[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4413 Introduced in House (IH)]

113th CONGRESS
  2d Session
                                H. R. 4413

  To reauthorize the Commodity Futures Trading Commission, to better 
protect futures customers, to provide end users with market certainty, 
to make basic reforms to ensure transparency and accountability at the 
 Commission, to help farmers, ranchers, and end users manage risks to 
         help keep consumer costs low, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 7, 2014

Mr. Lucas (for himself, Mr. Peterson, Mr. Conaway, and Mr. David Scott 
 of Georgia) introduced the following bill; which was referred to the 
                        Committee on Agriculture

_______________________________________________________________________

                                 A BILL


 
  To reauthorize the Commodity Futures Trading Commission, to better 
protect futures customers, to provide end users with market certainty, 
to make basic reforms to ensure transparency and accountability at the 
 Commission, to help farmers, ranchers, and end users manage risks to 
         help keep consumer costs low, and for other purposes.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Customer Protection and End User 
Relief Act''.

SEC. 2. TABLE OF CONTENTS.

    The table of contents of this Act is as follows:

Sec. 1. Short title.
Sec. 2. Table of contents.
                     TITLE I--CUSTOMER PROTECTIONS

Sec. 101. Short title.
Sec. 102. Enhanced protections for futures customers.
Sec. 103. Electronic confirmation of customer funds.
Sec. 104. Notice and certifications providing additional customer 
                            protections.
Sec. 105. Futures commission merchant compliance.
Sec. 106. Certainty for futures customers and market participants.
Sec. 107. Study on high-frequency trading.
         TITLE II--COMMODITY FUTURES TRADING COMMISSION REFORMS

Sec. 201. Short title.
Sec. 202. Extension of operations.
Sec. 203. Consideration by the Commodity Futures Trading Commission of 
                            the costs and benefits of its regulations 
                            and orders.
Sec. 204. Division directors.
Sec. 205. Office of the Chief Economist.
Sec. 206. Procedures governing actions taken without a commission vote.
Sec. 207. Strategic technology plan.
Sec. 208. Internal risk controls.
Sec. 209. Subpoena duration and renewal.
Sec. 210. Implementation plan for Commission rulemakings.
Sec. 211. Applicability of notice and comment requirements of the 
                            Administrative Procedure Act to guidance 
                            voted on by the Commission.
Sec. 212. Judicial review of Commission rules.
Sec. 213. GAO study on adequacy of CFTC resources.
                       TITLE III--END-USER RELIEF

Sec. 301. Short title.
        Subtitle A--End-User Exemption From Margin Requirements

Sec. 311. End-user margin requirements.
Sec. 312. Implementation.
                   Subtitle B--Inter-Affiliate Swaps

Sec. 321. Treatment of affiliate transactions.
     Subtitle C--Indemnification Requirements Related to Swap Data 
                              Repositories

Sec. 331. Indemnification requirements.
               Subtitle D--Relief for Municipal Utilities

Sec. 341. Transactions with utility special entities.
Sec. 342. Utility special entity defined.
Sec. 343. Utility operations-related swap.
                 Subtitle E--End-User Regulatory Relief

Sec. 351. End users not treated as financial entities.
Sec. 352. Reporting of illiquid swaps so as to not disadvantage certain 
                            non-financial end users.
Sec. 353. Relief for grain elevator operators, farmers, agricultural 
                            counterparties, and commercial market 
                            participants.
Sec. 354. Relief for end users who use physical contracts with 
                            volumetric optionality.
Sec. 355. Commission vote required before automatic change of swap 
                            dealer de minimis level.
Sec. 356. Capital requirements for non-bank swap dealers.
Sec. 357. Harmonization with the Jumpstart Our Business Startups Act.
Sec. 358. Bona fide hedge defined to protect end user risk management 
                            needs.
Sec. 359. Cross-border regulation of derivatives transactions.
                       Subtitle F--Effective Date

Sec. 371. Effective date.

                     TITLE I--CUSTOMER PROTECTIONS

SEC. 101. SHORT TITLE.

    This title may be cited as the ``Futures Customer Protection Act''.

SEC. 102. ENHANCED PROTECTIONS FOR FUTURES CUSTOMERS.

    Section 17 of the Commodity Exchange Act (7 U.S.C. 21) is amended 
by adding at the end the following:
    ``(s) A registered futures association shall--
            ``(1) require each member of the association that is a 
        futures commission merchant to maintain written policies and 
        procedures regarding the maintenance of--
                    ``(A) the residual interest of the member, as 
                described in section 1.23 of title 17, Code of Federal 
                Regulations, in any customer segregated funds account 
                of the member, as identified in section 1.20 of such 
                title, and in any foreign futures and foreign options 
                customer secured amount funds account of the member, as 
                identified in section 30.7 of such title; and
                    ``(B) the residual interest of the member, as 
                described in section 22.2(e)(4) of such title, in any 
                cleared swaps customer collateral account of the 
                member, as identified in section 22.2 of such title; 
                and
            ``(2) establish rules to govern the withdrawal, transfer or 
        disbursement by any member of the association, that is a 
        futures commission merchant, of the member's residual interest 
        in customer segregated funds as provided in such section 1.20, 
        in foreign futures and foreign options customer secured amount 
        funds, identified as provided in such section 30.7, and from a 
        cleared swaps customer collateral, identified as provided in 
        such section 22.2.''.

SEC. 103. ELECTRONIC CONFIRMATION OF CUSTOMER FUNDS.

    Section 17 of the Commodity Exchange Act (7 U.S.C. 21), as amended 
by section 102 of this Act, is amended by adding at the end the 
following:
    ``(t) A registered futures association shall require any member of 
the association that is a futures commission merchant to--
            ``(1) use an electronic system or systems to report 
        financial and operational information to the association, 
        including information related to customer segregated funds, 
        foreign futures and foreign options customer secured amount 
        funds accounts, and cleared swaps customer collateral, in 
        accordance with such terms, conditions, documentation 
        standards, and regular time intervals as are established by the 
        association;
            ``(2) instruct each depository, including any bank, trust 
        company, derivatives clearing organization, or futures 
        commission merchant, holding customer segregated funds under 
        section 1.20 of title 17, Code of Federal Regulations, foreign 
        futures and foreign options customer secured amount funds under 
        section 30.7 of such title, or cleared swap customer funds 
        under section 22.2 of such title, to report balances in the 
        futures commission merchant's section 1.20 customer segregated 
        funds, section 30.7 foreign futures and foreign options 
        customer secured amount funds, and section 22.2 cleared swap 
        customer funds, to the registered futures association or 
        another party designated by the registered futures association, 
        in the form, manner, and interval prescribed by the registered 
        futures association; and
            ``(3) hold section 1.20 customer segregated funds, section 
        30.7 foreign futures and foreign options customer secured 
        amount funds and section 22.2 cleared swaps customer funds in a 
        depository that reports the balances in these accounts of the 
        futures commission merchant held at the depository to the 
        registered futures association or another party designated by 
        the registered futures association in the form, manner, and 
        interval prescribed by the registered futures association.''.

