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12 U.S.C. § 5465 — Definitions

Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 5465 — Definitions

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Source location: Title 12, Chapter 53, § 5465; chapter-053-wall-street-reform-and-consumer-protection.md

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In this subchapter, the following definitions shall apply: (1) **Appropriate financial regulator** — The term “appropriate financial regulator” means— (A) the primary financial regulatory agency, as defined in [section 5301 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5301&num=0&edition=prelim); (B) the National Credit Union Administration, with respect to any insured credit union under the Federal Credit Union Act ([12 U.S.C. 1751](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1751&num=0&edition=prelim) et seq.); and (C) the Board of Governors, with respect to organizations operating 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)), and any other financial institution engaged in a designated activity. (2) **Designated activity** — The term “designated activity” means a payment, clearing, or settlement activity that the Council has designated as systemically important under [section 5463 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5463&num=0&edition=prelim). (3) **Designated clearing entity** — The term “designated clearing entity” means a designated financial market utility that is a derivatives clearing organization registered under section 5b of the Commodity Exchange Act ([7 U.S.C. 7a–1](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section7a–1&num=0&edition=prelim)) or a clearing agency registered with the Securities and Exchange Commission under section 17A of the Securities Exchange Act of 1934 ([15 U.S.C. 78q–1](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78q–1&num=0&edition=prelim)). (4) **Designated financial market utility** — The term “designated financial market utility” means a financial market utility that the Council has designated as systemically important under [section 5463 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5463&num=0&edition=prelim). (5) **Financial institution** (A) *In general* — The term “financial institution” means— (i) a depository institution, as defined in [section 1813 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813&num=0&edition=prelim); (ii) a branch or agency of a foreign bank, as defined in [section 3101 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3101&num=0&edition=prelim); (iii) an organization operating under section 25 or 25A of the Federal Reserve Act ([12 U.S.C. 601–604a](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section601–604a&num=0&edition=prelim) and 611 through 631); (iv) a credit union, as defined in section 101 of the Federal Credit Union Act ([12 U.S.C. 1752](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1752&num=0&edition=prelim)); 11 See References in Text note below. (v) a broker or dealer, as defined in section 3 of the Securities Exchange Act of 1934 ([15 U.S.C. 78c](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78c&num=0&edition=prelim)); (vi) an investment company, as defined in [section 80a–3 of title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section80a–3&num=0&edition=prelim); (vii) an insurance company, as defined in [section 80a–2 of title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section80a–2&num=0&edition=prelim); (viii) an investment adviser, as defined in [section 80b–2 of title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section80b–2&num=0&edition=prelim); (ix) a futures commission merchant, commodity trading advisor, or commodity pool operator, as defined in section 1a 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)); and (x) any company engaged in activities that are financial in nature or incidental to a financial activity, as described in section 4 of the Bank Holding Company Act of 1956 ([12 U.S.C. 1843(k)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1843/k&num=0&edition=prelim)). (B) *Exclusions* — The term “financial institution” does not include designated contract markets, registered futures associations, swap data repositories, and swap execution facilities registered 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.), or national securities exchanges, national securities associations, alternative trading systems, securities information processors solely with respect to the activities of the entity as a securities information processor, security-based swap data repositories, and swap execution facilities registered under 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.), or designated clearing entities, provided that the exclusions in this subparagraph apply only with respect to the activities that require the entity to be so registered. (6) **Financial market utility** (A) *Inclusion* — The term “financial market utility” means any person that manages or operates a multilateral system for the purpose of transferring, clearing, or settling payments, securities, or other financial transactions among financial institutions or between financial institutions and the person. (B) *Exclusions* — The term “financial market utility” does not include— (i) designated contract