H.R.1573 - To facilitate implementation of title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act, promote regulatory coordination, and avoid market disruption.view all titles (1)
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- Official: To facilitate implementation of title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act, promote regulatory coordination, and avoid market disruption. as introduced.
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Official Summary6/16/2011--Reported to House amended, Part II. (Sec. 1) Amends the Wall Street Transparency and Accountability Act of 2010, Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act, to delay until December 31, 2012, or 90 days after publication of the relevant final rule
Official Summary6/16/2011--Reported to House amended, Part II.
(Sec. 1)Amends the Wall Street Transparency and Accountability Act of 2010, Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act, to delay until December 31, 2012, or 90 days after publication of the relevant final rule or regulation (unless the rule or regulation specifies a later date), or the otherwise applicable effective date, whichever is the latest, the effective date for implementation of certain parts of Title VII, including the promulgation of regulations, the conduct of studies and preparation of reports, and the registration of persons, as well as the exemption of persons, agreements, contracts, or transactions from coverage by Title VII. Exempts from such delay, however, the authority of the Commodity Futures Trading (CFTC) and the Securities and Exchange Commission (SEC) to issue final definitions pertaining to swap transactions, swap participants, and eligible contract participants. Requires the CFTC and the SEC to further define swaps and related terms subject to their joint rulemaking. States that the effective date for CFTC reporting of swap-data and SEC reporting of security-based swap data is 90 days after publication of the final rule in the Federal Register, or the effective date otherwise applicable to such reporting, whichever is later. Grants the CFTC and the SEC interim authority to permit the reporting of swap data and security-based swap data to certain persons who have:
(1) provided notice of their intention to register as a swap data repository or as a security-based swap data repository, and
(2) made appropriate undertakings to the respective Commission as the latter determines to be in the public interest.
(Sec. 2)Requires the two Commissions, before prescribing final rules and regulations under Title VII, to conduct additional public hearings and roundtables on specified issues, solicit public comment, and take into account the testimony of interested parties when performing mandatory cost-benefit analyses and when determining the effective date of final rules and regulations.
(Sec. 3)Amends the Commodity Exchange Act (CEA) and the Securities Exchange Act of 1934 to authorize the CFTC and the SEC, respectively, to exempt a person from the registration and related regulatory requirements of such Acts if:
(1) the person is subject to comparable supervision and regulation under a regulatory scheme administered by another regulatory authority or the appropriate government authorities in the person's home country that is comparable to the requirements of Title VII,
(2) adequate information-sharing arrangements are in effect between the agencies and the foreign regulator, and
(3) the exemption is consistent with the public interest .
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Organizations Supporting H.R.1573
- American Public Power Association
- Edison Electric Institute
- Electric Power Supply Association
- National Rural Electric Cooperative Association
- Agricultural Retailers Association
- American Petroleum Institute
- ...and 9 more. See all.
Organizations Opposing H.R.1573
- Air Transport Association
- American Feed Industry Association
- American Trucking Associations
- Colorado Petroleum Marketers Association
- Consumer Federation of America
- Food & Water Watch
- ...and 40 more. See all.