Page:United States Statutes at Large Volume 124.djvu/1785

 124 STAT. 1759 PUBLIC LAW 111–203—JULY 21, 2010 ability to execute or trade security-based swaps by accepting bids and offers made by multiple participants in the facility or system, through any means of interstate commerce, including any trading facility, that— ‘‘(A) facilitates the execution of security-based swaps between persons; and ‘‘(B) is not a national securities exchange. ‘‘(78) SECURITY-BASED SWAP AGREEMENT.— ‘‘(A) IN GENERAL.—For purposes of sections 9, 10, 16, 20, and 21A of this Act, and section 17 of the Securities Act of 1933 (15 U.S.C. 77q), the term ‘security-based swap agreement’ means a swap agreement as defined in section 206A of the Gramm-Leach-Bliley Act (15 U.S.C. 78c note) of which a material term is based on the price, yield, value, or volatility of any security or any group or index of securities, or any interest therein. ‘‘(B) EXCLUSIONS.—The term ‘security-based swap agreement’ does not include any security-based swap.’’. (b) AUTHORITY TO FURTHER DEFINE TERMS.—The Securities and Exchange Commission may, by rule, further define— (1) the term ‘‘commercial risk’’; (2) any other term included in an amendment to the Securi- ties Exchange Act of 1934 (15 U.S.C. 78c(a)) made by this subtitle; and (3) the terms ‘‘security-based swap’’, ‘‘security-based swap dealer’’, ‘‘major security-based swap participant’’, and ‘‘eligible contract participant’’, with regard to security-based swaps (as such terms are defined in the amendments made by subsection (a)) for the purpose of including transactions and entities that have been structured to evade this subtitle or the amendments made by this subtitle. SEC. 762. REPEAL OF PROHIBITION ON REGULATION OF SECURITY - BASED SWAP AGREEMENTS. (a) REPEAL.—Sections 206B and 206C of the Gramm-Leach- Bliley Act (Public Law 106–102; 15 U.S.C. 78c note) are repealed. (b) CONFORMING AMENDMENTS TO GRAMM-LEACH-BLILEY.—Sec- tion 206A(a) of the Gramm-Leach-Bliley Act (15 U.S.C. 78c note) is amended in the material preceding paragraph (1), by striking ‘‘Except as’’ and all that follows through ‘‘that—’’ and inserting the following: ‘‘Except as provided in subsection (b), as used in this section, the term ‘swap agreement’ means any agreement, contract, or transaction that—’’. (c) CONFORMING AMENDMENTS TO THE SECURITIES ACT OF 1933.— (1) Section 2A of the Securities Act of 1933 (15 U.S.C. 77b–1) is amended— (A) by striking subsection (a) and reserving that sub- section; and (B) by striking ‘‘(as defined in section 206B of the Gramm-Leach-Bliley Act)’’ each place that such term appears and inserting ‘‘(as defined in section 3(a)(78) of the Securities Exchange Act of 1934)’’. (2) Section 17 of the Securities Act of 1933 (15 U.S.C. 77q) is amended— (A) in subsection (a)— 15 USC 8341.