Page:United States Statutes at Large Volume 124.djvu/1732

 124 STAT. 1706 PUBLIC LAW 111–203—JULY 21, 2010 ‘‘(i) IN GENERAL.—Nothing in this section shall limit, or be construed to limit, the authority— ‘‘(I) of the Commission to set financial respon- sibility rules for a futures commission merchant or introducing broker registered pursuant to sec- tion 4f(a) (except for section 4f(a)(3)) in accordance with section 4f(b); or ‘‘(II) of the Securities and Exchange Commis- sion to set financial responsibility rules for a broker or dealer registered pursuant to section 15(b) of the Securities Exchange Act of 1934 (15 U.S.C. 78o(b)) (except for section 15(b)(11) of that Act (15 U.S.C. 78o(b)(11)) in accordance with sec- tion 15(c)(3) of the Securities Exchange Act of 1934 (15 U.S.C. 78o(c)(3)). ‘‘(ii) FUTURES COMMISSION MERCHANTS AND OTHER DEALERS.—A futures commission merchant, intro- ducing broker, broker, or dealer shall maintain suffi- cient capital to comply with the stricter of any applicable capital requirements to which such futures commission merchant, introducing broker, broker, or dealer is subject to under this Act or the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.). ‘‘(C) MARGIN REQUIREMENTS.—In prescribing margin requirements under this subsection, the prudential regu- lator with respect to swap dealers and major swap partici- pants for which it is the prudential regulator and the Commission with respect to swap dealers and major swap participants for which there is no prudential regulator shall permit the use of noncash collateral, as the regulator or the Commission determines to be consistent with— ‘‘(i) preserving the financial integrity of markets trading swaps; and ‘‘(ii) preserving the stability of the United States financial system. ‘‘(D) COMPARABILITY OF CAPITAL AND MARGIN REQUIRE- MENTS.— ‘‘(i) IN GENERAL.—The prudential regulators, the Commission, and the Securities and Exchange Commission shall periodically (but not less frequently than annually) consult on minimum capital require- ments and minimum initial and variation margin requirements. ‘‘(ii) COMPARABILITY.—The entities described in clause (i) shall, to the maximum extent practicable, establish and maintain comparable minimum capital requirements and minimum initial and variation margin requirements, including the use of non cash collateral, for— ‘‘(I) swap dealers; and ‘‘(II) major swap participants. ‘‘(f) REPORTING AND RECORDKEEPING.— ‘‘(1) IN GENERAL.—Each registered swap dealer and major swap participant— Consultation.