Page:United States Statutes at Large Volume 113 Part 2.djvu/372

 113 STAT. 1392 PUBLIC LAW 106-102—NOV. 12, 1999 "(i) RULEMAKING TO EXTEND REQUIREMENTS TO NEW HYBRID PRODUCTS.— "(1) CONSULTATION.— Prior to commencing a rulemaking under this subsection, the Commission shall consult with and seek the concurrence of the Board concerning the imposition of broker or dealer registration requirements with respect to any new hybrid product. In developing and promulgating rules under this subsection, the Commission shall consider the views of the Board, including views with respect to the nature of the new hybrid product; the history, purpose, extent, and appropriateness of the regulation of the new product under the Federal banking laws; and the impact of the proposed rule on the banking industry. "(2) LIMITATION.— The Commission shall not— "(A) require a bank to register as a broker or dealer under this section because the hank engages in any transaction in, or buys or sells, a new hybrid product; or "(B) bring an action against a bank for a failure to comply with a requirement described in subparagraph (A), unless the Commission has imposed such requirement by rule or regulation issued in accordance with this section. "(3) CRITERIA FOR RULEMAKING.—The Commission shall not impose a requirement under paragraph (2) of this subsection with respect to any new hybrid product unless the Commission determines that— "(A) the new hybrid product is a security; and "(B) imposing such requirement is necessary and appropriate in the public interest and for the protection of investors. "(4) CONSIDERATIONS. —In making a determination under paragraph (3), the Commission shall consider— "(A) the nature of the new hybrid product; and "(B) the history, purpose, extent, and appropriateness of the regulation of the new hybrid product under the Federal securities laws and under the Federal bemking laws. " (5) OBJECTION TO COMMISSION REGULATION. — "(A) FILING OF PETITION FOR REVIEW.— The Board may obtain review of any final regulation described in paragraph (2) in the United States Court of Appeals for the District of Columbia Circuit by filing in such court, not later than 60 days after the date of publication of the final regulation, a written petition requesting that the regulation be set aside. Any proceeding to challenge any such rule shall be expedited by the Court of Appeals. "(B) TRANSMITTAL OF PETITION AND RECORD. — A copy of a petition described in subparagraph (A) shall be transmitted as soon as possible by the C^lerk of the Court to an officer or employee of the Commission designated for that purpose. Upon receipt of the petition, the Commission shall file with the court the regulation under review and any documents referred to therein, and any other relevant materials prescribed by the court. "(C) EXCLUSIVE JURISDICTION.—On the date of the filing of the petition under subparagraph (A), the court has jurisdiction, which becomes exclusive on the filing of

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