enum>(5)</enum><text>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—</text>
<subparagraph id="HD3CB44B0F99C4160998049FE59770555"><enum>(A)</enum><text>meals;</text> </subparagraph><subparagraph id="HD03A317556794A7AA53D02CDD60ED4A6"><enum>(B)</enum><text>local travel and transportation; and</text>
</subparagraph><subparagraph id="H08CEAF96061A446AB2CD16F950754A44"><enum>(C)</enum><text>related incidental expenses.</text></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block> </section><section display-inline="no-display-inline" id="H579067D2426C4E2EBD607D093DF5A0FE" section-type="subsequent-section"><enum>116.</enum><header>Extension of operations</header><text display-inline="no-display-inline">Section 12(d) of the Commodity Exchange Act (<external-xref legal-doc="usc" parsable-cite="usc/7/16">7 U.S.C. 16(d)</external-xref>) is amended by striking <quote>2008 through 2013</quote> and inserting <quote>2020 through 2025</quote>.</text>
</section><section id="H1250570862944C4D9F1A057F8AD80A74"><enum>117.</enum><header>Aiding and abetting</header><text display-inline="no-display-inline">Section 13(a) of the Commodity Exchange Act (<external-xref legal-doc="usc" parsable-cite="usc/7/13c">7 U.S.C. 13c(a)</external-xref>) is amended—</text> <paragraph id="H731DB0C14A4D4950B49E387BF90C5FC7"><enum>(1)</enum><text>by inserting <quote>or recklessly provides substantial assistance to,</quote> after <quote>commission of,</quote>; and</text>
</paragraph><paragraph id="HD15D1C1CADF8448EB1C39AC17A12635B"><enum>(2)</enum><text display-inline="yes-display-inline">by inserting <quote>, or who by recklessly providing substantial assistance to another,</quote> before <quote>causes an act</quote>.</text> </paragraph></section><section id="HEB3D2C59D1AC4F689BD4EBADF5AD1A32"><enum>118.</enum><header>Modernization of authority of the Commission to conduct research, development, demonstration, and information programs</header><text display-inline="no-display-inline">Section 18 of the Commodity Exchange Act (<external-xref legal-doc="usc" parsable-cite="usc/7/22">7 U.S.C. 22</external-xref>) is amended to read as follows:</text>
<quoted-block changed="added" committee-id="HAG00" id="H786CEC7FD56348E0AFB45D71DF2A88EA" reported-display-style="italic" style="OLC">
<section id="H5E4F75D4D57643999022E52E89A6227F"><enum>18.</enum><header>Research and development programs</header>
<subsection id="H0D31790B96AD48F1B09F19B6A5DD870C"><enum>(a)</enum><header>Programs</header><text>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—</text>
<paragraph id="H3A4151E740A54DA4BB09F4641B740BC4"><enum>(1)</enum><text>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;</text>
</paragraph><paragraph id="H4E23115473E741658C852D3E90787F33"><enum>(2)</enum><text>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;</text>
</paragraph><paragraph id="H0E3952D6F94D4346BB3291007DC99106"><enum>(3)</enum><text>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</text>
</paragraph><paragraph id="H8156E1BF7EA4474FBD381C5D517FFC81"><enum>(4)</enum><text>develop educational and other informational materials for dissemination and use among producers, market-users, and the general public regarding—</text>
<subparagraph id="HA9D936D1F20E410091076672FA02B059"><enum>(A)</enum><text>derivatives;</text> </subparagraph><subparagraph id="H4C33DC6275BA4075846410BDDFEEDCAD"><enum>(B)</enum><text>emerging technologies, technological advances, and innovations in markets under the jurisdiction of the Commission; and</text>
</subparagraph><subparagraph id="H331BFF4033CA4824B6BBC1CD9B505913"><enum>(C)</enum><text>applicable requirements of this Act and the regulations prescribed under this Act with regard to the subjects described in subparagraphs (A) and (B).</text>
</subparagraph></paragraph></subsection><subsection id="H30D020D07DBB426CBBE178AE01E9F50D"><enum>(b)</enum><header>Research and development plan</header>
<paragraph id="H5CC43E8DB2F44646AEC119799ABEDE86"><enum>(1)</enum><header>In general</header><text>The Commission may, after notice and comment, adopt a research and development plan for a program established under subsection (a).</text>
</paragraph><paragraph id="H162F71B6E2BC4079AA3FD909A054AFFB"><enum>(2)</enum><header>Conditions</header><text>A research and development plan adopted pursuant to paragraph (1) shall identify—</text> <subparagraph id="H3BD15BC00787431895D1E5449F84BC7F"><enum>(A)</enum><text>specific areas of interest to the Commission;</text>
</subparagraph><subparagraph id="HA60AD068B8994522A10D3F8C306FDA12"><enum>(B)</enum><text>potential activities the Commission will undertake to investigate an area of interest; and</text> </subparagraph><subparagraph id="H38C4AA69C78D4F2A8B18F258C667FC78"><enum>(C)</enum><text>how the authority described in subsection (c) will be utilized in the program.</text>
</subparagraph></paragraph></subsection><subsection id="H802DC04D9EF044AF999AAB1E9C130B85"><enum>(c)</enum><header>Other transaction authority</header>
<paragraph id="H17C1D12561B84D4ABE4BEFC7317DA913"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">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).</text>
</paragraph><paragraph id="H74151504482D4A7BB75D000B0A08A96A"><enum>(2)</enum><header>Conditions</header><text>The Commission may enter into a transaction under this subsection only if—</text> <subparagraph id="H36917407733B4AC29232FEFDD0B38FF6"><enum>(A)</enum><text>the transaction is used only in furtherance of a research and development plan established under subsection (b);</text>
</subparagraph><subparagraph id="H00BC0B15260846488725E6280EFB1FB4"><enum>(B)</enum><text>the Commission endeavored to use a competitive process, where appropriate, when determining the parties to the transaction; and</text>
</subparagraph><subparagraph id="H54DB83074D07430186188B14AA42AE35"><enum>(C)</enum><text>using a standard contract to do so is either not feasible or not appropriate.</text> </subparagraph></paragraph><paragraph id="H5980B35BD4C54D89A62634221C057B75"><enum>(3)</enum><header>Policies</header><text>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.</text>
</paragraph></subsection><subsection id="H21144D72DB7642308CFB387514E0D218"><enum>(d)</enum><header>Gift acceptance authority</header>
<paragraph id="H526BD60AD18A4A188F5737C13C87D624"><enum>(1)</enum><header>In general</header><text>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—</text>
<subparagraph id="H0961B4AC8A5D42B7843BA7B547589F70"><enum>(A)</enum><text>sharing of research, data, or other information;</text> </subparagraph><subparagraph id="HEC282EB56F97443CBE463A9B0158775B"><enum>(B)</enum><text>public presentations; or</text>
</subparagraph><subparagraph id="H6B41848B4F3E4301AD99387BAFFDF612"><enum>(C)</enum><text>non-commercially available services or systems.</text> </subparagraph></paragraph><paragraph id="HE5B8418C0FE4499F8D217173DFFBDF27"><enum>(2)</enum><header>Conditions</header> <subparagraph id="HBCD3631384F14158AE17072B342CD392"><enum>(A)</enum><header>In general</header><text>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).</text>
</subparagraph><subparagraph id="HB81F45E0B1C0430F90B57A6CCE9EC926"><enum>(B)</enum><header>Limitations</header><text>The Commission may not accept a gift if—</text> <clause id="H0AF2A6C4A9F34DB28D37858DC6ADC870"><enum>(i)</enum><text>conditions inconsistent with applicable laws or regulations apply to the gift;</text>
</clause><clause id="H0F5420D0FF7A4FD38448D17626D42915"><enum>(ii)</enum><text>the gift is conditioned on, or will require, the expenditure of appropriated funds not available to the Commission;</text>
</clause><clause id="H9B7584665E23437FB240488864A04210"><enum>(iii)</enum><text>using a standard contract or other transaction authority under subsection (c) to acquire the gift is either feasible or appropriate; or</text>
</clause><clause id="H066062F7FB714A07AF2564A94AF86878"><enum>(iv)</enum><text>acceptance of the gift would—</text> <subclause id="HD253447F07E94890A03EA7FEF84AC59C"><enum>(I)</enum><text>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</text>
</subclause><subclause id="HF002478F072747F0840BC5DAF87F4F1E"><enum>(II)</enum><text>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.</text>
</subclause></clause></subparagraph><subparagraph id="H4FCFACB9DB9F4706A70A3828C3D0B8BF"><enum>(C)</enum><header>Solicitation prohibition</header>
<clause id="HBBDBA0BA629349C09F1A35BDF0C4AEA5"><enum>(i)</enum><header>In general</header><text>Except as provided in clause (ii), no gift may be solicited by any Commissioner, employee of, or contractor at the Commission.</text>
</clause><clause id="H5AD6C4C448C24C99B842F6E4209C53D1"><enum>(ii)</enum><header>Exception</header><text display-inline="yes-display-inline">A Commissioner or employee of the Commission may solicit only for a gift described in paragraph (1)(B).</text>
</clause></subparagraph><subparagraph id="H26BB49AD23A140ABBAC7E6F0246978E3"><enum>(D)</enum><header>Duration</header><text>To the extent applicable, the Commission shall return any gift accepted pursuant to this subsection within 90 days after accepting the gift.</text>
</subparagraph><subparagraph id="H50D5FF25359E4D15B8D4690E279ADAB3"><enum>(E)</enum><header>Rules</header><text>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.</text>
</subparagraph></paragraph><paragraph id="H8DB839C84D4F477DB0A62276277DF6C8"><enum>(3)</enum><header>Disclosure</header><text>Within 30 days after accepting a gift pursuant to this subsection, the Commission shall publish in the Federal Register a notice detailing—</text>
<subparagraph id="H3F4B7E92ECFD4196A7CDB7EDFFE1D657"><enum>(A)</enum><text>the source of the gift;</text> </subparagraph><subparagraph id="HB1F757B18AE44E13893E78999D32C58E"><enum>(B)</enum><text>the nature of the gift;</text>
