[20150327]IF10057_H、 R37衍生品条款可能会产生更广泛的豁免.pdf

https:/crsreports.congress.gov Updated March 27, 2015H.R. 37 Derivatives Provision May Create Broader ExemptionThe 114th Congress has debated the pros and cons of financial reform in H.R. 37, the Promoting Job Creation and Reducing Small Business Burdens Act (commonly referred to as the financial reform bill). It was passed by the House on January 14, 2015, and includes several provisions on securities, derivatives, and banking. Title II, Section 201 of H.R. 37 (“Treatment of Affiliate Transactions”) includes a derivatives provision that would revise the treatment of transactions that may be exempt from Dodd-Frank requirements for swapsa type of derivativewhen traded between an affiliate of a nonfinancial firm and another company. The Dodd-Frank Act (P.L. 111-203) requires certain swap deals to be cleared through a clearinghouse and traded on an electronic exchange, but it exempts nonfinancial firms from these two requirements in what is commonly referred to as the end-user exemption. Section 723 of P.L. 111-203 states that the clearing and exchange-trading requirements shall not apply to the swap if one of the counterparties to the swap is “not a financial entity” and is using th