H.R.4473 - Commodity Futures Trading Commission bill

To reauthorize and amend the Commodity Exchange Act to promote legal certainty, enhance competition, and reduce systemic risk in markets for futures and over-the-counter derivatives, and for other purposes. view all titles (5)

All Bill Titles

  • Popular: Commodity Futures Trading Commission bill as .
  • Popular: Commodity Futures Trading Commission bill.
  • Short: CFTC Reauthorization Act of 2005 as introduced.
  • Short: CFTC Reauthorization Act of 2005 as passed house.
  • Official: To reauthorize and amend the Commodity Exchange Act to promote legal certainty, enhance competition, and reduce systemic risk in markets for futures and over-the-counter derivatives, and for other purposes. as introduced.

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Introduced
 
House
Passed
 
Senate
Passes
 
President
Signs
 

 
12/08/05
 
12/14/05
 
 
 
 
 

Official Summary

CFTC Reauthorization Act of 2005 - Title I: General Provisions - (Sec. 101) Amends the Commodity Exchange Act (CEA) to revise Commodities Futures Trading Commission (CFTC) jurisdiction over an agreement, contract, or retail transaction in foreign currency. Specifies that CFTC jurisdiction e

Official Summary

CFTC Reauthorization Act of 2005 - Title I: General Provisions -

(Sec. 101)

Amends the Commodity Exchange Act (CEA) to revise Commodities Futures Trading Commission (CFTC) jurisdiction over an agreement, contract, or retail transaction in foreign currency. Specifies that CFTC jurisdiction extends to any agreement, contract, or transaction in foreign currency that is a commodity contract of sale for future delivery or an option on such a contract, and is offered to, or entered into with a person that is not an eligible contract participant, unless the counterparty, or the person offering to be the counterparty, of the person is:
(1) a financial institution;
(2) a specified broker, dealer, or associated person registered under the Securities Exchange Act of 1934;
(3) a specified futures commission merchant registered under CEA;
(4) a specified insurance company or affiliate;
(5) a financial holding company; or
(6) an investment bank holding company. Extends registration requirements to particular persons participating in the solicitation or recommendation of any such agreement, contract, or transaction.

(Sec. 102)

Authorizes CFTC to bring anti-fraud actions in off-exchange principal-to-principal futures transactions. Provides that a person shall not be obligated, in connection with a covered futures transaction with another person, to disclose to such other person nonpublic information that may be material to the market price, rate, or level of such commodity or transaction except as necessary to make any statement not materially misleading.

(Sec. 103)

Directs the agencies represented on the President's Working Group on Financial Markets to work to ensure that the Securities and Exchange Commission (SEC) and the CFTC have taken action to permit:
(1) risk-based portfolio margining for security options and security futures products by September 30, 2006; and
(2) by June 30, 2006, the trading of futures on certain security indexes by resolving issues related to debt security indexes and foreign security indexes.

(Sec. 104)

Authorizes appropriations through FY2010. Title II: Natural Gas Price Transparency -

(Sec. 201)

Instructs CFTC to increase transparency of natural gas prices by conducting:
(1) surveillance of trading in natural gas contracts; and
(2) a review of the factors that caused significant and highly unusual change in the settlement price of any physically delivered natural gas futures contract traded on a contract market or derivatives transaction execution facility. Includes among review factors:
(1) prices and price relationships in the futures and cash markets;
(2) market information and cash market supply and demand factors;
(3) large futures and options market positions and transactions on the contract market or derivatives transaction execution facility; and
(4) related natural gas contracts, agreements, or transactions.

(Sec. 202)

Directs CFTC to require any person holding, maintaining, or controlling any position in a contract of sale of natural gas for future delivery or option on such a contract, at or exceeding reportable limits, to maintain and provide on CFTC request records for five years regarding the position, including any related contract, agreement, or transaction in natural gas to which the person is a party.

(Sec. 203)

Increases:
(1) the civil penalty for specified commodity market manipulation-related offenses to $1 million, or triple the monetary gain for each such violation; and
(2) the criminal penalty for specified commodity trading-related felonies from five to ten years imprisonment.

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