15 USC 8306 - Determining status of novel derivative products

U.S Code last checked for updates: Nov 22, 2024

§ 8306.

Determining status of novel derivative products

(a)

Process for determining the status of a novel derivative product

(1)

Notice

(A)

In general

(B)

Notification

(2)

Request for determination

(A)

In general

(B)

Request

(C)

Requirement relating to request

(D)

Effect

Nothing in this paragraph shall be construed to prevent—

(i)

the Commodity Futures Trading Commission from requesting that the Securities and Exchange Commission grant an exemption pursuant to section 78mm(a)(1) of this title with respect to a product that is the subject of a filing under paragraph (1); or

(ii)

the Securities and Exchange Commission from requesting that the Commodity Futures Trading Commission grant an exemption pursuant to section 6(c)(1) of title 7 with respect to a product that is the subject of a filing under paragraph (1),

(E)

Withdrawal of request

(3)

Determination

Notwithstanding any other provision of law, no later than 120 days after the date of receipt of a request—

(A)

under subparagraph (A) or (B) of paragraph (2), unless such request has been withdrawn pursuant to paragraph (2)(E), the Securities and Exchange Commission or the Commodity Futures Trading Commission, as applicable, shall, by order, issue the determination requested in subparagraph (A) or (B) of paragraph (2), as applicable, and the reasons therefor; or

(B)

under paragraph (2)(D), unless such request has been withdrawn, the Securities and Exchange Commission or the Commodity Futures Trading Commission, as applicable, shall grant an exemption or provide reasons for not granting such exemption, provided that any decision by the Securities and Exchange Commission not to grant such exemption shall not be reviewable under section 78y of this title.

(b)

Judicial resolution

(1)

In general

(2)

Transmittal of petition and record

(3)

Standard of review

(4)

Judicial stay

(Pub. L. 111–203, title VII, § 718, July 21, 2010, 124 Stat. 1652.)

cite as: 15 USC 8306