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15 U.S.C. § 8306 — Determining status of novel derivative products
Federal law — U.S. Code and appendices · legal_authorities
**(a) Process for determining the status of a novel derivative product**
(1) **Notice**
(A) *In general* — Any person filing a proposal to list or trade a novel derivative product that may have elements of both securities and contracts of sale of a commodity for future delivery (or options on such contracts or options on commodities) may concurrently provide notice and furnish a copy of such filing with the Securities and Exchange Commission and the Commodity Futures Trading Commission. Any such notice shall state that notice has been made with both Commissions.
(B) *Notification* — If no concurrent notice is made pursuant to subparagraph (A), within 5 business days after determining that a proposal that seeks to list or trade a novel derivative product may have elements of both securities and contracts of sale of a commodity for future delivery (or options on such contracts or options on commodities), the Securities and Exchange Commission or the Commodity Futures Trading Commission, as applicable, shall notify the other Commission and provide a copy of such filing to the other Commission.
(2) **Request for determination**
(A) *In general* — No later than 21 days after receipt of a notice under paragraph (1), or upon its own initiative if no such notice is received, the Commodity Futures Trading Commission may request that the Securities and Exchange Commission issue a determination as to whether a product is a security, as defined in [section 78c(a)(10) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78c/a/10&num=0&edition=prelim).
(B) *Request* — No later than 21 days after receipt of a notice under paragraph (1), or upon its own initiative if no such notice is received, the Securities and Exchange Commission m
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Source location: Title 15, Chapter 109, § 8306; chapter-109-wall-street-transparency-and-accountability.md
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**(a) Process for determining the status of a novel derivative product**
(1) **Notice**
(A) *In general* — Any person filing a proposal to list or trade a novel derivative product that may have elements of both securities and contracts of sale of a commodity for future delivery (or options on such contracts or options on commodities) may concurrently provide notice and furnish a copy of such filing with the Securities and Exchange Commission and the Commodity Futures Trading Commission. Any such notice shall state that notice has been made with both Commissions.
(B) *Notification* — If no concurrent notice is made pursuant to subparagraph (A), within 5 business days after determining that a proposal that seeks to list or trade a novel derivative product may have elements of both securities and contracts of sale of a commodity for future delivery (or options on such contracts or options on commodities), the Securities and Exchange Commission or the Commodity Futures Trading Commission, as applicable, shall notify the other Commission and provide a copy of such filing to the other Commission.
(2) **Request for determination**
(A) *In general* — No later than 21 days after receipt of a notice under paragraph (1), or upon its own initiative if no such notice is received, the Commodity Futures Trading Commission may request that the Securities and Exchange Commission issue a determination as to whether a product is a security, as defined in [section 78c(a)(10) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78c/a/10&num=0&edition=prelim).
(B) *Request* — No later than 21 days after receipt of a notice under paragraph (1), or upon its own initiative if no such notice is received, the Securities and Exchange Commission may request that the Commodity Futures Trading Commission issue a determination as to whether a product is a contract of sale of a commodity for future delivery, an option on such a contract, or an option on a commodity subject to the Commodity Futures Trading Commission’s exclusive jurisdiction under [section 2(a)(1)(A) of title 7](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section2/a/1/A&num=0&edition=prelim).
(C) *Requirement relating to request* — A request under subparagraph (A) or (B) shall be made by submitting such request, in writing, to the Securities and Exchange Commission or the Commodity Futures Trading Commission, as applicable.
(D) *Effect* — Nothing in this paragraph shall be construed to prevent— Provided, however, that nothing in this subparagraph shall be construed to require the Commodity Futures Trading Commission or the Securities and Exchange Commission to issue an exemption requested pursuant to this subparagraph; provided further, That an order granting or denying an exemption described in this subparagraph and issued under paragraph (3)(B) shall not be subject to judicial review pursuant to subsection (b).
(i) the Commodity Futures Trading Commission from requesting that the Securities and Exchange Commission grant an exemption pursuant to [section 78mm(a)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78mm/a/1&num=0&edition=prelim) with respect to a product that is the subject of a filing under paragraph (1); or
(ii) the Securities and Exchange Commission from requesting that the Commodity Futures Trading Commission grant an exemption pursuant to [section 6(c)(1) of title 7](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section6/c/1&num=0&edition=prelim) with respect to a product that is the subject of a filing under paragraph (1),
(E) *Withdrawal of request* — A request under subparagraph (A) or (B) may be withdrawn by the Commission making the request at any time prior to a determination being made pursuant to paragraph (3) for any reason by providing written notice to the head of the other Commission.
(3) **Determination** — Notwithstanding any other provision of law, no later than 120 days after the date of receipt of a request—
(A) under subparagraph (A) or (B) of paragraph (2), unless such request has been withdrawn pursuant to paragraph (2)(E), the Securities and Exchange Commission or the Commodity Futures Trading Commission, as applicable, shall, by order, issue the determination requested in subparagraph (A) or (B) of paragraph (2), as applicable, and the reasons therefor; or
(B) under paragraph (2)(D), unless such request has been withdrawn, the Securities and Exchange Commission or the Commodity Futures Trading Commission, as applicable, shall grant an exemption or provide reasons for not granting such exemption, provided that any decision by the Securities and Exchange Commission not to grant such exemption shall not be reviewable under [section 78y of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78y&num=0&edition=prelim).
