Sec. 111. Administration of swap execution facilities

308 words·~1 min read·/bill/116/hr/4895/rh/section-111

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Section 5h of the Commodity Exchange Act ( 7 U.S.C. 7b–3 ) is amended— in subsection (f)(8), by striking all that follows cooperation with the Commission and inserting and other registered entities, as is necessary and appropriate, to facilitate the liquidation or transfer of open positions in any swap, or to suspend or curtail trading in a swap. ; and in subsection (f)(15)— in subparagraph (A), by adding at the end the following: The individual may also perform other responsibilities for the swap execution facility, if— there are no conflicts of interest between the other responsibilities and the duties and obligations of the chief compliance officer under this Act and the regulations thereto; and the other responsibilities do not limit the ability of the chief compliance officer to carry out the responsibilities of the chief compliance officer. ; in subparagraph (B)— by striking clauses

(iii)through

(v)and inserting the following: establish and administer— policies and procedures, in consultation with the board of the facility, a body performing a function similar to that of a board, or the senior officer of the facility, that are reasonably designed, as determined by the Commission, to resolve any conflicts of interest that may arise; the policies and procedures required to be established pursuant to this section; and policies and procedures that reasonably ensure, as determined by the Commission, compliance with this Act and the rules and regulations issued under this Act, including rules prescribed by the Commission pursuant to this section; and ; and by redesignating clause

(vi)as clause (iv); in subparagraph (C), by striking (B)(vi) and inserting (B)(iv) ; and in subparagraph (D)— in clause (i), by striking and sign ; and in clause (ii)— in the matter preceding subclause (I), by inserting or senior officer after officer ; and in subclause (II), by inserting materially before accurate .

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7 USC 7b–3

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Sec. 111

Administration of swap execution facilities

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