</subparagraph><subparagraph id="H5FC4086E05E74747912A880AB19AD557"><enum>(C)</enum><text display-inline="yes-display-inline">whether the gift was solicited pursuant to paragraph (2)(C)(ii), and if so, by whom; and</text> </subparagraph><subparagraph id="HE54ED2F461514E5CA225E807205E1EC3"><enum>(D)</enum><text>how the gift meets the conditions set forth in paragraph (2).</text>
</subparagraph></paragraph><paragraph id="H21F09E7F02B64DE594DC44E251A271C1"><enum>(4)</enum><header>Sunset</header><text>The authority provided in this subsection may not be exercised on or after October 1, 2025.</text> </paragraph></subsection><subsection id="HCC402BDBCBBB415EACEB1BC2BD2DA2ED"><enum>(e)</enum><header>Annual report</header><text>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:</text>
<paragraph id="H7839B534955642A89DC25EB1A6FA327B"><enum>(1)</enum><text>A brief description of the subject of each such transaction or gift, with an explanation of—</text> <subparagraph id="H32AC9A2D0F2E44DBB6581BD4BA0A3298"><enum>(A)</enum><text>its potential utility to the Commission or the markets regulated by the Commission;</text>
</subparagraph><subparagraph id="H6AC499FC050B491CAE630FCA9E1073CB"><enum>(B)</enum><text>how it fulfills the goals and objectives of the research and development plan established under subsection (b); and</text>
</subparagraph><subparagraph id="HB401BC221A5548D283529BADC7B15A66"><enum>(C)</enum><text>the status of all related projects.</text> </subparagraph></paragraph><paragraph id="H6F9C699E7D55436EADF9E46C530C5E45"><enum>(2)</enum><text>The information required to be published pursuant to subsection (d)(3).</text>
</paragraph><paragraph id="HD1D8196171EB479980AEEE7960B91B43"><enum>(3)</enum><text>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).</text></paragraph></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="H7EB2C98497474F0282422CB14A91B6FB" section-type="subsequent-section"><enum>119.</enum><header>Protecting customer property during commodity broker bankruptcy</header><text display-inline="no-display-inline">Section 20(a) of the Commodity Exchange Act (<external-xref legal-doc="usc" parsable-cite="usc/7/24">7 U.S.C. 24(a)</external-xref>) is amended—</text> <paragraph id="H565A9DE8ED854A19977628BF3D33B00F"><enum>(1)</enum><text>by striking <quote>and</quote> at the end of paragraph (4);</text>
</paragraph><paragraph id="HF9B9898F099F44F68ADD3A09B4CAA2CA"><enum>(2)</enum><text>by striking the period at the end of paragraph (5) and inserting <quote>; and</quote>; and</text> </paragraph><paragraph id="H2BCBBBC0F3204D448BF535DF3B41EC06"><enum>(3)</enum><text>by adding at the end the following:</text>
<quoted-block changed="added" committee-id="HAG00" id="H5234EBAD361547EAB02937521293F367" reported-display-style="italic" style="OLC">
<paragraph id="HEC00A70047C84205AC2F983EC1C00DE7"><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, 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.</text></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></section><section id="H4D1E6DD01F3343D99C2696DB65B42862" section-type="subsequent-section"><enum>120.</enum><header>Elimination of the double-sided confirmation requirement for swap data repositories</header><text display-inline="no-display-inline">Section 21(c)(2) of the Commodity Exchange Act (<external-xref legal-doc="usc" parsable-cite="usc/7/24a">7 U.S.C. 24a(c)(2)</external-xref>) is amended to read as follows:</text> <quoted-block changed="added" committee-id="HAG00" display-inline="no-display-inline" id="H7FE086B1528B4E7D869FFE2D0B143EAD" reported-display-style="italic" style="OLC"> <paragraph id="H1FDCBA0057274145B3B756045B23009D"><enum>(2)</enum><text display-inline="yes-display-inline">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;</text></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="H8050CB06BD38495B9224980EF8376EFA"><enum>121.</enum><header>Whistleblower protections for internal disclosures</header>
<subsection id="H85672F89B4284BE494D2B15335AB5D7D"><enum>(a)</enum><header>Internal reporting</header><text display-inline="yes-display-inline">Section 23 of the Commodity Exchange Act (<external-xref legal-doc="usc" parsable-cite="usc/7/26">7 U.S.C. 26</external-xref>) is amended—</text> <paragraph id="H371D99259A8E44AD80857D6B343D559F"><enum>(1)</enum><text>in subsection (a)(7)—</text>
<subparagraph id="HA81C038F94B94E2AA43BBD273F1D1C18"><enum>(A)</enum><text>by striking <quote>The term</quote> and inserting the following:</text> <quoted-block changed="added" committee-id="HAG00" display-inline="no-display-inline" id="H71AF1A3755234D0E95354F4466A944FB" reported-display-style="italic" style="OLC"> <subparagraph id="HE372EB808C4D458F863FD34286FF669D"><enum>(A)</enum><header>In general</header><text display-inline="yes-display-inline">The term</text></subparagraph><after-quoted-block>; and</after-quoted-block></quoted-block>
</subparagraph><subparagraph id="H89837305C3414346B6743FB98CBFA7B9"><enum>(B)</enum><text>by adding at the end the following:</text> <quoted-block changed="added" committee-id="HAG00" display-inline="no-display-inline" id="HFBA096A5738F4579B81A3FA6152AEDD7" reported-display-style="italic" style="OLC"> <subparagraph id="H05ECCADED7A044F8A6FCFB35077E1241"><enum>(B)</enum><header>Special rule</header><text display-inline="yes-display-inline">Solely for the purposes of subsection (h)(1), the term <term>whistleblower</term> includes any individual who takes, or 2 or more individuals acting jointly who take, an action described in subsection (h)(1)(A).</text></subparagraph><after-quoted-block>; and</after-quoted-block></quoted-block>
</subparagraph></paragraph><paragraph id="H96FE370074A54B368E032590011C7B22"><enum>(2)</enum><text>in subsection (h)(1)(A)—</text> <subparagraph id="H49F4B19DB6F84E309281CAD44607CA44"><enum>(A)</enum><text>in clause (i), by striking <quote>or</quote> at the end;</text>
</subparagraph><subparagraph id="H2C5C621773E04D6598EC7CE0FCA5C1CB"><enum>(B)</enum><text>in clause (ii), by striking the period at the end and inserting <quote>; or</quote>; and</text> </subparagraph><subparagraph id="H68F5D4EFF39C488E87A08AB93FE67A8F"><enum>(C)</enum><text>by adding at the end the following:</text>
<quoted-block changed="added" committee-id="HAG00" display-inline="no-display-inline" id="HC6894D149BB24CBFA457B4D359A68A06" reported-display-style="italic" style="OLC">
<clause id="H65CDCDC769C6483E9A99ABC4E71A08B4"><enum>(iii)</enum><text display-inline="yes-display-inline">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—</text>
<subclause id="HD5BA17D1DBDF426DB0CA29F8871F5E7E"><enum>(I)</enum><text>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</text>
</subclause><subclause id="H6C47361DECBF425F9493A667DF03F2BF"><enum>(II)</enum><text>another individual working for the employer described in subclause (I) who the whistleblower reasonably believes has the authority—</text>
<item id="HE724BF2C7046405592E633CBA10561D2"><enum>(aa)</enum><text>to investigate, discover, or terminate the misconduct; or</text> </item><item commented="no" display-inline="no-display-inline" id="HFA4F59D98B714B4DB187545985FF47D1"><enum>(bb)</enum><text>to take any other action to address the misconduct.</text></item></subclause></clause><after-quoted-block>.</after-quoted-block></quoted-block>
</subparagraph></paragraph></subsection><subsection id="H551DCECC583741B4A56E30D45E5AAD16"><enum>(b)</enum><header>Claims processing</header>
<paragraph id="H04023028224B4C228E9AC3444D4C32BD"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">Section 23(b) of the Commodity Exchange Act (<external-xref legal-doc="usc" parsable-cite="usc/7/26">7 U.S.C. 26</external-xref>) is amended by adding at the end the following:</text>
<quoted-block changed="added" committee-id="HAG00" display-inline="no-display-inline" id="HB4148589BA77446C8F04392F7D011B97" reported-display-style="italic" style="OLC">
<paragraph id="HEF35E0EE21F14E1C911694034E4007C5"><enum>(3)</enum><header>Timely processing of claims</header>
<subparagraph id="H98A4D6B60FFC41F393397D431CB2B4BA"><enum>(A)</enum><header>Initial disposition</header>
<clause id="H9AC7F894CBD240F3A522BCEE2A8A13A3"><enum>(i)</enum><header>In general</header><text>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 <quote>award claim</quote>) not later than 1 year after the deadline established by the Commission, by rule, for the whistleblower to file the award claim.</text>
</clause><clause id="HE6AA688915474246BA9DCA1180B17E4F"><enum>(ii)</enum><header>Multiple actions</header><text>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.</text>
</clause></subparagraph><subparagraph id="HD75EE291039C4B6695B2554BA6F8B2EF"><enum>(B)</enum><header>Exceptions</header>
<clause id="H85A6EB3EC9DD4AE1BEC76108E867CD3C"><enum>(i)</enum><header>Initial extension</header><text>If the Director of the Division of Enforcement of the Commission (referred to in this paragraph as the <quote>Director</quote>), 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 <quote>Chairman</quote>), may extend the deadline with respect to the satisfaction of that subparagraph by not more than 180 days.</text>
</clause><clause id="H38967F355821430ABF43EF93A0D3709C"><enum>(ii)</enum><header>Additional extensions</header><text>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.</text>
</clause><clause id="HDE902127D6FC47C0A4F295C1AEABF0E9"><enum>(iii)</enum><header>Notice to whistleblower required</header><text>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.</text>
