II
Calendar No. 67
113th CONGRESS
1st Session
S. 888
IN THE SENATE OF THE UNITED STATES
May 7, 2013
Mr. Johanns (for himself, Mr. Tester, Mr. Blunt, Mr. Crapo, Mr. Donnelly, Mrs. Hagan, Ms. Heitkamp, Ms. Klobuchar, Mr. Moran, Mr. Shelby, Mr. Toomey, Mr. Warner, and Mrs. Fischer) introduced the following bill; which was read the first time
May 8, 2013
Read the second time and placed on the calendar
A BILL
To provide end user exemptions from certain provisions of the Commodity Exchange Act and the Securities Exchange Act of 1934.
Margin requirements
Requirements
Commodity Exchange Act amendment
Section 4s(e) of the Commodity Exchange Act (7 U.S.C. 6s(e)), as added by section 731 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, is amended by adding at the end the following new paragraph:
Applicability with respect to counterparties
The requirements of paragraphs (2)(A)(ii) and (2)(B)(ii) shall not apply to a swap in which a counterparty qualifies for an exception under section 2(h)(7)(A) or satisfies the criteria in section 2(h)(7)(D).
.
Securities Exchange Act amendment
Section 15F(e) of the Securities Exchange Act of 1934 (15 U.S.C. 78o–10(e)), as added by section 764(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, is amended by adding at the end the following new paragraph:
Applicability with respect to counterparties
The requirements of paragraphs (2)(A)(ii) and (2)(B)(ii) shall not apply to a security-based swap in which a counterparty qualifies for an exception under section 3C(g)(1) or satisfies the criteria in section 3C(g)(4).
.
Implementation
The amendments made by this section to the Commodity Exchange Act shall be implemented—
without regard to—
chapter 35 of title 44, United States Code; and
the notice and comment provisions of section 553 of title 5, United States Code;
through the promulgation of an interim final rule, pursuant to which public comment will be sought before a final rule is issued; and
such that paragraph (1) shall apply solely to changes to rules and regulations, or proposed rules and regulations, that are limited to and directly a consequence of such amendments.
May 8, 2013
Read the second time and placed on the calendar