S-1560 : Still Just a Bill

This bill amends the Commodity Exchange Act to declare that any rules or regulations requiring a futures commission merchant (FCM) to maintain a residual interest in accounts held for the benefit of customers in amounts at least sufficient to exceed the sum of all the customers' uncollected margin deficits shall require an FCM to meet its residual interest requirement as of the end of each business day calculated as of the close of business on the previous business day.

The bill repeals the prerequisite to sharing by Commodity Futures Trading Commission (CFTC) with a specified entity of information on swaps cleared by derivatives clearing organizations that the entity agree to indemnify the CFTC for any expenses arising from litigation relating to that information.

The bill also:

• repeals a similar prerequisite for information-sharing by a swap data repository, and
• makes a similar and conforming amendment to the Securities Exchange Act of 1934 with respect to a securities-based swap data repository.

States that this Act takes effect as if enacted as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act on July 21, 2010.