(Sept. 21, 1922, ch. 369, § 5b, as added Pub. L. 106–554, § 1(a)(5) [title I, § 112(f)], Dec. 21, 2000, 114 Stat. 2763, 2763A–396; amended Pub. L. 111–203, title VII, §§ 721(e)(6),
(a)–(c), (e), (h), July 21, 2010, 124 Stat. 1671, 1685–1687, 1693, 1695.)
References in Text
The Securities Exchange Act of 1934, referred to in subsecs. (a)(1)(A)(ii) and (g)(1), is act June 6, 1934, ch. 404, 48 Stat. 881
, which is classified principally to chapter 2B (§ 78a et seq.) of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see section
A prior section 5b of act Sept. 21, 1922, was renumbered section
5e, and is classified to section
of this title.
2010—Subsec. (a). Pub. L. 111–203
, § 725(a), added subsec. (a) and struck out former subsec. (a) which related to registration requirement of derivatives clearing organizations.
Pub. L. 111–203
, § 721(e)(6), substituted “section
” for “section
” in introductory provisions.
Subsec. (b). Pub. L. 111–203
, § 725(a), added subsec. (b) and struck out former subsec. (b). Prior to amendment, text read as follows: “A derivatives clearing organization that clears agreements, contracts, or transactions excluded from this chapter by section
of this title or sections
of this title, or exempted under section
of this title, or other over-the-counter derivative instruments (as defined in the Federal Deposit Insurance Corporation Improvement Act of 1991) may register with the Commission as a derivatives clearing organization.”
Subsec. (c)(2). Pub. L. 111–203
, § 725(c), added par. (2) and struck out former par. (2) which related to core principles for derivatives clearing organizations.
Subsec. (f)(1). Pub. L. 111–203
, § 725(h), inserted at end “In order to minimize systemic risk, under no circumstances shall a derivatives clearing organization be compelled to accept the counterparty credit risk of another clearing organization.”
Subsecs. (g) to (i). Pub. L. 111–203
, § 725(b), added subsecs. (g) to (i).
Subsec. (k). Pub. L. 111–203
, § 725(e), added subsec. (k).
Effective Date of 2010 Amendment
Amendment by Pub. L. 111–203
effective 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. 111–203
requires 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
of this title.
Conflicts of Interest
Pub. L. 111–203
, title VII, § 725(d),July 21, 2010, 124 Stat. 1692
, provided that: “The Commodity Futures Trading Commission shall adopt rules mitigating conflicts of interest in connection with the conduct of business by a swap dealer or a major swap participant with a derivatives clearing organization, board of trade, or a swap execution facility that clears or trades swaps in which the swap dealer or major swap participant has a material debt or material equity investment.”
[For definitions of terms used in section 725(d) ofPub. L. 111–203
, set out above, see section
, Banks and Banking.]