H.R. 4895 — what changed
CFTC Reauthorization Act of 2019
From Introduced in House to Reported in House. 22 sections amended, 2 added, and 1 removed between Introduced in House and Reported in House.
Sec. 101 Foreign futures authority
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.”
changed
Conforming amendment— Section 12(f) of such Act (7 U.S.C. 16(f)(1)) 16(f)) is amended—
in paragraph (1)—
by striking “futures or options” and inserting “futures, options, swaps, or commodities”; and
by striking “administers or enforces” and inserting “administers, enforces, or prosecutes”; and
in paragraph (2)(A), by striking “in futures and options” and inserting “in futures, options, swaps, or commodities”.
Sec. 102 Honors program
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.”
changed
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)(E), 2(a)(7)(D), the Commission may coordinate with the Office of Personnel Management, as needed.”.
Sec. 103 Advisory committee changes
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:
changed
“(i) To to hold meetings at such intervals as necessary to carry out the functions of the advisory committee.committee;
changed
“(ii) To to submit to the Commission such reports and recommendations to the Commission (including minority views, if any) as the advisory committee deems appropriate.appropriate; and
changed
“(iii) Such 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.”
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. 106 Office of the Chief Economist
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
changed “(A) Establishment—There is established in the Commission the Office of the Chief Economist.
changed “(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.”
Conforming amendment— Section 15(a) of such Act (7 U.S.C. 19(a)) is amended—
in paragraph (1), by inserting “, after coordinating with the Office of the Chief Economist,” before “shall”;
in paragraph (2)(B), by striking “futures markets” and inserting “markets under the jurisdiction of the Commission”;
changed
in subparagraph (D) paragraph (2), by striking “and”;redesignating subparagraphs (D) and (E) as subparagraphs (E) and (F); and
changed
in paragraph (2), by redesignating subparagraphs (D) and (E) as (E) and (F);inserting after subparagraph (C) the following:
removed
by inserting, after subparagraph (C)—
“(D) considerations of market liquidity;”
removed
in subparagraph (E), as so redesignated, by inserting “; and” at the end.
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:
“4m. Use of mails or other means or instrumentalities of interstate commerce by commodity trading advisors and commodity pool operators
changed
“(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 his 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—
changed
“(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, one 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)).
changed
“(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 himself 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. 110 System safeguards
Contract markets— Section 5(d)(20) of the Commodity Exchange Act (7 U.S.C. 7(d)(20)) is amended—
in subparagraph (A), by striking “through” and all that follows and inserting
“(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;”
in subparagraph (C), by striking “tests to” and all that follows and inserting
“(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.”
Clearinghouses— Section 5b(c)(2)(I) of such Act (7 U.S.C. 7a–1(c)(2)(I)) is amended—
in clause (i), by striking “through the” and all that follows and inserting
“(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;”
in clause (ii), by striking “allows” and inserting “allow”; and
in clause (iii), by striking “tests to” and all that follows and inserting
“(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.”
changed
Swap execution facilities— Section 5h(f)(14) of such Act (7 U.S.C. 7b–3(f)(14)) 7b-3(f)(14)) is amended—
in subparagraph (A), by striking “through” and all that follows and inserting
“(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;”
in subparagraph (C), by striking “tests to” and all that follows and inserting
changed
“(i) verify the reliability, security, resilience, and capacity of the board of trade’s 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.”
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—
removed
in subsection (a)(1), by striking “or processing”;
renumbered
was (4)
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
renumbered
was (5)
in subsection (f)(15)—
renumbered
was (5)(2)
in subparagraph (A), by adding at the end the following:
“(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.”
renumbered
was (5)(3)
in subparagraph (B)—
renumbered
was (5)(3)(2)
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”
added
by redesignating clause (vi) as clause (iv);
removed
by designating clause (vi) as clause (iv);
renumbered
was (5)(4)
in subparagraph (C), by striking “(B)(vi)” and inserting “(B)(iv)”; and
renumbered
was (5)(5)
in subparagraph (D)—
renumbered
was (5)(5)(2)
in clause (i), by striking “and sign”; and
renumbered
was (5)(5)(3)
in clause (ii)—
renumbered
was (5)(5)(3)(2)
in the matter preceding subclause (I), by inserting “or senior officer” after “officer”; and
renumbered
was (5)(5)(3)(3)
in subclause (II), by inserting “materially” before “accurate”.
