Page:United States Statutes at Large Volume 114 Part 5.djvu/487

 PUBLIC LAW 106-554—APPENDIX E 114 STAT. 2763A-447 (b) NOTICE REGISTRATION OF CERTAIN SECURITIES BROKER- DEALERS; EXEMPTION FROM REGISTRATION FOR CERTAIN SECURITIES BROKER-DEALERS.—Section 4fl^a) of the Commodity Exchange Act (7 U.S.C. 6Ka)) is amended— (1) by inserting "(1)" after "(a)"; and (2) by adding at the end the following: "(2) Notwithstanding paragraph (1), and except as provided in paragraph (3), any broker or dealer that is registered with the Securities and Exchange Commission shall be registered as a futures commission merchant or introducing broker, as applicable, if— "(A) the broker or dealer limits its solicitation of orders, acceptance of orders, or execution of orders, or placing of orders on behalf of others involving any contracts of sale of any commodity for future delivery, on or subject to the rules of any contract market or registered derivatives transaction execution facility to security futures products; "(B) the broker or dealer files written notice with the Commission in such form as the Commission, by rule, may prescribe containing such information as the Commission, by rule, may prescribe as necessary or appropriate in the public interest or for the protection of investors; "(C) the registration of the broker or dealer is not suspended pursuant to an order of the Securities and Exchange Commission; and "(D) the broker or dealer is a member of a national securities association registered pursuant to section 15A(a) of the Securities Exchange Act of 1934. The registration shall be effective contemporaneously with the submission of notice, in written or electronic form, to the Commission. "(3) A floor broker or floor trader shall be exempt from the registration requirements of section 4e and paragraph (1) of this subsection if— "(A) the floor broker or floor trader is a broker or dealer registered with the Securities and Exchange Commission; "(B) the floor broker or floor trader limits its solicitation of orders, acceptance of orders, or execution of orders, or placing of orders on behalf of others involving any contracts of sale of any commodity for future delivery, on or subject to the rules of any contract market to security futures products; and "(C) the registration of the floor broker or floor trader is not suspended pursuant to an order of the Securities and Exchange Commission.". (c) EXEMPTION FOR SECURITIES BROKER-DEALERS FROM CER- TAIN PROVISIONS OF THE COMMODITY EXCHANGE ACT. — Section 4^a) of the Commodity Exchange Act (7 U.S.C. 6fTa)) is amended by inserting after paragraph (3), as added by subsection (b) of this section, the following: "(4)(A) A broker or dealer that is registered as a futures commission merchant or introducing broker pursuant to paragraph (2), or that is a floor broker or floor trader exempt from registration pursuant to paragraph (3), shall be exempt from the following provisions of this Act and the rules thereunder: "(i) Subsections (b), (d), (e), and (g) of section 4c. "(ii) Sections 4d, 4e, and 4h. "(iii) Subsections (b) and (c) of this section.

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