3.0.0 1566 2022-02-03T05:27:55Z 2023-01-12T12:19:36Z Senate S S 2005-07-29 109 ssaf00 Agriculture, Nutrition, and Forestry Committee Senate Standing Reported original measure 2005-07-29T19:07:14Z Markup by 2005-07-21T20:23:22Z S. Rept. 109-119 CFTC Reauthorization Act of 2005 109 4473 HR 2006-01-27 Read twice. Placed on Senate Legislative Calendar under General Orders. Calendar No. 358. Companion bill Senate Related bill House Text similarities House 2005-07-29 Senate Placed on Senate Legislative Calendar under General Orders. Calendar No. 191. Calendars 2005-07-29 ssaf00 Agriculture, Nutrition, and Forestry Committee Senate Committee on Agriculture, Nutrition, and Forestry. Original measure reported to Senate by Senator Chambliss. With written report No. 109-119. Committee 2005-07-29 Committee on Agriculture, Nutrition, and Forestry. Original measure reported to Senate by Senator Chambliss. With written report No. 109-119. Committee 14000 9 Library of Congress ssaf00 Agriculture, Nutrition, and Forestry Committee 2005-07-29 Introduced in Senate IntroReferral 10000 9 Library of Congress 2005-07-21 ssaf00 Agriculture, Nutrition, and Forestry Committee Senate Committee on Agriculture, Nutrition, and Forestry ordered to be reported an original measure. Committee C000286 Sen. Chambliss, Saxby [R-GA] SAXBY CHAMBLISS R GA N 2005-07-28T04:00:00Z S. 1566, Commodity Exchange Reauthorization Act of 2005 http://www.cbo.gov/publication/17047 <p>Cost estimate for the bill as ordered reported by the Senate Committee on Agriculture, Nutrition, and Forestry on July 21, 2005</p> 2005-07-28T04:00:00Z S. 1566, Commodity Exchange Reauthorization Act of 2005 https://www.cbo.gov/publication/17047 Cost estimate for the bill as ordered reported by the Senate Committee on Agriculture, Nutrition, and Forestry on July 21, 2005 Finance and Financial Sector Administrative procedure Agriculture and Food Authorization Bonds Civil actions and liability Commodity Futures Trading Commission Commodity exchanges Congress Congressional reporting requirements Crime and Law Enforcement Criminal investigation Economics and Public Finance Fines (Penalties) Fraud Futures trading Government Operations and Politics Government securities Independent regulatory commissions Injunctions Law Margins (Security trading) Prosecution Securities and Exchange Commission Securities regulation Finance and Financial Sector 00 2005-07-29 Introduced in Senate 2005-10-07T19:01:46Z Commodity Exchange Reauthorization Act of 2005 - Amends the Commodity Exchange Act (CEA) to authorize the Commodity Futures Trading Commission (CFTC) to bring anti-fraud actions in off-exchange principal-to-principal futures transactions.

Increases specified civil and criminal penalties for violations of such Act.

Specifies, with exclusions, that CFTC jurisdiction extends to any agreement, contract, or transaction in foreign currency, and any person engaged in such transaction, that is offered to, or entered into: (1) with a person who is not an eligible contract participant; (2) on a leveraged, margined, or similarly financed basis; and (3) for purposes other than commercial or personal use, except that personal use shall include only those agreements, contracts, or transactions in which a person takes immediate ownership and possession of foreign currency.

Directs CFTC to maintain a liaison with the Department of Justice to coordinate civil and criminal investigations and prosecutions of CEA violations.

Establishes a portfolio margining pilot program for security futures products.

Requires CFTC and the Securities and Exchange Commission (SEC) to jointly promulgate a final rule to exclude from the definition of "narrow-based security index" indexes based on: (1) U.S. debt instruments; (2) other U.S. securities; (3) foreign equities; and (4) foreign debt instruments.

]]> 80 2005-07-29 Reported to Senate without amendment 2005-10-07T18:17:23Z (This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

Commodity Exchange Reauthorization Act of 2005 - (Sec. 2) Amends the Commodity Exchange Act (CEA) to authorize the Commodity Futures Trading Commission (CFTC) to bring anti-fraud actions in off-exchange principal-to-principal futures transactions.

Provides that a person shall not be obligated, in connection with a covered futures transaction with another person, to disclose to such other person nonpublic information that may be material to the market price, rate, or level of such commodity or transaction except as necessary to make any statement not materially misleading.

(Sec. 3) Increases specified civil and criminal penalties for violations of such Act.

States that such provisions do not create new CFTC civil enforcement and administrative authority.

(Sec. 4) Revises foreign exchange transaction authority to specify that CFTC jurisdiction extends to any agreement, contract, or transaction in foreign currency, and any person engaged in such transaction, that is offered to, or entered into: (1) with a person who is not an eligible contract participant; (2) on a leveraged, margined, or similarly financed basis; and (3) for purposes other than commercial or personal use, except that personal use shall include only those agreements, contracts, or transactions in which a person takes immediate ownership and possession of foreign currency.

States that such jurisdiction shall not apply if the counterparty, or the person offering to be the counterparty, of the person that is not an eligible contract participant is: (1) a financial institution; (2) a specified broker or dealer registered under the Securities Exchange Act of 1934; (3) a specified futures commission merchant registered under CEA; (4) a specified insurance company or affiliate; (5) a financial holding company; or (6) an investment bank holding company.

(Sec. 5) Authorizes appropriations through FY2010.

(Sec. 6) Directs CFTC to maintain a liaison with the Department of Justice to coordinate civil and criminal investigations and prosecutions of CEA violations.

(Sec. 7) Establishes a two-year portfolio margining pilot program for security futures products, which shall continue to function unless a required report finds that such program has resulted in undue risks to the financial integrity of the relevant contract markets or derivatives transaction execution facilities, or to their respective clearing systems, or has resulted in systemic risk to financial markets or undue risk to customers.

(Sec. 8) Requires CFTC and the Securities and Exchange Commission (SEC) to jointly promulgate a final rule to exclude from the definition of "narrow-based security index" indexes based on: (1) U.S. debt instruments; (2) other U.S. securities; (3) foreign equities; and (4) foreign debt instruments.

]]> Commodity Exchange Reauthorization Act of 2005 Short Titles as Introduced Commodity Exchange Reauthorization Act of 2005 Short Titles as Reported to Senate Commodity Exchange Reauthorization Act of 2005 S Senate Display Title Commodity Exchange Reauthorization Act of 2005 Official Title as Introduced An original bill to reauthorize the Commodity Exchange Act, and for other purposes. Placed on Calendar Senate 2005-07-29T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-109s1566pcs/xml/BILLS-109s1566pcs.xml 2005-07-29 Placed on Senate Legislative Calendar under General Orders. Calendar No. 191. 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. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.