[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4895 Reported in House (RH)]

<DOC>





                                                 Union Calendar No. 254
116th CONGRESS
  1st Session
                                H. R. 4895

                          [Report No. 116-313]

        To reauthorize the Commodity Futures Trading Commission.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 29, 2019

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

                           November 26, 2019

Additional sponsors: Ms. Fudge, Mr. Thompson of Pennsylvania, Mr. Vela, 
Mr. Crawford, Ms. Spanberger, Mr. Rodney Davis of Illinois, Mr. Cox of 
 California, Mr. Allen, Ms. Craig, Mr. Bost, Mr. Van Drew, Mr. Rouzer, 
 Mr. Harder of California, Mr. Comer, Mr. Sean Patrick Maloney of New 
 York, Mr. Marshall, Mr. Lawson of Florida, Mr. Dunn, Mr. Panetta, Mr. 
 Johnson of South Dakota, Mrs. Kirkpatrick, Mr. Baird, Mrs. Axne, Mr. 
                   Johnson of Georgia, and Mrs. Hayes

                           November 26, 2019

  Reported 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 italic]
[For text of introduced bill, see copy of bill as introduced on October 
                               29, 2019]


_______________________________________________________________________

                                 A BILL


 
        To reauthorize the Commodity Futures Trading Commission.


 


    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 ``CFTC Reauthorization Act of 2019''.

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--POLICY AMENDMENTS

Sec. 101. Foreign futures authority.
Sec. 102. Honors program.
Sec. 103. Advisory committee changes.
Sec. 104. Enhancement of Office of Minority and Women Inclusion at the 
                            Commission; internship program.
Sec. 105. Detailing and resource-sharing.
Sec. 106. Office of the Chief Economist.
Sec. 107. Equal consideration for holding companies.
Sec. 108. Exemption of qualified charitable organizations from 
                            regulation as commodity pool operators.
Sec. 109. Digital commodity.
Sec. 110. System safeguards.
Sec. 111. Administration of swap execution facilities.
Sec. 112. Applicability of prohibitions on fraud and manipulation to 
                            activities outside the United States.
Sec. 113. Privilege retention.
Sec. 114. Proprietary information.
Sec. 115. Authority to provide food and incidental assistance to 
                            foreign officials hosted by the Commission.
Sec. 116. Extension of operations.
Sec. 117. Aiding and abetting.
Sec. 118. Modernization of authority of the Commission to conduct 
                            research, development, demonstration, and 
                            information programs.
Sec. 119. Protecting customer property during commodity broker 
                            bankruptcy.
Sec. 120. Elimination of the double-sided confirmation requirement for 
                            swap data repositories.
Sec. 121. Whistleblower protections for internal disclosures.
Sec. 122. Updating standards for natural persons to meet requirements 
                            for qualified eligible persons.
Sec. 123. Government Accountability Office study on aluminum markets.
Sec. 124. Response to foreign regulatory authority.
Sec. 125. Affiliate conditions.

                    TITLE II--TECHNICAL CORRECTIONS

Sec. 201. Correction of references.
Sec. 202. Elimination of obsolete references to dealer options.
Sec. 203. Updated trade data publication requirement.
Sec. 204. Flexibility for all registered entities.
Sec. 205. Elimination of obsolete references to electronic trading 
                            facilities.
Sec. 206. Elimination of obsolete reference to alternative swap 
                            execution facilities.
Sec. 207. Clarification of Commission authority over swaps trading.
Sec. 208. Elimination of obsolete reference to the Commodity Exchange 
                            Commission.
Sec. 209. Elimination of obsolete references to derivative transaction 
                            execution facilities.
Sec. 210. Elimination of obsolete references to exempt boards of trade.
Sec. 211. Elimination of completed reports.
Sec. 212. Miscellaneous corrections.
Sec. 213. Technical amendments to section 14(e).
Sec. 214. Technical clarifications for retail foreign currency.
Sec. 215. Miscellaneous swap technical corrections.

                       TITLE I--POLICY AMENDMENTS

SEC. 101. FOREIGN FUTURES AUTHORITY.

    (a) In General.--Section 1a(26) of the Commodity Exchange Act (7 
U.S.C. 1a(26)) is amended to read as follows:
            ``(26) Foreign futures authority.--The term `foreign 
        futures authority' means any foreign government, or any law 
        enforcement authority, department, central bank, ministry, 
        agency, governmental body, or regulatory organization empowered 
        by a foreign government to administer, enforce, or prosecute a 
        law, rule, or regulation relating to matters involving futures, 
        options, swaps, or commodities, or any such authority, 
        department, or agency of a political subdivision of a foreign 
        government empowered to administer, enforce, or prosecute a 
        law, rule, or regulation as it relates to such matters.''.
    (b) Conforming Amendment.--Section 12(f) of such Act (7 U.S.C. 
16(f)) is amended--
            (1) in paragraph (1)--
                    (A) by striking ``futures or options'' and 
                inserting ``futures, options, swaps, or commodities''; 
                and
                    (B) by striking ``administers or enforces'' and 
                inserting ``administers, enforces, or prosecutes''; and
            (2) in paragraph (2)(A), by striking ``in futures and 
        options'' and inserting ``in futures, options, swaps, or 
        commodities''.

SEC. 102. HONORS PROGRAM.

    (a) In General.--Section 2(a)(7) of the Commodity Exchange Act (7 
U.S.C. 2(a)(7)) is amended by adding at the end the following:
                    ``(D) Honors program.--The Commission may establish 
                the Honors Program under its appointment and 
                compensation authorities.''.
    (b) Conforming Amendment.--Section 12(b)(1) of such Act (7 U.S.C. 
16(b)(1)) is amended by adding at the end the following: ``To clarify 
the Commission's authority to establish the Honors Program under 
section 2(a)(7)(D), the Commission may coordinate with the Office of 
Personnel Management, as needed.''.

SEC. 103. ADVISORY COMMITTEE CHANGES.

    (a) In General.--Section 2(a)(15) of the Commodity Exchange Act (7 
U.S.C. 2(a)(15)) is amended to read as follows:
            ``(15) Advisory committees.--
                    ``(A) Establishment.--
                            ``(i) In general.--The Commission shall 
                        establish advisory committees to serve as 
                        vehicles for discussion and communication on 
                        matters related to the regulatory activities of 
                        the Commission.
                            ``(ii) Membership.--The Commission shall 
                        appoint to an advisory committee such members 
                        as the Commission finds appropriate to promote 
                        robust discussion of the subject mater before 
                        the advisory committee. In appointing members 
                        to an advisory committee, the Commission shall 
                        seek to include a wide diversity of opinion and 
                        represent a broad cross-section of interests, 
                        as applicable to the subject matter.
                    ``(B) Activities.--The activities of an advisory 
                committee shall include the following:
                            ``(i) to hold meetings at such intervals as 
                        necessary to carry out the functions of the 
                        advisory committee;
                            ``(ii) to submit to the Commission such 
                        reports and recommendations to the Commission 
                        (including minority views, if any) as the 
                        advisory committee deems appropriate; and
                            ``(iii) such activities as the Commission 
                        determines is appropriate.
                    ``(C) Applicability of the federal advisory 
                committee act.--An advisory committee established under 
                this paragraph shall be subject to the Federal Advisory 
                Committee Act.''.
    (b) Existing Advisory Committees.--Notwithstanding section 2(a)(15) 
of the Commodity Exchange Act, the Commodity Futures Trading Commission 
may permit an advisory committee that, as of the date of the enactment 
of this Act, had a charter established by the Commission, or that was 
established under such section as in effect before such date of 
enactment, to continue to operate in accordance with the charter or in 
accordance with such predecessor section until the sponsor of the 
advisory committee is changed. After which such advisory committee will 
become subject to section 2(a)(15) of the Commodity Exchange Act.

SEC. 104. ENHANCEMENT OF OFFICE OF MINORITY AND WOMEN INCLUSION AT THE 
              COMMISSION; INTERNSHIP PROGRAM.

    (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:
            ``(16) Office of minority and women inclusion.--Within 1 
        year after the date of the enactment of this paragraph, the 
        Commission shall comply with section 342 of the Dodd-Frank Wall 
        Street Reform and Consumer Protection Act.
            ``(17) Annual internship program.--
                    ``(A) In general.--The Executive Director shall 
                establish a program to place an appropriate number of 
                students attending qualified institutions in a 
                semester-length internship within the Commission's 
                divisions and offices.
                    ``(B) Funding.--The Commission shall set aside an 
                appropriate percentage of the funds allocated to the 
                office of the Chairman to enable the selected interns 
                identified in subparagraph (A) to afford living 
                expenses, including rent and a per-diem, in the 
                metropolitan areas where the Director identifies 
                internship opportunities.
                    ``(C) Qualified institution defined.--In this 
                paragraph, the term `qualified institution' means--
                            ``(i) an 1890 Institution (as defined in 
                        section 2 of the Agricultural Research, 
                        Extension, and Education Reform Act of 1998 (7 
                        U.S.C. 7601));
                            ``(ii) a 1994 Institution (as defined in 
                        section 532 of the Equity in Educational Land-
                        Grant Status Act of 1994 (Public Law 103-382; 7 
                        U.S.C. 301 note));
                            ``(iii) an eligible institution (as defined 
                        in section 1489 of the National Agricultural 
                        Research, Extension, and Teaching Policy Act of 
                        1977 (7 U.S.C. 3361)); or
                            ``(iv) a Hispanic-serving institution (as 
                        defined in section 1404 of the Food and 
                        Agriculture Act of 1977 (7 U.S.C. 3103)).''.
    (b) Joint Standards.--In carrying out section 2(a)(16) of the 
Commodity Exchange Act, the Commodity Futures Trading Commission shall 
adopt the joint standards established in the Interagency Policy 
Statement published in the Federal Register on June 10, 2015 (80 Fed. 
Reg. 33016), or any successor Policy Statement.

SEC. 105. DETAILING AND RESOURCE-SHARING.

