H.R. 1256
Swap Jurisdiction Certainty Act
Received in the Senate and Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.
Sponsor
Rep. Garrett, Scott [R-NJ-5]
Bill Details
- Update Date
- Jan 11, 2023
- Origin Chamber
- House
- Bill Type
- HR
- Bill Number
- 1,256
- Congress
- 113
- Introduced Date
- Mar 19, 2013
- Policy Area
- Finance and Financial Sector
- Is Law
- No
Received in the Senate and Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.
Source: Senate
Motion to reconsider laid on the table Agreed to without objection.
Source: House floor actions
On passage Passed by recorded vote: 301 - 124 (Roll no. 218). (text: CR H3318)
Source: House floor actions
Passed/agreed to in House: On passage Passed by recorded vote: 301 - 124 (Roll no. 218).(text: CR H3318)
Source: Library of Congress
On motion to recommit with instructions Failed by the Yeas and Nays: 194 - 230 (Roll no. 217). (consideration: CR H3332)
Source: House floor actions
DEBATE - The House proceeded with 10 minutes of debate on the Sean Maloney motion to recommit with instructions. The instructions contained in the motion seek to report the same back to the House forthwith with an amendment to require the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) to rule that foreign entities are not broadly equivalent to U.S. swaps requirements if they: (1) engage in cyber attacks against the U.S. (including U.S. persons and businesses), do not have or enforce laws to deter cyber attacks, or have ever been the subject of a civil or criminal proceeding for cyber attacks; or (2) are in violation of, do not enforce comparable restrictions to, or have ever been the subject of a civil or criminal proceeding for violating Iran Sanctions.
Source: House floor actions
Mr. Maloney, Sean moved to recommit with instructions to Financial Services. (consideration: CR H3330-3332; text: CR H3330-3331)
Source: House floor actions
The previous question was ordered pursuant to the rule. (consideration: CR H3330)
Source: House floor actions
DEBATE - The House proceeded with one hour of debate on H.R. 1256.
Source: House floor actions
Resolution provides for one hour of general debate on H.R. 1960. Resolution also provides for one hour of general debate on H.R. 1256 under a closed rule.
Source: House floor actions
Considered under the provisions of rule H. Res. 256. (consideration: CR H3317-3332)
Source: House floor actions
Rule H. Res. 256 passed House.
Source: House floor actions
Rules Committee Resolution H. Res. 256 Reported to House. Resolution provides for one hour of general debate on H.R. 1960. Resolution also provides for one hour of general debate on H.R. 1256 under a closed rule.
Source: House floor actions
Placed on the Union Calendar, Calendar No. 72.
Source: House floor actions
Reported by the Committee on Agriculture. H. Rept. 113-103, Part II.
Source: House floor actions
Reported by the Committee on Agriculture. H. Rept. 113-103, Part II.
Source: Library of Congress
Reported (Amended) by the Committee on Financial Services. H. Rept. 113-103, Part I.
Source: House floor actions
Reported (Amended) by the Committee on Financial Services. H. Rept. 113-103, Part I.
Source: Library of Congress
Ordered to be Reported (Amended) by the Yeas and Nays: 48 - 11.
Source: House committee actions
Committee Consideration and Mark-up Session Held.
Source: House committee actions
Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Referral.
Source: House committee actions
Ordered to be Reported by Voice Vote.
Source: House committee actions
Committee Consideration and Mark-up Session Held.
Source: House committee actions
Referred to the Committee on Financial Services, and in addition to the Committee on Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Source: House floor actions
Referred to the Committee on Financial Services, and in addition to the Committee on Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Source: House floor actions
Introduced in House
Source: Library of Congress
Introduced in House
Source: Library of Congress
Swap Jurisdiction Certainty Act - Directs the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to issue rules jointly governing the application of swaps requirements of the Securities Exchange Act of 1934 and the Commodity Exchange Act, respectively, in connection with swaps and security-based swaps transacted between U.S. persons and non-U.S. persons.
Requires such rules 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 G20 member nation (or other foreign jurisdiction as jointly determined by the Commissions), unless such swaps regulatory 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 the G20 member nation or other foreign jurisdiction are not broadly equivalent to U.S. swaps requirements.
Swap Jurisdiction Certainty Act - (Sec. 2) 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.
(This measure has not been amended since it was introduced. The summary of that version is repeated here.)
Swap Jurisdiction Certainty Act - Directs the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to issue rules jointly governing the application of swaps requirements of the Securities Exchange Act of 1934 and the Commodity Exchange Act, respectively, in connection with swaps and security-based swaps transacted between U.S. persons and non-U.S. persons.
Requires such rules 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 G20 member nation (or other foreign jurisdiction as jointly determined by the Commissions), unless such swaps regulatory 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 the G20 member nation or other foreign jurisdiction are not broadly equivalent to U.S. swaps requirements.
(This measure has not been amended since it was reported to the House as amended, Part I, on June 10, 2013. The summary of that version is repeated here.)
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.
Agriculture, Nutrition, and Forestry Committee
Agriculture Committee
Financial Services Committee