§ 24. Customer property with respect to commodity broker debtors; definitions
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/usc/title-7/section-24A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Regulations respecting commodity broker debtors Notwithstanding title 11, the Commission may provide, with respect to a commodity broker that is a debtor under chapter 7 of title 11, by 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, including the payment and allocation of margin with respect to commodity contracts not specifically identifiable to a particular customer pending their orderly liquidation;
(4)any persons to which customer property and commodity contracts may be transferred under section 766 of title 11; and
(5)how the net equity of a customer is to be determined.
(b)Definitions As used in this section, the terms “commodity broker”, “commodity 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.
(c)Portfolio margining accounts 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.
(Sept. 21, 1922, ch. 369, § 20, formerly § 19, as added Pub. L. 95–598, title III, § 302, Nov. 6, 1978, 92 Stat. 2673; renumbered and amended Pub. L. 97–222, § 20, July 27, 1982, 96 Stat. 241; Pub. L. 111–203, title VII, § 713(c), July 21, 2010, 124 Stat. 1647.)
Connections53 cite this · traces to 3
Cited by 53 sections · top 36
statutes-at-large
- Public Law 389
- Public Law 97–222To amend title 11, United States Code, to correct technical errors, and to clarify and make substantive changes, with respect to securities and commodities
- Public Law 95–598To establish a uniform Law on the Subject of Bankruptcies
- Public Law 111–203To promote the financial stability of the United States by improving accountability and transparency in the financial system, to end “too big to fail”, to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial services practices, and for other purposes
register
- Rules and RegulationsInterpretative statement
- Rules and RegulationsFinal rule
- Presidential DocumentsNotice of proposed rulemaking
- Rules and RegulationsProposed order and request for comment
- Proposed RulesFinal rule
- NoticesOrder
- Rules and RegulationsNotice of proposed rulemaking
- NoticesFinal rule
- Rules and RegulationsFinal rule
- NoticesNotice of proposed rulemaking
statute-compilations
bill
- Sec. 106Certainty for futures customers and market participants
- Sec. 106Certainty for futures customers and market participants
- Sec. 106Certainty for futures customers and market participants
- Sec. 106Certainty for futures customers and market participants
- Sec. 105Certainty for futures customers and market participants
- Sec. 105Certainty for futures customers and market participants
- Sec. 105Certainty for futures customers and market participants
- Sec. 105Certainty for futures customers and market participants
- Sec. 105Certainty for futures customers and market participants
- Sec. 105Certainty for futures customers and market participants
- Sec. 105Certainty for futures customers and market participants
- Sec. 105Certainty for futures customers and market participants
- Sec. 1Certainty for futures customers and market participants
- Sec. 119Protecting customer property during commodity broker bankruptcy
- Sec. 119Protecting customer property during commodity broker bankruptcy
- Sec. 119Protecting customer property during commodity broker bankruptcy
- Sec. 407Bankruptcy treatment of digital assets
- Sec. 408Bankruptcy treatment of crypto assets
- Sec. 208Portfolio margining
- Sec. 209Clarification on customer property
Traces to 3 documents
11 references not yet in our index
- Sept. 21, 1922, ch. 369, § 20
- Pub. L. 95–598, title III, § 302
- 92 Stat. 2673
- Pub. L. 97–222, § 20
- 96 Stat. 241
- Pub. L. 111–203, title VII, § 713(c)
- 124 Stat. 1647
- Pub. L. 111–203
- Pub. L. 97–222, § 20(b)
- section 754 of Pub. L. 111–203
- section 402(d) of Pub. L. 95–598
Citation graph
cites case law
§ 24
Customer property with respect to commodity broker debtors; definitions
Fed. Reg.×24
Bills×20
Stat.×7
Stat. Comp.×2
ActSept. 21, 1922, ch. 369, § 20
Pub. L.Pub. L. 95–598, title III, § 302
Stat.92 Stat. 2673
Pub. L.Pub. L. 97–222, § 20
Stat.96 Stat. 241
Cites 14 · showing 8Cited by 53 across 4 sources