Page:United States Statutes at Large Volume 114 Part 5.djvu/436

 114 STAT. 2763A-396 PUBLIC LAW 106-554—APPENDIX E (C) Section 761(8) of title 11, United States Code, is amended to read as follows: "(8) 'contract of sale', 'commodity', 'derivatives clearing organization', 'future delivery', 'board of trade', 'registered entity', and 'futures commission merchant' have the meanings assigned to those terms in the Act;". (d) CLERICAL AMENDMENT.—The table of sections for chapter 7 of title 11, United States Code, is amended by adding at the end the following new items: " SUBCHAPTER V—CLEARING BANK LIQUIDATION "Sec. "781. Definitions. "782. Selection of trustee. "783. Additional powers of trustee. "784. Right to be heard.". (e) RESOLUTION OF EDGE ACT CORPORATIONS.—The 16th undesignated paragraph of section 25A of the Federal Reserve Act (12 U.S.C. 624) is amended to read as follows: " (16) APPOINTMENT OF RECEIVER OR CONSERVATOR. — "(A) IN GENERAL.—The Board may appoint a conservator or receiver for a corporation organized under the provisions of this section to the same extent and in the same manner as the Comptroller of the Currency may appoint a conservator or receiver for a national bank, and the conservator or receiver for such corporation shall exercise the same powers, functions, and duties, subject to the same limitations, as a conservator or receiver for a national bank. "(B) EQUIVALENT AUTHORITY. —The Board shall have the same authority with respect to any conservator or receiver appointed for a corporation organized under the provisions of this section under this paragraph and any such corporation as the Comptroller of the Currency has with respect to a conservator or receiver of a national bank and the national bank for which a conservator or receiver has been appointed. "(C) TITLE ii PETITIONS.— The Board may direct the conservator or receiver of a corporation organized under the provisions of this section to file a petition pursuant to title 11, United States Code, in which case, title 11, United States Code, shall apply to the corporation in lieu of otherwise applicable Federal or State insolvency law,". (f) DERIVATIVES CLEARING ORGANIZATIONS. — The Commodity Exchange Act (7 U.S.C. 1 et seq.) is amended by inserting after section 5a, as added by section 111 of this Act, the following: "SEC. 5b. DERIVATIVES CLEARING ORGANIZATIONS. "(a) REGISTRATION REQUIREMENT. —It shall be unlawful for a derivatives clearing organization, unless registered with the Commission, directly or indirectly to make use of the mails or any means or instrumentality of interstate commerce to perform the functions of a derivatives clearing organization described in section la(9) of this Act with respect to a contract of sale of a commodity for future delivery (or option on such a contract) or option on a commodity, in each case unless the contract or option—

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