Page:United States Statutes at Large Volume 100 Part 4.djvu/488

 100 STAT. 3224

12 USC 461. 12 USC 3101 ^ote.

PUBLIC LAW 99-571—OCT. 28, 1986

whether its rules and standards adequately meet the purposes of regulations to be promulgated under this section, and if the Secretary so determines, shall exempt any depository institution subject to such rules or standards from the regulations promulgated under this section. "(e) As used in this subsection— "(1) 'depository institution' has the meaning stated in clauses (i) through (vi) of subparagraph 19(b)(1)(A) of the Federal Reserve Act and also includes a foreign bank, an agency or branch of a foreign bank, and a commercial lending company owned or controlled by a foreign bank (as such terms are defined in the International Banking Act of 1978). "(2) 'government securities broker' has the meaning prescribed in section 3(a)(43) of the Securities Exchange Act of 1934. "(3) 'government securities dealer' has the meaning prescribed in section 3(a)(44) of the Securities Exchange Act of 1934. "(4) 'appropriate regulatory agency' has the meaning prescribed in section 3(a)(34)(G) of the Securities Exchange Act of 1934."; and (2) by adding at the end of the chapter analysis the following: "9110. Standards for depository institutions holding securities of a Governmentsponsored corporation for customers.".

TITLE III—TRANSITIONAL AND SAVINGS PROVISIONS SEC. 301. TRANSITIONAL AND SAVINGS PROVISIONS.

15 USC 78o-5 note. ,:

(a) EFFECT ON PENDING ADMINISTRATIVE PROCEEDINGS.—The provisions of this Act shall not affect any proceedings pending on the effective date of this Act. (b) EFFECT ON PENDING JUDICIAL PROCEEDINGS.—The provisions of this Act shall not affect suits commenced prior to the effective date of this Act, and in all such suits, proceedings shall be had, appeals taken, and judgments rendered in the same manner and effect as if this Act had not been enacted. (c) DISCRETION OF THE FEDERAL RESERVE BANK OF N E W YORK.—

Nothing in this Act shall be construed to limit or impair the discretion or authority of the Federal Reserve Bank of New York to require reports or establish terms and conditions in connection with the Bank's relationship with any government securities broker or government securities dealer, including a primary dealer. (d) JURISDICTION OF THE COMMODITY FUTURES TRADING COMMIS-

7 USC 1.

SION.—Nothing in this Act affects the jurisdiction of the Commodity Futures Trading Commission as set forth in the Commodity Exchange Act over trading of commodity futures contracts and options on such contracts involving government securities. _,.. TITLE IV—EFFECTIVE DATES SEC. 401. GENERAL EFFECTIVE DATES.

15 USC 78o-5 note.

Except as provided in section 402, this Act and the amendments made by this Act shall take effect 270 days after the date of enactment of this Act. SEC. 402. EFFECTIVE DATE AND REQUIREMENTS FOR REGULATIONS.

15 USC 78o-5 note.

Notwithstanding section 401, the Secretary of the Treasury and each appropriate regulatory agency shall, within 120 days after the

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