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.
| Action Date | Type | Text | Source |
|---|---|---|---|
| 2013-06-13 | IntroReferral | Received in the Senate and Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry. | Senate |
| 2013-06-12 | Floor | Motion to reconsider laid on the table Agreed to without objection. | House floor actions |
| 2013-06-12 | Vote | On passage Passed by recorded vote: 301 - 124 (Roll no. 218). (text: CR H3318) | House floor actions |
| 2013-06-12 | Vote | On motion to recommit with instructions Failed by the Yeas and Nays: 194 - 230 (Roll no. 217). (consideration: CR H3332) | House floor actions |
| 2013-06-12 | Floor | DEBATE - The House proceeded with 10 minutes of debate on the Sean Maloney motion to recommit with instructions. The instructions contained in the motion seek to report the same back to the House forthwith with an amendment to require the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) to rule that foreign entities are not broadly equivalent to U.S. swaps requirements if they: (1) engage in cyber attacks against the U.S. (including U.S. persons and businesses), do not have or enforce laws to deter cyber attacks, or have ever been the subject of a civil or criminal proceeding for cyber attacks; or (2) are in violation of, do not enforce comparable restrictions to, or have ever been the subject of a civil or criminal proceeding for violating Iran Sanctions. | House floor actions |
| 2013-06-12 | Floor | Mr. Maloney, Sean moved to recommit with instructions to Financial Services. (consideration: CR H3330-3332; text: CR H3330-3331) | House floor actions |
| 2013-06-12 | Floor | The previous question was ordered pursuant to the rule. (consideration: CR H3330) | House floor actions |
| 2013-06-12 | Floor | DEBATE - The House proceeded with one hour of debate on H.R. 1256. | House floor actions |
| 2013-06-12 | Floor | Resolution provides for one hour of general debate on H.R. 1960. Resolution also provides for one hour of general debate on H.R. 1256 under a closed rule. | House floor actions |
| 2013-06-12 | Floor | Considered under the provisions of rule H. Res. 256. (consideration: CR H3317-3332) | House floor actions |
| 2013-06-12 | Floor | Rule H. Res. 256 passed House. | House floor actions |
| 2013-06-11 | Floor | Rules Committee Resolution H. Res. 256 Reported to House. Resolution provides for one hour of general debate on H.R. 1960. Resolution also provides for one hour of general debate on H.R. 1256 under a closed rule. | House floor actions |
| 2013-06-10 | Calendars | Placed on the Union Calendar, Calendar No. 72. | House floor actions |
| 2013-06-10 | Committee | Reported by the Committee on Agriculture. H. Rept. 113-103, Part II. | House floor actions |
| 2013-06-10 | Committee | Reported (Amended) by the Committee on Financial Services. H. Rept. 113-103, Part I. | House floor actions |
| 2013-05-07 | Committee | Ordered to be Reported (Amended) by the Yeas and Nays: 48 - 11. | House committee actions |
| 2013-05-07 | Committee | Committee Consideration and Mark-up Session Held. | House committee actions |
| 2013-04-11 | Committee | Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Referral. | House committee actions |
| 2013-03-20 | Committee | Ordered to be Reported by Voice Vote. | House committee actions |
| 2013-03-20 | Committee | Committee Consideration and Mark-up Session Held. | House committee actions |
| 2013-03-19 | IntroReferral | Referred to the Committee on Financial Services, and in addition to the Committee on Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. | House floor actions |
| 2013-03-19 | IntroReferral | Referred to the Committee on Financial Services, and in addition to the Committee on Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. | House floor actions |
| 2013-03-19 | IntroReferral | Introduced in House | Library of Congress |