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2026-07-06 10:51:44 -04:00

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LegalText 15 U.S.C. § 8323 Rulemaking on conflict of interest us united_states_code code_section 15 COMMERCE AND TRADE 109 WALL STREET TRANSPARENCY AND ACCOUNTABILITY 8323 15 U.S.C. § 8323 current 119-100 2026-06-26 official https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip /us/usc/t15/s8323 data/legal/raw/us/code/title-15/usc15.xml b145d6c850b13168edb3c0b2c417e9a0a876d353bab19702114fb44788acc083 6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059 d5ea22f1a89850f4542f7b441128e4d7c300e41c3bdcc520dbe47633a1a37e88 2026-07-04 official
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15 U.S.C. § 8323 - Rulemaking on conflict of interest

Text

(a) In general In order to mitigate conflicts of interest, not later than 180 days after July 21, 2010, the Commodity Futures Trading Commission shall adopt rules which may include numerical limits on the control of, or the voting rights with respect to, any derivatives clearing organization that clears swaps, or swap execution facility or board of trade designated as a contract market that posts swaps or makes swaps available for trading, by a bank holding company (as defined in section 1841 of title 12) with total consolidated assets of $50,000,000,000 or more, a nonbank financial company (as defined in section 5311 of title 12) supervised by the Board, an affiliate of such a bank holding company or nonbank financial company, a swap dealer, major swap participant, or associated person of a swap dealer or major swap participant.

(b) Purposes The Commission shall adopt rules if it determines, after the review described in subsection (a), that such rules are necessary or appropriate to improve the governance of, or to mitigate systemic risk, promote competition, or mitigate conflicts of interest in connection with a swap dealer or major swap participants conduct of business with, a derivatives clearing organization, contract market, or swap execution facility that clears or posts swaps or makes swaps available for trading and in which such swap dealer or major swap participant has a material debt or equity investment.

(c) Considerations In adopting rules pursuant to this section, the Commodity Futures Trading Commission shall consider any conflicts of interest arising from the amount of equity owned by a single investor, the ability to vote, cause the vote of, or withhold votes entitled to be cast on any matters by the holders of the ownership interest, and the governance arrangements of any derivatives clearing organization that clears swaps, or swap execution facility or board of trade designated as a contract market that posts swaps or makes swaps available for trading.

(Pub. L. 111203, title VII, § 726, July 21, 2010, 124 Stat. 1695.)

Notes

Statutory Notes and Related Subsidiaries

Definitions For definitions of terms used in this section, see section 5301 of Title 12, Banks and Banking.