§ 4422. — Multilateral clearing organizations.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC4422]
TITLE 12--BANKS AND BANKING
CHAPTER 45--PAYMENT SYSTEM RISK REDUCTION
SUBCHAPTER II--MULTILATERAL CLEARING ORGANIZATIONS
Sec. 4422. Multilateral clearing organizations
(a) In general
Except with respect to clearing organizations described in
subsection (b) of this section, no person may operate a multilateral
clearing organization for over-the-counter derivative instruments, or
otherwise engage in activities that constitute such a multilateral
clearing organization unless the person is a national bank, a State
member bank, an insured State nonmember bank, an affiliate of a national
bank, a State member bank, or an insured State nonmember bank, or a
corporation chartered under section 25A of the Federal Reserve Act [12
U.S.C. 611 et seq.].
(b) Clearing organizations
Subsection (a) of this section shall not apply to any clearing
organization that--
(1) is registered as a clearing agency under the Securities
Exchange Act of 1934 [15 U.S.C. 78a et seq.];
(2) is registered as a derivatives clearing organization under
the Commodity Exchange Act [7 U.S.C. 1 et seq.]; or
(3) is supervised by a foreign financial regulator that the
Comptroller of the Currency, the Board of Governors of the Federal
Reserve System, the Federal Deposit Insurance Corporation, the
Securities and Exchange Commission, or the Commodity Futures Trading
Commission, as applicable, has determined satisfies appropriate
standards.
(Pub. L. 102-242, title IV, Sec. 409, as added Pub. L. 106-554,
Sec. 1(a)(5) [title I, Sec. 112(a)(3)], Dec. 21, 2000, 114 Stat. 2763,
2763A-392.)
References in Text
Section 25A of the Federal Reserve Act, referred to in subsec. (a),
popularly known as the Edge Act, is classified to subchapter II
(Sec. 611 et seq.) of chapter 6 of this title. For complete
classification of this Act to the Code, see Short Title note set out
under section 611 of this title and Tables.
The Securities Exchange Act of 1934, referred to in subsec. (b)(1),
is act June 6, 1934, ch. 404, 48 Stat. 881, as amended, which is
classified principally to chapter 2B (Sec. 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.
The Commodity Exchange Act, referred to in subsec. (b)(2), is act
Sept. 21, 1922, ch. 369, 42 Stat. 998, as amended, which is classified
generally to chapter 1 (Sec. 1 et seq.) of Title 7, Agriculture. For
complete classification of this Act to the Code, see section 1 of Title
7 and Tables.
Section Referred to in Other Sections
This section is referred to in section 339a of this title; title 11
sections 101, 103, 109, 781.