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.
changed
“(A) “(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—
changed
“(i) “(A) address circumstances when the Commission requests proprietary information;
changed
“(ii) “(B) safeguard the information, taking into consideration the level of sensitivity of the information;
changed
“(iii) “(C) limit access to the information to appropriate staff, as determined by the Commission; and
changed
“(iv) “(D) protect the information from unlawful use or disclosure.
changed
“(B) “(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—
changed
“(i) “(A) policies that achieve the objectives of clauses (ii), (iii), subparagraphs (B), (C), and (iv) (D) of subparagraph (A); paragraph (2) of this subsection; and
changed
“(ii) “(B) the limitations set forth in paragraphs (2), (3), and (4) of subsection (e) concerning the confidentiality of any such information received.”
Sec. 117 Aiding and abetting
Section 13(a) of the Commodity Exchange Act (7 U.S.C. 13c(a)) is amended—
by inserting “or recklessly provides substantial assistance to,” after “commission of,”; and
changed
by inserting “, or who by recklessly providing substantial assistance to another,” before “causes to 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:
“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.
changed “(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. 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:
changed
“(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 any request the rules or procedures of a swap data repository to confirm the accuracy of the data;”
Sec. 121 Whistleblower protections for internal disclosures
Internal reporting— Section 23 of the Commodity Exchange Act (7 U.S.C. 26) is amended—
in subsection (a)(7)—
by striking “The term” and inserting the following:
“(A) In general—The term”
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).”
in subsection (h)(1)(A)—
in clause (i), by striking “or” at the end;
in clause (ii), by striking the period at the end and inserting “; or”; and
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.”
Claims processing—
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.
changed
“(ii) Multiple actions—If a covered judicial or administrative action involves one 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.”
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)).
CFTC Whistleblower Program education initiatives— Section 23(g)(2) of the Commodity Exchange Act (7 U.S.C. 26(g)(2)) is amended—
in subparagraph (A), by striking “and” at the end;
in subparagraph (B), by striking the period at the end and inserting “; and”; and
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.”
changed
Deposits into CFTC Consumer 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”.
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—
in clause (i)—
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;”
in subclause (VI), by inserting “or other foreign law enforcement authority” before the period at the end; and
in clause (ii)—
by striking “Each” and inserting the following:
“(I) In general—Each”
in subclause (I) (as so designated), by inserting “subclauses (I) through (V) of” before “clause (i)”; and
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
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):
Means— The requirement of this paragraph is that the person must have—
changed
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 one 1 or more participation units in an exempt commodity pool, to qualify the person as an accredited advisor, 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
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.
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—
by striking “$2,000,000” and inserting “$5,000,000”;
by striking “$200,000” and inserting “$500,000”;
by striking “$1,000,000” and inserting “2,500,000”; and
by striking “$100,000” and inserting “$250,000”.
Inflation— In adopting a rule pursuant to subsection (a), the Commission shall—
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
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—
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
the natural person does not—
sell all shares of its participation in such exempt commodity pool;
withdraw all assets from any account managed by such exempt commodity trading advisor;
purchase any new shares of participation in such exempt commodity pool; or
contribute additional assets to any account managed by such exempt commodity trading advisor.
Sec. 124 Response to foreign regulatory authority
addedadded 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
addedadded Section 2(h)(7)(D)(iv) of the Commodity Exchange Act (7 U.S.C. 2(h)(7)(D)(iv)) is amended—
added
in subclause (I), by striking “risk; and” and inserting
added “(aa) the affiliate has utilized the exception in clause (i) only to hedge or mitigate commercial risk; and
added “(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”
added
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”.
Sec. 207 Clarification of Commission authority over swaps trading
changed
Section 6b 8a of the Commodity Exchange Act (7 U.S.C. 13a) 12a) is amended in the first sentence by striking “as set forth in sections 5 through 5c”.amended—
added
in paragraph (7)—
added
by inserting “the protection of swaps traders and to assure fair dealing in swaps, for” after “appropriate for”;
added
in subparagraph (A), by inserting “swaps or” after “conditions in”; and
added
in subparagraph (B), by inserting “or swaps” after “future delivery”; and
added
in paragraph (9)—
added
by inserting “swap or” after “or liquidation of any”; and
added
by inserting “swap or” after “margin levels on any”.
