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PUBLIC LAW 111–203—JULY 21, 2010 124 STAT. 1609

(E) in paragraph (3), as so redesignated— (i) by inserting ‘‘or other debt obligations’’ after ‘‘securities’’; and (ii) by striking ‘‘or guarantee’’ and all that follows through ‘‘behalf of,’’ and inserting ‘‘guarantee, accept- ance, or letter of credit issued on behalf of, or credit exposure from a securities borrowing or lending trans- action, or derivative transaction to,’’; (3) in subsection (d)(4), in the matter preceding subpara- graph (A), by striking ‘‘or issuing’’ and all that follows through ‘‘behalf of,’’ and inserting ‘‘issuing a guarantee, acceptance, or letter of credit on behalf of, or having credit exposure resulting from a securities borrowing or lending transaction, or derivative transaction to,’’; and (4) in subsection (f)— (A) in paragraph (2)— (i) by striking ‘‘or order’’; (ii) by striking ‘‘if it finds’’ and all that follows through the end of the paragraph and inserting the following: ‘‘if— ‘‘(i) the Board finds the exemption to be in the Notification. public interest and consistent with the purposes of this section, and notifies the Federal Deposit Insurance Corporation of such finding; and ‘‘(ii) before the end of the 60-day period beginning Time period. on the date on which the Federal Deposit Insurance Notice. Corporation receives notice of the finding under clause (i), the Federal Deposit Insurance Corporation does not object, in writing, to the finding, based on a deter- mination that the exemption presents an unacceptable risk to the Deposit Insurance Fund.’’; (iii) by striking the Board and inserting the fol- lowing: ‘‘(A) IN GENERAL.—The Board’’; and (iv) by adding at the end the following: ‘‘(B) ADDITIONAL EXEMPTIONS.— ‘‘(i) NATIONAL BANKS.—The Comptroller of the Cur- rency may, by order, exempt a transaction of a national bank from the requirements of this section if— ‘‘(I) the Board and the Office of the Comp- Notification. troller of the Currency jointly find the exemption to be in the public interest and consistent with the purposes of this section and notify the Federal Deposit Insurance Corporation of such finding; and ‘‘(II) before the end of the 60-day period begin- Time period. ning on the date on which the Federal Deposit Notice. Insurance Corporation receives notice of the finding under subclause (I), the Federal Deposit Insurance Corporation does not object, in writing, to the finding, based on a determination that the exemption presents an unacceptable risk to the Deposit Insurance Fund. ‘‘(ii) STATE BANKS.—The Federal Deposit Insurance Corporation may, by order, exempt a transaction of LAWS a State nonmember bank, and the Board may, by order, exempt a transaction of a State member bank, from the requirements of this section if—PUBLIC with on anorris VerDate Nov 24 2008 12:15 Aug 04, 2010 Jkt 089139 PO 00203 Frm 00235 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 APPS06 PsN: PUBL203