Page:United States Statutes at Large Volume 114 Part 5.djvu/444

 114 STAT. 2763A-404 PUBLIC LAW 106-554—APPENDIX E "(3) APPLICABILITY. —Th is subsection does not apply to the following actions of the Commission: "(A) An order that initiates, is part of, or is the result of an adjudicatory or investigative process of the Commission. "(B) An emergency action. "(C) A finding of fact regarding compliance with a requirement of the Commission. "(b) ANTITRUST LAWS.— The Commission". SEC. 120. CONTRACT ENFORCEMENT BETWEEN ELIGIBLE COUNTERPARTIES. Section 22(a) of the Commodity Exchange Act (7 U.S.C. 25(a)) is amended by adding at the end the following: " (4) CONTRACT ENFORCEMENT BETWEEN ELIGIBLE COUNTERPARTIES.— No agreement, contract, or transaction between eligible contract participants or persons reasonably believed to be eligible contract participants, and no hybrid instrument sold to any investor, shall be void, voidable, or unenforceable, and no such party shall be entitled to rescind, or recover any payment made with respect to, such an agreement, contract, transaction, or instrument under this section or any other provision of Federal or State law, based solely on the failure of the agreement, contract, transaction, or instrument to comply with the terms or conditions of an exemption or exclusion from any provision of this Act or regulations of the Commission.". SEC. 121. SPECIAL PROCEDURES TO ENCOURAGE AND FACILITATE BONA FIDE HEDGING BY AGRICULTURAL PRODUCERS. The Commodity Exchange Act, as otherwise amended by this Act, is amended by inserting after section 4o the following: " SEC. 4p. SPECIAL PROCEDURES TO ENCOURAGE AND FACILITATE BONA FIDE HEDGING BY AGRICULTURAL PRODUCERS. "(a) AUTHORITY.—The Commission shall consider issuing rules or orders which— "(1) prescribe procedures under which each contract market is to provide for orderly delivery, including temporary storage costs, of any agricultural commodity enumerated in section la(4) which is the subject of a contract for purchase or sale for future delivery; "(2) increase the ease with which domestic agricultural producers may participate in contract markets, including by addressing cost and margin requirements, so as to better enable the producers to hedge price risk associated with their production; "(3) provide flexibility in the minimum quantities of such agricultural commodities that may be the subject of a contract for purchase or sale for future delivery that is traded on a contract market, to better allow domestic agricultural producers to hedge such price risk; and "(4) encourage contract markets to provide information and otherwise facilitate the participation of domestic agricultural producers in contract markets. "(b) REPORT. —Within 1 year after the date of the enactment of this section, the Commission shall submit to the Committee on Agriculture of the House of Representatives and the Committee

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