[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[S. 1560 Introduced in Senate (IS)]

114th CONGRESS
  1st Session
                                S. 1560

    To amend the Commodity Exchange Act to provide end-users with a 
  reasonable amount of time to meet their margin requirements and to 
repeal certain indemnification requirements for regulatory authorities 
    to obtain access to swap data required to be provided by swaps 
                               entities.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             June 11, 2015

  Mr. Roberts (for himself and Ms. Heitkamp) introduced the following 
      bill; which was read twice and referred to the Committee on 
                  Agriculture, Nutrition, and Forestry

_______________________________________________________________________

                                 A BILL


 
    To amend the Commodity Exchange Act to provide end-users with a 
  reasonable amount of time to meet their margin requirements and to 
repeal certain indemnification requirements for regulatory authorities 
    to obtain access to swap data required to be provided by swaps 
                               entities.

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

SECTION 1. 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), respectively, and indenting 
        appropriately;
            (2) by striking ``Sec. 4d'' and all that follows through 
        ``It shall be unlawful'' and inserting the following:

``SEC. 4D. DEALING BY UNREGISTERED FUTURES COMMISSION MERCHANTS OR 
              INTRODUCING MERCHANTS PROHIBITED.

    ``(a) Registration Requirements and Duties.--
            ``(1) In general.--It shall be unlawful''; and
            (3) by adding at the end the following:
            ``(2) Residual interest requirement.--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 the customers shall provide 
        that a futures commission merchant shall meet the 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 Amendments.--
            (1) Section 4d of the Commodity Exchange Act (7 U.S.C. 6d) 
        is amended--
                    (A) in subsection (b), by striking ``paragraph (2) 
                of this section'' and inserting ``subsection 
                (a)(1)(B)''; and
                    (B) in subsection (h), by striking 
                ``Notwithstanding subsection (a)(2)'' and inserting 
                ``Notwithstanding subsection (a)(1)(B)''.
            (2) Section 15(c)(3)(C) of the Securities Exchange Act of 
        1934 (15 U.S.C. 78o(c)(3)(C)) is amended by striking 
        ``4d(a)(2)'' and inserting ``4d(a)(1)(B)''.

SEC. 2. REPEAL OF INDEMNIFICATION REQUIREMENTS.

    (a) Derivatives Clearing Organizations.--Section 5b(k) of the 
Commodity Exchange Act (7 U.S.C. 7a-1(k)) is amended by striking 
paragraph (5) and inserting the following:
            ``(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 of the Commodity Exchange 
Act (7 U.S.C. 24a) is amended by striking subsection (d) and inserting 
the following:
    ``(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.''.
    (c) Conforming Amendment.--Section 13(n)(5) of the Securities 
Exchange Act of 1934 (15 U.S.C. 78m(n)(5)) is amended by striking 
subparagraph (H) and inserting the following:
                    ``(H) Confidentiality agreement.--Before the 
                security-based swap data repository may share 
                information with any entity described in subparagraph 
                (G), the security-based swap data repository shall 
                receive a written agreement from each entity stating 
                that the entity shall abide by the confidentiality 
                requirements described in section 24 relating to the 
                information on security-based swap transactions that is 
                provided.''.
    (d) Effective Date.--The amendments made by this section shall take 
effect as if enacted as part of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act (Public Law 111-203; 124 Stat. 1376) on July 
21, 2010.
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