Page 428 — Public Law 111-203 including PTFA amendments

124 STAT. 1802 PUBLIC LAW 111–203—JULY 21, 2010

Futures Trading Commission has under the Wall Street Trans-
parency and Accountability Act of 2010 with respect to swaps,
including under section 4(c) of the Commodity Exchange Act.’’.
(b) RULE OF CONSTRUCTION.—Section 30 of the Securities
Exchange Act of 1934 (15 U.S.C. 78dd) is amended by adding
at the end the following:
‘‘(c) RULE OF CONSTRUCTION.—No provision of this title that
was added by the Wall Street Transparency and Accountability
Act of 2010, or any rule or regulation thereunder, shall apply
to any person insofar as such person transacts a business in secu-
rity-based swaps without the jurisdiction of the United States,
unless such person transacts such business in contravention of
such rules and regulations as the Commission may prescribe as
necessary or appropriate to prevent the evasion of any provision
of this title that was added by the Wall Street Transparency and
Accountability Act of 2010. This subsection shall not be construed
to limit the jurisdiction of the Commission under any provision
of this title, as in effect prior to the date of enactment of the
Wall Street Transparency and Accountability Act of 2010.’’.

SEC. 773. CIVIL PENALTIES.
15 USC 78u–2. Section 21B of the Securities Exchange Act of 1934 (15 U.S.C.
78p-2) is amended by adding at the end the following:
‘‘(f) SECURITY-BASED SWAPS.—
‘‘(1) CLEARING AGENCY.—Any clearing agency that know-
ingly or recklessly evades or participates in or facilitates an
evasion of the requirements of section 3C shall be liable for
a civil money penalty in twice the amount otherwise available
for a violation of section 3C.
‘‘(2) SECURITY-BASED SWAP DEALER OR MAJOR SECURITY-
BASED SWAP PARTICIPANT.—Any security-based swap dealer or
major security-based swap participant that knowingly or reck-
lessly evades or participates in or facilitates an evasion of
the requirements of section 3C shall be liable for a civil money
penalty in twice the amount otherwise available for a violation
of section 3C.’’.

15 USC 77b note. SEC. 774. EFFECTIVE DATE.
Unless otherwise provided, the provisions of this subtitle shall
take effect on the later of 360 days after the date of the enactment
of this subtitle or, to the extent a provision of this subtitle requires
a rulemaking, not less than 60 days after publication of the final
rule or regulation implementing such provision of this subtitle.

Payment, TITLE VIII—PAYMENT, CLEARING, AND
Clearing, and
Settlement SETTLEMENT SUPERVISION
Supervision Act
of 2010.
12 USC 5301 SEC. 801. SHORT TITLE.
note.
This title may be cited as the ‘‘Payment, Clearing, and Settle-
ment Supervision Act of 2010’’.

12 USC 5461. SEC. 802. FINDINGS AND PURPOSES.

LAWS (a) FINDINGS.—Congress finds the following: (1) The proper functioning of the financial markets is dependent upon safe and efficient arrangements for the clearingPUBLIC with on anorris VerDate Nov 24 2008 00:49 Aug 26, 2010 Jkt 089139 PO 00203 Frm 00428 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 GPO1 PsN: PUBL203