SEC. 104. NOTICE AND CERTIFICATIONS PROVIDING ADDITIONAL CUSTOMER 
              PROTECTIONS.

    Section 17 of the Commodity Exchange Act (7 U.S.C. 21), as amended 
by sections 102 and 103 of this Act, is amended by adding at the end 
the following:
    ``(u) A futures commission merchant that has adjusted net capital 
in an amount less than the amount required by regulations established 
by the Commission or a self-regulatory organization of which the 
futures commission merchant is a member shall immediately notify the 
Commission and the self-regulatory organization of this occurrence.
    ``(v) A futures commission merchant that does not hold a sufficient 
amount of funds in segregated accounts for futures customers under 
section 1.20 of title 17, Code of Federal Regulations, in foreign 
futures and foreign options secured amount accounts for foreign futures 
and foreign options secured amount customers under section 30.7 of such 
title, or in segregated accounts for cleared swap customers under 
section 22.2 of such title, as required by regulations established by 
the Commission or a self-regulatory organization of which the futures 
commission merchant is a member, shall immediately notify the 
Commission and the self-regulatory organization of this occurrence.
    ``(w) Within such time period established by the Commission after 
the end of each fiscal year, a futures commission merchant shall file 
with the Commission a report from the chief compliance officer of the 
futures commission merchant containing an assessment of the internal 
compliance programs of the futures commission merchant.''.

SEC. 105. FUTURES COMMISSION MERCHANT COMPLIANCE.

    (a) In General.--Section 4d(a) of the Commodity Exchange Act (7 
U.S.C. 6d(a)) is amended--
            (1) by redesignating paragraphs (1) and (2) as 
        subparagraphs (A) and (B) and by moving the margins of such 
        subparagraphs two ems to the right;
            (2) by inserting ``(1)'' before ``It shall be unlawful''; 
        and
            (3) by adding at the end the following new paragraph:
            ``(2) Any rules or regulations requiring a futures 
        commission merchant to maintain a residual interest in accounts 
        held for the benefit of customers in amounts at least 
        sufficient to exceed the sum of all uncollected margin deficits 
        of such customers shall provide that a futures commission 
        merchant shall meet its residual interest requirement as of the 
        end of each business day calculated as of the close of business 
        on the previous business day.''.
    (b) Conforming Amendment.--Section 4d(h) of the Commodity Exchange 
Act (7 U.S.C. 6d(h)) is amended by striking ``Notwithstanding 
subsection (a)(2)'' and inserting ``Notwithstanding subsection 
(a)(1)(B)''.

SEC. 106. CERTAINTY FOR FUTURES CUSTOMERS AND MARKET PARTICIPANTS.

    Section 20(a) of the Commodity Exchange Act (7 U.S.C. 24(a)) is 
amended--
            (1) by striking ``and'' at the end of paragraph (4);
            (2) by striking the period at the end of paragraph (5) and 
        inserting ``; and''; and
            (3) by adding at the end the following:
            ``(6) that cash, securities, or other property of the 
        estate of a commodity broker, including the trading or 
        operating accounts of the commodities broker and commodities 
        held in inventory by the commodity broker, shall be included in 
        customer property, but only to the extent that the property 
        that is otherwise customer property is insufficient to satisfy 
        the net equity claims of public customers (as such term may be 
        defined by the Commission by rule or regulation) of the 
        commodity broker.''.

SEC. 107. STUDY ON HIGH-FREQUENCY TRADING.

    (a) In General.--Not later than one year after the date of the 
enactment of this Act, the Commodity Futures Trading Commission shall 
submit to the Committee on Agriculture of the House of Representatives 
and the Committee on Agriculture, Nutrition, and Forestry of the Senate 
a report examining the effect of the practice commonly referred to as 
high-frequency trading on markets under its jurisdiction.
    (b) Specific Areas Examined in Report.--In preparing the report 
submitted under subsection (a), the Commission shall particularly 
examine each of the following areas:
            (1) The technology, personnel, or other resources the 
        Commission may require for purposes of monitoring the effect of 
        high-frequency trading.
            (2) The role such trading plays in providing market 
        liquidity.
            (3) Whether the technology creates discrepancies in the 
        marketplace between market participants.
            (4) Whether the existing authority of the Commission with 
        respect to such trading is sufficient to meet the Commission's 
        mission to--
                    (A) protect market participants and the public from 
                fraud, manipulation, abusive practices, and systemic 
                risk related to derivatives; and
                    (B) foster transparent, open, competitive, and 
                financially sound markets.

         TITLE II--COMMODITY FUTURES TRADING COMMISSION REFORMS

SEC. 201. SHORT TITLE.

    This title may be cited as the ``Commodity Futures Trading 
Commission Reform Act''.

SEC. 202. EXTENSION OF OPERATIONS.

    Section 12(d) of the Commodity Exchange Act (7 U.S.C. 16(d)) is 
amended by striking ``2013'' and inserting ``2018''.

SEC. 203. CONSIDERATION BY THE COMMODITY FUTURES TRADING COMMISSION OF 
              THE COSTS AND BENEFITS OF ITS REGULATIONS AND ORDERS.

