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S. 2698 (is) To amend the Internal Revenue Code of 1986 to provide an incentive to ensure that all Americans gain timely and equitable access to the Internet over current and future generations of broadband capability. [Introduced in Senate] ...


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                                                       Calendar No. 766
106th CONGRESS
  2d Session
                                S. 2697

                          [Report No. 106-390]

 To reauthorize and amend the Commodity Exchange Act to promote legal 
certainty, enhance competition, and reduce systemic risk in markets for 
   futures and over-the-counter derivatives, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                              June 8, 2000

 Mr. Lugar (for himself, Mr. Gramm, and Mr. Fitzgerald) introduced the 
 following bill; which was read twice and referred to the Committee on 
                  Agriculture, Nutrition, and Forestry

                            August 25, 2000

 Reported under authority of the order of the Senate of July 26, 2000, 
                    by Mr. Lugar, with an amendment
 [Strike out all after the enacting clause and insert the part printed 
                               in italic]

_______________________________________________________________________

                                 A BILL


 
 To reauthorize and amend the Commodity Exchange Act to promote legal 
certainty, enhance competition, and reduce systemic risk in markets for 
   futures and over-the-counter derivatives, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

<DELETED>SECTION 1. SHORT TITLE; TABLE OF CONTENTS.</DELETED>

<DELETED>    (a) Short Title.--This Act may be cited as the ``Commodity 
Futures Modernization Act of 2000''.</DELETED>
<DELETED>    (b) Table of Contents.--The table of contents of this Act 
is as follows:</DELETED>

<DELETED>Sec. 1. Short title; table of contents.
<DELETED>Sec. 2. Purposes.
<DELETED>Sec. 3. Definitions.
<DELETED>Sec. 4. Agreements, contracts, and transactions in foreign 
                            currency, government securities, and 
                            certain other commodities.
<DELETED>Sec. 5. Legal certainty for excluded derivative transactions.
<DELETED>Sec. 6. Electronic trading facilities.
<DELETED>Sec. 7. Hybrid instruments.
<DELETED>Sec. 8. Futures on securities.
<DELETED>Sec. 9. Finding and purposes.
<DELETED>Sec. 10. Prohibited transactions.
<DELETED>Sec. 11. Designation of boards of trade as contract markets.
<DELETED>Sec. 12. Derivatives transaction execution facilities.
<DELETED>Sec. 13. Derivatives clearing organizations.
<DELETED>Sec. 14. Common provisions applicable to registered entities.
<DELETED>Sec. 15. Exempt boards of trade.
<DELETED>Sec. 16. Suspension or revocation of designation as contract 
                            market.
<DELETED>Sec. 17. Authorization of appropriations.
<DELETED>Sec. 18. Preemption.
<DELETED>Sec. 19. Predispute resolution agreements for institutional 
                            customers.
<DELETED>Sec. 20. Consideration of costs and benefits and antitrust 
                            laws.
<DELETED>Sec. 21. Contract enforcement between eligible counterparties.
<DELETED>Sec. 22. Legal certainty for swap agreements.
<DELETED>Sec. 23. Technical and conforming amendments.
<DELETED>Sec. 24. Effective date.

<DELETED>SEC. 2. PURPOSES.</DELETED>

<DELETED>    The purposes of this Act are--</DELETED>
        <DELETED>    (1) to reauthorize the Commodity Exchange Act (7 
        U.S.C. 1 et seq.);</DELETED>
        <DELETED>    (2) to streamline and eliminate unnecessary 
        regulation for the commodity futures exchanges and other 
        entities regulated under the Commodity Exchange Act;</DELETED>
        <DELETED>    (3) to transform the role of the Commodity Futures 
        Trading Commission in its oversight of the futures 
        markets;</DELETED>
        <DELETED>    (4) to provide a legislative and regulatory 
        framework for allowing the trading of futures on 
        securities;</DELETED>
        <DELETED>    (5) to clarify the jurisdiction of the Commission 
        over certain retail foreign exchange transactions and bucket 
        shops that are not otherwise regulated;</DELETED>
        <DELETED>    (6) to promote innovation for futures and 
        derivatives and to reduce systemic risk by enhancing legal 
        certainty in the markets for certain futures and 
        derivatives;</DELETED>
        <DELETED>    (7) to reduce systemic risk and provide greater 
        stability to markets during times of market disorder by 
        allowing the clearing of transactions in over-the-counter 
        derivatives through appropriately regulated clearing 
        organizations; and</DELETED>
        <DELETED>    (8) to enhance the competitive position of United 
        States financial institutions and financial markets.</DELETED>

