Page:United States Statutes at Large Volume 122.djvu/2213

 12 2 STA T . 21 90PUBLIC LA W 110 – 2 46—J U NE 1 8, 2008 17(h)oft h eS e curi tie sEx ch ang e A ctof1 934 (1 5U. S. C .7 8 o – 5( b ), 78 q (h)) ‘(cc)(AA) a futures co m mission merchant that is p rimari ly or substantially engage d in the business acti v ities described in section 1a( 20 ) of this Act, is registered under this Act, is not a person described in item (bb) of this subclause, and maintains ad j usted net capital equal to or in excess of the dollar amount that applies for purposes of clause (ii) of this subparagraph; or ‘‘( B B) an affiliated person of a futures commission merchant that is primarily or substantially engaged in the business activi - ties described in section 1a(20) of this Act, is registered under this Act, and is not a per- son described in item (bb) of this subclause, if the affiliated person maintains adjusted net capital equal to or in excess of the dollar amount that applies for purposes of clause (ii) of this subparagraph and is not a person described in such item (bb), and the futures commission merchant ma k es and keeps records under section 4f(c)(2)(B) of this Act concerning the futures and other financial activities of the affiliated person; ‘‘(dd) an insurance company described in section 1a(12)(A)(ii) of this Act, or a regulated subsidiary or affiliate of such an insurance company; ‘‘(ee) a financial holding company (as defined in section 2 of the Bank H olding Com- pany Act of 195 6 ); ‘‘(ff) an investment bank holding company (as defined in section 17(i) of the Securities Exchange Act of 1934 (15 U.S.C. 78q(i))); or ‘‘(gg) a retail foreign exchange dealer that maintains adjusted net capital equal to or in excess of the dollar amount that applies for purposes of clause (ii) of this subparagraph and is registered in such capacity w ith the Commission, subject to such terms and condi- tions as the Commission shall prescribe, and is a member of a futures association registered under section 17. ‘‘(ii) T he dollar amount that applies for purposes of this clause is — ‘‘( I ) $ 10,000,000, beginning 120 days after the date of the enactment of this clause; ‘‘(II) $15,000,000, beginning 240 days after such date of enactment; and ‘‘(III) $20,000,000, beginning 360 days after such date of enactment. ‘‘(iii) N otwithstanding items (cc) and (gg) of clause (i)(II) of this subparagraph, agreements, contracts, or transactions described in clause (i) of this subpara- graph shall be subject to subsection (a)(1)(B) of this Ap p licab ili ty.Ef f e cti v e d ate s .

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