Release point 115-40u1 · current through 07/01/2017
115-73 is not ingested; this is Title 7 as published at 115-40u1 (2017-07-01), which is the latest release point at or before it that carries this title.
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§ 27.
Definitions
(a)
Bank
In sections 27 to 27f of this title, the term “bank” means—
any corporation organized under section 25A of the Federal Reserve Act [12 U.S.C. 611 et seq.];
(5)
any corporation operating under section 25 of the Federal Reserve Act [12 U.S.C. 601 et seq.];
(6)
any trust company; or
(7)
any subsidiary of any entity described in paragraph 1
1 So in original. Probably should be “paragraphs”.
(1) through (6) of this subsection, if the subsidiary is regulated as if the subsidiary were part of the entity and is not a broker or dealer (as such terms are defined in section 78c of title 15) or a futures commission merchant (as defined in section 1a of this title).
(b)
Identified banking product
In sections 27 to 27f of this title, the term “identified banking product” shall have the same meaning as in paragraphs (1) through (5) of section 206(a) of the Gramm-Leach-Bliley Act, except that in applying such section for purposes of sections 27 to 27f of this title—
(1)
the term “bank” shall have the meaning given in subsection (a) of this section; and
(2)
the term “qualified investor” means eligible contract participant (as defined in section 1a of this title, as in effect on
December 21, 2000
).
(c)
Hybrid instrument
In sections 27 to 27f of this title, the term “hybrid instrument” means an identified banking product not excluded by section 27a of this title, offered by a bank, having one or more payments indexed to the value, level, or rate of, or providing for the delivery of, one or more commodities (as defined in section 1a of this title).
Section 25A of the Federal Reserve Act, referred to in subsec. (a)(4), is classified to subchapter II (§ 611 et seq.) of chapter 6 of Title 12, Banks and Banking. Section 25 of the Federal Reserve Act, referred to in subsec. (a)(5), is classified to subchapter I (§ 601 et seq.) of chapter 6 of Title 12.
Section was enacted as part of the Legal Certainty for Bank Products Act of 2000, and also as part of the Commodity Futures Modernization Act of 2000, and not as part of the Commodity Exchange Act which comprises this chapter.
Amendments
2010—Subsec. (a)(7). Pub. L. 111–203, § 721(e)(9)(A), substituted “section 1a” for “section 1a(20)”.
Subsec. (b)(2). Pub. L. 111–203, § 721(e)(9)(B), substituted “section 1a” for “section 1a(12)”.
Subsec. (c). Pub. L. 111–203, § 721(e)(9)(C), substituted “section 1a” for “section 1a(4)”.
Subsec. (d). Pub. L. 111–203, § 725(g)(1)(B), struck out subsec. (d) which defined covered swap agreement.
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 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.
Short Title
For short title of sections 27 to 27f of this title as the “Legal Certainty for Bank Products Act of 2000”, see section 1(a)(5) [title IV, § 401] of Pub. L. 106–554, set out as a Short Title of 2000 Amendment note under section 1 of this title.