<DELETED>SEC. 3. DEFINITIONS.</DELETED>

<DELETED>    Section 1a of the Commodity Exchange Act (7 U.S.C. 1a) is 
amended--</DELETED>
        <DELETED>    (1) by redesignating paragraphs (8) through (12), 
        (13) through (15), and (16) as paragraphs (17) through (21), 
        (23) through (25), and (29), respectively;</DELETED>
        <DELETED>    (2) by inserting after paragraph (7) the 
        following:</DELETED>
        <DELETED>    ``(8) Derivatives clearing organization.--
        </DELETED>
                <DELETED>    ``(A) In general.--The term `derivatives 
                clearing organization' means a clearinghouse, clearing 
                association, clearing corporation, or similar entity, 
                facility, system, or organization that, with respect to 
                a derivative agreement, contract, or transaction (other 
                than a security)--</DELETED>
                        <DELETED>    ``(i) enables each party to the 
                        derivative agreement, contract, or transaction 
                        to substitute, through novation or otherwise, 
                        the credit of the derivatives clearing 
                        organization for the credit of the 
                        parties;</DELETED>
                        <DELETED>    ``(ii) arranges or provides, on a 
                        multilateral basis, for the settlement or 
                        netting of obligations resulting from such 
                        agreements, contracts, or transactions executed 
                        by participants in the derivatives clearing 
                        organization; or</DELETED>
                        <DELETED>    ``(iii) otherwise provides 
                        clearing services or arrangements that 
                        mutualize or transfer among participants in the 
                        derivatives clearing organization the credit 
                        risk arising from such agreements, contracts, 
                        or transactions executed by the 
                        participants.</DELETED>
                <DELETED>    ``(B) Exclusions.--The term `derivatives 
                clearing organization' does not include an entity, 
                facility, system, or organization solely because it 
                arranges or provides for--</DELETED>
                        <DELETED>    ``(i) settlement, netting, or 
                        novation of obligations resulting from 
                        agreements, contracts, or transactions, on a 
                        bilateral basis and without a centralized 
                        counterparty;</DELETED>
                        <DELETED>    ``(ii) settlement or netting of 
                        cash payments through an interbank payment 
                        system; or</DELETED>
                        <DELETED>    ``(iii) settlement, netting, or 
                        novation of obligations resulting from a sale 
                        of a commodity in a transaction in the spot 
                        market for the commodity.</DELETED>
        <DELETED>    ``(9) Designated future on a security.--The term 
        `designated future on a security' means a contract of sale (or 
        option on such a contract) for future delivery of--</DELETED>
                <DELETED>    ``(A) a single nonexempted 
                security;</DELETED>
                <DELETED>    ``(B) an index based on fewer than 5 
                nonexempted securities; or</DELETED>
                <DELETED>    ``(C) an index in which a single 
                nonexempted security accounts for 30 percent or more of 
                the value of the index.</DELETED>
        <DELETED>    ``(10) Electronic trading facility.--The term 
        `electronic trading facility' means a trading facility that--
        </DELETED>
                <DELETED>    ``(A) operates by means of an electronic 
                network; and</DELETED>
                <DELETED>    ``(B) maintains a real-time audit trail of 
                bids, offers, and the matching of orders or the 
                execution of transactions.</DELETED>
        <DELETED>    ``(11) Eligible contract participant.--The term 
        `eligible contract participant' means--</DELETED>
                <DELETED>    ``(A) acting for its own account--
                </DELETED>
                        <DELETED>    ``(i) a financial 
                        institution;</DELETED>
                        <DELETED>    ``(ii) an insurance company (as 
                        defined in section 2 of the Bank Holding 
                        Company Act of 1956 (12 U.S.C. 
                        1841));</DELETED>
                        <DELETED>    ``(iii) an investment company 
                        subject to regulation under the Investment 
                        Company Act of 1940 (15 U.S.C. 80a-1 et seq.) 
                        or a foreign person performing a similar role 
                        or function subject as such to foreign 
                        regulation (regardless of whether each investor 
                        in the investment company or the foreign person 
                        is itself an eligible contract 
                        participant);</DELETED>
                        <DELETED>    ``(iv) a commodity pool that--
                        </DELETED>
                                <DELETED>    ``(I) has total assets 
                                exceeding $5,000,000; and</DELETED>
                                <DELETED>    ``(II) is formed and 
                                operated by a person subject to 
                                regulation under this Act or a foreign 
                                person performing a similar role or 
                                function subject as such to foreign 