</clause></subparagraph><subparagraph id="HE98918428B504AA5856A6883FB67E53D"><enum>(C)</enum><header>Applicability</header><text>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.</text></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="H549618FA998F4D92B1B6104D9E77230E"><enum>(2)</enum><header display-inline="yes-display-inline">Rules</header><text display-inline="yes-display-inline">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 (<external-xref legal-doc="usc" parsable-cite="usc/7/26">7 U.S.C. 26(b)</external-xref>) (as added by paragraph (1)).</text>
</paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="H45777B53C5A34420AADD9787ECEEE369"><enum>(c)</enum><header>CFTC Whistleblower Program education initiatives</header><text display-inline="yes-display-inline">Section 23(g)(2) of the Commodity Exchange Act (<external-xref legal-doc="usc" parsable-cite="usc/7/26">7 U.S.C. 26(g)(2)</external-xref>) is amended—</text> <paragraph commented="no" display-inline="no-display-inline" id="HAB551BD7E8AC40E48247B7740FB90D28"><enum>(1)</enum><text display-inline="yes-display-inline">in subparagraph (A), by striking <quote>and</quote> at the end;</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="H89023647F5924F4EB177917C3127647F"><enum>(2)</enum><text>in subparagraph (B), by striking the period at the end and inserting <quote>; and</quote>; and</text> </paragraph><paragraph commented="no" display-inline="no-display-inline" id="HFD4EA888EEFE41ED86A4682C6234CB2B"><enum>(3)</enum><text>by adding at the end the following:</text>
<quoted-block changed="added" committee-id="HAG00" display-inline="no-display-inline" id="HE102523E03D04832AC2FBE4713B13F35" reported-display-style="italic" style="OLC">
<subparagraph commented="no" display-inline="no-display-inline" id="HC3F97F01398748EFAA3042D9F49CE718"><enum>(C)</enum><text>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.</text></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="HB2D98CB9005F48B79769BC994997764F"><enum>(d)</enum><header>Deposits into CFTC Customer Protection Fund</header><text>Section 23(g)(3)(A) of the Commodity Exchange Act (<external-xref legal-doc="usc" parsable-cite="usc/7/26">7 U.S.C. 26(g)(3)(A)</external-xref>) is amended by striking <quote>$100,000,000</quote> and inserting <quote>$150,000,000</quote>.</text> </subsection><subsection commented="no" display-inline="no-display-inline" id="H26A5C6B506EB44DB929B2425534377FD"><enum>(e)</enum><header>Availability of certain CFTC information to government agencies</header><text>Section 23(h)(2)(C) of the Commodity Exchange Act (<external-xref legal-doc="usc" parsable-cite="usc/7/26">7 U.S.C. 26(h)(2)(C)</external-xref>) is amended—</text>
<paragraph commented="no" display-inline="no-display-inline" id="HE7AEAAD05EE14026BA63E59F07716FD5"><enum>(1)</enum><text>in clause (i)—</text> <subparagraph commented="no" display-inline="no-display-inline" id="H788B1918D4D64FB9B6C7CBBF985BFBBA"><enum>(A)</enum><text>in subclause (II), by striking <quote>jurisdiction;</quote> and inserting the following: “jurisdiction, including—</text>
<quoted-block changed="added" committee-id="HAG00" display-inline="no-display-inline" id="HE2D07DCD394748B88B54F0DB5D1B9C1D" reported-display-style="italic" style="OLC">
<item commented="no" display-inline="no-display-inline" id="HE24E53D45B6446C580870CCF5B0BE1A7"><enum>(aa)</enum><text>the Federal Trade Commission;</text> </item><item commented="no" display-inline="no-display-inline" id="HD1A475C416CA44D485349BE534F63988"><enum>(bb)</enum><text>the Internal Revenue Service; and</text>
</item><item commented="no" display-inline="no-display-inline" id="H884B9BDB2EE944FC9A071791BC4E17E5"><enum>(cc)</enum><text>the Department of State;</text></item><after-quoted-block>; and</after-quoted-block></quoted-block> </subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="HD844E7F2E4904AB9B31E46111D9FC510"><enum>(B)</enum><text>in subclause (VI), by inserting <quote>or other foreign law enforcement authority</quote> before the period at the end; and</text>
</subparagraph></paragraph><paragraph commented="no" display-inline="no-display-inline" id="H6A8ED90315254AD48B24A0B033C28628"><enum>(2)</enum><text>in clause (ii)—</text> <subparagraph commented="no" display-inline="no-display-inline" id="H972A032E9BEE4CED90BE7E071E79138E"><enum>(A)</enum><text>by striking <quote>Each</quote> and inserting the following:</text>
<quoted-block changed="added" committee-id="HAG00" display-inline="no-display-inline" id="HD23448E895564FB48992A45E5451DF84" reported-display-style="italic" style="OLC">
<subclause commented="no" display-inline="no-display-inline" id="H37C1A471BB914FFE824A1693AA22DF7B"><enum>(I)</enum><header>In general</header><text>Each</text></subclause><after-quoted-block>;</after-quoted-block></quoted-block> </subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="H3689299920C84116B41C01E9439B2796"><enum>(B)</enum><text>in subclause (I) (as so designated), by inserting <quote>subclauses (I) through (V) of</quote> before <quote>clause (i)</quote>; and</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="H186E8C06A2C048429A2D6DB59781A9E6"><enum>(C)</enum><text>by adding at the end the following:</text> <quoted-block changed="added" committee-id="HAG00" display-inline="no-display-inline" id="H50DA6D7825D24DAAA144023599C4F0EF" reported-display-style="italic" style="OLC"> <subclause commented="no" display-inline="no-display-inline" id="HE6957895053A42388E482368ADCE60F0"><enum>(II)</enum><header display-inline="yes-display-inline">Foreign authorities</header><text display-inline="yes-display-inline">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.</text></subclause><after-quoted-block>.</after-quoted-block></quoted-block>
</subparagraph></paragraph></subsection></section><section id="H08380FA7843D43E381A1B263E5EB8BF0"><enum>122.</enum><header>Updating standards for natural persons to meet requirements for qualified eligible persons</header>
<subsection id="H1647261F26A84D0589A89DCA41478431"><enum>(a)</enum><header>In general</header><text>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):</text>
<paragraph id="H25174586DA5940D2AD3322B0A6C51F08"><enum>(1)</enum><header>Means</header><text>The requirement of this paragraph is that the person must have—</text> <subparagraph id="HB08D5BF57DAA4275B9F62782FAF25F9B"><enum>(A)</enum><text display-inline="yes-display-inline">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 <quote>$1,000,000</quote> and inserting <quote>$5,000,000</quote>; or</text>
</subparagraph><subparagraph id="HB0FC9FC450EF47669E07AAD78CC94CCF"><enum>(B)</enum><text>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.</text>
</subparagraph></paragraph><paragraph id="H632D0E99757C4B9BAB8A4F9F4EE5C4E1"><enum>(2)</enum><header>Portfolio</header><text>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—</text>
<subparagraph id="H9A22EB83466C4091A1567C9ADBBE479E"><enum>(A)</enum><text>by striking <quote>$2,000,000</quote> and inserting <quote>$5,000,000</quote>;</text> </subparagraph><subparagraph id="H7BD98FCE51EC41E9BF71657F5BB9A4DE"><enum>(B)</enum><text>by striking <quote>$200,000</quote> and inserting <quote>$500,000</quote>;</text>
</subparagraph><subparagraph id="H423097D7622146C0A634EFC561C9D026"><enum>(C)</enum><text>by striking <quote>$1,000,000</quote> and inserting <quote>2,500,000</quote>; and</text> </subparagraph><subparagraph id="HE098E3886EFE4A71AF1A0DB310303BAF"><enum>(D)</enum><text>by striking <quote>$100,000</quote> and inserting <quote>$250,000</quote>.</text>
</subparagraph></paragraph></subsection><subsection id="HEE82ED178ACA4928B0213F6CEC716A28"><enum>(b)</enum><header>Inflation</header><text>In adopting a rule pursuant to subsection (a), the Commission shall—</text> <paragraph id="HC326E19882994830A4632594A391E30A"><enum>(1)</enum><text>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</text>
</paragraph><paragraph id="H0784919307C34B57B6DE49AB3A4701F1"><enum>(2)</enum><text display-inline="yes-display-inline">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—</text>
<subparagraph id="H366E7478AACD46719AC9491DE698ADB1"><enum>(A)</enum><text display-inline="yes-display-inline">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</text>
</subparagraph><subparagraph commented="no" id="H430C4328328545F7BA7EAD137D7F1127"><enum>(B)</enum><text>the natural person does not—</text> <clause commented="no" id="HA7E61DCC738C487BBF291CB659A2DB5D"><enum>(i)</enum><text>sell all shares of its participation in such exempt commodity pool;</text>
</clause><clause commented="no" id="H7106BA56C7224588B19FB9E3B46A23B9"><enum>(ii)</enum><text display-inline="yes-display-inline">withdraw all assets from any account managed by such exempt commodity trading advisor;</text> </clause><clause id="H230477B952D2496AB1D9FB5220201B32"><enum>(iii)</enum><text display-inline="yes-display-inline">purchase any new shares of participation in such exempt commodity pool; or</text>
</clause><clause id="HF2992C298E014F4BAA4F545C6A751BAA"><enum>(iv)</enum><text>contribute additional assets to any account managed by such exempt commodity trading advisor.</text> </clause></subparagraph></paragraph></subsection></section><section id="HB9EA0CE6B1CA447DA5E36B2E99F65D0C"><enum>123.</enum><header>Government Accountability Office study on aluminum markets</header> <subsection id="H945F32B166954799AA0630340BE87AA0"><enum>(a)</enum><header>Study</header><text display-inline="yes-display-inline">The Comptroller General of the United States shall conduct a study of—</text>
<paragraph id="H0881AB147324482183ECC5B0D0DD327E"><enum>(1)</enum><text>the aluminum markets in the United States and globally, in general;</text> </paragraph><paragraph id="HB40180C9A8CF42E3BCB0C42ECF177093"><enum>(2)</enum><text>the effectiveness and efficiency of the markets for purchasers of aluminum;</text>
</paragraph><paragraph id="HA79AC53047E241BCAF9A5F5F3CEC8F2E"><enum>(3)</enum><text display-inline="yes-display-inline">what factors and policies influence the supply, demand, and movement of aluminum around the world; and</text>
