Page:United States Statutes at Large Volume 124.djvu/1831

124 STAT. 1805 PUBLIC LAW 111–203—JULY 21, 2010 subparagraph apply only with respect to the activities that require the entity to be so registered. (6) FINANCIAL MARKET UTILITY.— (A) INCLUSION.—The term ‘‘financial market utility’’ means any person that manages or operates a multilateral system for the purpose of transferring, clearing, or settling payments, securities, or other financial transactions among financial institutions or between financial institutions and the person. (B) EXCLUSIONS.—The term ‘‘financial market utility’’ does not include— (i) designated contract markets, registered futures associations, swap data repositories, and swap execu- tion facilities registered under the Commodity Exchange Act (7 U.S.C. 1 et seq.), or national securities exchanges, national securities associations, alternative trading systems, security-based swap data repositories, and swap execution facilities registered under the Secu- rities Exchange Act of 1934 (15 U.S.C. 78a et seq.), solely by reason of their providing facilities for compari- son of data respecting the terms of settlement of securi- ties or futures transactions effected on such exchange or by means of any electronic system operated or con- trolled by such entities, provided that the exclusions in this clause apply only with respect to the activities that require the entity to be so registered; and (ii) any broker, dealer, transfer agent, or invest- ment company, or any futures commission merchant, introducing broker, commodity trading advisor, or com- modity pool operator, solely by reason of functions performed by such institution as part of brokerage, dealing, transfer agency, or investment company activi- ties, or solely by reason of acting on behalf of a finan- cial market utility or a participant therein in connec- tion with the furnishing by the financial market utility of services to its participants or the use of services of the financial market utility by its participants, pro- vided that services performed by such institution do not constitute critical risk management or processing functions of the financial market utility. (7) PAYMENT, CLEARING, OR SETTLEMENT ACTIVITY.— (A) IN GENERAL.—The term ‘‘payment, clearing, or settlement activity’’ means an activity carried out by 1 or more financial institutions to facilitate the completion of financial transactions, but shall not include any offer or sale of a security under the Securities Act of 1933 (15 U.S.C. 77a et seq.), or any quotation, order entry, negotiation, or other pre-trade activity or execution activity. (B) FINANCIAL TRANSACTION.—For the purposes of subparagraph (A), the term ‘‘financial transaction’’ includes— (i) funds transfers; (ii) securities contracts; (iii) contracts of sale of a commodity for future delivery; (iv) forward contracts; (v) repurchase agreements; Applicability.