This timely 160-page book provides analysis of the Commodity Futures Modernization Act of 2000, which not only overhauls the regulatory scheme for commodities exchanges but also cuts across regulatory boundaries. This Act amends securities and banking laws, as well as the recent financial services modernization Gramm-Leach-Bliley Act, addressing legal certainty for U.S. derivatives markets and repealing the ban on trading single stock futures. The full text of the enacted law, H.R. 5660 is included, along with selected text of the Committee Report on H.R. 4541, the precursor Bill to H.R. 5660
Table of Contents
Table of Statutes Added or Amended
INTRODUCTION
Overview of the Commodity Futures Modernization Act of 2000
TITLE I:·COMMODITY FUTURES
MODERNIZATION
Introduction
Definitions
Treasury Amendment Clarified
Excluded Derivatives Transactions
Excluded Electronic Trading Facilities
Hybrid Instruments
Swap Transactions
Transactions in Exempt Commodities
Purpose of the CEA; Prohibitions
Designated Contract Markets
Derivatives Transaction Execution Facilities
Exempt Boards of Trade
Regulated Exchanges or Registered Entities
Derivatives Clearing Organizations
Privacy
Registered Persons
International Activities of the CFTC
TITLE II:·SECURITY FUTURES
PRODUCTS
Introduction
Definitions
Regulatory Relief for Markets
Intermediaries Trading Security Future Products
Provisions for Interagency Cooperation
Market Integrity for Security Future Products
Trading of Security Futures Products
Clearance and Settlement
Registration and Disclosure Issues
Investment Companies and Advisors
Preemption
SEC·CFTC Jurisdiction Clarified
National Securities Exchanges and Associations
Notification of Investigations and Enforcement Actions
Differences in Subtitles
TITLE III:·SWAP AGREEEMENTS
Introduction
Swap Agreements
TITLE IV:·LEGAL CERTAINTY FOR
BANK PRODUCTS
Introduction
Definitions
Excluded Banking Products
Hybrid Products·Predominance Test
Swap Agreements
Contract Enforcement·Preemption
Commodity Futures Modernization Act of 2000
House Committee on Commerce Report
Topical Index