markets, registered futures associations, swap data repositories, and swap execution facilities registered 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.), or national securities exchanges, national securities associations, alternative trading systems, security-based swap data repositories, and swap execution facilities registered under 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.), solely by reason of their providing facilities for comparison of data respecting the terms of settlement of securities or futures transactions effected on such exchange or by means of any electronic system operated or controlled by such entities, provided that the exclusions in this clause apply only with respect to the activities that require the entity to be so registered; and (ii) any broker, dealer, transfer agent, or investment company, or any futures commission merchant, introducing broker, commodity trading advisor, or commodity pool operator, solely by reason of functions performed by such institution as part of brokerage, dealing, transfer agency, or investment company activities, or solely by reason of acting on behalf of a financial market utility or a participant therein in connection with the furnishing by the financial market utility of services to its participants or the use of services of the financial market utility by its participants, provided that services performed by such institution do not constitute critical risk management or processing functions of the financial market utility. (7) **Payment, clearing, or settlement activity** (A) *In general* — The term “payment, clearing, or settlement activity” means an activity carried out by 1 or more financial institutions to facilitate the completion of financial transactions, but shall not include any offer or sale of a security under 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 any quotation, order entry, negotiation, or other pre-trade activity or execution activity. (B) *Financial transaction* — For the purposes of subparagraph (A), the term “financial transaction” includes— (i) funds transfers; (ii) securities contracts; (iii) contracts of sale of a commodity for future delivery; (iv) forward contracts; (v) repurchase agreements; (vi) swaps; (vii) security-based swaps; (viii) swap agreements; (ix) security-based swap agreements; (x) foreign exchange contracts; (xi) financial derivatives contracts; and (xii) any similar transaction that the Council determines to be a financial transaction for purposes of this subchapter. (C) *Included activities* — When conducted with respect to a financial transaction, payment, clearing, and settlement activities may include— (i) the calculation and communication of unsettled financial transactions between counterparties; (ii) the netting of transactions; (iii) provision and maintenance of trade, contract, or instrument information; (iv) the management of risks and activities associated with continuing financial transactions; (v) transmittal and storage of payment instructions; (vi) the movement of funds; (vii) the final settlement of financial transactions; and (viii) other similar functions that the Council may determine. (D) *Exclusion* — Payment, clearing, and settlement activities shall not include public reporting of swap transaction data under section 727 or 763(i) of the Wall Street Transparency and Accountability Act of 2010. (8) **Supervisory Agency** (A) *In general* — The term “Supervisory Agency” means the Federal agency that has primary jurisdiction over a designated financial market utility under Federal banking, securities, or commodity futures laws, as follows: (i) The Securities and Exchange Commission, with respect to a designated financial market utility that is a clearing agency registered with the Securities and Exchange Commission. (ii) The Commodity Futures Trading Commission, with respect to a designated financial market utility that is a derivatives clearing organization registered with the Commodity Futures Trading Commission. (iii) The appropriate Federal banking agency, with respect to a designated financial market utility that is an institution described in [section 1813(q) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813/q&num=0&edition=prelim). (iv) The Board of Governors, with respect to a designated financial market utility that is otherwise not subject to the jurisdiction of any agency listed in clauses (i), (ii), and (iii). (B) *Multiple agency jurisdiction* — If a designated financial market utility is subject to the jurisdictional supervision of more than 1 agency listed in subparagraph (A), then such agencies should agree on 1 agency to act as the Supervisory Agency, and if such agencies cannot agree on which agency has primary jurisdiction, the Council shall decide which agency is the Supervisory Agency for purposes of this subchapter. (9) **Systemically important and systemic importance** — The terms “systemically important” and “systemic importance” mean a situation where the failure of or a disruption to the functioning of a financial market utility or the conduct of a payment, clearing, or settlement activity could create, or increase, the risk of significant liquidity or credit problems spreading among financial institutions or markets and thereby threaten the stability of the financial system of the United States.

