§ 24. Customer property with respect to commodity broker debtors; definitions

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1922

   Pub. L. 95–598 title III § 302 · 92 Stat. 2549

   Enacted · 7 U.S.C. § 24

   Sept. 21, 1922, ch. 369, § 20, formerly § 19, as added Pub. L. 95–598, title III, § 302, Nov. 6, 1978, 92 Stat. 2673

   Source evidence

   Code source credit
   Sept. 21, 1922, ch. 369, § 20, formerly § 19, as added Pub. L. 95–598, title III, § 302, Nov. 6, 1978, 92 Stat. 2673

   Enacted provision · exact public law section
   Sec. 302. The Commodity Exchange Act (7 U.S.C. 1 et seq.) is amended by adding at the end thereof the following: “Sec. 19. (a) Notwithstanding title 11 of the United States Code, 7 USC 24. the Commission may provide, with respect to a commodity broker that is a debtor under chapter 7 of title 11 of the United States Code, by Ante, p. 2603. rule or regulation— “(1) that certain cash, securities, other property, or commodity contracts are to be included in or excluded from customer property or member property; “(2) that certain cash, securities, other property, or commodity contracts are to be specifically identifiable to a particular customer in a specific capacity; “(3) the method by which the business of such commodity broker is to be conducted or liquidated after the date of the filing of the petition under such chapter; “(4) any persons to which customer property and commodity contracts may be transferred under section 766 of title 11 of the Ante, p. 2619. United States Code; and “(5) how the net equity of a customer is to be determined. “(b) As used in this section, the terms ‘commodity broker’, ‘commodity Definitions. contract’, ‘customer’, ‘customer property’, ‘member property’, ‘net equity’, and ‘security’ have the meanings assigned such terms for the purposes of subchapter IV of chapter 7 of title 11 of the United Ante, p. 2615. States Code.”.

2. 1982

   Pub. L. 97–222 § 20(b) · 96 Stat. 235

   Inserted · 7 U.S.C. § 24(a)(3)

   Pub. L. 97–222, § 20(b), inserted “, including the payment and allocation of margin with respect to commodity contracts not specifically identifiable to a particular customer pending their orderly liquidation”

   Source evidence

   Code amendment note
   Subsec. (a)(3). Pub. L. 97–222, § 20(b), inserted “, including the payment and allocation of margin with respect to commodity contracts not specifically identifiable to a particular customer pending their orderly liquidation”.

   Enacted provision · exact public law section
   (b) Section 20(a)(3), as so redesignated, of the Commodity Exchange Act (7 U.S.C. 24) is amended by inserting before the semicolon the following: “, including the payment and allocation of margin with respect to commodity contracts not specifically identifiable to a particular customer pending their orderly liquidation”.

3. 2010

   Wall Street Transparency and Accountability Act of 2010

   Pub. L. 111–203 title VII § 713(c) · 124 Stat. 1376

   Added · 7 U.S.C. § 24(c)

   Pub. L. 111–203 added subsec. (c)

   Source evidence

   Code amendment note
   Subsec. (c). Pub. L. 111–203 added subsec. (c).

   Enacted provision · exact public law section
   (c) Duty of Commodity Futures Trading Commission.— Section 20 of the Commodity Exchange Act (7 U.S.C. 24) is amended by adding at the end the following: “(c) The Commission shall exercise its authority to ensure that securities held in a portfolio margining account carried as a futures account are customer property and the owners of those accounts are customers for the purposes of subchapter IV of chapter 7 of title 11 of the United States Code.” .

   Effective date note
   Amendment by Pub. L. 111–203 effective on the later of 360 days after July 21, 2010, or, to the extent a provision of subtitle A (§§ 711–754) of title VII of Pub. L. 111–203 requires a rulemaking, not less than 60 days after publication of the final rule or regulation implementing such provision of subtitle A, see section 754 of Pub. L. 111–203, set out as a note under section 1a of this title.

3 of 3 references resolved to an enrolled provision