S.Amdt. 3953

SA 3953. Mr. SCHUMER submitted an amendment intended to be proposed
to amendment SA 3739 proposed by Mr. Reid (for Mr. Dodd (for himself
and Mrs. Lincoln)) to the bill S. 3217, to promote the financial
stability of the United States by improving accountability and
transparency in the financial system, to end ``too big to fail'', to
protect the American taxpayer by ending bailouts, to protect consumers
from abusive financial services practices, and for other purposes;
which was ordered to lie on the table; as follows:

On page 553, strike line 18 and all that follows through
page 554, line 2, and insert the following:
``(iii) Reporting.--All foreign exchange swaps and foreign
exchange forwards shall be reported to a registered swap data
repository described under section 21 within such time period
as the Commission may by rule or regulation prescribe.''.
On page 555, line 12, strike ``, calculates, prepares, or''
and insert ``and''.
On page 555, line 13, strike ``transactions or''.
On page 555, line 14, strike ``and conditions''.
On page 555, line 15, before the period insert ``for the
purpose of providing a centralized record-keeping facility
for swaps''.
On page 575, line 5, strike ``such a swap either''.
On page 575, line 6, strike ``or'' and all that follows
through ``4r'' on line 8.
On page 575, line 24, strike ``or the Commission''.
On page 576, lines 7 and 8, strike ``or the Commission''.
On page 615, line 18, strike ``all'' and all that follows
through line 21, and insert the following: ``and the
registered swap data repositories all information that is
determined by the Commission to be necessary for the
Commission and each of the swap data repositories to perform
their respective responsibilities under this Act''.
On page 624, lines 21 through 23, strike ``or the
Commission under subsection (h), the Commission'' and insert
``, the swap data repository''.
On page 627, between lines 20 and 21, insert the following:
``(2) Repository for each asset class.--
``(A) Registration.--The Commission shall register at least
1 swap data repository for each asset class of a swap, or of
a group, category, type, or class of swaps.
``(B) Rulemaking.--If more than 1 such swap data repository
exists, the Commission shall by rule provide for--
``(i) the reporting of consistent data by each registered
swap data repository; and
``(ii) timely access, by the Commission and the public, to
the data collected and maintained by each such registered
swap data repository.''.
On page 627, line 21, strike ``(2)'' and insert ``(3)''.
On page 627, line 25, strike ``(3)'' and insert ``(4)''.
On page 628, between lines 9 and 10, insert the following:
``(B) Additional core principles.--The Commission may
develop additional core principles applicable to swap data
repositories, and in developing such additional core
principles, the Commission may conform such core principles
to reflect evolving United States and international
standards.''.
On page 628, line 10, strike ``(B)'' and insert ``(C)''.
On page 628, between lines 18 and 19, insert the following:
``(1) Consultation with other regulators.--The Commission
shall consult with the Securities and Exchange Commission,
and the appropriate Federal banking agencies or the
appropriate governmental agencies prior to prescribing
standards under this section.''.
On page 628, line 19, strike ``(1)'' and insert ``(2)''.
On page 628, line 23, strike ``(2)'' and insert ``(3)''.
On page 629, line 3, strike ``(3)'' and insert ``(4)''.
On page 629, strike lines 8 through 19, and insert the
following:
``(5) Information access for the securities and exchange
commission.--The Securities and Exchange Commission shall
have direct access to registered swap data repositories that
accept data on security-based swap agreements.''.
On page 630, lines 21 through 23, strike ``, and after
notifying the Commission of the request,''.
On page 631, line 18, strike ``and Indemnification
Agreement''.
On page 631, line 20, strike ``above--'' and all that
follows through ``the swap'' on line 21, and insert ``under
subsection (c)(7) the swap''.
On page 631, line 25, strike ``; and'' and insert a period.
On page 632, strike lines 1 through 4.
