Swap Execution Facility Clarification Act - Amends the Commodity Exchange Act to prohibit the Commodity Futures Trading Commission (CFTC), in interpreting or defining a "security-based swap execution facility," from requiring it to: (1) have a minimum number of participants receive a bid or offer or respond to any trading system or platform functionality, (2) display or delay bids or offers for any period of time, (3) limit the means of interstate commerce used by market participants to enter into and execute swap transactions on the trading system or platform, or (4) require bids or offers on one trading system or platform operated by the swap execution facility to interact with bids or offers on another trading system or platform operated by that facility.
Amends the Securities Exchange Act of 1934 to prohibit the Securities and Exchange Commission (SEC), in interpreting or defining a "security-based swap execution facility," from requiring such a facility to do any of the things the CFTC is prohibited by this Act from requiring, with the exception that the SEC may not require such a facility to limit the means of interstate commerce used by market participants to enter into and execute security-based swap transactions on the method of trading functionality.
[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2586 Introduced in House (IH)]
112th CONGRESS
1st Session
H. R. 2586
To refine the definition of swap execution facility in the provisions
regulating swap markets added by title VII of the Dodd-Frank Wall
Street Reform and Consumer Protection Act.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
July 19, 2011
Mr. Garrett (for himself, Mrs. Maloney, Mr. Hurt, and Mr. Meeks)
introduced the following bill; which was referred to the Committee on
Financial Services, and in addition to the Committee on Agriculture,
for a period to be subsequently determined by the Speaker, in each case
for consideration of such provisions as fall within the jurisdiction of
the committee concerned
_______________________________________________________________________
A BILL
To refine the definition of swap execution facility in the provisions
regulating swap markets added by title VII of the Dodd-Frank Wall
Street Reform and Consumer Protection Act.
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 ``Swap Execution Facility
Clarification Act''.
SEC. 2. DEFINITION OF SWAP EXECUTION FACILITY.
(a) Commodity Exchange Act.--Section 1a(50) of the Commodity
Exchange Act (7 U.S.C. 1a(50)) is amended--
(1) by striking ``The term'' and inserting the following:
``(A) In general.--The term'';
(2) by redesignating subparagraphs (A) and (B) as clauses
(i) and (ii), respectively; and
(3) by adding at the end the following:
``(B) Interpretation.--In interpreting or further
defining the term `swap execution facility', the
Commission shall not require a swap execution facility
to--
``(i) have a minimum number of participants
receive a bid or offer or respond to any
trading system or platform functionality;
``(ii) display or delay bids or offers for
any period of time;
``(iii) limit the means of interstate
commerce utilized by market participants to
enter into and execute any swap transactions on
the trading system or platform; or
``(iv) require bids or offers on one
trading system or platform operated by the swap
execution facility to interact with bids or
offers on another trading system or platform
operated by the swap execution facility''.
(b) Securities Exchange Act of 1934.--Section 3(a)(77) of the
Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(77)) is amended--
(1) by striking ``The term'' and inserting the following:
``(A) In general.--The term'';
(2) by redesignating subparagraphs (A) and (B) as clauses
(i) and (ii), respectively; and
(3) by adding at the end the following:
``(B) Interpretation.--In interpreting or further
defining the term `security-based swap execution
facility', the Commission shall not require a security-
based swap execution facility to--
``(i) have a minimum number of participants
receive a bid or offer or respond to any
trading system or platform functionality;
``(ii) display or delay bids or offers for
any period of time;
``(iii) limit the means of interstate
commerce utilized by market participants to
enter into and execute any security-based swap
transactions on the trading system or platform;
or
``(iv) require bids or offers on one
trading system or platform operated by the swap
execution facility to interact with bids or
offers on another trading system or platform
operated by the swap execution facility.''.
<all>
Introduced in House
Referred to the Committee on Financial Services, and in addition to the Committee on Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Financial Services, and in addition to the Committee on Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Subcommittee on General Farm Commodities and Risk Management.
Referred to the Subcommittee on Capital Markets and Government Sponsored Enterprises.
Subcommittee Hearings Held.
Subcommittee Consideration and Mark-up Session Held.
Forwarded by Subcommittee to Full Committee by Voice Vote .
Committee Consideration and Mark-up Session Held.
Ordered to be Reported (Amended) by Voice Vote.
Reported (Amended) by the Committee on Financial Services. H. Rept. 112-345, Part I.
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Reported (Amended) by the Committee on Financial Services. H. Rept. 112-345, Part I.
House Committee on Agriculture Granted an extension for further consideration ending not later than Feb. 1, 2012.
Subcommittee on General Farm Commodities and Risk Management Discharged.
Committee Consideration and Mark-up Session Held.
Ordered to be Reported (Amended) by Voice Vote.
House Committee on Agriculture Granted an extension for further consideration ending not later than Feb. 8, 2012.
Reported (Amended) by the Committee on Agriculture. H. Rept. 112-345, Part II.
Reported (Amended) by the Committee on Agriculture. H. Rept. 112-345, Part II.
Placed on the Union Calendar, Calendar No. 266.