Page:United States Statutes at Large Volume 124.djvu/1958

 124 STAT. 1932 PUBLIC LAW 111–203—JULY 21, 2010 for declaring such contract, agreement, or under- standing void or voidable in a suit between the claim- ant and the debtor.’’; (2) in paragraph (4)— (A) in subparagraph (C), by striking ‘‘and’’ at the end; (B) by redesignating subparagraph (D) as subpara- graph (E); and (C) by inserting after subparagraph (C) the following: ‘‘(D) in the case of a portfolio margining account of a customer that is carried as a securities account pursuant to a portfolio margining program approved by the Commis- sion, a futures contract or an option on a futures contract received, acquired, or held by or for the account of a debtor from or for such portfolio margining account, and the pro- ceeds thereof; and’’; (3) in paragraph (9), in the matter following subparagraph (L), by inserting after ‘‘Such term’’ the following: ‘‘includes revenues earned by a broker or dealer in connection with a transaction in the portfolio margining account of a customer carried as securities accounts pursuant to a portfolio margining program approved by the Commission. Such term’’; and (4) in paragraph (11)— (A) in subparagraph (A)— (i) by striking ‘‘filing date, all’’ and all that follows through the end of the subparagraph and inserting the following: ‘‘filing date— ‘‘(i) all securities positions of such customer (other than customer name securities reclaimed by such cus- tomer); and ‘‘(ii) all positions in futures contracts and options on futures contracts held in a portfolio margining account carried as a securities account pursuant to a portfolio margining program approved by the Commission, including all property collateralizing such positions, to the extent that such property is not other- wise included herein; minus’’; and (B) in the matter following subparagraph (C), by striking ‘‘In determining’’ and inserting the following: ‘‘A claim for a commodity futures contract received, acquired, or held in a portfolio margining account pursuant to a portfolio margining program approved by the Commission or a claim for a security futures contract, shall be deemed to be a claim with respect to such contract as of the filing date, and such claim shall be treated as a claim for cash. In determining’’. SEC. 984. LOAN OR BORROWING OF SECURITIES. (a) RULEMAKING AUTHORITY.—Section 10 of the Securities Exchange Act of 1934 (15 U.S.C. 78j) is amended by adding at the end the following: ‘‘(c)(1) To effect, accept, or facilitate a transaction involving the loan or borrowing of securities in contravention of such rules and regulations as the Commission may prescribe as necessary or appropriate in the public interest or for the protec- tion of investors. ‘‘(2) Nothing in paragraph (1) may be construed to limit the authority of the appropriate Federal banking agency (as