75518 Federal Register / Vol. 75, No. 232 / Friday, December 3, 2010 / Notices 

102 30 hours = (1 hour per clearing member to 

draft the disclosure + 1⁄2 hour per clearing member 

to determine how the disclosure should be 

integrated into those other documents or 

agreements) × 20 clearing members. 

1See generally Securities Exchange Act Release 

Nos. 60372 (Jul. 23, 2009), 74 FR 37748 (Jul. 29, 

2009) and 61973 (Apr. 23, 2010), 75 FR 22656 (Apr. 

29, 2010) (temporary exemptions in connection 

with CDS clearing by ICE Clear Europe Limited); 

Securities Exchange Act Release Nos. 60373 (Jul. 

23, 2009), 74 FR 37740 (Jul. 29, 2009) and 61975 

(Apr. 23, 2010), 75 FR 22641 (Apr. 29, 2010) 

(temporary exemptions in connection with CDS 

clearing by Eurex Clearing AG); Securities Exchange 

Act Release Nos. 59578 (Mar. 13, 2009), 74 FR 

11781 (Mar. 19, 2009), 61164 (Dec. 14, 2009), 74 FR 

67258 (Dec. 18, 2009), and 61803 (Mar. 30, 2010), 

75 FR 17181 (Apr. 5, 2010) (temporary exemptions 

in connection with CDS clearing by Chicago 

Mercantile Exchange Inc.); Securities Exchange Act 

Release Nos. 59527 (Mar. 6, 2009), 74 FR 10791 

(Mar. 12, 2009), 61119 (Dec. 4, 2009), 74 FR 65554 

(Dec. 10, 2009), and 61662 (Mar. 5, 2010), 75 FR 

11589 (Mar. 11, 2010) (temporary exemptions in 

connection with CDS clearing by ICE Trust U.S. 

LLC); Securities Exchange Act Release No. 59164 

(Dec. 24, 2008), 74 FR 139 (Jan. 2, 2009) (temporary 

exemptions in connection with CDS clearing by 

LIFFE A&M and LCH.Clearnet Ltd.); and other 

Commission actions discussed in several of these 

orders. In addition, the Commission has issued 

interim final temporary rules that provide 

exemptions under the Securities Act of 1933 and 

the Securities Exchange Act of 1934 for CDS to 

facilitate the operation of one or more central 

counterparties for the CDS market. See Securities 

Act Release Nos. 8999 (Jan. 14, 2009), 74 FR 3967 

(Jan. 22, 2009) (initial approval), 9063 (Sep. 14, 

2009), 74 FR 47719 (Sep. 17, 2009) (extension until 

Nov. 30, 2010), and 9158 (Nov. 30, 2010) (extension 

until Jul. 16, 2011). 

2Securities Exchange Act Release No. 60373 (Jul. 

23, 2009), 74 FR 37740 (Jul. 29, 2009) (‘‘July 2009 

Eurex Exemptive Order’’). 

3Securities Exchange Act Release No. 61975 

(Apr. 23, 2010), 75 FR 22641 (Apr. 29, 2010) (‘‘April 

2010 Eurex Exemptive Order’’). 

member holding customer collateral in 

connection with cleared customer CDS 

transactions that seeks to rely on the 

exemptive relief specified in paragraph 

III.(e) of the Order to disclose to those 

customers that the clearing member is 

not regulated by the Commission, that 

U.S. broker-dealer segregation 

requirements and protections under the 

Securities Investor Protection Act will 

not apply to any funds or securities it 

holds, and that the applicable 

insolvency law may affect the 

customers’ ability to recover funds and 

securities, or the speed of any such 

recovery, in an insolvency proceeding. 

The Commission believes that clearing 

members could use the language in the 

Order that describes the disclosure that 

must be made as a template to draft the 

disclosure. Consequently the 

Commission estimates, based on staff 

experience, that it would take a clearing 

member approximately one hour to draft 

the disclosure. Further, the Commission 

believes clearing members will include 

this disclosure with other documents or 

agreements provided to cleared CDS 

customers, and estimates (based on staff 

experience) that a clearing member may 

take approximately one half hour to 

determine how the disclosure should be 

integrated into those other documents or 

agreements, resulting in a one-time 

aggregate burden of 30 hours for all 20 

clearing members to comply with this 

requirement.102

E. Collection of Information Is 

Mandatory 

The collections of information 

contained in the conditions to this 

Order are mandatory for any entity 

wishing to rely on the exemptions 

granted by this Order. 

