12 U.S.C. § 5471: Consultation

Summary

The Commodity Futures Trading Commission (CFTC) must talk with the Board of Governors before it uses certain powers listed in sections 2(h)(2)(C), 2(h)(3)(A), 2(h)(3)(C), 2(h)(4)(A), and 2(h)(4)(B) of title 7, as changed by the Wall Street Transparency and Accountability Act of 2010. The CFTC also must consult before acting on a derivatives clearing organization rule when a stay of certification is issued under section 745(b)(3), and before making rules under section 728. The Securities and Exchange Commission (SEC) must talk with the Board of Governors before it uses certain powers listed in sections 78c–3(a)(2)(C), 78c–3(a)(3)(A), 78c–3(a)(3)(C), 78c–3(a)(4)(A), and 78c–3(a)(4)(B) of title 15, as changed by that Act. The SEC also must consult before acting on a proposed clearing agency rule when an extension under section 78s(b)(2) is designated, and before making rules under section 78m(n).

Title 12, §5471

Banks and Banking, Source: USLM XML via OLRC

(a)CFTC

The Commodity Futures Trading Commission shall consult with the Board of Governors—

(1)prior to exercising its authorities under section 2(h)(2)(C), 2(h)(3)(A), 2(h)(3)(C), 2(h)(4)(A), and 2(h)(4)(B) of title 7, as amended by the Wall Street Transparency and Accountability Act of 2010;

(2)with respect to any rule or rule amendment of a derivatives clearing organization for which a stay of certification has been issued under section 745(b)(3) of the Wall Street Transparency and Accountability Act of 2010; and

(3)prior to exercising its rulemaking authorities under section 728 of the Wall Street Transparency and Accountability Act of 2010 [7 U.S.C. 24a].

(b)SEC

The Commission shall consult with the Board of Governors—

(1)prior to exercising its authorities under section 78c–3(a)(2)(C), 78c–3(a)(3)(A), 78c–3(a)(3)(C), 78c–3(a)(4)(A), and 78c–3(a)(4)(B) of title 15, as amended by the Wall Street Transparency and Accountability Act of 2010;

(2)with respect to any proposed rule change of a clearing agency for which an extension of the time for review has been designated under section 78s(b)(2) of title 15; and

(3)prior to exercising its rulemaking authorities under section 78m(n) of title 15, as added by section 763(i) of the Wall Street Transparency and Accountability Act of 2010.

Notes & Related Subsidiaries

Editorial Notes

References in Text

The Wall Street Transparency and Accountability Act of 2010, referred to in subsecs. (a) and (b), is title VII of Pub. L. 111–203, July 21, 2010, 124 Stat. 1641. section 728 of the Act amended the act of Sept. 21, 1922, ch. 369, to add a new section 21 which is classified to section 24a of Title 7, Agriculture. For complete classification of this Act to the Code, see

Short Title

note set out under section 8301 of Title 15, Commerce and Trade, and Tables. section 745(b)(3) of the Wall Street Transparency and Accountability Act of 2010, referred to in subsec. (a)(2), probably means section 5c(c)(3) of the Commodity Exchange Act, which is classified to section 7a–2(c)(3) of Title 7, Agriculture. section 745(b) of the Wall Street Transparency and Accountability Act of 2010, which is section 745(b) of Pub. L. 111–203, added subsec. (c) of section 7a–2 of Title 7 and struck out former subsec. (c) of that section. section 7a–2(c)(3) of Title 7 relates to stays of the certification for rules. section 745(b) of Pub. L. 111–203 does not contain a par. (3).

§5471 Consultation