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15 U.S.C. § 8302 — Review of regulatory authority
Federal law — U.S. Code and appendices · legal_authorities
**(a) Consultation**
(1) **Commodity Futures Trading Commission** — Before commencing any rulemaking or issuing an order regarding swaps, swap dealers, major swap participants, swap data repositories, derivative clearing organizations with regard to swaps, persons associated with a swap dealer or major swap participant, eligible contract participants, or swap execution facilities pursuant to this subtitle, the Commodity Futures Trading Commission shall consult and coordinate to the extent possible with the Securities and Exchange Commission and the prudential regulators for the purposes of assuring regulatory consistency and comparability, to the extent possible.
(2) **Securities and Exchange Commission** — Before commencing any rulemaking or issuing an order regarding security-based swaps, security-based swap dealers, major security-based swap participants, security-based swap data repositories, clearing agencies with regard to security-based swaps, persons associated with a security-based swap dealer or major security-based swap participant, eligible contract participants with regard to security-based swaps, or security-based swap execution facilities pursuant to subtitle B, the Securities and Exchange Commission shall consult and coordinate to the extent possible with the Commodity Futures Trading Commission and the prudential regulators for the purposes of assuring regulatory consistency and comparability, to the extent possible.
(3) **Procedures and deadline** — Such regulations shall be prescribed in accordance with applicable requirements of title 5 and shall be issued in final form not later than 360 days after July 21, 2010.
(4) **Applicability** — The requirements of paragraphs (1) and (2) shall not apply to an order issued—
(A) in connection with or ar
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**(a) Consultation**
(1) **Commodity Futures Trading Commission** — Before commencing any rulemaking or issuing an order regarding swaps, swap dealers, major swap participants, swap data repositories, derivative clearing organizations with regard to swaps, persons associated with a swap dealer or major swap participant, eligible contract participants, or swap execution facilities pursuant to this subtitle, the Commodity Futures Trading Commission shall consult and coordinate to the extent possible with the Securities and Exchange Commission and the prudential regulators for the purposes of assuring regulatory consistency and comparability, to the extent possible.
(2) **Securities and Exchange Commission** — Before commencing any rulemaking or issuing an order regarding security-based swaps, security-based swap dealers, major security-based swap participants, security-based swap data repositories, clearing agencies with regard to security-based swaps, persons associated with a security-based swap dealer or major security-based swap participant, eligible contract participants with regard to security-based swaps, or security-based swap execution facilities pursuant to subtitle B, the Securities and Exchange Commission shall consult and coordinate to the extent possible with the Commodity Futures Trading Commission and the prudential regulators for the purposes of assuring regulatory consistency and comparability, to the extent possible.
(3) **Procedures and deadline** — Such regulations shall be prescribed in accordance with applicable requirements of title 5 and shall be issued in final form not later than 360 days after July 21, 2010.
(4) **Applicability** — The requirements of paragraphs (1) and (2) shall not apply to an order issued—
(A) in connection with or arising from a violation or potential violation of any provision 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.);
(B) in connection with or arising from a violation or potential violation of any provision of the securities laws; or
(C) in any proceeding that is conducted on the record in accordance with sections 556 and 557 of title 5.
(5) **Effect** — Nothing in this subsection authorizes any consultation or procedure for consultation that is not consistent with the requirements of subchapter II of chapter 5, and chapter 7, of title 5 (commonly known as the “Administrative Procedure Act”).
(6) **Rules; orders** — In developing and promulgating rules or orders pursuant to this subsection, each Commission shall consider the views of the prudential regulators.
(7) **Treatment of similar products and entities**
(A) *In general* — In adopting rules and orders under this subsection, the Commodity Futures Trading Commission and the Securities and Exchange Commission shall treat functionally or economically similar products or entities described in paragraphs (1) and (2) in a similar manner.
(B) *Effect* — Nothing in this subtitle requires the Commodity Futures Trading Commission or the Securities and Exchange Commission to adopt joint rules or orders that treat functionally or economically similar products or entities described in paragraphs (1) and (2) in an identical manner.