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 5301 — Regulations

**(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

7 U.S.C. § 1 — Short title

This chapter may be cited as the “Commodity Exchange Act.”

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15 U.S.C. § 80b–2 — Definitions

**(a) In general** When used in this subchapter, unless the context otherwise requires, the following definitions shall apply: (1) “Assignment” includes any direct or indirect transfer or hypothecation of an investment advisory contract by the assignor or of a controlling block of the assignor’s outstanding voting securities by a security holder of the assignor; but if the investment adviser is a partnership, no assignment of an investment advisory contract shall be deemed to result from the death or withdrawal of a minority of the members of the investment adviser having only a minority interest in the business of the investment adviser, or from the admission to the investment adviser of one or more members who, after such admission, shall be only a minority of the members and shall have only a minority interest in the business. (2) “Bank” means (A) a banking institution organized under the laws of the United States or a Federal savings association, as defined in [section 1462(5) of title 12](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1462/5&num=0&edition=prelim), (B) a member bank of the Federal Reserve System, (C) any other banking institution, savings association, as defined in [section 1462(4) of title 12](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1462/4&num=0&edition=prelim), or trust company, whether incorporated or not, doing business under the laws of any State or of the United States, a substantial portion of the business of which consists of receiving deposits or exercising fiduciary powers similar to those permitted to national banks under the authority of the Comptroller of the Currency, and which is supervised and examined by State or Federal authority having supervision over banks or sav

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12 U.S.C. § 3101 — Definitions

For the purposes of this chapter— (1) “agency” means any office or any place of business of a foreign bank located in any State of the United States at which credit balances are maintained incidental to or arising out of the exercise of banking powers, checks are paid, or money is lent but at which deposits may not be accepted from citizens or residents of the United States; (2) “Board” means the Board of Governors of the Federal Reserve System; (3) “branch” means any office or any place of business of a foreign bank located in any State of the United States at which deposits are received; (4) “Comptroller” means the Comptroller of the Currency; (5) “Federal agency” means an agency of a foreign bank established and operating under [section 3102 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3102&num=0&edition=prelim); (6) “Federal branch” means a branch of a foreign bank established and operating under [section 3102 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3102&num=0&edition=prelim); (7) “foreign bank” means any company organized under the laws of a foreign country, a territory of the United States, Puerto Rico, Guam, American Samoa, or the Virgin Islands, which engages in the business of banking, or any subsidiary or affiliate, organized under such laws, of any such company. For the purposes of this chapter the term “foreign bank” includes, without limitation, foreign commercial banks, foreign merchant banks and other foreign institutions that engage in banking activities usual in connection with the business of banking in the countries where such foreign institutions are organized or operating; (8) “foreign country” means any country other than the United States, and

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Federal law — U.S. Code and appendices · legal_authorities

7 U.S.C. § 1a — Definitions

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

15 U.S.C. § 80a–3 — Definition of investment company

**(a) Definitions** (1) When used in this subchapter, “investment company” means any issuer which— (A) is or holds itself out as being engaged primarily, or proposes to engage primarily, in the business of investing, reinvesting, or trading in securities; (B) is engaged or proposes to engage in the business of issuing face-amount certificates of the installment type, or has been engaged in such business and has any such certificate outstanding; or (C) is engaged or proposes to engage in the business of investing, reinvesting, owning, holding, or trading in securities, and owns or proposes to acquire investment securities having a value exceeding 40 per centum of the value of such issuer’s total assets (exclusive of Government securities and cash items) on an unconsolidated basis. (2) As used in this section, “investment securities” includes all securities except (A) Government securities, (B) securities issued by employees’ securities companies, and (C) securities issued by majority-owned subsidiaries of the owner which (i) are not investment companies, and (ii) are not relying on the exception from the definition of investment company in paragraph (1) or (7) of subsection (c). **(b) Exemption from provisions** Notwithstanding paragraph (1)(C) of subsection (a), none of the following persons is an investment company within the meaning of this subchapter: (1) Any issuer primarily engaged, directly or through a wholly-owned subsidiary or subsidiaries, in a business or businesses other than that of investing, reinvesting, owning, holding, or trading in securities. (2) Any issuer which the Commission, upon application by such issuer, finds and by order declares to be primarily engaged in a business or businesses other than that of investing, reinvesting, ownin

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 78q–1 — National system for clearance and settlement of securities transactions