**(b) Judicial resolution**
(1) **In general** — The Commodity Futures Trading Commission or the Securities and Exchange Commission may petition the United States Court of Appeals for the District of Columbia Circuit for review of a final order of the other Commission issued pursuant to subsection (a)(3)(A), with respect to a novel derivative product that may have elements of both securities and contracts of sale of a commodity for future delivery (or options on such contracts or options on commodities) that it believes affects its statutory jurisdiction within 60 days after the date of entry of such order, a written petition requesting a review of the order. Any such proceeding shall be expedited by the Court of Appeals.
(2) **Transmittal of petition and record** — A copy of a petition described in paragraph (1) shall be transmitted not later than 1 business day after filing by the complaining Commission to the responding Commission. On receipt of the petition, the responding Commission shall file with the court a copy of the order under review and any documents referred to therein, and any other materials prescribed by the court.
(3) **Standard of review** — The court, in considering a petition filed pursuant to paragraph (1), shall give no deference to, or presumption in favor of, the views of either Commission.
(4) **Judicial stay** — The filing of a petition by the complaining Commission pursuant to paragraph (1) shall operate as a stay of the order, until the date on which the determination of the court is final (including any appeal of the determination).
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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
**(a) Final Commission orders; persons aggrieved; petition; record; findings; affirmance, modification, enforcement, or setting aside of orders; remand to adduce additional evidence**
(1) A person aggrieved by a final order of the Commission entered pursuant to this chapter may obtain review of the order in the United States Court of Appeals for the circuit in which he resides or has his principal place of business, or for the District of Columbia Circuit, by filing in such court, within sixty days after the entry of the order, a written petition requesting that the order be modified or set aside in whole or in part.
(2) A copy of the petition shall be transmitted forthwith by the clerk of the court to a member of the Commission or an officer designated by the Commission for that purpose. Thereupon the Commission shall file in the court the record on which the order complained of is entered, as provided in [section 2112 of title 28](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title28-section2112&num=0&edition=prelim) and the Federal Rules of Appellate Procedure.
(3) On the filing of the petition, the court has jurisdiction, which becomes exclusive on the filing of the record, to affirm or modify and enforce or to set aside the order in whole or in part.
(4) The findings of the Commission as to the facts, if supported by substantial evidence, are conclusive.
(5) If either party applies to the court for leave to adduce additional evidence and shows to the satisfaction of the court that the additional evidence is material and that there was reasonable ground for failure to adduce it before the Commission, the court may remand the case to the Commission for further proceedings, in whatever manner and on whatever conditions the court considers appropria
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Registration procedures; notice of filing; other regulatory agencies**
(1) The Commission shall, upon the filing of an application for registration as a national securities exchange, registered securities association, or registered clearing agency, pursuant to section 78f, 78o–3, or 78q–1 of this title, respectively, publish notice of such filing and afford interested persons an opportunity to submit written data, views, and arguments concerning such application. Within ninety days of the date of publication of such notice (or within such longer period as to which the applicant consents), the Commission shall—
(A) by order grant such registration, or
(B) institute proceedings to determine whether registration should be denied. Such proceedings shall include notice of the grounds for denial under consideration and opportunity for hearing and shall be concluded within one hundred eighty days of the date of a publication of notice of the filing of the application for registration. At the conclusion of such proceedings the Commission, by order, shall grant or deny such registration. The Commission may extend the time for conclusion of such proceedings for up to ninety days if it finds good cause for such extension and publishes its reasons for so finding or for such longer period as to which the applicant consents.
The Commission shall grant such registration if it finds that the requirements of this chapter and the rules and regulations thereunder with respect to the applicant are satisfied. The Commission shall deny such registration if it does not make such finding.
(2) With respect to an application for registration filed by a clearing agency for which the Commission is not the appropriate regulatory agency—
(A) The Commission shall not grant registra
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Federal law — U.S. Code and appendices · legal_authorities
Page 2416
TITLE 15—COMMERCE AND TRADE
§ 8306
ter 53 of Title 12, Banks and Banking. For complete
classification of title II to the Code, see Tables.
For the date on which this Act is effective, referred
to in subsec. (h), see section 4 of Pub. L. 111–203, set out
as an Effective Date note under section 5301 of Title 12,
Banks and Banking, and section 754 of Pub. L. 111–203,
set out as an Effective Date of 2010 Amendment note
under section 1a of Title 7, Agriculture.
This title, referred to in subsec. (i)(3), is title VII of
Pub. L. 111–203, July 21, 2010, 124 Stat. 1641, known as
the Wall Street Transparency and Accountability Act
of 2010, which enacted this chapter and enacted and
amended numerous other sections and notes in the
Code. For complete classification of title VII to the
Code, see Short Title note set out under section 8301 of
this title and Tables.
This Act, referred to in subsec. (l), is Pub. L. 111–203,
July 21, 2010, 124 Stat. 1376, known as the Dodd-Frank
Wall Street Reform and Consumer Protection Act. For
complete classification of this Act to the Code, see
Short Title note set out under section 5301 of Title 12,
Banks and Banking, and Tables.
Title I, referred to in subsec. (l), is title I of Pub. L.
111–203, July 21, 2010, 124 Stat. 1391, known as the Finan-
cial Stability Act of 2010, which is classified principally
to subchapter I (§ 5311 et seq.) of chapter 53 of Title 12,
Banks and Banking. For complete classification of title
I to the Code, see Short Title note set out under section
5301 of Title 12 and Tables.
Section 619 of the Dodd-Frank Wall Street Reform
and Consumer Protection Act, referred to in subsec.
(m), is section 619 of Pub. L. 111–203, which enacted sec-
tion 1851 of Title 12, Banks and Banking.
AMEND
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