(8) **Mixed swaps** — The Commodity Futures Trading Commission and the Securities and Exchange Commission, after consultation with the Board of Governors, shall jointly prescribe such regulations regarding mixed swaps, as described in section 1a(47)(D) of the Commodity Exchange Act ([7 U.S.C. 1a(47)(D)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1a/47/D&num=0&edition=prelim)) and in [section 78c(a)(68)(D) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78c/a/68/D&num=0&edition=prelim), as may be necessary to carry out the purposes of this title.11 See References in Text note below.
**(b) Limitation**
(1) **Commodity Futures Trading Commission** — Nothing in this title,1 unless specifically provided, confers jurisdiction on the Commodity Futures Trading Commission to issue a rule, regulation, or order providing for oversight or regulation of—
(A) security-based swaps; or
(B) with regard to its activities or functions concerning security-based swaps—
(i) security-based swap dealers;
(ii) major security-based swap participants;
(iii) security-based swap data repositories;
(iv) associated persons of a security-based swap dealer or major security-based swap participant;
(v) eligible contract participants with respect to security-based swaps; or
(vi) swap execution facilities with respect to security-based swaps.
(2) **Securities and Exchange Commission** — Nothing in this title,1 unless specifically provided, confers jurisdiction on the Securities and Exchange Commission or State securities regulators to issue a rule, regulation, or order providing for oversight or regulation of—
(A) swaps; or
(B) with regard to its activities or functions concerning swaps—
(i) swap dealers;
(ii) major swap participants;
(iii) swap data repositories;
(iv) persons associated with a swap dealer or major swap participant;
(v) eligible contract participants with respect to swaps; or
(vi) swap execution facilities with respect to swaps.
(3) **Prohibition on certain futures associations and national securities associations**
(A) *Futures associations* — Notwithstanding any other provision of law (including regulations), unless otherwise authorized by this title,1 no futures association registered under section 17 of the Commodity Exchange Act ([7 U.S.C. 21](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section21&num=0&edition=prelim)) may issue a rule, regulation, or order for the oversight or regulation of, or otherwise assert jurisdiction over, for any purpose, any security-based swap, except that this subparagraph shall not limit the authority of a registered futures association to examine for compliance with, and enforce, its rules on capital adequacy.
(B) *National securities associations* — Notwithstanding any other provision of law (including regulations), unless otherwise authorized by this title,1 no national securities association registered under section 78o–3 of this title may issue a rule, regulation, or order for the oversight or regulation of, or otherwise assert jurisdiction over, for any purpose, any swap, except that this subparagraph shall not limit the authority of a national securities association to examine for compliance with, and enforce, its rules on capital adequacy.
**(c) Objection to Commission regulation**
(1) **Filing of petition for review**
(A) *In general* — If either Commission referred to in this section determines that a final rule, regulation, or order of the other Commission conflicts with subsection (a)(7) or (b), then the complaining Commission may obtain review of the final rule, regulation, or order in the United States Court of Appeals for the District of Columbia Circuit by filing in the court, not later than 60 days after the date of publication of the final rule, regulation, or order, a written petition requesting that the rule, regulation, or order be set aside.
(B) *Expedited proceeding* — A proceeding described in subparagraph (A) shall be expedited by the United States Court of Appeals for the District of Columbia Circuit.
(2) **Transmittal of petition and record**
(A) *In general* — A copy of a petition described in paragraph (1) shall be transmitted not later than 1 business day after the date of filing by the complaining Commission to the Secretary of the responding Commission.
(B) *Duty of responding Commission* — On receipt of the copy of a petition described in paragraph (1), the responding Commission shall file with the United States Court of Appeals for the District of Columbia Circuit—
(i) a copy of the rule, regulation, or order under review (including any documents referred to therein); and
(ii) any other materials prescribed by the United States Court of Appeals for the District of Columbia Circuit.