Sec. 208 Elimination of obsolete reference to the Commodity Exchange Commission
changed
Section 8a 13(c) of the Commodity Exchange Act (7 U.S.C. 12a) 13c(c)) is amended—amended by striking “or the Commission”.
removed
in paragraph (7)—
removed
by inserting “the protection of swaps traders and to assure fair dealing in swaps, for” after “appropriate for”;
removed
in subparagraph (A), by inserting “swaps or” after “conditions in”; and
removed
in subparagraph (B), by inserting “or swaps” after “future delivery”; and
removed
in paragraph (9)—
removed
by inserting “swap or” after “or liquidation of any”; and
removed
by inserting “swap or” after “margin levels on any”.
Sec. 209 Elimination of obsolete references to derivative transaction execution facilities
added
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”.
added
Section 1a(34) of such Act (7 U.S.C. 1a(34)) is amended—
added
in the heading, by striking “; member of a derivatives transaction execution facility”; and
added
by striking “or derivatives transaction execution facility” each place it appears.
added
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”.
added
Section 2(a)(1)(C)(ii) of such Act (7 U.S.C. 2(a)(1)(C)(ii)) is amended—
added
by striking “, or register a derivatives transaction execution facility that trades or executes,”;
added
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
added
by striking “or the derivatives transaction execution facility,”.
added
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,”.
added
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.
added
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”.
added
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)—
added
by striking “in, or register a derivatives transaction execution facility”; and
added
by striking “, or registered as a derivatives transaction execution facility for,”.
added
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.
added
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:
added “(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;”
added
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”.
added
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”.
added
Section 2(a)(9)(B)(ii) of such Act (7 U.S.C. 2(a)(9)(B)(ii)) is amended—
added
by striking “or registration” each place it appears;
added
by striking “or derivatives transaction execution facility” each place it appears;
added
by striking “or register”;
added
by striking “, registering,”; and
added
by striking “registration,”.
added
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.
added
Section 4(a) of such Act (7 U.S.C. 6(a)) is amended—
added
by striking “or derivatives transaction execution facility” each place it appears; and
added
in paragraph (1), by striking “or registered”.
added
Section 4(c)(1) of such Act (7 U.S.C. 6(c)(1)) is amended—
added
by striking “or registered”; and
added
by striking “or derivatives transaction execution facility”.
added
Section 4a(a)(1) of such Act (7 U.S.C. 6a(a)(1)) is amended—
added
by striking “or derivatives transaction execution facilities”; and
added
by striking “or derivatives transaction execution facility”.
added
Section 4a(e) of such Act (7 U.S.C. 6a(e)) is amended—
added
by striking “, derivatives transaction execution facility,” each place it appears; and
added
by striking “or derivatives transaction execution facility”.
added
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.
added
Section 4d of such Act (7 U.S.C. 6d) is amended by striking “or derivatives transaction execution facility” each place it appears.
added
Section 4e of such Act (7 U.S.C. 6e) is amended by striking “or derivatives transaction execution facility”.
added
Section 4f(a) of such Act (7 U.S.C. 6f(a)) is amended by striking “or registered derivatives transaction execution facility”.
added
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.
added
Section 4i of such Act (7 U.S.C. 6i) is amended by striking “or derivatives transaction execution facility”.
added
Section 4j of such Act (7 U.S.C. 6j) is amended—
added
in the heading by striking “and registered derivatives transaction execution facilities”;
added
in subsection (a), by striking “and registered derivatives transaction execution facility”;
added
in subsection (b), by striking “or registered derivatives transaction execution facility”; and
added
in subsection (c), by striking “or registered derivatives transaction execution facility members”.
added
Section 4k of such Act (7 U.S.C. 6k) is amended by striking “or registered derivatives transaction execution facility”.
added
Section 4l of such Act (7 U.S.C. 6l) is amended by striking “or derivatives transaction execution facilities” each place it appears
added
Section 4p(a) of such Act (7 U.S.C. 6p(a)) is amended by striking “, or derivatives transaction execution facilities”.
