Act referred to as the ‘‘FIPC’’), which shall not 
be an agency or establishment of the United 
States Government. 
(B) MEMBERSHIP.— 
(i) MEMBERS
OF
FIPC.—The FIPC 
shall be a membership corporation the 
members of which shall be all persons reg-
istered under the Commodity Exchange 
Act with the Commission as a futures com-
mission merchant, other than persons 
whose principal business, in the determina-
tion of the FIPC, taking into account busi-
ness of affiliated entities, is conducted out-
side the United States and its territories 
and possessions. 
(ii) COMMISSION REVIEW; ADDITIONAL 
MEMBERS.—Subparagraphs (B) and (C) of 
section 3(a)(2) of SIPA shall apply with 
respect to determinations of the FIPC in 
the same way the subparagraphs apply 
with respect to determinations of the SIPC 
and to brokers and dealers referred to in 
such subparagraph (D). 
(iii) 
DISCLOSURE.—Section 
3(a)(2)(D) of SIPA shall apply to futures 
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commission merchants in the same way the 
section applies to brokers and dealers re-
ferred to in such section. 
(2) POWERS.—The FIPC shall have all the 
powers conferred on the SIPC. 
(3) BOARD OF DIRECTORS.— 
(A) FUNCTIONS.—The FIPC shall have a 
Board of Directors which, subject to the provi-
sions of this Act, shall determine the policies 
which shall govern the operations of FIPC. 
(B) NUMBER
AND
APPOINTMENT.—The 
Board of Directors shall consist of 7 persons as 
follows: 
(i) 1 director shall be appointed by 
the Secretary of the Treasury from among 
the officers and employees of the Depart-
ment of the Treasury. 
(ii) 1 director shall be appointed by 
the Board of Governors of the Federal Re-
serve System from among the officers and 
employees of that Board. 
(iii) 5 directors shall be appointed by 
the President, by and with the advice and 
consent of the Senate, as follows: 
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(I) 3 directors shall be selected 
from among persons who are associ-
ated with, and representative of dif-
ferent aspects of, the futures industry, 
not all of whom shall be from the 
same geographical area of the United 
States. 
(II) 2 directors shall be selected 
from the general public from among 
persons who are not associated with a 
futures commission merchant or a 
contract market, or similarly associ-
ated with any self-regulatory organi-
zation or other futures industry 
group, and who have not had any 
such association during the 2 years 
preceding appointment. 
(C) CHAIRMAN AND VICE CHAIRMAN.—The 
President shall designate a Chairman and Vice 
Chairman from among those directors ap-
pointed under subparagraph (B)(iii)(II). 
(D) TERMS.— 
(i) IN GENERAL.—Except as provided 
in clauses (ii) and (iii), each director shall 
be appointed for a term of 3 years. 
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(ii) 
INITIALLY
APPOINTED
MEM-
BERS.—Of the directors first appointed 
under subparagraph (B)— 
(I) 2 shall hold office for a term 
expiring on December 31, 2016; 
(II) 2 shall hold office for a term 
expiring on December 31, 2017; and 
(III) 3 shall hold office for a 
term expiring on December 31, 2018, 
as designated by the President at the time 
they take office. The designation shall be 
made in a manner which will assure that 
no 2 persons appointed under the author-
ity of the same subclause of subparagraph 
(B)(iii) shall have terms which expire si-
multaneously. 
(iii) VACANCIES.—A vacancy in the 
Board shall be filled in the same manner 
as the original appointment was made. Any 
director appointed to fill a vacancy occur-
ring prior to the expiration of the term for 
which the predecessor of the director was 
appointed shall be appointed only for the 
remainder of the term. A director may 
serve after the expiration of the term for 
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which appointed until the successor of the 
director has taken office. 
(E) COMPENSATION.—All matters relating 
to compensation of directors shall be as pro-
vided in the bylaws of the FIPC. 
(4) MEETINGS
OF
BOARD; 
BYLAWS
AND 
RULES.—Subsections (d) and (e) of section 3 of 
SIPA shall apply with respect to the FIPC and the 
Commission in the same way the subsections apply 
with respect to the SIPC and the Securities and Ex-
change Commission. 
(b) FIPC FUND.— 
(1) IN GENERAL.—The FIPC shall establish, 
and make deposits into and payments from, an 
‘‘FIPC fund’’ (in this Act referred to as the ‘‘fund’’) 
in the same manner in which the SIPC has estab-
lished, and is authorized to make deposits into and 
payments from, the SIPC fund. 
(2) ASSESSMENTS.—The FIPC shall impose on 
its members assessments subject to the same rules 
that apply to the imposition by the SIPC of assess-
ments on the members of the SIPC. 
(c) OTHER PROVISIONS.—Sections 5 through 16 of 
the SIPA shall apply with respect to the FIPC and the 
members, directors, officers, and employees of the FIPC, 
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the Commission, the FIPC fund, futures commission mer-
chants and their affiliates, futures contracts, futures 
transactions, customers, and debtors in the same way the 
sections apply with respect to the SIPC and the members, 
directors, officers, and employees of the SIPC, the Securi-
ties and Exchange Commission, the SIPC fund, persons 
registered as brokers or dealers (as defined in section 
16(12) of the SIPA) and their affiliates, securities, securi-
ties transactions, customers (as defined in section 16(2) 
of the SIPA), and debtors (as defined in section 16(5) of 
the SIPA), respectively. 
(d) DEFINITIONS.—In this section: 
(1) COMMISSION.—The term ‘‘Commission’’ 
means the Commodity Futures Trading Commission. 
(2) CONTRACT MARKET.—The term ‘‘contract 
market’’ means a board of trade designated as a 
contract market under the Commodity Exchange 
Act. 
(3) FUTURES CONTRACT.—The term ‘‘futures 
contract’’ means a contract of sale of a commodity 
for future delivery, within the meaning of the Com-
modity Exchange Act. 
(4) FUTURES
COMMISSION
MERCHANT.—The 
term ‘‘futures commission merchant’’ has the mean-
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