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

                                                  Union Calendar No. 63
112th CONGRESS
  1st Session
                                H. R. 1573

                  [Report No. 112-109, Parts I and II]

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

                             June 16, 2011

  Additional sponsors: Mr. Johnson of Illinois, Mr. Neugebauer, Mrs. 
Schmidt, Mr. Thompson of Pennsylvania, Mr. Crawford, Mrs. Ellmers, Mr. 
   Gibbs, Mr. Gibson, Mr. Hultgren, Mr. Ribble, Mr. Austin Scott of 
  Georgia, Mr. Kingston, Mr. Hensarling, Mr. Hanna, Ms. Jenkins, Mrs. 
    Hartzler, Mr. Coffman of Colorado, Mr. Yoder, and Mr. Goodlatte

                             June 16, 2011

  Reported from the Committee on Financial Services with an amendment
 [Strike out all after the enacting clause and insert the part printed 
                               in italic]


                             June 16, 2011

Reported from the Committee on Agriculture with an amendment, committed 
  to the Committee of the Whole House on the State of the Union, and 
                         ordered to be printed
 [Strike out all after the enacting clause and insert the part printed 
                           in boldface roman]
 [For text of introduced bill, see copy of bill as introduced on April 
                               15, 2011]

_______________________________________________________________________

                                 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; 15 U.S.C. 8302(f)) 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) Effective date.--(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) September 30, 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 September 30, 
                        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.
                    ``(C) Certain clearing provisions.--Section 3C of 
                the Securities Exchange Act of 1934 (15 U.S.C. 78c-3) 
                (except for subsections (e) and (h) of such section) 
                and the rules and regulations of the Securities and 
                Exchange Commission under such section shall take 
                effect on the date otherwise applicable to such 
                section.
                    ``(D) Authority relating to speculative trading.--
                Notwithstanding any other provision of this Act, this 
                subsection shall not delay the use of any authority 
                granted to the Securities and Exchange Commission and 
                the Commodity Futures Trading Commission to address 
                speculative trading, including the impact of such 
                trading on the markets, users, or investors and 
                consumers. The Commissions shall report to the 
                appropriate committees of Congress on the use of such 
                authority.
                    ``(E) Prohibition on federal bailouts.--
                Notwithstanding paragraph (2), section 716 of this Act 
                shall take effect on the date provided for in such 
                section.''.

SEC. 2. IMPLEMENTATION ANALYSIS.

    Section 712 of the Dodd-Frank Wall Street Reform and Consumer 
Protection Act (Public Law 111-203; 15 U.S.C. 8302), 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 that were added by 
                title VII of the Dodd-Frank Wall Street Reform and 
                Consumer Protection 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 alternate 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 4E 
the following:

``SEC. 4F. EXEMPTIVE AUTHORITY.

    ``(a) In General.--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 that were 
added by title VII of the Dodd-Frank Wall Street Reform and Consumer 
Protection 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) Condition on Compliance.--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.''.

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) Effective date.--(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) and sections 721(a)(4) and 721(f)), 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.--Notwithstanding 
                        any other provision of this Act, 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 
                        domestic 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 4E 
the following:

``SEC. 4F. EXEMPTIVE AUTHORITY.

    ``(a) In General.--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) Condition on Compliance.--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.''.
                                                  Union Calendar No. 63

112th CONGRESS

  1st Session

                               H. R. 1573

                  [Report No. 112-109, Parts I and II]

_______________________________________________________________________

                                 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.

_______________________________________________________________________

                             June 16, 2011

  Reported from the Committee on Financial Services with an amendment

                             June 16, 2011

Reported from the Committee on Agriculture with an amendment, committed 
  to the Committee of the Whole House on the State of the Union, and 
                         ordered to be printed