On page 635, between lines 23 and 24, insert the following:
``(h) Access to Swap Data Repository Services.--
``(1) Commission review.--Any prohibition or limitation to
any person on access to services offered, directly or
indirectly, by a registered swap data repository shall be
subject to review by the Commission on its own motion, or
upon application by any person aggrieved thereby filed within
30 days after such notice has been filed with the Commission
and received by such aggrieved person, or within such longer
period as the Commission may determine. Application to the
Commission for review, or the institution of review by the
Commission on its own motion, shall not operate as a stay of
such prohibition or limitation, unless the Commission
otherwise orders, summarily or after notice and opportunity
for a hearing on the question of the stay (which hearing may
consist

[[Page S3550]]

solely of the submission of affidavits or presentation of
oral arguments). The Commission shall establish for
appropriate cases an expedited procedure for consideration
and determination of the question of the stay.
``(2) Commission action.--In any proceeding to review the
prohibition or limitation of any person in respect of access
to services offered by a registered swap data repository, if
the Commission finds after notice and opportunity for a
hearing, that such prohibition or limitation is consistent
with the provisions of this section, and the rules and
regulations thereunder, and that such person has not been
discriminated against unfairly, the Commission, by order,
shall dismiss the proceeding. If the Commission does not make
any such finding or if it finds that such prohibition or
limitation imposes any burden on competition not necessary or
appropriate in furtherance of this section, the Commission,
by order, shall set aside the prohibition or limitation, and
require the registered swap data repository to permit such
person access to the services offered by the registered swap
data repository to which the prohibition or limitation
applied.
``(i) Administrative Proceeding Authority.--The Commission,
by order, may censure or place limitations upon the
activities, functions, or operations of, suspend for a period
not exceeding 12 months the registration of, or revoke the
registration of, any such swap data repository, if the
Commission finds, on the record after notice and opportunity
for a hearing, that such censure, placing of limitations,
suspension, or revocation is necessary or appropriate in the
public interest, for the protection of investors, or
otherwise in furtherance of the purposes of this section, and
that such swap data repository has violated or is unable to
comply with any provision of this section, or the rules and
regulations thereunder.''.
On page 635, line 24, strike ``(h)'' and insert ``(j)''.
On page 636, line 10, strike ``reported to--'' and all that
follows through ``a swap'' on line 11, and insert ``reported
to a swap''.
On page 636, line 12, strike ``; or'' and insert a period.
On page 636, strike lines 13 through 17.
On page 637, line 2, strike ``or the Commission''.
On page 791, line 11, strike ``either''.
On page 791, line 13, strike ``, or'' and all that follows
through ``13A'' on line 15.
On page 792, lines 4 and 5, strike ``or the Commission''.
On page 792, line 10, strike ``or the Commission''.
On page 801, lines 22 and 23, strike ``or the Commission
under subsection (a)''.
On page 810, line 22, after the first period, insert the
following:
``(m) Duty of Clearing Agency.--Each clearing agency that
clears security-based swaps shall provide to the Commission
and the registered security-based swap data repositories all
information that is determined by the Commission to be
necessary for the Commission and each of the security-based
swap data repositories to perform their respective
responsibilities under this Act.''.
On page 812, line 16, before the semicolon insert ``and
this title''.
On page 836, lines 17 through 19, strike ``or the
Commission under section 3C(a), the Commission shall'' and
insert ``, the security-based swap data repository shall''.
On page 839, between lines 19 and 20, insert the following:
``(2) Repository for each asset class.--
``(A) Registration.--The Commission shall register at least
1 security-based swap data repository for each asset class of
a security-based swap, or of a group, category, type, or
class of security-based swaps.
``(B) Rulemaking.--If more than 1 such security-based swap
data repository exists, the Commission shall by rule provide
for--
``(i) the reporting of consistent data by each registered
security-based swap data repository; and
``(ii) timely access, by the Commission and the public, to
the data collected and maintained by each such registered
security-based swap data repository.''.
On page 839, line 20, strike ``(2)'' and insert ``(3)''.