(3) **Standard of review** — The United States Court of Appeals for the District of Columbia Circuit shall—
(A) give deference to the views of neither Commission; and
(B) determine to affirm or set aside a rule, regulation, or order of the responding Commission under this subsection, based on the determination of the court as to whether the rule, regulation, or order is in conflict with subsection (a)(7) or (b), as applicable.
(4) **Judicial stay** — The filing of a petition by the complaining Commission pursuant to paragraph (1) shall operate as a stay of the rule, regulation, or order until the date on which the determination of the United States Court of Appeals for the District of Columbia Circuit is final (including any appeal of the determination).
**(d) Joint rulemaking**
(1) **In general** — Notwithstanding any other provision of this title 1 and subsections (b) and (c), the Commodity Futures Trading Commission and the Securities and Exchange Commission, in consultation with the Board of Governors, shall further define the terms “swap”, “security-based swap”, “swap dealer”, “security-based swap dealer”, “major swap participant”, “major security-based swap participant”, “eligible contract participant”, 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 78c(a)(78) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78c/a/78&num=0&edition=prelim).
(2) **Authority of the Commissions**
(A) *In general* — Notwithstanding any other provision of this title,1 the Commodity Futures Trading Commission and the Securities and Exchange Commission, in consultation with the Board of Governors, shall jointly adopt such other rules regarding such definitions as the Commodity Futures Trading Commission and the Securities and Exchange Commission determine are necessary and appropriate, in the public interest, and for the protection of investors.
(B) *Trade repository recordkeeping* — Notwithstanding any other provision of this title,1 the Commodity Futures Trading Commission and the Securities and Exchange Commission, in consultation with the Board of Governors, shall engage in joint rulemaking to jointly adopt a rule or rules governing the books and records that are required to be kept and maintained regarding security-based swap agreements by persons that are registered as swap data repositories under the Commodity Exchange Act, including uniform rules that specify the data elements that shall be collected and maintained by each repository.
(C) *Books and records* — Notwithstanding any other provision of this title,1 the Commodity Futures Trading Commission and the Securities and Exchange Commission, in consultation with the Board of Governors, shall engage in joint rulemaking to jointly adopt a rule or rules governing books and records regarding security-based swap agreements, including daily trading records, for swap dealers, major swap participants, security-based swap dealers, and security-based swap participants.
(D) *Comparable rules* — Rules and regulations prescribed jointly under this title 1 by the Commodity Futures Trading Commission and the Securities and Exchange Commission shall be comparable to the maximum extent possible, taking into consideration differences in instruments and in the applicable statutory requirements.
(E) *Tracking uncleared transactions* — Any rules prescribed under subparagraph (A) shall require the maintenance of records of all activities relating to security-based swap agreement transactions defined under subparagraph (A) that are not cleared.
(F) *Sharing of information* — The Commodity Futures Trading Commission shall make available to the Securities and Exchange Commission information relating to security-based swap agreement transactions defined in subparagraph (A) that are not cleared.
(3) **Financial Stability Oversight Council** — In the event that the Commodity Futures Trading Commission and the Securities and Exchange Commission fail to jointly prescribe rules pursuant to paragraph (1) or (2) in a timely manner, at the request of either Commission, the Financial Stability Oversight Council shall resolve the dispute—
(A) within a reasonable time after receiving the request;
(B) after consideration of relevant information provided by each Commission; and
(C) by agreeing with 1 of the Commissions regarding the entirety of the matter or by determining a compromise position.
(4) **Joint interpretation** — Any interpretation of, or guidance by either Commission regarding, a provision of this title,1 shall be effective only if issued jointly by the Commodity Futures Trading Commission and the Securities and Exchange Commission, after consultation with the Board of Governors, if this title 1 requires the Commodity Futures Trading Commission and the Securities and Exchange Commission to issue joint regulations to implement the provision.
