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7 U.S.C. § 27a — Exclusion of identified banking product
Federal law — U.S. Code and appendices · legal_authorities
**(a) Exclusion** Except as provided in subsection (b) or (c)—
(1) the Commodity Exchange Act ([7 U.S.C. 1](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1&num=0&edition=prelim) et seq.) shall not apply to, and the Commodity Futures Trading Commission shall not exercise regulatory authority under the Commodity Exchange Act ([7 U.S.C. 1](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1&num=0&edition=prelim) et seq.) with respect to, an identified banking product; and
(2) the definitions of “security-based swap” in section 3(a)(68) of the Securities Exchange Act of 1934 [[15 U.S.C. 78c(a)(68)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78c/a/68&num=0&edition=prelim)] and “security-based swap agreement” in section 1a(47)(A)(v) of the Commodity Exchange Act [[7 U.S.C. 1a(47)(A)(v)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1a/47/A/v&num=0&edition=prelim)] and section 3(a)(78) of the Securities Exchange Act of 1934 [[15 U.S.C. 78c(a)(78)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78c/a/78&num=0&edition=prelim)] do not include any identified bank product.
**(b) Exception** An appropriate Federal banking agency may except an identified banking product of a bank under its regulatory jurisdiction from the exclusion in subsection (a) if the agency determines, in consultation with the Commodity Futures Trading Commission and the Securities and Exchange Commission, that the product—
(1) would meet the definition of a “swap” under section 1a(47) of the Commodity Exchange Act ([7 U.S.C. 1a](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1a&num=0&edition=prelim)[47]) or a “security-based swap” under
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Source location: Title 7, Chapter 1, § 27a; chapter-001-commodity-exchanges.md
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**(a) Exclusion** Except as provided in subsection (b) or (c)—
(1) the Commodity Exchange Act ([7 U.S.C. 1](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1&num=0&edition=prelim) et seq.) shall not apply to, and the Commodity Futures Trading Commission shall not exercise regulatory authority under the Commodity Exchange Act ([7 U.S.C. 1](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1&num=0&edition=prelim) et seq.) with respect to, an identified banking product; and
(2) the definitions of “security-based swap” in section 3(a)(68) of the Securities Exchange Act of 1934 [[15 U.S.C. 78c(a)(68)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78c/a/68&num=0&edition=prelim)] and “security-based swap agreement” in section 1a(47)(A)(v) of the Commodity Exchange Act [[7 U.S.C. 1a(47)(A)(v)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1a/47/A/v&num=0&edition=prelim)] and section 3(a)(78) of the Securities Exchange Act of 1934 [[15 U.S.C. 78c(a)(78)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78c/a/78&num=0&edition=prelim)] do not include any identified bank product.
**(b) Exception** An appropriate Federal banking agency may except an identified banking product of a bank under its regulatory jurisdiction from the exclusion in subsection (a) if the agency determines, in consultation with the Commodity Futures Trading Commission and the Securities and Exchange Commission, that the product—
(1) would meet the definition of a “swap” under section 1a(47) of the Commodity Exchange Act ([7 U.S.C. 1a](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1a&num=0&edition=prelim)[47]) or a “security-based swap” under that 11 So in original. section 3(a)(68) of the Securities Exchange Act of 1934; and
(2) has become known to the trade as a swap or security-based swap, or otherwise has been structured as an identified banking product for the purpose of evading the provisions of the Commodity Exchange Act ([7 U.S.C. 1](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1&num=0&edition=prelim) et seq.), the Securities Act of 1933 ([15 U.S.C. 77a](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section77a&num=0&edition=prelim) et seq.), or the Securities Exchange Act of 1934 ([15 U.S.C. 78a](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78a&num=0&edition=prelim) et seq.).
**(c) Exception** The exclusions in subsection (a) shall not apply to an identified bank product that—
(1) is a product of a bank that is not under the regulatory jurisdiction of an appropriate Federal banking agency;
(2) meets the definition of swap in section 1a(47) of the Commodity Exchange Act or security-based swap in section 3(a)(68) of the Securities Exchange Act of 1934; and
(3) has become known to the trade as a swap or security-based swap, or otherwise has been structured as an identified banking product for the purpose of evading the provisions of the Commodity Exchange Act ([7 U.S.C. 1](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1&num=0&edition=prelim) et seq.), the Securities Act of 1933 ([15 U.S.C. 77a](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section77a&num=0&edition=prelim) et seq.), or the Securities Exchange Act of 1934 ([15 U.S.C. 78a](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78a&num=0&edition=prelim) et seq.).
