Page:United States Statutes at Large Volume 124.djvu/1748

 124 STAT. 1722 PUBLIC LAW 111–203—JULY 21, 2010 ‘‘(C) periodically conduct tests to verify that backup resources are sufficient to ensure continued order proc- essing and trade matching, price reporting, market surveil- lance, and maintenance of a comprehensive and accurate audit trail. ‘‘(21) FINANCIAL RESOURCES.— ‘‘(A) IN GENERAL.—The board of trade shall have ade- quate financial, operational, and managerial resources to discharge each responsibility of the board of trade. ‘‘(B) DETERMINATION OF ADEQUACY.—The financial resources of the board of trade shall be considered to be adequate if the value of the financial resources exceeds the total amount that would enable the contract market to cover the operating costs of the contract market for a 1-year period, as calculated on a rolling basis. ‘‘(22) DIVERSITY OF BOARD OF DIRECTORS.—The board of trade, if a publicly traded company, shall endeavor to recruit individuals to serve on the board of directors and the other decision-making bodies (as determined by the Commission) of the board of trade from among, and to have the composition of the bodies reflect, a broad and culturally diverse pool of qualified candidates. ‘‘(23) SECURITIES AND EXCHANGE COMMISSION.—The board of trade shall keep any such records relating to swaps defined in section 1a(47)(A)(v) open to inspection and examination by the Securities and Exchange Commission.’’. SEC. 736. MARGIN. Section 8a(7) of the Commodity Exchange Act (7 U.S.C. 12a(7)) is amended— (1) in subparagraph (C), by striking ‘‘, excepting the setting of levels of margin’’; (2) by redesignating subparagraphs (D) through (F) as sub- paragraphs (E) through (G), respectively; and (3) by inserting after subparagraph (C) the following: ‘‘(D) margin requirements, provided that the rules, regulations, or orders shall— ‘‘(i) be limited to protecting the financial integrity of the derivatives clearing organization; ‘‘(ii) be designed for risk management purposes to protect the financial integrity of transactions; and ‘‘(iii) not set specific margin amounts;’’. SEC. 737. POSITION LIMITS. (a) AGGREGATE POSITION LIMITS.—Section 4a(a) of the Com- modity Exchange Act (7 U.S.C. 6a(a)) is amended— (1) by inserting after ‘‘(a)’’ the following: ‘‘(1) IN GENERAL.—’ ’; (2) in the first sentence, by striking ‘‘on electronic trading facilities with respect to a significant price discovery contract’’ and inserting ‘‘swaps that perform or affect a significant price discovery function with respect to registered entities’’; (3) in the second sentence— (A) by inserting ‘‘, including any group or class of traders,’’ after ‘‘held by any person’’; and (B) by striking ‘‘on an electronic trading facility with respect to a significant price discovery contract,’’ and inserting ‘‘swaps traded on or subject to the rules of a Records.