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S.B. 580
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VETOES
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(II) A RULE OR BYLAW OF A NATIONAL SECURITIES EXCHANGE,
NATIONAL SECURITIES CLEARING ORGANIZATION, OR SECURITIES CLEARING
AGENCY; OR
(III) A RULE, BYLAW, OR RESOLUTION OF THE GOVERNING BODY OF
A CONTRACT MARKET OR ITS CLEARING ORGANIZATION.
(4) "FORWARD CONTRACT" MEANS A CONTRACT, OTHER THAN A
COMMODITY CONTRACT, FOR THE PURCHASE, SALE, OR TRANSFER OF:
(I) A COMMODITY, AS DEFINED IN § 1 OF THE FEDERAL
COMMODITY EXCHANGE ACT; OR
(II) ANY SIMILAR GOOD, ARTICLE, SERVICE, RIGHT, OR INTEREST
THAT PRESENTLY IS OR IN THE FUTURE BECOMES THE SUBJECT OF DEALING IN THE
FORWARD CONTRACT TRADE, OR A PRODUCT OR BY-PRODUCT THEREOF, WITH A
MATURITY DATE MORE THAN 2 DAYS AFTER THE DATE THE CONTRACT IS ENTERED
INTO, INCLUDING, BUT NOT LIMITED TO, A REPURCHASE TRANSACTION, REVERSE
REPURCHASE TRANSACTION, CONSIGNMENT, LEASE, SWAP, HEDGE TRANSACTION,
DEPOSIT, LOAN, OPTION, ALLOCATED TRANSACTION, UNALLOCATED TRANSACTION,
OR A COMBINATION OF THESE OR AN OPTION ON ANY OF THEM.
(5) (I) "NETTING AGREEMENT" MEANS A CONTRACT OR AGREEMENT,
INCLUDING TERMS AND CONDITIONS INCORPORATED BY REFERENCE IN THE
CONTRACT OR AGREEMENT, THAT:
1. DOCUMENTS ONE OR MORE TRANSACTIONS BETWEEN
THE PARTIES TO THE CONTRACT OR AGREEMENT FOR OR INVOLVING ONE OR MORE
QUALIFIED FINANCIAL CONTRACTS; AND
2. PROVIDES FOR THE NETTING OR LIQUIDATION OF
QUALIFIED FINANCIAL CONTRACTS OR THE PRESENT OR FUTURE PAYMENT
OBLIGATIONS OR PAYMENT ENTITLEMENTS UNDER QUALIFIED FINANCIAL
CONTRACTS, INCLUDING LIQUIDATION OR CLOSE-OUT VALUES RELATING TO THE
OBLIGATIONS OR ENTITLEMENTS, AMONG THE PARTIES TO THE NETTING
AGREEMENT.
(II) "NETTING AGREEMENT" INCLUDES A MASTER AGREEMENT
THAT, TOGETHER WITH ALL SCHEDULES, CONFIRMATIONS, DEFINITIONS, AND
ADDENDA TO AND TRANSACTIONS UNDER ANY THEREOF, SHALL BE TREATED AS
ONE NETTING AGREEMENT.
(6) "QUALIFIED FINANCIAL CONTRACT" MEANS A COMMODITY
CONTRACT, FORWARD CONTRACT, REPURCHASE AGREEMENT, REVERSE
REPURCHASE AGREEMENT, SECURITIES CONTRACT, SWAP AGREEMENT, OR ANY
SIMILAR AGREEMENT THAT THE COMMISSIONER DETERMINES BY REGULATION OR
ORDER TO BE A QUALIFIED FINANCIAL CONTRACT FOR PURPOSES OF THIS
SUBTITLE.
(7) (I) "REPURCHASE AGREEMENT" OR "REVERSE REPURCHASE
AGREEMENT" MEANS AN AGREEMENT, INCLUDING RELATED TERMS, THAT PROVIDES
FOR THE TRANSFER OF CERTIFICATES OF DEPOSIT, ELIGIBLE BANKERS'
- 3732 -
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