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Federal law — U.S. Code and appendices · legal_authorities
This chapter may be cited as the “Commodity Exchange Act.”
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Federal law — U.S. Code and appendices · legal_authorities
As used in this chapter:
(1) **Alternative trading system** — The term “alternative trading system” means an organization, association, or group of persons that—
(A) is registered as a broker or dealer pursuant to section 15(b) of the Securities Exchange Act of 1934 [[15 U.S.C. 78](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78&num=0&edition=prelim)o(b)] (except paragraph (11) thereof);
(B) performs the functions commonly performed by an exchange (as defined in section 3(a)(1) of the Securities Exchange Act of 1934 [[15 U.S.C. 78c(a)(1)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78c/a/1&num=0&edition=prelim)]);
(C) does not—
(i) set rules governing the conduct of subscribers other than the conduct of such subscribers’ trading on the alternative trading system; or
(ii) discipline subscribers other than by exclusion from trading; and
(D) is exempt from the definition of the term “exchange” under such section 3(a)(1) [[15 U.S.C. 78c(a)(1)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78c/a/1&num=0&edition=prelim)] by rule or regulation of the Securities and Exchange Commission on terms that require compliance with regulations of its trading functions.
(2) **Appropriate Federal banking agency** — The term “appropriate Federal banking agency”—
(A) has the meaning given the term in [section 1813 of title 12](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813&num=0&edition=prelim);
(B) means the Board in the case of a noninsured State bank; and
(C) is the Farm Credit Administration for farm credit system institutions.
(3) **Associated person of a security-based swap dealer or major security-based swap participant** — T
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Federal law — U.S. Code and appendices · legal_authorities
This chapter may be cited as the “Securities Exchange Act of 1934.”
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Federal law — U.S. Code and appendices · legal_authorities
This subchapter may be cited as the “Securities Act of 1933”.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Bank** In sections 27 to 27f of this title, the term “bank” means—
(1) any depository institution (as defined in [section 1813(c) of title 12](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813/c&num=0&edition=prelim));
(2) any foreign bank or branch or agency of a foreign bank (each as defined in [section 3101 of title 12](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3101&num=0&edition=prelim));
(3) any Federal or State credit union (as defined in [section 1752 of title 12](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1752&num=0&edition=prelim));
(4) any corporation organized under section 25A of the Federal Reserve Act [[12 U.S.C. 611](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section611&num=0&edition=prelim) et seq.];
(5) any corporation operating under section 25 of the Federal Reserve Act [[12 U.S.C. 601](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section601&num=0&edition=prelim) et seq.];
(6) any trust company; or
(7) any subsidiary of any entity described in paragraph 11 So in original. Probably should be “paragraphs”. (1) through (6) of this subsection, if the subsidiary is regulated as if the subsidiary were part of the entity and is not a broker or dealer (as such terms are defined in [section 78c of title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78c&num=0&edition=prelim)) or a futures commission merchant (as defined in [section 1a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1a&num=0&edition=prelim)).
**(b) Identified banking product** In sections 27 to 27f of this title, the term “identified banking product” shall have
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Federal law — U.S. Code and appendices · legal_authorities
Page 119
TITLE 15—COMMERCE AND TRADE
§ 77b
7025, set out as a note under section 301 of Title 3, The
President.
CHAPTER 2A—SECURITIES AND TRUST
INDENTURES
SUBCHAPTER I—DOMESTIC SECURITIES
Sec.
77a.
Short title.
77b.
Definitions; promotion of efficiency, competi-
tion, and capital formation.
77b–1.
Swap agreements.
77c.
Classes of securities under this subchapter.
77d.
Exempted transactions.
77d–1.
Requirements with respect to certain small
transactions.
77e.
Prohibitions relating to interstate commerce
and the mails.
77f.
Registration of securities.
77g.
Information required in registration state-
ment.
77h.
Taking effect of registration statements and
amendments thereto.
77h–1.
