2010 US Code
Title 7 - AGRICULTURE
CHAPTER 1 - COMMODITY EXCHANGES
Sec. 24 - Regulations respecting commodity broker debtors; definitions
View MetadataPublication Title | United States Code, 2006 Edition, Supplement 4, Title 7 - AGRICULTURE |
Category | Bills and Statutes |
Collection | United States Code |
SuDoc Class Number | Y 1.2/5: |
Contained Within | Title 7 - AGRICULTURE CHAPTER 1 - COMMODITY EXCHANGES Sec. 24 - Regulations respecting commodity broker debtors; definitions |
Contains | section 24 |
Date | 2010 |
Laws in Effect as of Date | January 7, 2011 |
Positive Law | No |
Disposition | standard |
Source Credit | 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. |
Statutes at Large References | 92 Stat. 2673 96 Stat. 241 124 Stat. 1647 |
Public Law References | Public Law 95-598, Public Law 97-222, Public Law 111-203 |
§24. Regulations respecting commodity broker debtors; definitions
(a) 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 property, or commodity contracts are to be included in or excluded from customer property or member property;
(2) that certain cash, securities, other property, or commodity contracts are to be specifically 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 liquidated after the date of the filing of the petition under such chapter, including the payment and allocation of margin with respect to commodity contracts not specifically identifiable to a particular customer pending their orderly 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) As used in this section, the terms “commodity broker”, “commodity contract”, “customer”, “customer property”, “member property”, “net equity”, and “security” have the meanings assigned such terms for the purposes of subchapter 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.)
Amendment of SectionPub. L. 111–203, title VII, §§713(c), 754, July 21, 2010, 124 Stat. 1647, 1754, provided that, 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 rulemaking, not less than 60 days after publication of the final rule or regulation implementing such provision of subtitle A, this section is amended by adding at the end the following new subsection:
(c) The Commission shall exercise its authority to ensure that securities held in a portfolio margining account carried as a futures account are customer property and the owners of those accounts are customers for the purposes of subchapter IV of chapter 7 of title 11.
Amendments1982—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 orderly liquidation”.
Effective Date of 2010 AmendmentAmendment by Pub. L. 111–203 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 rulemaking, 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 a note under section 1a of this title.
Effective DateSection 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.
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