    Section 2(a) of the Commodity Exchange Act (7 U.S.C. 2(a)), as 
amended by section 104 of this Act, is amended by adding at the end the 
following:
            ``(18) Assistance from federal agencies.--
                    ``(A) In general.--The Commission may accept any 
                assistance, including services, funds, facilities, and 
                other support services as determined by the Commission, 
                to effectuate the purposes and provisions of this Act, 
                from any department or agency of the United States that 
                is authorized under other law to provide the 
                assistance.
                    ``(B) Detail flexibility.--When an employee from 
                another department or agency is detailed to the 
                Commission, the employee may be detailed on either a 
                reimbursable or non-reimbursable basis, and such detail 
                shall be without interruption or loss of civil service 
                status or privilege.
            ``(19) Assistance from foreign governmental entities.--
                    ``(A) In general.--The Commission may--
                            ``(i) accept details of officers or 
                        employees of a foreign futures authority or any 
                        department or agency of a foreign government, 
                        including a central bank or ministry, on a 
                        temporary basis as employees of the Commission 
                        pursuant to section 12(b) of this Act, or 
                        section 3101 or 3109 of title 5, United States 
                        Code; and
                            ``(ii) detail officers or employees of the 
                        Commission to work on a temporary basis for an 
                        entity described in clause (i).
                    ``(B) Reciprocity and reimbursement.--
                            ``(i) Reciprocity not required.--Assistance 
                        described in subparagraph (A) need not be 
                        provided on a reciprocal basis.
                            ``(ii) Reimbursement.--
                                    ``(I) In general.--The Commission 
                                may provide and accept assistance 
                                described in subparagraph (A) on a 
                                reimbursable or non-reimbursable basis, 
                                only in accordance with a written 
                                agreement between the Commission and 
                                the respective foreign governmental 
                                entity.
                                    ``(II) Form.--A reimbursement to or 
                                from the Commission may be made in cash 
                                or in kind. The Commission shall credit 
                                a reimbursement received from a foreign 
                                governmental entity to the appropriate 
                                Commission appropriation, fund, or 
                                account.
                    ``(C) Standards of conduct.--An officer or employee 
                detailed under subparagraph (A)(i) shall be subject to 
                the provisions of law relating to ethics, conflicts of 
                interest, or corruption, and to any other statute 
                governing the standards of conduct for Commission 
                employees that are applicable to the type of 
                appointment.
                    ``(D) Limitation.--An officer or employee detailed 
                under subparagraph (A)(i) may not hold any management 
                position at the Commission.''.

SEC. 106. OFFICE OF THE CHIEF ECONOMIST.

    (a) In General.--Section 2(a) of the Commodity Exchange Act, as 
amended by sections 104 and 105 of this Act, is amended by adding at 
the end the following:
            ``(20) 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.
                    ``(C) Functions.--The Chief Economist shall serve 
                as economic advisor to the Commission and perform 
                functions such as economic analysis, regulatory cost-
                benefit analysis, and research.
                    ``(D) Professional staff.--
                            ``(i) In general.--The Commission shall 
                        appoint such other economists and any related 
                        positions as may be necessary for the Office of 
                        the Chief Economist--
                                    ``(I) in accordance with the 
                                statutes, rules, and regulations 
                                governing appointments in the excepted 
                                service; and
                                    ``(II) notwithstanding any 
                                statutes, rules, and regulations 
                                governing appointments in the 
                                competitive service.
                            ``(ii) Rule of construction.--The 
                        appointment of a candidate to a position under 
                        authority of this subsection shall not be 
                        considered to cause such position to be 
                        converted from the competitive service to the 
                        excepted service.''.
    (b) Conforming Amendment.--Section 15(a) of such Act (7 U.S.C. 
19(a)) is amended--
            (1) in paragraph (1), by inserting ``, after coordinating 
        with the Office of the Chief Economist,'' before ``shall'';
            (2) in paragraph (2)(B), by striking ``futures markets'' 
        and inserting ``markets under the jurisdiction of the 
        Commission'';
            (3) in paragraph (2), by redesignating subparagraphs (D) 
        and (E) as subparagraphs (E) and (F); and
            (4) in paragraph (2), by inserting after subparagraph (C) 
        the following:
                    ``(D) considerations of market liquidity;''.

SEC. 107. EQUAL CONSIDERATION FOR HOLDING COMPANIES.

    Section 2(h)(7)(C)(ii) of the Commodity Exchange Act (7 U.S.C. 
2(h)(7)(C)(ii)) is amended--
            (1) in the matter before subclause (I), by striking 
        ``unions, including--'' and inserting ``unions, bank holding 
        companies, and savings and loan holding companies, including--
        '';
            (2) in subclause (II), by striking ``or'' at the end;
            (3) in subclause (III), by striking the period at the end 
        and inserting a semicolon; and
            (4) by adding at the end the following:
                                    ``(IV) bank holding companies (as 
                                defined in section 2 of the Bank 
                                Holding Company Act of 1956) that have 
                                aggregated assets, including the assets 
                                of their subsidiaries, of 
                                $10,000,000,000 or less; and
                                    ``(V) savings and loan holding 
                                companies (as defined in section 10 of 
                                the Home Owners' Loan Act of 1933) that 
                                have aggregated assets, including the 
                                assets of their subsidiaries, of 
                                $10,000,000,000 or less.''.

SEC. 108. EXEMPTION OF QUALIFIED CHARITABLE ORGANIZATIONS FROM 
              REGULATION AS COMMODITY POOL OPERATORS.

    Section 4m of the Commodity Exchange Act (7 U.S.C. 6m) is amended 
to read as follows:

``SEC. 4M. USE OF MAILS OR OTHER MEANS OR INSTRUMENTALITIES OF 
              INTERSTATE COMMERCE BY COMMODITY TRADING ADVISORS AND 
              COMMODITY POOL OPERATORS.

    ``(a) Prohibition.--It shall be unlawful for any commodity trading 
advisor or commodity pool operator, unless registered under this Act, 
to make use of the mails or any means or instrumentality of interstate 
commerce in connection with business as the commodity trading advisor 
or commodity pool operator.
    ``(b) Exceptions.--
            ``(1) In general.--Subsection (a) shall not apply to a 
        commodity trading advisor whose commodity trading advice is 
        solely incidental to the conduct of that person's business, and 
        who is a--
                    ``(A) dealer, processor, broker, or seller in cash 
                market transactions of any commodity specifically set 
                forth in section 2(a) of this Act before the enactment 
                of the Commodity Futures Trading Commission Act of 1974 
                (or products thereof); or
                    ``(B) nonprofit, voluntary membership, general farm 
                organization, that provides advice on the sale or 
                purchase of any commodity specifically set forth in 
                section 2(a) of this Act before the enactment of the 
                Commodity Futures Trading Commission Act of 1974.
            ``(2) Charitable organization.--Subsection (a) shall not 
        apply to any commodity trading advisor or commodity pool 
        operator that is--
                    ``(A) a charitable organization, as defined in 
                section 3(c)(10)(D) of the Investment Company Act of 
                1940 (15 U.S.C. 80a-3(c)(10)(D)), or a trustee, 
                director, officer, employee, or volunteer of such a 
                charitable organization acting within the scope of the 
                employment or duties of the person with the 
                organization, whose advisory or pool activities are 
                conducted only on behalf of, or with respect to, 1 or 
                more of--
                            ``(i) any such charitable organization; or
                            ``(ii) an investment trust, syndicate, or 
                        similar form of enterprise excluded from the 
                        definition of `investment company' pursuant to 
                        section 3(c)(10) of the Investment Company Act 
                        of 1940 (15 U.S.C. 80a-3(c)(10)), or the 
                        trustees, administrators, settlors (or 
                        potential settlors), or beneficiaries of the 
                        foregoing; or
                    ``(B) any plan, company, or account described in 
                section 3(c)(14) of the Investment Company Act of 1940 
                (15 U.S.C. 80a-3(c)(14)), any person or entity who 
                establishes or maintains such a plan, company, or 
                account, or any trustee, director, officer, employee, 
                or volunteer for any of the foregoing plans, persons, 
                or entities acting within the scope of the employment 
                or duties of the person with the organization, whose 
                advisory or pool activities are conducted only on 
                behalf of, or with respect to, any investment trust, 
                syndicate, or similar form of enterprise excluded from 
                the definition of `investment company' pursuant to 
                section 3(c)(14) of the Investment Company Act of 1940 
                (15 U.S.C. 80a-3(c)(14)).
            ``(3) Small commodity trading advisors.--Subsection (a) 
        shall not apply to any commodity trading advisor who, during 
        the course of the preceding 12 months, has not furnished 
        commodity trading advice to more than 15 persons and who does 
        not hold themselves out generally to the public as a commodity 
        trading advisor.
            ``(4) SEC-registered.--
                    ``(A) In general.--Subsection (a) shall not apply 
                to any commodity trading advisor that is registered 
                with the Securities and Exchange Commission as an 
                investment adviser whose business does not consist 
                primarily of acting as a commodity trading advisor and 
                that does not act as a commodity trading advisor to any 
                commodity pool that is primarily engaged in trading 
                commodity interests.
                    ``(B) Engaged primarily.--For purposes of this 
                paragraph, a commodity trading advisor or a commodity 
                pool shall be considered to be `engaged primarily' in 
                the business of being a commodity trading advisor or 
                commodity pool if it is or holds itself out to the 
                public as being engaged primarily, or proposes to 
                engage primarily, in the business of advising on 
                commodity interests or investing, reinvesting, owning, 
                holding, or trading in commodity interests, 
                respectively.
                    ``(C) Commodity interests.--For purposes of this 
                paragraph, commodity interests shall include contracts 
                of sale of a commodity for future delivery, options on 
                such contracts, security futures, swaps, leverage 
                contracts, foreign exchange, spot and forward contracts 
                on physical commodities, and any monies held in an 
                account used for trading commodity interests.
            ``(5) Subject to proceedings.--A person described in 
        paragraphs (1) and (2) shall be subject to proceedings under 
        section 14.
    ``(c) Relationship to Other Law.--Nothing in this Act shall relieve 
any person of any obligation or duty, or affect the availability of any 
right or remedy available to the Securities and Exchange Commission or 
any private party arising under the Securities Act of 1933 (15 U.S.C. 
77a et seq.) or the Securities Exchange Act of 1934 (15 U.S.C. 78a et 
seq.) governing the issuance, offer, purchase, or sale of securities of 
a commodity pool, or of persons engaged in transactions with respect to 
the securities, or reporting by a commodity pool.
    ``(d) Disclosure Concerning Exempted Charitable Organizations.--A 
commodity trading advisor or commodity pool operator that is an 
organization or person described in subsection (b)(2)(A) of this 
section to or of any investment trust, syndicate, or similar form of 
enterprise excluded from the definition of `investment company' 
pursuant to section 3(c)(10)(B) of the Investment Company Act of 1940 
(15 U.S.C. 80a-3(c)(10)(B)) shall provide disclosure in accordance with 
section 7(e) of that Act (15 U.S.C. 80a-7(e)).''.

SEC. 109. DIGITAL COMMODITY.

