‘(e)(1) The Commission shall not exempt a board of trade, exchange, or market located outside the United States from the requirement of subsection (a) to become a designated contract market, derivatives transaction execution facility, or other registered entity, with respect to agreements, contracts, and transactions in crude oil to be physically delivered in the United States, unless the Commission determines that the board of trade, exchange, or market--
‘(A) applies principles or requirements regarding the daily publication of trading information and position limits or accountability levels for speculators in the agreements, contracts, or transactions that are comparable to those applied by a designated contract market, derivatives transaction execution facility, or other registered entity;
‘(B) provides information to the Commission, regarding the extent of speculative and nonspeculative trading in agreements, contracts, and transactions in crude oil that is comparable to the information the Commission determines necessary to publish a Commitment of Traders report for a designated contract market, derivatives transaction execution facility, or other registered entity with respect to the trading; and
‘(C) imposes margin requirements that are--
‘(i) comparable to those imposed by a designated contract market, derivatives transaction execution facility, or other registered entity for other commodities; and
‘(ii) sufficient to reduce excessive speculation and protect consumers.
‘(2) During the 6-month period that begins 1 year after the date of the enactment of this subsection, the Commission shall determine whether to continue to grant any exemption described in paragraph (1) that was granted before such date of enactment to any board of trade, exchange, or market located outside the United States.’.
U.S. Congress - Text of H.R.6279 as Introduced in House Oil Speculation Reduction Act of 2008
