Page:United States Statutes at Large Volume 106 Part 4.djvu/875

 PUBLIC LAW 102-546—OCT. 28, 1992 106 STAT. 3611 (2) willfully and knowingly to trade for such person's own account, or for or on behalf of any other account, in contracts for future delivery or options thereon on the basis of any material nonpublic information that such person knows was obtained in violation of paragraph (1) from an employee, member of the governing board, or member of any committee of a board of trade, contract market, or registered futures association. Such felony shall be punishable by a fine of not more than $500,000, plus the amount of any profits realized from such trading or disclosure made in violation of this subsection, or imprisonment for not more than five years, or both, together with the costs of prosecution.". (b) REGULATIONS. —The Commodity Futures Trading Commis- ? USC 13 note. sion shall issue regulations to implement the amendment made by subsection (a) not later than three hundred and sixty days after the date of enactment of this Act. SEC. 215. QUALIFICATIONS OF COMMISSIONERS. Section 2(a)(2)(A) (7 U.S.C. 4a(a)(l)) is amended by striking the second and third sentences and inserting the following: "The President. Commission shall be composed of five Commissioners who shall be appointed by the President, by and with the advice and consent of the Senate. In nominating persons for appointment, the President shall— "(i) select persons who shall each have demonstrated knowledge in futures trading or its regulation, or the production, merchandising, processing or distribution of one or more of the commodities or other goods and articles, services, rights, and interests covered by this Act; and "(ii) seek to ensure that the demonstrated knowledge of the Commissioners is balanced with respect to such areas.". SEC. 216. COMMISSION OPERATIONS. Section 12(b) (7 U.S.C. 16(b)) is amended— (1) by designating the first through third sentences as paragraphs (1) through (3), respectively; and (2) by adding at the end the following new paragraph: "(4) The Commission may request (in accordance with the procedures set forth in subchapter II of chapter 31 of title 5, United States Code) and the Office of Personnel Management shall authorize pursuant to the request, eight positions in the Senior Executive Service in addition to the number of such positions authorized for the Commission on the date of enactment of this sentence.". SEC. 217. PROHIBITION ON VOTING BY INTERESTED MEMBERS. Subsection (a) of section 5a (7 U.S.C. 7a) (as amended by sections 201(a) and 206(a)(l) of this Act) is further amended by adding at the end the following: "(17XA) provide for the avoidance of conflict of interest in deliberations by the governing board and any disciplinary and oversight committees. In order to comply with this subparagraph, each contract market shall adopt rules and procedures to require, at a minimum, that "(i) any member of a governing board or a disciplinary or other oversight committee must abstain from confidential deliberations and voting on any matter where the

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