    (a) Requirements Applicable to Boards of Trade.--Section 5(d)(4) of 
such Act (7 U.S.C. 7(d)(4)) is amended--
            (1) by striking all that precedes ``board of trade'' and 
        inserting the following:
            ``(4) Prevention of market disruption.--
                    ``(A) In general.--The'';
            (2) by redesignating each of subparagraphs (A) and (B) as 
        clauses (i) and (ii), respectively, and moving each of such 
        provisions 2 ems to the right; and
            (3) by adding after and below the end the following:
                    ``(B) Digital commodity.--With regard to a contract 
                on the contract market that references a digital 
                commodity available on a cash market, the Commission 
                shall adopt rules detailing the content and 
                availability of trade and trader data and other 
                information the board of trade must be able to access 
                from the referenced cash markets and data sources in 
                order to comply with this paragraph.''.
    (b) Requirements Applicable to Swap Execution Facilities.--Section 
5h(f)(4) of such Act (7 U.S.C. 7b-3(f)(4)) is amended--
            (1) by striking all that precedes ``swap execution facility 
        shall'' and inserting the following:
            ``(4) Monitoring of trading and trade processing.--
                    ``(A) In general.--The'';
            (2) by redesignating each of clauses (i) and (ii) of 
        subparagraph (A) as subclauses (I) and (II), respectively, and 
        moving each of such provisions 2 ems to the right;
            (3) by redesignating subparagraphs (A) and (B) as clauses 
        (i) and (ii), respectively, and moving each of such provisions 
        2 ems to the right; and
            (4) by adding after and below the end the following:
                    ``(B) Digital commodity.--With regard to a swap on 
                the swap execution facility that references a digital 
                commodity available on a cash market, the Commission 
                shall adopt rules detailing the content and 
                availability of trade and trader data and other 
                information the swap execution facility must be able to 
                access from the referenced cash markets and data 
                sources in order to comply with this paragraph.''.

SEC. 110. SYSTEM SAFEGUARDS.

    (a) Contract Markets.--Section 5(d)(20) of the Commodity Exchange 
Act (7 U.S.C. 7(d)(20)) is amended--
            (1) in subparagraph (A), by striking ``through'' and all 
        that follows and inserting ``through--
                            ``(i) the implementation of appropriate 
                        controls and procedures; and
                            ``(ii) the development and operation of 
                        automated systems that--
                                    ``(I) are reliable, secure, and 
                                resilient;
                                    ``(II) have adequate scalable 
                                capacity; and
                                    ``(III) maintain the 
                                confidentiality, integrity, and 
                                availability of the data they 
                                contain;''; and
            (2) in subparagraph (C), by striking ``tests to'' and all 
        that follows and inserting ``tests to--
                            ``(i) verify the reliability, security, 
                        resilience, and capacity of the board of 
                        trade's automated systems;
                            ``(ii) verify the confidentiality, 
                        integrity, and availability of the data 
                        contained in those systems; and
                            ``(iii) verify that backup resources are 
                        sufficient to ensure continued order processing 
                        and trade matching, price reporting, market 
                        surveillance, and maintenance of a 
                        comprehensive and accurate audit trail.''.
    (b) Clearinghouses.--Section 5b(c)(2)(I) of such Act (7 U.S.C. 7a-
1(c)(2)(I)) is amended--
            (1) in clause (i), by striking ``through the'' and all that 
        follows and inserting ``through the--
                                    ``(I) implementation of appropriate 
                                controls and procedures; and
                                    ``(II) development and operation of 
                                automated systems that--
                                            ``(aa) are reliable, 
                                        secure, and resilient;
                                            ``(bb) have adequate 
                                        scalable capacity; and
                                            ``(cc) maintain the 
                                        confidentiality, integrity, and 
                                        availability of the data that 
                                        they contain;'';
            (2) in clause (ii), by striking ``allows'' and inserting 
        ``allow''; and
            (3) in clause (iii), by striking ``tests to'' and all that 
        follows and inserting ``tests to--
                                    ``(I) verify the reliability, 
                                security, resilience, and capacity of 
                                the derivatives clearing organization's 
                                automated systems;
                                    ``(II) verify the confidentiality, 
                                integrity, and availability of the data 
                                contained in those systems; and
                                    ``(III) verify that the backup 
                                resources of the derivatives clearing 
                                organization are sufficient to ensure 
                                daily processing, clearing, and 
                                settlement.''.
    (c) Swap Execution Facilities.--Section 5h(f)(14) of such Act (7 
U.S.C. 7b-3(f)(14)) is amended--
            (1) in subparagraph (A), by striking ``through'' and all 
        that follows and inserting ``through--
                            ``(i) the implementation of appropriate 
                        controls and procedures; and
                            ``(ii) the development and operation of 
                        automated systems that--
                                    ``(I) are reliable, secure, and 
                                resilient;
                                    ``(II) have adequate scalable 
                                capacity; and
                                    ``(III) maintain the 
                                confidentiality, integrity, and 
                                availability of the data they 
                                contain;''; and
            (2) in subparagraph (C), by striking ``tests to'' and all 
        that follows and inserting ``tests to--
                            ``(i) verify the reliability, security, 
                        resilience, and capacity of the swap execution 
                        facility's automated systems;
                            ``(ii) verify the confidentiality, 
                        integrity, and availability of the data 
                        contained in those systems; and
                            ``(iii) verify that backup resources are 
                        sufficient to ensure continued order processing 
                        and trade matching, price reporting, market 
                        surveillance, and maintenance of a 
                        comprehensive and accurate audit trail.''.
    (d) Swap Data Repositories.--Section 21(f) of such Act (7 U.S.C. 
24a(f)) is amended by redesignating paragraph (4) as paragraph (5) and 
inserting after paragraph (3) the following:
            ``(4) System safeguards.--Each swap data repository shall--
                    ``(A) establish and maintain a program of risk 
                analysis and oversight to identify and minimize sources 
                of operational risk, through--
                            ``(i) the implementation of appropriate 
                        controls and procedures; and
                            ``(ii) the development and operation of 
                        automated systems that--
                                    ``(I) are reliable, secure, and 
                                resilient;
                                    ``(II) have adequate scalable 
                                capacity; and
                                    ``(III) maintain the 
                                confidentiality, integrity, and 
                                availability of the data they contain;
                    ``(B) establish and maintain emergency procedures, 
                backup facilities, and a plan for disaster recovery 
                that allow for--
                            ``(i) the timely recovery and resumption of 
                        operations; and
                            ``(ii) the fulfillment of the 
                        responsibilities and obligations of the swap 
                        data repository; and
                    ``(C) periodically conduct tests to--
                            ``(i) verify the reliability, security, 
                        resilience, and capacity of the automated 
                        systems of the swap data repository;
                            ``(ii) verify the confidentiality, 
                        integrity, and availability of the data 
                        contained in those systems; and
                            ``(iii) verify that backup resources are 
                        sufficient to ensure continued fulfillment of 
                        all duties and obligations of the swap data 
                        repository established by this Act or the 
                        regulations of the Commission.''.

SEC. 111. ADMINISTRATION OF SWAP EXECUTION FACILITIES.

    Section 5h of the Commodity Exchange Act (7 U.S.C. 7b-3) is 
amended--
            (1) in subsection (f)(8), by striking all that follows 
        ``cooperation with the Commission'' and inserting ``and other 
        registered entities, as is necessary and appropriate, to 
        facilitate the liquidation or transfer of open positions in any 
        swap, or to suspend or curtail trading in a swap.''; and
            (2) in subsection (f)(15)--
                    (A) in subparagraph (A), by adding at the end the 
                following: ``The individual may also perform other 
                responsibilities for the swap execution facility, if--
                            ``(i) there are no conflicts of interest 
                        between the other responsibilities and the 
                        duties and obligations of the chief compliance 
                        officer under this Act and the regulations 
                        thereto; and
                            ``(ii) the other responsibilities do not 
                        limit the ability of the chief compliance 
                        officer to carry out the responsibilities of 
                        the chief compliance officer.'';
                    (B) in subparagraph (B)--
                            (i) by striking clauses (iii) through (v) 
                        and inserting the following:
                            ``(iii) establish and administer--
                                    ``(I) policies and procedures, in 
                                consultation with the board of the 
                                facility, a body performing a function 
                                similar to that of a board, or the 
                                senior officer of the facility, that 
                                are reasonably designed, as determined 
                                by the Commission, to resolve any 
                                conflicts of interest that may arise;
                                    ``(II) the policies and procedures 
                                required to be established pursuant to 
                                this section; and
                                    ``(III) policies and procedures 
                                that reasonably ensure, as determined 
                                by the Commission, compliance with this 
                                Act and the rules and regulations 
                                issued under this Act, including rules 
                                prescribed by the Commission pursuant 
                                to this section; and''; and
                            (ii) by redesignating clause (vi) as clause 
                        (iv);
                    (C) in subparagraph (C), by striking ``(B)(vi)'' 
                and inserting ``(B)(iv)''; and
                    (D) in subparagraph (D)--
                            (i) in clause (i), by striking ``and 
                        sign''; and
                            (ii) in clause (ii)--
                                    (I) in the matter preceding 
                                subclause (I), by inserting ``or senior 
                                officer'' after ``officer''; and
                                    (II) in subclause (II), by 
                                inserting ``materially'' before 
                                ``accurate''.

SEC. 112. APPLICABILITY OF PROHIBITIONS ON FRAUD AND MANIPULATION TO 
              ACTIVITIES OUTSIDE THE UNITED STATES.

    Section 6 of the Commodity Exchange Act (7 U.S.C. 8) is amended by 
adding at the end the following:
    ``(h) Applicability to Activities Outside the United States.--
            ``(1) Applicability.--The provisions of this Act 
        prohibiting fraud, manipulation, attempted fraud, and attempted 
        manipulation, and providing for enforcement by the Commission 
        or the United States of such prohibitions (including sections 
        4b, 4c(a)(1)-(4), 4c(a)(7), 4c(b), 4o, 4s(h)(1), 4s(h)(4), 
        6(c), 6(e)(1)-(3), 6c, 9(a), 9(c), 9(d), and 9(e), including 
        any rule or regulation promulgated thereunder), shall apply to 
        activities outside the United States where such activities, 
        independently or in conjunction with activities in the United 
        States, have or would have a reasonably foreseeable substantial 
        effect within the United States.
            ``(2) Effect on other authority.--Nothing in this 
        subsection affects the application or interpretation of, or 
        liability under, any other provision of this Act, including 
        section 22.''.

SEC. 113. PRIVILEGE RETENTION.

