1 Senate Bill

2 Immediate Conforming Amendments.

3 The following provisions are effective [upon the date of enactment of this Act]:

4 SEC. XXX . DEFINITIONS.

5 Section la of the Commodity Exchange Act (7 U.S.C. la), as amended by section 721(a),

6 is amended-

7 (a) in paragraph (12)(B)(vi)1 by striking "or derivatives transaction execution facility";

8 (b) in paragraph (18)2 in subparagraph (A)(vii) in the matter following subclause (III) by

9 striking "subclauses (I) through (VI) of section 2(c)(2)(B)(ii)" and inserting "items (aa) through

10 (dd) of section 2(c)(2)(B)(i)(I1)";

11 (c) in paragraph (26)3 by striking "futures or options" and inserting "futures, swaps, or

12 options" in both places it appears;

13 (d) in paragraph (34)4-

14 (1) in the caption by striking "; MEMBER OF A DERIVATIVES TRANSACTION

15 EXECUTION FACILITY"; and

16 (2) by striking "or derivatives transaction execution facility" each place it

17 appears; and

18 (e) in paragraph (35)(B)(iii)(I)5 by striking "or registered derivatives transaction

19 execution facility".

1 Current CEA Section la(6): Definition of Commodity Trading Advisor.

2 Current CEA Section la(l2): Definition of Eligible Contract Participant.
3 Current CEA Section la(l8): Definition of Foreign Futures Authority.
4 Current CEA Section la(24): Definition of Member of a Registered Entity; Member of a Derivatives Transaction
Execution Facility.
5 Current CEA Section la(25): Definition of Narrow-Based Security Index.

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 1 SEC. XXX. JURISDICTION OF COMMISSION.

2 Section 2 of the Commodity Exchange Act (7 U.S.C. 2) is amended-

3 (a) in subsection (a)(I)(C)(ii)-

4 (1) by striking "or register a derivatives transaction execution facility that trades

5 or executes,"; and

6 (2) by striking ", and no derivatives transaction execution facility shall trade or

7 execute such contracts of sale (or options on such contracts) for future delivery, unless the

8 board of trade or the derivatives transaction execution facility" and inserting "unless the

9 board of trade";

10 (b) in subsection (a)(I)(C)(v)-

11 (1) in subclause (I) by striking "in" and inserting "that lists";

12 (2) in subclause (I) by striking "or any derivatives transaction execution facility

13 on which such contract or option is traded,";

14 (3) by striking "or derivatives transaction execution facility" each place it

15 appears; and

16 (3) in subclause (V) by striking "or registered derivatives transaction execution

17 facility";

18 (c) in subsection (a)(I)(D)-

19 (1) in clause (i) by striking "or register a derivatives transaction execution facility

20 that trades or executes,";

21 (2) in clause (i) in the proviso by striking ", or registered as a derivatives

22 transaction execution facility for,";

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 1 (3) in clause (i)(IV) by striking "registered derivatives transaction execution

2 facility," in both places it appears;

3 (4) by amending clause (ii)(I) to read as follows:

4 "(I) the transaction is conducted on or subject to the rules of a

5 board of trade that has been designated by the Commission as a contract

6 market in such security futures product;";

7 (5) in clause (ii)(II) and clause (ii)(III) by striking "or registered derivatives

8 transaction execution facility" each place it appears; and

9 (6) in clause (vi)(III)(aa) by striking "and registered derivatives transaction

10 execution facilities";

11 (d) in subsection (a)(9)(B)(ii)-

12 (1) by striking "or registration" each place it appears;

13 (2) by striking "or derivatives transaction execution facility" each place it

14 appears;

15 (3) by striking "or register";

16 (4) by striking "registering, or"; and

17 (5) by striking "registration,";

18 (e) in subsection (c)(2)(B)(iv) by striking "or a derivatives transaction execution facility"

19 in both places it appears;

20 (f) in subsection (c)(2)(C) by striking "or a derivatives transaction execution facility" in

