H.R.1256 - Swap Jurisdiction Certainty Act

To direct the Securities and Exchange Commission and the Commodity Futures Trading Commission to jointly adopt rules setting forth the application to cross-border swaps transactions of certain provisions relating to swaps that were enacted as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. view all titles (4)

All Bill Titles

  • Official: To direct the Securities and Exchange Commission and the Commodity Futures Trading Commission to jointly adopt rules setting forth the application to cross-border swaps transactions of certain provisions relating to swaps that were enacted as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. as introduced.
  • Short: Swap Jurisdiction Certainty Act as introduced.
  • Short: Swap Jurisdiction Certainty Act as reported to house.
  • Short: Swap Jurisdiction Certainty Act as passed house.

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Introduced
 
House
Passed
 
Senate
Passes
 
President
Signs
 

 
03/19/13
 
06/12/13
 
 
 
 
 

 

Latest Vote

Result: Passed - June 12, 2013

Roll call number 218 in the House

Question: On Passage: H R 1256 Swap Jurisdiction Certainty Act

 

Official Summary

Swap Jurisdiction Certainty Act - Directs the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to issue jointly rules governing the application of swaps requirements of the Securities Exchange Act of 1934 and the Commodity Exchange Act, relating t

Official Summary

Swap Jurisdiction Certainty Act - Directs the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to issue jointly rules governing the application of swaps requirements of the Securities Exchange Act of 1934 and the Commodity Exchange Act, relating to cross-border swaps and security-based swaps transactions involving U.S. persons or non-U.S. persons. Requires such rules to be identical (except to the extent necessary to accommodate differences in other underlying statutory requirements), and to address:
(1) the nature of the connections to the United States that require a non-U.S. person to register as a swap dealer, major swap participant, security-based swap dealer, or security-based swap participant under each Commission's respective Acts and related regulations;
(2) the extent to which U.S. swaps requirements shall apply to the swap and security-based swap activities of non-U.S. persons, U.S. persons, and their branches, agencies, subsidiaries, and affiliates outside the United States; and
(3) the circumstances under which a non-U.S. person in compliance with the regulatory requirements of a foreign jurisdiction shall be exempt from U.S. swaps requirements. Directs the Commissions to exempt from U.S. swaps requirements any non-U.S. person in compliance with the swaps regulatory requirements of a country or administrative region having one of the nine largest combined swap and security-based swap markets by notional amount in the calendar year preceding issuance of such rules (unless the Commissions jointly determine that such requirements are not broadly equivalent to U.S. swaps requirements). Requires the Commissions to report to Congress if they determine jointly that the regulatory requirements of such foreign jurisdictions are not broadly equivalent to U.S. swaps requirements.

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Organizations Supporting H.R.1256

  • American Bankers Association
  • Securities Industry and Financial Markets Association
  • U. S. Chamber Of Commerce
  • Business Roundtable

Organizations Opposing H.R.1256

  • Americans for Financial Reform
  • Public Citizen
  • AFL-CIO
  • Demos
  • Occupy The Sec
  • Consumer Federation of America
  • ...and 1 more. See all.


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