; (iv) did not otherwise hold funds or securities for customers; and (v) if required under section 3(a)(2) of the Securities Investor Protection Act of 1970 ( 15 U.S.C. 78ccc(a)(2) ), was a member of the Securities Investor Protection Corporation; and (B) during the most recently completed fiscal year of the broker or dealer, claimed exemption from section 240.15c3–3 of title 17, Code of Federal Regulations, or any successor regulation. (7) Privately held The term privately held means, with respect to a broker or dealer (as those terms are defined in section 3(a) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c(a) )), that the broker or dealer, as applicable, is not an issuer. . (b) Amendments to regulations Not later than 60 days after the date of enactment of this Act, the Securities and Exchange Commission shall make any necessary amendments to regulations of the Commission that are in effect as of the date of enactment of this Act in order to carry out this Act and the amendments made by this Act. (c) Effective date This Act, and the amendments made by this Act, shall take effect on the date that is 60 days after the date of enactment of this Act.