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Friday, May 3, 2013

House Committee to Mark Up Derivatives Legislation

Next week’s House Financial Services Committee markup of derivatives and JOBS Act legislation, on which we reported yesterday, will include the following bills:
  • H.R. 801, the Holding Company Registration Threshold Equalization Act of 2013, ABA-supported legislation which would extend to savings and loan holding companies the new SEC shareholder registration and deregistration thresholds under the JOBS Act.
  • H.R. 634, the Business Risk Mitigation and Price Stabilization Act of 2013, ABA-supported legislation to clarify that end users would not be subject to margin requirements for un-cleared swaps.
  • H.R. 677, the Inter-Affiliate Swap Clarification Act, which would exempt inter-affiliate swaps from certain regulatory requirements that the Dodd-Frank Act put in place. ABA said in a March letter to the House Agriculture Committee that we support provisions to clarify that inter-affiliate swaps should be exempt from many of the anticipated swap regulations, but we urged the Committee “to remove the limitation on transactions involving swap dealers and major swap participants that are insured depository institutions.”
  • H.R. 992, the Swaps Regulatory Improvement Act, ABA-supported legislation to reform the swaps “push-out” requirement by keeping banks from having to form separate affiliates to conduct some swaps, allowing them to continue to offer “one-stop shopping” for customers who want it.
  • H.R. 701, to amend a provision of the Securities Act of 1933 directing the SEC to add a particular class of securities to those exempted under such Act to provide a deadline for such action.
  • H.R. 742, the Swap Data Repository and Clearinghouse Indemnification Correction Act.
  • H.R. 1341, the Financial Competitive Act of 2013, which would require a study of the effects on the Basel III proposals in regard to derivatives exposures.
  • H.R. 1256, the Swap Jurisdiction Certainty Act, which would require the SEC and the CFTC to conduct joint rulemaking on cross-border swaps.
  • H.R. 1062, the SEC Regulatory Accountability Act, which would require the SEC to do a thorough cost-benefit analysis before proposing a new regulation.

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