Cease-and-desist proceedings.
77i.
Court review of orders.
77j.
Information required in prospectus.
77k.
Civil liabilities on account of false registra-
tion statement.
77l.
Civil liabilities arising in connection with
prospectuses and communications.
77m.
Limitation of actions.
77n.
Contrary stipulations void.
77o.
Liability of controlling persons.
77p.
Additional remedies; limitation on remedies.
77q.
Fraudulent interstate transactions.
77r.
Exemption from State regulation of securi-
ties offerings.
77r–1.
Preemption of State law.
77s.
Special powers of Commission.
77t.
Injunctions and prosecution of offenses.
77u.
Hearings by Commission.
77v.
Jurisdiction of offenses and suits.
77w.
Unlawful representations.
77x.
Penalties.
77y.
Jurisdiction of other Government agencies
over securities.
77z.
Separability.
77z–1.
Private securities litigation.
77z–2.
Application of safe harbor for forward-look-
ing statements.
77z–2a.
Conflicts of interest relating to certain
securitizations.
77z–3.
General exemptive authority.
77z
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Definitions** When used in this chapter, unless the context otherwise requires—
(1) The term “exchange” means any organization, association, or group of persons, whether incorporated or unincorporated, which constitutes, maintains, or provides a market place or facilities for bringing together purchasers and sellers of securities or for otherwise performing with respect to securities the functions commonly performed by a stock exchange as that term is generally understood, and includes the market place and the market facilities maintained by such exchange.
(2) The term “facility” when used with respect to an exchange includes its premises, tangible or intangible property whether on the premises or not, any right to the use of such premises or property or any service thereof for the purpose of effecting or reporting a transaction on an exchange (including, among other things, any system of communication to or from the exchange, by ticker or otherwise, maintained by or with the consent of the exchange), and any right of the exchange to the use of any property or service.
(3)
(A) The term “member” when used with respect to a national securities exchange means (i) any natural person permitted to effect transactions on the floor of the exchange without the services of another person acting as broker, (ii) any registered broker or dealer with which such a natural person is associated, (iii) any registered broker or dealer permitted to designate as a representative such a natural person, and (iv) any other registered broker or dealer which agrees to be regulated by such exchange and with respect to which the exchange undertakes to enforce compliance with the provisions of this chapter, the rules and regulations thereunder, and its own rules. For purposes of section
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Federal law — U.S. Code and appendices · legal_authorities
Page 207
TITLE 15—COMMERCE AND TRADE
§ 78c
submit to Congress an interim report twelve months
after Oct. 26, 1974, and not later than one and one-half
years after Oct. 26, 1974, a full and complete report of
the findings made under the study authorized, together
with such recommendations as they considered appro-
priate.
Executive Documents
EX. ORD. NO. 12631. WORKING GROUP ON FINANCIAL
MARKETS
Ex. Ord. No. 12631, Mar. 18, 1988, 53 F.R. 9421, provided:
By virtue of the authority vested in me as President
by the Constitution and laws of the United States of
America, and in order to establish a Working Group on
Financial Markets, it is hereby ordered as follows:
SECTION 1. Establishment. (a) There is hereby estab-
lished a Working Group on Financial Markets (Working
Group). The Working Group shall be composed of:
(1) the Secretary of the Treasury, or his designee;
(2) the Chairman of the Board of Governors of the
Federal Reserve System, or his designee;
(3) the Chairman of the Securities and Exchange
Commission, or his designee; and
(4) the Chairman of the Commodity Futures Trading
Commission, or her designee.
(b) The Secretary of the Treasury, or his designee,
shall be the Chairman of the Working Group.
SEC. 2. Purposes and Functions. (a) Recognizing the
goals of enhancing the integrity, efficiency, orderli-
ness, and competitiveness of our Nation’s financial
markets and maintaining investor confidence, the
Working Group shall identify and consider:
(1) the major issues raised by the numerous studies
on the events in the financial markets surrounding Oc-
tober 19, 1987, and any of those recommendations that
have the potential to achieve the goals noted above;
and
(2) the actions, including governmental actions under
existing laws and regu
Source: Supplied 2024 U.S. Code historical extraction · 15 U.S.C. § 78c
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Federal law — U.S. Code and appendices · legal_authorities
Page 5
TITLE 7—AGRICULTURE
§ 1
§ 1. Short title
This chapter may be cited as the ‘‘Commodity
Exchange Act.’’