added
Section 4p(b) of such Act (7 U.S.C. 6p(b)) is amended by striking “derivatives transaction execution facility,”.
added
Section 5(e) of such Act (7 U.S.C. 7(e)) is amended—
added
by striking “(e)” and all that follows through “a contract for” and inserting the following:
added “(e) Current agricultural commodities—A contract for”
added
by striking paragraph (2).
added
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.
added
Section 5c(f) of such Act (7 U.S.C. 7a–2(f)) is amended by striking “and registered derivatives transaction execution facility”.
added
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”.
added
Section 6 of such Act (7 U.S.C. 8) is amended—
added
in subsection (a), by striking “or registered”;
added
by striking “or derivatives transaction execution facility” each place it appears; and
added
by striking “or registration” each place it appears.
added
Section 6a(a) of such Act (7 U.S.C. 10a(a)) is amended—
added
by striking “or registered”;
added
by striking “or a derivatives transaction execution facility”; and
added
by inserting “shall” before “exclude” the first place it appears.
added
Section 6a(b) of such Act (7 U.S.C. 10a(b)) is amended—
added
by striking “or registered”; and
added
by striking “or a derivatives transaction execution facility”.
added
Section 6d(1) of such Act (7 U.S.C. 13a–2(1)) is amended by striking “derivatives transaction execution facility,”.
removed
Section 13(c) of the Commodity Exchange Act (7 U.S.C. 13c(c)) is amended by striking “or the Commission”.
Sec. 210 Elimination of obsolete references to exempt boards of trade
changed
Section 1a(12)(B)(vi) 1a(18)(A)(x) of the Commodity Exchange Act (7 U.S.C. 1a(12)(B)(vi)) 1a(18)(A)(x)) is amended by striking “derivatives transaction execution facility” and inserting “swap execution facility”.“or an exempt board of trade”.
changed
Section 1a(34) 12(e)(1)(B)(i) of such Act (7 U.S.C. 1a(34)) 16(e)(1)(B)(i)) is amended—amended by striking “or exempt board of trade”.
removed
in the heading, by striking “; member of a derivatives transaction execution facility”; and
removed
by striking “or derivatives transaction execution facility” each place it appears.
removed
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”.
removed
Section 2(a)(1)(C)(ii) of such Act (7 U.S.C. 2(a)(1)(C)(ii)) is amended—
removed
by striking “, or register a derivatives transaction execution facility that trades or executes,”;
removed
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
removed
by striking “or the derivatives transaction execution facility,”.
removed
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,”.
removed
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.
removed
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”.
removed
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)—
removed
by striking “in, or register a derivatives transaction execution facility”; and
removed
by striking “, or registered as a derivatives transaction execution facility for,”.
removed
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.
removed
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:
removed
“(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; or”
removed
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”.
removed
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”.
removed
Section 2(a)(9)(B)(ii) of such Act (7 U.S.C. 2(a)(9)(B)(ii)) is amended—
removed
by striking “or registration” each place it appears;
removed
by striking “or derivatives transaction execution facility” each place it appears;
removed
by striking “or register”;
removed
by striking “, registering,”; and
removed
by striking “registration,”.
removed
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.
removed
Section 4(a) of such Act (7 U.S.C. 6(a)) is amended by striking “or derivatives transaction execution facility” each place it appears.
removed
Section 4(c)(1) of such Act (7 U.S.C. 6(c)(1)) is amended—
removed
by striking “or registered”; and
removed
by striking “or derivatives transaction execution facility”.
removed
Section 4a(a)(1) of such Act (7 U.S.C. 6a(a)(1)) is amended—
removed
by striking “or derivatives transaction execution facilities”; and
removed
by striking “or derivatives transaction execution facility”.
removed
Section 4a(e) of such Act (7 U.S.C. 6a(e)) is amended—
removed
by striking “, derivatives transaction execution facility,” each place it appears; and
removed
by striking “or derivatives transaction execution facility”.
removed
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.
removed
Section 4d of such Act (7 U.S.C. 6d) is amended by striking “or derivatives transaction execution facility” each place it appears.
removed
Section 4e of such Act (7 U.S.C. 6e) is amended by striking “or derivatives transaction execution facility”.
removed
Section 4f(a) of such Act (7 U.S.C. 6f(a)) is amended by striking “or registered derivatives transaction execution facility”.
removed
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.
removed
Section 4i of such Act (7 U.S.C. 6i) is amended by striking “or derivatives transaction execution facility”.
removed
Section 4j of such Act (7 U.S.C. 6j) is amended—
removed
in the heading by striking “and registered derivatives transaction execution facilities”;
removed
in subsection (a), by striking “and registered derivatives transaction execution facility”;
removed
in subsection (b), by striking “or registered derivatives transaction execution facility”; and
removed
in subsection (c), by striking “or registered derivatives transaction execution facility members”.
removed
Section 4k of such Act (7 U.S.C. 6k) is amended by striking “or registered derivatives transaction execution facility”.
removed
Section 4l of such Act (7 U.S.C. 6l) is amended by striking “or derivative transaction execution facilities” each place it appears.
removed
Section 4p(a) of such Act (7 U.S.C. 6p(a)) is amended by striking “, or derivatives transaction execution facilities”.
removed
Section 4p(b) of such Act (7 U.S.C. 6p(b)) is amended by striking “derivatives transaction execution facility,”.
removed
Section 5(e) of such Act (7 U.S.C. 7(e)) is amended—
removed
by striking “(e)” and all that follows through “a contract for” and inserting the following:
removed
“(e) Current agricultural commodities—A contract for”
removed
by striking paragraph (2).
removed
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.
removed
Section 5c(f) of such Act (7 U.S.C. 7a–2(f)) is amended by striking “and registered derivatives transaction execution facility”.
removed
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”.
removed
Section 6 of such Act (7 U.S.C. 8) is amended—
removed
by striking “or registered”;
removed
by striking “or derivatives transaction execution facility” each place it appears; and
removed
by striking “or registration” each place it appears.
removed
Section 6a(a) of such Act (7 U.S.C. 10a(a)) is amended—
removed
by striking “or registered”;
removed
by striking “or a derivatives transaction execution facility”; and
removed
by inserting “shall” before “exclude” the first place it appears.
removed
Section 6a(b) of such Act (7 U.S.C. 10a(b)) is amended—
removed
by striking “or registered”; and
removed
by striking “or a derivatives transaction execution facility”.
removed
Section 6d(1) of such Act (7 U.S.C. 13a–2(1)) is amended by striking “derivatives transaction execution facility,”.
Sec. 211 Elimination of completed reports
changed
Section 1a(18)(A)(x) 23(h)(2)(C) of the Commodity Exchange Act (7 U.S.C. 1a(18)(A)(x)) 26(h)(2)(C)) is amended by striking “or an exempt board of trade”.clause (iii).
changed
Section 12(e)(1)(B)(i) 26 of such the Futures Trading Act of 1978 (7 U.S.C. 16(e)(1)(B)(i)) 16a) is amended by striking “or exempt board of trade”.subsection (b) and redesignating subsection (c) as subsection (b).
Sec. 212 Miscellaneous corrections
changed
Section 23(h)(2)(C) 1a(12)(A)(i)(II) of the Commodity Exchange Act (7 U.S.C. 26(h)(2)(C)) 1a(12)(A)(i)(II)) is amended by striking clause (iii).adding at the end a semicolon.
changed
Section 26 2(a)(1)(C)(ii)(III) of the Futures Trading such Act of 1978 (7 U.S.C. 16a) 2(a)(1)(C)(ii)(III)) is amended by striking subsection (b) and redesignating subsection (c) as subsection (b).moving the provision 2 ems to the right.
added
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.
added
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”.
added
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.
added
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)”.
added
Section 2(c)(1) of such Act (7 U.S.C. 2(c)(1)) is amended by striking the second comma.
added
Section 4(c)(3)(H) of such Act (7 U.S.C. 6(c)(3)(H)) is amended by striking “state” and inserting “State”.
added
Section 4c(c) of such Act (7 U.S.C. 6c(c)) is amended to read as follows:
added “(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.”
added
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)”.
added
Section 4f(c)(3)(A) of such Act (7 U.S.C. 6f(c)(3)(A)) is amended by striking the first comma.
added
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”.
added
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))”.
added
Section 5 of such Act (7 U.S.C. 7) is amended by redesignating subsections (c) through (e) as subsections (b) through (d), respectively.
added
Section 5b of such Act (7 U.S.C. 7a–1) is amended by redesignating subsection (k) as subsection (j).
added
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”.
added
Section 6(a) of such Act (7 U.S.C. 8(a)) is amended by striking “the the” and inserting “the”.
added
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”.
added
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.
added
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.
added
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.
added
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.
added
Section 17(b)(11) of such Act (7 U.S.C. 21(b)(11)) is amended by striking the period and inserting a semicolon.
added
Section 17(b)(12) of such Act (7 U.S.C. 21(b)(12)) is amended—
added
by striking “(A)”; and
added
by striking the period and inserting “; and”.
added
Section 17(b)(13) of such Act (7 U.S.C. 21(b)(13)) is amended by striking “A” and inserting “a”.
added
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.
added
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”.
added
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)
added Section 14(e) of the Commodity Exchange Act (7 U.S.C. 18(e)) is amended—
removed
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.
changed
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.inserting “(1)” after “(e)”;
changed
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 in the right.1st sentence—
added
by inserting “final” after “Any”;
added
by striking “hereunder” and inserting “under this section”; and
added
by striking “the appellee” and inserting “an appellee”;
changed
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”.in the 2nd sentence—
added
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”;
added
by striking “appellant” each place it appears and inserting “petitioner”;
added
by striking “for the appellee, if the appellee shall prevail” and inserting “as set forth below”;
changed
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 in the right.4th sentence, by striking “The” and inserting “An”; and
changed
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)”.in the 5th sentence—
added
by inserting “participates in the proceedings before the Court of Appeals through counsel and” before “prevails”; and
added
by striking “his” and inserting “the appellee’s”; and
changed
Section 2(c)(1) of such Act (7 U.S.C. 2(c)(1)) is amended by striking adding after and below the second comma.end the following:
added “(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.”
removed
Section 4(c)(3)(H) of such Act (7 U.S.C. 6(c)(3)(H)) is amended by striking “state” and inserting “State”.
removed
Section 4c(c) of such Act (7 U.S.C. 6c(c)) is amended to read as follows:
removed
“(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.”
removed
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)”.
removed
Section 4f(c)(3)(A) of such Act (7 U.S.C. 6f(c)(3)(A)) is amended by striking the first comma.
removed
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”.
removed
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))”.
removed
Section 5 of such Act (7 U.S.C. 7) is amended by redesignating subsections (c) through (e) as subsections (b) through (d), respectively.
removed
Section 5b of such Act (7 U.S.C. 7a–1) is amended by redesignating subsection (k) as subsection (j).
removed
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”.
removed
Section 6(a) of such Act (7 U.S.C. 8(a)) is amended by striking “the the” and inserting “the”.
removed
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”.
removed
Section 9(a)(2) of such Act (7 U.S.C. 13(a)(2)) is amended by striking “subsection 4c” and inserting “section 4c”.
removed
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.
removed
Section 14(a)(2) of such Act (7 U.S.C. 18(a)(2)) is amended by moving the provision 2 ems to the left.
removed
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.
removed
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.
removed
Section 17(b)(11) of such Act (7 U.S.C. 21(b)(11)) is amended by striking the period and inserting a semicolon.
removed
Section 17(b)(12) of such Act (7 U.S.C. 21(b)(12)) is amended—
removed
by striking “(A)”; and
removed
by striking the period and inserting “; and”.
removed
Section 17(b)(13) of such Act (7 U.S.C. 21(b)(13)) is amended by striking “A” and inserting “a”.
removed
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.
removed
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”.
removed
Section 22(b)(4) of such Act (7 U.S.C. 25(b)(4)) is amended by inserting a comma after “entity”.