    Section 15(a) of the Commodity Exchange Act (7 U.S.C. 19(a)) is 
amended by striking paragraphs (1) and (2) and inserting the following:
            ``(1) In general.--Before promulgating a regulation under 
        this Act or issuing an order (except as provided in paragraph 
        (3)), the Commission, through the Office of the Chief 
        Economist, shall assess and publish in the regulation or order 
        the costs and benefits, both qualitative and quantitative, of 
        the proposed regulation or order, and the proposed regulation 
        or order shall state its statutory justification.
            ``(2) Considerations.--In making a reasoned determination 
        of the costs and the benefits, the Commission shall evaluate--
                    ``(A) considerations of protection of market 
                participants and the public;
                    ``(B) considerations of the efficiency, 
                competitiveness, and financial integrity of futures and 
                swaps markets;
                    ``(C) considerations of the impact on market 
                liquidity in the futures and swaps markets;
                    ``(D) considerations of price discovery;
                    ``(E) considerations of sound risk management 
                practices;
                    ``(F) available alternatives to direct regulation;
                    ``(G) the degree and nature of the risks posed by 
                various activities within the scope of its 
                jurisdiction;
                    ``(H) the costs of complying with the proposed 
                regulation or order by all regulated entities, 
                including a methodology for quantifying the costs 
                (recognizing that some costs are difficult to 
                quantify);
                    ``(I) whether the proposed regulation or order is 
                inconsistent, incompatible, or duplicative of other 
                Federal regulations or orders;
                    ``(J) whether, in choosing among alternative 
                regulatory approaches, those approaches maximize net 
                benefits (including potential economic and other 
                benefits, distributive impacts, and equity); and
                    ``(K) other public interest considerations.''.

SEC. 204. DIVISION DIRECTORS.

    Section 2(a)(6)(C) of the Commodity Exchange Act (7 U.S.C. 
2(a)(6)(C)) is amended by inserting ``, and the heads of the units 
shall serve at the pleasure of the Commission, report directly to the 
Commission, and perform such functions and duties as the Commission may 
prescribe'' before the period.

SEC. 205. OFFICE OF THE CHIEF ECONOMIST.

    (a) In General.--Section 2(a) of the Commodity Exchange Act (7 
U.S.C. 2(a)) is amended by adding at the end the following:
            ``(17) Office of the chief economist.--
                    ``(A) Establishment.--There is established in the 
                Commission the Office of the Chief Economist.
                    ``(B) Head.--The Office of the Chief Economist 
                shall be headed by the Chief Economist, who shall be 
                appointed by the Commission and serve at the pleasure 
                of the Commission.
                    ``(C) Functions.--The Chief Economist shall report 
                directly to the Commission and perform such functions 
                and duties as the Commission may prescribe.
                    ``(D) Professional staff.--The Commission shall 
                appoint such other economists as may be necessary to 
                assist the Chief Economist in performing such economic 
                analysis, regulatory cost-benefit analysis, or research 
                the Commission may direct.''.
    (b) Conforming Amendment.--Section 2(a)(6)(A) of such Act (7 U.S.C. 
2(a)(6)(A)) is amended by striking ``(4) and (5)'' and inserting ``(4), 
(5), and (17)''.

SEC. 206. PROCEDURES GOVERNING ACTIONS TAKEN WITHOUT A COMMISSION VOTE.

    Section 2(a)(12) of the Commodity Exchange Act (7 U.S.C. 2(a)(12)) 
is amended--
            (1) by striking ``(12) The'' and inserting the following:
            ``(12) Rules and regulations.--
                    ``(A) In general.--Subject to the other provisions 
                of this paragraph, the''; and
            (2) by adding after and below the end the following new 
        subparagraph:
                    ``(B) Notice to commission.--
                            ``(i) General rule.--A division or office 
                        of the Commission may not issue an interpretive 
                        rule of general applicability, a statement of 
                        general policy, a response to a formal, written 
                        request or petition from any member of the 
                        public for guidance, or an exemptive, a no-
                        action, or an interpretive letter, unless, at 
                        least 7 calendar days before the issuance, the 
                        division or office has provided the Commission 
                        with a copy of the matter to be issued.
                            ``(ii) Opportunity for meeting required.--
                        After receiving a copy of the matter provided 
                        in accordance with clause (i), any member of 
                        the Commission may request that the Commission 
                        hold a meeting to review the matter, and the 
                        Chairman shall immediately put any such request 
                        for a meeting before the Commission, and if the 
                        Commission decides to hold the meeting by a 
                        majority vote, the matter may not be issued 
                        until the Commission has concluded the meeting.
                            ``(iii) Limitations on applicability.--By a 
                        majority vote, the Commission may waive the 7-
                        day prior notice requirement of clause (i) when 
                        the Commission finds that requiring such a 
                        notice would be impracticable, unnecessary, or 
                        contrary to the public interest.''.

SEC. 207. STRATEGIC TECHNOLOGY PLAN.

    Section 2(a) of the Commodity Exchange Act (7 U.S.C. 2(a)), as 
amended by section 204(a) of this Act, is amended by adding at the end 
the following:
            ``(18) Strategic technology plan.--
                    ``(A) In general.--Every 5 years, the Commission 
                shall develop and submit to the Committee on 
                Agriculture of the House of Representatives and the 
                Committee on Agriculture, Nutrition, and Forestry of 
                the Senate a detailed plan focused on the acquisition 
                and use of technology by the Commission.
                    ``(B) Contents.--The plan shall--
                            ``(i) include for each related division or 
                        office a detailed technology strategy focused 
                        exclusively on market surveillance and risk 
                        detection, market data collection, aggregation, 
                        interpretation, standardization, harmonization, 
                        streamlining, and internal management and 
                        protection of data collected by the Commission, 
                        including a detailed accounting of how the 
                        funds provided for technology will be used and 
                        the priorities that will apply in the use of 
                        the funds; and
                            ``(ii) set forth annual goals to be 
                        accomplished and annual budgets needed to 
                        accomplish the goals.''.

SEC. 208. INTERNAL RISK CONTROLS.

    (a) In General.--Section 2(a)(12) of the Commodity Exchange Act (7 
U.S.C. 2(a)(12)), as amended by section 206 of this Act, is amended by 
adding at the end the following:
                    ``(C) Internal risk controls.--The Commission staff 
                and the Chief Economist shall develop comprehensive 
                internal risk control mechanisms to safeguard and 
                govern the storage of all market data by the 
                Commission, all market data sharing agreements of the 
                Commission, and all academic research performed at the 
                Commission using market data.''.
    (b) Reports to the Congress.--
            (1) Content.--The Commission shall submit to the Committee 
        on Agriculture of the House of Representatives and the 
        Committee on Agriculture, Nutrition, and Forestry of the Senate 
        2 reports on the progress made in implementing the internal 
        risk controls provided for in section 2(a)(12)(C) of the 
        Commodity Exchange Act.
            (2) Timing.--The Commission shall submit the 1st report 
        required by paragraph (1) within 60 days after the date of the 
        enactment of this Act, and the 2nd such report within 120 days 
        after such date of enactment.

