3.0.0 3129 2019-11-15T21:44:46Z 2019-11-15T21:44:46Z Senate S S 2008-06-12 110 ssaf00 Agriculture, Nutrition, and Forestry Committee Senate Standing Referred to 2008-06-12T21:29:51Z Close the London Loophole Act of 2008 110 6284 HR 2008-10-03 Referred to the Subcommittee on General Farm Commodities and Risk Management. Identical bill CRS 2008-06-12 ssaf00 Agriculture, Nutrition, and Forestry Committee Senate Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry. IntroReferral 2008-06-12 Sponsor introductory remarks on measure. (CR S5627-5628) IntroReferral B00100 9 Library of Congress 2008-06-12 Introduced in Senate IntroReferral 10000 9 Library of Congress L000261 Sen. Levin, Carl [D-MI] CARL LEVIN D MI MILTON N F000062 Sen. Feinstein, Dianne [D-CA] Dianne Feinstein D CA 2008-06-12 True D000563 Sen. Durbin, Richard J. [D-IL] Richard Durbin D IL J. 2008-06-12 True D000432 Sen. Dorgan, Byron L. [D-ND] BYRON DORGAN D ND LESLIE 2008-06-12 True B000468 Sen. Bingaman, Jeff [D-NM] JESSE BINGAMAN D NM FRANCIS 2008-06-12 True Finance and Financial Sector Commerce Commodity exchanges Crime and Law Enforcement Derivative securities Energy Energy prices Foreign Trade and International Finance Fraud Petroleum Prices Prosecution Restrictive trade practices Finance and Financial Sector 00 2008-06-12 Introduced in Senate 2008-07-21T21:15:11Z Close the London Loophole Act of 2008 - Amends the Commodity Exchange Act to authorize the Commodity Futures Trading Commission (CFTC), in the case of a registered entity located within the United States, and subject to CFTC jurisdiction, which trades on a foreign board of trade, exchange, or market located outside the United States, to: (1) enforce criminal prosecution of violations, including manipulation or attempted manipulation, the making of false statements, and willful violations of this Act; (2) require a person to limit, reduce, or liquidate any position to prevent or reduce the threat of price manipulation, excessive speculation, price distortion, or disruption of delivery or the cash settlement process; and (3) apply necessary recordkeeping requirements.

Addresses the kind of case in which the CFTC grants or considers granting relief to a foreign board of trade from the requirement that it become a designated contract market, derivatives transaction execution facility, or other registered entity with respect to an energy commodity physically delivered in the United States. Requires the CFTC, before granting or considering such relief, to determine that the foreign board of trade: (1) applies comparable principles or requirements regarding the daily publication of trading information and position limits or accountability levels for speculators as apply to a designated contract market, derivatives transaction execution facility, or other registered entity trading energy commodities physically delivered in the United States; and (2) provides such information to the CFTC regarding the extent of speculative and nonspeculative trading in the energy commodity that is comparable to the information the CFTC determines necessary to publish a Commitment of Traders report for such a designated contract market, derivatives transaction execution facility, or other registered entity.

]]> Close the London Loophole Act of 2008 Short Titles as Introduced Close the London Loophole Act of 2008 Display Title Close the London Loophole Act of 2008 Official Title as Introduced A bill to amend the Commodity Exchange Act to prevent price manipulation and excessive speculation and to increase transparency with respect to energy trading on foreign exchanges conducted within the United States. Introduced in Senate 2008-06-12T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s3129is/xml/BILLS-110s3129is.xml 2008-06-12 Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry. 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.