Page:United States Statutes at Large Volume 114 Part 5.djvu/469

 PUBLIC LAW 106-554^APPENDIX E 114 STAT. 2763A-429 "(C) has rules to require such person to coordinate trading halts with markets trading the securities underly- ing the security future products and other markets trading related securities. " (6) DEFERRAL OF OPTIONS ON SECURITY FUTURES TRAD- ING.—No person shall offer to enter into, enter into, or confirm the execution of any put, call, straddle, option, or privilege on a security future, except that, after 3 years after the date of the enactment of this subsection, the Commission and the Commodity Futures Trading Commission may by order jointly determine to permit trading of puts, calls, straddles, options, or privileges on any security future authorized to be traded under the provisions of this Act and the Commodity Exchange Act. " (7) DEFERRAL OF LINKED AND COORDINATED CLEARING. — "(A) Notwithstanding paragraph (2), until the compliance date, a national securities exchange or nationgJ securities association registered pursuant to section 15A(a) may trade a security futures product that does not— "(i) conform with any listing standard promulgated to meet the requirement specified in subparagraph (E) of paragraph (3); or "(ii) meet the criterion specified in section 2(a)(l)(D)(i)(IV) of the Commodity Exchange Act. "(B) The Commission and the Commodity Futures Trading Commission shall jointly publish in the Federal Register a notice of the compliance date no later than 165 days before the compliance date. "(C) For purposes of this paragraph, the term 'compliance date' means the later of— "(i) 180 days after the end of the first full calendar month period in which the average aggregate comparable share volume for all security futures products based on single equity securities traded on all national securities exchanges, any national securities associations registered pursuant to section 15A(a), and all other persons equals or exceeds 10 percent of the average aggregate comparable share volume of options on single equity securities traded on all national securities exchanges and any national securities associations registered pursuant to section 15A(a); or "(ii) 2 years after the date on which trading in any security futures product commences under this title. ", (b) MARGIN.—Section 7 of the Securities Exchange Act of 1934 (15 U.S.C. 78g) is amended— (1) in subsection (a), by inserting "or a security futures product" after "exempted security"; (2) in subsection (c)(1)(A), by inserting "except as provided in paragraph (2)," after "security),"; (3) by redesignating paragraph (2) of subsection (c) as paragraph (3) of such subsection; and (4) by inserting after paragraph (1) of such subsection the following: " (2) MARGIN REGULATIONS. — " (A) COMPLIANCE WITH MARGIN RULES REQUIRED.—It shall be unlawful for suiy broker, dealer, or member of

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