Page:United States Statutes at Large Volume 106 Part 4.djvu/876

 106 STAT. 3612 PUBLIC LAW 102-546—OCT. 28, 1992 named party in interest is the member, the member's employer, the member's employee, or any other person that has a business, employment, or family relationship with the member that warrants abstention by the member; or other oversight committee must abstain from voting on any significant action that would not be submitted to the Commission for its prior approval, if, as determined in accordance with regulations promulgated by the Commission, the member knowingly has a direct and substantial financial interest in the result of the vote, based either on positions held personally or at an affiliated firm; "(iii) prior to the deliberations of the governing board, disciplinary board, or other oversight committee, acting directly or indirectly through an authorized member or contract market official, the positions of the members of such board or committee, and positions of the firm or firms with which such members are affiliated, are reviewed: Provided, however, That no contract market or official, employee, member, other than the member whose position or positions are being reviewed, or agent thereof shall be subject to liability, except for liability in an action initiated by the Commission, for having conducted this review and for having token or not token further action; and "(iv) the board or committee shall clearly reflect, in the minutos of such meeting, that the review required in clause (iii) occurred and any decisions by a member to abstoin or by the board or committee whether to direct a member or members to abstoin from deliberations or voting on the matter before the board or committee. Any member prohibited from voting on a rule pursuant to this paragraph shall not be included in determining whether there has been a two-thirds vote of members of the governing board or committee as required by subparagraph (12). "(B) For the purposes of this paragraph, the term 'significant action that would not be submitted to the Commission for ite prior approval' includes— "(ii) any changes in margin levels designed to respond to extraordmary market conditions that are likely to nave a substontial affect on prices in any contract traded on such contract market, but does not include any rule not submitted for prior Commission approval because such rule is unrelated to terms and conditions of any contract traded on such contract market. "(C) Notwithstanding the provisions of subparagraph (A)(ii)> the Commission shall issue rules estoblishing the conditions under which a member of a board or committee who is required to abstoin from voting on a significant action, as provided in subparagraph (A)(ii), may participate in deliberations on that action prior to such vote, where the member's participation is consistent with the public interest.". 7 USC 16a note. SEC. 218. STUDY OF ASSESSMENTS ON TRANSACTIONS. (a) STUDY.—The Comptroller General of the United Stotes shall conduct a study to determme whether—
 * (ii) any member of a governing board or a disciplinary
 * (i) any nonphysical emergency rule; or

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