7 U.S.C. § 27 | Definitions

(a)

Bank

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

(1)

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

(2)

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

(3)

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

(4)

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

(5)

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

(6)

any trust company; or

(7)

1 So in original. Probably should be “paragraphs”.

section 78c of title 15 section 1a of this title 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 ) or a futures commission merchant (as defined in ).

(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)

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

(c)

Hybrid instrument

section 27a of this title section 1a of this titleIn sections 27 to 27f of this title, the term “hybrid instrument” means an identified banking product not excluded by , 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 ).

Pub. L. 106–554, § 1(a)(5) [title IV, § 402]Dec. 21, 2000114 Stat. 2763 Pub. L. 111–203, title VIIJuly 21, 2010124 Stat. 1672(, , , 2763A–457; , §§ 721(e)(9), 725(g)(1)(B), , , 1694.)

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 Pub. L. 106–102 section 78c of Title 15Section 206 of the Gramm-Leach-Bliley Act, referred to in subsec. (b), is which is set out as a note under , 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

Pub. L. 111–203, § 721(e)(9)(A)2010—Subsec. (a)(7). , substituted “section 1a” for “section 1a(20)”.

Pub. L. 111–203, § 721(e)(9)(B)Subsec. (b)(2). , substituted “section 1a” for “section 1a(12)”.

Pub. L. 111–203, § 721(e)(9)(C)Subsec. (c). , substituted “section 1a” for “section 1a(4)”.

Pub. L. 111–203, § 725(g)(1)(B)Subsec. (d). , struck out subsec. (d) which defined covered swap agreement.

Statutory Notes and Related Subsidiaries

Effective Date of 2010 Amendment

Pub. L. 111–203July 21, 2010Pub. L. 111–203 section 754 of Pub. L. 111–203 section 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 .

Short Title

Pub. L. 106–554 section 1 of this titleFor short title 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 , set out as a Short Title of 2000 Amendment note under .