15 U.S.C. § 8302

(a) Consultation (1) Commodity Futures Trading Commission Before commencing any rulemaking or issuing an order regarding swaps, swap dealers, major swap participants, swap data repositories, derivative clearing organizations with regard to swaps, persons associated with a swap dealer or major swap participant, eligible contract participants, or swap execution facilities pursuant to this subtitle, the Commodity Futures Trading Commission shall consult and coordinate to the extent possible with the Securities and Exchange Commission and the prudential regulators for the purposes of assuring regulatory consistency and comparability, to the extent possible. (2) Securities and Exchange Commission Before commencing any rulemaking or issuing an order regarding security-based swaps, security-based swap dealers, major security-based swap participants, security-based swap data repositories, clearing agencies with regard to security-based swaps, persons associated with a security-based swap dealer or major security-based swap participant, eligible contract participants with regard to security-based swaps, or security-based swap execution facilities pursuant to subtitle B, the Securities and Exchange Commission shall consult and coordinate to the extent possible with the Commodity Futures Trading Commission and the prudential regulators for the purposes of assuring regulatory consistency and comparability, to the extent possible. (3) Procedures and deadline Such regulations shall be prescribed in accordance with applicable requirements of title 5 and shall be issued in final form not later than 360 days after July 21, 2010 . (4) Applicability The requirements of paragraphs (1) and (2) shall not apply to an order issued— (A) in connection with or arising from a violation or potential violation of any provision of the Commodity Exchange Act ( 7 U.S.C. 1 et seq.); (B) in connection with or arising from a violation or potential violation of any provision of the securities laws; or (C) in any proceeding that is conducted on the record in accordance with sections 556 and 557 of title 5. (5) Effect Nothing in this subsection authorizes any consultation or procedure for consultation that is not consistent with the requirements of subchapter II of chapter 5, and chapter 7, of title 5 (commonly known as the “Administrative Procedure Act”). (6) Rules; orders In developing and promulgating rules or orders pursuant to this subsection, each Commission shall consider the views of the prudential regulators. (7) Treatment of similar products and entities (A) In general In adopting rules and orders under this subsection, the Commodity Futures Trading Commission and the Securities and Exchange Commission shall treat functionally or economically similar products or entities described in paragraphs (1) and (2) in a similar manner. (B) Effect Nothing in this subtitle requires the Commodity Futures Trading Commission or the Securities and Exchange Commission to adopt joint rules or orders that treat functionally or economically similar products or entities described in paragraphs (1) and (2) in an identical manner. (8) Mixed swaps The Commodity Futures Trading Commission and the Securities and Exchange Commission, after consultation with the Board of Governors, shall jointly prescribe such regulations regarding mixed swaps, as described in section 1a(47)(D) of the Commodity Exchange Act ( 7 U.S.C. 1a(47)(D) ) and in section 78c(a)(68)(D) of this title , as may be necessary to carry out the purposes of this title. 1 1 See References in Text note below. (b) Limitation (1) Commodity Futures Trading Commission Nothing in this title, 1 unless specifically provided, confers jurisdiction on the Commodity Futures Trading Commission to issue a rule, regulation, or order providing for oversight or regulation of— (A) security-based swaps; or (B) with regard to its activities or functions concerning security-based swaps— (i) security-based swap dealers; (ii) major security-based swap participants; (iii) security-based swap data repositories; (iv) associated persons of a security-based swap dealer or major security-based swap participant; (v) eligible contract participants with respect to security-based swaps; or (vi) swap execution facilities with respect to security-based swaps. (2) Securities and Exchange Commission Nothing in this title, 1 unless specifically provided, confers jurisdiction on the Securities and Exchange Commission or State securities regulators to issue a rule, regulation, or order providing for oversight or regulation of— (A) swaps; or (B) with regard to its activities or functions concerning swaps— (i) swap dealers; (ii) major swap participants; (iii) swap data repositories; (iv) persons associated with a swap dealer or major swap participant; (v) eligible contract participants with respect to swaps; or (vi) swap execution facilities with respect to swaps. (3) Prohibition on certain futures associations and national securities associations (A) Futures associations Notwithstanding any other provision of law (including regulations), unless otherwise authorized by this title, 1 no futures association registered under section 17 of the Commodity Exchange Act ( 7 U.S.C. 21 ) may issue a rule, regulation, or order for the oversight or regulation of, or otherwise assert jurisdiction over, for any purpose, any security-based swap, except that this subparagraph shall not limit the authority of a registered futures association to examine for compliance with, and enforce, its rules on capital adequacy. (B) National securities associations Notwithstanding any other provision of law (including regulations), unless otherwise authorized by this title, 1 no national securities association registered under section 78 o –3 of this title may issue a rule, regulation, or order for the oversight or regulation of, or otherwise assert jurisdiction over, for any purpose, any swap, except that this subparagraph shall not limit the authority of a national securities association to examine for compliance with, and enforce, its rules on capital adequacy. (c) Objection to Commission regulation (1) Filing of petition for review (A) In general If either Commission referred to in this section determines that a final rule, regulation, or order of the other Commission conflicts with subsection (a)(7) or (b), then the complaining Commission may obtain review of the final rule, regulation, or order in the United States Court of Appeals for the District of Columbia Circuit by filing in the court, not later than 60 days after the date of publication of the final rule, regulation, or order, a written petition requesting that the rule, regulation, or order be set aside. (B) Expedited proceeding A proceeding described in subparagraph (A) shall be expedited by the United States Court of Appeals