7 USC 24 - Customer property with respect to commodity broker debtors; definitions

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

§ 24.

Customer property with respect to commodity broker debtors; definitions

(a)

Regulations respecting commodity broker debtors

Notwithstanding title 11, the Commission may provide, with respect to a commodity broker that is a debtor under chapter 7 of title 11, by rule or regulation—

(1)

that certain cash, securities, other property, or commodity contracts are to be included in or excluded from customer property or member property;

(2)

that certain cash, securities, other property, or commodity contracts are to be specifically identifiable to a particular customer in a specific capacity;

(3)

the method by which the business of such commodity broker is to be conducted or liquidated after the date of the filing of the petition under such chapter, including the payment and allocation of margin with respect to commodity contracts not specifically identifiable to a particular customer pending their orderly liquidation;

(4)

any persons to which customer property and commodity contracts may be transferred under section 766 of title 11; and

(5)

how the net equity of a customer is to be determined.

(b)

Definitions

(c)

Portfolio margining accounts

(Sept. 21, 1922, ch. 369, § 20, formerly § 19, as added Pub. L. 95–598, title III, § 302, Nov. 6, 1978, 92 Stat. 2673; renumbered and amended Pub. L. 97–222, § 20, July 27, 1982, 96 Stat. 241; Pub. L. 111–203, title VII, § 713(c), July 21, 2010, 124 Stat. 1647.)

cite as: 7 USC 24