Summary of Amendments Submitted to the Rules Committee for H.R. 1256 - Swap Jurisdiction Certainty Act

Summaries Derived from Information Provided by Sponsors

Listed in Alphabetical Order

Jun 11, 2013 3:28 PM

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Lynch (MA)

#1

Ensures that no foreign jurisdiction's regulatory regime will count for substituted compliance unless it is as protective of the American taxpayer as the U.S. swaps regulatory regime.

Waters (CA), Kildee (MI)

#2

Reverses the presumption in the bill that the nine largest swaps jurisdictions have broadly equivalent swaps rules to the US regulatory regime. The amendment requires US swaps regulators to determine which jurisdictions have broadly equivalent rules within a specified period of time, as well as permits market participants to petition the regulators to determine whether particular foreign swaps rules are broadly equivalent to US rules.