U.S. Congress - S.3129 Close the London Loophole Act of 2008
S.3129 - Close the London Loophole Act of 2008
A bill to amend the Commodity Exchange Act to prevent price manipulation and excessive speculation and to increase transparency with respect to energy trading on foreign exchanges conducted within the United States. view all titles (3)
All Bill Titles
- Popular: Close the London Loophole Act of 2008 as introduced.
- Official: A bill to amend the Commodity Exchange Act to prevent price manipulation and excessive speculation and to increase transparency with respect to energy trading on foreign exchanges conducted within the United States. as introduced.
- Short: Close the London Loophole Act of 2008 as introduced.
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Official Summary
6/12/2008--Introduced.Close the London Loophole Act of 2008 - Amends the Commodity Exchange Act to authorize the Commodity Futures Trading Commission (CFTC), in the case of a registered entity located within the United States, and subject to CFTC jurisdiction, which trades on a foreign boaOfficial Summary
6/12/2008--Introduced.Close the London Loophole Act of 2008 - Amends the Commodity Exchange Act to authorize the Commodity Futures Trading Commission (CFTC), in the case of a registered entity located within the United States, and subject to CFTC jurisdiction, which trades on a foreign board of trade, exchange, or market located outside the United States, to:
(1) enforce criminal prosecution of violations, including manipulation or attempted manipulation, the making of false statements, and willful violations of this Act;
(2) require a person to limit, reduce, or liquidate any position to prevent or reduce the threat of price manipulation, excessive speculation, price distortion, or disruption of delivery or the cash settlement process; and
(3) apply necessary recordkeeping requirements. Addresses the kind of case in which the CFTC grants or considers granting relief to a foreign board of trade from the requirement that it become a designated contract market, derivatives transaction execution facility, or other registered entity with respect to an energy commodity physically delivered in the United States. Requires the CFTC, before granting or considering such relief, to determine that the foreign board of trade:
(1) applies comparable principles or requirements regarding the daily publication of trading information and position limits or accountability levels for speculators as apply to a designated contract market, derivatives transaction execution facility, or other registered entity trading energy commodities physically delivered in the United States; and
(2) provides such information to the CFTC regarding the extent of speculative and nonspeculative trading in the energy commodity that is comparable to the information the CFTC determines necessary to publish a Commitment of Traders report for such a designated contract market, derivatives transaction execution facility, or other registered entity.
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Recent News Coverage
Ag Bill to Close 'London Loophole'
In their statement the senators said this "London loophole" bill, formally S. 3129, is intended to complement recent legislation to close what has become ...
Recent Blog Coverage
A letter from Senator Carl Levin « Forty Four
I introduced the Close the London Loophole Act (S. 3129 ) and have co-sponsored Senator Durbinâs bill, S. 3130, which contains the same provision and other measures to bolster the CFTCâs ability to police the energy markets. ...
WashingtonWatch.com - H.R. 6284, The Close the London Loophole Act ...
The Close the London Loophole Act of 2008 (S. 3129). See Bills on the Same Subject: Business, Commodity exchanges, Criminal justice, Derivative securities, Energy, Energy prices, Finance, Fraud, Petroleum, Prices, Prosecution, ...
S. 3129, A bill to amend the Commodity Exchange Act to prevent ...
S. 3129 would amend the Commodity Exchange Act to prevent price manipulation and excessive speculation and to increase transparency with respect to energy trading on foreign exchanges conducted within the United States. ...
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