7 U.S.C. § 27 — Definitions

Page 155 TITLE 7—AGRICULTURE § 27 1 So in original. Probably should be ‘‘paragraphs’’. (l) Awards A whistleblower may receive an award pursu- ant to this section regardless of whether any violation of a provision of this chapter, or a rule or regulation thereunder, underlying the judi- cial or administrative action upon which the award is based occurred prior to July 21, 2010. (m) Provision of false information A whistleblower who knowingly and willfully makes any false, fictitious, or fraudulent state- ment or representation, or who makes or uses any false writing or document knowing the same to contain any false, fictitious, or fraudu- lent statement or entry, shall not be entitled to an award under this section and shall be subject to prosecution under section 1001 of title 18. (n) Nonenforceability of certain provisions waiving rights and remedies or requiring ar- bitration of disputes (1) Waiver of rights and remedies The rights and remedies provided for in this section may not be waived by any agreement, policy form, or condition of employment in- cluding by a predispute arbitration agreement. (2) Predispute arbitration agreements No predispute arbitration agreement shall be valid or enforceable, if the agreement re- quires arbitration of a dispute arising under this section. (Sept. 21, 1922, ch. 369, § 23, as added Pub. L. 111–203, title VII, § 748, July 21, 2010, 124 Stat. 1739.) Editorial Notes PRIOR PROVISIONS A prior section 26, act Sept. 21, 1922, ch. 369, § 23, as added Jan. 11, 1983, Pub. L. 97–444, title II, § 236, 96 Stat. 2324, provided for special studies to be conducted by Commission, Board of Governors of Federal Reserve System, and Securities and Exchange Commission, prior to repeal by Pub. L. 102–546, title IV, § 402(15), Oct. 28, 1992, 106 Stat. 3625. Statutory Notes and Related Subsidiaries EFFECTIVE DATE Section effective on the later of 360 days after July 21, 2010, or, to the extent a provision of subtitle A (§§ 711–754) of title VII of Pub. L. 111–203 requires a rule- making, not less than 60 days after publication of the final rule or regulation implementing such provision of subtitle A, see section 754 of Pub. L. 111–203, set out as an Effective Date of 2010 Amendment note under sec- tion 1a of this title. § 27. Definitions (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); (2) any foreign bank or branch or agency of a foreign bank (each as defined in section 3101 of title 12); (3) any Federal or State credit union (as de- fined in section 1752 of title 12); (4) any corporation organized under section 25A of the Federal Reserve Act [12 U.S.C. 611 et seq.]; (5) any corporation operating under section 25 of the Federal Reserve Act [12 U.S.C. 601 et seq.]; (6) any trust company; or (7) any subsidiary of any entity described in paragraph 1 (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) or a futures commission merchant (as defined in section 1a of this title). (b) Identified banking product In sections 27 to 27f of this title, the term ‘‘identified banking product’’ shall have the same meaning as in paragraphs (1) through (5) of section 206(a) of the Gramm-Leach-Bliley Act, except that in applying such section for pur- poses of sections 27 to 27f of this title— (1) the term ‘‘bank’’ shall have the meaning given in subsection (a) of this section; and (2) the term ‘‘qualified investor’’ means eli- gible contract participant (as defined in sec- tion 1a of this title, as in effect on December 21, 2000). (c) Hybrid instrument In sections 27 to 27f of this title, the term ‘‘hy- brid instrument’’ means an identified banking product not excluded by section 27a of this title, offered by a bank, having one or more payments indexed to the value, level, or rate of, or pro- viding for the delivery of, one or more commod- ities (as defined in section 1a of this title). (Pub. L. 106–554, § 1(a)(5) [title IV, § 402], Dec. 21, 2000, 114 Stat. 2763, 2763A–457; Pub. L. 111–203, title VII, §§ 721(e)(9), 725(g)(1)(B), July 21, 2010, 124 Stat. 1672, 1694.) Editorial Notes REFERENCES IN TEXT Section 25A of the Federal Reserve Act, referred to in subsec. (a)(4), is classified to subchapter II (§ 611 et seq.) of chapter 6 of Title 12, Banks and Banking. Section 25 of the Federal Reserve Act, referred to in subsec. (a)(5), is classified to subchapter I (§ 601 et seq.) of chapter 6 of Title 12. Section 206 of the Gramm-Leach-Bliley Act, referred to in subsec. (b), is section 206 of Pub. L. 106–102 which is set out as a note under section 78c of Title 15, Com- merce and Trade. CODIFICATION Section was enacted as part of the Legal Certainty for Bank Products Act of 2000, and also as part of the Commodity Futures Modernization Act of 2000, and not as part of the Commodity Exchange Act which com- prises this chapter. AMENDMENTS 2010—Subsec. (a)(7). Pub. L. 111–203, § 721(e)(9)(A), sub- stituted ‘‘section 1a’’ for ‘‘section 1a(20)’’. Subsec. (b)(2). Pub. L. 111–203, § 721(e)(9)(B), sub- stituted ‘‘section 1a’’ for ‘‘section 1a(12)’’. Subsec. (c). Pub. L. 111–203, § 721(e)(9)(C), substituted ‘‘section 1a’’ for ‘‘section 1a(4)’’. Subsec. (d). Pub. L. 111–203, § 725(g)(1)(B), struck out subsec. (d) which defined covered swap agreement. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2010 AMENDMENT Amendment by Pub. L. 111–203 effective on the later of 360 days after July 21, 2010, or, to the extent a provi- Page 156 TITLE 7—AGRICULTURE § 27a 1 So in original. sion of subtitle A (§§ 711–754) of title VII of Pub. L. 111–203 requires a rulemaking, not less than 60 days after publication of the final rule or regulation imple- menting such provision of subtitle A, see section 754 of Pub. L. 111–203, set out as a note under section 1a of this title. SHORT TITLE For short title of sections 27 to 27f of this title as the ‘‘Legal Certainty for Bank Products Act of 2000’’, see section 1(a)(5) [title IV, § 401] of Pub. L. 106–554, set out as a Short Title of 2000 Amendment note under section 1 of this title. § 27a. Exclusion of identified banking product (a) Exclusion Except as provided in subsection (b) or (c)— (1) the Commodity Exchange Act (7 U.S.C. 1 et seq.) shall not apply to, and the Commodity Futures Trading Commission shall not exer- cise regulatory authority under the Com- modity Exchange Act (7 U.S.C. 1 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)] and ‘‘security- based swap agreement’’ in section 1a(47)(A)(v) of the Commodity Exchange Act [7 U.S.C. 1a(47)(A)(v)] and section 3(a)(78) of the Securi- ties Exchange Act of 1934 [15 U.S.C. 78c(a)(78)] 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 exclu- sion in subsection (a) if the agency determines, in consultation with the Commodity Futures Trading Commission and the Securities and Ex- change Commission, that the product— (1) would meet the definition of a ‘‘swap’’ under section 1a(47) of the Commodity Ex- change Act (7 U.S.C. 1a[47]) or a ‘‘security- based swap’’ under that 1 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 et seq.), the Securities Act of 1933 (15 U.S.C. 77a et seq.), or the Securities Exchange Act of 1934 (15 U.S.C. 78a 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 se- curity-based swap in section 3(a)(68) of the Se- curities 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 et seq.), the Securities Act of 1933 (15 U.S.C. 77a et seq.), or the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.). (Pub. L. 106–554, § 1(a)(5) [title IV, § 403], Dec. 21, 2000, 114 Stat. 2763, 2763A–458; Pub. L. 111–203, title VII, § 725(g)(2), July 21, 2010, 124 Stat. 1694.) Editorial Notes REFERENCES IN TEXT The Commodity Exchange Act, referred to in subsecs. (a)(1), (b)(2), and (c)(3), is act Sept. 21, 1922, ch. 369, 42 Stat. 998, which is classified generally to this chapter. For complete classification of this Act to the Code, see section 1 of this title and Tables. The Securities Act of 1933, referred to in subsecs. (b)(2) and (c)(3), is title I of act May 27, 1933, ch. 38, 48 Stat. 74, which is classified generally to subchapter I (§ 77a et seq.) of chapter 2A of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see section 77a of Title 15 and Tables. The Securities Exchange Act of 1934, referred to in subsecs. (b)(2) and (c)(3), is act June 6, 1934, ch. 404, 48 Stat. 881, which is classified principally to chapter 2B (§ 78a et seq.) of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see sec- tion 78a of Title 15 and Tables. CODIFICATION Section was enacted as part of the Legal Certainty for Bank Products Act of 2000, and also as part of the Commodity Futures Modernization Act of 2000, and not as part of the Commodity Exchange Act which com- prises this chapter. AMENDMENTS 2010—Pub. L. 111–203 amended section generally. Prior to amendment, text read as follows: ‘‘No provision of the Commodity Exchange Act shall apply to, and the Commodity Futures Trading Commission shall not ex- ercise regulatory authority with respect to, an identi- fied banking product if— ‘‘(1) an appropriate banking agency certifies that the product has been commonly offered, entered into, or provided in the United States by any bank on or before December 5, 2000, under applicable banking law; and ‘‘(2) the product was not prohibited by the Com- modity Exchange Act and not regulated by the Com- modity Futures Trading Commission as a contract of sale of a commodity for future delivery (or an option on such a contract) or an option on a commodity, on or before December 5, 2000.’’ Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2010 AMENDMENT Amendment by Pub. L. 111–203 effective on the later of 360 days after July 21, 2010, or, to the extent a provi- sion of subtitle A (§§ 711–754) of title VII of Pub. L. 111–203 requires a rulemaking, not less than 60 days after publication of the final rule or regulation imple- menting such provision of subtitle A, see section 754 of Pub. L. 111–203, set out as a note under section 1a of this title. § 27b. Repealed. Pub. L. 111–203, title VII, § 725(g)(1)(A), July 21, 2010, 124 Stat. 1694 Section, Pub. L. 106–554, § 1(a)(5) [title IV, § 404], Dec. 21, 2000, 114 Stat. 2763, 2763A–459, related to exclusion of certain identified banking products offered by banks after Dec. 5, 2000. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF REPEAL Repeal effective on the later of 360 days after July 21, 2010, or, to the extent a provision of subtitle A