SEC. 209. SUBPOENA DURATION AND RENEWAL.

    Section 6(c)(5) of the Commodity Exchange Act (7 U.S.C. 9(5)) is 
amended--
            (1) by striking ``(5) Subpoena.--For'' and inserting the 
        following:
            ``(5) Subpoena.--
                    ``(A) In general.--For''; and
            (2) by adding after and below the end the following:
                    ``(B) Content of subpoena order.--An order of the 
                Commission authorizing the issuance of a subpoena--
                            ``(i) shall state in good faith the purpose 
                        of the investigation;
                            ``(ii) shall require only the provision of 
                        information reasonably relevant to that 
                        purpose; and
                            ``(iii) shall not be for an indefinite 
                        duration.
                    ``(C) Renewal.--An order issued under this 
                paragraph may be renewed only by Commission action.''.

SEC. 210. IMPLEMENTATION PLAN FOR COMMISSION RULEMAKINGS.

    Section 2(a)(12) of the Commodity Exchange Act (7 U.S.C. 2(a)(12)), 
as amended by sections 206 and 208(a) of this Act, is amended by adding 
at the end the following:
                    ``(E) Requirement to publish implementation plan 
                for commission rules.--The Commission shall direct its 
                staff to develop and publish in any proposed rule a 
                plan for--
                            ``(i) when and for how long the proposed 
                        rule will be subject to public comment; and
                            ``(ii) by when compliance with the final 
                        rule will be required.''.

SEC. 211. APPLICABILITY OF NOTICE AND COMMENT REQUIREMENTS OF THE 
              ADMINISTRATIVE PROCEDURE ACT TO GUIDANCE VOTED ON BY THE 
              COMMISSION.

    Section 2(a)(12) of the Commodity Exchange Act (7 U.S.C. 2(a)(12)), 
as amended by sections 206, 208(a), and 210 of this Act, is amended by 
adding at the end the following:
                    ``(F) Applicability of notice and comment rules to 
                guidance voted on by the commission.--The notice and 
                comment requirements of chapter 5 of title 5, United 
                States Code, shall also apply with respect to any 
                guidance issued by the Commission after being voted on 
                by the Commission.''.

SEC. 212. JUDICIAL REVIEW OF COMMISSION RULES.

    The Commodity Exchange Act (7 U.S.C. 1 et seq.) is amended by 
adding at the end the following:

``SEC. 24. JUDICIAL REVIEW OF COMMISSION RULES.

    ``(a) A person aggrieved by a final rule of the Commission under 
this Act may obtain review of the rule in the United States Court of 
Appeals for the District of Columbia Circuit or the United States Court 
of Appeals for the circuit where the party resides, by filing in the 
court, within 60 days after publication in the Federal Register of the 
entry of the rule, a written petition requesting that the rule be 
modified or set aside in whole or in part.
    ``(b) A copy of the petition shall be transmitted forthwith by the 
clerk of the court to an officer designated by the Commission for that 
purpose. Thereupon the Commission shall file in the court the record on 
which the rule complained of is entered, as provided in section 2112 of 
title 28, United States Code, and the Federal Rules of Appellate 
Procedure.
    ``(c) On the filing of the petition, the court has jurisdiction, 
which becomes exclusive on the filing of the record, to affirm or 
modify and enforce or to set aside the rule in whole or in part.
    ``(d) The findings of the Commission as to the facts identified by 
the Commission as the basis, in whole or in part, of the rule, if 
supported by substantial evidence, are conclusive. The court shall 
affirm and enforce the rule unless the Commission's action in 
promulgating the rule is found to be arbitrary, capricious, an abuse of 
discretion, or otherwise not in accordance with law; contrary to 
constitutional right, power, privilege, or immunity; in excess of 
statutory jurisdiction, authority, or limitations, or short of 
statutory right; or without observance of procedure required by law.
    ``(e) If either party applies to the court for leave to adduce 
additional evidence and shows to the satisfaction of the court that the 
additional evidence is material and that there was reasonable ground 
for failure to adduce it before the Commission, the court may remand 
the case to the Commission for further proceedings, in whatever manner 
and on whatever conditions the court considers appropriate. If the case 
is remanded to the Commission, it shall file in the court a 
supplemental record containing any new evidence, any further or 
modified findings, and any new order.''.

SEC. 213. GAO STUDY ON ADEQUACY OF CFTC RESOURCES.

    (a) Study.--The Comptroller General of the United States shall 
conduct a study of the resources of the Commodity Futures Trading 
Commission that--
            (1) assesses whether the resources of the Commission are 
        sufficient to enable the Commission to effectively carry out 
        the duties of the Commission; and
            (2) examines the prior expenditures of the Commission on 
        hardware, software, and analytical processes designed to 
        protect customers in the areas of--
                    (A) market surveillance and risk detection; and
                    (B) market data collection, aggregation, 
                interpretation, standardization, harmonization, and 
                streamlining.
    (b) Report.--Not later than 180 days after the date of the 
enactment of this Act, the Comptroller General of the United States 
shall submit to the Committee on Agriculture of the House of 
Representatives and the Committee on Agriculture, Nutrition, and 
Forestry of the Senate a report that contains the results of the study.

                       TITLE III--END-USER RELIEF

SEC. 301. SHORT TITLE.

    This title may be cited as the ``End-User Relief and Market 
Certainty Act''.

        Subtitle A--End-User Exemption From Margin Requirements

SEC. 311. END-USER MARGIN REQUIREMENTS.

    Section 4s(e) of the Commodity Exchange Act (7 U.S.C. 6s(e)) is 
amended by adding at the end the following new paragraph:
            ``(4) Applicability with respect to counterparties.--The 
        requirements of paragraphs (2)(A)(ii) and (2)(B)(ii), including 
        the initial and variation margin requirements imposed by rules 
        adopted pursuant to paragraphs (2)(A)(ii) and (2)(B)(ii), shall 
        not apply to a swap in which a counterparty qualifies for an 
        exception under section 2(h)(7)(A), or an exemption issued 
        under section 4(c)(1) from the requirements of section 
        2(h)(1)(A) for cooperative entities as defined in such 
        exemption, or satisfies the criteria in section 2(h)(7)(D).''.

SEC. 312. IMPLEMENTATION.