</paragraph><paragraph id="H7EF434C35D9045839EC17EB7142B77CD"><enum>(4)</enum><text>the effectiveness of government oversight over the markets.</text> </paragraph></subsection><subsection id="HC2D7D2EFC9F6405BB1D3BD7B23B95190"><enum>(b)</enum><header>Report</header><text>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).</text>
</subsection></section><section display-inline="no-display-inline" id="HB4622A65E6534D95966A159EF3BBA0DB" section-type="subsequent-section"><enum>124.</enum><header>Response to foreign regulatory authority</header><text display-inline="no-display-inline">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.</text>
</section><section id="HAEF2FCA97CA546188A4259C90A52DF10"><enum>125.</enum><header>Affiliate conditions</header><text display-inline="no-display-inline">Section 2(h)(7)(D)(iv) of the Commodity Exchange Act (<external-xref legal-doc="usc" parsable-cite="usc/7/2">7 U.S.C. 2(h)(7)(D)(iv)</external-xref>) is amended—</text> <paragraph id="H2C4B94E8C16C46D996A18AD845202BC9"><enum>(1)</enum><text display-inline="yes-display-inline">in subclause (I), by striking <quote>risk; and</quote> and inserting</text>
<quoted-block changed="added" committee-id="HAG00" display-inline="yes-display-inline" id="HC1206EE4225D4AAB8DB31F07071B9461" reported-display-style="italic" style="OLC">
<text>risk, unless the affiliate can demonstrate to the Commission, as determined by the Commission, that—</text><item id="HCF4D4E211FC24543A70C01CD540819B1"><enum>(aa)</enum><text display-inline="yes-display-inline">the affiliate has utilized the exception in clause (i) only to hedge or mitigate commercial risk; and</text>
</item><item id="HD1EB05D58AB449978B04E101FE4027D2"><enum>(bb)</enum><text display-inline="yes-display-inline">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</text></item><after-quoted-block>; and</after-quoted-block></quoted-block>
</paragraph><paragraph id="H2ED043E1C1414E08887FC50DEAE040D4"><enum>(2)</enum><text>in subclause (II), by striking <quote>neither the affiliate nor any person affiliated with the affiliate that is not a financial entity</quote> and inserting <quote>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</quote>.</text>
</paragraph></section><enum>II</enum><header>TECHNICAL CORRECTIONS</header>
<section id="H7A4AE72B9B5246868B9DB2E8C4E3D598"><enum>201.</enum><header>Correction of references</header>
<subsection id="HB4835E9D1A01459E8ADE08313BD53FA2"><enum>(a)</enum><text display-inline="yes-display-inline">Section 2(h)(8)(A)(ii) of the Commodity Exchange Act (<external-xref legal-doc="usc" parsable-cite="usc/7/2">7 U.S.C. 2(h)(8)(A)(ii)</external-xref>) is amended by striking <quote>5h(f) of this Act</quote> and inserting <quote>5h(g)</quote>.</text>
</subsection><subsection id="H309047673EAF47E1B7695872478B1842"><enum>(b)</enum><text>Section 5c(c)(5)(C)(i) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/7a-2">7 U.S.C. 7a–2(c)(5)(C)(i)</external-xref>) is amended by striking <quote>1a(2)(i))</quote> and inserting <quote>1a(19)(i))</quote>.</text> </subsection><subsection id="H4F3751C9DFC140318468BF4F48A965DF"><enum>(c)</enum><text>Section 23(f) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/26">7 U.S.C. 26(f)</external-xref>) is amended by striking <quote>section 7064</quote> and inserting <quote>section 706</quote>.</text>
</subsection></section><section id="H76B9F9D1E09740EEBAFC7622814283FA"><enum>202.</enum><header>Elimination of obsolete references to dealer options</header>
<subsection id="H520E5ED23C584813B767DDFC19C498EF"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Section 4c of the Commodity Exchange Act (<external-xref legal-doc="usc" parsable-cite="usc/7/6c">7 U.S.C. 6c</external-xref>) is amended by striking subsections (d) and (e) and redesignating subsections (f) and (g) as subsections (d) and (e), respectively.</text>
</subsection><subsection id="H22CD198759854F71835117D39335E6A7"><enum>(b)</enum><header>Conforming amendments</header>
<paragraph id="HA2DA0BD508B34D768997CB45837EF068"><enum>(1)</enum><text>Section 2(d) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/2">7 U.S.C. 2(d)</external-xref>) is amended by striking <quote>(g) of</quote> and inserting <quote>(e) of</quote>.</text> </paragraph><paragraph id="H431888C0B93A490E87921A0A878BDA0F"><enum>(2)</enum><text>Section 4f(a)(4)(A)(i) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/6f">7 U.S.C. 6f(a)(4)(A)(i)</external-xref>) is amended by striking <quote>, (d), (e), and (g)</quote> and inserting <quote>and (e)</quote>.</text>
</paragraph><paragraph id="HEECC455F75E94F248F0C8BCEFF12D3B2"><enum>(3)</enum><text>Section 4k(5)(A) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/6k">7 U.S.C. 6k(5)(A)</external-xref>) is amended by striking <quote>, (d), (e), and (g)</quote> and inserting <quote>and (e)</quote>.</text> </paragraph><paragraph id="H3DDB3D2701B54194BEE9BE33B96A89AC"><enum>(4)</enum><text>Section 5f(b)(1)(A) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/7b-1">7 U.S.C. 7b–1(b)(1)(A)</external-xref>) is amended by striking <quote>, (e), and (g)</quote> and inserting <quote>and (e)</quote>.</text>
</paragraph><paragraph id="H4FE163AEFD96421586899A1075A9021E"><enum>(5)</enum><text>Section 9(a)(2) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/13">7 U.S.C. 13(a)(2)</external-xref>) is amended by striking <quote>through (e) of subsection</quote> and inserting <quote>through (c) of section</quote>.</text> </paragraph></subsection></section><section id="H53246CCE574B480E8E0503A026017A8C"><enum>203.</enum><header>Updated trade data publication requirement</header><text display-inline="no-display-inline">Section 4g(e) of the Commodity Exchange Act (<external-xref legal-doc="usc" parsable-cite="usc/7/6g">7 U.S.C. 6g(e)</external-xref>) is amended by striking <quote>the exchange</quote> and inserting <quote>each designated contract market and swap execution facility</quote>.</text>
</section><section id="HBD3B7FE198104619A7B05BDA554AF1BB"><enum>204.</enum><header>Flexibility for all registered entities</header>
<subsection id="H6F0FC9C164C54F38B6408A91FF4F46D9"><enum>(a)</enum><text display-inline="yes-display-inline">Section 5c(b) of the Commodity Exchange Act (<external-xref legal-doc="usc" parsable-cite="usc/7/7a-2">7 U.S.C. 7a–2(b)</external-xref>) 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> </subsection><subsection id="H3FE6F775BEB749F788D507E3175B6EE5"><enum>(b)</enum><text>Section 5c(b)(1) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/7a-2">7 U.S.C. 7a–2(b)(1)</external-xref>) is amended—</text>
<paragraph id="H5682819169534452AC807248105E8D28"><enum>(1)</enum><text>by striking <quote>(1) <header-in-text level="paragraph" style="OLC">In general.—</header-in-text>A</quote> and inserting the following:</text> <quoted-block changed="added" committee-id="HAG00" display-inline="no-display-inline" id="H6B951198AC7B48FD8B5BBD52CEE65AD1" reported-display-style="italic" style="OLC"> <paragraph id="HC52E8E5C18C24347BD44F4D718CB906E"><enum>(1)</enum><header>Delegation</header> <subparagraph id="HC313BA987CA54427A27C13BB7EE0D513"><enum>(A)</enum><header>In general</header><text display-inline="yes-display-inline">A</text></subparagraph></paragraph><after-quoted-block>;</after-quoted-block></quoted-block>
</paragraph><paragraph id="H907F1C60B6294E74AA9B920BA1434F8E"><enum>(2)</enum><text display-inline="yes-display-inline">by striking <quote>with respect to a significant price discovery contract</quote>; and</text> </paragraph><paragraph commented="no" id="HD6F68C180A9A4BFDBB790C37FA719C81"><enum>(3)</enum><text>by adding after and below the end the following:</text>
<quoted-block changed="added" committee-id="HAG00" display-inline="no-display-inline" id="H59D88D0753D94BE2BF49A575D1F15DE5" reported-display-style="italic" style="OLC">
<subparagraph commented="no" id="HA3867A4422B9470E96FD87E99B97187B"><enum>(B)</enum><header>Swaps</header><text display-inline="yes-display-inline">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.</text></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection></section><section id="H9A4D3618A6E14FA99D61F2CA62B5EDEB"><enum>205.</enum><header>Elimination of obsolete references to electronic trading facilities</header>
<subsection id="H61A3838B5C0441CB851C818EA9213B70"><enum>(a)</enum><text>Section 1a(18)(A)(x) of the Commodity Exchange Act (<external-xref legal-doc="usc" parsable-cite="usc/7/1a">7 U.S.C. 1a(18)(A)(x)</external-xref>) is amended by striking <quote>(other than an electronic trading facility with respect to a significant price discovery contract)</quote>.</text> </subsection><subsection id="HCB7E359427014736A0360F3C2DEE348B"><enum>(b)</enum><text display-inline="yes-display-inline">Section 1a(40) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/1a">7 U.S.C. 1a(40)</external-xref>) is amended—</text>
<paragraph id="HB2730CDCA9D040CAB5581B4DC522639F"><enum>(1)</enum><text>by adding <quote>and</quote> at the end of subparagraph (D); and</text> </paragraph><paragraph id="H543859CA930140EF9D96C533F2D0C3D4"><enum>(2)</enum><text>by striking all that follows “section 21” and inserting a period.</text>
</paragraph></subsection><subsection id="HB38FB19B89AB418FA37748E34193E165"><enum>(c)</enum><text>Section 4a(e) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/6a">7 U.S.C. 6a(e)</external-xref>) is amended—</text> <paragraph id="H45FF27580F0A44EE90E2E94C8715B999"><enum>(1)</enum><text>in the first sentence—</text>
<subparagraph id="H297B0BFAA54A4920A8BB8EA2569781DE"><enum>(A)</enum><text>by striking <quote>or by any electronic trading facility</quote>;</text> </subparagraph><subparagraph display-inline="no-display-inline" id="H9C3663F5521E49D38A85493E483DABB5"><enum>(B)</enum><text>by striking <quote>or on an electronic trading facility</quote>; and</text>