On page 839, line 24, strike ``(3)'' and insert ``(4)''.
On page 840, between lines 8 and 9, insert the following:
``(B) Additional core principles.--The Commission may
develop additional core principles applicable to security-
based swap data repositories, and in developing such
additional core principles, the Commission may conform such
core principles to reflect evolving United States and
international standards.''.
On page 840, line 9, strike ``(B)'' and insert ``(C)''.
On page 840, line 18, strike ``(4)'' and insert ``(5)''.
On page 840, between lines 18 and 19, insert the following:
``(A) Consultation with regulators.--The Commission shall
consult with the Commodity Futures Trading Commission, and
the appropriate Federal banking agencies or the appropriate
governmental agencies prior to prescribing standards under
this subsection.''.
On page 840, line 19, strike ``(A)'' and insert ``(B)''.
On page 840, line 24, strike ``(B)'' and insert ``(C)''.
On page 841, line 3, strike ``(C)'' and insert ``(D)''.
On page 842, lines 16 through 18, strike ``, and after
notifying the Commission of the request,''.
On page 843, lines 11 and 12, strike ``and
indemnification''.
On page 843, line 15, strike ``(G)--'' and all that follows
through ``the security-based swap'' on line 16, and insert
``(G) the security-based swap''.
On page 843, line 22, strike ``; and'' and insert a period.
On page 843, strike line 23 and all that follows through
page 844, line 2.
On page 848, between lines 12 and 13, insert the following:
``(9) Access to security-based swap data repository
services.--
``(A) Commission review.--Any prohibition or limitation to
any person on access to services offered, directly or
indirectly, by a registered security-based swap data
repository shall be subject to review by the Commission on
its own motion, or upon application by any person aggrieved
thereby filed within 30 days after such notice has been filed
with the Commission and received by such aggrieved person, or
within such longer period as the Commission may determine.
Application to the Commission for review, or the institution
of review by the Commission on its own motion, shall not
operate as a stay of such prohibition or limitation, unless
the Commission otherwise orders, summarily or after notice
and opportunity for a hearing on the question of the stay
(which hearing may consist solely of the submission of
affidavits or presentation of oral arguments). The Commission
shall establish for appropriate cases an expedited procedure
for consideration and determination of the question of the
stay.
``(B) Commission action.--In any proceeding to review the
prohibition or limitation of any person in respect of access
to services offered by a registered security-based swap data
repository, if the Commission finds after notice and
opportunity for a hearing, that such prohibition or
limitation is consistent with the provisions of this section,
and the rules and regulations thereunder, and that such
person has not been discriminated against unfairly, the
Commission, by order, shall dismiss the proceeding. If the
Commission does not make any such finding or if it finds that
such prohibition or limitation imposes any burden on
competition not necessary or appropriate in furtherance of
this section, the Commission, by order, shall set aside the
prohibition or limitation, and require the registered
security-based swap data repository to permit such person
access to the services offered by the registered security-
based swap data repository to which the prohibition or
limitation applied.
``(10) Administrative proceeding authority.--The
Commission, by order, may censure or place limitations upon
the activities, functions, or operations of, suspend for a
period not exceeding 12 months the registration of, or revoke
the registration of, any such security-based swap data
repository, if the Commission finds, on the record after
notice and opportunity for a hearing, that such censure,
placing of limitations, suspension, or revocation is
necessary or appropriate in the public interest, for the
protection of investors, or otherwise in furtherance of the
purposes of this section, and that such security-based swap
data repository has violated or is unable to comply with any
provision of this section, or the rules and regulations
thereunder.''.
On page 848, line 13, strike ``(9)'' and insert ``(11)''.
On page 881, line 19, strike ``reported to--'' and all that
follows through ``a security-based swap'' on line 20, and
insert ``reported to a security-based swap''.
On page 881, line 21, strike ``; or'' and insert a period.
On page 881, strike line 22 and all that follows through
page 882, line 2.
On page 882, lines 14 and 15, strike ``or the Commission''.
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