    The amendment made by this subtitle shall be implemented--
            (1) without regard to--
                    (A) chapter 35 of title 44, United States Code; and
                    (B) the notice and comment provisions of section 
                553 of title 5, United States Code;
            (2) through the promulgation of an interim final rule, 
        pursuant to which public comment will be sought before a final 
        rule is issued; and
            (3) such that paragraph (1) shall apply solely to changes 
        to rules and regulations, or proposed rules and regulations, 
        that are limited to and directly a consequence of the 
        amendment.

                   Subtitle B--Inter-Affiliate Swaps

SEC. 321. TREATMENT OF AFFILIATE TRANSACTIONS.

    (a) In General.--Section 2(h)(7)(D)(i) of the Commodity Exchange 
Act (7 U.S.C. 2(h)(7)(D)(i)) is amended to read as follows:
                            ``(i) In general.--An affiliate of a person 
                        that qualifies for an exception under 
                        subparagraph (A) (including affiliate entities 
                        predominantly engaged in providing financing 
                        for the purchase of the merchandise or 
                        manufactured goods of the person) may qualify 
                        for the exception only if the affiliate enters 
                        into the swap to hedge or mitigate the 
                        commercial risk of the person or other 
                        affiliate of the person that is not a financial 
                        entity, provided that if the transfer of 
                        commercial risk is addressed by entering into a 
                        swap with a swap dealer or major swap 
                        participant, a credit support measure or other 
                        mechanism is utilized.''.
    (b) Applicability of Credit Support Measure Requirement.--
Notwithstanding section 371 of this Act, the requirement in section 
2(h)(7)(D)(i) of the Commodity Exchange Act, as amended by subsection 
(a), requiring that a credit support measure or other mechanism be 
utilized if the transfer of commercial risk referred to in such section 
is addressed by entering into a swap with a swap dealer or major swap 
participant, shall not apply with respect to swaps entered into before 
the date of the enactment of this Act.

     Subtitle C--Indemnification Requirements Related to Swap Data 
                              Repositories

SEC. 331. INDEMNIFICATION REQUIREMENTS.

    (a) Derivatives Clearing Organizations.--Section 5b(k)(5) of the 
Commodity Exchange Act (7 U.S.C. 7a-1(k)(5)) is amended to read as 
follows:
            ``(5) Confidentiality agreement.--Before the Commission may 
        share information with any entity described in paragraph (4), 
        the Commission shall receive a written agreement from each 
        entity stating that the entity shall abide by the 
        confidentiality requirements described in section 8 relating to 
        the information on swap transactions that is provided.''.
    (b) Swap Data Repositories.--Section 21(d) of such Act (7 U.S.C. 
24a(d)) is amended to read as follows:
    ``(d) Confidentiality Agreement.--Before the swap data repository 
may share information with any entity described in subsection (c)(7), 
the swap data repository shall receive a written agreement from each 
entity stating that the entity shall abide by the confidentiality 
requirements described in section 8 relating to the information on swap 
transactions that is provided.''.

               Subtitle D--Relief for Municipal Utilities

SEC. 341. TRANSACTIONS WITH UTILITY SPECIAL ENTITIES.

    Section 1a(49) of the Commodity Exchange Act (7 U.S.C. 1a(49)) is 
amended by adding at the end the following:
                    ``(E) Certain transactions with a utility special 
                entity.--
                            ``(i) Transactions in utility operations-
                        related swaps shall be reported pursuant to 
                        section 4r.
                            ``(ii) In making a determination to exempt 
                        pursuant to subparagraph (D), the Commission 
                        shall treat a utility operations-related swap 
                        entered into with a utility special entity, as 
                        defined in section 4s(h)(2)(D), as if it were 
                        entered into with an entity that is not a 
                        special entity, as defined in section 
                        4s(h)(2)(C).''.

SEC. 342. UTILITY SPECIAL ENTITY DEFINED.

    Section 4s(h)(2) of the Commodity Exchange Act (7 U.S.C. 6s(h)(2)) 
is amended by adding at the end the following:
                    ``(D) Utility special entity.--For purposes of this 
                Act, the term `utility special entity' means a special 
                entity, or any instrumentality, department, or 
                corporation of or established by a State or political 
                subdivision of a State, that--
                            ``(i) owns or operates an electric or 
                        natural gas facility or an electric or natural 
                        gas operation;
                            ``(ii) supplies natural gas and or electric 
                        energy to another utility special entity;
                            ``(iii) has public service obligations 
                        under Federal, State, or local law or 
                        regulation to deliver electric energy or 
                        natural gas service to customers; or
                            ``(iv) is a Federal power marketing agency, 
                        as defined in section 3 of the Federal Power 
                        Act.''.

SEC. 343. UTILITY OPERATIONS-RELATED SWAP.

    (a) Swap Further Defined.--Section 1a(47)(A)(iii) of the Commodity 
Exchange Act (7 U.S.C. 1a(47)(A)(iii)) is amended--
            (1) by striking ``and'' at the end of subclause (XXI);
            (2) by adding ``and'' at the end of subclause (XXII); and
            (3) by adding at the end the following:
                                    ``(XXIII) a utility operations-
                                related swap;''.
    (b) Utility Operations-related Swap Defined.--Section 1a of such 
Act (7 U.S.C. 1a) is amended by adding at the end the following:
            ``(52) Utility operations-related swap.--The term `utility 
        operations-related swap' means a swap that--
                    ``(A) is entered into to hedge or mitigate a 
                commercial risk;
                    ``(B) is not a contract, agreement, or transaction 
                based on, derived on, or referencing--
                            ``(i) an interest rate, credit, equity, or 
                        currency asset class; or
                            ``(ii) a metal, agricultural commodity, or 
                        crude oil or gasoline commodity of any grade, 
                        except as used as fuel for electric energy 
                        generation; and
                    ``(C) is associated with--
                            ``(i) the generation, production, purchase, 
                        or sale of natural gas or electric energy, the 
                        supply of natural gas or electric energy to a 
                        utility, or the delivery of natural gas or 
                        electric energy service to utility customers;
                            ``(ii) all fuel supply for the facilities 
                        or operations of a utility;
                            ``(iii) compliance with an electric system 
                        reliability obligation;
                            ``(iv) compliance with an energy, energy 
                        efficiency, conservation, or renewable energy 
                        or environmental statute, regulation, or 
                        government order applicable to a utility; or
                            ``(v) any other electric energy or natural 
                        gas swap to which a utility is a party.''.

