((a)) ** Exclusion** Except as provided in subsection (b) or (c)—
((1)) the Commodity Exchange Act ( et seq.) shall not apply to, and the Commodity Futures Trading Commission shall not exercise regulatory authority under the Commodity Exchange Act ( 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 [] and “security-based swap agreement” in section 1a(47)(A)(v) of the Commodity Exchange Act [] and section 3(a)(78) of the Securities Exchange Act of 1934 [] 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 ([47]) or a “security-based swap” under that section 3(a)(68) of the Securities Exchange Act of 1934; and
((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 ( et seq.), the Securities Act of 1933 ( et seq.), or the Securities Exchange Act of 1934 ( 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 ( et seq.), the Securities Act of 1933 ( et seq.), or the Securities Exchange Act of 1934 ( et seq.).