CFTC Reauthorization Act of 2005

Summary

CFTC Reauthorization Act of 2005 - Amends the Commodity Exchange Act to revise Commodities Futures Trading Commission (CFTC) jurisdiction over an agreement, contract, or retail transaction in foreign currency. Extends registration requirements to particular persons participating in the solicitation or recommendation of any such agreement, contract, or transaction. Revises the prohibition against contracts designed to defraud or mislead. Declares that the requirements of such prohibition do not obligate any person, in connection with a transaction, to disclose to another person in the transaction any nonpublic information that may be material to the market price, rate, or level of the commodity or transaction, except as necessary to make any statement to such other person not misleading in any material respect. Directs the agencies represented on the President's Working Group on Financial Markets to work to ensure that the Securities and Exchange Commission (SEC) and the CFTC have taken action to permit: (1) risk-based portfolio margining for security options and security futures products by September 30, 2006; and (2) by June 30, 2006, the trading of futures on certain security indexes by resolving issues related to debt security indexes and foreign security indexes. Authorizes appropriations through FY2010. Instructs the CFTC to increase transparency of natural gas prices by conducting: (1) surveillance of trading in natural gas contracts; and (2) a review of the factors that caused significant and highly unusual change in the settlement price of any physically delivered natural gas futures contract traded on a contract market or derivatives transaction execution facility. Directs the CFTC to require any person holding, maintaining, or controlling any position in a contract of sale of natural gas for future delivery, or option on such a contract, at or exceeding reportable limits, to maintain records for five years regarding the position, including any related contract, agreement, or transaction in natural gas to which the person is a party. Increases: (1) the civil penalty for market manipulation to $1 million, or triple the monetary gain for each such violation; and (2) the criminal penalty for market manipulation from five to ten years imprisonment.

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Documents

8 official files

• Placed on Calendar Senate (text)

  Placed on Calendar Senate · EN · 27 January 2006

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• Placed on Calendar Senate (PDF)

  Placed on Calendar Senate · EN · 27 January 2006

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• Engrossed in House (text)

  Engrossed in House · EN · 14 December 2005

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• Engrossed in House (PDF)

  Engrossed in House · EN · 14 December 2005

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• Passed House without amendment

  summary · EN · 14 December 2005

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• Introduced in House (text)

  Introduced in House · EN · 8 December 2005

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• Introduced in House (PDF)

  Introduced in House · EN · 8 December 2005

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• Introduced in House

  summary · EN · 8 December 2005

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