    Section 8 of the Commodity Exchange Act (7 U.S.C. 12) is amended--
            (1) by striking subsection (e) and inserting the following:
    ``(e) Disclosure Authorities.--
            ``(1) In general.--
                    ``(A) Previously disclosed.--The Commission may 
                disclose and make public, where such information has 
                previously been disclosed publicly in accordance with 
                the provisions of this section, the names and addresses 
                of all traders on the boards of trade on the commodity 
                markets with respect to whom the Commission has 
                information, and any other information in the 
                possession of the Commission relating to the amount of 
                commodities purchased or sold by each such trader.
                    ``(B) Congressional access.--Upon the request of 
                any committee of either House of Congress, acting 
                within the scope of its jurisdiction, the Commission 
                shall furnish to the committee the names and addresses 
                of all traders on the boards of trade with respect to 
                whom the Commission has information, and any other 
                information in the possession of the Commission 
                relating to the amount of any commodity purchased or 
                sold by each such trader.
            ``(2) Domestic agencies.--
                    ``(A) In general.--Upon the request of any 
                department or agency of the Government of the United 
                States, acting within the scope of its jurisdiction, 
                the Commission may furnish to the department or agency 
                any information in the possession of the Commission 
                obtained in connection with the administration of this 
                Act.
                    ``(B) Conditions.--Any information furnished under 
                this paragraph to any Federal department or agency 
                shall not be disclosed by the department or agency 
                except in any action or proceeding under the laws of 
                the United States to which the department or agency, 
                the Commission, or the United States is a party.
                    ``(C) Federal reserve banks.--In this paragraph, 
                the term `agency' includes the Federal Reserve Banks.
            ``(3) State agencies.--
                    ``(A) In general.--Upon the request of any 
                department or agency of any State or any political 
                subdivision thereof, acting within the scope of its 
                jurisdiction, the Commission may furnish to the 
                department, agency, or political subdivision any 
                information in the possession of the Commission 
                obtained in connection with the administration of this 
                Act.
                    ``(B) Conditions.--Any information furnished to any 
                department or agency of any State or political 
                subdivision thereof shall not be disclosed by the 
                department or agency except in connection with an 
                adjudicatory action or proceeding under this Act or the 
                laws of the State or political subdivision to which the 
                State, political subdivision, department, or agency is 
                a party.
            ``(4) Foreign agencies.--
                    ``(A) In general.--Upon the request of any foreign 
                futures authority, or any department, central bank, 
                ministry, or agency of any foreign government or any 
                political subdivision thereof, acting within the scope 
                of its jurisdiction, the Commission may furnish to the 
                foreign futures authority, department, central bank, 
                ministry, agency of any foreign government, or any 
                political subdivision thereof, any information in the 
                possession of the Commission obtained in connection 
                with the administration of this Act.
                    ``(B) Conditions.--The Commission shall not furnish 
                any information to a foreign futures authority or to a 
                department, central bank, ministry, or agency of a 
                foreign government or political subdivision thereof, 
                unless the Commission is satisfied that the information 
                will not be disclosed by the foreign futures authority, 
                department, central bank, ministry, or agency of any 
                foreign government or any political subdivision 
                thereof, except in connection with an adjudicatory 
                action or proceeding under the laws of the foreign 
                government or political subdivision to which the 
                foreign government, political subdivision, department, 
                agency, central bank, ministry, or foreign futures 
                authority is a party.'';
            (2) by redesignating subsections (h) and (i) as subsections 
        (i) and (j), respectively; and
            (3) by inserting after subsection (g) the following:
    ``(h) Sharing Privileged Information With Other Authorities.--
            ``(1) Privilege definition.--The term `privilege' includes 
        any applicable work-product privilege, attorney-client 
        privilege, governmental privilege, or other privilege 
        recognized under Federal, State, or foreign law.
            ``(2) Privileged information provided by the commission.--
        The Commission shall not be considered to have waived any 
        privilege by transferring information to or permitting that 
        information to be used in accordance with section 8a(6) or 
        paragraphs (2), (3), and (4) of subsection (e) of this section.
            ``(3) Nondisclosure of privileged information provided to 
        the commission.--The Commission shall not be compelled to 
        disclose privileged information obtained from any foreign 
        futures authority if the authority has in good faith determined 
        and represented to the Commission that the information is 
        privileged, except as provided for in subsection (a)(1).
            ``(4) Nonwaiver of privileged information provided to the 
        commission.--
                    ``(A) In general.--The entities listed in 
                paragraphs (2), (3), and (4) of subsection (e) and 
                section 8(a)(6) shall not be considered to have waived 
                any privilege by transferring information to or 
                permitting information to be used by the Commission.
                    ``(B) Exception.--Subparagraph (A) shall not apply 
                to an entity listed in section 8a(6) with respect to 
                information obtained by the Commission in an 
                investigation relating to or in any action against the 
                entity.
            ``(5) Rule of construction.--Nothing in this subsection 
        shall authorize the Commission to withhold information from the 
        Congress or prevent the Commission from complying with an order 
        of a court of the United States in an action commenced by the 
        United States or the Commission.''.

SEC. 114. PROPRIETARY INFORMATION.

    Section 8 of the Commodity Exchange Act (7 U.S.C. 12), as amended 
by section 113 of this Act, is amended by adding at the end the 
following:
    ``(k) Proprietary Information.--
            ``(1) In general.--For any proprietary information provided 
        to the Commission, the Commission may, in its discretion, after 
        notice and comment, adopt rules and regulations to apply any of 
        the provisions of this section to such information it obtains 
        or receives, as it deems necessary, to the extent such 
        information is not already covered by the provisions of this 
        section.
            ``(2) Policies.--With regard to proprietary information it 
        obtains or receives, the Commission shall adopt policies, as 
        determined by the Commission, after notice and comment, to--
                    ``(A) address circumstances when the Commission 
                requests proprietary information;
                    ``(B) safeguard the information, taking into 
                consideration the level of sensitivity of the 
                information;
                    ``(C) limit access to the information to 
                appropriate staff, as determined by the Commission; and
                    ``(D) protect the information from unlawful use or 
                disclosure.
            ``(3) Sharing.--To the extent the Commission adopts rules 
        or regulations, pursuant to paragraph (1), regarding the 
        sharing of such proprietary information with other governmental 
        entities, the Commission shall receive assurances that such 
        other governmental entity shall maintain sufficient safeguards 
        consistent with--
                    ``(A) policies that achieve the objectives of 
                subparagraphs (B), (C), and (D) of paragraph (2) of 
                this subsection; and
                    ``(B) the limitations set forth in paragraphs (2), 
                (3), and (4) of subsection (e) concerning the 
                confidentiality of any such information received.''.

SEC. 115. AUTHORITY TO PROVIDE FOOD AND INCIDENTAL ASSISTANCE TO 
              FOREIGN OFFICIALS HOSTED BY THE COMMISSION.

    Section 12(b) of the Commodity Exchange Act (7 U.S.C. 16(b)) is 
amended by adding at the end the following:
            ``(5) The Commission may incur expenses for consultations 
        and meetings hosted by the Commission with foreign governmental 
        and other regulatory officials to exchange views concerning 
        derivatives matters, such expenses to include necessary 
        logistic and administrative expenses, including--
                    ``(A) meals;
                    ``(B) local travel and transportation; and
                    ``(C) related incidental expenses.''.

SEC. 116. EXTENSION OF OPERATIONS.

    Section 12(d) of the Commodity Exchange Act (7 U.S.C. 16(d)) is 
amended by striking ``2008 through 2013'' and inserting ``2020 through 
2025''.

SEC. 117. AIDING AND ABETTING.

    Section 13(a) of the Commodity Exchange Act (7 U.S.C. 13c(a)) is 
amended--
            (1) by inserting ``or recklessly provides substantial 
        assistance to,'' after ``commission of,''; and
            (2) by inserting ``, or who by recklessly providing 
        substantial assistance to another,'' before ``causes an act''.

SEC. 118. MODERNIZATION OF AUTHORITY OF THE COMMISSION TO CONDUCT 
              RESEARCH, DEVELOPMENT, DEMONSTRATION, AND INFORMATION 
              PROGRAMS.

    Section 18 of the Commodity Exchange Act (7 U.S.C. 22) is amended 
to read as follows:

``SEC. 18. RESEARCH AND DEVELOPMENT PROGRAMS.