F. Confidentiality 

Certain of the conditions of this Order 

that address collections of information 

require ICE Trust clearing members to 

make disclosures to their customers, or 

to provide other information to ICE 

Trust (and in some cases also to 

customers). Apart from those 

requirements, the provisions of this 

Order that address collections of 

information do not address or restrict 

the confidentiality of the documentation 

prepared by ICE Trust clearing members 

under the exemptive conditions. 

Accordingly, ICE Trust clearing 

members would have to make the 

applicable information available to 

regulatory authorities or other persons 

to the extent otherwise provided by law. 

G. Request for Comment on Paperwork 

Reduction Act 

The Commission requests, pursuant to 

44 U.S.C. 3506(c)(2)(B), comment on the 

collections of information contained in 

this Order to: 

(i) Evaluate whether the collections of 

information are necessary for the proper 

performance of the functions of the 

Commission, including whether the 

information would have practical 

utility; 

(ii) Evaluate the accuracy of the 

Commission’s estimates of the burden of 

the collections of information; 

(iii) Determine whether there are ways 

to enhance the quality, utility, and 

clarity of the information to be 

collected; and 

(iv) Evaluate whether there are ways 

to minimize the burden of the 

collections of information on those 

required to respond, including through 

the use of automated collection 

techniques or other forms of information 

technology. 

Persons who desire to submit 

comments on the collection of 

information requirements should direct 

their comments to the OMB, Attention: 

Desk Officer for the Securities and 

Exchange Commission, Office of 

Information and Regulatory Affairs, 

Washington, DC 20503, and should also 

send a copy of their comments to 

Elizabeth M. Murphy, Secretary, 

Securities and Exchange Commission, 

100 F Street, NE., Washington, DC 

20549–1090, and refer to File No. S7– 

05–09. OMB is required to make a 

decision concerning the collections of 

information between 30 and 60 days 

after publication of this document in the 

Federal Register; therefore, comments 

to OMB are best assured of having full 

effect if OMB receives them within 30 

days of this publication. The 

Commission has submitted the 

proposed collections of information to 

OMB for approval. Requests for the 

materials submitted to OMB by the 

Commission with regard to these 

collections of information should be in 

writing, refer to File No. S7–05–09, and 

be submitted to the Securities and 

Exchange Commission, Records 

Management Office, 100 F Street, NE., 

Washington, DC 20549. 

By the Commission. 

Elizabeth M. Murphy, 

Secretary. 

[FR Doc. 2010–30373 Filed 12–2–10; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–63390; File No. S7–17–09] 

Order Extending Temporary 

Conditional Exemptions Under the 

Securities Exchange Act of 1934 in 

Connection With Request on Behalf of 

Eurex Clearing AG Related to Central 

Clearing of Credit Default Swaps and 

Request for Comment 

November 29, 2010. 

I. Introduction 

The Securities and Exchange 

Commission (‘‘Commission’’) has taken 

multiple actions designed to help foster 

the prompt development of credit 

default swap (‘‘CDS’’) central 

counterparties (‘‘CCP’’), including 

granting temporary conditional 

exemptions from certain provisions of 

the federal securities laws.1

In July 2009, the Commission issued 

an order providing temporary 

conditional exemptions to Eurex 

Clearing AG (‘‘Eurex’’), and certain other 

parties, to permit Eurex to clear and 

settle CDS transactions.2 In response to 

Eurex’s request, the Commission 

temporarily extended and expanded the 

exemptions in April 2010.3 The current 

mstockstill on DSKH9S0YB1PROD with NOTICES

Federal Register / Vol. 75, No. 232 / Friday, December 3, 2010 / Notices 75519 

4See Letter from Paul Architzel, Alston & Bird, 

to Elizabeth Murphy, Secretary, Commission, Nov. 

29, 2010 (‘‘November 2010 Request’’). 5Public Law 111–203 (July 21, 2010). 

6See Public Law 111–203, Preamble. 7Section 761(a)(6) of the Dodd-Frank Act defines 

a ‘‘security-based swap’’ as any agreement, contract, 

or transaction that is a ‘‘swap,’’ as defined in Section 

1a(47) of the Commodity Exchange Act, 7 U.S.C. 

