Page:United States Statutes at Large Volume 106 Part 4.djvu/858

 106 STAT. 3594 PUBLIC LAW 102-546—OCT. 28, 1992 the Commission to deny such apphcation, to issue an exemption subject to conditions, or to revoke an exemption, only in the United States Court of Appeals for the circuit in which the party seeking review resides or has its principal place of business, or in the United States Court of Appeals for the District of Columbia Circuit, under the standards applicable to rulemaking proceedings under section 553 of title 5, United States Code. "(SKA) The Commission shall issue the regulations required under paragraph (1) not later than two hundred and seventy days after the enactment of this section. If, prior to the effective date of the prohibition on dual trading under such regulations, a board of trade submits to the Commission an application for an exemption for a contract market under paragraph (3), the Commission shall not apply the prohibition against dual trading under paragraph (1) to the contract market until the Commission has approved or denied the application. "(B) The Commission shall approve or deny any application for an exemption under paragraph (3) within seventy-five days after receipt of the application, or as soon as practicable.". SEC. 102. RESTRICTIONS ON TRADING AMONG MEMBERS OF BROKER ASSOCIATIONS. (a) IN GENERAL.—Section 4j (7 U.S.C. 6j) is amended by adding at the end the following new subsection: "(d)(1) Except as provided in paragraph (2), a floor broker may not execute an order of a customer if such floor broker knows the opposite party to the transaction to be a floor broker or floor trader with whom such trader or broker has a relationship involving trading on such contract market as— "(A) a partner in a partnership; "(B) an employer or employee; or "(C) Such other affiliation as the Commission may specify by rule. "(A) u the Commission has adopted rules that the Commission certifies to Congress require procedures and standards desired to prevent violations of this Act attributable to the trading described in paragraph (1); or "(B) to any contract msirket that has implemented rules desired to prevent violations of this Act attributable to the trading described in paragraph (1), except that, if the Commission determines, by rule or order, that such rules are not adequate to prevent such violations, paragraph (1) shall become effective with respect to such contract market after a reasonable period determined by the Commission.". 7 USC 6j note. (b) EFFECTIVE DATE.—The amendment made by subsection (a) shall become effective two hundred and seventy days after the date of enactment of this Act. SEC. 103. BROKER ASSOCIATION DISCLOSURE. Subsection (a) of section 5a (7 U.S.C. 7a) (as amended by sections 201(aKl) and 217 of this Act) is further amended— (1) by striking "and" at the end of paragraph (11); (2) by striking the period at the end of paragraph (12) and inserting a semicolon; and (3) by adding at the end the following new paragraph: "(13) provide for disclosure to the contract market and the Commission of any trade, business, or financial partnership.
 * (2) Paragraph (1) shall not apply—

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