114 STAT. 2763A-392 PUBLIC LAW 106-554—APPENDIX E option, or forward agreement; a debt index or debt swap, option, or forward agreement; a credit spread or credit swap, option, or forward agreement; a commodity index or commodity swap, option, or forward agreement; and a weather swap, weather derivative, or weather option; "(B) any agreement, contract or transaction similar to any other agreement, contract, or transaction referred to in this clause that is presently, or in the future becomes, regularly entered into by parties that participate in swap transactions (including terms and conditions incorporated by reference in the agreement) and that is a forward, swap, or option on one or more occurrences of any event, rates, currencies, commodities, equity securities or other equity instruments, debt securities or other debt instruments, economic or other indices or measures of economic or other risk or value; "(C) any agreement, contract, or transaction excluded from the Commodity Exchange Act under section 2(c), 2(d), 2(f), or 2(g) of such Act, or exempted under section 2(h) or 4(c) of such Act; and "(D) any option to enter into any, or any combination of, agreements, contracts or transactions referred to in this subparagraph. "(3) OTHER DEFINITIONS.—The terms 'insured State nonmember bank', 'State member bank', and 'affiliate' have the same meanings as in section 3 of the Federal Deposit Insurance Act. "SEC. 409. MULTILATERAL CLEARING ORGANIZATIONS. "(a) IN GENERAL.—Except with respect to clearing organizations described in subsection (b), no person may operate a multilateral clearing organization for over-the-counter derivative instruments, or otherwise engage in activities that constitute such a multilateral clearing organization unless the person is a national bank, a State member bank, an insured State nonmember bank, an affiliate of a national bank, a State member bank, or an insured State nonmember bank, or a corporation chartered under section 25A of the Federal Reserve Act. "(b) CLEARING ORGANIZATIONS.— Subsection (a) shall not apply to any clearing organization that— "(1) is registered as a clearing agency under the Securities Exchange Act of 1934; "(2) is registered as a derivatives clearing organization under the Commodity Exchange Act; or "(3) is supervised by a foreign financial regulator that the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Securities and Exchange Commission, or the Commodity Futures Trading Commission, as applicable, has determined satisfies appropriate standards.". (b) RESOLUTION OF CLEARING BANKS. —The Federal Reserve Act (12 U.S.C. 221 et seq.) is amended by inserting after section 9A the following new section: "SEC. 9B. RESOLUTION OF CLEARING BANKS. "(a) CONSERVATORSHIP OR RECEIVERSHIP.— "(1) APPOINTMENT.—The Board may appoint a conservator or receiver to take possession and control of any uninsured
�
