In this subchapter—
(1) "Act" means
Commodity Exchange Act;
(2) "clearing organization"
means organization that clears
commodity contracts
made on, or subject to the rules of, a
contract market
or board of trade;
(3) "Commission"
means Commodity Futures Trading Commission;
(4) "commodity contract"
means—
(A) with respect to
a futures commission merchant, contract for the purchase
or sale of a commodity for
future delivery on, or subject
to the rules of, a contract market or
board of trade;
(B) with respect to
a foreign futures commission merchant,
foreign future;
(C) with respect to
a leverage transaction merchant,
leverage transaction;
(D) with respect to a
clearing organization, contract for the purchase or
sale of a commodity for
future delivery on, or subject
to the rules of, a contract market or
board of trade that is cleared by such
clearing organization, or
commodity
option traded on, or subject to the rules of, a
contract
market or board of trade that is cleared by such
clearing organization;
(E) with respect to
a commodity options dealer,
commodity
option;
(F)(i)
any other contract, option, agreement or transaction that is similar
to a contract,
option, agreement or transaction referred to in this paragraph;
and
(ii) with respect to a futures commission
merchant or a clearing organization, any other contract, option,
agreement, or transaction, in each case, that is cleared by a clearing
organization;
(G)
any combination of the agreements or transactions referred to in this paragraph;
(H)
any option to enter into an agreement or transaction referred to in this
paragraph;
(I)
a master agreement that provides for an agreement or transaction referred
to in subparagraph
(A),
(B),
(C),
(D),
(E), (F),
(G), or
(H), together with all supplements to such master
agreement, without regard to whether the master agreement provides for an
agreement or transaction that is not a
commodity contract
under this paragraph, except that the master agreement shall be considered
to be a commodity contract under this paragraph only
with respect to each agreement or transaction under the master agreement
that is referred to in subparagraph
(A),
(B),
(C),
(D), (E),
(F),
(G), or
(H); or
(J)
any security agreement or arrangement or other credit enhancement related
to any agreement or transaction referred to in this paragraph, including
any guarantee or reimbursement obligation by or to a
commodity broker or
financial participant in connection
with any agreement or transaction referred to in this paragraph, but not
to exceed the damages in connection with any such agreement or transaction,
measured in accordance with section
562;
(5) "commodity option"
means agreement or transaction subject to regulation under section 4c(b)
of the Act;
(6) "commodity options
dealer" means
person that extends
credit to, or that accepts cash, a
security,
or other property from, a
customer of such
person for the purchase or sale of
an interest in a
commodity option;
(7) "contract market"
means board of trade designated as a contract market
by the Commission under the
Act;
(8) "contract of
sale", "commodity", "future delivery", "board of trade",
and "futures commission merchant" have the meanings assigned to those
terms in the Act;
(9) "customer"
means—
(A) with respect to
a futures commission merchant—
(i)
entity for or with whom such
futures commission merchant deals and that holds a
claim against such
futures commission merchant on account of a
commodity contract made, received, acquired, or held
by or through such futures commission merchant in the
ordinary course of such
futures commission merchant's
business as a futures commission merchant from or for
a commodity contract account of such
entity; or
(ii)
entity that holds a
claim against such
futures commission merchant arising out of—
(I) the making,
liquidation, or change in the value of a
commodity contract
of a kind specified in clause
(i) of this subparagraph;
(II) a deposit
or payment of cash, a
security, or
other property with such
futures commission merchant
for the purpose of making or margining such a
commodity
contract; or
(III) the making
or taking of delivery on such a
commodity contract;
(B) with respect to
a foreign futures commission merchant—
(i)
entity for or with whom such
foreign futures commission
merchant deals and that holds a
claim
against such foreign futures commission merchant on
account of a commodity contract made, received, acquired,
or held by or through such
foreign futures commission
merchant in the ordinary course of such
foreign futures
commission merchant's business as a
foreign futures
commission merchant from or for the
foreign futures
account of such
entity; or
(ii)
entity that holds a
claim against
such foreign futures commission merchant arising out
of—
(I) the making, liquidation, or change
in value of a commodity contract of a kind specified
in clause (i) of this subparagraph;
(II) a deposit or payment of cash, a
security, or other property with
such foreign futures commission merchant for the purpose
of making or margining such a
commodity contract; or
(III) the making or taking of delivery
on such a commodity contract;
(C) with respect to
a leverage transaction merchant—
(i)
entity for or with whom such
leverage transaction
merchant deals and that holds a
claim
against such leverage transaction merchant on account
of a commodity contract engaged in by or with such
leverage transaction merchant in the ordinary course
of such leverage transaction merchant's business as
a leverage transaction merchant from or for the leverage
account of such
entity; or
(ii)
entity that holds a
claim against
such leverage transaction merchant arising out of—
(I) the making, liquidation, or change
in value of a commodity contract of a kind specified
in clause (i) of this subparagraph;
(II) a deposit or payment of cash, a
security, or other property with
such leverage transaction merchant for the purpose
of entering into or margining such a
commodity contract;
or
