Page:United States Statutes at Large Volume 124.djvu/1795

 124 STAT. 1769 PUBLIC LAW 111–203—JULY 21, 2010 clearing agency pursuant to this title, the Commission may conform such standards or oversight to reflect evolving United States and international standards. Except where the Commission determines otherwise by rule or regulation, a clearing agency shall have reason- able discretion in establishing the manner in which it complies with any such standards. ‘‘(j) RULES.—The Commission shall adopt rules governing per- sons that are registered as clearing agencies for security-based swaps under this title. ‘‘(k) EXEMPTIONS.—The Commission may exempt, conditionally or unconditionally, a clearing agency from registration under this section for the clearing of security-based swaps if the Commission determines that the clearing agency is subject to comparable, com- prehensive supervision and regulation by the Commodity Futures Trading Commission or the appropriate government authorities in the home country of the agency. Such conditions may include, but are not limited to, requiring that the clearing agency be avail- able for inspection by the Commission and make available all information requested by the Commission. ‘‘(l) EXISTING DEPOSITORY INSTITUTIONS AND DERIVATIVE CLEARING ORGANIZATIONS.— ‘‘(1) IN GENERAL.—A depository institution or derivative clearing organization registered with the Commodity Futures Trading Commission under the Commodity Exchange Act that is required to be registered as a clearing agency under this section is deemed to be registered under this section solely for the purpose of clearing security-based swaps to the extent that, before the date of enactment of this subsection— ‘‘(A) the depository institution cleared swaps as a multi- lateral clearing organization; or ‘‘(B) the derivative clearing organization cleared swaps pursuant to an exemption from registration as a clearing agency. ‘‘(2) CONVERSION OF DEPOSITORY INSTITUTIONS.—A deposi- tory institution to which this subsection applies may, by the vote of the shareholders owning not less than 51 percent of the voting interests of the depository institution, be converted into a State corporation, partnership, limited liability company, or similar legal form pursuant to a plan of conversion, if the conversion is not in contravention of applicable State law. ‘‘(3) SHARING OF INFORMATION.—The Commodity Futures Trading Commission shall make available to the Commission, upon request, all information determined to be relevant by the Commodity Futures Trading Commission regarding a derivatives clearing organization deemed to be registered with the Commission under paragraph (1). ‘‘(m) MODIFICATION OF CORE PRINCIPLES.—The Commission may conform the core principles established in this section to reflect evolving United States and international standards.’’. (c) SECURITY-BASED SWAP EXECUTION FACILITIES.—The Securi- ties Exchange Act of 1934 (15 U.S.C. 78a et seq.) is amended by inserting after section 3C (as added by subsection (a) of this section) the following: ‘‘SEC. 3D. SECURITY-BASED SWAP EXECUTION FACILITIES. ‘‘(a) REGISTRATION.— 15 USC 78c–4.