Page:United States Statutes at Large Volume 114 Part 5.djvu/461

 PUBLIC LAW 106-554—APPENDIX E 114 STAT. 2763A-421 appropriate in furtherance of the purposes of this section notwithstanding the Commodity Futures Trading Commission's determination.". (c) REVIEW OF DISCIPLINARY PROCEEDINGS.— Section 19(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78s(d)) is amended by adding at the end the following: "(3) The provisions of this subsection shall apply to an exchange registered pursuant to section 6(g) of this title or a national securities association registered pursuant to section 15A(k) of this title only to the extent that such exchange or association imposes any final disciplinary sanction for— "(A) a violation of the Federal securities laws or the rules and regulations thereunder; or "(B) a violation of a rule of such exchange or association, as to which a proposed change would be required to be filed under section 19 of this title, except that, to the extent that the exchange or association rule violation relates to any account, agreement, contract, or transaction, this subsection shall apply only to the extent such violation involves a security futures product.". SEC. 203. REGULATORY RELIEF FOR INTERMEDIARIES TRADING SECU- RITY FUTURES PRODUCTS. (a) EXPEDITED REGISTRATION AND EXEMPTIONS.— (1) AMENDMENT. —Section 15(b) of the Securities Exchange Act of 1934 (15 U.S.C. 78o(b)) is amended by adding at the end the following: "(11) BROKER/DEALER REGISTRATION WITH RESPECT TO TRANSACTIONS IN SECURITY FUTURES PRODUCTS.— " (A) NOTICE REGISTRATION. — "(i) CONTENTS OF NOTICE.— Notwithstanding paragraphs (1) and (2), a broker or dealer required to register only because it effects transactions in security futures products on an exchange registered pursuant to section 6(g) may register for purposes of this section by filing with the Commission a written notice in such form and containing such information concerning such broker or dealer and any persons associated with such broker or dealer as the Commission, by rule, may prescribe as necessary or appropriate in the public interest or for the protection of investors. A broker or dealer may not register under this paragraph unless that broker or dealer is a member of a national securities association registered under section 15A(k). "(ii) IMMEDIATE EFFECTIVENESS.—Such registration shall be effective contemporaneously with the submission of notice, in written or electronic form, to the Commission, except that such registration shall not be effective if the registration would be subject to suspension or revocation under paragraph (4). "(iii) SUSPENSION. —Such registration shall be suspended immediately if a national securities association registered pursuant to section 15A(k) of this title suspends the membership of that broker or dealer. "(iv) TERMINATION.— Such registration shall be terminated immediately if any of the above stated

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