Page:United States Statutes at Large Volume 104 Part 5.djvu/197

 PUBLIC LAW 101-624—NOV. 28, 1990 104 STAT. 3519 all of the eligibility requirements specified in this subtitle, and the regulations issued pursuant to this subtitle. (2) PARTICIPATION IN PRICE SUPPORT PROGRAMS. — The regulations shall specify to what degree participation in the price support and production adjustment program established for the applicable crop of the commodity shall be required for participation in the pilot progrgim. (3) ADDITIONAL REQUIREMENTS.— To be eligible to participate in the pilot program, a producer shall— (A) attend not less than one seminar conducted by the Cooperative Extension Service; (B) maintain a separate brokerage account for the purpose of trading futures and options contracts covered by the pilot program; and (C) compile, maintain, and submit (or authorize the compilation, maintenance, and submission) of such documentation as the regulations governing the program may require to permit a proper record to be kept of the results of all cash, futures, or options trading that may be undertaken under the pilot program by the producer. (b) PROGRAM TERMS AND CONDITIONS. —The Secretary shall issue regulations or develop contract forms, or both, that set forth the terms and conditions of the program, and the rights and obligations of all of the parties participating in the program (including producers and registered brokers). At a minimum, the terms and conditions shall include the following: (1) CONTRACT MONTHS AND STRIKE PRICES. — (A) IN GENERAL.—The contract months and options strike prices at which participating producers may buy commodity put options in order to receive payments to cover the premiums on the options for each of the 1991 through 1995 crops of corn, and for each of the 1993 through 1995 crops of wheat and soybeans. (B) TARGET PRICE AND LOAN RATE STRIKE PRICES. —The pilot program shall provide— (i) a target price strike price for put options that is equivalent to the target price for the commodity involved; and (ii) a loan rate strike price that is equivalent to the loan rate for the commodity involved. (C) OTHER OPTIONS STRIKE PRICES.— Other options strike prices for commodities included in the program may be used if the prices are selected and agreed on by the Secretary and the representatives of the commodity futures trading industry designated in accordance with section 1155(a). (2) EuGiBLE PORTION OF CROP.— The portion of the crop of an eligible producer that may be used as a basis for acquiring options contracts. (3) PUT OPTIONS CONTRACTS. — The time when, and the manner in which, put options contracts shall be acquired, held, and liquidated by producers to meet program requirements. (4) PROGRAM BENEFITS. — (A) IN GENERAL. —The program benefits to be offered participating producers shall include the cost of option premiums and payments of not more than 15 cents per Regulations. Records. Regulations.

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