1a(47), that is based on an index that is a narrowbased security index, a single security, or a loan, 

including any interest therein or on the value 

thereof; or the occurrence, nonoccurrence, or extent 

of the occurrence of an event relating to a single 

issuer of a security or the issuers of securities in a 

narrow-based security index, provided that such 

event directly affects the financial statements, 

financial condition, or financial obligations of the 

issuer. See Section 3(a)(68) of the Securities 

Exchange Act of 1934 (‘‘Exchange Act’’), 15 

U.S.C.78c(a)(68) (as added by Section 761(a)(6) of 

the Dodd-Frank Act). Section 712(d) of the DoddFrank Act provides that the Commission and the 

Commodity Futures Trading Commission (‘‘CFTC’’), 

in consultation with the Board of Governors of the 

Federal Reserve System, shall, among other things, 

jointly further define the terms ‘‘swap’’ and 

‘‘security-based swap.’’ 

8Section 761(a)(2) of the Dodd-Frank Act 

explicitly includes security-based swaps in the 

definition of ‘‘security’’ in Section 3(a)(10) of the 

Exchange Act, 15 U.S.C. 78c. 

9See Section 763(a) of the Dodd-Frank Act 

(adding new Section 3C to the Exchange Act, 15 

U.S.C. 78c–2). 

10While Title VII of the Dodd-Frank Act provides 

that certain entities that cleared swaps pursuant to 

an exemption from registration as a clearing agency 

prior to the date of enactment of the Dodd-Frank 

Act are deemed registered as a clearing agency for 

the purposes of clearing security-based swaps 

(‘‘Deemed Registered Provision’’), Eurex would not 

qualify for the Deemed Registered Provision. See 

Section 763(b) of the Dodd-Frank Act (adding new 

Section 17A(l) to the Exchange Act, 15 U.S.C. 78q– 

1(1)). A clearing agency must be a depository 

institution that cleared swaps as a multilateral 

clearing organization or a derivative clearing 

organization that cleared swaps pursuant to an 

exemption from registration as a clearing agency. Id. 

Since Eurex is not a depository institution and is 

not a derivative clearing organization, it does not 

qualify for the Deemed Registered Provision. 

11Section 774 of the Dodd-Frank Act states, 

‘‘[u]nless otherwise provided, the provisions of this 

subtitle shall take effect on the later of 360 days 

after the date of the enactment of this subtitle or, 

to the extent a provision of this subtitle requires a 

rulemaking, not less than 60 days after publication 

of the final rule or regulation implementing such 

provision of this subtitle.’’ 

12See November 2010 Request, supra note 4. 

13See id. 

14 In the April 2010 Eurex Exemptive Order, the 

Commission described Eurex’s proposed activity to 

clear CDS transactions of its members’ customers. 

Under this proposed activity, Eurex intended to 

provide customer clearing capability for: (i) 

customers that would enter into a tri-party 

agreement with Eurex and the clearing member, in 

which the clearing member agrees to guarantee the 

customer’s position and the customer agrees to be 

bound by Eurex’s Clearing Conditions (‘‘Registered 

Customer’’) and (ii) customers that do not enter into 

such an agreement. Eurex indicated in its November 

2010 Request that it now intends to provide 

customer clearing capability only for Registered 

Customers under the exemptive relief. 

15 15 U.S.C. 78mm. Section 36 of the Exchange 

Act authorizes the Commission to conditionally or 

unconditionally exempt any person, security, or 

transaction, or any class of classes of persons, 

securities, or transactions, from any provision or 

provisions of the Exchange Act or any rule or 

regulation thereunder, by rule, regulation, or order, 

to the extent that such exemption is necessary or 

appropriate in the public interest, and is consistent 

with the protection of investors. 

16See November 2010 Request, supra note 4. The 

exemptions we are granting today are based on all 

of the representations made by Eurex in its request, 

which incorporate representations made by Eurex 

in its request for relief granted in the April 2010 

Eurex Exemptive Order and its request for relief 

granted in the July 2009 Eurex Exemptive Order. 

