# § 27a. Exclusion of identified banking product
**(a)** **Exclusion** Except as provided in subsection (b) or (c)—
**(1)** the Commodity Exchange Act (7 U.S.C. 1 et seq.) shall not apply to, and the Commodity Futures Trading Commission shall not exercise regulatory authority under the Commodity Exchange Act (7 U.S.C. 1 et seq.) with respect to, an identified banking product; and
**(2)** the definitions of “security-based swap” in section 3(a)(68) of the Securities Exchange Act of 1934 [15 U.S.C. 78c(a)(68)] 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 3(a)(78) of the Securities Exchange Act of 1934 [15 U.S.C. 78c(a)(78)] do not include any identified bank product.
**(b)** **Exception** An appropriate Federal banking agency may except an identified banking product of a bank under its regulatory jurisdiction from the exclusion in subsection (a) if the agency determines, in consultation with the Commodity Futures Trading Commission and the Securities and Exchange Commission, that the product—
**1** would meet the definition of a “swap” under section 1a(47) of the Commodity Exchange Act (7 U.S.C. 1a[47]) or a “security-based swap” under that [^1] section 3(a)(68) of the Securities Exchange Act of 1934; and
So in original.
**(2)** has become known to the trade as a swap or security-based swap, or otherwise has been structured as an identified banking product for the purpose of evading the provisions of the Commodity Exchange Act (7 U.S.C. 1 et seq.), the Securities Act of 1933 (15 U.S.C. 77a et seq.), or the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.).
**(c)** **Exception** The exclusions in subsection (a) shall not apply to an identified bank product that—
**(1)** is a product of a bank that is not under the regulatory jurisdiction of an appropriate Federal banking agency;
**(2)** meets the definition of swap in section 1a(47) of the Commodity Exchange Act or security-based swap in section 3(a)(68) of the Securities Exchange Act of 1934; and
**(3)** has become known to the trade as a swap or security-based swap, or otherwise has been structured as an identified banking product for the purpose of evading the provisions of the Commodity Exchange Act (7 U.S.C. 1 et seq.), the Securities Act of 1933 (15 U.S.C. 77a et seq.), or the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.).
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**Source Credit**: (Pub. L. 106–554, § 1(a)(5) [title IV, § 403], Dec. 21, 2000, 114 Stat. 2763, 2763A–458; Pub. L. 111–203, title VII, § 725(g)(2), July 21, 2010, 124 Stat. 1694.)
## Editorial Notes
### References in Text
The Commodity Exchange Act, referred to in subsecs. (a)(1), (b)(2), and (c)(3), is , , which is classified generally to this chapter. For complete classification of this Act to the Code, see and Tables.
The Securities Act of 1933, referred to in subsecs. (b)(2) and (c)(3), is title I of , , which is classified generally to subchapter I (§ 77a et seq.) of chapter 2A of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see and Tables.
The Securities Exchange Act of 1934, referred to in subsecs. (b)(2) and (c)(3), is , , which is classified principally to chapter 2B (§ 78a et seq.) of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see 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.
### Amendments
2010— amended section generally. Prior to amendment, text read as follows: “No provision of the Commodity Exchange Act 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 , under applicable banking law; and
“(2) the product was not prohibited by the Commodity Exchange Act 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 .”
## Statutory Notes and Related Subsidiaries
### Effective Date of 2010 Amendment
Amendment by effective on the later of 360 days after , or, to the extent a provision of subtitle A (§§ 711–754) of title VII of requires a rulemaking, not less than 60 days after publication of the final rule or regulation implementing such provision of subtitle A, see , set out as a note under .