7 U.S. Code § 24 - Customer property with respect to commodity broker debtors; definitions

(a) Regulations respecting commodity broker debtors
Notwithstanding title 11, the Commission may provide, with respect to a commodity broker that is a debtor under chapter 7 of title 11, by rule or regulation—
(1) that certain cash, securities, other property, or commodity contracts are to be included in or excluded from customer property or member property;
(2) that certain cash, securities, other property, or commodity contracts are to be specifically identifiable to a particular customer in a specific capacity;
(3) the method by which the business of such commodity broker is to be conducted or liquidated after the date of the filing of the petition under such chapter, including the payment and allocation of margin with respect to commodity contracts not specifically identifiable to a particular customer pending their orderly liquidation;
(4) any persons to which customer property and commodity contracts may be transferred under section 766 of title 11; and
(5) how the net equity of a customer is to be determined.
(b) Definitions
As used in this section, the terms “commodity broker”, “commodity contract”, “customer”, “customer property”, “member property”, “net equity”, and “security” have the meanings assigned such terms for the purposes of subchapter IV of chapter 7 of title 11.
(c) Portfolio margining accounts
The Commission shall exercise its authority to ensure that securities held in a portfolio margining account carried as a futures account are customer property and the owners of those accounts are customers for the purposes of subchapter IV of chapter 7 of title 11.

Source

(Sept. 21, 1922, ch. 369, § 20, formerly § 19, as added Pub. L. 95–598, title III, § 302,Nov. 6, 1978, 92 Stat. 2673; renumbered and amended Pub. L. 97–222, § 20,July 27, 1982, 96 Stat. 241; Pub. L. 111–203, title VII, § 713(c),July 21, 2010, 124 Stat. 1647.)
Amendments

2010—Subsec. (c). Pub. L. 111–203added subsec. (c).
1982—Subsec. (a)(3). Pub. L. 97–222, § 20(b), inserted “, including the payment and allocation of margin with respect to commodity contracts not specifically identifiable to a particular customer pending their orderly liquidation”.
Effective Date of 2010 Amendment

Amendment by Pub. L. 111–203effective on the later of 360 days after July 21, 2010, or, to the extent a provision of subtitle A (§§ 711–754) of title VII of Pub. L. 111–203requires a rulemaking, not less than 60 days after publication of the final rule or regulation implementing such provision of subtitle A, see section 754 ofPub. L. 111–203, set out as a note under section 1a of this title.
Effective Date

Section effective Nov. 6, 1978, see section 402(d) ofPub. L. 95–598, set out as a note preceding section 101 of Title 11, Bankruptcy.

The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.

The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013

An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.

7 USCDescription of ChangeSession YearPublic LawStatutes at Large

This is a list of parts within the Code of Federal Regulations for which this US Code section provides rulemaking authority.

This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].

It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.


17 CFR - Commodity and Securities Exchanges

17 CFR Part 1 - GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT

17 CFR Part 38 - DESIGNATED CONTRACT MARKETS

17 CFR Part 45 - SWAP DATA RECORDKEEPING AND REPORTING REQUIREMENTS

17 CFR Part 190 - BANKRUPTCY

 

LII has no control over and does not endorse any external Internet site that contains links to or references LII.