We recognize, however, that there could be legal 

uncertainty in the event that one or more of the 

underlying representations were to become 

inaccurate. Accordingly, if any of these exemptions 

were to become unavailable by reason of an 

underlying representation no longer being 

materially accurate, the legal status of existing open 

positions in non-excluded CDS (as defined in the 

April 2010 Eurex Exemptive Order) that previously 

had been cleared pursuant to the exemptions would 

remain unchanged, but no new positions could be 

established pursuant to the exemptions until all of 

the underlying representations were again accurate. 

exemptions pursuant to the April 2010 

Eurex Exemptive Order are scheduled to 

expire on November 30, 2010, and 

Eurex has requested that the 

Commission extend the exemptions 

contained in the April 2010 Eurex 

Exemptive Order.4

II. Discussion 

A. Legislative Developments 

Subsequent to the Commission’s 

issuance of the April 2010 Eurex 

Exemptive Order, the President signed 

the Dodd-Frank Wall Street Reform and 

Consumer Protection Act of 2010 

(‘‘Dodd-Frank Act’’) into law.5 The 

Dodd-Frank Act was enacted to, among 

other purposes, promote the financial 

stability of the United States by 

improving accountability and 

transparency in the financial system.6

To this end, the provisions of Title VII 

of the Dodd-Frank Act provide for the 

comprehensive regulation of securitybased swaps 7 by the Commission.8 The 

Dodd-Frank Act amends the Exchange 

Act to require, among other things, that 

transactions in security-based swaps be 

cleared through a clearing agency that is 

registered with the Commission or that 

is exempt from registration if they are of 

a type that the Commission determines 

must be cleared, unless an exception or 

exemption from mandatory clearing 

applies.9 Specifically, Section 763(b) of 

the Dodd-Frank Act adds a new Section 

17A(g) to the Exchange Act which 

states: ‘‘It shall be unlawful for a 

clearing agency, unless registered with 

the Commission, directly or indirectly 

to make use of the mails or any means 

or instrumentality of interstate 

commerce to perform the functions of a 

clearing agency with respect to a 

security-based swap.’’ 10 This new 

registration provision, along with other 

general provisions under Title VII of the 

Dodd-Frank Act, becomes effective on 

July 16, 2011.11 As a result, the 

Commission anticipates that Eurex 

would need to apply and become 

registered as a clearing agency under 

Section 17A of the Exchange Act when 

relevant provisions of the Dodd-Frank 

Act become effective in order to clear 

security-based swaps. 

B. Eurex’s Request for Extension of April 

2010 Eurex Exemptive Order 

Eurex seeks an extension of the 

temporary exemptions of the April 2010 

Eurex Exemptive Order under the same 

terms and conditions contained in the 

April 2010 Eurex Exemptive Order.12

Eurex’s request for an extension of the 

April 2010 Eurex Exemptive Order 

incorporates the representations made 

in its request preceding the April 2010 

Eurex Exemptive Order and its request 

preceding the July 2009 Eurex 

Exemptive Order.13 These 

representations are discussed in detail 

in our earlier Eurex orders. Eurex 

represents that these representations 

remain valid.14

Accordingly, consistent with our 

findings in the April 2010 Eurex 

Exemptive Order, and, in particular, in 

light of the risk management and 

systemic benefits in continuing to 

facilitate CDS clearing by Eurex until 

Title VII of the Dodd-Frank Act becomes 

fully effective, the Commission finds 

that it is necessary or appropriate in the 

public interest and is consistent with 

the protection of investors to exercise its 

authority to extend the exemptive relief 

granted in the April 2010 Eurex 

Exemptive Order until July 16, 2011. 

Specifically, pursuant to the 

Commission’s authority under Section 

36 of the Exchange Act,15 based on the 

facts presented and the representations 

made by Eurex,16 the Commission is 

extending until July 16, 2011, under the 

same terms and conditions in the April 

2010 Eurex Exemptive Order, each of 

the existing exemptions connected with 

CDS clearing by Eurex, which include: 

The temporary conditional exemption 

granted to Eurex from clearing agency 

registration under Section 17A of the 

Exchange Act solely to perform the 

functions of a clearing agency for certain 

non-excluded CDS; the temporary 

conditional exemption of Eurex and 

certain of its clearing members from the 

registration requirements of Sections 5 

and 6 of the Exchange Act solely in 

connection with the calculation of 

mark-to-market prices for certain nonexcluded CDS cleared by Eurex; the 

temporary conditional exemption of 

Eurex and certain eligible contract 

participants from certain Exchange Act 

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75520 Federal Register / Vol. 75, No. 232 / Friday, December 3, 2010 / Notices 

17See April 2010 Eurex Exemptive Order, supra 

note 4. 