21 both places it appears; and

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 1 (g) in subsection (g)(2) (as so designated by section 723(a)(I)(B))6 by striking "5a of this

2 Act (to the extent provided in section 5a(g) of this Act),".

3 SEC. XXX. RESTRICTION OF FUTURES TRADING TO CONTRACT MARKETS.

4 Section 4 of the Commodity Exchange Act (7 U.S.C. 6) is amended-

5 (a) in subsection (a)-

6 (1) in paragraph (1) by striking "or registered"; and

7 (2) by striking "or derivatives transaction execution facility" in both places it

8 appears; and

9 (b) in subsection (c) by striking-

10 (1) "or registered"; and

11 (2) "or derivatives transaction execution facility".

12 SEC. XXX. LIMITS ON TRADING.

13 Section 4a of the Commodity Exchange Act (7 U.S.C. 6a) is amended-

14 (a) in the first sentence of subsection (a) by striking "or derivatives transaction execution

15 facilities,";

16 (b) in the second sentence of subsection (a) by striking "or derivatives transaction

17 execution facility";

18 (c) by striking the third sentence of subsection (c); and

19 (d) in subsection (e)-

20 (1) by striking ", derivatives transaction execution facility," the first time it

21 appears;

22 (2) by striking "or derivatives transaction execution facility";

6 Current CEA Section 2(i).

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 1 (3) by striking "contract market, derivatives transaction execution facility, or

2 electronic trading facility or such board of trade" in both places it appears and inserting

3 "contract market or electronic trading facility or such board of trade" in both places; and

4 (4) by striking "contract market, derivatives transaction execution facility, or

5 other board of trade licensed, designated, or registered by the Commission or electronic

6 trading facility with respect to a significant price discovery contract" and inserting

7 "contract market or other board of trade licensed, designated, or registered by the

8 Commission or electronic trading facility with respect to a significant price discovery

9 contract" .

10 SEC. XXX. PROHIBITED TRANSACTIONS.

11 Section 4c of the Commodity Exchange Act (7 U.S.C. 6c) is amended in subsection (g)

12 by striking "or derivatives transaction execution facility" in both places it appears.

13 SEC. XXX. DEALING BY UNREGISTERED FUTURES COMMISSION MERCHANTS.

14 Section 4d of the Commodity Exchange Act (7 U.S.C. 6d) is amended-

15 (a) by striking "or derivatives transaction execution facility" in each place it appears;

16 (b) in subsection (a)(2) in the proviso by striking "clearing house organization" and

17 inserting "derivatives clearing organization";

18 (c) in subsection (a)(2) in the proviso by striking "clearing-house organization" and

19 inserting "derivatives clearing organization";

20 (d) in subsection (b) by striking "clearing agency" and inserting "derivatives clearing

21 organization"; and

22 (e) in subsection (b) by striking "paragraph (2) of this section" and inserting "subsection

23 (a)(2)".

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 1 SEC. XXX. REQUIRED REGISTRATION.

2 Section 4e of the Commodity Exchange Act (7 US.C. 6e) is amended by striking "or

3 derivatives transaction execution facility".

4 SEC. XXX. REGISTRATION OF FUTURES COMMISSION MERCHANTS.

5 Section 4f of the Commodity Exchange Act (7 US.C. 6f) is amended-

6 (a) in subsection (a)(2) by striking "or registered derivatives transaction execution

7 facility";

8 (b) in subsection (b) by striking "or derivatives transaction execution facility" in both

9 places it appears; and

10 (c) in subsection (c)(3)(B) by striking "or derivatives transaction execution facility".

11 SEC. XXX. REPORTS OF TRANSACTIONS EQUAL OR IN EXCESS OF FIXED

12 LEVELS.

13 Section 4i of the Commodity Exchange Act (7 US.C. 6i) is amended by striking "or

14 derivatives transaction execution facility,".

