Fabio
76b8ec33a7
Ingested titles 12–51 and 54 from OLRC USLM XML @119-100 (the whole Code now, uniform edition; Title 53 is reserved/empty). LegalText 11,221 -> 59,740; repo total 105,704 records. Deterministic (byte-identical rerun, verified on Title 42's 8,356 sections); make check green. make legal-us-code default now covers every title. Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>
46 lines
3.2 KiB
Markdown
46 lines
3.2 KiB
Markdown
---
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type: "LegalText"
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title: "15 U.S.C. § 8323"
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description: "Rulemaking on conflict of interest"
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jurisdiction: "us"
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corpus: "united_states_code"
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kind: "code_section"
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title_number: 15
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title_name: "COMMERCE AND TRADE"
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chapter_number: "109"
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chapter_name: "WALL STREET TRANSPARENCY AND ACCOUNTABILITY"
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section: "8323"
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citation: "15 U.S.C. § 8323"
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status: "current"
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release_point: "119-100"
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release_date: "2026-06-26"
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source: "official"
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source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
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source_identifier: "/us/usc/t15/s8323"
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source_file: "data/legal/raw/us/code/title-15/usc15.xml"
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source_hash: "b145d6c850b13168edb3c0b2c417e9a0a876d353bab19702114fb44788acc083"
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raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
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text_hash: "d5ea22f1a89850f4542f7b441128e4d7c300e41c3bdcc520dbe47633a1a37e88"
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retrieved_at: "2026-07-04"
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confidence: "official"
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tags: ["legal", "us-code"]
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---
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# 15 U.S.C. § 8323 - Rulemaking on conflict of interest
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## Text
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(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.
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(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 participant’s 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.
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(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.
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(Pub. L. 111–203, title VII, § 726, July 21, 2010, 124 Stat. 1695.)
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## Notes
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Statutory Notes and Related Subsidiaries
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Definitions For definitions of terms used in this section, see section 5301 of Title 12, Banks and Banking.
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