PUBLIC LAW 109–8—APR. 20, 2005
119 STAT. 167
subparagraph (or any master agreement for such master agreement or agreements), together with all supplements to such master agreement, shall be treated as a single agreement and a single qualified financial contract. If a master agreement contains provisions relating to agreements or transactions that are not themselves qualified financial contracts, the master agreement shall be deemed to be a qualified financial contract only with respect to those transactions that are themselves qualified financial contracts.’’. SEC. 906. FEDERAL DEPOSIT INSURANCE CORPORATION IMPROVEMENT ACT OF 1991.
(a) DEFINITIONS.—Section 402 of the Federal Deposit Insurance Corporation Improvement Act of 1991 (12 U.S.C. 4402) is amended— (1) in paragraph (2)— (A) in subparagraph (A)(ii), by inserting before the semicolon ‘‘, or is exempt from such registration by order of the Securities and Exchange Commission’’; and (B) in subparagraph (B), by inserting before the period ‘‘, that has been granted an exemption under section 4(c)(1) of the Commodity Exchange Act, or that is a multilateral clearing organization (as defined in section 408 of this Act)’’; (2) in paragraph (6)— (A) by redesignating subparagraphs (B) through (D) as subparagraphs (C) through (E), respectively; (B) by inserting after subparagraph (A) the following new subparagraph: ‘‘(B) an uninsured national bank or an uninsured State bank that is a member of the Federal Reserve System, if the national bank or State member bank is not eligible to make application to become an insured bank under section 5 of the Federal Deposit Insurance Act;’’; and (C) by amending subparagraph (C), so redesignated, to read as follows: ‘‘(C) a branch or agency of a foreign bank, a foreign bank and any branch or agency of the foreign bank, or the foreign bank that established the branch or agency, as those terms are defined in section 1(b) of the International Banking Act of 1978;’’; (3) in paragraph (11), by inserting before the period ‘‘and any other clearing organization with which such clearing organization has a netting contract’’; (4) by amending paragraph (14)(A)(i) to read as follows: ‘‘(i) means a contract or agreement between 2 or more financial institutions, clearing organizations, or members that provides for netting present or future payment obligations or payment entitlements (including liquidation or close out values relating to such obligations or entitlements) among the parties to the agreement; and’’; and (5) by adding at the end the following new paragraph:
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