                 Subtitle E--End-User Regulatory Relief

SEC. 351. END USERS NOT TREATED AS FINANCIAL ENTITIES.

    (a) In General.--Section 2(h)(7)(C)(iii) of the Commodity Exchange 
Act (7 U.S.C. 2(h)(7)(C)(iii)) is amended to read as follows:
                            ``(iii) Limitation.--Such definition shall 
                        not include an entity--
                                    ``(I) whose primary business is 
                                providing financing, and who uses 
                                derivatives for the purpose of hedging 
                                underlying commercial risks related to 
                                interest rate and foreign currency 
                                exposures, 90 percent or more of which 
                                arise from financing that facilitates 
                                the purchase or lease of products, 90 
                                percent or more of which are 
                                manufactured by the parent company or 
                                another subsidiary of the parent 
                                company; or
                                    ``(II) who is not supervised by a 
                                prudential regulator, and is not 
                                described in any of subclauses (I) 
                                through (VII) of clause (i), and--
                                            ``(aa) is a commercial 
                                        market participant and is 
                                        considered a financial entity 
                                        under clause (i)(VIII) because 
                                        the entity predominantly 
                                        engages in physical delivery 
                                        contracts; or
                                            ``(bb) enters into swaps, 
                                        contracts for future delivery, 
                                        and other derivatives on behalf 
                                        of, or to hedge or mitigate the 
                                        commercial risk of, whether 
                                        directly or in the aggregate, 
                                        affiliates that are not so 
                                        supervised or described.''.
    (b) Commercial Market Participant Defined.--
            (1) In general.--Section 1a of such Act (7 U.S.C. 1a) is 
        amended by redesignating paragraphs (8) through (51) as 
        paragraphs (9) through (52), respectively, and by inserting 
        after paragraph (6) the following:
            ``(7) Commercial market participant.--The term `commercial 
        market participant' means any producer, processor, merchant, or 
        commercial user of an exempt or agricultural commodity, or the 
        products or byproducts of such a commodity.''.
            (2) Conforming amendments.--
                    (A) Section 1a of such Act (7 U.S.C. 1a) is 
                amended--
                            (i) in subparagraph (A) of paragraph (18) 
                        (as so redesignated by paragraph (1) of this 
                        subsection), in the matter preceding clause 
                        (i), by striking ``(18)(A)'' and inserting 
                        ``(19)(A)''; and
                            (ii) in subparagraph (A)(vii) of paragraph 
                        (19) (as so redesignated by paragraph (1) of 
                        this subsection), in the matter following 
                        subclause (III), by striking ``(17)(A)'' and 
                        inserting ``(18)(A)''.
                    (B) Section 4(c)(1)(A)(i)(I) of such Act (7 U.S.C. 
                6(c)(1)(A)(i)(I)) is amended by striking ``(7), 
                paragraph (18)(A)(vii)(III), paragraphs (23), (24), 
                (31), (32), (38), (39), (41), (42), (46), (47), (48), 
                and (49)'' and inserting ``(8), paragraph 
                (19)(A)(vii)(III), paragraphs (24), (25), (32), (33), 
                (39), (40), (42), (43), (47), (48), (49), and (50)''.
                    (C) Section 4q(a)(1) of such Act (7 U.S.C. 6o-
                1(a)(1)) is amended by striking ``1a(9)'' and inserting 
                ``1a(10)''.
                    (D) Section 4s(f)(1)(D) of such Act (7 U.S.C. 
                6s(f)(1)(D)) is amended by striking ``1a(47)(A)(v)'' 
                and inserting ``1a(48)(A)(v)''.
                    (E) Section 4s(h)(5)(A)(i) of such Act (7 U.S.C. 
                6s(h)(5)(A)(i)) is amended by striking ``1a(18)'' and 
                inserting ``1a(19)''.
                    (F) Section 4t(b)(1)(C) of such Act (7 U.S.C. 
                6t(b)(1)(C)) is amended by striking ``1a(47)(A)(v)'' 
                and inserting ``1a(48)(A)(v)''.
                    (G) Section 5(d)(23) of such Act (7 U.S.C. 
                7(d)(23)) is amended by striking ``1a(47)(A)(v)'' and 
                inserting ``1a(48)(A)(v)''.
                    (H) Section 5(e)(1) of such Act (7 U.S.C. 7(e)(1)) 
                is amended by striking ``1a(9)'' and inserting 
                ``1a(10)''.
                    (I) Section 5b(k)(3)(A) of such Act (7 U.S.C. 7a-
                1(k)(3)(A)) is amended by striking ``1a(47)(A)(v)'' and 
                inserting ``1a(48)(A)(v)''.
                    (J) Section 5c(c)(4)(B) of such Act (7 U.S.C. 7a-
                2(c)(4)(B)) is amended by striking ``1a(10)'' and 
                inserting ``1a(11)''.
                    (K) Section 5h(f)(10)(A)(iii) of such Act (7 U.S.C. 
                7b-3(f)(10)(A)(iii)) is amended by striking 
                ``1a(47)(A)(v)'' and inserting ``1a(48)(A)(v)''.
                    (L) Section 21(f)(4)(C) of such Act (7 U.S.C. 
                24a(f)(4)(C)) is amended by striking ``1a(48)'' and 
                inserting ``1a(49)''.

SEC. 352. REPORTING OF ILLIQUID SWAPS SO AS TO NOT DISADVANTAGE CERTAIN 
              NON-FINANCIAL END USERS.

    Section 2(a)(13) of the Commodity Exchange Act (7 U.S.C. 2(a)(13)) 
is amended--
            (1) in subparagraph (C), by striking ``The Commission'' and 
        inserting ``Except as provided in subparagraph (D), the 
        Commission''; and
            (2) by redesignating subparagraphs (D) through (G) as 
        subparagraphs (E) through (H), respectively, and inserting 
        after subparagraph (C) the following:
                    ``(D) Requirements for swap transactions in 
                illiquid markets.--Notwithstanding subparagraph (C):
                            ``(i) The Commission shall provide by rule 
                        for the public reporting of swap transactions, 
                        including price and volume data, in illiquid 
                        markets that are not cleared and entered into 
                        by a non-financial entity that is hedging or 
                        mitigating commercial risk in accordance with 
                        subsection (h)(7)(A).
                            ``(ii) The Commission shall ensure that the 
                        swap transaction information referred to in 
                        clause (i) of this subparagraph is available to 
                        the public no sooner than 30 days after the 
                        swap transaction has been executed or at such 
                        later date as the Commission determines 
                        appropriate to protect the identity of 
                        participants and positions in illiquid markets 
                        and to prevent the elimination or reduction of 
                        market liquidity.
                            ``(iii) In this subparagraph, the term 
                        `illiquid markets' means any market in which 
                        the volume and frequency of trading in swaps is 
                        at such a level as to allow identification of 
                        individual market participants.''.

