Page:United States Statutes at Large Volume 114 Part 5.djvu/439

 PUBLIC LAW 106-554—APPENDIX E 114 STAT. 2763A-399 an order concerning whether a rule or practice of the applicant is the least anticompetitive means of achieving the objectives, purposes, and policies of this Act. "(d) EXISTING DERIVATIVES CLEARING ORGANIZATIONS.— A derivatives clearing organization shall be deemed to be registered under this section to the extent that the derivatives clearing organization clears agreements, contracts, or transactions for a board of trade that has been designated by the Commission as a contract market for such agreements, contracts, or transactions before the date of the enactment of this section. "(e) APPOINTMENT OF TRUSTEE.— "(1) IN GENERAL.— If a proceeding under section 5e results in the suspension or revocation of the registration of a derivatives clearing organization, or if a derivatives clearing organization withdraws from registration, the Commission, on notice to the derivatives clearing organization, may apply to the appropriate United States district court where the derivatives clearing organization is located for the appointment of a trustee. "(2) ASSUMPTION OF JURISDICTION.— I f the Commission applies for appointment of a trustee under paragraph (1)— "(A) the court may take exclusive jurisdiction over the derivatives clearing organization and the records and assets of the derivatives clearing orgsmization, wherever located; and "(B) if the court takes jurisdiction under subparagraph (A), the court shall appoint the Commission, or a person designated by the Commission, as trustee with power to take possession and continue to operate or terminate the operations of the derivatives clearing organization in an orderly manner for the protection of participants, subject to such terms and conditions as the court may prescribe. "(f) LINKING OF REGULATED CLEARING FACILITIES.— "(1) IN GENERAL. —The Commission shall facilitate the linking or coordination of derivatives clearing organizations registered under this Act with other regulated clearance facilities for the coordinated settlement of cleared transactions. "(2) COORDINATION.— In carrying out paragraph (1), the Commission shall coordinate with the Federal banking agencies and the Securities and Exchange Commission.". SEC. 113. COMMON PROVISIONS APPLICABLE TO REGISTERED ENTI- TIES. The Commodity Exchange Act (7 U.S.C. 1 et seq.) is amended by inserting after section 5b (as added by section 112(f)) the following: "SEC. 5c. COMMON PROVISIONS APPLICABLE TO REGISTERED ENTI- TIES. " (a) ACCEPTABLE BUSINESS PRACTICES UNDER CORE PRIN- CIPLES.— "(1) IN GENERAL.—Consistent with the purposes of this Act, the Commission may issue interpretations, or approve interpretations submitted to the Commission, of sections 5(d), 5a(d), and 5b(d)(2) to describe what would constitute an acceptable business practice under such sections. "(2) EFFECT OF INTERPRETATION.— An interpretation issued under paragraph (1) shall not provide the exclusive means for complying with such sections.

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