Source: http://www.law.cornell.edu/uscode/text/12/4402?qt-us_code_tabs=3
Timestamp: 2014-08-30 17:16:16
Document Index: 536688277

Matched Legal Cases: ['§ 4402', '§ 4402', '§ 4402', '§ 402', '§ 1606', '§ 1', '§ 112', '§ 906', '§ 78', '§ 740', '§ 611', '§ 142', '§ 601', '§ 906', '§ 906', '§ 906', '§ 906', '§ 906', '§ 906', '§ 906', '§ 906', '§ 1', '§ 112', '§ 1', '§ 123', 'art 231']

12 U.S. Code § 4402 - Definitions | LII / Legal Information Institute
U.S. Code › Title 12 › Chapter 45 › Subchapter I › § 4402 12 U.S. Code § 4402 - Definitions
Broker or dealer The term “broker or dealer” means—
to the extent consistent with this title,
as determined by the Board of Governors of the Federal Reserve System, any company that is an affiliate of a company described in subparagraph (A) and that is engaged in the business of entering into netting contracts.
Clearing organization The term “clearing organization” means a clearinghouse, clearing association, clearing corporation, or similar organization—
that provides clearing, netting, or settlement services for its members and—
that is registered as a derivatives clearing organization under section 7a–1 of title 7, that has been granted an exemption under section 6
(c)(1) of title 7, or that is a multilateral clearing organization (as defined in section 4421 [1]
Covered clearing obligation The term “covered clearing obligation” means an obligation of a member of a clearing organization to make payment to another member of a clearing organization, subject to a netting contract.
Covered contractual payment entitlement The term “covered contractual payment entitlement” means—
Covered contractual payment obligation The term “covered contractual payment obligation” means—
Depository institution The term “depository institution” means—
a depository institution as defined in section 19(b)(1)(A) of the Federal Reserve Act [12 U.S.C. 461
(b)(1)(A)] (other than clause (vii));
a corporation chartered under section 25(a) [1]
of the Federal Reserve Act [12 U.S.C. 611 et seq.]; or
Failed financial institution The term “failed financial institution” means a financial institution that—
Failed member The term “failed member” means any member that—
Financial institution The term “financial institution” means a broker or dealer, a depository institution, a futures commission merchant, or any other institution as determined by the Board of Governors of the Federal Reserve System.
Futures commission merchant The term “futures commission merchant” means a company that is registered or licensed under Federal law to engage in the business of selling futures and options in commodities.
Member The term “member” means a member of or participant in a clearing organization, and includes the clearing organization and any other clearing organization with which such clearing organization has a netting contract.
Net entitlement The term “net entitlement” means the amount by which the covered contractual payment entitlements of a financial institution or member exceed the covered contractual payment obligations of the institution or member after netting under a netting contract.
Net obligation The term “net obligation” means the amount by which the covered contractual payment obligations of a financial institution or member exceed the covered contractual payment entitlements of the institution or member after netting under a netting contract.
Netting contract (A)
In general The term “netting contract”—
Invalid contracts not included The term “netting contract” does not include any contract or agreement that is invalid under or precluded by Federal law.
Payment The term “payment” means a payment of United States dollars, another currency, or a composite currency, and a noncash delivery, including a payment or delivery to liquidate an unmatured obligation.
(Pub. L. 102–242, title IV, § 402,Dec. 19, 1991, 105 Stat. 2372; Pub. L. 102–550, title XVI, § 1606(a),Oct. 28, 1992, 106 Stat. 4087; Pub. L. 106–554, § 1(a)(5) [title I, §§ 112(a)(2), 123
(b)], Dec. 21, 2000, 114 Stat. 2763, 2763A–391, 2763A–411; Pub. L. 109–8, title IX, § 906(a),Apr. 20, 2005, 119 Stat. 167.)
The Securities Exchange Act of 1934, referred to in par. (2)(A)(ii), is act June 6, 1934, ch. 404, 48 Stat. 881, which is classified principally to chapter 2B (§ 78a et seq.) of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see section 78a of Title 15 and Tables.
Section 4421 of this title, referred to in par. (2)(B), was repealed by Pub. L. 111–203, title VII, § 740,July 21, 2010, 124 Stat. 1729.
Section 25(a) of the Federal Reserve Act, referred to in par. (6), which is classified to subchapter II (§ 611 et seq.) of chapter 6 of this title, was renumbered section 25A of that act by Pub. L. 102–242, title I, § 142(e)(2),Dec. 19, 1991, 105 Stat. 2281. Section 25 of the Federal Reserve Act is classified to subchapter I (§ 601 et seq.) of chapter 6 of this title.
2005—Par. (2)(A)(ii). Pub. L. 109–8, § 906(a)(1)(A), inserted before semicolon “, or is exempt from such registration by order of the Securities and Exchange Commission”.
Par. (2)(B). Pub. L. 109–8, § 906(a)(1)(B), inserted before period at end “, that has been granted an exemption under section 6
(c)(1) of title 7, or that is a multilateral clearing organization (as defined in section 4421 of this title)”.
Par. (6)(B). Pub. L. 109–8, § 906(a)(2)(B), added subpar. (B). Former subpar. (B) redesignated (C).
Par. (6)(C). Pub. L. 109–8, § 906(a)(2)(A), (C), redesignated subpar. (B) as (C) and amended it generally. Prior to amendment, subpar. (C) read as follows: “a branch or agency as defined in section 1(b) of the International Banking Act of 1978;”. Former subpar. (C) redesignated (D).
Par. (6)(D), (E). Pub. L. 109–8, § 906(a)(2)(A), redesignated subpars. (C) and (D) as (D) and (E), respectively.
Par. (11). Pub. L. 109–8, § 906(a)(3), inserted before period at end “and any other clearing organization with which such clearing organization has a netting contract”.
Par. (14)(A)(i). Pub. L. 109–8, § 906(a)(4), amended cl. (i) generally. Prior to amendment, cl. (i) read as follows: “means a contract or agreement between 2 or more financial institutions or members, that—
Par. (15). Pub. L. 109–8, § 906(a)(5), added par. (15).
2000—Pub. L. 106–554, § 1(a)(5) [title I, § 112(a)(2)], substituted “this subchapter” for “this chapter” in introductory provisions.
Par. (2)(B). Pub. L. 106–554, § 1(a)(5) [title I, § 123(b)], added subpar. (B) and struck out former subpar. (B) which read as follows: “that performs clearing functions for a contract market designated pursuant to the Commodity Exchange Act.”
1992—Par. (14)(B). Pub. L. 102–550substituted “Federal law” for “Federal commodities law”.
This is a list of parts within the Code of Federal Regulations for which this US Code section provides rulemaking authority.This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.12 CFR - Banks and Banking12 CFR Part 231 - NETTING ELIGIBILITY FOR FINANCIAL INSTITUTION (REGULATION EE)