15 SEC. XXX. RESTRICTIONS ON DUAL TRADING IN SECURITY FUTURES

16 PRODUCTS.

17 Section 4j of the Commodity Exchange Act (7 US.c. 6j) is amended-

18 (a) in the caption by striking "AND REGISTERED DERIVATIVES TRANSACTION

19 EXECUTION FACILITIES";

20 (b) in subsection (a) by striking "and registered derivatives transaction execution

21 facility"; and

22 (c) in subsections (b) and (c) by striking "or registered derivatives transaction execution

23 facility" in both places it appears;

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 1 SEC. XXX. REGISTRATION OF ASSOCIATED PERSONS.

2 Section 4k of the Commodity Exchange Act (7 US.C. 6k) is amended in paragraph (5)

3 by striking "or registered derivatives transaction execution facility";

4 SEC. XXX. COMMODITY TRADING ADVISORS AND COMMODITY POOL

5 OPERATORS.

6 Section 41 of the Commodity Exchange Act (7 US.C. 61) is amended by striking "or

7 derivatives transaction execution facilities" in both places it appears.

8 SEC. XXX. STANDARDS AND EXAMINATIONS.

9 Section 4p of the Commodity Exchange Act (7 US.C. 6p) is amended-

10 (a) in subsection (a) by striking "contract markets, or derivatives transaction execution

11 facilities" and inserting "or contract markets"; and

12 (b) in subsection (b) by striking "derivatives transaction execution facility,".

13 SEC. XXX. DESIGNATION OF BOARDS OF TRADE AS CONTRACT MARKETS.

14 Section 5(e) of the Commodity Exchange Act (7 US.C. 5(e)) is amended-

15 (a) by striking "(1) Subject to paragraph (2) of this subsection, a" and inserting "A"; and

16 (b) by striking paragraph (2).

17 SEC. XXX. COMMON PROVISIONS APPLICABLE TO REGISTERED ENTITIES.

18 Section 5c of the Commodity Exchange Act (7 US.C. 7a-2) is amended-

19 (a) in subsection (b)(I) by striking ", derivatives transaction execution facility,";

20 (b) in paragraphs (2) and (3) of subsection (b) by striking ", derivatives transaction

21 execution facility," in each place it appears;

22 (c) in subsection (f)-

23 (1) by striking "and registered derivatives transaction execution facility"; and

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 1 (2) by striking "or registered derivatives transaction execution facility".

2 SEC. XXX. APPLICATION FOR DESIGNATION AS CONTRACT MARKET.

3 Section 6 of the Commodity Exchange Act (7 US.C. 8) is amended-

4 (a) by striking "or derivatives transaction execution facility" each place it appears; and

5 (b) in subsection (a)-

6 (1) by striking "or registered";

7 (2) by striking "or registration" in both places it appears; and

8 (3) by striking "or register".

9 SEC. XXX. COOPERATIVE ASSOCIATIONS.

10 Section 6a of the Commodity Exchange Act (7 US.C. lOa) is amended-

11 (a) by striking "or registered" in both places it appears;

12 (b) by striking "or a derivatives transaction execution facility" in both places it appears;

13 and

14 (c) by striking "clearing house or clearing agency" and inserting "derivatives clearing

15 organization".

16 SEC. XXX. JURISDICTION OF STATES.

17 Section 6d(l) of the Commodity Exchange Act (7 US.c. 13a-2(1)) is amended by

18 striking "derivatives transaction execution facility, clearinghouse" and inserting "derivatives

19 clearing organization".

20 SEC. XXX. VIOLATIONS GENERALLY.

21 Section 9 of the Commodity Exchange Act (7 US.C. 13) is amended-

22 (a) in subsection (c) by striking "commodity futures" and inserting "swaps, commodity

23 futures,";

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 1 (b) in subsection (d) by striking "commodity futures" and inserting "swaps, commodity

2 futures," in each place it appears; and

3 (c) in subsection (e)(2) by inserting ", or swaps," before "on the basis".

