Sec. 103. Closing the cross-border loophole
269 words·~1 min read·
/bill/114/s/3118/is/section-103A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 2(i) of the Commodity Exchange Act ( 7 U.S.C. 2(i) ) is amended— by redesignating paragraphs
(1)and
(2)as subparagraphs
(A)and (B), respectively, and adjusting the margins accordingly; in the matter preceding subparagraph (A), as so redesignated, by striking The provisions and inserting the following: The provisions ; in paragraph (1), as so designated— in subparagraph (A), as so redesignated, by striking or at the end; in subparagraph (B), as so redesignated, by striking the period at the end and inserting ; or ; and by adding at the end the following: except as provided in paragraph (2), involve a swaps transaction in which a financial entity that is domiciled or organized in the United States, or a subsidiary entity that is majority owned or controlled by a financial entity that is domiciled or organized in the United States, bears swaps-related risks. ; and by adding at the end the following: Notwithstanding paragraph (1)(C), the Commission may allow a swaps transaction that involves a subsidiary entity that is majority owned or controlled by a financial entity that is domiciled or organized in the United States to be conducted in whole or in part under the rules and oversight of a foreign jurisdiction if the Commission determines, by rule, that— the applicable elements of the foreign rules are substantively equivalent to, or offer greater protection than, the applicable rules in the United States; and enforcement of and oversight with respect to the rules described in subparagraph
(A)is not less stringent than enforcement of and oversight with respect to the applicable rules in the United States. .
Connectionstraces to 1
Citation graph
cites case law
Sec. 103
Closing the cross-border loophole
Cites 1Cited by 0 across 0 sources