Page:United States Statutes at Large Volume 114 Part 5.djvu/458

 114 STAT. 2763A-418 PUBLIC LAW 106-554—APPENDIX E "(11) only between eligible contract participants (as defined in subparagraphs (A), (B)(ii), and (C) of such section la(12)) at the time at which the persons enter into the agreement, contract, or transaction; and "(ii) the transaction is entered into on or after the later of— "(I) 8 months after the date of the enactment of the Commodity Futures Modernization Act of 2000; or "(II) such date that a futures association registered under section 17 of the Commodity Exchange Act has met the requirements set forth in section 15A(k)(2) of this title.", (b) COMMISSION REVIEW OF PROPOSED RULE CHANGES.— (1) EXPEDITED REVIEW.—Section 19(b) of the Securities Exchange Act of 1934 (15 U.S.C. 78s(b)) is amended by adding at the end the following: " (7) SECURITY FUTURES PRODUCT RULE CHANGES. — "(A) FILING REQUIRED.—^A self-regulatory organization that is an exchange registered with the Commission pursuant to section 6(g) of this title or that is a national securities association registered pursuant to section 15A(k) of this title shall file with the Commission, in accordance with such rules as the Commission may prescribe, copies of any proposed rule change or any proposed change in, addition to, or deletion from the rules of such self-regulatory organization (hereinafter in this paragraph collectively referred to as a 'proposed rule change') that relates to higher margin levels, fraud or manipulation, recordkeeping, reporting, listing standards, or decimal pricing for security futures products, sales practices for security futures products for persons who effect transactions in security futures products, or rules effectuating such self-regulatory organization's obligation to enforce the securities laws. Such proposed rule change shall be accompanied by a concise general statement of the basis and purpose of such proposed rule change. The Commission shall, upon the filing of any proposed rule change, promptly publish notice thereof together with the terms of substance of the proposed rule change or a description of the subjects and issues involved. The Commission shall give interested persons an opportunity to submit data, views, and arguments concerning such proposed rule change. "(B) FILING WITH CFTC. —^A proposed rule change filed with the Commission pursuant to subparagraph (A) shall be filed concurrently with the Commodity Futures Trading Commission. Such proposed rule chsmge may take effect upon filing of a written certification with the Commodity Futures Trading Commission under section 5c(c) of the Commodity Exchange Act, upon a determination by the Commodity Futures Trading Commission that review of the proposed rule change is not necessary, or upon approval of the proposed rule change by the Commodity Futures Trading Commission. "(C) ABROGATION OF RULE CHANGES.— Any proposed rule change of a self-regulatory organization that has taken