**(a) Congressional findings; facilitating establishment of system** (1) The Congress finds that— (A) The prompt and accurate clearance and settlement of securities transactions, including the transfer of record ownership and the safeguarding of securities and funds related thereto, are necessary for the protection of investors and persons facilitating transactions by and acting on behalf of investors. (B) Inefficient procedures for clearance and settlement impose unnecessary costs on investors and persons facilitating transactions by and acting on behalf of investors. (C) New data processing and communications techniques create the opportunity for more efficient, effective, and safe procedures for clearance and settlement. (D) The linking of all clearance and settlement facilities and the development of uniform standards and procedures for clearance and settlement will reduce unnecessary costs and increase the protection of investors and persons facilitating transactions by and acting on behalf of investors. (2) (A) The Commission is directed, therefore, having due regard for the public interest, the protection of investors, the safeguarding of securities and funds, and maintenance of fair competition among brokers and dealers, clearing agencies, and transfer agents, to use its authority under this chapter— (i) to facilitate the establishment of a national system for the prompt and accurate clearance and settlement of transactions in securities (other than exempt securities); and (ii) to facilitate the establishment of linked or coordinated facilities for clearance and settlement of transactions in securities, securities options, contracts of sale for future delivery and options thereon, and commodity options; in accordance with the findi

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 78m — Periodical and other reports

**(a) Reports by issuer of security; contents** Every issuer of a security registered pursuant to section 78l of this title shall file with the Commission, in accordance with such rules and regulations as the Commission may prescribe as necessary or appropriate for the proper protection of investors and to insure fair dealing in the security— (1) such information and documents (and such copies thereof) as the Commission shall require to keep reasonably current the information and documents required to be included in or filed with an application or registration statement filed pursuant to section 78l of this title, except that the Commission may not require the filing of any material contract wholly executed before July 1, 1962. (2) such annual reports (and such copies thereof), certified if required by the rules and regulations of the Commission by independent public accountants, and such quarterly reports (and such copies thereof), as the Commission may prescribe. Every issuer of a security registered on a national securities exchange shall also file a duplicate original of such information, documents, and reports with the exchange. In any registration statement, periodic report, or other reports to be filed with the Commission, an emerging growth company need not present selected financial data in accordance with section 229.301 of title 17, Code of Federal Regulations, for any period prior to the earliest audited period presented in connection with its first registration statement that became effective under this chapter or 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.] and, with respect to any such statement or reports, an emerging growth company may not be

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Federal law — U.S. Code and appendices · legal_authorities

7 U.S.C. § 7a–1 — Derivatives clearing organizations

**(a) Registration requirement** (1) **In general** — Except as provided in paragraph (2), it shall be unlawful for a derivatives clearing organization, directly or indirectly, to make use of the mails or any means or instrumentality of interstate commerce to perform the functions of a derivatives clearing organization with respect to— (A) a contract of sale of a commodity for future delivery (or an option on the contract of sale) or option on a commodity, in each case, unless the contract or option is— (i) excluded from this chapter by subsection (a)(1)(C)(i), (c), or (f) of [section 2 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section2&num=0&edition=prelim); or (ii) a security futures product cleared by a clearing agency registered with the Securities and Exchange Commission under 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.); or (B) a swap. (2) **Exception** — Paragraph (1) shall not apply to a derivatives clearing organization that is registered with the Commission. **(b) Voluntary registration** A person that clears 1 or more agreements, contracts, or transactions that are not required to be cleared under this chapter may register with the Commission as a derivatives clearing organization. **(c) Registration of derivatives clearing organizations** (1) **Application** — A person desiring to register as a derivatives clearing organization shall submit to the Commission an application in such form and containing such information as the Commission may require for the purpose of making the determinations required for approval under paragraph (2). (2) **Core principles for derivatives clearing

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 611 — Formation authorized; fiscal agents; depositaries in insular possessions

Corporations to be organized for the purpose of engaging in international or foreign banking or other international or foreign financial operations, or in banking or other financial operations in a dependency or insular possession of the United States, either directly or through the agency, ownership or control of local institutions in foreign countries, or in such dependencies or insular possessions as provided by this subchapter and to act when required by the Secretary of the Treasury as fiscal agents of the United States, may be formed by any number of natural persons, not less in any case than five: Provided, That nothing in this subchapter shall be construed to deny the right of the Secretary of the Treasury to use any corporation organized under this subchapter as depositaries in Panama and the Panama Canal Zone, or other insular possessions and dependencies of the United States.

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