US Code

Public Law 119-73 (01/23/2026)

7 U.S.C. § 24

Customer property with respect to commodity broker debtors; definitions

(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)
section 766 of title 11 any persons to which customer property and commodity contracts may be transferred under ; 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, § 20Pub. L. 95–598, title III, § 30292 Stat. 2673Pub. L. 97–222, § 2096 Stat. 241Pub. L. 111–203, title VII, § 713(c)124 Stat. 1647(, formerly § 19, as added , , ; renumbered and amended , , ; , , .)

Editorial Notes

Amendments

Pub. L. 111–2032010—Subsec. (c). added subsec. (c).

Pub. L. 97–222, § 20(b)1982—Subsec. (a)(3). , inserted “, including the payment and allocation of margin with respect to commodity contracts not specifically identifiable to a particular customer pending their orderly liquidation”.

Statutory Notes and Related Subsidiaries

Effective Date of 2010 Amendment

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

Effective Date

section 402(d) of Pub. L. 95–598section 101 of Title 11Section effective , see , set out as a note preceding , Bankruptcy.