**(e) Global rulemaking timeframe** Unless otherwise provided in this title,1 or an amendment made by this title,1 the Commodity Futures Trading Commission or the Securities and Exchange Commission, or both, shall individually, and not jointly, promulgate rules and regulations required of each Commission under this title 1 or an amendment made by this title 1 not later than 360 days after July 21, 2010.
**(f) Rules and registration before final effective dates** Beginning on July 21, 2010, and notwithstanding the effective date of any provision of this Act, the Commodity Futures Trading Commission and the Securities and Exchange Commission may, in order to prepare for the effective dates of the provisions of this Act— provided, however, that no action by the Commodity Futures Trading Commission or the Securities and Exchange Commission described in paragraphs (1) through (4) shall become effective prior to the effective date applicable to such action under the provisions of this Act.
(1) promulgate rules, regulations, or orders permitted or required by this Act;
(2) conduct studies and prepare reports and recommendations required by this Act;
(3) register persons under the provisions of this Act; and
(4) exempt persons, agreements, contracts, or transactions from provisions of this Act, under the terms contained in this Act,
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** The Secretary is authorized to promulgate regulations to implement and administer the grant programs and undertakings authorized by this subchapter.
**(b) Regulatory authority** Regulations prescribed under this section may contain such classifications, differentiations, or other provisions, and may provide for such adjustments and exceptions for any class of grant programs, undertakings, or eligible entities, as, in the judgment of the Secretary, are necessary or proper to effectuate the purposes of this subchapter, to prevent circumvention or evasion of this subchapter, or to facilitate compliance with this subchapter.
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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
**(a) Registration statement** Any association of persons may be registered with the Commission as a registered futures association pursuant to subsection (b) of this section, under the terms and conditions hereinafter provided in this section, by filing with the Commission for review and approval a registration statement in such form as the Commission may prescribe, setting forth the information, and accompanied by the documents, below specified:
(1) Data as to its organization, membership, and rules of procedure, and such other information as the Commission may by rules and regulations require as necessary or appropriate in the public interest; and
(2) Copies of its constitution, charter, or articles of incorporation or association, with all amendments thereto, and of its bylaws, and of any rules or instruments corresponding to the foregoing, whatever the name, hereinafter in this section collectively referred to as the “rules of the association”.
**(b) Standards for registration; Commission findings** An applicant association shall not be registered as a futures association unless the Commission finds, under standards established by the Commission, that—
(1) such association is in the public interest and that it will be able to comply with the provisions of this section and the rules and regulations thereunder and to carry out the purposes of this section;
(2) the rules of the association provide that any person registered under this chapter, registered entity, or any other person designated pursuant to the rules of the Commission as eligible for membership may become a member of such association, except such as are excluded pursuant to paragraph (3) or (4) of this subsection, or a rule of the association permitted under this subparagraph. The rules of the assoc
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Federal law — U.S. Code and appendices · legal_authorities
In this subtitle, the terms “prudential regulator”, “swap”, “swap dealer”, “major swap participant”, “swap data repository”, “associated person of a swap dealer or major swap participant”, “eligible contract participant”, “swap execution facility”, “security-based swap”, “security-based swap dealer”, “major security-based swap participant”, and “associated person of a security-based swap dealer or major security-based swap participant” have the meanings given the terms in [section 1a of title 7](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1a&num=0&edition=prelim), including any modification of the meanings under [section 8321(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section8321/a&num=0&edition=prelim).
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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
**(a) Definitions** When used in this subchapter, unless the context otherwise requires—
(1) The term “security” means any note, stock, treasury stock, security future, security-based swap, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security, certificate of deposit, or group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a “security”, or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing.
(2) The term “person” means an individual, a corporation, a partnership, an association, a joint-stock company, a trust, any unincorporated organization, or a government or political subdivision thereof. As used in this paragraph the term “trust” shall include only a trust where the interest or interests of the beneficiary or beneficiaries are evidenced by a security.
