Bill
Bill > HR1847
summary
Introduced
04/16/2015
04/16/2015
In Committee
05/20/2015
05/20/2015
Crossed Over
07/15/2015
07/15/2015
Passed
Dead
01/03/2017
01/03/2017
Introduced Session
114th Congress
Bill Summary
Swap Data Repository and Clearinghouse Indemnification Correction Act of 2015 Amends the Commodity Exchange Act, with respect to derivatives clearing organizations and swap data repositories, to repeal the prerequisite that, before the Commodity Futures Trading Commission (CFTC) may share information with specified regulatory agencies, such agencies must agree to indemnify the CFTC for expenses arising from litigation relating to information so provided. Amends the Securities Exchange Act of 1934 to repeal similarly the prerequisite that, before a security-based swap data repository may share information with specified regulatory entities, such entities must agree to indemnify both such repository and the Securities and Exchange Commission (SEC) for expenses arising from litigation relating to information so provided. Amends both the CEA and the SEA to require a swap or security-based swap data repository, on a confidential basis and after notification to the CFTC or the SEC, as appropriate, to make only swap or security-based swap data (currently, all data) it has obtained available to specified regulatory authorities, including other foreign authorities in addition to foreign financial supervisors, foreign central banks, and foreign ministries. Makes these amendments effective as if enacted as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act on July 21, 2010.
AI Summary
This bill, the Swap Data Repository and Clearinghouse Indemnification Correction Act of 2015, makes changes to laws governing financial derivatives, specifically "swaps" (which are financial contracts whose value is derived from an underlying asset, group of assets, or benchmark) and "security-based swaps" (swaps based on a single security or narrow-based security index). It repeals a requirement that other regulatory agencies, including foreign ones, must agree to cover any legal costs the Commodity Futures Trading Commission (CFTC) or the Securities and Exchange Commission (SEC) might incur if they share swap data with them. Instead, these agencies will now only need to agree to keep the shared information confidential. The bill also clarifies that swap data repositories and security-based swap data repositories should only share the specific swap or security-based swap data they possess, rather than all data, with these regulatory authorities. These changes are intended to be effective as if they were part of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.
Committee Categories
Agriculture and Natural Resources, Budget and Finance
Sponsors (4)
Last Action
Received in the Senate and Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry. (on 07/15/2015)
Official Document
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