PERSONS ELIGIBLE FOR APPOINTMENT AS TRUSTEE.

SEC. 406. PERSONS ELIGIBLE FOR APPOINTMENT AS TRUSTEE. Section 310(a) of the Trust Indenture Act of 1939 (15 U.S.C. 77jjj(a)) is amended— (1) by inserting at the end of paragraph (1) the following: “The Commission may, pursuant to such rules and regulations as it may prescribe, or by order on application, permit a corporation or other person organized and doing business under the laws of a foreign government to act as sole trustee under an indenture qualified or to be qualified pursuant to this title, if such corporation or other person (i) is authorized under such laws to exercise corporate trust powers, and (ii) is subject to supervision or examination by authority of such foreign government or a political subdivision thereof substantially equivalent to supervision or examination applicable to United States institutional trustees. In prescribing such rules and regulations or making such order, the Commission shall consider whether under such laws, a United States institutional trustee is eligible to act as sole trustee under an indenture relating to securities sold within the jurisdiction of such foreign government.”; (2) by striking “The indenture to be qualified shall require that there shall” in paragraph (1) and inserting “There shall”; (3) by striking “thereunder” in paragraph (1) and inserting “under every indenture qualified or to be qualified pursuant to this title”; (4) by inserting “or a corporation or other person permitted to act as trustee by the Commission” before “(referred to” in paragraph (1); (5) by striking “The indenture to be qualified shall require that such institution” in paragraph (2) and inserting “Such institution”; (6) by striking “such indenture shall provide that” in paragraph (3); 104 STAT. 2724 (7) by striking “the indenture to be qualified shall require that” in paragraph (4); and (8) by inserting “shall” after “the indenture trustee or trustees” in paragraph (4).