Source: https://www.law.cornell.edu/uscode/text/7/1b
Timestamp: 2018-05-20 14:11:46
Document Index: 765708380

Matched Legal Cases: ['§ 1', '§ 1', '§ 1', '§\u202f1', '§\u202f1', '§\u202f722']

7 U.S. Code § 1b - Requirements of Secretary of the Treasury regarding exemption of foreign exchange swaps and foreign exchange forwards from definition of the term “swap” | US Law | LII / Legal Information Institute
U.S. Code › Title 7 › Chapter 1 › § 1b
7 U.S. Code § 1b - Requirements of Secretary of the Treasury regarding exemption of foreign exchange swaps and foreign exchange forwards from definition of the term “swap”
§ 1b.
Requirements of Secretary of the Treasury regarding exemption of foreign exchange swaps and foreign exchange forwards from definition of the term “swap”
(a) Required considerationsIn determining whether to exempt foreign exchange swaps and foreign exchange forwards from the definition of the term “swap”, the Secretary of the Treasury (referred to in this section as the “Secretary”) shall consider—
whether foreign exchange swaps and foreign exchange forwards are already subject to a regulatory scheme that is materially comparable to that established by this chapter for other classes of swaps;
(b) DeterminationIf the Secretary makes a determination to exempt foreign exchange swaps and foreign exchange forwards from the definition of the term “swap”, the Secretary shall submit to the appropriate committees of Congress a determination that contains—
an explanation regarding why foreign exchange swaps and foreign exchange forwards are qualitatively different from other classes of swaps in a way that would make the foreign exchange swaps and foreign exchange forwards ill-suited for regulation as swaps; and
an identification of the objective differences of foreign exchange swaps and foreign exchange forwards with respect to standard swaps that warrant an exempted status.
(c) Effect of determination
A determination by the Secretary under subsection (b) shall not exempt any foreign exchange swaps and foreign exchange forwards traded on a designated contract market or swap execution facility from any applicable antifraud and antimanipulation provision under this chapter.[1]
(Sept. 21, 1922, ch. 369, § 1b, as added Pub. L. 111–203, title VII, § 722(h), July 21, 2010, 124 Stat. 1674.)
This chapter, referred to in subsec. (c), was in the original “this title”, and was translated as reading “this Act”, meaning act Sept. 21, 1922, ch. 369, 42 Stat. 998, which is classified generally to this chapter, to reflect the probable intent of Congress, because act Sept. 21, 1922, does not contain titles.