(Sept. 21, 1922, ch. 369, § 1, 42 Stat. 998; June 15,
1936, ch. 545, § 1, 49 Stat. 1491.)
Editorial Notes
PRIOR PROVISIONS
This chapter superseded act Aug. 24, 1921, ch. 86, 42
Stat. 187, known as ‘‘The Future Trading Act,’’ which
act was declared unconstitutional, at least in part, in
Hill v. Wallace, Ill. 1922, 42 S.Ct. 453, 259 U.S. 44, 66 L.Ed.
822. Section 3 of that act was found unconstitutional as
imposing a penalty in Trusler v. Crooks, Mo. 1926, 46
S.Ct. 165, 269 U.S. 475, 70 L.Ed. 365.
AMENDMENTS
1936—Act June 15, 1936, substituted ‘‘Commodity Ex-
change Act’’ for ‘‘The Grain Futures Act’’.
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 1936 AMENDMENT
Act June 15, 1936, ch. 545, § 13, 49 Stat. 1501, provided
that: ‘‘All provisions of this Act [see Tables for classi-
fication] authorizing the registration of futures com-
mission merchants and floor brokers, the fixing of fees
and charges therefor, the promulgation of rules, regula-
tions and orders, and the holding of hearings precedent
to the promulgation of rules, regulations, and orders
shall be effective immediately. All other provisions of
this Act shall take effect ninety days after the enact-
ment of this Act [June 15, 1936].’’
SHORT TITLE OF 2015 AMENDMENT
Pub. L. 114–1, title III, § 301, Jan. 12, 2015, 129 Stat. 28,
provided that: ‘‘This title [amending section 6s of this
title and section 78o–10 of Title 15, Commerce and
Trade, and enacting provisions set out as a note under
section 6s of this title] may be cited as the ‘Business
Risk Mitigation and Price Stabilization Act of 2015’.’’
SHORT TITLE OF 2008 AMENDMENT
Pub. L. 110–234, title XIII, § 13001, May
Source: Supplied 2024 U.S. Code historical extraction · 7 U.S.C. § 1
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Federal law — U.S. Code and appendices · legal_authorities
Page 6
TITLE 7—AGRICULTURE
§ 1a
laws. Nothing in this Act or the amendments made by
this Act shall be construed as finding or implying that
any swap agreement is or is not a futures contract or
commodity option for any purpose under the Com-
modity Exchange Act [7 U.S.C. 1 et seq.].’’
CONSTRUCTION OF 2000 AMENDMENT
Pub. L. 106–554, § 1(a)(5) [title I, § 122], Dec. 21, 2000, 114
Stat. 2763, 2763A–405, provided that: ‘‘Except as ex-
pressly provided in this Act [see Short Title of 2000
Amendment note above] or an amendment made by this
Act, nothing in this Act or an amendment made by this
Act supersedes, affects, or otherwise limits or expands
the scope and applicability of laws governing the Secu-
rities and Exchange Commission.’’
PURPOSES OF 2000 AMENDMENT
Pub. L. 106–554, § 1(a)(5) [§ 2], Dec. 21, 2000, 114 Stat.
2763, 2763A–366, provided that:
‘‘The purposes of this Act [see Short Title of 2000
Amendment note above] are—
‘‘(1) to reauthorize the appropriation for the Com-
modity Futures Trading Commission;
‘‘(2) to streamline and eliminate unnecessary regu-
lation for the commodity futures exchanges and
other entities regulated under the Commodity Ex-
change Act [7 U.S.C. 1 et seq.];
‘‘(3) to transform the role of the Commodity Fu-
tures Trading Commission to oversight of the futures
markets;
‘‘(4) to provide a statutory and regulatory frame-
work for allowing the trading of futures on securities;
‘‘(5) to clarify the jurisdiction of the Commodity
Futures Trading Commission over certain retail for-
eign exchange transactions and bucket shops that
may not be otherwise regulated;
‘‘(6) to promote innovation for futures and deriva-
tives and to reduce systemic risk by enhancing legal
certainty in the markets for certain futures and de-
rivatives t
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