1See generally Securities Exchange Act Release 

Nos. 60372 (Jul. 23, 2009), 74 FR 37748 (Jul. 29, 

2009) and 61973 (Apr. 23, 2010), 75 FR 22656 (Apr. 

29, 2010) (temporary exemptions in connection 

with CDS clearing by ICE Clear Europe Limited); 

Securities Exchange Act Release Nos. 60373 (Jul. 

23, 2009), 74 FR 37740 (Jul. 29, 2009) and 61975 

(Apr. 23, 2010), 75 FR 22641 (Apr. 29, 2010) 

(temporary exemptions in connection with CDS 

clearing by Eurex Clearing AG); Securities Exchange 

Act Release Nos. 59578 (Mar. 13, 2009), 74 FR 

11781 (Mar. 19, 2009), 61164 (Dec. 14, 2009), 74 FR 

67258 (Dec. 18, 2009), and 61803 (Mar. 30, 2010), 

75 FR 17181 (Apr. 5, 2010) (temporary exemptions 

in connection with CDS clearing by Chicago 

Mercantile Exchange Inc.); Securities Exchange Act 

Release Nos. 59527 (Mar. 6, 2009), 74 FR 10791 

(Mar. 12, 2009), 61119 (Dec. 4, 2009), 74 FR 65554 

(Dec. 10, 2009), and 61662 (Mar. 5, 2010), 75 FR 

11589 (Mar. 11, 2010) (temporary exemptions in 

connection with CDS clearing by ICE Trust U.S. 

LLC); Securities Exchange Act Release No. 59164 

(Dec. 24, 2008), 74 FR 139 (Jan. 2, 2009) (temporary 

exemptions in connection with CDS clearing by 

LIFFE A&M and LCH.Clearnet Ltd.); and other 

Commission actions discussed in several of these 

orders. In addition, the Commission has issued 

interim final temporary rules that provide 

exemptions under the Securities Act of 1933 and 

the Securities Exchange Act of 1934 for CDS to 

facilitate the operation of one or more central 

counterparties for the CDS market. See Securities 

Act Release Nos. 8999 (Jan. 14, 2009), 74 FR 3967 

(Jan. 22, 2009) (initial approval), 9063 (Sep. 14, 

2009), 74 FR 47719 (Sep. 17, 2009) (extension until 

Nov. 30, 2010), and 9158 (Nov. 30, 2010) (extension 

until Jul. 16, 2011). 

2Securities Exchange Act Release No. 60372 (Jul. 

23, 2009), 74 FR 37748 (Jul. 29, 2009) (‘‘July 2009 

ICE Clear Europe Exemptive Order’’). 

3Securities Exchange Act Release No. 61973 

(Apr. 23, 2010), 75 FR 22656 (Apr. 29, 2010) (‘‘April 

2010 ICE Clear Europe Exemptive Order’’). 

4See Letter from Russell D. Sacks, ICE Clear 

Europe, to Elizabeth Murphy, Secretary, 

Commission, Nov. 29, 2010 (‘‘November 2010 

Request’’). 

5Public Law 111–203 (July 21, 2010). 

requirements with respect to certain 

non-excluded CDS cleared by Eurex; the 

temporary conditional exemption of 

Eurex clearing members and certain 

others from broker-dealer registration 

requirements and related requirements 

in connection with CDS clearing by 

Eurex (including clearing of customer 

CDS transactions); and the temporary 

conditional exemption from certain 

Exchange Act requirements granted to 

registered broker-dealers with respect to 

certain non-excluded CDS.17

C. Solicitation of Comments 

When we granted the April 2010 

Eurex Exemptive Order, we requested 

comment on all aspects of the 

exemptions. We received no comments 

in response this request. 

In connection with this Order 

extending exemptions granted in 

connection with CDS clearing by Eurex, 

we reiterate our request for comments 

on all aspects of the exemptions. 

