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Bill113th CongressFiled Mar 19, 2013Finance and Financial Sector
H.R. 1256

Swap Jurisdiction Certainty Act

Bill journey · stage 2 of 5

Under committee review

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What it doesSummary passed house amended (Jun 12, 2013)

(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.

What just happenedJun 13, 2013

Received in the Senate and Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.

Who’s behind it

Rep. Garrett, Scott [R-NJ-5](R-NJ)Sponsor
3 cosponsors2 D1 R
Read on Congress.gov
3cosponsors3committees27actions1amendments3related bills5subjects
  • Referred in SenateJun 13, 2013
  • Engrossed in HouseJun 12, 2013
  • Reported in HouseJun 10, 2013
  • Introduced in HouseMar 19, 2013
  1. Jun 13, 2013IntroReferral

    Received in the Senate and Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.

  2. Jun 12, 2013FloorH38310

    Motion to reconsider laid on the table Agreed to without objection.

  3. Jun 12, 2013FloorH37100

    On passage Passed by recorded vote: 301 - 124 (Roll no. 218). (text: CR H3318)

  4. Jun 12, 2013Floor8000

    Passed/agreed to in House: On passage Passed by recorded vote: 301 - 124 (Roll no. 218).(text: CR H3318)

  5. Jun 12, 2013FloorH36110

    On motion to recommit with instructions Failed by the Yeas and Nays: 194 - 230 (Roll no. 217). (consideration: CR H3332)

  6. Jun 12, 2013FloorH8D000

    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.

  7. Jun 12, 2013FloorH36100

    Mr. Maloney, Sean moved to recommit with instructions to Financial Services. (consideration: CR H3330-3332; text: CR H3330-3331)

  8. Jun 12, 2013FloorH35000

    The previous question was ordered pursuant to the rule. (consideration: CR H3330)

  9. Jun 12, 2013FloorH8D000

    DEBATE - The House proceeded with one hour of debate on H.R. 1256.

  10. Jun 12, 2013FloorH8D000

    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.

  11. Jun 12, 2013FloorH30000

    Considered under the provisions of rule H. Res. 256. (consideration: CR H3317-3332)

  12. Jun 12, 2013FloorH1L220

    Rule H. Res. 256 passed House.

  13. Jun 11, 2013FloorH1L210

    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.

  14. Jun 10, 2013CalendarsH12410

    Placed on the Union Calendar, Calendar No. 72.

  15. Jun 10, 2013CommitteeH12200

    Reported by the Committee on Agriculture. H. Rept. 113-103, Part II.

  16. Jun 10, 2013Committee5000

    Reported by the Committee on Agriculture. H. Rept. 113-103, Part II.

  17. Jun 10, 2013CommitteeH12200

    Reported (Amended) by the Committee on Financial Services. H. Rept. 113-103, Part I.

  18. Jun 10, 2013Committee5000

    Reported (Amended) by the Committee on Financial Services. H. Rept. 113-103, Part I.

  19. May 7, 2013Committee

    Ordered to be Reported (Amended) by the Yeas and Nays: 48 - 11.

  20. May 7, 2013Committee

    Committee Consideration and Mark-up Session Held.

  21. Apr 11, 2013Committee

    Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Referral.

  22. Mar 20, 2013Committee

    Ordered to be Reported by Voice Vote.

  23. Mar 20, 2013Committee

    Committee Consideration and Mark-up Session Held.

  24. Mar 19, 2013IntroReferralH11100

    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.

  25. Mar 19, 2013IntroReferralH11100

    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.

  26. Mar 19, 2013IntroReferralIntro-H

    Introduced in House

  27. Mar 19, 2013IntroReferral1000

    Introduced in House

Passed House amendedJun 12, 201336

(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.

Reported to House amended, Part IJun 10, 201318

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.

Reported to House without amendment, Part IIJun 10, 201329

(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.

Introduced in HouseMar 19, 2013

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 — Informed