</subparagraph><subparagraph id="H1B9EAB7C4E8241A88C3B639909EC1B62"><enum>(C)</enum><text>by striking <quote>or electronic trading facility</quote> each place it appears; and</text> </subparagraph></paragraph><paragraph id="H1D4140FEF6D2405CAFF123D0E5DDBEBC"><enum>(2)</enum><text>in the second sentence, by striking <quote>or electronic trading facility with respect to a significant price discovery contract</quote>.</text>
</paragraph></subsection><subsection id="H5424AE7AD3F449869460B6B95B0DA058"><enum>(d)</enum><text>Section 4g(a) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/6g">7 U.S.C. 6g(a)</external-xref>) is amended by striking <quote>any significant price discovery contract traded or executed on an electronic trading facility or</quote>.</text> </subsection><subsection id="H605002CF7E3A4C25B01EF11FEE5F7255"><enum>(e)</enum><text>Section 4i of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/6i">7 U.S.C. 6i</external-xref>) is amended—</text>
<paragraph id="H77C5B9222CA9416D90AE57E5C8EE1591"><enum>(1)</enum><text>by striking <quote>, or any significant price discovery contract traded or executed on an electronic trading facility</quote>; and</text> </paragraph><paragraph id="H44C373AC70A54BA3B3421CE365BCB440"><enum>(2)</enum><text>by striking <quote>or electronic trading facility</quote>.</text>
</paragraph></subsection><subsection id="HDC9F4F0727784A3383F22CCBDBFFB6C3"><enum>(f)</enum><text>Section 6(b) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/8">7 U.S.C. 8(b)</external-xref>) is amended by striking <quote>or electronic trading facility</quote> each place it appears.</text> </subsection><subsection id="H60FF80BBEFCC4555B5B89675DC7ACD38"><enum>(g)</enum><text>Section 12(e)(2) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/16">7 U.S.C. 16(e)(2)</external-xref>) 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="H142E96A15919438786B18BD77097880C"><enum>206.</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 (<external-xref legal-doc="usc" parsable-cite="usc/7/7b-3">7 U.S.C. 7b–3(h)</external-xref>) is amended by striking <quote>alternative</quote> before <quote>swap</quote>.</text> </section><section id="H33D3B8FCBBE242F099195B6DA6CB63AC"><enum>207.</enum><header>Clarification of Commission authority over swaps trading</header><text display-inline="no-display-inline">Section 8a of the Commodity Exchange Act (<external-xref legal-doc="usc" parsable-cite="usc/7/12a">7 U.S.C. 12a</external-xref>) is amended—</text>
<paragraph id="HF784302CD0AB4704B665AB532376ABA0"><enum>(1)</enum><text display-inline="yes-display-inline">in paragraph (7)—</text> <subparagraph id="HFFC1D11D087C42E2BB487DF0917BD82F"><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="H7331E925018F4C97BE7BB1AEF41F4E9E"><enum>(B)</enum><text>in subparagraph (A), by inserting <quote>swaps or</quote> after <quote>conditions in</quote>; and</text> </subparagraph><subparagraph id="H159A4983598A4C578962DEA0DE64CFB3"><enum>(C)</enum><text>in subparagraph (B), by inserting <quote>or swaps</quote> after <quote>future delivery</quote>; and</text>
</subparagraph></paragraph><paragraph id="HECED0C8530FC4760AD72ED8E0240DE07"><enum>(2)</enum><text>in paragraph (9)—</text> <subparagraph id="HE2F8F725C64445A6A9E8DBC9BAC0F69A"><enum>(A)</enum><text>by inserting <quote>swap or</quote> after <quote>or liquidation of any</quote>; and</text>
</subparagraph><subparagraph id="HAE3DDEE48B4C4D4380D5F818E2E06B3C"><enum>(B)</enum><text>by inserting <quote>swap or</quote> after <quote>margin levels on any</quote>.</text> </subparagraph></paragraph></section><section id="HDA3FDC5900D646B6927D29B8E7BED355"><enum>208.</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 (<external-xref legal-doc="usc" parsable-cite="usc/7/13c">7 U.S.C. 13c(c)</external-xref>) is amended by striking <quote>or the Commission</quote>.</text>
</section><section id="H78C7EE4FBAFC48158C6BA3E74DB1F65D"><enum>209.</enum><header>Elimination of obsolete references to derivative transaction execution facilities</header>
<subsection id="HF2E0F3B02A114C2A8020B05A5CBD1E04"><enum>(a)</enum><text display-inline="yes-display-inline">Section 1a(12)(B)(vi) of the Commodity Exchange Act (<external-xref legal-doc="usc" parsable-cite="usc/7/1a">7 U.S.C. 1a(12)(B)(vi)</external-xref>) is amended by striking <quote>derivatives transaction execution facility</quote> and inserting <quote>swap execution facility</quote>.</text> </subsection><subsection id="H2FC7342B7628411982C90539C4B7C2FC"><enum>(b)</enum><text display-inline="yes-display-inline">Section 1a(34) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/1a">7 U.S.C. 1a(34)</external-xref>) is amended—</text>
<paragraph id="HE621070EC3E14BBABA88D33503235106"><enum>(1)</enum><text>in the heading, by striking <quote><header-in-text level="paragraph" style="OLC">; member of a derivatives transaction execution facility</header-in-text></quote>; and</text> </paragraph><paragraph id="HEBFEF23E1D81456B8F07FDFFCFA2361D"><enum>(2)</enum><text>by striking <quote>or derivatives transaction execution facility</quote> each place it appears.</text>
</paragraph></subsection><subsection id="H0127C17CA81A46159DA59EC269B9B962"><enum>(c)</enum><text display-inline="yes-display-inline">Section 1a(35)(B)(iii)(I) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/1a">7 U.S.C. 1a(35)(B)(iii)(I)</external-xref>) is amended by striking <quote>or registered derivatives transaction execution facility</quote>.</text> </subsection><subsection id="H8D9FB7F1735347C59ED1340435F82366"><enum>(d)</enum><text>Section 2(a)(1)(C)(ii) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/2">7 U.S.C. 2(a)(1)(C)(ii)</external-xref>) is amended—</text>
<paragraph id="H41F768ACC51D44B69BA8CD9F7021D229"><enum>(1)</enum><text>by striking <quote>, or register a derivatives transaction execution facility that trades or executes,</quote>;</text> </paragraph><paragraph id="H872B00670A90407089027C762CA34CC5"><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="HD2452A0696CC43FBABDBB93FAD3CA653"><enum>(3)</enum><text>by striking <quote>or the derivatives transaction execution facility,</quote>.</text> </paragraph></subsection><subsection id="HBB387438C40E40E2828532B43253C380"><enum>(e)</enum><text>Section 2(a)(1)(C)(v)(I) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/2">7 U.S.C. 2(a)(1)(C)(v)(I)</external-xref>) is amended by striking <quote>, or any derivatives transaction execution facility on which such contract or option is traded,</quote>.</text>
</subsection><subsection id="H171AB5913F96474C93550A66A400E3DD"><enum>(f)</enum><text>Section 2(a)(1)(C)(v)(II) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/2">7 U.S.C. 2(a)(1)(C)(v)(II)</external-xref>) is amended by striking <quote>or derivatives transaction execution facility</quote> each place it appears.</text> </subsection><subsection id="HBB50926E8B8F436889E7227E5A2CA989"><enum>(g)</enum><text>Section 2(a)(1)(C)(v)(V) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/2">7 U.S.C. 2(a)(1)(C)(v)(V)</external-xref>) is amended by striking <quote>or registered derivatives transaction execution facility</quote>.</text>
</subsection><subsection id="H68F59780EA1B4BBF8DAADCF39ACC33B4"><enum>(h)</enum><text>Section 2(a)(1)(D)(i) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/2">7 U.S.C. 2(a)(1)(D)(i)</external-xref>) is amended in the matter preceding subclause (I)—</text>
<paragraph id="H191F9A70D38C429AADAA4C42B547A7DA"><enum>(1)</enum><text>by striking <quote>in, or register a derivatives transaction execution facility</quote>; and</text> </paragraph><paragraph id="H78417BE128A94B8FBDE1448416A7B1C1"><enum>(2)</enum><text>by striking <quote>, or registered as a derivatives transaction execution facility for,</quote>.</text>
</paragraph></subsection><subsection id="H83A8EED0BB924E30BF1F0DA3834F1C29"><enum>(i)</enum><text>Section 2(a)(1)(D)(i)(IV) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/2">7 U.S.C. 2(a)(1)(D)(i)(IV)</external-xref>) is amended by striking <quote>registered derivatives transaction execution facility,</quote> each place it appears.</text> </subsection><subsection id="H4D2A28E4C64846F5A3FF6EF6331A291A"><enum>(j)</enum><text>Section 2(a)(1)(D)(ii)(I) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/2">7 U.S.C. 2(a)(1)(D)(ii)(I)</external-xref>) is amended to read as follows:</text>
<quoted-block changed="added" committee-id="HAG00" display-inline="no-display-inline" id="H472070DAC1D34D60A3909229FCF7B789" reported-display-style="italic" style="OLC">
<subclause id="H91267B5BA8FB4BB4B8868F2825D41E6E" 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;</text></subclause><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="H8779E108BD914EE6A3004FB89EAFCD0A"><enum>(k)</enum><text>Section 2(a)(1)(D)(ii)(II) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/2">7 U.S.C. 2(a)(1)(D)(ii)(II)</external-xref>) is amended by striking <quote>or registered derivatives transaction execution facility</quote>.</text> </subsection><subsection id="H2B475F63EA594101960F07D4518F81EE"><enum>(l)</enum><text>Section 2(a)(1)(D)(ii)(III) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/2">7 U.S.C. 2(a)(1)(D)(ii)(III)</external-xref>) is amended by striking <quote>or registered derivatives transaction execution facility member</quote>.</text>
</subsection><subsection id="H68B93577EE074E83A83B6853B38D1C41"><enum>(m)</enum><text display-inline="yes-display-inline">Section 2(a)(9)(B)(ii) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/2">7 U.S.C. 2(a)(9)(B)(ii)</external-xref>) is amended—</text> <paragraph id="HB4AB62F3F5EE4127A6D6AEC342656367"><enum>(1)</enum><text>by striking <quote>or registration</quote> each place it appears;</text>