(III) the making or taking of delivery
on such a commodity contract;
(D) with respect to
a clearing organization, clearing member of such
clearing organization with whom such
clearing organization deals and that holds a
claim against such
clearing organization on account of cash, a
security, or other property received
by such clearing organization to
margin, guarantee,
or secure a commodity contract in such clearing member's
proprietary account or
customers' account; or
(E) with respect to
a commodity options dealer—
(i)
entity for or with whom such
commodity options dealer
deals and that holds a
claim on account
of a commodity contract made, received, acquired, or
held by or through such commodity options dealer in
the ordinary course of such
commodity options dealer's
business as a commodity options dealer from or for
the commodity options account of such
entity; or
(ii)
entity that holds a
claim against
such commodity options dealer arising out of—
(I) the making of, liquidation of, exercise
of, or a change in value of, a
commodity contract of
a kind specified in clause (i) of this subparagraph; or
(II) a deposit or payment of cash, a
security, or other property with
such commodity options dealer for the purpose of making,
exercising, or margining such a
commodity contract;
(10) "customer
property" means cash, a
security,
or other property, or proceeds of such cash,
security, or property, received,
acquired, or held by or for the account of the
debtor, from or for the account of
a customer—
(A) including—
(i) property received,
acquired, or held to margin, guarantee, secure, purchase, or sell a
commodity contract;
(ii) profits or
contractual or other rights accruing to a
customer
as a result of a commodity contract;
(iii) an open
commodity contract;
(iv) specifically
identifiable
customer property;
(v) warehouse receipt
or other document held by the
debtor
evidencing ownership of or title to property to be delivered to fulfill
a commodity contract from or for the account of a
customer;
(vi) cash, a
security, or other property received
by the
debtor as payment for a commodity
to be delivered to fulfill a
commodity contract from
or for the account of a
customer;
(vii) a
security held as property of the
debtor to the extent such
security is necessary to meet a
net equity
claim
based on a
security of the same class
and series of an issuer;
(viii) property
that was unlawfully converted from and that is the lawful property of the
estate; and
(ix) other property
of the
debtor that any applicable
law, rule, or regulation requires to be set aside or held for the benefit
of a customer, unless including such property as
customer property would not significantly increase
customer property; but
(B) not including
property to the extent that a
customer does not have
a
claim against the debtor based on
such property;
(11) "foreign future"
means contract for the purchase or sale of a commodity for
future delivery on, or subject to the rules of, a
board of trade outside the
United States;
(12) "foreign futures
commission merchant" means
entity
engaged in soliciting or accepting orders for the purchase or sale of a
foreign future or that, in connection with such a
solicitation or acceptance, accepts cash, a
security, or other property, or extends
credit to margin, guarantee, or secure any trade or contract that results
from such a solicitation or acceptance;
(13) "leverage
transaction" means agreement that is subject to regulation under section
19 of the Commodity Exchange Act,
and that is commonly known to the commodities trade as a
margin account,
margin contract, leverage account, or leverage contract;
(14) "leverage
transaction merchant" means
person
in the business of engaging in
leverage transactions;
(15) "margin payment"
means payment or deposit of cash, a
security,
or other property, that is commonly known to the commodities trade as original
margin, initial margin, maintenance margin, or variation
margin, including
mark-to-market payments,
settlement payments, variation
payments, daily
settlement payments, and final
settlement payments made as adjustments to settlement
prices;
(16) "member property"
means customer property received, acquired, or held
by or for the account of a
debtor
that is a clearing organization, from or for the proprietary
account of a customer that is a clearing member of
the
debtor; and
(17) "net equity"
means, subject to such rules and regulations as the
Commission
promulgates under the
Act, with respect to the aggregate
of all of a customer's accounts that such
customer has in the same capacity—
(A) the balance remaining
in such customer's accounts immediately after—
(i) all
commodity contracts of such
customer
have been transferred, liquidated, or become identified for delivery; and
(ii) all obligations
of such customer in such capacity to the
debtor have been offset; plus
(B) the value, as
of the date of return under section
766 of this title,
of any specifically identifiable
customer property
actually returned to such
customer before the date
specified in subparagraph
(A) of this paragraph;
plus
(C) the value, as
of the date of
transfer, of—
(i) any
commodity contract to which such
customer
is entitled that is transferred to another
person under section
766 of this title; and
(ii) any cash,
security, or other property of such
customer transferred to such other
person under section
766 of this title to
margin or secure such transferred
commodity contract.
(Pub. L. 95-598,
Nov. 6, 1978, 92 Stat. 2615; Pub. L. 97-222, § 16, July 27, 1982,
96 Stat. 238; Pub. L. 98-353, title III, § 485, July 10, 1984, 98
Stat. 383; Pub. L.
103-394, title V, § 501(d)(29), Oct. 22, 1994,
108 Stat. 4146; Pub. L. 106-554, § 1(a)(5) (title I, § 112(c)(6)), Dec.
21, 2000, 114 Stat. 2763, 2763A-395; Pub. L.
109-8, Title IX, § 907(a)(3), April 20, 2005,
119 Stat. 174; Pub. L.
111-203, Title VII, Subtitle A, Part II, § 724(b), July 21, 2010,
124 Stat. 1684.)
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