Page:United States Statutes at Large Volume 124.djvu/1812

 124 STAT. 1786 PUBLIC LAW 111–203—JULY 21, 2010 of whether the person also is registered with the Commodity Futures Trading Commission as a swap dealer. ‘‘(2) MAJOR SECURITY-BASED SWAP PARTICIPANT.—Any per- son that is required to be registered as a major security-based swap participant under this section shall register with the Commission, regardless of whether the person also is registered with the Commodity Futures Trading Commission as a major swap participant. ‘‘(d) RULEMAKING.— ‘‘(1) IN GENERAL.—The Commission shall adopt rules for persons that are registered as security-based swap dealers or major security-based swap participants under this section. ‘‘(2) EXCEPTION FOR PRUDENTIAL REQUIREMENTS.— ‘‘(A) IN GENERAL.—The Commission may not prescribe rules imposing prudential requirements on security-based swap dealers or major security-based swap participants for which there is a prudential regulator. ‘‘(B) APPLICABILITY.—Subparagraph (A) does not limit the authority of the Commission to prescribe rules as directed under this section. ‘‘(e) CAPITAL AND MARGIN REQUIREMENTS.— ‘‘(1) IN GENERAL.— ‘‘(A) SECURITY-BASED SWAP DEALERS AND MAJOR SECU- RITY-BASED SWAP PARTICIPANTS THAT ARE BANKS.—Each registered security-based swap dealer and major security- based swap participant for which there is not a prudential regulator shall meet such minimum capital requirements and minimum initial and variation margin requirements as the prudential regulator shall by rule or regulation prescribe under paragraph (2)(A). ‘‘(B) SECURITY-BASED SWAP DEALERS AND MAJOR SECU- RITY-BASED SWAP PARTICIPANTS THAT ARE NOT BANKS.— Each registered security-based swap dealer and major secu- rity-based swap participant for which there is not a pruden- tial regulator shall meet such minimum capital require- ments and minimum initial and variation margin require- ments as the Commission shall by rule or regulation pre- scribe under paragraph (2)(B). ‘‘(2) RULES.— ‘‘(A) SECURITY-BASED SWAP DEALERS AND MAJOR SECU- RITY-BASED SWAP PARTICIPANTS THAT ARE BANKS.—The prudential regulators, in consultation with the Commission and the Commodity Futures Trading Commission, shall adopt rules for security-based swap dealers and major secu- rity-based swap participants, with respect to their activities as a swap dealer or major swap participant, for which there is a prudential regulator imposing— ‘‘(i) capital requirements; and ‘‘(ii) both initial and variation margin requirements on all security-based swaps that are not cleared by a registered clearing agency. ‘‘(B) SECURITY-BASED SWAP DEALERS AND MAJOR SECU- RITY-BASED SWAP PARTICIPANTS THAT ARE NOT BANKS.— The Commission shall adopt rules for security-based swap dealers and major security-based swap participants, with respect to their activities as a swap dealer or major swap