</paragraph><paragraph id="H4C2C4F021DFC4019BB9E94DD5FA31F14"><enum>(2)</enum><text>by striking <quote>or derivatives transaction execution facility</quote> each place it appears;</text> </paragraph><paragraph id="H7C2E90047F124CD2AB6DFAC783B195D9"><enum>(3)</enum><text>by striking <quote>or register</quote>;</text>
</paragraph><paragraph id="H052C027F9B4848BF8D2C342DC7F80480"><enum>(4)</enum><text>by striking <quote>, registering,</quote>; and</text> </paragraph><paragraph id="HBF5D7BA8FA8F41118CD86387E67C5DBE"><enum>(5)</enum><text>by striking <quote>registration,</quote>.</text>
</paragraph></subsection><subsection id="H2EF41690DD094D3AB112C5677B3E89CC"><enum>(n)</enum><text>Section 2(c)(2) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/2">7 U.S.C. 2(c)(2)</external-xref>) is amended by striking <quote>or a derivatives transaction execution facility</quote> each place it appears.</text> </subsection><subsection id="H2B7BEF30F6BF47A18B6BFDC0DBC9A2C3"><enum>(o)</enum><text>Section 4(a) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/6">7 U.S.C. 6(a)</external-xref>) is amended—</text>
<paragraph id="HF23982CCFA5245C6A6B9E0245801DC6F"><enum>(1)</enum><text>by striking <quote>or derivatives transaction execution facility</quote> each place it appears; and</text> </paragraph><paragraph id="HCF002A0EBA75485F9DF6F4399413D5D0"><enum>(2)</enum><text>in paragraph (1), by striking <quote>or registered</quote>.</text>
</paragraph></subsection><subsection id="H1F2679884DF947F0809833A1BEF8B68B"><enum>(p)</enum><text>Section 4(c)(1) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/6">7 U.S.C. 6(c)(1)</external-xref>) is amended—</text> <paragraph id="H16942264AD6B4B198AEB3D888ABB91C0"><enum>(1)</enum><text>by striking <quote>or registered</quote>; and</text>
</paragraph><paragraph id="H2D2E3701D50B4843A4F574703C0D499F"><enum>(2)</enum><text>by striking <quote>or derivatives transaction execution facility</quote>.</text> </paragraph></subsection><subsection id="H4C150CC9FDF24728A535EB74933F7732"><enum>(q)</enum><text display-inline="yes-display-inline">Section 4a(a)(1) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/6a">7 U.S.C. 6a(a)(1)</external-xref>) is amended—</text>
<paragraph id="HB1738DD7A7E349E5951AA1E6CDD09A26"><enum>(1)</enum><text>by striking <quote>or derivatives transaction execution facilities</quote>; and</text> </paragraph><paragraph id="H176DDC6C07AC424FADB4B244C46E5B93"><enum>(2)</enum><text>by striking <quote>or derivatives transaction execution facility</quote>.</text>
</paragraph></subsection><subsection id="H98D7FB9D977347519F37E75AE52D50B1"><enum>(r)</enum><text>Section 4a(e) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/6a">7 U.S.C. 6a(e)</external-xref>) is amended—</text> <paragraph id="H3D7A83D99825413F80E6873235A45D6E"><enum>(1)</enum><text>by striking <quote>, derivatives transaction execution facility,</quote> each place it appears; and</text>
</paragraph><paragraph id="H47A0B023631840539B906F08A4747561"><enum>(2)</enum><text>by striking <quote>or derivatives transaction execution facility</quote>.</text> </paragraph></subsection><subsection id="H472D83CF3B10463A8B12D306E42DE0F8"><enum>(s)</enum><text display-inline="yes-display-inline">Section 4c(e) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/6c">7 U.S.C. 6c(g)</external-xref>), as so redesignated by section 202(a) of this Act, is amended by striking <quote>or derivatives transaction execution facility</quote> each place it appears.</text>
</subsection><subsection id="HAE00D5CF3C9F4DF8A982EF01D111F1D9"><enum>(t)</enum><text>Section 4d of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/6d">7 U.S.C. 6d</external-xref>) is amended by striking <quote>or derivatives transaction execution facility</quote> each place it appears.</text> </subsection><subsection id="H48DD157182F54A66A07953828709F9A3"><enum>(u)</enum><text>Section 4e of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/6e">7 U.S.C. 6e</external-xref>) is amended by striking <quote>or derivatives transaction execution facility</quote>.</text>
</subsection><subsection id="H6DEDB31AFB7B4812BCC92C95F161F4F8"><enum>(v)</enum><text display-inline="yes-display-inline">Section 4f(a) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/6f">7 U.S.C. 6f(a)</external-xref>) is amended by striking “or registered derivatives transaction execution facility”.</text>
</subsection><subsection id="H243C6F03C18D42C49A50ED5BEADEF38B"><enum>(w)</enum><text>Section 4f(b) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/6f">7 U.S.C. 6f(b)</external-xref>) is amended by striking <quote>or derivatives transaction execution facility</quote> each place it appears.</text> </subsection><subsection id="H16F189274896410D9E50F300DE96FF2E"><enum>(x)</enum><text>Section 4i of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/6i">7 U.S.C. 6i</external-xref>) is amended by striking <quote>or derivatives transaction execution facility</quote>.</text>
</subsection><subsection id="HFF1196AFCAB54B17A96585113E5F4922"><enum>(y)</enum><text>Section 4j of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/6j">7 U.S.C. 6j</external-xref>) is amended—</text> <paragraph id="H15511555172949239D5040355A6710E7"><enum>(1)</enum><text display-inline="yes-display-inline">in the heading by striking <quote><header-in-text level="section" style="OLC">and registered derivatives transaction execution facilities</header-in-text></quote>;</text>
</paragraph><paragraph id="HDB860003FA23411B8B6255574F56EF07"><enum>(2)</enum><text display-inline="yes-display-inline">in subsection (a), by striking <quote>and registered derivatives transaction execution facility</quote>;</text> </paragraph><paragraph id="H45889A55F62748D48BCEF728423EB4D0"><enum>(3)</enum><text>in subsection (b), by striking <quote>or registered derivatives transaction execution facility</quote>; and</text>
</paragraph><paragraph id="HDCD5B2F67CE94155AA70493A630ECF13"><enum>(4)</enum><text>in subsection (c), by striking <quote>or registered derivatives transaction execution facility members</quote>.</text> </paragraph></subsection><subsection id="HD0A7423545164037A524461263C4B656"><enum>(z)</enum><text display-inline="yes-display-inline">Section 4k of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/6k">7 U.S.C. 6k</external-xref>) is amended by striking <quote>or registered derivatives transaction execution facility</quote>.</text>
</subsection><subsection id="H0C668E56F6BC405A85E4A6655C120DCB"><enum>(aa)</enum><text display-inline="yes-display-inline">Section 4l of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/6l">7 U.S.C. 6l</external-xref>) is amended by striking <quote>or derivatives transaction execution facilities</quote> each place it appears</text> </subsection><subsection id="H4592F79579DC449281AFC9E25B62419F"><enum>(bb)</enum><text>Section 4p(a) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/6p">7 U.S.C. 6p(a)</external-xref>) is amended by striking <quote>, or derivatives transaction execution facilities</quote>.</text>
</subsection><subsection id="HED9172ED973442EAA04495BA21B01E28"><enum>(cc)</enum><text>Section 4p(b) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/6p">7 U.S.C. 6p(b)</external-xref>) is amended by striking <quote>derivatives transaction execution facility,</quote>.</text> </subsection><subsection id="H662BD19236974602ABF85249064C80D9"><enum>(dd)</enum><text>Section 5(e) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/7">7 U.S.C. 7(e)</external-xref>) is amended—</text>
<paragraph id="H270535B51C4B40199660B8291B89C2DD"><enum>(1)</enum><text display-inline="yes-display-inline">by striking <quote>(e)</quote> and all that follows through <quote>a contract for</quote> and inserting the following:</text> <quoted-block changed="added" committee-id="HAG00" display-inline="no-display-inline" id="HE40DA541C710479DA27D6D89D63DB878" reported-display-style="italic" style="OLC"> <subsection id="H2565E20FF69F484298E857D0F5DCD9B0"><enum>(e)</enum><header>Current agricultural commodities</header><text display-inline="yes-display-inline">A contract for</text></subsection><after-quoted-block>; and</after-quoted-block></quoted-block>
</paragraph><paragraph id="H26FB085DC7A14465A2670159CBD69B6F"><enum>(2)</enum><text>by striking paragraph (2).</text> </paragraph></subsection><subsection id="H3FAEFC0E857B4F069D78391AC934C475"><enum>(ee)</enum><text>Section 5c(b) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/7a-2">7 U.S.C. 7a–2(b)</external-xref>) is amended by striking <quote>, derivatives transaction execution facility,</quote> each place it appears.</text>
</subsection><subsection id="H7A522C5D902A48ED90FC1038CB3BE99C"><enum>(ff)</enum><text>Section 5c(f) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/7a-2">7 U.S.C. 7a–2(f)</external-xref>) is amended by striking <quote>and registered derivatives transaction execution facility</quote>.</text> </subsection><subsection id="HC6DFA93EFE554E9A8305C010D8E0199C"><enum>(gg)</enum><text>Section 5c(f)(1) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/7a-2">7 U.S.C. 7a–2(f)(1)</external-xref>) is amended by striking <quote>or registered derivatives transaction execution facility</quote>.</text>
</subsection><subsection id="H6B4712AEFE6E4F29B5B3019B1F7AEAEE"><enum>(hh)</enum><text>Section 6 of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/8">7 U.S.C. 8</external-xref>) is amended—</text> <paragraph id="HA3385B4F502F480C8E44488866DD5EB3"><enum>(1)</enum><text>in subsection (a), by striking <quote>or registered</quote>;</text>
