Page:United States Statutes at Large Volume 96 Part 1.djvu/277

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PUBLIC LAW 97-000—MMMM. DD, 1982

PUBLIC LAW 97-222—JULY 27, 1982

96 STAT. 235

Public Law 97-222 97th Congress An Act To amend title 11, United States Code, to correct technical errors, and to clarify and make substantive changes, with respect to securities and commodities.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That (a) section 101 of title 11, United States Code, is amended— (1) by redesignating paragraphs (35), (36), (37), (38), (39), and (40) as paragraphs (36), (37), (38), (39), (40), and (41), respectively, and (2) by inserting after paragraph (34) the following new paragraph: "(35) 'securities clearing agency' means person that is registered as a clearing agency under section 17A of the Securities Exchange Act of 1934 (15 U.S.C. 78q-l) or whose business is confined to the performance of functions of a clearing agency with respect to exempted securities, as defined in section 3(a)(12) of such Act (15 U.S.C. 78c(12)) for the purposes of such section 17A'". (b) Section 101(36)(A)(xii) of title 11, United States Code, as so redesignated, is amended by striking out "is the subject of a registration statement" and inserting in lieu thereof "is required to be the subject of a registration statement". (c) Section 101(36)(B)(iii) of title 11, United States Code, as so redesignated, is amended by striking out "commodity" the second place it appears. (d) Section 101(40) of title 11, United States Code, as so redesignated, is amended to read as follows: "(40) 'stockbroker' means person— "(A) with respect to which there is a customer, as defined in section 741(2) of this title; and "(B) that is engaged in the business of effecting transactions in securities— "(i) for the account of others; or "(ii) with members of the general public, from or for such person's own account;". SEC. 2. Section 103(d) of title 11, United States Code, is amended by striking out "except with respect to section 746(c) which applies to margin payments made by any debtor to a commodity broker or forward contract merchant". SEC. 3. (a) Section 362(a) of title 11, United States Code, is amended by inserting ", or an application filed under section 5(a)(3) of the Securities Investor Protection Act of 1970 (15 U.S.C. 78eee(a)(3))," after "title" the first place it appears. (b) Section 362(b) of title 11, United States Code, is amended by adding ", or of an application under section 5(a)(3) of the Securities Investor Protection Act of 1970 (15 U.S.C. 78eee(a)(3))," after "title" the first place it appears.

July 27, 1982 [H.R. 4935] Bankruptcy, amendment.

"Securities clearing agency."

"Stockbroker." 11 USC 741.