    ``(a) Programs.--The Commission, as part of its ongoing operations, 
shall establish and maintain research, development, demonstration, and 
information programs that further the purposes of this Act, including 
programs that--
            ``(1) facilitate the understanding by the Commission of 
        emerging technologies, technological advances, and innovations 
        and their potential application to and effect on the 
        transactions and markets under the jurisdiction of the 
        Commission, and associated implications for cybersecurity, data 
        security, and systemic risk;
            ``(2) provide an environment where emerging technologies, 
        technological advances, and innovations may be explored by the 
        Commission with developers and potential users to evaluate 
        potential effects on the Commission and the markets under the 
        jurisdiction of the Commission;
            ``(3) identify areas where the Commission should adapt its 
        administration of this Act in light of emerging technologies, 
        technological advances, and innovations to benefit the markets 
        under the jurisdiction of the Commission; and
            ``(4) develop educational and other informational materials 
        for dissemination and use among producers, market-users, and 
        the general public regarding--
                    ``(A) derivatives;
                    ``(B) emerging technologies, technological 
                advances, and innovations in markets under the 
                jurisdiction of the Commission; and
                    ``(C) applicable requirements of this Act and the 
                regulations prescribed under this Act with regard to 
                the subjects described in subparagraphs (A) and (B).
    ``(b) Research and Development Plan.--
            ``(1) In general.--The Commission may, after notice and 
        comment, adopt a research and development plan for a program 
        established under subsection (a).
            ``(2) Conditions.--A research and development plan adopted 
        pursuant to paragraph (1) shall identify--
                    ``(A) specific areas of interest to the Commission;
                    ``(B) potential activities the Commission will 
                undertake to investigate an area of interest; and
                    ``(C) how the authority described in subsection (c) 
                will be utilized in the program.
    ``(c) Other Transaction Authority.--
            ``(1) In general.--Notwithstanding the Office of Federal 
        Procurement Policy Act of 1974 and the Competition in 
        Contracting Act, the Commission may enter into and perform a 
        transaction (other than a standard contract) for the purpose of 
        aiding or facilitating the programs and activities under 
        subsection (a).
            ``(2) Conditions.--The Commission may enter into a 
        transaction under this subsection only if--
                    ``(A) the transaction is used only in furtherance 
                of a research and development plan established under 
                subsection (b);
                    ``(B) the Commission endeavored to use a 
                competitive process, where appropriate, when 
                determining the parties to the transaction; and
                    ``(C) using a standard contract to do so is either 
                not feasible or not appropriate.
            ``(3) Policies.--The Commission shall, after notice and 
        comment, establish and publish written policies setting forth 
        the manner and criteria for utilizing the authority provided by 
        this subsection.
    ``(d) Gift Acceptance Authority.--
            ``(1) In general.--The Commission may accept and use, on 
        behalf of the United States, any non-monetary gift of a 
        provision of access, use of facilities, personal property, or 
        services, that is related to--
                    ``(A) sharing of research, data, or other 
                information;
                    ``(B) public presentations; or
                    ``(C) non-commercially available services or 
                systems.
            ``(2) Conditions.--
                    ``(A) In general.--A gift may be accepted pursuant 
                to this subsection only if it is in furtherance of a 
                research and development plan established under 
                subsection (b).
                    ``(B) Limitations.--The Commission may not accept a 
                gift if--
                            ``(i) conditions inconsistent with 
                        applicable laws or regulations apply to the 
                        gift;
                            ``(ii) the gift is conditioned on, or will 
                        require, the expenditure of appropriated funds 
                        not available to the Commission;
                            ``(iii) using a standard contract or other 
                        transaction authority under subsection (c) to 
                        acquire the gift is either feasible or 
                        appropriate; or
                            ``(iv) acceptance of the gift would--
                                    ``(I) reflect unfavorably on the 
                                ability of the Commission to carry out 
                                its responsibilities or official duties 
                                in a fair and objective manner, or 
                                compromise the integrity or the 
                                appearance of the integrity of its 
                                programs or any official involved in 
                                its programs, or
                                    ``(II) give the endorsement or the 
                                appearance of the endorsement by the 
                                Commission or Commission staff of the 
                                products, services, activities, or 
                                policies of the donor.
                    ``(C) Solicitation prohibition.--
                            ``(i) In general.--Except as provided in 
                        clause (ii), no gift may be solicited by any 
                        Commissioner, employee of, or contractor at the 
                        Commission.
                            ``(ii) Exception.--A Commissioner or 
                        employee of the Commission may solicit only for 
                        a gift described in paragraph (1)(B).
                    ``(D) Duration.--To the extent applicable, the 
                Commission shall return any gift accepted pursuant to 
                this subsection within 90 days after accepting the 
                gift.
                    ``(E) Rules.--The Commission shall, after notice 
                and comment, establish and publish written rules 
                setting forth the manner and criteria to be used in 
                determining whether a gift meets the conditions of this 
                paragraph.
            ``(3) Disclosure.--Within 30 days after accepting a gift 
        pursuant to this subsection, the Commission shall publish in 
        the Federal Register a notice detailing--
                    ``(A) the source of the gift;
                    ``(B) the nature of the gift;
                    ``(C) whether the gift was solicited pursuant to 
                paragraph (2)(C)(ii), and if so, by whom; and
                    ``(D) how the gift meets the conditions set forth 
                in paragraph (2).
            ``(4) Sunset.--The authority provided in this subsection 
        may not be exercised on or after October 1, 2025.
    ``(e) Annual Report.--Not later than 60 days after the end of each 
fiscal year, the Commission shall submit to the Committee on 
Agriculture, Nutrition, and Forestry of the Senate and the Committee on 
Agriculture of the House of Representatives a report on all 
transactions entered into under subsection (c) and all gifts accepted 
under subsection (d) in the fiscal year, which shall include the 
following:
            ``(1) A brief description of the subject of each such 
        transaction or gift, with an explanation of--
                    ``(A) its potential utility to the Commission or 
                the markets regulated by the Commission;
                    ``(B) how it fulfills the goals and objectives of 
                the research and development plan established under 
                subsection (b); and
                    ``(C) the status of all related projects.
            ``(2) The information required to be published pursuant to 
        subsection (d)(3).
            ``(3) A description of all sums expended by the Commission 
        in connection with a transaction entered into under subsection 
        (c), and, if readily ascertainable, the value of any gift 
        accepted under subsection (d).''.

SEC. 119. PROTECTING CUSTOMER PROPERTY DURING COMMODITY BROKER 
              BANKRUPTCY.

    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 commodity broker and commodities held 
        in inventory by the commodity broker, shall, subject to any 
        otherwise unavoidable security interest, or otherwise 
        unavoidable contractual offset or netting rights of creditors 
        (including rights set forth in a rule or bylaw of a derivatives 
        clearing organization or a clearing agency) in respect of such 
        property, 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. 120. ELIMINATION OF THE DOUBLE-SIDED CONFIRMATION REQUIREMENT FOR 
              SWAP DATA REPOSITORIES.

    Section 21(c)(2) of the Commodity Exchange Act (7 U.S.C. 24a(c)(2)) 
is amended to read as follows:
            ``(2) confirm with any counterparty to the swap, as 
        determined by the Commission, the accuracy of the data that was 
        submitted, and the counterparty shall comply with the rules or 
        procedures of a swap data repository to confirm the accuracy of 
        the data;''.

SEC. 121. WHISTLEBLOWER PROTECTIONS FOR INTERNAL DISCLOSURES.

    (a) Internal Reporting.--Section 23 of the Commodity Exchange Act 
(7 U.S.C. 26) is amended--
            (1) in subsection (a)(7)--
                    (A) by striking ``The term'' and inserting the 
                following:
                    ``(A) In general.--The term''; and
                    (B) by adding at the end the following:
                    ``(B) Special rule.--Solely for the purposes of 
                subsection (h)(1), the term `whistleblower' includes 
                any individual who takes, or 2 or more individuals 
                acting jointly who take, an action described in 
                subsection (h)(1)(A).''; and
            (2) in subsection (h)(1)(A)--
                    (A) in clause (i), by striking ``or'' at the end;
                    (B) in clause (ii), by striking the period at the 
                end and inserting ``; or''; and
                    (C) by adding at the end the following:
                            ``(iii) in providing information regarding 
                        any conduct that the whistleblower reasonably 
                        believes constitutes a violation of any law, 
                        rule, or regulation subject to the jurisdiction 
                        of the Commission to--
                                    ``(I) a person with supervisory 
                                authority over the whistleblower at the 
                                employer of the whistleblower, if that 
                                employer is an entity registered with, 
                                or required to be registered with, the 
                                Commission, a self-regulatory 
                                organization, or a State securities 
                                commission or office performing like 
                                functions; or
                                    ``(II) another individual working 
                                for the employer described in subclause 
                                (I) who the whistleblower reasonably 
                                believes has the authority--
                                            ``(aa) to investigate, 
                                        discover, or terminate the 
                                        misconduct; or
                                            ``(bb) to take any other 
                                        action to address the 
                                        misconduct.''.
    (b) Claims Processing.--
            (1) In general.--Section 23(b) of the Commodity Exchange 
        Act (7 U.S.C. 26) is amended by adding at the end the 
        following:
            ``(3) Timely processing of claims.--
                    ``(A) Initial disposition.--
                            ``(i) In general.--Except as provided in 
                        subparagraph (B), and subject to clause (ii), 
                        the Commission shall make an initial 
                        disposition with respect to a claim submitted 
                        by a whistleblower for an award under this 
                        section (referred to in this paragraph as an 
                        `award claim') not later than 1 year after the 
                        deadline established by the Commission, by 
                        rule, for the whistleblower to file the award 
                        claim.
                            ``(ii) Multiple actions.--If a covered 
                        judicial or administrative action involves 1 or 
                        more related actions, the requirement under 
                        clause (i) shall apply with respect to the 
                        latest deadline with respect to the actions.
                    ``(B) Exceptions.--
                            ``(i) Initial extension.--If the Director 
                        of the Division of Enforcement of the 
                        Commission (referred to in this paragraph as 
                        the `Director'), or the designee of the 
                        Director, determines that an award claim is 
                        sufficiently complex or involves more than 1 
                        whistleblower, or if other good cause exists 
                        such that the Commission cannot reasonably 
                        satisfy the requirement under subparagraph (A), 
                        the Director or the designee, as applicable, 
                        after providing notice to the Chairman of the 
                        Commission (referred to in this paragraph as 
                        the `Chairman'), may extend the deadline with 
                        respect to the satisfaction of that 
                        subparagraph by not more than 180 days.
                            ``(ii) Additional extensions.--If, after 
                        providing an extension under clause (i), the 
                        Director, or the designee of the Director, 
                        determines that the Commission cannot 
                        reasonably satisfy the requirement under 
                        subparagraph (A) with respect to an award 
                        claim, as extended under that clause, the 
                        Director or the designee, as applicable, after 
                        providing notice to the Chairman, may extend 
                        the period in which the Commission may satisfy 
                        subparagraph (A) by 1 additional 180-day 
                        period.
                            ``(iii) Notice to whistleblower required.--
                        If the Director, or the designee of the 
                        Director, exercises authority under clause (i) 
                        or (ii), the Director or the designee, as 
                        applicable, shall submit to the whistleblower 
                        who filed the award claim that is subject to 
                        that action by the Director or the designee a 
                        written notification of that action by the 
                        Director or the designee.
                    ``(C) Applicability.--This paragraph shall apply 
                only to an award claim that is timely submitted under a 
                deadline established by the Commission after the date 
                of enactment of this paragraph.''.
            (2) Rules.--The Commodity Futures Trading Commission may 
        issue any rules that are necessary to carry out paragraph (3) 
        of section 23(b) of the Commodity Exchange Act (7 U.S.C. 26(b)) 
        (as added by paragraph (1)).
    (c) CFTC Whistleblower Program Education Initiatives.--Section 
23(g)(2) of the Commodity Exchange Act (7 U.S.C. 26(g)(2)) is amended--
            (1) in subparagraph (A), by striking ``and'' at the end;
            (2) in subparagraph (B), by striking the period at the end 
        and inserting ``; and''; and
            (3) by adding at the end the following:
                    ``(C) the funding of initiatives designed to 
                educate stakeholders regarding the incentives and 
                protections available under this section, including the 
                benefits of those incentives and protections.''.
    (d) Deposits Into CFTC Customer Protection Fund.--Section 
23(g)(3)(A) of the Commodity Exchange Act (7 U.S.C. 26(g)(3)(A)) is 
amended by striking ``$100,000,000'' and inserting ``$150,000,000''.
    (e) Availability of Certain CFTC Information to Government 
Agencies.--Section 23(h)(2)(C) of the Commodity Exchange Act (7 U.S.C. 
26(h)(2)(C)) is amended--
            (1) in clause (i)--
                    (A) in subclause (II), by striking 
                ``jurisdiction;'' and inserting the following: 
                ``jurisdiction, including--
                                            ``(aa) the Federal Trade 
                                        Commission;
                                            ``(bb) the Internal Revenue 
                                        Service; and
                                            ``(cc) the Department of 
                                        State;''; and
                    (B) in subclause (VI), by inserting ``or other 
                foreign law enforcement authority'' before the period 
                at the end; and
            (2) in clause (ii)--
                    (A) by striking ``Each'' and inserting the 
                following:
                                    ``(I) In general.--Each'';
                    (B) in subclause (I) (as so designated), by 
                inserting ``subclauses (I) through (V) of'' before 
                ``clause (i)''; and
                    (C) by adding at the end the following:
                                    ``(II) Foreign authorities.--An 
                                entity described in subclause (VI) of 
                                clause (i) shall maintain information 
                                described in that clause in accordance 
                                with such assurances of confidentiality 
                                as the Commission determines 
                                appropriate.''.