SEC. 353. RELIEF FOR GRAIN ELEVATOR OPERATORS, FARMERS, AGRICULTURAL 
              COUNTERPARTIES, AND COMMERCIAL MARKET PARTICIPANTS.

    The Commodity Exchange Act (7 U.S.C. 1 et seq.) is amended by 
inserting after section 4t the following:

``SEC. 4U. RECORDKEEPING REQUIREMENTS APPLICABLE TO NON-REGISTERED 
              MEMBERS OF CERTAIN REGISTERED ENTITIES.

    ``Except as provided in section 4(a)(3), a member of a designated 
contract market or a swap execution facility that is not registered 
with the Commission and not required to be registered with the 
Commission in any capacity shall satisfy the recordkeeping requirements 
of this Act and any recordkeeping rule, order, or regulation under this 
Act by maintaining a written record of each transaction in a contract 
for future delivery, option on a future, swap, swaption, trade option, 
or related cash or forward transaction. The written record shall be 
sufficient if it includes the final agreement between the parties and 
the material economic terms of the transaction and is identifiable and 
searchable by transaction.''.

SEC. 354. RELIEF FOR END USERS WHO USE PHYSICAL CONTRACTS WITH 
              VOLUMETRIC OPTIONALITY.

    Section 1a(47)(B)(ii) of the Commodity Exchange Act (7 U.S.C. 
1a(47)(B)(ii)) is amended to read as follows:
                            ``(ii) any purchase or sale of a 
                        nonfinancial commodity or security for deferred 
                        shipment or delivery, so long as the 
                        transaction is intended to be physically 
                        settled, including any stand-alone or embedded 
                        option for which--
                                    ``(I) exercise results in a 
                                physical delivery obligation;
                                    ``(II) cannot be severed or 
                                marketed separately from the overall 
                                transaction for the purpose of 
                                financial settlement; and
                                    ``(III) both parties are commercial 
                                market participants.''.

SEC. 355. COMMISSION VOTE REQUIRED BEFORE AUTOMATIC CHANGE OF SWAP 
              DEALER DE MINIMIS LEVEL.

    Section 1a(49)(D) of the Commodity Exchange Act (7 U.S.C. 
1a(49)(D)) is amended--
            (1) by striking all that precedes ``shall exempt'' and 
        inserting the following:
                    ``(D) De minimis exception.--
                            ``(i) In general.--The Commission''; and
            (2) by adding after and below the end the following new 
        clause:
                            ``(ii) The de minimis quantity of swap 
                        dealing as described in clause (i) that is 
                        currently set at a quantity of $8,000,000,000 
                        shall only be amended or reduced through a new 
                        affirmative action of the Commission undertaken 
                        by rule or regulation.''.

SEC. 356. CAPITAL REQUIREMENTS FOR NON-BANK SWAP DEALERS.

    Section 4s(e) of the Commodity Exchange Act (7 U.S.C. 6s(e)) is 
amended--
            (1) in paragraph (2)(B), by inserting ``, in consultation 
        with the prudential regulators and the Securities and Exchange 
        Commission,'' before ``shall''; and
            (2) in paragraph (3)(D)--
                    (A) in clause (ii), by striking ``shall, to the 
                maximum extent practicable,'' and inserting ``shall''; 
                and
                    (B) by adding at the end the following:
                            ``(iii) Financial models.--To the extent 
                        that swap dealers and major swap participants 
                        that are banks are permitted to use financial 
                        models approved by the prudential regulators or 
                        the Securities and Exchange Commission to 
                        calculate minimum capital requirements and 
                        minimum initial and variation margin 
                        requirements, including the use of non-cash 
                        collateral, the Commission shall, in 
                        consultation with the prudential regulators and 
                        the Securities and Exchange Commission, permit 
                        the use of comparable financial models by swap 
                        dealers and major swap participants that are 
                        not banks.''.

SEC. 357. HARMONIZATION WITH THE JUMPSTART OUR BUSINESS STARTUPS ACT.

    Within 90 days after the date of the enactment of this Act, the 
Commodity Futures Trading Commission shall--
            (1) revise section 4.7(b) of title 17, Code of Federal 
        Regulations, in the matter preceding paragraph (1), to read as 
        follows:
    ``(b) Relief available to commodity pool operators. Upon filing the 
notice required by paragraph (d) of this section, and subject to 
compliance with the conditions specified in paragraph (d) of this 
section, any registered commodity pool operator who sells 
participations in a pool solely to qualified eligible persons in an 
offering which qualifies for exemption from the registration 
requirements of the Securities Act pursuant to section 4(2) of that Act 
or pursuant to Regulation S, 17 CFR 230.901 et seq., and any bank 
registered as a commodity pool operator in connection with a pool that 
is a collective trust fund whose securities are exempt from 
registration under the Securities Act pursuant to section 3(a)(2) of 
that Act and are sold solely to qualified eligible persons, may claim 
any or all of the following relief with respect to such pool:''; and
            (2) revise section 4.13(a)(3)(i) of such title to read as 
        follows:
    ``(i) Interests in the pool are exempt from registration under the 
Securities Act of 1933, and such interests are offered and sold 
pursuant to section 4 of the Securities Act of 1933 and the regulations 
thereunder;''.

SEC. 358. BONA FIDE HEDGE DEFINED TO PROTECT END USER RISK MANAGEMENT 
              NEEDS.

    Section 4a(c) of the Commodity Exchange Act (7 U.S.C. 6a(c)) is 
amended--
            (1) in paragraph (1)--
                    (A) by striking ``may'' and inserting ``shall''; 
                and
                    (B) by striking ``future for which'' and inserting 
                ``future, to be determined by the Commission, for which 
                either an appropriate swap is available or'';
            (2) in paragraph (2)--
                    (A) in the matter preceding subparagraph (A), by 
                striking ``subsection (a)(2)'' and all that follows 
                through ``position as'' and inserting ``paragraphs (2) 
                and (5) of subsection (a) for swaps, contracts of sale 
                for future delivery, or options on the contracts or 
                commodities, a bona fide hedging transaction or 
                position is''; and
                    (B) in subparagraph (A)(ii), by striking ``of 
                risks'' and inserting ``or management of current or 
                anticipated risks''; and
            (3) by adding at the end the following:
            ``(3) The Commission may further define, by rule or 
        regulation, what constitutes a bona fide hedging transaction, 
        provided that the rule or regulation is consistent with the 
        requirements of subparagraphs (A) and (B) of paragraph (2).''.

