(a) No contract entered into
before March 31, 2009, shall be void or considered voidable by reason
of section 29(b) of the act (15 USC 78cc(b)) because any bank that
is a party to the contract violated the registration requirements
of section 15(a) of the act (15 USC 78o(a)), any other applicable
provision of the act, or the rules and regulations thereunder based
solely on the bank’s status as a broker when the contract was created.
(b) No contract shall be void or considered voidable
by reason of section 29(b) of the act (15 USC 78cc(b)) because any
bank that is a party to the contract violated the registration requirements
of section 15(a) of the act (15 USC 78o(a)) or the rules and regulations
thereunder based solely on the bank’s status as a broker when the
contract was created, if—
(1) at the time the contract was created,
the bank acted in good faith and had reasonable policies and procedures
in place to comply with section 3(a)(4)(B) of the act (15 USC 78c(a)(4)(B))
and the rules and regulations thereunder; and
(2) at the time the contract was created,
any violation of the registration requirements of section 15(a) of
the act by the bank did not result in any significant harm or financial
loss or cost to the person seeking to void the contract.
