Page:United States Statutes at Large Volume 106 Part 4.djvu/863

 PUBLIC LAW 102-546—OCT. 28, 1992 106 STAT. 3599 "(C) take any combination of the actions described in subparagraphs (A) and (B). "(4) I^MOVAL.—If the Commission finds, after notice and opportunity for a hearing on the record prior to such deficiency order becoming final, that a named officer, director, committee member, or employee of such contract market has willfully— "(A) violated this Act, the niles or regulations of the Commission therevinder, or the rules of such contract market; "(B) abused the authority of such person; or "(C) without reasonable justification or excuse, failed to enforce compliance with any provision of the rules of such contract market by any member or person associated with a member thereof, the Commission may issue a deficiency order under this section to remove such officer, director, committee member, or employee. "(5) DESIGNATION AS CONTRACT MARKET.— Notwithstanding section 6, during the period that a proposed or final deficiency order under this section is in effect, the Commission may refrain from approving any application for designation as a contract market made by the board of trade whose contract market is the subject of such deficiency order. ''(6) DELEGATION.—The Commission shall not delegate the authority to issue deficiency orders under this subsection. "(c) RESCISSION, MODIFICATION, OR DELAY OF DEFICIENCY ORDERS.—Before any proposed deficiency order issued by the Commission under subsection (b) may become final, the Commission shall— "(1) provide the affected contract market with an opportunity for a hearing through submission of written data, views, or arguments and, under terms set by the Commission at the request of the contract market, through an oral presentation of views and comments to the Commission, in order to petition the Commission to rescind, modify, or delay such deficiency order; and "(2) rule on such petition, not less than twenty days before the deficiency order takes effect, making findings, as appropriate, as to whether— "(A) the deficiencies cited by the Commission have been corrected or are being corrected under an expeditious timetable acceptable to the Commission; "(B) the trade monitoring system of the contract market is deficient as noted in the deficiency order; or "(C) the timetable for corrective action by the contract market in the proposed deficiency order, and the particular corrective action proposed, is appropriate in light of the deficiencies noted and the purposes or this Act. "(d) PENALTIES. —Violation of a final deficiency order issued under subsection (c) shall be considered a violation of an order of the Commission for purposes of— "(1) establishing liability and assessing penalties against a contract market or any director, officer, agent, or employee thereof under section 6b or 6c; or "(2) initiating proceedings under section 5b or 6(a). "(e) JUDICIAL REVIEW.—

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