Swap Jurisdiction Certainty Act
Latest action · Dec 14, 2012 Placed on the Union Calendar, Calendar No. 512.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedOct 31, 2011
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Swap Jurisdiction Certainty Act - (Sec. 2) Amends the Commodity Exchange Act regarding extra-territorial swap transactions between: (1) a registered swap dealer who is either a U.S. person or a person whose parent company is a U.S. person; and (2) a person who is a U.S. or non-U.S. subsidiary, branch, or affiliate of such swap dealer, or any other non-U.S. person not registered as a swap dealer.
Exempts swaps from regulation under the Wall Street Transparency and Accountability Act of 2010 (WSTAA) (title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act) as long as the swap dealer: (1) is either a U.S. person or a person whose parent company is a U.S. person, and (2) reports such swap to a swap data repository registered with the Commodity Futures Trading Commission (CFTC).
Subjects to WSTAA requirements any non-U.S. person that is a registered swaps dealer but only for swaps entered into with a U.S. person who is not a U.S. subsidiary, branch, or affiliate of that non-U.S. person.
Requires the CFTC to permit non-U.S. persons that are registered swaps dealers to comply with WSTAA capital requirements by complying with comparable requirements established by the appropriate governmental authorities in their respective home countries, so long as those home countries are signatories to the Basel Accords.
Subjects each registered swap dealer to any rules or regulations as the CFTC may prescribe or promulgate as are necessary or appropriate to prevent the evasion of any provision of the Commodity Exchange Act enacted by WSTAA.
(Sec. 3) Amends the Securities Exchange Act of 1934 regarding extra-territorial securities-based swap transactions between: (1) a registered securities-based swap dealer who is either a U.S. person or a person whose parent company is a U.S. person; and (2) a person who is a U.S. or non-U.S. subsidiary, branch, or affiliate of such securities-based swap dealer.
Exempts security-based swaps from regulation under WSTAA as long as the securities-based swap dealer: (1) is either a U.S. person or a person whose parent company is a U.S. person, and (2) reports such security-based swap to a securities-based swap data repository registered with a security-based swap data repository registered with the Securities and Exchange Commission (SEC).
Subjects to WSTAA requirements any non-U.S. person that is a registered security-based swaps dealer but only for security-based swaps entered into with a U.S. person who is not a U.S. subsidiary, branch, or affiliate of that non-U.S. person.
Requires the SEC to permit non-U.S. persons that are registered security-based swaps dealers to comply with WSTAA capital requirements by complying with comparable requirements established by the appropriate governmental authorities in their respective home countries, so long as those home countries are signatories to the Basel Accords.
Prohibits registered security-based swap dealers from conducting any activities designed to evade any provision of the Securities Exchange Act of 1934 enacted by WSTAA.
Declares that nothing in this section shall: (1) exempt a transaction from specified restrictions on member bank transactions with affiliates under the Federal Reserve Act or implementing regulations; or (2) affect the authorities of the prudential regulators over certain kinds of swap dealers, major swap participants, security-based swap dealers, or major security-based swap participants under the Commodity Excgange Act as such authorites are established in law other than under WSTAA
Cosponsors 15
Members who signed on, in the order they did. Signatures ran from Oct 31, 2011 to Apr 27, 2012; 1 is an original cosponsor, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-NJ | Scott Garrett | Original | Oct 31, 2011 |
| D-WI | Gwen Moore | Nov 3, 2011 | |
| D-NY | Carolyn McCarthy | Jan 13, 2012 | |
| R-IL | Robert J. Dold | Feb 2, 2012 | |
| R-CA | Edward R. Royce | Feb 8, 2012 | |
| R-AZ | David Schweikert | Feb 13, 2012 | |
| R-NY | Nan A. S. Hayworth | Feb 17, 2012 | |
| D-TX | Ruben Hinojosa | Mar 1, 2012 | |
| D-MO | Wm. Lacy Clay | Mar 6, 2012 | |
| D-AL | Terri A. Sewell | Mar 8, 2012 | |
| D-GA | David Scott | Mar 21, 2012 | |
| D-NY | Gregory W. Meeks | Mar 22, 2012 | |
| D-DE | John C. Carney, Jr. | Mar 22, 2012 | |
| D-CA | Joe Baca | Mar 27, 2012 | |
| R-GA | Jack Kingston | Apr 27, 2012 |
Committees 2
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred Oct 31, 2011Markup Mar 27, 2012Reported May 11, 2012 |
| Capital Markets Subcommittee | Referred Jan 12, 2012Hearings Feb 8, 2012 | |
| House | Agriculture Committee | Referred Oct 31, 2011Discharged Dec 14, 2012 |
| General Farm Commodities, Risk Management, and Credit Subcommittee | Referred Nov 8, 2011 |
Actions 15
Everything that happened, newest first.
- Dec 14, 2012Committee on Agriculture discharged.
- Dec 14, 2012Placed on the Union Calendar, Calendar No. 512.
- Nov 30, 2012House Committee on Agriculture Granted an extension for further consideration ending not later than Dec. 14, 2012.
- Sep 21, 2012House Committee on Agriculture Granted an extension for further consideration ending not later than Nov. 30, 2012.
- Jul 16, 2012House Committee on Agriculture Granted an extension for further consideration ending not later than Sept. 21, 2012.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Committee report
Congressional Budget Office cost estimate
- Apr 30, 2012H.R. 3283, Swap Jurisdiction Certainty ActAs ordered reported by the House Committee on Financial Services on March 27, 2012
Constitutional authority
The sponsor’s statement, as printed in the page H7165.
Printed hearings 2
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| Serial No. 112-33 | HEARING TO REVIEW H.R. 3283, H.R. 1838, AND H.R. 423566 pages | Agriculture Committee | Mar 28, 2012 |
| Serial No. 112-100 | LIMITING THE EXTRATERRITORIAL IMPACT OF TITLE VII OF THE DODD-FRANK ACT104 pages | Financial Services Committee | Feb 8, 2012 |
CRS reports 2
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
Cite it 2
Products on other subjects that cite it, usually among other measures.
| Product | Title | Kind | Published |
|---|---|---|---|
| R42961 | Comparing G-20 Reform of the Over-the-Counter Derivatives Markets Archived | Report | Feb 19, 2013 |
| R42129 | Derivatives Legislation in the 112th Congress Archived | Report | Dec 27, 2011 |
Titles 3
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Commodity Exchange Act and the Securities Exchange Act of 1934 to provide an exemption for certain swaps and security-based swaps involving Non-U.S. persons, and for other purposes.
- Short Titles as Introduced
- Swap Jurisdiction Certainty Act
- Short Titles as Reported to House
- Swap Jurisdiction Certainty Act
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 2
Each version as it was printed, newest first.
- Dec 14, 2012Reported in House
- Oct 31, 2011Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
