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LEGAL CERTAINTY FOR BANK PRODUCTS ACT OF 2000

TITLE

IV-REGULATORY

RESPONSI

BILITY FOR BANK PRODUCTS 1

SEC. 401. [7 U.S.C. 1 note] SHORT TITLE.

This title may be cited as the "Legal Certainty for Bank Products Act of 2000”.

SEC. 402. [7 U.S.C. 27] DEFINITIONS.

(a) BANK.-In this title, the term "bank" means

(1) any depository institution (as defined in section 3(c) of the Federal Deposit Insurance Act);

(2) any foreign bank or branch or agency of a foreign bank (each as defined in section 1(b) of the International Banking Act of 1978);

(3) any Federal or State credit union (as defined in section 101 of the Federal Credit Union Act);

(4) any corporation organized under section 25A of the Federal Reserve Act;

(5) any corporation operating under section 25 of the Federal Reserve Act;

(6) any trust company; or

(7) 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 section 3 of the Securities Exchange Act of 1934) or a futures commission merchant (as defined in section 1a(20) of the Commodity Exchange Act).

(b) IDENTIFIED BANKING PRODUCT.-In 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-LeachBliley Act, except that in applying such section for purposes of this title

(1) the term "bank" shall have the meaning given in subsection (a) of this section; and

(2) the term "qualified investor" means eligible contract participant (as defined in section 1a(12) of the Commodity Exchange Act, as in effect on the date of the enactment of the Commodity Futures Modernization Act of 2000).

(c) HYBRID INSTRUMENT.—In this title, the term "hybrid instrument" means an identified banking product not excluded by section 403 of this Act, offered by a bank, having one or more payments

This title, as contained in Appendix E (H.R. 5660; 114 Stat. 2763A-365) of Public Law 106554 (entitled the Commodity Futures Modernization Act of 2000), was enacted into law by the reference made in section 1(a)(5) of such public law (114 Stat. 2763).

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CERTAINTY FOR BANK PRODUCTS ACT OF 2000

RESPONSI

title may be cited as the "Legal Certainty for Bank Prodof 2000".

[7 U.S.C. 27] DEFINITIONS.

BANK.-In this title, the term "bank" means

(1) any depository institution (as defined in section 3(c) of Federal Deposit Insurance Act);

(2) any foreign bank or branch or agency of a foreign bank ch as defined in section 1(b) of the International Banking of 1978);

(3) any Federal or State credit union (as defined in section I of the Federal Credit Union Act);

(4) any corporation organized under section 25A of the deral Reserve Act;

(5) any corporation operating under section 25 of the Fed1 Reserve Act;

(7) any subsidiary of any entity described in paragraph (1) ough (6) of this subsection, if the subsidiary is regulated as he subsidiary were part of the entity and is not a broker or ler (as such terms are defined in section 3 of the Securities change Act of 1934) or a futures commission merchant (as ined in section 1a(20) of the Commodity Exchange Act).

IDENTIFIED BANKING PRODUCT.-In this title, the term ied banking product" shall have the same meaning as in phs (1) through (5) of section 206(a) of the Gramm-LeachAct, except that in applying such section for purposes of this

shall have the meaning given in subn; and

ified investor" means eligible contract
in sectior 2) of the Commodity Ex-
t on th
the enactment of the
derniza
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e term "hybrid instruot excluded by section one or more payments

2763A-365) of Public Law 10600), was enacted into law by the 2763).tovi

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