Page:United States Statutes at Large Volume 124.djvu/1515

 124 STAT. 1489 PUBLIC LAW 111–203—JULY 21, 2010 (G) CERTAIN OBLIGATIONS TO CLEARING ORGANIZA- TIONS.—In the event that the Corporation has been appointed as receiver for a covered financial company which is a party to any qualified financial contract cleared by or subject to the rules of a clearing organization (as defined in paragraph (9)(D)), the receiver shall use its best efforts to meet all margin, collateral, and settlement obligations of the covered financial company that arise under qualified financial contracts (other than any margin, collateral, or settlement obligation that is not enforceable against the receiver under paragraph (8)(F)(i) or paragraph (10)(B)), as required by the rules of the clearing organization when due. Notwithstanding any other provision of this title, if the receiver fails to satisfy any such margin, collateral, or settlement obligations under the rules of the clearing organization, the clearing organization shall have the immediate right to exercise, and shall not be stayed from exercising, all of its rights and remedies under its rules and applicable law with respect to any qualified financial contract of the covered financial company, including, with- out limitation, the right to liquidate all positions and collat- eral of such covered financial company under the company’s qualified financial contracts, and suspend or cease to act for such covered financial company, all in accordance with the rules of the clearing organization. (H) RECORDKEEPING.— (i) JOINT RULEMAKING.—The Federal primary financial regulatory agencies shall jointly prescribe regulations requiring that financial companies main- tain such records with respect to qualified financial contracts (including market valuations) that the Fed- eral primary financial regulatory agencies determine to be necessary or appropriate in order to assist the Corporation as receiver for a covered financial company in being able to exercise its rights and fulfill its obliga- tions under this paragraph or paragraph (9) or (10). (ii) TIME FRAME.—The Federal primary financial regulatory agencies shall prescribe joint final or interim final regulations not later than 24 months after the date of enactment of this Act. (iii) BACK-UP RULEMAKING AUTHORITY.—If the Fed- eral primary financial regulatory agencies do not pre- scribe joint final or interim final regulations within the time frame in clause (ii), the Chairperson of the Council shall prescribe, in consultation with the Cor- poration, the regulations required by clause (i). (iv) CATEGORIZATION AND TIERING.—The joint regu- lations prescribed under clause (i) shall, as appropriate, differentiate among financial companies by taking into consideration their size, risk, complexity, leverage, fre- quency and dollar amount of qualified financial con- tracts, interconnectedness to the financial system, and any other factors deemed appropriate. (9) TRANSFER OF QUALIFIED FINANCIAL CONTRACTS.— (A) IN GENERAL.—In making any transfer of assets or liabilities of a covered financial company in default,