4 SEC. XXX. OTHER AGENCIES.

5 Section 12 of the Commodity Exchange Act (7 U.S.C. 16) is amended in subsection

6 (t)(I) by striking "futures or options" and inserting "swaps, futures, or options".

7 Delayed Conforming Amendments.

8 The following provisions are effective [1 year f after the date of enactment of this Act:

9 SEC. XXX. DEFINITIONS.

10 Section la of the Commodity Exchange Act (7 U.S.C. la), as amended by section 721(a),

11 is amended-

12 (a) in paragraph (18)8 in subparagraph (A)(x) by striking "(other than an electronic

13 trading facility with respect to a significant price discovery contract) or an exempt board of

14 trade";

15 (b) in paragraph (40) (as amended by section 721(a)(18))9-

16 (1) in subparagraph (D) by inserting "and" after the semicolon;

17 (2) in subparagraph (E) by striking "; and" and inserting a period; and

18 (3) by striking subparagraph (F);

19 (c) in paragraph (44)10 by striking "2(c), 2(d), 2(t), or 2(g)" and inserting "2(c) or 2(t)";

20 and

7 Reference is to date when rules governing swap execution facilities must be in place (which is one year in H.R.
4173).
8 Current CEA Section la(l2): Definition of Eligible Contract Participant.
9 Current CEA Section la(29): Definition of Registered Entity.
10 Current CEA Section la(31): Definition of Security Future.

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 1 (d) by striking paragraph (46) and redesignating paragraphs (47) through (51) as

2 paragraphs (46) through (50), respectively.

3 SEC. XXX. JURISDICTION OF COMMISSION.

4 Section 2 of the Commodity Exchange Act (7 U.S.C. 2) is amended-

5 (a) in the first sentence of subsection (a)(I)(A)-

6 (1) by striking "(including significant price discovery contracts),"; and

7 (2) by inserting "or a swap execution facility registered pursuant to section 5h"

8 before "or any other board of trade";

9 (b) in subsection (g)(I)(A) (as redesignated by section 723(a)(I)(B))1l by striking

10 "section 2(c), 2(d), 2(e), 2(t), or 2(g) of this Act or title IV of the Commodity Futures

11 Modernization Act of2000, or exempted under section 2(h) or 4(c) of this Act" and inserting

12 "section 2(c) or 2(t) of this Act or title IV of the Commodity Futures Modernization Act of2000,

13 or exempted under section 4(c) of this Act"; and

14 (c) in subsection (g)(2) (as redesignated by section 713(a)(I)(B)) by striking ", or 5d of

15 this Act".

16 SEC. XXX. LIMITS ON TRADING.

17 Section 4a of the Commodity Exchange Act (7 U.S.c. 6a) (as amended by section 723) is

18 amended-

19 (a) in the fourth sentence of subsection (a)( 1) by striking "futures" and inserting "futures,

20 swaps";

21 (b) in the second sentence of subsection (c) by striking "futures contract is open and

22 available on an exchange" and inserting "futures contract or swap is available"; and

23 (c) in subsection (e)-

11 Current CEA Section 2(i).

10

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 1 (1) by striking "by any electronic trading facility" and inserting "by any swap

2 execution facility";

3 (2) by striking "contracts of sale of any commodity for future delivery traded on

4 or subject to the rules of such contract market or on an electronic trading facility" and

5 inserting "swaps or contracts of sale of any commodity for future delivery traded on or

6 subject to the rules of such contract market or on a swap execution facility";

7 (3) by striking "or electronic trading facility or such board of trade" in both places

8 it appears and inserting "or swap execution facility or such board of trade" in both places;

9 (4) by striking "or electronic trading facility with respect to a significant price

10 discovery contract" and inserting "or swap execution facility"; and

11 (5) by striking "contracts of sale of any commodity for future delivery or under"

12 and inserting "swaps or contracts of sale of any commodity for future delivery or under".