</paragraph><paragraph id="H90A45652180B40D0AD05AF8BE4B133BA"><enum>(2)</enum><text>by striking <quote>or derivatives transaction execution facility</quote> each place it appears; and</text> </paragraph><paragraph id="H553330AD5BE74A839B2E36788F948469"><enum>(3)</enum><text>by striking <quote>or registration</quote> each place it appears.</text>
</paragraph></subsection><subsection id="H2A06EB83D1534B84B016E1E9D44A698D"><enum>(ii)</enum><text>Section 6a(a) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/10a">7 U.S.C. 10a(a)</external-xref>) is amended—</text> <paragraph id="HE2ACC3D6BD174AEBB0A48C516396D915"><enum>(1)</enum><text>by striking <quote>or registered</quote>;</text>
</paragraph><paragraph id="H2158166B2DC3456F917C22D329C774D1"><enum>(2)</enum><text>by striking <quote>or a derivatives transaction execution facility</quote>; and</text> </paragraph><paragraph id="H8BDC662175634C7E81C1A0BA6F4C6A0B"><enum>(3)</enum><text display-inline="yes-display-inline">by inserting <quote>shall</quote> before <quote>exclude</quote> the first place it appears.</text>
</paragraph></subsection><subsection id="HDD5FA1D689ED41E2A08E4F661DFD6B47"><enum>(jj)</enum><text>Section 6a(b) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/10a">7 U.S.C. 10a(b)</external-xref>) is amended—</text> <paragraph id="H2CD74E37EA484DD1983704580F7B7758"><enum>(1)</enum><text>by striking <quote>or registered</quote>; and</text>
</paragraph><paragraph id="H6E264C7F8BFF4FD0832BA39CDC5715E5"><enum>(2)</enum><text>by striking <quote>or a derivatives transaction execution facility</quote>.</text> </paragraph></subsection><subsection id="H6D51A67DE1C5431A977EF3DFE03B9BBB"><enum>(kk)</enum><text>Section 6d(1) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/13a-2">7 U.S.C. 13a–2(1)</external-xref>) is amended by striking <quote>derivatives transaction execution facility,</quote>.</text>
</subsection></section><section id="H02C262F109DB42B4BAB331C3A459DBC9"><enum>210.</enum><header>Elimination of obsolete references to exempt boards of trade</header>
<subsection id="H0AB33FE4E83644F38F5E04FB4A9ED1BB"><enum>(a)</enum><text display-inline="yes-display-inline">Section 1a(18)(A)(x) of the Commodity Exchange Act (<external-xref legal-doc="usc" parsable-cite="usc/7/1a">7 U.S.C. 1a(18)(A)(x)</external-xref>) is amended by striking “or an exempt board of trade”.</text>
</subsection><subsection id="H862612D350AB4445AD4C30DC100D3AB4"><enum>(b)</enum><text>Section 12(e)(1)(B)(i) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/16">7 U.S.C. 16(e)(1)(B)(i)</external-xref>) is amended by striking “or exempt board of trade”.</text>
</subsection></section><section display-inline="no-display-inline" id="H4CF87DD81C13472EA90CF40C654B3226" section-type="subsequent-section"><enum>211.</enum><header>Elimination of completed reports</header>
<subsection id="H440286C504BC4488B796F795BAEB8524"><enum>(a)</enum><text display-inline="yes-display-inline">Section 23(h)(2)(C) of the Commodity Exchange Act (<external-xref legal-doc="usc" parsable-cite="usc/7/26">7 U.S.C. 26(h)(2)(C)</external-xref>) is amended by striking clause (iii).</text>
</subsection><subsection id="H9D5AE89EB93443879263B78E4E719969"><enum>(b)</enum><text display-inline="yes-display-inline">Section 26 of the Futures Trading Act of 1978 (<external-xref legal-doc="usc" parsable-cite="usc/7/16a">7 U.S.C. 16a</external-xref>) is amended by striking subsection (b) and redesignating subsection (c) as subsection (b).</text>
</subsection></section><section id="H68527EE3D605488DAAF43845BF8AB63C"><enum>212.</enum><header>Miscellaneous corrections</header>
<subsection id="H52B6357CB3A44656ADE72F08BEF47DD9"><enum>(a)</enum><text display-inline="yes-display-inline">Section 1a(12)(A)(i)(II) of the Commodity Exchange Act (<external-xref legal-doc="usc" parsable-cite="usc/7/1a">7 U.S.C. 1a(12)(A)(i)(II)</external-xref>) is amended by adding at the end a semicolon.</text>
</subsection><subsection id="HD656544409204DF3A34ACEC663973AED"><enum>(b)</enum><text>Section 2(a)(1)(C)(ii)(III) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/2">7 U.S.C. 2(a)(1)(C)(ii)(III)</external-xref>) is amended by moving the provision 2 ems to the right.</text>
</subsection><subsection id="H91C9969BD0F04FCAB1BAD7B7AFF59CE3"><enum>(c)</enum><text>Section 2(a)(1)(C)(iii) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/2">7 U.S.C. 2(a)(1)(C)(iii)</external-xref>) is amended by moving the provision 2 ems to the right.</text>
</subsection><subsection id="H2070198366BC4C1DB3CBA8030DD28C60"><enum>(d)</enum><text>Section 2(a)(1)(C)(iv) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/2">7 U.S.C. 2(a)(1)(C)(iv)</external-xref>) is amended by striking <quote>under or</quote> and inserting <quote>under</quote>.</text> </subsection><subsection id="HFACF4CE1DC594F20B69DA5F8737643C7"><enum>(e)</enum><text>Section 2(a)(1)(C)(v) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/2">7 U.S.C. 2(a)(1)(C)(v)</external-xref>) is amended by moving the provision 2 ems to the right.</text>
</subsection><subsection id="H95CBE7A3A2BA40129E117CF2FAE6B49D"><enum>(f)</enum><text>Section 2(a)(1)(C)(v)(VI) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/2">7 U.S.C. 2(a)(1)(C)(v)(VI)</external-xref>) is amended by striking <quote>III</quote> and inserting <quote>(III)</quote>.</text> </subsection><subsection id="H22145E6DC24042C697EB3807057014A5"><enum>(g)</enum><text>Section 2(c)(1) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/2">7 U.S.C. 2(c)(1)</external-xref>) is amended by striking the second comma.</text>
</subsection><subsection id="H9F8057E1FC4A4648B2A9341B21D40CBD"><enum>(h)</enum><text>Section 4(c)(3)(H) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/6">7 U.S.C. 6(c)(3)(H)</external-xref>) is amended by striking <quote>state</quote> and inserting <quote>State</quote>.</text> </subsection><subsection id="H80E67B6971FD4DAC8244BFA04B2BD2DB"><enum>(i)</enum><text>Section 4c(c) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/6c">7 U.S.C. 6c(c)</external-xref>) is amended to read as follows:</text>
<quoted-block changed="added" committee-id="HAG00" display-inline="no-display-inline" id="H685897F07A154ED5981E2478EE7FD5A9" reported-display-style="italic" style="OLC">
<subsection id="HF46C42D67C5842F5B7D4738AE18D45B8"><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="HFA10FA23A9F24A659E2F9519D513E3C7"><enum>(j)</enum><text>Section 4d(b) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/6d">7 U.S.C. 6d(b)</external-xref>) is amended by striking <quote>paragraph (2) of this section</quote> and inserting <quote>subsection (a)(2)</quote>.</text> </subsection><subsection id="H73AE3A439B5F47F1811F6583C3F8E333"><enum>(k)</enum><text>Section 4f(c)(3)(A) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/6f">7 U.S.C. 6f(c)(3)(A)</external-xref>) is amended by striking the first comma.</text>
</subsection><subsection id="H304428FF6D3847EA8425E1E97963B808"><enum>(l)</enum><text>Section 4f(c)(4)(A) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/6f">7 U.S.C. 6f(c)(4)(A)</external-xref>) is amended by striking <quote>in developing</quote> and inserting <quote>In developing</quote>.</text> </subsection><subsection id="H3F56CFE44E2D4887936EF424AF2897F3"><enum>(m)</enum><text>Section 4f(c)(4)(B) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/6f">7 U.S.C. 6f(c)(4)(B)</external-xref>) is amended by striking <quote>1817(a)</quote> and inserting <quote>1817(a))</quote>.</text>
</subsection><subsection id="H6EA670330E9D4812A72FE9876FC24767"><enum>(n)</enum><text>Section 5 of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/7">7 U.S.C. 7</external-xref>) is amended by redesignating subsections (c) through (e) as subsections (b) through (d), respectively.</text>
</subsection><subsection id="HBEE1AEE220A44081879D56BCAA7DDC25"><enum>(o)</enum><text>Section 5b of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/7a-1">7 U.S.C. 7a–1</external-xref>) is amended by redesignating subsection (k) as subsection (j).</text>
</subsection><subsection id="HD4FD381104824BEF81AF35839BC77A38"><enum>(p)</enum><text>Section 5f(b)(1) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/7b-1">7 U.S.C. 7b–1(b)(1)</external-xref>) is amended by striking <quote>section 5f</quote> and inserting <quote>this section</quote>.</text> </subsection><subsection id="H1B51673A15BF4581874E3DDB57A19E57"><enum>(q)</enum><text>Section 6(a) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/8">7 U.S.C. 8(a)</external-xref>) is amended by striking <quote>the the</quote> and inserting <quote>the</quote>.</text>
</subsection><subsection id="H4BD19C2EE89249E1B0EE674B07EF5FDD"><enum>(r)</enum><text>Section 8a of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/12a">7 U.S.C. 12a</external-xref>) is amended in each of paragraphs (2)(E) and (3)(B) by striking <quote>Investors</quote> and inserting <quote>Investor</quote>.</text>
</subsection><subsection id="H1953F261C3D74FD29D8709323BF73FDD"><enum>(s)</enum><text>Section 12(b)(4) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/16">7 U.S.C. 16(b)(4)</external-xref>) is amended by moving the provision 2 ems to the left.</text>
</subsection><subsection id="HBB95407AF1CD43E98084E3951A41D0B5"><enum>(t)</enum><text>Section 14(a)(2) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/18">7 U.S.C. 18(a)(2)</external-xref>) is amended by moving the margin of the provision 2 ems to the left.</text>
</subsection><subsection id="H770B118FCCD74C609055D7AB537B3190"><enum>(u)</enum><text>Section 17(b)(9)(D) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/21">7 U.S.C. 21(b)(9)(D)</external-xref>) is amended by striking the semicolon and inserting a period.</text>
