3-3676
COMMODITY EXCHANGE
ACT
SECTION 2—Jurisdiction of
Commission; Liability of Principal for Act of Agent; Commodity Futures
Trading Commission; Transaction in Interstate Commerce
(c) Agreements, contracts,
and transactions in foreign currency, government securities, and certain
other commodities.
(2) Commission
jurisdiction.
(E) Prohibition.
(i) Definition of Federal regulatory agency. In this subparagraph,
the term “Federal regulatory agency” means—
(I) the Commission;
(II) the Securities and Exchange Commission;
(III) an appropriate Federal
banking agency;
(IV)
the National Credit Union Association; and
(V) the Farm Credit Administration.
(ii) Prohibition.
(I) In general. Except as provided
in subclause (II), a person described in subparagraph (B)(i)(II) for
which there is a Federal regulatory agency shall not offer to, or
enter into with, a person that is not an eligible contract participant,
any agreement, contract, or transaction in foreign currency described
in subparagraph (B)(i)(I) except pursuant to a rule or regulation
of a Federal regulatory agency allowing the agreement, contract, or
transaction under such terms and conditions as the Federal regulatory
agency shall prescribe.
(II) Effective date. With regard to
persons described in subparagraph (B)(i)(II) for which a Federal regulatory
agency has issued a proposed rule concerning agreements, contracts,
or transactions in foreign currency described in subparagraph (B)(i)(I)
prior to July 21, 2010, subclause (I) shall take effect 90 days after
July 21, 2010.
(iii) Requirements of rules and regulations.
(I) In general. The rules and regulations described in clause (ii)
shall prescribe appropriate requirements with respect to—
(aa) disclosure;
(bb) recordkeeping;
(cc) capital and margin;
(dd) reporting;
(ee) business conduct;
(ff) documentation; and
(gg) such other standards or requirements
as the Federal regulatory agency shall determine to be necessary.
(II) Treatment. The rules or regulations described
in clause (ii) shall treat all agreements, contracts, and transactions
in foreign currency described in subparagraph (B)(i)(I), and all agreements,
contracts, and transactions in foreign currency that are functionally
or economically similar to agreements, contracts, or transactions
described in subparagraph (B)(i)(I), similarly.
[7 USC 2.]
