Oil and Gas Traders Oversight Act of 2006 - Amends the Commodity Exchange Act to prescribe reporting and recordkeeping requirements for positions involving energy commodities (a commodity or the derivatives of a commodity used primarily as a source of energy).
Directs the Commodity Futures Trading Commission to subject to the requirements of this Act a contract, agreement, or transaction for future delivery in an energy commodity.
[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[S. 2642 Introduced in Senate (IS)]
109th CONGRESS
2d Session
S. 2642
To amend the Commodity Exchange Act to add a provision relating to
reporting and recordkeeping for positions involving energy commodities.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
April 25, 2006
Mrs. Feinstein (for herself, Ms. Snowe, Mr. Levin, Ms. Cantwell, Ms.
Mikulski, Mrs. Boxer, and Mr. Harkin) introduced the following bill;
which was read twice and referred to the Committee on Agriculture,
Nutrition, and Forestry
_______________________________________________________________________
A BILL
To amend the Commodity Exchange Act to add a provision relating to
reporting and recordkeeping for positions involving energy commodities.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Oil and Gas Traders Oversight Act of
2006''.
SEC. 2. REPORTING AND RECORDKEEPING FOR POSITIONS INVOLVING ENERGY
COMMODITIES.
(a) In General.--Section 2(h) of the Commodity Exchange Act (7
U.S.C. 2(h)) is amended by adding at the end the following:
``(7) Reporting and recordkeeping for positions involving
energy commodities.--
``(A) Definitions.--In this paragraph:
``(i) Domestic terminal.--The term
`domestic terminal' means a technology,
software, or other means of providing
electronic access within the United States to a
contract, agreement, or transaction traded on a
foreign board of trade.
``(ii) Energy commodity.--The term `energy
commodity' means a commodity or the derivatives
of a commodity that is used primarily as a
source of energy, including--
``(I) coal;
``(II) crude oil;
``(III) gasoline;
``(IV) heating oil;
``(V) diesel fuel;
``(VI) electricity;
``(VII) propane; and
``(VIII) natural gas.
``(iii) Reportable contract.--The term
`reportable contract' means--
``(I) a contract, agreement, or
transaction involving an energy
commodity, executed on an electronic
trading facility, or
``(II) a contract, agreement, or
transaction for future delivery
involving an energy commodity for which
the underlying energy commodity has a
physical delivery point within the
United States and that is executed
through a domestic terminal.
``(B) Record keeping.--The Commission, by rule,
shall require any person holding, maintaining, or
controlling any position in any reportable contract
under this section--
``(i) to maintain such records as directed
by the Commission for a period of 5 years, or
longer, if directed by the Commission; and
``(ii) to provide such records upon request
to the Commission or the Department of Justice.
``(C) Reporting of positions involving energy
commodities.--The Commission shall prescribe rules
requiring such regular or continuous reporting of
positions in a reportable contract in accordance with
such requirements regarding size limits for reportable
positions and the form, timing, and manner of filing
such reports under this paragraph, as the Commission
shall determine.
``(D) Other rules not affected.--
``(i) In general.--Except as provided in
clause (ii), this paragraph does not prohibit
or impair the adoption by any board of trade
licensed, designated, or registered by the
Commission of any bylaw, rule, regulation, or
resolution requiring reports of positions in
any agreement, contract, or transaction made in
connection with a contract of sale for future
delivery of an energy commodity (including such
a contract of sale), including any bylaw, rule,
regulation, or resolution pertaining to filing
or recordkeeping, which may be held by any
person subject to the rules of the board of
trade.
``(ii) Exception.--Any bylaw, rule,
regulation, or resolution established by a
board of trade described in clause (i) shall
not be inconsistent with any requirement
prescribed by the Commission under this
paragraph.
``(E) Contract, agreement, or transaction for
future delivery.--Notwithstanding sections 4(b) and 4a,
the Commission shall subject a contract, agreement, or
transaction for future delivery in an energy commodity
to the requirements established by this paragraph.''.
(b) Conforming Amendments.--Section 4a(e) of the Commodity Exchange
Act (7 U.S.C. 6a(e)) is amended--
(1) in the first sentence--
(A) by inserting ``or by an electronic trading
facility operating in reliance on section 2(h)(3)''
after ``registered by the Commission''; and
(B) by inserting ``electronic trading facility,''
before ``or such board of trade''; and
(2) in the second sentence, by inserting ``or by an
electronic trading facility operating in reliance on section
2(h)(3)'' after ``registered by the Commission''.
<all>
Introduced in Senate
Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.
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