[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1573 Introduced in House (IH)]

112th CONGRESS
  1st Session
                                H. R. 1573

To facilitate implementation of title VII of the Dodd-Frank Wall Street 
 Reform and Consumer Protection Act, promote regulatory coordination, 
                      and avoid market disruption.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 15, 2011

   Mr. Lucas (for himself, Mr. Bachus, Mr. Conaway, and Mr. Garrett) 
 introduced the following bill; which was referred to the Committee on 
 Financial Services, and in addition to the Committee on Agriculture, 
for a period to be subsequently determined by the Speaker, in each case 
for consideration of such provisions as fall within the jurisdiction of 
                        the committee concerned

_______________________________________________________________________

                                 A BILL


 
To facilitate implementation of title VII of the Dodd-Frank Wall Street 
 Reform and Consumer Protection Act, promote regulatory coordination, 
                      and avoid market disruption.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. EFFECTIVE DATES.

    Section 712(f) of the Dodd-Frank Wall Street Reform and Consumer 
Protection Act (Public Law 111-203) is amended to read as follows:
    ``(f) Rules and Registration Before Final Effective Dates.--
            ``(1) In general.--Beginning on the date of enactment of 
        this Act and notwithstanding the effective date of any 
        provision of this Act, the Commodity Futures Trading Commission 
        and the Securities and Exchange Commission may, in order to 
        prepare for the effective dates of the provisions of this Act--
                    ``(A) promulgate rules, regulations, or orders 
                permitted or required by this Act;
                    ``(B) conduct studies and prepare reports and 
                recommendations required by this Act;
                    ``(C) register persons under the provisions of this 
                Act; and
                    ``(D) exempt persons, agreements, contracts, or 
                transactions from provisions of this Act, under the 
                terms contained in this Act.
            ``(2)(A) Notwithstanding paragraph (1), an action by the 
        Commodity Futures Trading Commission or the Securities and 
        Exchange Commission described in paragraph (1) shall not become 
        effective before the effective date applicable to the action 
        under this Act, except as provided in paragraph (3).
            ``(B) Notwithstanding any provision of this Act (other than 
        paragraph (3)), this title and the regulations under this title 
        shall become effective on the latest of--
                    ``(i) December 31, 2012;
                    ``(ii) 90 days after the publication of the 
                relevant final rule or regulation in the Federal 
                Register or such later date as may be specified in the 
                final rule or regulation; or
                    ``(iii) the effective date otherwise applicable to 
                this title.
            ``(3) Exceptions.--
                    ``(A) Certain definitions.--Notwithstanding any 
                other provision of this Act, in order to assist persons 
                subject to this title in coming into compliance with 
                the provisions of this title on a timely basis, the 
                Commodity Futures Trading Commission and the Securities 
                and Exchange Commission, in consultation with the Board 
                of Governors, shall adopt definitions further defining 
                the terms specified in subsection (d)(1) not later than 
                360 days after the date of the enactment of this Act. 
                Such definitions shall become effective 90 days after 
                their publication in the Federal Register.
                    ``(B) Regulatory reporting.--
                            ``(i) Swap data reporting.--Sections 
                        2(h)(5) and 4r of the Commodity Exchange Act 
                        and the rules and regulations of the Commodity 
                        Futures Trading Commission issued under such 
                        sections shall become effective on the later 
                        of--
                                    ``(I) 90 days after the publication 
                                of the relevant final rule or 
                                regulation in the Federal Register, or 
                                such later date as may be specified in 
                                the final rule or regulation; or
                                    ``(II) the effective date otherwise 
                                applicable to such sections.
                            ``(ii) Security-based swap data 
                        reporting.--Sections 3C(e) and 13A(a) of the 
                        Securities Exchange Act of 1934 and the rules 
                        and regulations of the Securities and Exchange 
                        Commission issued under such sections shall 
                        become effective on the later of--
                                    ``(I) 90 days after the publication 
                                of the relevant final rule or 
                                regulation in the Federal Register, or 
                                such later date as may be specified in 
                                the rule or regulation; or
                                    ``(II) the effective date otherwise 
                                applicable to such sections.
                            ``(iii) Swap data repositories.--To 
                        facilitate compliance, before December 31, 
                        2012, with the regulatory reporting provisions 
                        of this section, the Commodity Futures Trading 
                        Commission and the Securities and Exchange 
                        Commission may authorize the reporting of swap 
                        data and security-based swap data to any person 
                        then conducting the business described in 
                        section 1a(48) of the Commodity Exchange Act (7 
                        U.S.C. 1a(48)) or section 3(a)(75) of the 
                        Securities Exchange Act of 1934 (15 U.S.C. 
                        78m), respectively, who has--
                                    ``(I) provided notice to the 
                                relevant Commission of its intention to 
                                register as a swap data repository or 
                                security-based swap data repository, as 
                                applicable; and
                                    ``(II) made such undertakings to 
                                the relevant Commission as such 
                                Commission has determined to be 
                                appropriate and in the public interest, 
                                consistent with this title.''.

