CFTC REGULATIONS REQUIRED BY THE OTC TITLE OF THE SENATE BILL

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
712(a)(8) Free M, 180 days Mixed swaps regulations, as necessary to carry
standing P out purposes of the bill
712(d) Free M 180 days Regarding noncleareclsV\iaps, require
standing recordkeeping anclillforl11ation sharing with SEC
712(e? Free M, 180 days Define "security-bits¢clswap agreement"
standing J4
714 5 Free M 180 days Collect illf()rm~lion andis§l.le a report regarding
standing "abusiv€:§waps"
72 I (a) la(lO) D None Furtl1etdefining "commodity POQl',
72 I (a) la(ll) D None Furthetclefining "commodity poolo erator"
72 I (a) la(22) D None Furtherde£ining "floqrbroker"
72 I (a) la(23) D None Further definitig"f1()oftrader"
72 I (a) la(28) D None further defining "fittures commission merchant"
72 I (a) la(31) D None Fijrtller defining"illtroducing broker"
72 I (a)" la(33)(B) M 180 days Defille"sllbstantiarposition" in "major swap
Pllrticipant"clefinition
721(af la(47)(E) l'itt1eframef()t~epqrtingforeign exchange
forV\iardsitllclswapsto[epository or CFTC
721(b) Free Defille:i) "commerciall'isk" for purposes of the
standing "majofswap participant" definition end-user
clearinge}{~mption; and ii) any other term added
lathe CEAb the bill
721(c)8 Flitl:l1efclefine "swap", "swap dealer", "major
swappatl:icipant", and "eligible contract
participant" to include transactions and entities
that have been structured to evade the bill
72 I (d) Exclude contracts from the security futures
provisions of §2(a)(I)(D)
Prevent evasions of any provision of the bill reo
activities outside US

1 M, D, or J signifies whether 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 Similar to House bill §3002(e)(l).
4 Joint rule with SEC.
5 Similar to House bill §3007.
6 Similar to House bill §3101(a)(3).
7 Similar to House bill §3101(a)(3).
8 Similar to House bill §3101(b).
9 Joint rule with SEC.
10 Similar to House bill §3102(c)(3).

CFTC-CREW-0067
 Dca's submission for approval of swaps that it
seeks to accept for clearing
Stay of the clearing requirement to review a
DCa's clearing of a swap that CFTC has accepted
for clearing
Further identify swaps that should be accepted for
clearing that have not been submitted to CFTC
Using expedited process, establish criteria to
determine if a swap, or a group of swaps, is
required to be cleared
Prevent evasions of the clearing requirement

Timeframe for rej:)9rtil1g swaps to either a

repository orOF'ml2
Transitionalreporting rul¢scfor reporting pre-
existingsW<tps to either arepgsitory or CFTC
Prevetl.t~vasions of the end-uset~xception

Termsan:g conditions for agricultural swaps

Terms and c6t1gitigns for commingling arid

gepositing swaps Gt1stomer funds for cleared
swaps
]?enriissipl\')jnvestmeritSf'or swaps customer funds
for clearedsWllPs
Segtegati()n:gfas$~tsheld as>collateral in non-
cleateclsc\V::tPs
Permissible investments for swaps customer funds
for nori-¢leared swaps
Annual rfgrts by DCa compliance officers
D(3Qcompliance with core principles
CoriflictQf interest provisions for swap dealers
and major swap participants
Real-time public reporting
Swap data repository compliance with core
principles
Annual reports by swap data repository
compliance officers
General rules governing swap data repositories

11 Similarto House bill §3103(a)(4).

12 Similarto House bill §3103(a)(4).
13 Similarto House bill §3103(a)(4).
14 Similarto House bill §3103(a)(4).
15 Similarto House bill §3103(a)(4).
16 Similarto House bill §3103(a)(4).
17 Similarto House bill §3103(a)(4).
18 Similarto House bill §3122.
19 Similarto House bill §3103(b)(2).
20 Similarto House bill §3103(b)(3).
21 Similarto House bill §3306.

