Page:United States Statutes at Large Volume 124.djvu/1828

 124 STAT. 1802 PUBLIC LAW 111–203—JULY 21, 2010 Futures Trading Commission has under the Wall Street Trans- parency and Accountability Act of 2010 with respect to swaps, including under section 4(c) of the Commodity Exchange Act.’’. (b) RULE OF CONSTRUCTION.—Section 30 of the Securities Exchange Act of 1934 (15 U.S.C. 78dd) is amended by adding at the end the following: ‘‘(c) RULE OF CONSTRUCTION.—No provision of this title that was added by the Wall Street Transparency and Accountability Act of 2010, or any rule or regulation thereunder, shall apply to any person insofar as such person transacts a business in secu- rity-based swaps without the jurisdiction of the United States, unless such person transacts such business in contravention of such rules and regulations as the Commission may prescribe as necessary or appropriate to prevent the evasion of any provision of this title that was added by the Wall Street Transparency and Accountability Act of 2010. This subsection shall not be construed to limit the jurisdiction of the Commission under any provision of this title, as in effect prior to the date of enactment of the Wall Street Transparency and Accountability Act of 2010.’’. SEC. 773. CIVIL PENALTIES. Section 21B of the Securities Exchange Act of 1934 (15 U.S.C. 78p-2) is amended by adding at the end the following: ‘‘(f) SECURITY-BASED SWAPS.— ‘‘(1) CLEARING AGENCY.—Any clearing agency that know- ingly or recklessly evades or participates in or facilitates an evasion of the requirements of section 3C shall be liable for a civil money penalty in twice the amount otherwise available for a violation of section 3C. ‘‘(2) SECURITY-BASED SWAP DEALER OR MAJOR SECURITY- BASED SWAP PARTICIPANT.—Any security-based swap dealer or major security-based swap participant that knowingly or reck- lessly evades or participates in or facilitates an evasion of the requirements of section 3C shall be liable for a civil money penalty in twice the amount otherwise available for a violation of section 3C.’’. SEC. 774. EFFECTIVE DATE. Unless otherwise provided, the provisions of this subtitle shall take effect on the later of 360 days after the date of the enactment of this subtitle or, to the extent a provision of this subtitle requires a rulemaking, not less than 60 days after publication of the final rule or regulation implementing such provision of this subtitle. TITLE VIII—PAYMENT, CLEARING, AND SETTLEMENT SUPERVISION SEC. 801. SHORT TITLE. This title may be cited as the ‘‘Payment, Clearing, and Settle- ment Supervision Act of 2010’’. SEC. 802. FINDINGS AND PURPOSES. (a) FINDINGS.—Congress finds the following: (1) The proper functioning of the financial markets is dependent upon safe and efficient arrangements for the clearing 12 USC 5461. 12 USC 5301 note. Payment, Clearing, and Settlement Supervision Act of 2010. 15 USC 77b note. 15 USC 78u–2.