15 USC 8302 - Review of regulatory authority

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

§ 8302.

Review of regulatory authority

(a)

Consultation

(1)

Commodity Futures Trading Commission

(2)

Securities and Exchange Commission

(3)

Procedures and deadline

(4)

Applicability

The requirements of paragraphs (1) and (2) shall not apply to an order issued—

(A)

in connection with or arising from a violation or potential violation of any provision of the Commodity Exchange Act (7 U.S.C. 1 et seq.);

(B)

in connection with or arising from a violation or potential violation of any provision of the securities laws; or

(C)

in any proceeding that is conducted on the record in accordance with sections 556 and 557 of title 5.

(5)

Effect

(6)

Rules; orders

(7)

Treatment of similar products and entities

(A)

In general

(B)

Effect

(8)

Mixed swaps

(b)

Limitation

(1)

Commodity Futures Trading Commission

Nothing in this title,¹ unless specifically provided, confers jurisdiction on the Commodity Futures Trading Commission to issue a rule, regulation, or order providing for oversight or regulation of—

(A)

security-based swaps; or

(B)

with regard to its activities or functions concerning security-based swaps—

(i)

security-based swap dealers;

(ii)

major security-based swap participants;

(iii)

security-based swap data repositories;

(iv)

associated persons of a security-based swap dealer or major security-based swap participant;

(v)

eligible contract participants with respect to security-based swaps; or

(vi)

swap execution facilities with respect to security-based swaps.

(2)

Securities and Exchange Commission

Nothing in this title,¹ unless specifically provided, confers jurisdiction on the Securities and Exchange Commission or State securities regulators to issue a rule, regulation, or order providing for oversight or regulation of—

(A)

swaps; or

(B)

with regard to its activities or functions concerning swaps—

(i)

swap dealers;

(ii)

major swap participants;

(iii)

swap data repositories;

(iv)

persons associated with a swap dealer or major swap participant;

(v)

eligible contract participants with respect to swaps; or

(vi)

swap execution facilities with respect to swaps.

(3)

Prohibition on certain futures associations and national securities associations

(A)

Futures associations

(B)

National securities associations

(c)

Objection to Commission regulation

(1)

Filing of petition for review

(A)

In general

(B)

Expedited proceeding

(2)

Transmittal of petition and record

(A)

In general

(B)

Duty of responding Commission

On receipt of the copy of a petition described in paragraph (1), the responding Commission shall file with the United States Court of Appeals for the District of Columbia Circuit—

(i)

a copy of the rule, regulation, or order under review (including any documents referred to therein); and

(ii)

any other materials prescribed by the United States Court of Appeals for the District of Columbia Circuit.

(3)

Standard of review

The United States Court of Appeals for the District of Columbia Circuit shall—

(A)

give deference to the views of neither Commission; and

(B)

determine to affirm or set aside a rule, regulation, or order of the responding Commission under this subsection, based on the determination of the court as to whether the rule, regulation, or order is in conflict with subsection (a)(7) or (b), as applicable.

(4)

Judicial stay

(d)

Joint rulemaking

(1)

In general

(2)

Authority of the Commissions

(A)

In general

(B)

Trade repository recordkeeping

(C)

Books and records

(D)

Comparable rules

(E)

Tracking uncleared transactions

(F)

Sharing of information

(3)

Financial Stability Oversight Council

In the event that the Commodity Futures Trading Commission and the Securities and Exchange Commission fail to jointly prescribe rules pursuant to paragraph (1) or (2) in a timely manner, at the request of either Commission, the Financial Stability Oversight Council shall resolve the dispute—

(A)

within a reasonable time after receiving the request;

(B)

after consideration of relevant information provided by each Commission; and

(C)

by agreeing with 1 of the Commissions regarding the entirety of the matter or by determining a compromise position.

(4)

Joint interpretation

(e)

Global rulemaking timeframe

(f)

Rules and registration before final effective dates

Beginning on July 21, 2010, and notwithstanding 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 recommendations required by this Act;

(3)

(4)

exempt persons, agreements, contracts, or transactions from provisions of this Act, under the terms contained in this Act,

(Pub. L. 111–203, title VII, § 712, July 21, 2010, 124 Stat. 1641.)

cite as: 15 USC 8302