Page:United States Statutes at Large Volume 114 Part 5.djvu/443

 PUBLIC LAW 106-554—APPENDIX E 114 STAT. 2763A-403 or market located outside the United States, its territories or possessions; or "(iii) that is not subject to regulation by the Commission under section 4c or 19; or "(C) the application of any Federal or State statute, including any rule or regulation thereunder, to any person required to be registered or designated under this Act who shall fail or refuse to obtain such registration or designation. "(2) This Act shall supersede and preempt the application of any State or local law that prohibits or regulates gaming or the operation of bucket shops (other than antifraud provisions of general applicability) in the case of— "(A) an electronic trading facility excluded under section 2(e) of this Act; and "(B) an agreement, contract, or transaction that is excluded from this Act under section 2(c), 2(d), 2(f), or 2(g) of this Act or title IV of the Commodity Futures Modernization Act of 2000, or exempted under section 2(h) or 4(c) of this Act (regardless of whether any such agreement, contract, or transaction is otherwise subject to this Act). ". SEC. 118. PREDISPUTE RESOLUTION AGREEMENTS FOR INSTITU- TIONAL CUSTOMERS. Section 14 of the Commodity Exchange Act (7 U.S.C. 18) is amended by striking subsection (g) and inserting the following: "(g) PREDISPUTE RESOLUTION AGREEMENTS FOR INSTITUTIONAL CUSTOMERS.—Nothing in this section prohibits a registered futures commission merchant from requiring a customer that is an eligible contract participant, as a condition to the commission merchant's conducting a transaction for the customer, to enter into an agreement waiving the right to file a claim under this section.". SEC. 119. CONSIDERATION OF COSTS AND BENEFITS AND ANTITRUST LAWS. Section 15 of the Commodity Exchange Act (7 U.S.C. 19) is amended by striking "SEC. 15. The Commission" and inserting the following: " SEC. 15. CONSIDERATION OF COSTS AND BENEFITS AND ANTITRUST LAWS. "(a) COSTS AND BENEFITS. — "(1) IN GENERAL.—Before promulgating a regulation under this Act or issuing an order (except as provided in paragraph (3)), the Commission shall consider the costs and benefits of the action of the Commission. "(2) CONSIDERATIONS.—The costs and benefits of the proposed Commission action shall be evaluated in light of— "(A) considerations of protection of market participants and the public; "(B) considerations of the efficiency, competitiveness, and financial integrity of futures markets; "(C) considerations of price discovery; "(D) considerations of sound risk management practices; and "(E) other public interest considerations.

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