CFTC-CREW-0068
729 4r(a)(l) D *180 days Timeframe for reporting swaps to CFTC
729 4r(a)(2) M 90 days Alternative timeframe for reporting swaps entered
into before the date of enactment to either a
repository or CFTC
729 4r(d) M 180 days Require persons who report swaps to CFTC to file
a report
4t(a) M 180 days Large swap trader reporting information and
levels
4t(b) M 180 days Contents of large swap trader books and records
731 25 4s(b)(3) D *180 days Expiration of registration of swap dealers and
major swap participant$
731 26 4s(b)(4) D *180 days General rulemaking~llth()rity for swap dealers
and major swappa,rt;i¢ipants
731 27 4s(b)(5) M *180 days/ Registration prQ8ess for swap dealers and major
1 year" swap partici ants
731 29 4s(b)(6) D None ExceptiQrIs(if any) to prohibition on swap dealers
andmajg1'swap participants hayillg associated
persOrIswho are statutorily disquaJified involved
in theifswap business
731 30 4s(d) M 180 days Rules fors~a,p deaJ¢rs~md major swap
participants
731 31 4s(e)(2)(B) M (J~pital and margirIrules for non-depository-
illstitMtiQn swap deed¢rs and major swap
partiCipatlt$
731 32 4s(t)(2) It~portingal1q.recordkeepillgfor swap dealers and
ma,'of swa articiants
731 33 4s(g)(5) DailytHldil1grecordsforswap dealers and major
swapa,rticipants
731 34 Business conduct standards for swap dealers and
rna' or swa articipants
731 35 Documentation and back office standards for
swapd¢a.lers and major swap participants
731 Annual reports by compliance officers of swap
r!p"lplr" and major swap participants
732 reports by compliance officers of FCMs

22 Similarto House
23 Similarto House bill
24 Similarto House bill §3
25 Similarto House bill §3107.
26 Similarto House bill §3107.
27 Similarto House bill §3107.
28 While the bill providesfor 1 year, the rules shouldbe in place within 180 days to effectuatethe purposes of the
Act.
29 Similarto House bill §3107.
30 Similarto House bill §3107.
31 Similarto House bill §3107.
32 Similarto House bill §3107.
33 Similarto House bill §3107.
34 Similarto House bill §3107.
35 Similarto House bill §3107.

CFTC-CREW-0069
733 36 5h(d)(l) D *180 days SEF compliance with core principles
733 37 5h(d)(l5) M 180 days Annual reports by SEF compliance officers
733 38 5h(0 M 180 days Rules govemmg SEF regulation
735 39 5(d)(l) D *180 days DCM compliance with core principles
736 40 8a(7)(D) D None Alter or supplement exchange margm
requirements, if necessary
737(a)(4) 4a(a)(2) M 180 days Aggregate position limits for swaps performing a
41
significant price discovery function not traded on
a SEF, swaps traded on a SEF, contracts listed by
DCMs, and linked FBOT contracts
737(a)(4) 4a(a)(4) D None Exemptions from positipll limits
42

742(a)(2) 2(c)(2)(D) D None Delivery periodtQtaJxe retail commodity

43
transactions qutqfCFi'Gjurisdiction based upon
typical commerCial practi¢~jn cash or spot
markets f'or each commodity
742(c)(2) 2(c)(2)(E) D *180 days AdditiQl1alrequirements for certain persons who
entefirito retail foreign currencytritusactions
745(d)(2) Free D None CFTCaut119rity to shorten review timEffor self-
44
standing certified 11l1¢spr wl¢~mendments ofregistered
entities before.th)::Jy.become effective
745(d)(5) Free D None Determination Of additional activities that are
standing contrgryto the publi¢irlterest for contract
a;pprcrva1l'l1woses
747 45 4c(a)(4) D None ]'>mhibit disruptive tradil1gpractices

f II
748 23(a)(7) Define wl1ist1eblowmg <
748 23(b)(l) PaYrtletlt9fwhistleblOwing awards
748 23(c)(l) Determine whistleblowing award amount
748 23(e) 270 days Necessity of contract with a whistleblower