SEC. 359. CROSS-BORDER REGULATION OF DERIVATIVES TRANSACTIONS.

    (a) Rules Required.--Within 180 days after the date of the 
enactment of this Act, the Commodity Futures Trading Commission shall 
issue rules that address--
            (1) the nature of the connections to the United States that 
        require a non-U.S. person to register as a swap dealer or major 
        swap participant under the Commodity Exchange Act and the 
        regulations issued under such Act;
            (2) which of the United States swaps requirements shall 
        apply to the swap activities of non-U.S. persons, U.S. persons, 
        and their branches, agencies, subsidiaries, and affiliates 
        outside of the United States and the extent to which such 
        requirements shall apply; and
            (3) the circumstances under which a non-U.S. person in 
        compliance with the regulatory requirements of a foreign 
        jurisdiction shall be exempt from United States swaps 
        requirements.
    (b) Rule in Accordance With APA Required.--No guidance, memorandum 
of understanding, or any such other agreement may satisfy the 
requirement to issue a rule from the Commission in accordance with 
section 553 of title 5, United States Code.
    (c) General Application to Countries or Administrative Regions 
Having 9 Largest Markets.--
            (1) General application.--In issuing rules under this 
        section, the Commission shall provide that a non-U.S. person in 
        compliance with the swaps regulatory requirements of a country 
        or administrative region that has 1 of the 9 largest swap 
        markets by notional amount in the calendar year preceding 
        issuance of such rules, or other foreign jurisdiction as 
        determined by the Commission, shall be exempt from United 
        States swaps requirements in accordance with the schedule set 
        forth in paragraph (2), unless the Commission determines that 
        the regulatory requirements of the country or administrative 
        region or other foreign jurisdiction are not broadly equivalent 
        to United States swaps requirements.
            (2) Effective date schedule.--The exemption described in 
        paragraph (1) and set forth under the rules required by this 
        section shall apply to persons or transactions relating to or 
        involving--
                    (A) countries or administrative regions described 
                in such paragraph, or any other foreign jurisdiction as 
                determined by the Commission, accounting for the 5 
                largest swap markets by notional amount in the calendar 
                year preceding issuance of such rules, on the date on 
                which final rules are issued under this section; and
                    (B) the remaining countries or administrative 
                regions described in such paragraph, and any other 
                foreign jurisdiction as determined by the Commission, 1 
                year after the date on which such rules are issued.
            (3) Criteria.--In such rules, the Commission shall 
        establish criteria for determining that 1 or more categories of 
        regulatory requirements of a country or administrative region 
        described in paragraph (1) or other foreign jurisdiction is not 
        broadly equivalent to United States swaps requirements and 
        shall determine the appropriate application of certain United 
        States swap requirements to persons or transactions relating to 
        or involving the country or administrative region or other 
        foreign jurisdiction. The criteria shall include the scope and 
        objectives of the regulatory requirements of a country or 
        administrative region described in paragraph (1) or other 
        foreign jurisdiction as well as the effectiveness of the 
        supervisory compliance program administered, and the 
        enforcement authority exercised, by the country or 
        administrative region or other foreign jurisdiction, and such 
        other factors as the Commission, by rule, determines to be 
        necessary or appropriate in the public interest.
            (4) Required assessment.--Beginning on the date on which 
        final rules are issued under this section, the Commission shall 
        begin to assess the regulatory requirements of countries or 
        administrative regions described in paragraph (1), as the 
        Commission determines appropriate, in accordance with the 
        criteria established pursuant to this subsection, to determine 
        if 1 or more categories of regulatory requirements of such a 
        country or administrative region or other foreign jurisdiction 
        is not broadly equivalent to United States swaps requirements.
    (d) Report to Congress.--If the Commission makes the determination 
described in subsection (c)(1) that the regulatory requirements of a 
country or administrative region described in such subsection or other 
foreign jurisdiction are not broadly equivalent to United States swaps 
requirements, the Commission shall articulate the basis for the 
determination in a written report transmitted to the Committee on 
Agriculture of the House of Representatives and the Committee on 
Agriculture, Nutrition, and Forestry of the Senate within 30 days of 
the determination. The determination shall not be effective until the 
transmission of the report.
    (e) Definitions.--As used in this section and for purposes of the 
rules issued pursuant to this section, the following definitions apply:
            (1) The term ``U.S. person''--
                    (A) means--
                            (i) any natural person resident in the 
                        United States;
                            (ii) any partnership, corporation, trust, 
                        or other legal person organized or incorporated 
                        under the laws of the United States or having 
                        its principal place of business in the United 
                        States;
                            (iii) any account (whether discretionary or 
                        non-discretionary) of a U.S. person; and
                            (iv) any other person as the Commission may 
                        further define to more effectively carry out 
                        the purposes of this section; and
                    (B) does not include the International Monetary 
                Fund, the International Bank for Reconstruction and 
                Development, the Inter-American Development Bank, the 
                Asian Development Bank, the African Development Bank, 
                the United Nations, their agencies and pension plans, 
                and any other similar international organizations and 
                their agencies and pension plans.
            (2) The term ``United States swaps requirements'' means the 
        provisions relating to swaps contained in the Commodity 
        Exchange Act (7 U.S.C. 1a et seq.) that were added by title VII 
        of the Dodd-Frank Wall Street Reform and Consumer Protection 
        Act, and any rules or regulations prescribed by the Commodity 
        Futures Trading Commission pursuant to such provisions.
    (f) Conforming Amendment.--Section 4(c)(1)(A) of the Commodity 
Exchange Act (7 U.S.C. 6(c)(1)(A)) is amended by inserting ``or except 
as necessary to effectuate section 361 of the Customer Protection and 
End User Relief Act,'' after ``to grant exemptions,''.

                       Subtitle F--Effective Date

SEC. 371. EFFECTIVE DATE.

    The amendments made by this title shall take effect as if enacted 
on July 21, 2010.
                                 <all>