Page:United States Statutes at Large Volume 114 Part 5.djvu/497

 PUBLIC LAW 106-554—APPENDIX E 114 STAT. 2763A-457 (1) LIMITATION.— Section 21A of the Securities Exchange Act of 1934 (15 U.S.C. 78u-l) is amended by adding at the end the following new subsection: "(g) The authority of the Commission under this section with respect to security-based swap agreements (as defined in section 206B of the Gramm-Leach-Bliley Act) shall be subject to the restrictions and limitations of section 3A(b) of this title.". SEC. 304. SAVINGS PROVISIONS. Nothing in this Act or the amendments made by this Act shall be construed as finding or implying that any swap agreement is or is not a security for any purpose under the securities laws. Nothing in this Act or the amendments made by this Act shall be construed as finding or implying that any swap agreement is or is not a futures contract or commodity option for any purpose under the Commodity Exchange Act. TITLE IV—REGULATORY RESPONSIBILITY FOR BANK PRODUCTS SEC. 401. SHORT TITLE. This title may be cited as the "Legal Certainty for Bank Products Act of 2000". SEC. 402. DEFINITIONS. (a) BANK.— In this title, the term "bank" means— (1) any depository institution (as defined in section 3(c) of the Federal Deposit Insurance Act); (2) any foreign bank or branch or agency of a foreign bank (each as defined in section 1(b) of the International Banking Act of 1978); (3) any Federal or State credit union (as defined in section 101 of the Federal Credit Union Act); (4) any corporation organized under section 25A of the Federal Reserve Act; (5) any corporation operating under section 25 of the Federal Reserve Act; (6) any trust compeiny; or (7) any subsidiary of any entity described in paragraph (1) through (6) of this subsection, if the subsidiary is regulated as if the subsidiary were part of the entity and is not a broker or dealer (as such terms are defined in section 3 of the Securities Exchange Act of 1934) or a futures commission merchant (as defined in section la(20) of the Commodity Exchange Act). (b) IDENTIFIED BANKING PRODUCT. —In this title, the term "identified banking product" shall have the same meaning as in paragraphs (1) through (5) of section 206(a) of the Gramm-Leach- Bliley Act, except that in applying such section for purposes of this title— (1) the term "bank" shall have the meaning given in subsection (a) of this section; and (2) the term "qualified investor" means eligible contract participant (as defined in section la(12) of the Commodity Exchange Act, as in effect on the date of the enactment of the Commodity Futures Modernization Act of 2000).

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