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United States · Bill · HR

H.R. 1256 (113th)

Swap Jurisdiction Certainty Act

referredUnited States· United States Congress· EN

Introduced

19 March 2013

Last action

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Status

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

Sponsors

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Subjects

Discovery layer

Source updated

7 April 2025

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Summary

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.

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Documents

12 official files

Referred in Senate (text)

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