SEC. 2. IMPLEMENTATION ANALYSIS.

    Section 712 of the Dodd-Frank Wall Street Reform and Consumer 
Protection Act (Public Law 111-203), as amended by section 1 of this 
Act, is amended by adding at the end the following:
    ``(g) Implementation Analysis.--Notwithstanding any other provision 
of this title, the Commodity Futures Trading Commission and the 
Securities and Exchange Commission shall, before prescribing final 
rules and regulations under this title--
            ``(1) conduct public hearings and roundtables and take 
        testimony of affected market participants, experts and other 
        interested parties, and solicit public comment, regarding--
                    ``(A) the time and resources that would be required 
                of affected parties in order to develop systems and 
                infrastructure necessary to comply with any rules and 
                regulations proposed or then contemplated by the 
                relevant Commission;
                    ``(B) any alternative approaches capable of 
                accomplishing the relevant Commission's rulemaking 
                objectives; and
                    ``(C) the time and resources that would be required 
                of affected parties in order to develop policies and 
                procedures designed to comply with any rules and 
                regulations proposed or then contemplated by the 
                relevant Commission, and
            ``(2) take such testimony and comment into account in--
                    ``(A) performing the cost-benefit analysis required 
                under Federal law in connection with its adoption of 
                the relevant final rules and regulations; and
                    ``(B) determining the effective date of the 
                relevant final rules and regulations.''.

SEC. 3. REGULATORY COORDINATION.

    (a) Commodity Futures Trading Commission.--Section 2(a)(1) of the 
Commodity Exchange Act (7 U.S.C. 2(a)(1)) is amended by adding at the 
end the following:
                    ``(J)(i) Notwithstanding any other provision of 
                this Act, the Commission may exempt, in whole or in 
                part, a person from the registration and related 
                regulatory requirements of this Act if and to the 
                extent that the Commission determines that--
                            ``(I) the person is subject to 
                        comprehensive supervision and regulation under 
                        a regulatory scheme administered by another 
                        regulatory authority or the appropriate 
                        governmental authorities in the person's home 
                        country that is comparable to the relevant 
                        provisions of this Act,
                            ``(II) adequate information-sharing 
                        arrangements are in effect between the 
                        Commission and the other regulatory authority, 
                        and
                            ``(III) the exemption would be consistent 
                        with the public interest.
                    ``(ii) The Commission may condition any such 
                exemption on compliance with all or any part of the 
                alternate regulatory scheme, and on such other terms as 
                the Commission determines appropriate, and may deem any 
                noncompliance with the altrernate regulatory scheme or 
                other terms a violation of the corresponding provisions 
                of this Act.''.
    (b) Securities and Exchange Commission.--The Securities Exchange 
Act of 1934 (15 U.S.C. 78m) is amended by inserting after section 4C 
the following:

``SEC. 4D. EXEMPTIVE AUTHORITY.

    ``(a) Notwithstanding any other provision of this Act, the 
Commission may exempt, in whole or in part, a person from the 
registration and related regulatory requirements of this Act if and to 
the extent that the Commission determines that--
            ``(1) the person is subject to comprehensive supervision 
        and regulation under a regulatory scheme administered by 
        another regulatory authority or the appropriate governmental 
        authorities in the person's home country that is comparable to 
        the relevant provisions of this Act;
            ``(2) adequate information-sharing arrangements are in 
        effect with the other regulatory authority; and
            ``(3) the exemption would be consistent with the protection 
        of investors.
    ``(b) The Commission may condition any such exemption on compliance 
with all or any part of the alternate regulatory scheme, and such other 
terms as the Commission determines appropriate, and may deem any 
noncompliance with the alternate regulatory scheme or other terms a 
violation of the corresponding provisions of this Act.''.
                                 <all>