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if this title requires the Commodity Futures Trading Commis- sion and the Securities and Exchange Commission to issue joint regulations to implement the provision. Deadline. (e) GLOBAL RULEMAKING TIMEFRAME.—Unless otherwise pro- vided in this title, or an amendment made by this title, the Com- modity Futures Trading Commission or the Securities and Exchange Commission, or both, shall individually, and not jointly, promulgate rules and regulations required of each Commission under this title or an amendment made by this title not later than 360 days after the date of enactment of this Act. (f) RULES AND REGISTRATION BEFORE FINAL EFFECTIVE DATES.—Beginning on the date of enactment of this Act and not- withstanding the effective date of any provision of this Act, the Commodity Futures Trading Commission and the Securities and Exchange Commission may, in order to prepare for the effective dates of the provisions of this Act— (1) promulgate rules, regulations, or orders permitted or required by this Act; (2) conduct studies and prepare reports and recommenda- tions required by this Act; (3) register persons under the provisions of this Act; and (4) exempt persons, agreements, contracts, or transactions from provisions of this Act, under the terms contained in this Act, provided, however, that no action by the Commodity Futures Trading Commission or the Securities and Exchange Commission described in paragraphs (1) through (4) shall become effective prior to the effective date applicable to such action under the provisions of this Act.

SEC. 713. PORTFOLIO MARGINING CONFORMING CHANGES.
(a) SECURITIES EXCHANGE ACT OF 1934.—Section 15(c)(3) of
the Securities Exchange Act of 1934 (15 U.S.C. 78o(c)(3)) is amended
by adding at the end the following:
‘‘(C) Notwithstanding any provision of sections
2(a)(1)(C)(i) or 4d(a)(2) of the Commodity Exchange Act
and the rules and regulations thereunder, and pursuant
to an exemption granted by the Commission under section
36 of this title or pursuant to a rule or regulation, cash
and securities may be held by a broker or dealer registered
pursuant to subsection (b)(1) and also registered as a
futures commission merchant pursuant to section 4f(a)(1)
of the Commodity Exchange Act, in a portfolio margining
account carried as a futures account subject to section
4d of the Commodity Exchange Act and the rules and
regulations thereunder, pursuant to a portfolio margining
program approved by the Commodity Futures Trading
Commission, and subject to subchapter IV of chapter 7
of title 11 of the United States Code and the rules and
Consultation. regulations thereunder. The Commission shall consult with
the Commodity Futures Trading Commission to adopt rules
to ensure that such transactions and accounts are subject
to comparable requirements to the extent practicable for
similar products.’’.

LAWS (b) COMMODITY EXCHANGE ACT.—Section 4d of the Commodity Exchange Act (7 U.S.C. 6d) is amended by adding at the end the following:PUBLIC with on anorris VerDate Nov 24 2008 12:15 Aug 04, 2010 Jkt 089139 PO 00203 Frm 00272 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 APPS06 PsN: PUBL203