3.0.0 4626 2023-01-11T13:15:35Z 2023-01-11T13:15:35Z House H HR 2007-12-13 110 hsag00 Agriculture Committee House Standing hsag16 General Farm Commodities, Risk Management, and Credit Subcommittee Referred to 2008-04-25T19:13:21Z Referred to 2007-12-13T15:15:00Z To amend the Commodity Exchange Act to provide the Commodity Futures Trading Commission authority over off-exchange retail foreign currency transactions, and for other purposes. 110 5768 HR 2008-11-19 Referred to the Subcommittee on General Farm Commodities and Risk Management. Related bill CRS 2008-04-25 hsag16 General Farm Commodities, Risk Management, and Credit Subcommittee 1 House committee actions Referred to the Subcommittee on General Farm Commodities and Risk Management. Committee 2007-12-14 Sponsor introductory remarks on measure. (CR E2585-2586) IntroReferral B00100 9 Library of Congress 2007-12-13 Referred to the House Committee on Agriculture. IntroReferral H11100 2 House floor actions hsag00 Agriculture Committee 2007-12-13 Introduced in House IntroReferral Intro-H 9 Library of Congress 2007-12-13 Introduced in House IntroReferral 1000 9 Library of Congress E000226 Rep. Etheridge, Bob [D-NC-2] BOB ETHERIDGE D NC 2 N M000934 Rep. Moran, Jerry [R-KS-1] Jerry Moran R KS 1 2007-12-13 True G000289 Rep. Goodlatte, Bob [R-VA-6] ROBERT GOODLATTE R VA W. 6 2007-12-13 True P000258 Rep. Peterson, Collin C. [D-MN-7] COLLIN PETERSON D MN C. 7 2007-12-13 True Finance and Financial Sector Authorization Commodity Futures Trading Commission Crime and Law Enforcement Economics and Public Finance Fines (Penalties) Foreign Trade and International Finance Foreign exchange Futures trading Government Operations and Politics Government paperwork Independent regulatory commissions Information disclosure (Securities law) Jurisdiction Law Market manipulation Securities fraud Securities regulation Sentences (Criminal procedure) Finance and Financial Sector 00 2007-12-13 Introduced in House 2009-04-10T18:06:23Z CFTC Reauthorization Act of 2007 - Amends the Commodity Exchange Act to revise Commodity Futures Trading Commission (CFTC) jurisdiction over an agreement, contract, or retail transaction in foreign currency.

Extends coverage to certain future commissions merchants (and affiliated persons) and retail foreign exchange dealers. Requires them to register with the CFTC in order to: (1) solicit or accept orders from any person that is not an eligible contract participant in connection with such agreements, contracts, or transactions; (2) exercise discretionary trading authority (or obtain written authorization to do so) over any account for or on behalf of such a person; or (3) operate or solicit funds, securities, or property for any pooled investment vehicle that is not such an eligible contract participant.

Revises the prohibition against contracts designed to defraud or mislead. Declares that the requirements of such prohibition do not obligate any person, in connection with a transaction, to disclose to another person in the transaction any nonpublic information that may be material to the market price, rate, or level of the commodity or transaction, except as necessary to make any statement to such other person not misleading in any material respect.

Authorizes appropriations for the CFTC through FY2013.

Increases: (1) the civil penalty for market manipulation to $1 million, or triple the monetary gain for each such violation; and (2) the criminal penalty for market manipulation from five to ten years imprisonment.

Subjects to CFTC jurisdiction certain agreements, contracts, or transactions that perform a significant price discovery function in spite of the fact that they are conducted, on an electronic trading facility on a principal-to-principal basis solely between persons that are eligible commercial entities, in reliance on the general exemption for such agreements, contracts, and transactions (in the exempt commercial markets (ECMs)).

Subjects to CFTC (large trader) reporting and recordkeeping requirements any significant price discovery contract traded or executed on an electronic trading facility.

Authorizes the CFTC to communicate to an electronic trading facility, with respect to a significant price discovery contract, the full facts concerning any transaction or market operation which, in the CFTC's judgment, disrupts or tends to disrupt any market, or is otherwise harmful or against the best interests of producers, consumers, or investors.

]]> CFTC Reauthorization Act of 2007 Display Title CFTC Reauthorization Act of 2007 Short Titles as Introduced CFTC Reauthorization Act of 2007 Official Title as Introduced To reauthorize and amend the Commodity Exchange Act to promote legal certainty, enhance competition, and reduce systemic risk in markets for futures and over-the-counter derivatives, and for other purposes. Introduced in House 2007-12-13T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110hr4626ih/xml/BILLS-110hr4626ih.xml 2008-04-25 Referred to the Subcommittee on General Farm Commodities and Risk Management. 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.