7 U.S.C. § 24 — Customer property with respect to com-

Page 145 TITLE 7—AGRICULTURE § 24 (B) Notwithstanding any other provision of law, for purposes of completing such report the Commission may direct, by rule, regulation, or order, a futures association registered under this chapter to render such assistance as the Commission shall specify. (C) Such report shall include the findings and any recommendations of the Commission con- cerning— (i) whether such transactions serve an eco- nomic purpose; (ii) the most efficient manner, consistent with the public interest, to permit additional persons to engage in the business of offering to enter into, entering into, and confirming the execution of such transactions; and (iii) the appropriate regulatory scheme to govern such transactions to ensure the finan- cial solvency of such transactions and to pre- vent manipulation or fraud. (2) The report shall also include Commission regulations governing such transactions. The regulations shall provide for permitting addi- tional persons to engage in such transactions. The regulations shall become effective on the expiration of 90 calendar days on which either House of Congress is in session after the date of the transmittal of the report to Congress. The regulations— (A) may authorize or require, notwith- standing any other provision of law, a futures association registered under this chapter to perform such responsibilities in connection with such transactions as the Commission may specify; and (B) may require that permission for addi- tional persons to engage in such business be given on a gradual basis, so as not to place an undue burden on the resources of the Commis- sion. (d) Savings provision This section shall not affect any rights or obli- gations arising out of any transaction subject to this section, as in effect before November 10, 1986, that was entered into, or the execution of which was confirmed, before November 10, 1986. (Sept. 21, 1922, ch. 369, § 19, as added Pub. L. 95–405, § 23, Sept. 30, 1978, 92 Stat. 876; amended Pub. L. 97–444, title II, § 234, Jan. 11, 1983, 96 Stat. 2322; Pub. L. 99–641, title I, § 109, Nov. 10, 1986, 100 Stat. 3560.) Editorial Notes PRIOR PROVISIONS Provisions similar to those appearing in subsec. (b) were formerly contained in section 15a of this title. AMENDMENTS 1986—Subsec. (a). Pub. L. 99–641 amended subsec. (a) generally. Prior to amendment, subsec. (a) read as fol- lows: ‘‘No person shall offer to enter into, enter into, or confirm the execution of, any transaction for the deliv- ery of any commodity specifically set forth in section 2 of this title prior to October 23, 1974, under a stand- ardized contract commonly known to the trade as a margin account, margin contract, leverage account, or leverage contract, or under any contract, account, ar- rangement, scheme, or device that the Commission de- termines serves the same function or functions as such a standardized contract, or is marketed or managed in substantially the same manner as such a standardized contract.’’ Subsec. (b). Pub. L. 99–641 amended subsec. (b) gen- erally. Prior to amendment, subsec. (b) read as follows: ‘‘No person shall offer to enter into, enter into, or con- firm the execution of any transaction for the delivery of silver bullion, gold bullion, or bulk silver coins or bulk gold coins, under a standardized contract de- scribed in subsection (a) of this section, contrary to any rule, regulation, or order of the Commission de- signed to ensure the financial solvency of the trans- action or prevent manipulation or fraud: Provided, That such rule, regulation, or order may be made only after notice and opportunity for hearing.’’ Subsec. (c). Pub. L. 99–641 amended subsec. (c) gen- erally. Prior to amendment, subsec. (c) read as follows: ‘‘The Commission shall regulate any transactions under a standardized contract described in subsection (a) of this section involving commodities described in subsection (b) of this section or any other commodities (except those commodities described in subsection (a) of this section) under such terms and conditions as the Commission shall prescribe by rule, regulation, or order made only after notice and opportunity for a hearing. The Commission may set different terms and conditions for such transactions involving different commodities. Notwithstanding any other provision of this section, the Commission may prohibit any trans- action for the delivery of any commodity under a standardized contract described in subsection (a) of this section that is not permitted by the rules, regula- tions and orders of the Commission in effect on Decem- ber 9, 1982, if the Commission determines that any such transactions would be contrary to the public interest.’’ Subsec. (d). Pub. L. 99–641, in amending section gen- erally, added subsec. (d). 1983—Subsec. (c). Pub. L. 97–444, § 234(1), substituted ‘‘shall regulate’’ for ‘‘may prohibit or regulate’’ and au- thorized Commission prohibition of transactions for de- livery of commodities under a standardized contract that was not permitted by the rules, regulations and orders of the Commission in effect on Dec. 9, 1982, where transactions are determined to be contrary to the public interest. Subsec. (d). Pub. L. 97–444, § 234(2), struck out subsec. (d) which provided for regulation of transactions in ac- cordance with applicable provisions of this chapter where Commission determined the transactions under subsecs. (b) and (c) of this section were contracts for fu- ture delivery within the meaning of this chapter. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1983 AMENDMENT Amendment by Pub. L. 97–444 effective Jan. 11, 1983, see section 239 of Pub. L. 97–444, set out as a note under section 2 of this title. EFFECTIVE DATE Section effective Oct. 1, 1978, see section 28 of Pub. L. 95–405, set out as an Effective Date of 1978 Amendment note under section 2 of this title. § 24. Customer property with respect to com- modity broker debtors; definitions (a) Regulations respecting commodity broker debtors Notwithstanding title 11, the Commission may provide, with respect to a commodity broker that is a debtor under chapter 7 of title 11, by rule or regulation— (1) that certain cash, securities, other prop- erty, or commodity contracts are to be in- cluded in or excluded from customer property or member property; (2) that certain cash, securities, other prop- erty, or commodity contracts are to be specifi- Page 146 TITLE 7—AGRICULTURE § 24a cally identifiable to a particular customer in a specific capacity; (3) the method by which the business of such commodity broker is to be conducted or liq- uidated after the date of the filing of the peti- tion under such chapter, including the pay- ment and allocation of margin with respect to commodity contracts not specifically identifi- able to a particular customer pending their or- derly liquidation; (4) any persons to which customer property and commodity contracts may be transferred under section 766 of title 11; and (5) how the net equity of a customer is to be determined. (b) Definitions As used in this section, the terms ‘‘commodity broker’’, ‘‘commodity contract’’, ‘‘customer’’, ‘‘customer property’’, ‘‘member property’’, ‘‘net equity’’, and ‘‘security’’ have the meanings as- signed such terms for the purposes of subchapter IV of chapter 7 of title 11. (c) Portfolio margining accounts The Commission shall exercise its authority to ensure that securities held in a portfolio mar- gining account carried as a futures account are customer property and the owners of those ac- counts are customers for the purposes of sub- chapter IV of chapter 7 of title 11. (Sept. 21, 1922, ch. 369, § 20, formerly § 19, as added Pub. L. 95–598, title III, § 302, Nov. 6, 1978, 92 Stat. 2673; renumbered and amended Pub. L. 97–222, § 20, July 27, 1982, 96 Stat. 241; Pub. L. 111–203, title VII, § 713(c), July 21, 2010, 124 Stat. 1647.) Editorial Notes AMENDMENTS 2010—Subsec. (c). Pub. L. 111–203 added subsec. (c). 1982—Subsec. (a)(3). Pub. L. 97–222, § 20(b), inserted ‘‘, including the payment and allocation of margin with respect to commodity contracts not specifically identifiable to a particular customer pending their or- derly liquidation’’. 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. EFFECTIVE DATE Section effective Nov. 6, 1978, see section 402(d) of Pub. L. 95–598, set out as a note preceding section 101 of Title 11, Bankruptcy. § 24a. Swap data repositories (a) Registration requirement (1) Requirement; authority of derivatives clear- ing organization (A) In general It shall be unlawful for any person, unless registered with the Commission, directly or indirectly to make use of the mails or any means or instrumentality of interstate com- merce to perform the functions of a swap data repository. (B) Registration of derivatives clearing orga- nizations A derivatives clearing organization may register as a swap data repository. (2) Inspection and examination Each registered swap data repository shall be subject to inspection and examination by any representative of the Commission. (3) Compliance with core principles (A) In general To be registered, and maintain registra- tion, as a swap data repository, the swap data repository shall comply with— (i) the requirements and core principles described in this section; and (ii) any requirement that the Commis- sion may impose by rule or regulation pur- suant to section 12a(5) of this title. (B) Reasonable discretion of swap data re- pository Unless otherwise determined by the Com- mission by rule or regulation, a swap data repository described in subparagraph (A) shall have reasonable discretion in estab- lishing the manner in which the swap data repository complies with the core principles described in this section. (b) Standard setting (1) Data identification (A) In general In accordance with subparagraph (B), the Commission shall prescribe standards that specify the data elements for each swap that shall be collected and maintained by each registered swap data repository. (B) Requirement In carrying out subparagraph (A), the Commission shall prescribe consistent data element standards applicable to registered entities and reporting counterparties. (2) Data collection and maintenance The Commission shall prescribe data collec- tion and data maintenance standards for swap data repositories. (3) Comparability The standards prescribed by the Commission under this subsection shall be comparable to the data standards imposed by the Commis- sion on derivatives clearing organizations in connection with their clearing of swaps. (c) Duties A swap data repository shall— (1) accept data prescribed by the Commis- sion for each swap under subsection (b); (2) confirm with both counterparties to the swap the accuracy of the data that was sub- mitted; (3) maintain the data described in paragraph (1) in such form, in such manner, and for such period as may be required by the Commission;