Page:United States Statutes at Large Volume 124.djvu/1695

 124 STAT. 1669 PUBLIC LAW 111–203—JULY 21, 2010 written determination under section 1b that either for- eign exchange swaps or foreign exchange forwards or both— ‘‘(I) should be not be regulated as swaps under this Act; and ‘‘(II) are not structured to evade the Dodd- Frank Wall Street Reform and Consumer Protec- tion Act in violation of any rule promulgated by the Commission pursuant to section 721(c) of that Act. ‘‘(ii) CONGRESSIONAL NOTICE; EFFECTIVENESS.—The Secretary shall submit any written determination under clause (i) to the appropriate committees of Con- gress, including the Committee on Agriculture, Nutri- tion, and Forestry of the Senate and the Committee on Agriculture of the House of Representatives. Any such written determination by the Secretary shall not be effective until it is submitted to the appropriate committees of Congress. ‘‘(iii) REPORTING.—Notwithstanding a written determination by the Secretary under clause (i), all foreign exchange swaps and foreign exchange forwards shall be reported to either a swap data repository, or, if there is no swap data repository that would accept such swaps or forwards, to the Commission pursuant to section 4r within such time period as the Commission may by rule or regulation prescribe. ‘‘(iv) BUSINESS STANDARDS.—Notwithstanding a written determination by the Secretary pursuant to clause (i), any party to a foreign exchange swap or forward that is a swap dealer or major swap participant shall conform to the business conduct standards con- tained in section 4s(h). ‘‘(v) SECRETARY.—For purposes of this subpara- graph, the term ‘Secretary’ means the Secretary of the Treasury. ‘‘(F) EXCEPTION FOR CERTAIN FOREIGN EXCHANGE SWAPS AND FORWARDS.— ‘‘(i) REGISTERED ENTITIES.—Any foreign exchange swap and any foreign exchange forward that is listed and traded on or subject to the rules of a designated contract market or a swap execution facility, or that is cleared by a derivatives clearing organization, shall not be exempt from any provision of this Act or amend- ments made by the Wall Street Transparency and Accountability Act of 2010 prohibiting fraud or manipu- lation. ‘‘(ii) RETAIL TRANSACTIONS.—Nothing in subpara- graph (E) shall affect, or be construed to affect, the applicability of this Act or the jurisdiction of the Commission with respect to agreements, contracts, or transactions in foreign currency pursuant to section 2(c)(2). ‘‘(48) SWAP DATA REPOSITORY.—The term ‘swap data reposi- tory’ means any person that collects and maintains information or records with respect to transactions or positions in, or the terms and conditions of, swaps entered into by third parties