SEC. 122. UPDATING STANDARDS FOR NATURAL PERSONS TO MEET REQUIREMENTS 
              FOR QUALIFIED ELIGIBLE PERSONS.

    (a) In General.--Within 1 year after the date of the enactment of 
this section, the Commodity Futures Trading Commission shall adopt a 
rule to update its regulations governing the requirements for natural 
persons to be qualified eligible persons who must satisfy portfolio 
requirements, for the purposes of providing relief to commodity trading 
advisors and commodity pool operators in their dealings with qualified 
eligible persons pursuant to section 4.7 of title 17, Code of Federal 
Regulations, so that a natural person, to be a qualified eligible 
person who must satisfy the portfolio requirement, must meet the 
requirement of paragraph (1) and the requirement of paragraph (2):
            (1) Means.--The requirement of this paragraph is that the 
        person must have--
                    (A) an individual net worth, or joint net worth 
                with the spouse, if any, of the person, at the time of 
                the opening of an exempt account or purchase of 1 or 
                more participation units in an exempt commodity pool, 
                to qualify the person as an accredited investor, as 
                defined in section 230.501(a)(5) of title 17, Code of 
                Federal Regulations, as if that regulation were amended 
                by striking ``$1,000,000'' and inserting 
                ``$5,000,000''; or
                    (B) individual income, or joint income with the 
                spouse, if any, of the person, in excess of $500,000 in 
                each of the 2 most recent years, and have a reasonable 
                expectation of reaching the same income level in the 
                current year.
            (2) Portfolio.--The requirement of this paragraph is that 
        the person must meet a portfolio requirement under section 
        4.7(a)(1)(v) of title 17, Code of Federal Regulations, as if 
        that regulation were amended--
                    (A) by striking ``$2,000,000'' and inserting 
                ``$5,000,000'';
                    (B) by striking ``$200,000'' and inserting 
                ``$500,000'';
                    (C) by striking ``$1,000,000'' and inserting 
                ``2,500,000''; and
                    (D) by striking ``$100,000'' and inserting 
                ``$250,000''.
    (b) Inflation.--In adopting a rule pursuant to subsection (a), the 
Commission shall--
            (1) include provisions providing for adjusting the dollar 
        amounts referred to in subsection (a) for inflation every three 
        years to the nearest $1,000 to reflect the change in the 
        Consumer Price Index for All Urban Consumers published by the 
        Bureau of Labor Statistics; and
            (2) allow any natural person who meets the requirements of 
        a qualified eligible person and is a participant in a commodity 
        pool or the customer of a commodity trading advisor provided 
        relief under section 4.7 of title 17, Code of Federal 
        Regulations, before the date of any adjustment in such 
        requirements established pursuant to this rule to remain a 
        qualified eligible person, notwithstanding such adjustments 
        established pursuant to this rule, if--
                    (A) the natural person continues to meet the 
                requirements of qualified eligible persons pursuant to 
                section 4.7 of title 17, Code of Federal Regulations, 
                as in effect before the date of any adjustment in such 
                requirements established pursuant to this rule; and
                    (B) the natural person does not--
                            (i) sell all shares of its participation in 
                        such exempt commodity pool;
                            (ii) withdraw all assets from any account 
                        managed by such exempt commodity trading 
                        advisor;
                            (iii) purchase any new shares of 
                        participation in such exempt commodity pool; or
                            (iv) contribute additional assets to any 
                        account managed by such exempt commodity 
                        trading advisor.

SEC. 123. GOVERNMENT ACCOUNTABILITY OFFICE STUDY ON ALUMINUM MARKETS.

    (a) Study.--The Comptroller General of the United States shall 
conduct a study of--
            (1) the aluminum markets in the United States and globally, 
        in general;
            (2) the effectiveness and efficiency of the markets for 
        purchasers of aluminum;
            (3) what factors and policies influence the supply, demand, 
        and movement of aluminum around the world; and
            (4) the effectiveness of government oversight over the 
        markets.
    (b) Report.--Within 180 days after the date of the enactment of 
this Act, the Comptroller General shall submit to the Committee on 
Agriculture of the House of Representatives and the Committee on 
Agriculture, Nutrition, and Forestry of the Senate a written report 
that contains the results of the study required by subsection (a).

SEC. 124. RESPONSE TO FOREIGN REGULATORY AUTHORITY.

    Where a foreign authority seeks to assert direct supervisory 
authority over derivatives clearing organizations domiciled in the 
United States, the Commodity Futures Trading Commission should review 
the appropriateness of the exemptions granted to foreign entities, 
including clearinghouses, under the jurisdiction of the foreign 
authority.

SEC. 125. AFFILIATE CONDITIONS.

    Section 2(h)(7)(D)(iv) of the Commodity Exchange Act (7 U.S.C. 
2(h)(7)(D)(iv)) is amended--
            (1) in subclause (I), by striking ``risk; and'' and 
        inserting ``risk, unless the affiliate can demonstrate to the 
        Commission, as determined by the Commission, that--
                                            ``(aa) the affiliate has 
                                        utilized the exception in 
                                        clause (i) only to hedge or 
                                        mitigate commercial risk; and
                                            ``(bb) the affiliate 
                                        complies, as a financial 
                                        entity, with the obligations of 
                                        the affiliate with respect to 
                                        any swap for which the 
                                        exception in clause (i) is not 
                                        exercised; and''; and
            (2) in subclause (II), by striking ``neither the affiliate 
        nor any person affiliated with the affiliate that is not a 
        financial entity'' and inserting ``neither the affiliate that 
        qualifies for the exception in clause (i) nor any person 
        affiliated with the affiliate, that is directly or indirectly 
        wholly- or majority-owned by the same ultimate parent, and that 
        enters into swaps with the affiliate''.

                    TITLE II--TECHNICAL CORRECTIONS

SEC. 201. CORRECTION OF REFERENCES.

    (a) Section 2(h)(8)(A)(ii) of the Commodity Exchange Act (7 U.S.C. 
2(h)(8)(A)(ii)) is amended by striking ``5h(f) of this Act'' and 
inserting ``5h(g)''.
    (b) Section 5c(c)(5)(C)(i) of such Act (7 U.S.C. 7a-2(c)(5)(C)(i)) 
is amended by striking ``1a(2)(i))'' and inserting ``1a(19)(i))''.
    (c) Section 23(f) of such Act (7 U.S.C. 26(f)) is amended by 
striking ``section 7064'' and inserting ``section 706''.

SEC. 202. ELIMINATION OF OBSOLETE REFERENCES TO DEALER OPTIONS.

    (a) In General.--Section 4c of the Commodity Exchange Act (7 U.S.C. 
6c) is amended by striking subsections (d) and (e) and redesignating 
subsections (f) and (g) as subsections (d) and (e), respectively.
    (b) Conforming Amendments.--
            (1) Section 2(d) of such Act (7 U.S.C. 2(d)) is amended by 
        striking ``(g) of'' and inserting ``(e) of''.
            (2) Section 4f(a)(4)(A)(i) of such Act (7 U.S.C. 
        6f(a)(4)(A)(i)) is amended by striking ``, (d), (e), and (g)'' 
        and inserting ``and (e)''.
            (3) Section 4k(5)(A) of such Act (7 U.S.C. 6k(5)(A)) is 
        amended by striking ``, (d), (e), and (g)'' and inserting ``and 
        (e)''.
            (4) Section 5f(b)(1)(A) of such Act (7 U.S.C. 7b-
        1(b)(1)(A)) is amended by striking ``, (e), and (g)'' and 
        inserting ``and (e)''.
            (5) Section 9(a)(2) of such Act (7 U.S.C. 13(a)(2)) is 
        amended by striking ``through (e) of subsection'' and inserting 
        ``through (c) of section''.

SEC. 203. UPDATED TRADE DATA PUBLICATION REQUIREMENT.

    Section 4g(e) of the Commodity Exchange Act (7 U.S.C. 6g(e)) is 
amended by striking ``the exchange'' and inserting ``each designated 
contract market and swap execution facility''.

SEC. 204. FLEXIBILITY FOR ALL REGISTERED ENTITIES.

    (a) Section 5c(b) of the Commodity Exchange Act (7 U.S.C. 7a-2(b)) 
is amended by striking ``contract market, derivatives transaction 
execution facility, or electronic trading facility'' each place it 
appears and inserting ``registered entity''.
    (b) Section 5c(b)(1) of such Act (7 U.S.C. 7a-2(b)(1)) is amended--
            (1) by striking ``(1) In general.--A'' and inserting the 
        following:
            ``(1) Delegation.--
                    ``(A) In general.--A'';
            (2) by striking ``with respect to a significant price 
        discovery contract''; and
            (3) by adding after and below the end the following:
                    ``(B) Swaps.--In addition to the authority 
                described in subparagraph (A), a registered entity may 
                also comply with any applicable core principle, as it 
                applies to swaps, through delegation of any relevant 
                function to a registered national securities 
                association.''.

SEC. 205. ELIMINATION OF OBSOLETE REFERENCES TO ELECTRONIC TRADING 
              FACILITIES.

