Page:United States Statutes at Large Volume 124.djvu/1677

 124 STAT. 1651 PUBLIC LAW 111–203—JULY 21, 2010 (5) Systems for controlling the swaps entity’s participation or entry into in new markets and products. (l) AUTHORITY OF THE FINANCIAL STABILITY OVERSIGHT COUNCIL.—The Financial Stability Oversight Council may deter- mine that, when other provisions established by this Act are insuffi- cient to effectively mitigate systemic risk and protect taxpayers, that swaps entities may no longer access Federal assistance with respect to any swap, security-based swap, or other activity of the swaps entity. Any such determination by the Financial Stability Oversight Council of a prohibition of federal assistance shall be made on an institution-by-institution basis, and shall require the vote of not fewer than two-thirds of the members of the Financial Stability Oversight Council, which must include the vote by the Chairman of the Council, the Chairman of the Board of Governors of the Federal Reserve System, and the Chairperson of the Federal Deposit Insurance Corporation. Notice and hearing requirements for such determinations shall be consistent with the standards provided in title I. (m) BAN ON PROPRIETARY TRADING IN DERIVATIVES.—An insured depository institution shall comply with the prohibition on proprietary trading in derivatives as required by section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. SEC. 717. NEW PRODUCT APPROVAL CFTC —SEC PROCESS. (a) AMENDMENTS TO THE COMMODITY EXCHANGE ACT.—Section 2(a)(1)(C) of the Commodity Exchange Act (7 U.S.C. 2(a)(1)(C)) is amended— (1) in clause (i) by striking ‘‘This’’ and inserting ‘‘(I) Except as provided in subclause (II), this’’; and (2) by adding at the end of clause (i) the following: ‘‘(II) This Act shall apply to and the Commis- sion shall have jurisdiction with respect to accounts, agreements, and transactions involving, and may permit the listing for trading pursuant to section 5c(c) of, a put, call, or other option on 1 or more securities (as defined in section 2(a)(1) of the Securities Act of 1933 or section 3(a)(10) of the Securities Exchange Act of 1934 on the date of enactment of the Futures Trading Act of 1982), including any group or index of such securi- ties, or any interest therein or based on the value thereof, that is exempted by the Securities and Exchange Commission pursuant to section 36(a)(1) of the Securities Exchange Act of 1934 with the condition that the Commission exercise concurrent jurisdiction over such put, call, or other option; provided, however, that nothing in this paragraph shall be construed to affect the jurisdiction and authority of the Securities and Exchange Commis- sion over such put, call, or other option.’’. (b) AMENDMENTS TO THE SECURITIES EXCHANGE ACT OF 1934.— The Securities Exchange Act of 1934 is amended by adding the following section after section 3A (15 U.S.C. 78c–1): ‘‘SEC. 3B. SECURITIES-RELATED DERIVATIVES. ‘‘(a) Any agreement, contract, or transaction (or class thereof) that is exempted by the Commodity Futures Trading Commission 15 USC 78c–2.