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H.R. 1847 (114th): Swap Data Repository and Clearinghouse Indemnification Correction Act of 2015


The text of the bill below is as of Apr 16, 2015 (Introduced).


I

114th CONGRESS

1st Session

H. R. 1847

IN THE HOUSE OF REPRESENTATIVES

April 16, 2015

(for himself, Mr. Sean Patrick Maloney of New York, Mr. Huizenga of Michigan, and Ms. Moore) introduced the following bill; which was referred to the Committee on Agriculture, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned

A BILL

To amend the Securities Exchange Act of 1934 and the Commodity Exchange Act to repeal the indemnification requirements for regulatory authorities to obtain access to swap data required to be provided by swaps entities under such Acts.

1.

Short title

This Act may be cited as the Swap Data Repository and Clearinghouse Indemnification Correction Act of 2015.

2.

Repeal of indemnification requirements

(a)

Derivatives clearing organizations

Section 5b(k)(5) of the Commodity Exchange Act (7 U.S.C. 7a–1(k)(5)) is amended to read as follows:

(5)

Confidentiality agreement

Before the Commission may share information with any entity described in paragraph (4), the Commission shall receive a written agreement from each entity stating that the entity shall abide by the confidentiality requirements described in section 8 relating to the information on swap transactions that is provided.

.

(b)

Swap data repositories

Section 21(d) of the Commodity Exchange Act (7 U.S.C. 24a(d)) is amended to read as follows:

(d)

Confidentiality agreement

Before the swap data repository may share information with any entity described in subsection (c)(7), the swap data repository shall receive a written agreement from each entity stating that the entity shall abide by the confidentiality requirements described in section 8 relating to the information on swap transactions that is provided.

.

(c)

Security-Based swap data repositories

Section 13(n)(5)(H) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(n)(5)(H)) is amended to read as follows:

(H)

Confidentiality agreement

Before the security-based swap data repository may share information with any entity described in subparagraph (G), the security-based swap data repository shall receive a written agreement from each entity stating that the entity shall abide by the confidentiality requirements described in section 24 relating to the information on security-based swap transactions that is provided.

.

(d)

Effective date

The amendments made by this Act shall take effect as if enacted as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Public Law 111–203) on July 21, 2010.