</subsection><subsection id="HDCD2EBF2C2DE4161B3980E82ECDEF40A"><enum>(v)</enum><text>Section 17(b)(10)(C)(ii) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/21">7 U.S.C. 21(b)(10)(C)(ii)</external-xref>) is amended by striking <quote>and</quote> at the end.</text> </subsection><subsection id="H19D1C2DEA73A4A26AD9352B082F10D9C"><enum>(w)</enum><text>Section 17(b)(11) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/21">7 U.S.C. 21(b)(11)</external-xref>) is amended by striking the period and inserting a semicolon.</text>
</subsection><subsection id="H7F801512A3224BD8A117273628A4A4FD"><enum>(x)</enum><text>Section 17(b)(12) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/21">7 U.S.C. 21(b)(12)</external-xref>) is amended—</text> <paragraph id="H75814785D4924C08A517F76ABA021B84"><enum>(1)</enum><text>by striking <quote>(A)</quote>; and</text>
</paragraph><paragraph id="HBE378217E2D94FB692659E6F64700066"><enum>(2)</enum><text>by striking the period and inserting <quote>; and</quote>.</text> </paragraph></subsection><subsection id="H8C860AD0F3B842AFB38E08F8FA66D507"><enum>(y)</enum><text display-inline="yes-display-inline">Section 17(b)(13) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/21">7 U.S.C. 21(b)(13)</external-xref>) is amended by striking <quote>A</quote> and inserting <quote>a</quote>.</text>
</subsection><subsection id="H159CBDE4E8644D8A85A57D96B2BAC870"><enum>(z)</enum><text>Section 17 of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/21">7 U.S.C. 21</external-xref>) is amended by redesignating subsection (q), as added by section 233(5) of <external-xref legal-doc="public-law" parsable-cite="pl/97/444">Public Law 97–444</external-xref>, and subsection (r) as subsections (r) and (s), respectively.</text>
</subsection><subsection id="HA21021D759A64EFDB5C20B7737E8174A"><enum>(aa)</enum><text>Section 22(b)(3) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/25">7 U.S.C. 25(b)(3)</external-xref>) is amended by striking <quote>of registered</quote> and inserting <quote>of a registered</quote>.</text> </subsection><subsection id="H2FFE09A2965345008644D72A63C0C96F"><enum>(bb)</enum><text>Section 22(b)(4) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/25">7 U.S.C. 25(b)(4)</external-xref>) is amended by inserting a comma after <quote>entity</quote>.</text>
</subsection></section><section id="H72EA0185EE184886BCF7CB2EBFFA4D49"><enum>213.</enum><header>Technical amendments to section <enum-in-header>14(e)</enum-in-header></header><text display-inline="no-display-inline">Section 14(e) of the Commodity Exchange Act (<external-xref legal-doc="usc" parsable-cite="usc/7/18">7 U.S.C. 18(e)</external-xref>) is amended—</text> <paragraph id="H94560DCC3892490E9003054587D8351A"><enum>(1)</enum><text>by inserting <quote>(1)</quote> after <quote>(e)</quote>;</text>
</paragraph><paragraph id="H5875E18126C9462BBFDAB6A8414332FC"><enum>(2)</enum><text>in the 1st sentence—</text> <subparagraph id="HAA29EEB464CC48C3A76ABE5F9A19FC92"><enum>(A)</enum><text>by inserting <quote>final</quote> after <quote>Any</quote>;</text>
</subparagraph><subparagraph id="HC5E2A281E15B4430BDC70E5CF859940A"><enum>(B)</enum><text>by striking <quote>hereunder</quote> and inserting <quote>under this section</quote>; and</text> </subparagraph><subparagraph id="H6B626D52F0B14DAC96BEC930CE7023C9"><enum>(C)</enum><text>by striking <quote>the appellee</quote> and inserting <quote>an appellee</quote>;</text>
</subparagraph></paragraph><paragraph id="H8BAA62A0A8254E4E818D623BFD4F5A6A"><enum>(3)</enum><text>in the 2nd sentence—</text> <subparagraph id="H9FDBFCC5C600405BB273FEF71B084427"><enum>(A)</enum><text>by striking <quote>Such appeal</quote> and inserting <quote>If the order requires the petitioner to pay reparation, or upholds a prior order requiring such a payment, the petition for review</quote>;</text>
</subparagraph><subparagraph id="H4FA3BC57F0304A17A4EA8BD07AFCB503"><enum>(B)</enum><text>by striking <quote>appellant</quote> each place it appears and inserting <quote>petitioner</quote>;</text> </subparagraph><subparagraph id="HEA0324DD220349D79D5F18A3FAE0ABED"><enum>(C)</enum><text>by striking <quote>for the appellee, if the appellee shall prevail</quote> and inserting <quote>as set forth below</quote>;</text>
</subparagraph></paragraph><paragraph id="H0886454C2D9D468F9F6CF7B454776F7C"><enum>(4)</enum><text>in the 4th sentence, by striking <quote>The</quote> and inserting <quote>An</quote>; and</text> </paragraph><paragraph id="H5749E0FA8FC64719AA24BCD71FF20FE7"><enum>(5)</enum><text>in the 5th sentence—</text>
<subparagraph id="H380B74AA6E874D3081CCD4718B93888B"><enum>(A)</enum><text>by inserting <quote>participates in the proceedings before the Court of Appeals through counsel and</quote> before <quote>prevails</quote>; and</text> </subparagraph><subparagraph id="HC81ADE4C43864C97B0D003145A78D74C"><enum>(B)</enum><text>by striking <quote>his</quote> and inserting <quote>the appellee’s</quote>; and</text>
</subparagraph></paragraph><paragraph id="HDDFB1BEB62844DB1AD3ABD667B151357"><enum>(6)</enum><text>by adding after and below the end the following:</text> <quoted-block changed="added" committee-id="HAG00" id="H2DD7C12B92234258943E972FED3314BE" reported-display-style="italic" style="OLC"> <paragraph id="H1972FDEFF76743F980107D2CEF132582" indent="up1"><enum>(2)</enum><text>In paragraph (1), the term <term>appellee</term> 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.</text></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></section><section id="H567E2C58D44E44659580343C107AEDA4"><enum>214.</enum><header>Technical clarifications for retail foreign currency</header><text display-inline="no-display-inline">Section 2(c)(2) of the Commodity Exchange Act (<external-xref legal-doc="usc" parsable-cite="usc/7/2">7 U.S.C. 2(c)(2)</external-xref>) is amended—</text> <paragraph id="HF0136203F5984C4DB48D461BCA48C8EB"><enum>(1)</enum><text>in subparagraph (B)—</text>
<subparagraph id="HFC885FB1D6F6495CBA342773B19CC8C0"><enum>(A)</enum><text>in clause (i)(II), by redesignating item (ff) as item (ee);</text> </subparagraph><subparagraph id="H133E205718A342F2AE9FC20251CC9F61"><enum>(B)</enum><text>by striking <quote>(gg)</quote> each place it appears and inserting <quote>(ee)</quote>;</text>
</subparagraph><subparagraph id="HBE3BC728666A4E16BA43B4768AB217BC"><enum>(C)</enum><text>in clause (iii), by striking <quote>(ee), or (ff) of clause (i)(II) of this subparagraph</quote> and inserting <quote>or (dd) of clause (i)(II)</quote>; and</text> </subparagraph><subparagraph id="HC053396E61A8450C88955A6484ACFB75"><enum>(D)</enum><text>in clause (iv)—</text>
<clause id="H832779D3B41F432483B3AABCCF61622A"><enum>(i)</enum><text>in each of subclauses (I) and (II), by striking <quote>(ee), or (ff)</quote> each place it appears and inserting <quote>or (dd)</quote>;</text> </clause><clause id="HDA9CA4C2D6144DC29218545E2A796C9F"><enum>(ii)</enum><text>in subclause (I)(bb), by inserting <quote>, or otherwise act as a commodity trading advisor with respect to any agreement, contract, or transaction described in clause (i)</quote> before the semicolon; and</text>
</clause><clause id="H75FD2FA4695F47FCA7B22936008BFF65"><enum>(iii)</enum><text>in subclause (IV)(aa), by striking <quote>(ff)</quote> and inserting <quote>(dd)</quote>;</text> </clause></subparagraph></paragraph><paragraph id="H703EA5C4343A4B23BD9638B9EEDB00CA"><enum>(2)</enum><text>in subparagraph (C)—</text>
<subparagraph id="H49FC47437B8D4BA9B22C1C85FFF92627"><enum>(A)</enum><text>by striking <quote>(ee), or (ff)</quote> each place it appears and inserting <quote>or (dd)</quote>; and</text> </subparagraph><subparagraph id="HDEC74E01914241FC9FEFE262AA2D2DBE"><enum>(B)</enum><text>in clause (iii)—</text>
<clause id="H82928A4C808341BCA730E0830EA24391"><enum>(i)</enum><text>in subclause (I)(bb), by inserting <quote>, or otherwise act as a commodity trading advisor with respect to any agreement, contract, or transaction described in clause (i)</quote> before the semicolon; and</text>
</clause><clause id="H5DAA4A191D6749EEA0D5AB6219F7FD88"><enum>(ii)</enum><text>in subclause (IV)(aa), by striking <quote>item (aa) through (ff)</quote> and inserting <quote>items (aa) through (dd)</quote>; and</text> </clause></subparagraph></paragraph><paragraph id="HE98381FBEAE24D4E8A4E662D741DB602"><enum>(3)</enum><text>in subparagraph (E)(ii)(I), by inserting <quote>or (C)(i)(I)</quote> after <quote>(B)(i)(I)</quote>.</text>
</paragraph></section><section id="H730A90C268C641F1820463F7E0BC570E"><enum>215.</enum><header>Miscellaneous swap technical corrections</header>
<subsection id="H2F7FAA45053848CBB1E8912D40E87B6F"><enum>(a)</enum><text>Section 6b of the Commodity Exchange Act (<external-xref legal-doc="usc" parsable-cite="usc/7/13a">7 U.S.C. 13a</external-xref>) is amended by inserting <quote>or section 5h</quote> after <quote>sections 5 through 5c</quote>.</text> </subsection><subsection id="H114B8CED3F29489EBC2005F6D59A67D4"><enum>(b)</enum><text>Section 8a of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/12a">7 U.S.C. 12a</external-xref>) is amended—</text>
<paragraph id="H7A248763B9DC4D2783F80927D2852273"><enum>(1)</enum><text>in paragraph (7)(A), by inserting <quote>or swap contracts</quote> after <quote>contracts of sale</quote>; and</text> </paragraph><paragraph id="HB4BC551336934AE59BEED03B9639E1EC"><enum>(2)</enum><text>in paragraph (9), by striking <quote>futures contract</quote> and inserting <quote>contract of sale for future delivery or swap contract</quote> each place it occurs.</text>
</paragraph></subsection><subsection id="HFC6BA17CE0694E27A3BEBB4F38A28A42"><enum>(c)</enum><text>Section 15(b) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/7/19">7 U.S.C. 19(b)</external-xref>) is amended by striking <quote>contract market</quote> and inserting <quote>registered entity</quote>.</text> </subsection></section> November 26, 2019 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed