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Title II — Technical Corrections

H.R. 6197 · 116th Congress · Mar 11, 2020 · Lineage

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”

(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”.