                                regulation (regardless of whether each 
                                investor in the commodity pool or the 
                                foreign person is itself an eligible 
                                contract participant);</DELETED>
                        <DELETED>    ``(v) a corporation, partnership, 
                        proprietorship, organization, trust, or other 
                        entity--</DELETED>
                                <DELETED>    ``(I) that has total 
                                assets exceeding $10,000,000;</DELETED>
                                <DELETED>    ``(II) the obligations of 
                                which under an agreement, contract, or 
                                transaction are guaranteed or otherwise 
                                supported by a letter of credit or 
                                keepwell, support, or other agreement 
                                by an entity described in subclause 
                                (I), in clause (i), (ii), (iii), (iv), 
                                or (vii), or in subparagraph (C); 
                                or</DELETED>
                                <DELETED>    ``(III) that--</DELETED>
                                        <DELETED>    ``(aa) has a net 
                                        worth exceeding $1,000,000; 
                                        and</DELETED>
                                        <DELETED>    ``(bb) enters into 
                                        an agreement, contract, or 
                                        transaction in connection with 
                                        the conduct of the entity's 
                                        business or to manage the risk 
                                        associated with an asset or 
                                        liability owned or incurred or 
                                        reasonably likely to be owned 
                                        or incurred by the entity in 
                                        the conduct of the entity's 
                                        business;</DELETED>
                        <DELETED>    ``(vi) an employee benefit plan 
                        subject to the Employee Retirement Income 
                        Security Act of 1974 (29 U.S.C. 1001 et seq.) 
                        or a foreign person performing a similar role 
                        or function subject as such to foreign 
                        regulation--</DELETED>
                                <DELETED>    ``(I) that has total 
                                assets exceeding $5,000,000; 
                                or</DELETED>
                                <DELETED>    ``(II) the investment 
                                decisions of which are made by--
                                </DELETED>
                                        <DELETED>    ``(aa) an 
                                        investment adviser subject to 
                                        regulation under the Investment 
                                        Advisers Act of 1940 (15 U.S.C. 
                                        80b-1 et seq.) or a commodity 
                                        trading advisor subject to 
                                        regulation under this 
                                        Act;</DELETED>
                                        <DELETED>    ``(bb) a foreign 
                                        person performing a role or 
                                        function similar to that of 
                                        such an investment adviser or 
                                        commodity trading advisor 
                                        subject to foreign regulation 
                                        in the performance of that role 
                                        or function;</DELETED>
                                        <DELETED>    ``(cc) a financial 
                                        institution; or</DELETED>
                                        <DELETED>    ``(dd) an 
                                        insurance company (as defined 
                                        in section 2 of the Bank 
                                        Holding Company Act of 1956 (12 
                                        U.S.C. 1841));</DELETED>
                        <DELETED>    ``(vii)(I) a governmental entity 
                        (including the United States, a State, or a 
                        foreign government) or political subdivision of 
                        a governmental entity;</DELETED>
                        <DELETED>    ``(II) a multinational or 
                        supranational government entity; or</DELETED>
                        <DELETED>    ``(III) an instrumentality, 
                        agency, or department of an entity described in 
                        subclause (I) or (II);</DELETED>
                        <DELETED>    ``(viii) a broker or dealer 
                        subject to regulation under the Securities 
                        Exchange Act of 1934 (15 U.S.C. 78a et seq.) or 
                        a foreign person performing a similar role or 
                        function subject as such to foreign regulation, 
                        except that, if the broker or dealer or foreign 
                        person is a natural person or proprietorship, 
                        the broker or dealer or foreign person shall 
                        not be considered to be an eligible contract 
                        participant unless the broker or dealer or 

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