§ 27a. — Exclusion of identified banking products commonly offered on or before December 5, 2000.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 7USC27a]
TITLE 7--AGRICULTURE
CHAPTER 1--COMMODITY EXCHANGES
Sec. 27a. Exclusion of identified banking products commonly
offered on or before December 5, 2000
No provision of the Commodity Exchange Act [7 U.S.C. 1 et seq.]
shall apply to, and the Commodity Futures Trading Commission shall not
exercise regulatory authority with respect to, an identified banking
product if--
(1) an appropriate banking agency certifies that the product has
been commonly offered, entered into, or provided in the United
States by any bank on or before December 5, 2000, under applicable
banking law; and
(2) the product was not prohibited by the Commodity Exchange Act
[7 U.S.C. 1 et seq.] and not regulated by the Commodity Futures
Trading Commission as a contract of sale of a commodity for future
delivery (or an option on such a contract) or an option on a
commodity, on or before December 5, 2000.
(Pub. L. 106-554, Sec. 1(a)(5) [title IV, Sec. 403], Dec. 21, 2000, 114
Stat. 2763, 2763A-458.)
References in Text
The Commodity Exchange Act, referred to in text, is act Sept. 21,
1922, ch. 369, 42 Stat. 998, as amended, which is classified generally
to this chapter. For complete classification of this Act to the Code,
see section 1 of this title and Tables.
Codification
Section was enacted as part of the Legal Certainty for Bank Products
Act of 2000, and also as part of the Commodity Futures Modernization Act
of 2000, and not as part of the Commodity Exchange Act which comprises
this chapter.
Section Referred to in Other Sections
This section is referred to in sections 1a, 2, 7a-1, 16, 27, 27d,
27f of this title; title 15 section 78c.
