PRIA, Government Policy, Made Personal

Summary

Gives simple meanings for three key words used later: "bank," "identified banking product," and "hybrid instrument." Bank means many kinds of financial firms: U.S. depository institutions, foreign banks and their branches or agencies, Federal or State credit unions, certain Federal Reserve corporations, trust companies, and subsidiaries of any of these when they are regulated like their parent — but not brokers/dealers or futures commission merchants. Identified banking product uses the same list from the Gramm‑Leach‑Bliley Act, except "bank" uses the meaning above and "qualified investor" means an "eligible contract participant" as defined on December 21, 2000. Hybrid instrument means an identified banking product (unless excluded elsewhere) that a bank sells and that makes payments or delivers things tied to one or more commodities.

Title 7, §27

Agriculture, Source: USLM XML via OLRC

(a)Bank

In sections 27 to 27f of this title, the term “bank” means—

(1)any depository institution (as defined in section 1813(c) of title 12);

(2)any foreign bank or branch or agency of a foreign bank (each as defined in section 3101 of title 12);

(3)any Federal or State credit union (as defined in section 1752 of title 12);

(4)any corporation organized under section 25A of the Federal Reserve Act [12 U.S.C. 611 et seq.];

(5)any corporation operating under section 25 of the Federal Reserve Act [12 U.S.C. 601 et seq.];

(6)any trust company; or

(7)any subsidiary of any entity described in paragraph (1) through (6) of this subsection, if the subsidiary is regulated as if the subsidiary were part of the entity and is not a broker or dealer (as such terms are defined in section 78c of title 15) or a futures commission merchant (as defined in section 1a of this title).

(b)Identified banking product

In sections 27 to 27f of this title, the term “identified banking product” shall have the same meaning as in paragraphs (1) through (5) of section 206(a) of the Gramm-Leach-Bliley Act, except that in applying such section for purposes of sections 27 to 27f of this title—

(1)the term “bank” shall have the meaning given in subsection (a) of this section; and

(2)the term “qualified investor” means eligible contract participant (as defined in section 1a of this title, as in effect on December 21, 2000).

(c)Hybrid instrument

In sections 27 to 27f of this title, the term “hybrid instrument” means an identified banking product not excluded by section 27a of this title, offered by a bank, having one or more payments indexed to the value, level, or rate of, or providing for the delivery of, one or more commodities (as defined in section 1a of this title).

Notes & Related Subsidiaries

Editorial Notes

References in Text

section 25A of the Federal Reserve Act, referred to in subsec. (a)(4), is classified to subchapter II (§ 611 et seq.) of chapter 6 of Title 12, Banks and Banking. section 25 of the Federal Reserve Act, referred to in subsec. (a)(5), is classified to subchapter I (§ 601 et seq.) of chapter 6 of Title 12. section 206 of the Gramm-Leach-Bliley Act, referred to in subsec. (b), is section 206 of Pub. L. 106–102 which is set out as a note under section 78c of Title 15, Commerce and Trade. Codification Section was enacted as part of the Legal Certainty for Bank Products Act of 2000, and also as part of the Commodity Futures Modernization Act of 2000, and not as part of the Commodity Exchange Act which comprises this chapter.

Amendments

2010—Subsec. (a)(7). Pub. L. 111–203, § 721(e)(9)(A), substituted “section 1a” for “section 1a(20)”. Subsec. (b)(2). Pub. L. 111–203, § 721(e)(9)(B), substituted “section 1a” for “section 1a(12)”. Subsec. (c). Pub. L. 111–203, § 721(e)(9)(C), substituted “section 1a” for “section 1a(4)”. Subsec. (d). Pub. L. 111–203, § 725(g)(1)(B), struck out subsec. (d) which defined covered swap agreement.

Statutory Notes and Related Subsidiaries

Effective Date

of 2010 AmendmentAmendment 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.

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For

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of sections 27 to 27f of this title as the “Legal Certainty for Bank Products Act of 2000”, see section 1(a)(5) [title IV, § 401] of Pub. L. 106–554, set out as a

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of 2000 Amendment note under section 1 of this title.

§27 Definitions

Summary

Title 7, §27

Notes & Related Subsidiaries

Editorial Notes

References in Text

Amendments

Statutory Notes and Related Subsidiaries

Effective Date

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