To establish a comprehensive regulatory framework over the clearing of over-the-counter derivative instruments that will operate under the supervision of the Federal banking agencies, to clarify the lawfulness of the use of multilateral clearing systems for over-the-counter derivative instrument transactions, and for other purposes.
Sets forth rules of construction to emphasize that the Commodity Futures Trading Commission and the Securities and Exchange Commission retain their inherent jurisdiction over the trading and clearing activities within their respective purviews.
States that a multilateral clearing organization under the jurisdiction of the Board of Governors of the Federal Reserve System (the Board) or the Comptroller of the Currency does not fall within the jurisdiction of any other Federal entity as a result of clearing any over-the-counter derivative instrument.
States that no over-the-counter instrument to which a financial institution is a party shall be subject to rescission or held unenforceable based solely on the regulatory status or jurisdiction over such instrument under Federal or State law.
Provides that an over-the-counter instrument does not fall within the purview of the Commodity Exchange Act as a consequence of being the subject of an electronic trade or communication.
Authorizes the Board to appoint a conservator or receiver to take possession and control of a State bank which operates, or operates as, a multilateral clearing organization in the same manner as the Comptroller of the Currency may do so.
Introduced in House
Introduced in House
Referred to the Committee on Banking and Financial Services, and in addition to the Committees on Commerce, Agriculture, and the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Banking and Financial Services, and in addition to the Committees on Commerce, Agriculture, and the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Banking and Financial Services, and in addition to the Committees on Commerce, Agriculture, and the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Banking and Financial Services, and in addition to the Committees on Commerce, Agriculture, and the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Banking and Financial Services, and in addition to the Committees on Commerce, Agriculture, and the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Subcommittee on Risk Management, Research and Specialty Crops.
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Referred to the Subcommittee on Commercial and Administrative Law.
Referred to the Subcommittee on Finance and Hazardous Materials.