Comments may be submitted by any 

of the following methods: 

Electronic Comments 

• Use the Commission’s Internet 

comment form (http://www.sec.gov/ 

rules/other.shtml); or 

• Send an e-mail to rulecomments@sec.gov. Please include File 

Number S7–17–09 on the subject line; 

or 

• Use the Federal eRulemaking Portal 

(http://www.regulations.gov/). Follow 

the instructions for submitting 

comments. 

Paper Comments 

• Send paper comments in triplicate 

to Elizabeth M. Murphy, Secretary, 

Securities and Exchange Commission, 

100 F Street, NE., Washington, DC 

20549–1090. 

All submissions should refer to File 

Number S7–17–09. This file number 

should be included on the subject line 

if e-mail is used. To help us process and 

review your comments more efficiently, 

please use only one method. We will 

post all comments on the Commission’s 

Internet website (http://www.sec.gov/ 

rules/other.shtml). Comments are also 

available for website viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street, NE., 

Washington, DC 20549, on official 

business days between the hours of 10 

a.m. and 3 p.m.. All comments received 

will be posted without change; we do 

not edit personal identifying 

information from submissions. You 

should submit only information that 

you wish to make available publicly. 

III. Conclusion 

It is hereby ordered, pursuant to 

Section 36(a) of the Exchange Act, that, 

until July 16, 2011, the following 

exemptions connected with CDS 

clearing by Eurex contained in the April 

2010 Eurex Exemptive Order are 

extended: (i) The temporary conditional 

exemption granted to Eurex from 

clearing agency registration under 

Section 17A of the Exchange Act solely 

to perform the functions of a clearing 

agency for certain non-excluded CDS; 

(ii) the temporary conditional 

exemption of Eurex and certain of its 

clearing members from the registration 

requirements of Sections 5 and 6 of the 

Exchange Act solely in connection with 

the calculation of mark-to-market prices 

for certain non-excluded CDS cleared by 

Eurex; (iii) the temporary conditional 

exemption of Eurex and certain eligible 

contract participants from certain 

Exchange Act requirements with respect 

to certain non-excluded CDS cleared by 

Eurex; (iv) the temporary conditional 

exemption of Eurex clearing members 

and certain others from broker-dealer 

registration requirements and related 

requirements in connection with CDS 

clearing by Eurex (including clearing of 

customer CDS transactions); and (v) the 

temporary conditional exemption from 

certain Exchange Act requirements 

granted to registered broker-dealers with 

respect to certain non-excluded CDS. 

By the Commission. 

Elizabeth M. Murphy, 

Secretary. 

[FR Doc. 2010–30376 Filed 12–2–10; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–63389; File No. S7–16–09] 

Order Extending Temporary 

Conditional Exemptions Under The 

Securities Exchange Act of 1934 in 

Connection With Request on Behalf of 

Ice Clear Europe, Limited Related to 

Central Clearing of Credit Default 

Swaps and Request for Comment 

November 29, 2010. 

I. Introduction 

The Securities and Exchange 

Commission (‘‘Commission’’) has taken 

multiple actions designed to help foster 

the prompt development of credit 

default swap (‘‘CDS’’) central 

counterparties (‘‘CCP’’), including 

granting temporary conditional 

exemptions from certain provisions of 

the federal securities laws.1

In July 2009, the Commission issued 

an order providing temporary 

conditional exemptions to ICE Clear 

Europe Limited (‘‘ICE Clear Europe’’), 

and certain other parties, to permit ICE 

Clear Europe to clear and settle CDS 

transactions.2 In response to ICE Clear 

Europe’s request, the Commission 

temporarily extended and expanded the 

exemptions in April 2010.3 The current 

exemptions pursuant to the April 2010 

ICE Clear Europe Exemptive Order are 

scheduled to expire on November 30, 

2010, and ICE Clear Europe has 

requested that the Commission extend 

the exemptions contained in the April 

2010 ICE Clear Europe Exemptive 

Order.4

II. Discussion 

A. Legislative Developments 

Subsequent to the Commission’s 

issuance of the April 2010 ICE Clear 

Exemptive Order, the President signed 

the Dodd-Frank Wall Street Reform and 

Consumer Protection Act of 2010 

(‘‘Dodd-Frank Act’’) into law.5 The 

mstockstill on DSKH9S0YB1PROD with NOTICES