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PUBLIC LAW 111–203—JULY 21, 2010 124 STAT. 1931

‘‘(ii) to a self-regulatory organization, in the case
of an investigation that concerns an audit report for
a broker or dealer that is under the jurisdiction of
such self-regulatory organization;’’.
(j) USE OF DOCUMENTS RELATED TO AN INSPECTION OR INVES-
TIGATION.—Section 105(b)(5)(B)(ii) of the Sarbanes-Oxley Act of
2002 (15 U.S.C. 7215(b)(5)(B)(ii)) is amended—
(1) in subclause (III), by striking ‘‘and’’ at the end;
(2) in subclause (IV), by striking the comma and inserting
‘‘; and’’; and
(3) by inserting after subclause (IV) the following:
‘‘(V) a self-regulatory organization, with
respect to an audit report for a broker or dealer
that is under the jurisdiction of such self-regu-
latory organization,’’.

SEC. 983. PORTFOLIO MARGINING.
(a) ADVANCES.—Section 9(a)(1) of the Securities Investor Protec-
tion Act of 1970 (15 U.S.C. 78fff3(a)(1)) is amended by inserting 15 USC 78fff–3.
‘‘or options on commodity futures contracts’’ after ‘‘claim for securi-
ties’’.
(b) DEFINITIONS.—Section 16 of the Securities Investor Protec-
tion Act of 1970 (15 U.S.C. 78lll) is amended—
(1) by striking paragraph (2) and inserting the following:
‘‘(2) CUSTOMER.—
‘‘(A) IN GENERAL.—The term ‘customer’ of a debtor
means any person (including any person with whom the
debtor deals as principal or agent) who has a claim on
account of securities received, acquired, or held by the
debtor in the ordinary course of its business as a broker
or dealer from or for the securities accounts of such person
for safekeeping, with a view to sale, to cover consummated
sales, pursuant to purchases, as collateral, security, or
for purposes of effecting transfer.
‘‘(B) INCLUDED PERSONS.—The term ‘customer’
includes—
‘‘(i) any person who has deposited cash with the
debtor for the purpose of purchasing securities;
‘‘(ii) any person who has a claim against the debtor
for cash, securities, futures contracts, or options on
futures contracts received, acquired, or held in a port-
folio margining account carried as a securities account
pursuant to a portfolio margining program approved
by the Commission; and
‘‘(iii) any person who has a claim against the debtor
arising out of sales or conversions of such securities.
‘‘(C) EXCLUDED PERSONS.—The term ‘customer’ does
not include any person, to the extent that—
‘‘(i) the claim of such person arises out of trans-
actions with a foreign subsidiary of a member of SIPC;
or
‘‘(ii) such person has a claim for cash or securities
which by contract, agreement, or understanding, or

LAWS by operation of law, is part of the capital of the debtor, or is subordinated to the claims of any or all creditors of the debtor, notwithstanding that some ground existsPUBLIC with on anorris VerDate Nov 24 2008 03:41 Aug 28, 2010 Jkt 089139 PO 00203 Frm 00557 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 GPO1 PsN: PUBL203