CFTC REGULATIONS REQUIRED BY THE OTC TITLE OF HOUSE BILL H.R.

4173

Key: * = A deadline with an asterisk is one in which there is no explicit deadline in the bill, but a
deadline is implicit in order to effectuate the intent (or another requirement) of the bill.

Bill CEA M, Deadline Subject

Section Section D, after
Jl Enactment
3002(e)(l) Free M, *I year Define "security-based swap agreement," and
standing P recordkeeping and SEC access to information for such
transactions
3007 Free D, None Collect informatiol1~l1dissuea report regarding "abusive
standing J3 swaps"
3101(a)(3) la(35)(D) D *I year Timeframe forI'eportingforeign exchange forwards and
swaps tOf©Qsitory or CFWG
3101(a)(3) la(39)(B) M *I year Define "sllbstantial net positiol1" in "major swap
partlciant" definition
3101(b) Free M *I year Furthet\:iefine "swap", "swap dealer", "major swap
standing participant",and "eligiple contract participant" to include
transactions and entities that have beenstmctured to evade
the bill
3102(c)(3) 12(e)(4) D None Pr~yent evasions of any provision of the bill reo activities
outside US
3103(a)(4) 2G)(2)(E) M I year I;lCO'ssllPwssion forreyiew of swaps that it seeks to
a@pept for Cl¢<l.ril1gto determine if the clearing requirement
shotlld aly
3103(a)(4) Stay ()ftl1e ClearingreqUirement to review a DCO's
Clearirfof a swap that it has accepted for Clearing
Preventevilsions of the clearing requirement
Wirnefrarriefor reporting swaps to either a repository or
CF'I'C
3 Transitiqual reporting rules for reporting pre-existing
swaps to either a repository or CFTC
IJrevent evasions of the exception to the clearing
requirement by swap dealers and major swap participants
3103(a)(4) Terms and conditions for agricultural swaps
3103(b)(2) 5b(g) Rules governing DCOs registered to Clear swaps
3103(b)(2) 5b(i)(3) Annual reports by DCO compliance officers
3103(b)(3) 5b(c)(2)(A) DCO compliance with core principles
3105 21(d) Rules governing swap repositories, including data elements
to be collected and maintained
3106 4r(b) * I year Reporting and recordkeeping for swaps that are not Cleared
or accepted by a repository

1 M, D, or J signifies whether the rule is: a mandatory rule that CFTC must promulgate under the bill; a
discretionary rule that CFTC may choose to promulgate if it determines appropriate to do so; or a joint rule that
must be promulgated with another government agency.
2 Joint rule with SEC.
3 Joint rule with SEC.
4 Mandatory for reporting; discretionary for recordkeeping.

CFTC-CREW-0062
3107 4s(b)(3) D *1 year Expiration of registration of swap dealers and major swap
participants
3107 4s(b)(4) D *1 year General rulemaking authority for swap dealers and major
swap participants
3107 4s(b)(5) M 1 year Registration process for swap dealers and major swap
participants
3107 4s(b)(6) D None Exceptions (if any) to prohibition on swap dealers and
major swap participants having associated persons who are
statutorily disqualified involved in their swap business
3107 4s(c) M 1 year Rules for swap dealers and major swap participants
3107 4s(d)(2)(B) M 1 year Capital and margin rul~sfor non-bank swap dealers and
major swap participlitt1t$
3107 4s(e)(2) M 1 year Reporting and reqp1"cik:eeping for swap dealers and major
swap participlitt1ts
3107 4s(t)(5) M 1 year Daily tradillgrecords fofswap dealers and major swap
participlitt1t$
3107 4s(g)(3) M 1 year Busill¢ssconduct standards for swap dealers and major
swappa,rticipants
3107 4s(h)(2) M 1 year Documel1tation standards for swapdelitleTs and major swap
participants
3109 5h(b)(2) M 1 year ~RUI.cstO:lldW~~~Pt:.bCtraded through' DCM or SEF
3109 5h(b)(3) D *1 year1'erms and conditions for ago swaps on SEFs
3109 5h(d)(l) D *1 year SEFcompliance with core principles
3109 5h(d)(l5) M *1 year AnnualTeports by SEFcompliance officers
3109 5h(t) ~llies govemil1g§EF reg'1.l1littion
3111 5(d)(l) D(D1\1. com).')liance\Vitllcoreprinciples
3112 8a(7)(D) Alterg.[sl1PplemenfeX!phange margin requirements, if
necessary
3113(a)(5) 4a(a)(2)(B) 80 Positiorllimits for futures and options in exempt
commodities on DCMs
31li(::lV'i Positiplllimits for futures and options in agricultural
commodities on DCMs
31li(::lV' (5) Determination whether a swap serves a significant price
1
L Y function with respect to registered entities for

limit purposes
3113(a)(5) M 1 Position limits, including aggregate position limits, for
swaps that are economically equivalent to futures and
options in exempt and agricultural commodities traded on
DCMs
ags,
respective-
ly
3113(a)(5) 4a(a)(7) M None Aggregate position limits for swaps performing a
significant price discovery function, contracts listed by
DCMs, and linked FBOT contracts
3113(a)(5) 4a(a)(8) D None Exemptions from position limits
3113(c)(2) 4a(c)(2) M *180 and Define bona fide hedging transaction for purposes of
270 days position limits
for futures
in exempts

