Page:United States Statutes at Large Volume 106 Part 4.djvu/865

 PUBLIC LAW 102-546—OCT. 28, 1992 106 STAT. 3601 (1) inserting "(1)" after "(a)"; and (2) adding at the end the following: "(2) In conducting investigations authorized under this subsection or any other provision of this Act, the Commission shall continue, as the Commission determines necessary, to request the assistance of and cooperate with the appropriate Federal agencies in the conduct of such investigations, including undercover operations by such agencies. The Commission and the Department of Justice shall assess the effectiveness of such undercover operations and, within two years of the date of enactment of the Futures Trading Practices Act of 1992, shall recommend to Congress any additional undercover or other authority for the Commission that the Commission or the Department of Justice believes to be necessary.". SEC. 206. SELF REGULATORY ORGANIZATION DISCIPLINARY COMMIT- TEES AND GO^iHERNING BOARDS. (a) CONTRACT MARKETS.— (1) GOVERNING BOARDS AND DISCIPLINARY COMMITTEES.— Subsection (a) of section 5a (7 U.S.C. 7a) (as amended by sections 201(a)(1) and 217 of this Act) is further amended by adding at the end the following new paragraphs: "(14)(A) provide for meaningful representation on the governing board of the contract market's board of trade of a diversity of interests, including— "(i) futures commission merchants; "(ii) producers of, and consumers, processors, distributors, or merchandisers of, principal commodities traded on the board of trade; "(iii) floor brokers and traders; and "(iv) participants in a variety of pits or principal groups of commodities traded on the exchange. "(B) provide that no less than 20 percent of the regular voting members of such board be comprised of nonmembers of such contract market's board of trade with— "(i) expertise in futures trading, or the regulation thereof, or in commodities traded through contracts on the board of trade; or "(ii) other eminent qualiflcations making such person capable of participating in and contributing to board deliberations. "(C) provide that no less than 10 percent of the regular voting members of such board be comprised where applicable of farmers, producers, merchants, or exporters of principal commodities traded on the exchange; "(15)(A) provide on all major disciplinary committees for a diversity of membership sufficient to ensure fairness and to prevent special treatment or preference for any person in the conduct of disciplinary proceedings and the assessment of penalties. "(B) Consistent with Commission rules, a major disciplinary committee hearing a disciplinary matter shall include— "(i) a majority of qualified persons representing a trading status other than that of the subject of the proceeding; and 59-194 O—93 28:QL3(Pt 4)

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