S.Amdt. 4894
What it does: Adds Subtitle H--Commodity Futures SEC. 1771. ENERGY COMMODITIES AND RELATED SWAPS TRADED ON FOREIGN BOARDS OF TRADE at the end of title XVII
Sen. Bernard Sanders (I-VT)What it changes
1 change to S. 3036
Adds Subtitle H--Commodity Futures SEC. 1771. ENERGY COMMODITIES AND RELATED SWAPS TRADED ON FOREIGN BOARDS OF TRADE at the end of title XVII
Adds a sectionInserted: Subtitle H--Commodity Futures SEC. 1771. ENERGY COMMODITIES AND RELATED SWAPS TRADED ON FOREIGN BOARDS OF TRADE.
Inserted: Section 2 of the Commodity Exchange Act (7 U.S.C. 2) is amended by adding at the end the following:
Inserted: "(j) Energy Commodities and Related Swaps Traded on Foreign Boards of Trade.--
Inserted: "(1) In general.--Notwithstanding paragraphs (3) through (5) of subsection (h), any contract market or electronic trading facility that is regulated by a foreign regulatory agency and that facilitates, or on which is transacted, any agreements, contracts, or transactions, including futures, swaps, and derivatives transactions, that serve a price discovery function for energy commodities delivered in the United States, shall--
Inserted: "(A) register as a designated contract market pursuant to section 4(a); and
Inserted: "(B) be subject to the rules and regulations of the Commission, including disclosure requirements, that apply to designated contract markets.
Inserted: "(2) Registration.--Each contract market and electronic trading facility that is subject to paragraph (1) shall register with the Commission not later than 180 days after the date of enactment of this subsection.
Inserted: "(3) Inapplicability of exemptions.--Any exemption from registration, including no action letters, issued by the Commission or the staff of the Commission shall not be applicable after the date of enactment of this subsection.".
Original wording
At the end of title XVII, add the following:
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
SA 4894. Mr. SANDERS submitted an amendment intended to be proposed by him to the bill S. 3036, to direct the Administrator of the Environmental Protection Agency to establish a program to decrease emissions of greenhouse gases, and for other purposes; which was ordered to lie on the table; as follows:
At the end of title XVII, add the following:
Subtitle H--Commodity Futures SEC. 1771. ENERGY COMMODITIES AND RELATED SWAPS TRADED ON FOREIGN BOARDS OF TRADE.
Section 2 of the Commodity Exchange Act (7 U.S.C. 2) is amended by adding at the end the following:
“(j) Energy Commodities and Related Swaps Traded on Foreign Boards of Trade.--
“(1) In general.--Notwithstanding paragraphs (3) through (5) of subsection (h), any contract market or electronic trading facility that is regulated by a foreign regulatory agency and that facilitates, or on which is transacted, any agreements, contracts, or transactions, including futures, swaps, and derivatives transactions, that serve a price discovery function for energy commodities delivered in the United States, shall--
“(A) register as a designated contract market pursuant to section 4(a); and
“(B) be subject to the rules and regulations of the Commission, including disclosure requirements, that apply to designated contract markets.
“(2) Registration.--Each contract market and electronic trading facility that is subject to paragraph (1) shall register with the Commission not later than 180 days after the date of enactment of this subsection.
“(3) Inapplicability of exemptions.--Any exemption from registration, including no action letters, issued by the Commission or the staff of the Commission shall not be applicable after the date of enactment of this subsection.”.
Legislative Activity
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Senate amendment submitted
June 5, 2008