From: Riley, John <JRiley@CFTC.

gov>
Sent: Tuesday, October 6,20098:06 AM
To: Clark Ogilvie (Clark.Ogilvie@mai1.house.gov) <ogilviecc@ao1.com>
Cc: Leslie, Douglass <dleslie@CFTC.gov>; Harper, W. Graham
<WHarper@CFTC.gov>
Subject: Technical Assistance-- Group 1 -- 10/612009
Attach: Technical Assistance for House Agriculture Committee-Group l-1O.6.09.docx

Clark -

The attachment contains what OGC has completed so far with regard to your request for technical assistance.
Please see Terry's note below.

Riley

John P. Riley
Director of Legis1ative Affairs
Office ofthe Chairman
u.s. Connnodity Futures Trading Connnission
115521 51 St., NW
Washington, DC 20581
(202) 418-5383
llijl~Y@~J~I~,gQY

John,

Attached to this e-mail is a document containing the first batch of CFTC staff technical assistance reo the
OTC derivatives reform provisions of Title VII requested by staff of the House Agriculture Committee. This
document includes technical assistance reo the drafting of:

1. The definition of "swap dealer" (and "security-based swap dealer");

2. The definition of "major swap participant" (and "major security-based swap participant");

3. An allocation of mixed swaps between CFTC and SEC jurisdiction based on the "primary" nature of
the product;

4. A requirement for expedited judicial review ofjurisdictional disputes;

5. A single set of Core Principles for ASEFs (rather than having both Registration Criteria and Core
Principles); and

6. A repeal of Sections 408-409 of FDIClA, which govern, among other things, multilateral clearing
organizations.

Separately, in response to a question posed by Committee staff when we met last Thursday, please advise
Clark that after discussing it with Treasury staff, both Treasury and CFTC staff believe that on page 44, line 15, of
Title VII, the word "and" should be changed to "or" instead.

CFTC-CREW-0721
 We are continuing to work on the additional questions and requests for technical assistance that we have
received, as well as certain additional drafting suggestions that CFTC staff has identified since Title VII was
transmitted to Congress by Treasury. We will forward those to you as soon as possible.

If there are any questions regarding any of the foregoing, please let us know. Thank you.

Terry S. Arbit
Deputy General Counsel
Commodity Futures Trading Commission
Phone: 202.418.5357
E-Mail: tarbit@cftc.gov

CFTC-CREW-0722