II 110th CONGRESS 2d Session S. 3122 IN THE SENATE OF THE UNITED STATES June 12, 2008 Ms. Cantwell (for herself and Ms. Snowe) introduced the following bill; which was read twice and referred to the Committee on Agriculture, Nutrition, and Forestry A BILL To amend the Commodity Exchange Act to provide for the regulation of oil commodities markets, and for other purposes.

1.

Short title

This Act may be cited as the Policing United States Oil Commodities Markets Act of 2008.

2.

Energy commodities and related swaps traded on foreign boards of trade

Section 5 of the Commodity Exchange Act (7 U.S.C. 7) is amended by adding at the end the following: (f)

Designation of certain contract markets and electronic trading facilities

(1)

Definition of covered market or facility

In this subsection, the term covered market or facility means a contract market or electronic trading facility— (A)that operates 1 or more trading terminals within the United States (including any territory or possession of the United States); (B)on which there is transacted or facilitated any agreement, contract, or transaction that serves a price discovery function for any energy commodity that is delivered in the United States; and (C)that is regulated by a foreign regulatory agency. (2)

Designation requirement

(A)

In general

Notwithstanding any other provision of this Act, not later than 180 days after the date of enactment of this subsection, a covered market or facility shall— (i)register with the Commission as a designated contract market under this section; and (ii)be subject to each rule established and regulation promulgated by the Commission (including each disclosure requirement that applies to a designated contract market). (B)

Effect on exemptions

Effective beginning on the earlier of the date of registration of a covered market or facility under subparagraph (A) or the date that is 180 days after the date of enactment of this subsection, the authority of each exemption provided to a covered market or facility relating to the registration of the covered market or facility as a designated contract market (including any no action letter issued by the Commission) shall terminate. .