    (a) Section 1a(18)(A)(x) of the Commodity Exchange Act (7 U.S.C. 
1a(18)(A)(x)) is amended by striking ``(other than an electronic 
trading facility with respect to a significant price discovery 
contract)''.
    (b) Section 1a(40) of such Act (7 U.S.C. 1a(40)) is amended--
            (1) by adding ``and'' at the end of subparagraph (D); and
            (2) by striking all that follows ``section 21'' and 
        inserting a period.
    (c) Section 4a(e) of such Act (7 U.S.C. 6a(e)) is amended--
            (1) in the first sentence--
                    (A) by striking ``or by any electronic trading 
                facility'';
                    (B) by striking ``or on an electronic trading 
                facility''; and
                    (C) by striking ``or electronic trading facility'' 
                each place it appears; and
            (2) in the second sentence, by striking ``or electronic 
        trading facility with respect to a significant price discovery 
        contract''.
    (d) Section 4g(a) of such Act (7 U.S.C. 6g(a)) is amended by 
striking ``any significant price discovery contract traded or executed 
on an electronic trading facility or''.
    (e) Section 4i of such Act (7 U.S.C. 6i) is amended--
            (1) by striking ``, or any significant price discovery 
        contract traded or executed on an electronic trading 
        facility''; and
            (2) by striking ``or electronic trading facility''.
    (f) Section 6(b) of such Act (7 U.S.C. 8(b)) is amended by striking 
``or electronic trading facility'' each place it appears.
    (g) Section 12(e)(2) of such Act (7 U.S.C. 16(e)(2)) is amended by 
striking ``in the case of--'' and all that follows and inserting ``in 
the case of an agreement, contract, or transaction that is excluded 
from this Act under section 2(c) or 2(f) of this Act or title IV of the 
Commodity Futures Modernization Act of 2000, or exempted under section 
4(c) of this Act (regardless of whether any such agreement, contract, 
or transaction is otherwise subject to this Act).''.

SEC. 206. ELIMINATION OF OBSOLETE REFERENCE TO ALTERNATIVE SWAP 
              EXECUTION FACILITIES.

    Section 5h(h) of the Commodity Exchange Act (7 U.S.C. 7b-3(h)) is 
amended by striking ``alternative'' before ``swap''.

SEC. 207. CLARIFICATION OF COMMISSION AUTHORITY OVER SWAPS TRADING.

    Section 8a of the Commodity Exchange Act (7 U.S.C. 12a) is 
amended--
            (1) in paragraph (7)--
                    (A) by inserting ``the protection of swaps traders 
                and to assure fair dealing in swaps, for'' after 
                ``appropriate for'';
                    (B) in subparagraph (A), by inserting ``swaps or'' 
                after ``conditions in''; and
                    (C) in subparagraph (B), by inserting ``or swaps'' 
                after ``future delivery''; and
            (2) in paragraph (9)--
                    (A) by inserting ``swap or'' after ``or liquidation 
                of any''; and
                    (B) by inserting ``swap or'' after ``margin levels 
                on any''.

SEC. 208. ELIMINATION OF OBSOLETE REFERENCE TO THE COMMODITY EXCHANGE 
              COMMISSION.

    Section 13(c) of the Commodity Exchange Act (7 U.S.C. 13c(c)) is 
amended by striking ``or the Commission''.

SEC. 209. ELIMINATION OF OBSOLETE REFERENCES TO DERIVATIVE TRANSACTION 
              EXECUTION FACILITIES.

    (a) Section 1a(12)(B)(vi) of the Commodity Exchange Act (7 U.S.C. 
1a(12)(B)(vi)) is amended by striking ``derivatives transaction 
execution facility'' and inserting ``swap execution facility''.
    (b) Section 1a(34) of such Act (7 U.S.C. 1a(34)) is amended--
            (1) in the heading, by striking ``; member of a derivatives 
        transaction execution facility''; and
            (2) by striking ``or derivatives transaction execution 
        facility'' each place it appears.
    (c) Section 1a(35)(B)(iii)(I) of such Act (7 U.S.C. 
1a(35)(B)(iii)(I)) is amended by striking ``or registered derivatives 
transaction execution facility''.
    (d) Section 2(a)(1)(C)(ii) of such Act (7 U.S.C. 2(a)(1)(C)(ii)) is 
amended--
            (1) by striking ``, or register a derivatives transaction 
        execution facility that trades or executes,'';
            (2) by striking ``, and no derivatives transaction 
        execution facility shall trade or execute such contracts of 
        sale (or options on such contracts) for future delivery''; and
            (3) by striking ``or the derivatives transaction execution 
        facility,''.
    (e) Section 2(a)(1)(C)(v)(I) of such Act (7 U.S.C. 
2(a)(1)(C)(v)(I)) is amended by striking ``, or any derivatives 
transaction execution facility on which such contract or option is 
traded,''.
    (f) Section 2(a)(1)(C)(v)(II) of such Act (7 U.S.C. 
2(a)(1)(C)(v)(II)) is amended by striking ``or derivatives transaction 
execution facility'' each place it appears.
    (g) Section 2(a)(1)(C)(v)(V) of such Act (7 U.S.C. 
2(a)(1)(C)(v)(V)) is amended by striking ``or registered derivatives 
transaction execution facility''.
    (h) Section 2(a)(1)(D)(i) of such Act (7 U.S.C. 2(a)(1)(D)(i)) is 
amended in the matter preceding subclause (I)--
            (1) by striking ``in, or register a derivatives transaction 
        execution facility''; and
            (2) by striking ``, or registered as a derivatives 
        transaction execution facility for,''.
    (i) Section 2(a)(1)(D)(i)(IV) of such Act (7 U.S.C. 
2(a)(1)(D)(i)(IV)) is amended by striking ``registered derivatives 
transaction execution facility,'' each place it appears.
    (j) Section 2(a)(1)(D)(ii)(I) of such Act (7 U.S.C. 
2(a)(1)(D)(ii)(I)) is amended to read as follows:
            ``(I) the transaction is conducted on or subject to the 
        rules of a board of trade that has been designated by the 
        Commission as a contract market in such security futures 
        product;''.
    (k) Section 2(a)(1)(D)(ii)(II) of such Act (7 U.S.C. 
2(a)(1)(D)(ii)(II)) is amended by striking ``or registered derivatives 
transaction execution facility''.
    (l) Section 2(a)(1)(D)(ii)(III) of such Act (7 U.S.C. 
2(a)(1)(D)(ii)(III)) is amended by striking ``or registered derivatives 
transaction execution facility member''.
    (m) Section 2(a)(9)(B)(ii) of such Act (7 U.S.C. 2(a)(9)(B)(ii)) is 
amended--
            (1) by striking ``or registration'' each place it appears;
            (2) by striking ``or derivatives transaction execution 
        facility'' each place it appears;
            (3) by striking ``or register'';
            (4) by striking ``, registering,''; and
            (5) by striking ``registration,''.
    (n) Section 2(c)(2) of such Act (7 U.S.C. 2(c)(2)) is amended by 
striking ``or a derivatives transaction execution facility'' each place 
it appears.
    (o) Section 4(a) of such Act (7 U.S.C. 6(a)) is amended--
            (1) by striking ``or derivatives transaction execution 
        facility'' each place it appears; and
            (2) in paragraph (1), by striking ``or registered''.
    (p) Section 4(c)(1) of such Act (7 U.S.C. 6(c)(1)) is amended--
            (1) by striking ``or registered''; and
            (2) by striking ``or derivatives transaction execution 
        facility''.
    (q) Section 4a(a)(1) of such Act (7 U.S.C. 6a(a)(1)) is amended--
            (1) by striking ``or derivatives transaction execution 
        facilities''; and
            (2) by striking ``or derivatives transaction execution 
        facility''.
    (r) Section 4a(e) of such Act (7 U.S.C. 6a(e)) is amended--
            (1) by striking ``, derivatives transaction execution 
        facility,'' each place it appears; and
            (2) by striking ``or derivatives transaction execution 
        facility''.
    (s) Section 4c(e) of such Act (7 U.S.C. 6c(g)), as so redesignated 
by section 202(a) of this Act, is amended by striking ``or derivatives 
transaction execution facility'' each place it appears.
    (t) Section 4d of such Act (7 U.S.C. 6d) is amended by striking 
``or derivatives transaction execution facility'' each place it 
appears.
    (u) Section 4e of such Act (7 U.S.C. 6e) is amended by striking 
``or derivatives transaction execution facility''.
    (v) Section 4f(a) of such Act (7 U.S.C. 6f(a)) is amended by 
striking ``or registered derivatives transaction execution facility''.
    (w) Section 4f(b) of such Act (7 U.S.C. 6f(b)) is amended by 
striking ``or derivatives transaction execution facility'' each place 
it appears.
    (x) Section 4i of such Act (7 U.S.C. 6i) is amended by striking 
``or derivatives transaction execution facility''.
    (y) Section 4j of such Act (7 U.S.C. 6j) is amended--
            (1) in the heading by striking ``and registered derivatives 
        transaction execution facilities'';
            (2) in subsection (a), by striking ``and registered 
        derivatives transaction execution facility'';
            (3) in subsection (b), by striking ``or registered 
        derivatives transaction execution facility''; and
            (4) in subsection (c), by striking ``or registered 
        derivatives transaction execution facility members''.
    (z) Section 4k of such Act (7 U.S.C. 6k) is amended by striking 
``or registered derivatives transaction execution facility''.
    (aa) Section 4l of such Act (7 U.S.C. 6l) is amended by striking 
``or derivatives transaction execution facilities'' each place it 
appears
    (bb) Section 4p(a) of such Act (7 U.S.C. 6p(a)) is amended by 
striking ``, or derivatives transaction execution facilities''.
    (cc) Section 4p(b) of such Act (7 U.S.C. 6p(b)) is amended by 
striking ``derivatives transaction execution facility,''.
    (dd) Section 5(e) of such Act (7 U.S.C. 7(e)) is amended--
            (1) by striking ``(e)'' and all that follows through ``a 
        contract for'' and inserting the following:
    ``(e) Current Agricultural Commodities.--A contract for''; and
            (2) by striking paragraph (2).
    (ee) Section 5c(b) of such Act (7 U.S.C. 7a-2(b)) is amended by 
striking ``, derivatives transaction execution facility,'' each place 
it appears.
    (ff) Section 5c(f) of such Act (7 U.S.C. 7a-2(f)) is amended by 
striking ``and registered derivatives transaction execution facility''.
    (gg) Section 5c(f)(1) of such Act (7 U.S.C. 7a-2(f)(1)) is amended 
by striking ``or registered derivatives transaction execution 
facility''.
    (hh) Section 6 of such Act (7 U.S.C. 8) is amended--
            (1) in subsection (a), by striking ``or registered'';
            (2) by striking ``or derivatives transaction execution 
        facility'' each place it appears; and
            (3) by striking ``or registration'' each place it appears.
    (ii) Section 6a(a) of such Act (7 U.S.C. 10a(a)) is amended--
            (1) by striking ``or registered'';
            (2) by striking ``or a derivatives transaction execution 
        facility''; and
            (3) by inserting ``shall'' before ``exclude'' the first 
        place it appears.
    (jj) Section 6a(b) of such Act (7 U.S.C. 10a(b)) is amended--
            (1) by striking ``or registered''; and
            (2) by striking ``or a derivatives transaction execution 
        facility''.
    (kk) Section 6d(1) of such Act (7 U.S.C. 13a-2(1)) is amended by 
striking ``derivatives transaction execution facility,''.

