1 CFTC Staff Technical Assistance: Clarifying Amendments

3 [Explanation: To conform the definition of "Associated Person ofa Swap Dealer or Major

4 Swap Participant" to the formulation in current law for associatedpersons offutures

5 commission merchants and introducing brokers in Section 4k(l) ofthe CEA, and to make

6 registration an explicit requirement for such persons .]

8 A. Definition of "Associated Person of a Swap Dealer or Major Swap Participant"

9 • In the Conference Base Text, on page 622, strike line 20 through page 623, line 13, and

10 insert the following:

11 "(4) ASSOCIATED PERSON OF A SWAP DEALER OR MAJOR SWAP PARTICIPANT.-

12 "(A) IN GENERAL.-The term 'associated person of a swap dealer or major swap

13 participant' means a person who is associated with a swap dealer or major swap

14 participant as a partner, officer, employee or agent (or any person occupying a similar

15 status or performing similar functions), in any capacity that involves-

16 "(i) the solicitation, acceptance, or negotiation of swaps; or

17 "(ii) the supervision of any person or persons so engaged.

18

19 • In the Senate-Passed Bill, on page 517, strike lines 8-25, and insert the text in lines 11-17

20 above.

21 • In the Dodd-Lincoln Substitute, on page 526, strike lines 8-25, and insert the text in lines

22 11-17 above.

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 1 B. Registration of Associated Persons of a Swap Dealer or Major Swap Participant

3 For the Conference Base Text:

4 • On page 740, after line 22, insert the following:

5 "(3) ASSOCIATED PERSONS.-It shall be unlawful for any person to act as an associated

6 person of a swap dealer or major swap participant unless the person is registered as an

7 associated person of a swap dealer or major swap participant with the Commission.

8 • On page 741, line 2, insert "or associated person of a swap dealer or major swap

9 participant" before "by filing a"

10 • On page 741, line 13, insert "or associated person ofa swap dealer or major swap

11 participant" before "shall continue to submit"

12

13 For the Senate-Passed Bill:

14 • On page 634, after line 25, insert the following:

15 "(3) ASSOCIATED PERSONS.-It shall be unlawful for any person to act as an associated

16 person of a swap dealer or major swap participant unless the person is registered as an

17 associated person of a swap dealer or major swap participant with the Commission.

18 • On page 635, line 3, insert "or associated person of a swap dealer or major swap

19 participant" before "by filing a"

20 • On page 635, line 14, insert "or associated person ofa swap dealer or major swap

21 participant" before "shall continue to submit"

22

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 1 For the Dodd-Lincoln Substitute:

2 • On page 643, after line 7, insert the following:

3 "(3) ASSOCIATED PERSONS.-It shall be unlawful for any person to act as an associated

4 person of a swap dealer or major swap participant unless the person is registered as an

5 associated person of a swap dealer or major swap participant with the Commission.

6 • On page 643, line 10, insert "or associated person ofa swap dealer or major swap

7 participant" before "by filing a"

8 • On page 643, line 21, insert "or associated person ofa swap dealer or major swap

9 participant" before "shall continue to submit"

10

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