(3) The term “sale” or “sell” shall include every contract of sale or disposition of a security or interest in a security, for value. The term “offer to sell”, “offer for sale”, or “offer” shall include every attempt or offer to dispose of, or solicitation of an offer to buy, a security or interes
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Federal law — U.S. Code and appendices · legal_authorities
In this subchapter—
(1) “Act” means Commodity Exchange Act;
(2) “clearing organization” means a derivatives clearing organization registered under the Act;
(3) “Commission” means Commodity Futures Trading Commission;
(4) “commodity contract” means—
(A) with respect to a futures commission merchant, contract for the purchase or sale of a commodity for future delivery on, or subject to the rules of, a contract market or board of trade;
(B) with respect to a foreign futures commission merchant, foreign future;
(C) with respect to a leverage transaction merchant, leverage transaction;
(D) with respect to a clearing organization, contract for the purchase or sale of a commodity for future delivery on, or subject to the rules of, a contract market or board of trade that is cleared by such clearing organization, or commodity option traded on, or subject to the rules of, a contract market or board of trade that is cleared by such clearing organization;
(E) with respect to a commodity options dealer, commodity option;
(F)
(i) any other contract, option, agreement, or transaction that is similar to a contract, option, agreement, or transaction referred to in this paragraph; and
(ii) with respect to a futures commission merchant or a clearing organization, any other contract, option, agreement, or transaction, in each case, that is cleared by a clearing organization;
(G) any combination of the agreements or transactions referred to in this paragraph;
(H) any option to enter into an agreement or transaction referred to in this paragraph;
(I) a master agreement that provides for an agreement or transaction referred to in subparagraph (A), (B), (C), (D), (E), (F), (G), or (H), together with all supplements to such master agreement, without reg
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Federal law — U.S. Code and appendices · legal_authorities
Page 2410
TITLE 15—COMMERCE AND TRADE
§ 8302
rity-based swap participant’’ have the meanings
given the terms in section 1a of title 7, including
any modification of the meanings under section
8321(a) of this title.
(Pub. L. 111–203, title VII, § 711, July 21, 2010, 124
Stat. 1641.)
Editorial Notes
REFERENCES IN TEXT
This subtitle, referred to in text, is subtitle A
(§§ 711–754) of title VII of Pub. L. 111–203, July 21, 2010,
124 Stat. 1641, which enacted this subchapter, section
78c–2 of this title, and sections 1b, 6b–1, 6r to 6t, 7b–3,
24a, and 26 of Title 7, Agriculture, amended sections 78f,
78o, and 78s of this title, sections 1a, 2, 6 to 6b, 6c, 6d,
6m, 6q, 6s, 7 to 7b, 8 to 9a, 12, 12a, 13, 13–1, 13a–1, 13b, 15,
16, 21, 24, 25, 27 to 27b, 27e, and 27f of Title 7, section 761
of Title 11, Bankruptcy, and sections 4421 and 4422 of
Title 12, Banks and Banking, enacted provisions set out
as notes under sections 1a, 2, 6a, 7a–1, 7a–3, and 9 of
Title 7, and amended provisions set out as a note under
section 78c of this title. For complete classification of
subtitle A to the Code, see Tables.
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE
Provisions of subchapter effective on the later of 360
days after July 21, 2010, or, to the extent the provision
requires a rulemaking, not less than 60 days after pub-
lication of the final rule or regulation implementing
such provision, see section 754 of Pub. L. 111–203, set out
as an Effective Date of 2010 Amendment note under sec-
tion 1a of Title 7, Agriculture.
SHORT TITLE
Pub. L. 111–203, title VII, § 701, July 21, 2010, 124 Stat.
1641, provided that: ‘‘This title [enacting this chapter,
sections 78c–2 to 78c–5, 78j–2, 78m–1, and 78o–10 of this
title, and sections 1b, 6b–1, 6r to 6t, 7b–3
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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
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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
Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 1a
Stored review status: release_metadata_unconfirmed. The source passage cites 7 U.S.C. § 1a. This identifies an authority to review, not proof of applicability.