SEC. 210. ELIMINATION OF OBSOLETE REFERENCES TO EXEMPT BOARDS OF TRADE.

    (a) Section 1a(18)(A)(x) of the Commodity Exchange Act (7 U.S.C. 
1a(18)(A)(x)) is amended by striking ``or an exempt board of trade''.
    (b) Section 12(e)(1)(B)(i) of such Act (7 U.S.C. 16(e)(1)(B)(i)) is 
amended by striking ``or exempt board of trade''.

SEC. 211. ELIMINATION OF COMPLETED REPORTS.

    (a) Section 23(h)(2)(C) of the Commodity Exchange Act (7 U.S.C. 
26(h)(2)(C)) is amended by striking clause (iii).
    (b) Section 26 of the Futures Trading Act of 1978 (7 U.S.C. 16a) is 
amended by striking subsection (b) and redesignating subsection (c) as 
subsection (b).

SEC. 212. MISCELLANEOUS CORRECTIONS.

    (a) Section 1a(12)(A)(i)(II) of the Commodity Exchange Act (7 
U.S.C. 1a(12)(A)(i)(II)) is amended by adding at the end a semicolon.
    (b) Section 2(a)(1)(C)(ii)(III) of such Act (7 U.S.C. 
2(a)(1)(C)(ii)(III)) is amended by moving the provision 2 ems to the 
right.
    (c) Section 2(a)(1)(C)(iii) of such Act (7 U.S.C. 2(a)(1)(C)(iii)) 
is amended by moving the provision 2 ems to the right.
    (d) Section 2(a)(1)(C)(iv) of such Act (7 U.S.C. 2(a)(1)(C)(iv)) is 
amended by striking ``under or'' and inserting ``under''.
    (e) Section 2(a)(1)(C)(v) of such Act (7 U.S.C. 2(a)(1)(C)(v)) is 
amended by moving the provision 2 ems to the right.
    (f) Section 2(a)(1)(C)(v)(VI) of such Act (7 U.S.C. 
2(a)(1)(C)(v)(VI)) is amended by striking ``III'' and inserting 
``(III)''.
    (g) Section 2(c)(1) of such Act (7 U.S.C. 2(c)(1)) is amended by 
striking the second comma.
    (h) Section 4(c)(3)(H) of such Act (7 U.S.C. 6(c)(3)(H)) is amended 
by striking ``state'' and inserting ``State''.
    (i) Section 4c(c) of such Act (7 U.S.C. 6c(c)) is amended to read 
as follows:
    ``(c) The Commission shall issue regulations to continue to permit 
the trading of options on contract markets under such terms and 
conditions that the Commission from time to time may prescribe.''.
    (j) Section 4d(b) of such Act (7 U.S.C. 6d(b)) is amended by 
striking ``paragraph (2) of this section'' and inserting ``subsection 
(a)(2)''.
    (k) Section 4f(c)(3)(A) of such Act (7 U.S.C. 6f(c)(3)(A)) is 
amended by striking the first comma.
    (l) Section 4f(c)(4)(A) of such Act (7 U.S.C. 6f(c)(4)(A)) is 
amended by striking ``in developing'' and inserting ``In developing''.
    (m) Section 4f(c)(4)(B) of such Act (7 U.S.C. 6f(c)(4)(B)) is 
amended by striking ``1817(a)'' and inserting ``1817(a))''.
    (n) Section 5 of such Act (7 U.S.C. 7) is amended by redesignating 
subsections (c) through (e) as subsections (b) through (d), 
respectively.
    (o) Section 5b of such Act (7 U.S.C. 7a-1) is amended by 
redesignating subsection (k) as subsection (j).
    (p) Section 5f(b)(1) of such Act (7 U.S.C. 7b-1(b)(1)) is amended 
by striking ``section 5f'' and inserting ``this section''.
    (q) Section 6(a) of such Act (7 U.S.C. 8(a)) is amended by striking 
``the the'' and inserting ``the''.
    (r) Section 8a of such Act (7 U.S.C. 12a) is amended in each of 
paragraphs (2)(E) and (3)(B) by striking ``Investors'' and inserting 
``Investor''.
    (s) Section 12(b)(4) of such Act (7 U.S.C. 16(b)(4)) is amended by 
moving the provision 2 ems to the left.
    (t) Section 14(a)(2) of such Act (7 U.S.C. 18(a)(2)) is amended by 
moving the margin of the provision 2 ems to the left.
    (u) Section 17(b)(9)(D) of such Act (7 U.S.C. 21(b)(9)(D)) is 
amended by striking the semicolon and inserting a period.
    (v) Section 17(b)(10)(C)(ii) of such Act (7 U.S.C. 
21(b)(10)(C)(ii)) is amended by striking ``and'' at the end.
    (w) Section 17(b)(11) of such Act (7 U.S.C. 21(b)(11)) is amended 
by striking the period and inserting a semicolon.
    (x) Section 17(b)(12) of such Act (7 U.S.C. 21(b)(12)) is amended--
            (1) by striking ``(A)''; and
            (2) by striking the period and inserting ``; and''.
    (y) Section 17(b)(13) of such Act (7 U.S.C. 21(b)(13)) is amended 
by striking ``A'' and inserting ``a''.
    (z) Section 17 of such Act (7 U.S.C. 21) is amended by 
redesignating subsection (q), as added by section 233(5) of Public Law 
97-444, and subsection (r) as subsections (r) and (s), respectively.
    (aa) Section 22(b)(3) of such Act (7 U.S.C. 25(b)(3)) is amended by 
striking ``of registered'' and inserting ``of a registered''.
    (bb) Section 22(b)(4) of such Act (7 U.S.C. 25(b)(4)) is amended by 
inserting a comma after ``entity''.

SEC. 213. TECHNICAL AMENDMENTS TO SECTION 14(E).

    Section 14(e) of the Commodity Exchange Act (7 U.S.C. 18(e)) is 
amended--
            (1) by inserting ``(1)'' after ``(e)'';
            (2) in the 1st sentence--
                    (A) by inserting ``final'' after ``Any'';
                    (B) by striking ``hereunder'' and inserting ``under 
                this section''; and
                    (C) by striking ``the appellee'' and inserting ``an 
                appellee'';
            (3) in the 2nd sentence--
                    (A) by striking ``Such appeal'' and inserting ``If 
                the order requires the petitioner to pay reparation, or 
                upholds a prior order requiring such a payment, the 
                petition for review'';
                    (B) by striking ``appellant'' each place it appears 
                and inserting ``petitioner'';
                    (C) by striking ``for the appellee, if the appellee 
                shall prevail'' and inserting ``as set forth below'';
            (4) in the 4th sentence, by striking ``The'' and inserting 
        ``An''; and
            (5) in the 5th sentence--
                    (A) by inserting ``participates in the proceedings 
                before the Court of Appeals through counsel and'' 
                before ``prevails''; and
                    (B) by striking ``his'' and inserting ``the 
                appellee's''; and
            (6) by adding after and below the end the following:
    ``(2) In paragraph (1), the term `appellee' means a party to a 
proceeding before the Commission under this section in whose favor the 
Commission ruled in an order that is the subject of a petition for 
review under paragraph (1) and whose interests are adverse to those of 
the petitioner.''.

SEC. 214. TECHNICAL CLARIFICATIONS FOR RETAIL FOREIGN CURRENCY.

    Section 2(c)(2) of the Commodity Exchange Act (7 U.S.C. 2(c)(2)) is 
amended--
            (1) in subparagraph (B)--
                    (A) in clause (i)(II), by redesignating item (ff) 
                as item (ee);
                    (B) by striking ``(gg)'' each place it appears and 
                inserting ``(ee)'';
                    (C) in clause (iii), by striking ``(ee), or (ff) of 
                clause (i)(II) of this subparagraph'' and inserting 
                ``or (dd) of clause (i)(II)''; and
                    (D) in clause (iv)--
                            (i) in each of subclauses (I) and (II), by 
                        striking ``(ee), or (ff)'' each place it 
                        appears and inserting ``or (dd)'';
                            (ii) in subclause (I)(bb), by inserting ``, 
                        or otherwise act as a commodity trading advisor 
                        with respect to any agreement, contract, or 
                        transaction described in clause (i)'' before 
                        the semicolon; and
                            (iii) in subclause (IV)(aa), by striking 
                        ``(ff)'' and inserting ``(dd)'';
            (2) in subparagraph (C)--
                    (A) by striking ``(ee), or (ff)'' each place it 
                appears and inserting ``or (dd)''; and
                    (B) in clause (iii)--
                            (i) in subclause (I)(bb), by inserting ``, 
                        or otherwise act as a commodity trading advisor 
                        with respect to any agreement, contract, or 
                        transaction described in clause (i)'' before 
                        the semicolon; and
                            (ii) in subclause (IV)(aa), by striking 
                        ``item (aa) through (ff)'' and inserting 
                        ``items (aa) through (dd)''; and
            (3) in subparagraph (E)(ii)(I), by inserting ``or 
        (C)(i)(I)'' after ``(B)(i)(I)''.

SEC. 215. MISCELLANEOUS SWAP TECHNICAL CORRECTIONS.

    (a) Section 6b of the Commodity Exchange Act (7 U.S.C. 13a) is 
amended by inserting ``or section 5h'' after ``sections 5 through 5c''.
    (b) Section 8a of such Act (7 U.S.C. 12a) is amended--
            (1) in paragraph (7)(A), by inserting ``or swap contracts'' 
        after ``contracts of sale''; and
            (2) in paragraph (9), by striking ``futures contract'' and 
        inserting ``contract of sale for future delivery or swap 
        contract'' each place it occurs.
    (c) Section 15(b) of such Act (7 U.S.C. 19(b)) is amended by 
striking ``contract market'' and inserting ``registered entity''.
                                                 Union Calendar No. 254

116th CONGRESS

  1st Session

                               H. R. 4895

                          [Report No. 116-313]

_______________________________________________________________________

                                 A BILL

        To reauthorize the Commodity Futures Trading Commission.

_______________________________________________________________________

                           November 26, 2019

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