120 STAT. 2698
PUBLIC LAW 109–390—DEC. 12, 2006
with a securities contract, as defined in section 741(7), commodity contract, as defined in section 761(4), or forward contract,’’ after ‘‘securities clearing agency,’’; (2) in subsection (f)— (A) by striking ‘‘that is a margin payment, as defined in section 741 or 761 of this title, or settlement payment, as defined in section 741 of this title,’’; and (B) by inserting ‘‘(or for the benefit of)’’ before ‘‘a repo participant’’; (3) in subsection (g), by inserting ‘‘(or for the benefit of)’’ before ‘‘a swap participant’’; and (4) in subsection (j), by inserting ‘‘(or for the benefit of)’’ after ‘‘made by or to’’. (c) SIPC STAY.—Section 5(b)(2)(C)(iii) of the Securities Investor Protection Act of 1970 (15 U.S.C. 78eee(b)(2)(C)(iii)) is amended— (1) by inserting ‘‘a derivatives clearing organization (as defined in the Commodity Exchange Act), a multilateral clearing organization (as defined in the Federal Deposit Insurance Corporation Improvement Act of 1991),’’ after ‘‘rule or bylaw of’’; and (2) by striking ‘‘or a securities clearance agency, a right set forth in a bylaw of a clearing organization or contract market’’ and inserting ‘‘a securities clearing agency, a contract market designated under the Commodity Exchange Act, a derivatives transaction execution facility registered under the Commodity Exchange Act, or a board of trade (as defined in the Commodity Exchange Act),’’. (d) SAVINGS CLAUSE.—Title IX of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (Public Law 109–8, 119 Stat. 146) is amended by adding at the end the following: Applicability. 11 USC 101 note.
‘‘SEC. 912. SAVINGS CLAUSE.
‘‘The meanings of terms used in this title are applicable for the purposes of this title only, and shall not be construed or applied so as to challenge or affect the characterization, definition, or treatment of any similar terms under any other statute, regulation, or rule, including the Gramm-Leach-Bliley Act, the Legal Certainty for Bank Products Act of 2000, the securities laws (as such term is defined in section 3(a)(47) of the Securities Exchange Act of 1934), and the Commodity Exchange Act.’’. SEC. 6. WALKAWAY CLAUSES.
(a) FDIC-INSURED DEPOSITORY INSTITUTIONS.—Section 11(e)(8)(G) of the Federal Deposit Insurance Act (12 U.S.C. 1821(e)(8)(G)) is amended by striking clause (ii) and inserting the following new clauses: ‘‘(ii) LIMITED SUSPENSION OF CERTAIN OBLIGATIONS.—In the case of a qualified financial contract referred to in clause (i), any payment or delivery obligations otherwise due from a party pursuant to the qualified financial contract shall be suspended from the time the receiver is appointed until the earlier of— ‘‘(I) the time such party receives notice that such contract has been transferred pursuant to subparagraph (A); or ‘‘(II) 5:00 p.m. (eastern time) on the business day following the date of the appointment of the receiver.
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