Page:United States Statutes at Large Volume 124.djvu/1678

 124 STAT. 1652 PUBLIC LAW 111–203—JULY 21, 2010 pursuant to section 4(c)(1) of the Commodity Exchange Act (7 U.S.C. 6(c)(1)) with the condition that the Commission exercise concurrent jurisdiction over such agreement, contract, or transaction (or class thereof) shall be deemed a security for purposes of the securities laws. ‘‘(b) With respect to any agreement, contract, or transaction (or class thereof) that is exempted by the Commodity Futures Trading Commission pursuant to section 4(c)(1) of the Commodity Exchange Act (7 U.S.C. 6(c)(1)) with the condition that the Commis- sion exercise concurrent jurisdiction over such agreement, contract, or transaction (or class thereof), references in the securities laws to the ‘purchase’ or ‘sale’ of a security shall be deemed to include the execution, termination (prior to its scheduled maturity date), assignment, exchange, or similar transfer or conveyance of, or extin- guishing of rights or obligations under such agreement, contract, or transaction, as the context may require.’’. (c) AMENDMENT TO SECURITIES EXCHANGE ACT OF 1934.—Sec- tion 19(b) of the Securities Exchange Act of 1934 (15 U.S.C. 78s(b)) is amended by adding at the end the following: ‘‘(10) Notwithstanding paragraph (2), the time period within which the Commission is required by order to approve a proposed rule change or institute proceedings to determine whether the proposed rule change should be disapproved is stayed pending a determination by the Commission upon the request of the Commodity Futures Trading Commission or its Chairman that the Commission issue a determination as to whether a product that is the subject of such proposed rule change is a security pursuant to section 718 of the Wall Street Transparency and Accountability Act of 2010.’’. (d) AMENDMENT TO COMMODITY EXCHANGE ACT.—Section 5c(c)(1) of the Commodity Exchange Act (7 U.S.C. 7a–2(c)(1)) is amended— (1) by striking ‘‘Subject to paragraph (2)’’ and inserting the following: ‘‘(A) ELECTION.—Subject to paragraph (2)’’; and (2) by adding at the end the following: ‘‘(B) CERTIFICATION.—The certification of a product pursuant to this paragraph shall be stayed pending a deter- mination by the Commission upon the request of the Securi- ties and Exchange Commission or its Chairman that the Commission issue a determination as to whether the product that is the subject of such certification is a contract of sale of a commodity for future delivery, an option on such a contract, or an option on a commodity pursuant to section 718 of the Wall Street Transparency and Account- ability Act of 2010.’’. SEC. 718. DETERMINING STATUS OF NOVEL DERIVATIVE PRODUCTS. (a) PROCESS FOR DETERMINING THE STATUS OF A NOVEL DERIVA- TIVE PRODUCT.— (1) NOTICE.— (A) IN GENERAL.—Any person filing a proposal to list or trade a novel derivative product that may have elements of both securities and contracts of sale of a commodity for future delivery (or options on such contracts or options on commodities) may concurrently provide notice and fur- nish a copy of such filing with the Securities and Exchange 15 USC 8306.