CFTC-CREW-0063
 and ags,
respective-
ly
3114(c) 5c(c)(l) D None CFTC authority to shorten review time for self-certified
rules or rule amendments of registered entities before they
become effective
3118 4c(a)(4) D None Prohibit disruptive trading practices
3l20(a) 2(c)(2)(D) D None Delivery period to take retail commodity transactions out
of CFTC jurisdiction based upon typical commercial
practice in cash or spot markets for each commodity
3121 4t(a) M *1 year Large swap trader repQrtil1g information and levels
3121 4t(b) D *1 year Contents of large sw~pttader books and records
3122 4u(a) D *1 year Segregation of a,s$~tsl:l;eld as collateral in non-cleared
swaps

CFTC REGULATIONS REQUIRED BY

NON-OTC TITLES OF HOUSE BILL H.R. 41'73

Bill CEA M, Subject

Section Section D,
J
5008 Section required by investment
2ll(e) of IAAandCEA
Investment
Advisers
Act of
1940 (IAA)

5 Joint rule with SECin consultation with FederalReserve.

CFTC-CREW-0064
 CFTC REQUIREMENTS IN THE OTC TITLE OF
HOUSE BILL H.R 4173 THAT ARE NOT DESIGNATED AS REGULATIONS

Bill CEA M, Deadline Subject

Section Section D,
J
3005(a) Free M I year Study on effects of position limits on excessive speculation
standing and the movement of transactions from U. S. exchanges to
other countries
3005(b) Free M, 8 months Study on feasibility of requiring derivatives industry to
standing J6 adopt standardized C0rtlPl.lter-readable algorithmic
descriptions
3005(c) Free M, 12-1-2010 Study on desirapilitY~tld feasibility of establishing a single
standing f regulator forfll1#llcialCierivatives
3006 Free M, 180 days Recommxm::latiOns of legislative changes to the insolvency
standing J8 laws re.s\'\iap clearing, treattxtliwt of dual FCM/BDs, and
portfollo•• margining
3009(a) Free M, 180 days MemOr::tlldum of UnderstandingWitllFERC to establish
standing J9 procedllr~sto resolveil.lrisdictionalCOl1f1icts and avoid
duplicativer~gulati()11
3009(b) Free M, 180 days Memorandum()~l.Jnderstandingto share Information where
standing JIO CDFTC or FERCis9Qnducting an investigation
3101(a)(3) la(35)(D) M, *I year Tt'eattxtJ.wt of foreigl1~:J\:changeforwards and swaps and
JII ().etermin(ttlc)l1 of which(JpA authorities apply
3101(a)(3) la(38)(C) E2(emptiol1fr()l1'l().efiniti()l1Q~"swap dealer" for entities
thatenga .\')iijadernillimisamount of swap dealing
3103(a)(2) Free DeciCix#l1ypetitionfiledby an entity to continue to operate
standing as ane}(lempt commercial market for up to I year

3 Da.t#9QlleCticm and maintenance requirements for swaps

clearedpy DCOs
3 Form and frequency of data to be provided to CFTC by
DCOs to comply with public reporting requirements
3104 Designation of DCO or swap repository to carry out public
reporting
3107 Conflict-of-interest systems and procedures for dealers and
major swap participants
3108 4d(c) Conflict-of-interest systems and procedures for FCMs and
IBs
3110(b) Free Decide any petition filed by an entity to continue to operate
standing as an exempt board of trade for up to I year

6 Joint study with SEC.

7 Joint study with Treasury and SEC.
8 Joint recommendations with SEC and the Prudential Regulators.
9 Joint Memorandum of Understanding with FERC.
10 Joint Memorandum of Understanding with FERC.
II Joint rule with Treasury.
4

CFTC-CREW-0065
 dates
3113(a)(5) 4a(a)(4)(A) M 150 days Hold 2 public hearings, 1 for agricultural and 1 for energy
after commodities, to receive recommendations regarding
setting position limits for futures and options on DCMs
position
limits for
exempt and
agricultural
com-
modities
3113(a)(5) 4a(a)(4)(C) M 60 days Publish in the FederalRegister the CFTC response to
after each position limit recoll1W¢l1dations made at hearings under
hearing CEA Section 4a(Il)(4(A) above
3125 Free M None Review, as appr()pfiat¢,<ill past actions for conformity with
standing the new le islation
-~,------,--,------,--~~,------,---------=---,-----,------,----------I

3305 la(51) D *1 year Define risk"forpurposes of both the

"major swap partisipant" and the end-user
from clearing; define<':()perating risk" and
risk" oft1l,~end-user exception

CFTC-CREW-0066