; and (2) revise section 4.13(a)(3)(i) of such title to read as follows: (i) Interests in the pool are exempt from registration under the Securities Act of 1933, and such interests are offered and sold pursuant to section 4 of the Securities Act of 1933 and the regulations thereunder; . 311. Bona fide hedge defined to protect end-user risk management needs Section 4a(c) of the Commodity Exchange Act ( 7 U.S.C. 6a(c) ) is amended— (1) in paragraph (1)— (A) by striking may and inserting shall ; and (B) by striking future for which and inserting future, to be determined by the Commission, for which either an appropriate swap is available or ; (2) in paragraph (2)— (A) in the matter preceding subparagraph (A), by striking subsection (a)(2) and all that follows through position as and inserting paragraph (1) for swaps, contracts of sale for future delivery, or options on the contracts or commodities, a bona fide hedging transaction or position is ; and (B) in subparagraph (A)(ii), by striking of risks and inserting or management of current or anticipated risks ; and (3) by adding at the end the following: (3) The Commission may further define, by rule or regulation, what constitutes a bona fide hedging transaction, provided that the rule or regulation is consistent with the requirements of subparagraphs (A) and (B) of paragraph (2). . 312. Cross-border regulation of derivatives transactions (a) Rulemaking required Within 1 year after the date of the enactment of this Act, the Commodity Futures Trading Commission shall issue a rule that addresses— (1) the nature of the connections to the United States that require a non-United States person to register as a swap dealer or a major swap participant under the Commodity Exchange Act and the regulations issued under such Act