for the District of Columbia Circuit. (2) Transmittal of petition and record (A) In general A copy of a petition described in paragraph (1) shall be transmitted not later than 1 business day after the date of filing by the complaining Commission to the Secretary of the responding Commission. (B) Duty of responding Commission On receipt of the copy of a petition described in paragraph (1), the responding Commission shall file with the United States Court of Appeals for the District of Columbia Circuit— (i) a copy of the rule, regulation, or order under review (including any documents referred to therein); and (ii) any other materials prescribed by the United States Court of Appeals for the District of Columbia Circuit. (3) Standard of review The United States Court of Appeals for the District of Columbia Circuit shall— (A) give deference to the views of neither Commission; and (B) determine to affirm or set aside a rule, regulation, or order of the responding Commission under this subsection, based on the determination of the court as to whether the rule, regulation, or order is in conflict with subsection (a)(7) or (b), as applicable. (4) Judicial stay The filing of a petition by the complaining Commission pursuant to paragraph (1) shall operate as a stay of the rule, regulation, or order until the date on which the determination of the United States Court of Appeals for the District of Columbia Circuit is final (including any appeal of the determination). (d) Joint rulemaking (1) In general Notwithstanding any other provision of this title 1 and subsections (b) and (c), the Commodity Futures Trading Commission and the Securities and Exchange Commission, in consultation with the Board of Governors, shall further define the terms “swap”, “security-based swap”, “swap dealer”, “security-based swap dealer”, “major swap participant”, “major security-based swap participant”, “eligible contract participant”, and “security-based swap agreement” in section 1a(47)(A)(v) of the Commodity Exchange Act ( 7 U.S.C. 1a(47)(A)(v) ) and section 78c(a)(78) of this title . (2) Authority of the Commissions (A) In general Notwithstanding any other provision of this title, 1 the Commodity Futures Trading Commission and the Securities and Exchange Commission, in consultation with the Board of Governors, shall jointly adopt such other rules regarding such definitions as the Commodity Futures Trading Commission and the Securities and Exchange Commission determine are necessary and appropriate, in the public interest, and for the protection of investors. (B) Trade repository recordkeeping Notwithstanding any other provision of this title, 1 the Commodity Futures Trading Commission and the Securities and Exchange Commission, in consultation with the Board of Governors, shall engage in joint rulemaking to jointly adopt a rule or rules governing the books and records that are required to be kept and maintained regarding security-based swap agreements by persons that are registered as swap data repositories under the Commodity Exchange Act, including uniform rules that specify the data elements that shall be collected and maintained by each repository. (C) Books and records Notwithstanding any other provision of this title, 1 the Commodity Futures Trading Commission and the Securities and Exchange Commission, in consultation with the Board of Governors, shall engage in joint rulemaking to jointly adopt a rule or rules governing books and records regarding security-based swap agreements, including daily trading records, for swap dealers, major swap participants, security-based swap dealers, and security-based swap participants. (D) Comparable rules Rules and regulations prescribed jointly under this title 1 by the Commodity Futures Trading Commission and the Securities and Exchange Commission shall be comparable to the maximum extent possible, taking into consideration differences in instruments and in the applicable statutory requirements. (E) Tracking uncleared transactions Any rules prescribed under subparagraph (A) shall require the maintenance of records of all activities relating to security-based swap agreement transactions defined under subparagraph (A) that are not cleared. (F) Sharing of information The Commodity Futures Trading Commission shall make available to the Securities and Exchange Commission information relating to security-based swap agreement transactions defined in subparagraph (A) that are not cleared. (3) Financial Stability Oversight Council In the event that the Commodity Futures Trading Commission and the Securities and Exchange Commission fail to jointly prescribe rules pursuant to paragraph (1) or (2) in a timely manner, at the request of either Commission, the Financial Stability Oversight Council shall resolve the dispute— (A) within a reasonable time after receiving the request; (B) after consideration of relevant information provided by each Commission; and (C) by agreeing with 1 of the Commissions regarding the entirety of the matter or by determining a compromise position. (4) Joint interpretation Any interpretation of, or guidance by either Commission regarding, a provision of this title, 1 shall be effective only if issued jointly by the Commodity Futures Trading Commission and the Securities and Exchange Commission, after consultation with the Board of Governors, if this title 1 requires the Commodity Futures Trading Commission and the Securities and Exchange Commission to issue joint regulations to implement the provision. (e) Global rulemaking timeframe Unless otherwise provided in this title, 1 or an amendment made by this title, 1 the Commodity Futures Trading Commission or the Securities and Exchange Commission, or both, shall individually, and not jointly, promulgate rules and regulations required of each Commission under this title 1 or an amendment made by this title 1 not later than 360 days after July 21, 2010 . (f) Rules and registration before final effective dates Beginning on July 21, 2010 , and notwithstanding the effective date of any provision of this Act, the Commodity Futures Trading Commission and the Securities and Exchange Commission may, in order to prepare for the effective dates of the provisions of this Act— (1) promulgate rules, regulations, or orders permitted or required by this Act; (2) conduct studies and prepare reports and recommendations required by this Act; (3) register persons under the provisions of this Act; and (4) exempt persons, agreements, contracts, or transactions from provisions of this Act, under the terms contained in this Act, provided, however, that no action by the Commodity Futures Trading Commission or the Securities and Exchange Commission described in paragraphs (1) through (4) shall become effective prior to the effective date applicable to such action under the provisions of this Act.