~.
748 Z'7()(:la,ys General whistleblower rules
753 1 year Ma,WPMlativeor deceptive device or contrivance

CF'I'C REGULATIONS REQUIRED BY

NON"OTC TITLES OF THE SENATE BILL

Bill Section M, Dea:dline Subject

Section J),
.J

36 Similar to House bill §3109.

37 Similar to House bill §3109.
38 Similar to House bill §3109.
39 Similar to House bill §3111.
40 Similar to House bill §3112.
41 Similar to House bill §3113(a)(5).
42 Similar to House bill §3113(a)(5).
43 Similar to House bill §3120(a).
44 Similar to House bill §3114(c).
45 Similar to House bill §3118.

CFTC-CREW-0070
406 46 §211(e) of M, 12 months Form and content of reports required to be filed
Investment J47 by investment advisers registered under both IAA
Advisers and CEA
Act of
1940 (IAA)
1088(b) §214(b)(l) M None To carry out §624 of the Fair Credit Reporting
of the Fair Act
and
Accurate
Credit
Trans-
actions Act
of2003

CFTC REQUIREMENTS INTHE OTC'l'J'l'LE OF

THE SENATE BILL THAT ARE NOT DESIGNATED AS REGULATIONS

Bill CEA M, Deadline Subject

Section Section D,
J
713 Free M 180 days Recommendalipl1sfbr legislative changes-to
standing fa~ilitate portfoliO margining of securities and
futur¢sand options
722(t) 4(c)(6) D None l.)etermil1~ti()1l whetheftqexempt certain
C<Jlltracts that~resubjecft()iFERC tariffs or rate
schedules or Other similar contracts
723(a)(3) Investig;;tt~,write arep()rt, and take actions reo
swapstl1a.t would otherwise be subject to the
clearing;1"equirement, but no DCO will clear them
723(a)(3) GiFTC m.ustexempt certain swaps from the
dearillg and trading requirement if no DCO will
accepftl1eswap for clearing
CFTC may request information from entities
the end-user exemption to prevent abuse
723 (c)(2) any petition filed by an entity to continue
48 to operate as an exempt commercial market for up
to 1 year
725 (e)49 5b(k) Data collection and maintenance requirements for
swaps cleared by DCOs
725(e)50 5b(k)(6) Form and frequency of data to be provided to
CFTC by DCOs to comply with public reporting
requirements
726 Free M *180 days Determination if rules are necessary to limit
standing control of DC Os, SEFs, and DCMs by financial

46 Similar to House bill §5008.

47 Joint rule with SEC.
48 Similar to House bill §3103(a)(2).
49 Similar to House bill §3103(b)(4).
50 Similar to House bill §3103(b)(4).

CFTC-CREW-0071
 entities
727 2(a)(l4) M Semi- Public report on trading and clearing in the major
annually swap categories, market participants and new
developments
729 51 4r(c) D *180 days Reporting and recordkeeping for swaps that are
not cleared or accepted by a repository
731 4s(e)(6) M At least CFTC, SEC, and appropriate federal banking
annually agencies shall consult on capital and margin
requirements
731 52 4sG)(5) D *180 days Conflict-of-interest systems and procedures for
dealers and major swapP(irticipants
732 53 4d(c) D *180 days Conflict-of-interestsystems and procedures for
FCMs and IBs
737(a)(4) 4a(a)(3) D None Determinatiol1Wllethet;}swap serves a significant
54
price disc9yeryfunctiollwith respect to registered
entitiesfor}Josition limit pUflJQses
745(d)(5) Free M 180 days Determil1mg the eligibility ora-pca to clear a
standing swap
748 23(g)(5) M Annually Reporttg<;:ongress ol'lwhistleblowel'"program
750 Free M 180 days Report to Cgl1greS8; (')l1oversight of catogl1
standing markets
751 2(a)(l5) M an Energy and Environmental Markets
Committee

51 Similarto House bill §3106.

52 Similarto House bill §3107.
53 Similarto House bill §3108.
54 Similarto House bill §3113(a)(5)

CFTC-CREW-0072