13 SEC. XXX. PROHIBITED TRANSACTIONS.

14 Section 4c of the Commodity Exchange Act (7 US.C. 6c) is amended in subsection (g)

15 by inserting "or swap execution facility" after "contract market" in both places it appears.

16 SEC. XXX. REPORTING AND RECORDKEEPING.

17 Section 4g of the Commodity Exchange Act (7 US.c. 6g) is amended by striking ", and

18 in any significant price discovery contract traded or executed on an electronic trading facility or

19 any agreement, contract, or transaction that is treated by a derivatives clearing organization,

20 whether registered or not registered, as fungible with a significant price discovery contract".

21 SEC. XXX. REPORTS OF TRANSACTIONS EQUAL OR IN EXCESS OF FIXED

22 LEVELS.

23 Section 4i of the Commodity Exchange Act (7 US.C. 6i) is amended-

11

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 1 (a) by striking "or any significant price discovery contract traded or executed on an

2 electronic trading facility or any agreement, contract, or transaction that is treated by a

3 derivatives clearing organization, whether registered or not registered, as fungible with a

4 significant price discovery contract"; and

5 (b) by striking "or electronic trading facility".

6 SEC. XXX. COMMON PROVISIONS APPLICABLE TO REGISTERED ENTITIES.

7 Section 5c of the Commodity Exchange Act (7 US.C. 7a-2) is amended-

8 (a) in subsection (a)(I) by striking "and 5b(c)(2)" and inserting ", 5b(c)(2), and 5h(d)";

9 (b) in subsection (b)(1) by striking "or electronic trading facility with respect to a

10 significant price discovery contract may comply with any applicable core principle through

11 delegation of any relevant function to a registered futures association or a registered entity that is

12 not an electronic trading facility" and inserting "or swap execution facility may comply with any

13 applicable core principle through delegation of any relevant function to a registered futures

14 association or a registered entity that is not a swap execution facility or swap data repository";

15 and

16 (c) in paragraphs (2) and (3) of subsection (b) by striking "or electronic trading facility"

17 in each place it appears and inserting in lieu thereof "or swap execution facility" in each place.

18 SEC. XXX. SUSPENSION OR REVOCATION OF DESIGNATION AS REGISTERED

19 ENTITY.

20 Section 5e of the Commodity Exchange Act (7 US.C. 7b) is amended by striking "or

21 revocation of the right of an" through "discovery contract,".

22 SEC. XXX. APPLICATION FOR DESIGNATION AS CONTRACT MARKET.

23 Section 6 of the Commodity Exchange Act (7 US.C. 8) is amended-

12

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 1 (a) in subsection (b) by inserting "or swap execution facility" after "contract market" in

2 each place it appears;

3 (b) in subsection (b) by striking "sections 5 through 5b or section 5f' and inserting

4 "section 5, 5b, 5f, or 5h"; and

5 (c) in subsection (b) by striking "or electronic trading facility" in both places it appears.

6 SEC. XXX. JURISDICTION OF STATES.

7 Section 6d(l) of the Commodity Exchange Act (7 US.C. 13a-2(1)) is amended by

8 inserting "swap execution facility," before "floor broker".

9 SEC. XXX. OTHER AGENCIES.

10 Section 12 of the Commodity Exchange Act (7 US.C. 16) is amended-

11 (a) in subsection (e)(I)(B)(i) by striking "or exempt board of trade"; and

12 (b) in subsection (e)(2) by striking "in the case of-" through "(B) an agreement" and

13 inserting "in the case of an agreement".

14 SEC. XXX. PRIVATE RIGHTS OF ACTION.

15 Section 22 of the Commodity Exchange Act (7 US.C. 25(b)(I)(A)) is amended-

16 (a) in subsection (a)(2) by striking "5(d)(13)" and inserting "5(d)(14)"; and

17 (b) in subsection (b)(1)(A) by striking "sections 5 through 5c" and inserting "section 5,

18 5b, 5c, or 5h".

13

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