Sec. 214 Technical clarifications for retail foreign currency
changed
Section 14(e) 2(c)(2) of the Commodity Exchange Act (7 U.S.C. 18(e)) 2(c)(2)) is amended—
changed
by inserting “(1)” after “(e)”;in subparagraph (B)—
added
in clause (i)(II), by redesignating item (ff) as item (ee);
added
by striking “(gg)” each place it appears and inserting “(ee)”;
added
in clause (iii), by striking “(ee), or (ff) of clause (i)(II) of this subparagraph” and inserting “or (dd) of clause (i)(II)”; and
added
in clause (iv)—
added
in each of subclauses (I) and (II), by striking “(ee), or (ff)” each place it appears and inserting “or (dd)”;
added
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
added
in subclause (IV)(aa), by striking “(ff)” and inserting “(dd)”;
changed
in the 1st sentence—subparagraph (C)—
changed
by striking “(ee), or (ff)” each place it appears and inserting “final” after “Any”;“or (dd)”; and
changed
by striking “hereunder” and inserting “under this section”; andin clause (iii)—
added
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
added
in subclause (IV)(aa), by striking “item (aa) through (ff)” and inserting “items (aa) through (dd)”; and
removed
by striking “the appellee” and inserting “an appellee”;
changed
in the 2nd sentence—subparagraph (E)(ii)(I), by inserting “or (C)(i)(I)” after “(B)(i)(I)”.
removed
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”;
removed
by striking “appellant” and inserting “petitioner”; and
removed
by striking “for the appellee, if the appellee shall prevail” and inserting “as set forth below”;
removed
in the 4th sentence, by striking “The” and inserting “An”;
removed
in the 5th sentence—
removed
by striking “The” and inserting “An”;
removed
by inserting “participates in the proceedings before the Court of Appeals through counsel and” before “prevails”; and
removed
by striking “his” and inserting “the appellee’s”; and
removed
by adding after and below the end the following:
removed
“(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. 215 Miscellaneous swap technical corrections
added
Section 6b of the Commodity Exchange Act (7 U.S.C. 13a) is amended by inserting “or section 5h” after “sections 5 through 5c”.
removed
Section 2(c)(2) of the Commodity Exchange Act (7 U.S.C. 2(c)(2)) is amended—
changed
in subparagraph (B)—Section 8a of such Act (7 U.S.C. 12a) is amended—
changed
in clause (i)(II), paragraph (7)(A), by redesignating item (ff) as item (ee);inserting “or swap contracts” after “contracts of sale”; and
changed
in paragraph (9), by striking “(gg)” “futures contract” and inserting “contract of sale for future delivery or swap contract” each place it appears and inserting “(ee)”;occurs.
removed
in clause (iii), by striking “(ee), or (ff) of clause (i)(II) of this subparagraph” and inserting “or (dd) of clause (i)(II)”; and
removed
in clause (iv)—
removed
in each of subclauses (I) and (II), by striking “(ee), or (ff)” each place it appears and inserting “or (dd)”;
removed
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
removed
in subclause (IV)(aa), by striking “(ff)” and inserting “(dd)”;
changed
in subparagraph (C)—Section 15(b) of such Act (7 U.S.C. 19(b)) is amended by striking “contract market” and inserting “registered entity”.
removed
by striking “(ee), or (ff)” each place it appears and inserting “or (dd)”; and
removed
in clause (iii)—
removed
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
removed
in subclause (IV)(aa), by striking “item (aa) through (ff)” and inserting “items (aa) through (dd)”; and
removed
in subparagraph (E)(ii)(I), by inserting “or (C)(i)(I)” after “(B)(i)(I)”.
Sec. 216 Miscellaneous swap technical corrections
removed
removed
Section 6b of the Commodity Exchange Act (7 U.S.C. 13a) is amended by inserting “or section 5h” after “sections 5 through 5c”.
removed
Section 8a of such Act (7 U.S.C. 12a) is amended—
removed
in paragraph (7)(A), by inserting “or swap contracts” after “contracts of sale”; and
removed
in paragraph (9), by striking “futures contract” and inserting “contract of sale for future delivery or swap contract” each place it occurs.
removed
Section 12(f) of such Act (7 U.S.C. 16(f)) is amended—
removed
in paragraph (1), by striking “futures and options”; and
removed
in paragraph (2)(A), by striking “futures and options” and inserting “such”.
removed
Section 15(b) of such Act (7 U.S.C. 19(b)) is amended by striking “contract market” and inserting “registered entity”.