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PUBLIC LAW 111–203—JULY 21, 2010 124 STAT. 1647

‘‘(h) Notwithstanding subsection (a)(2) or the rules and regula- Contracts.
tions thereunder, and pursuant to an exemption granted by the
Commission under section 4(c) of this Act or pursuant to a rule
or regulation, a futures commission merchant that is registered
pursuant to section 4f(a)(1) of this Act and also registered as a
broker or dealer pursuant to section 15(b)(1) of the Securities
Exchange Act of 1934 may, pursuant to a portfolio margining pro-
gram approved by the Securities and Exchange Commission pursu-
ant to section 19(b) of the Securities Exchange Act of 1934, hold
in a portfolio margining account carried as a securities account
subject to section 15(c)(3) of the Securities Exchange Act of 1934
and the rules and regulations thereunder, a contract for the pur-
chase or sale of a commodity for future delivery or an option
on such a contract, and any money, securities or other property
received from a customer to margin, guarantee or secure such
a contract, or accruing to a customer as the result of such a
contract. The Commission shall consult with the Securities and Consultation.
Exchange Commission to adopt rules to ensure that such trans-
actions and accounts are subject to comparable requirements to
the extent practical for similar products.’’.
(c) DUTY OF COMMODITY FUTURES TRADING COMMISSION.—Sec-
tion 20 of the Commodity Exchange Act (7 U.S.C. 24) is amended
by adding at the end the following:
‘‘(c) The Commission shall exercise its authority to ensure that
securities held in a portfolio margining account carried as a futures
account are customer property and the owners of those accounts
are customers for the purposes of subchapter IV of chapter 7 of
title 11 of the United States Code.’’.

SEC. 714. ABUSIVE SWAPS. 15 USC 8303.
The Commodity Futures Trading Commission or the Securities
and Exchange Commission, or both, individually may, by rule or
order—
(1) collect information as may be necessary concerning
the markets for any types of—
(A) swap (as defined in section 1a of the Commodity
Exchange Act (7 U.S.C. 1a)); or
(B) security-based swap (as defined in section 1a of
the Commodity Exchange Act (7 U.S.C. 1a)); and
(2) issue a report with respect to any types of swaps or Reports.
security-based swaps that the Commodity Futures Trading
Commission or the Securities and Exchange Commission deter-
mines to be detrimental to—
(A) the stability of a financial market; or
(B) participants in a financial market.

SEC. 715. AUTHORITY TO PROHIBIT PARTICIPATION IN SWAP ACTIVI- 15 USC 8304.
TIES.
Except as provided in section 4 of the Commodity Exchange
Act (7 U.S.C. 6), if the Commodity Futures Trading Commission
or the Securities and Exchange Commission determines that the
regulation of swaps or security-based swaps markets in a foreign
country undermines the stability of the United States financial
system, either Commission, in consultation with the Secretary of

LAWS the Treasury, may prohibit an entity domiciled in the foreign country from participating in the United States in any swap or security-based swap activities.PUBLIC with on anorris VerDate Nov 24 2008 12:15 Aug 04, 2010 Jkt 089139 PO 00203 Frm 00273 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 APPS06 PsN: PUBL203