How to reference a long title with a shorter one

I am writing a paper, and lets say I have a long name, The Swiss Cheese Competition Act of 1950. How would I refer to it in shorthand so I don't have to write it out in the rest of the paper?

• The Swiss Cheese Competition Act of 1950, henceforth referred to as the Competition Act. The Competition Act ...
• The Swiss Cheese Competition Act of 1950 ("Competition Act"). The Competition Act ...

Taking your example, I'd use a more memorable abbreviation, and I'd make the first mention part of a full sentence:

The Swiss Cheese Competition Act of 1950 (Swiss Cheese Act) was enacted in 1950. The stated purpose of the Swiss Cheese Act was to regulate hole sizes to avoid unfair competition.

There are plenty of options -- as always in technical writing, you should prioritise clarity. Clarity is rarely served by text that reads as legalese (except presumably to lawyers) so henceforth referred to or even worse hereinafter referred to is of no help.