Page:United States Statutes at Large Volume 124.djvu/1680

 124 STAT. 1654 PUBLIC LAW 111–203—JULY 21, 2010 under paragraph (3)(B) shall not be subject to judicial review pursuant to subsection (b). (E) WITHDRAWAL OF REQUEST.—A request under subparagraph (A) or (B) may be withdrawn by the Commis- sion making the request at any time prior to a determina- tion being made pursuant to paragraph (3) for any reason by providing written notice to the head of the other Commission. (3) DETERMINATION.—Notwithstanding any other provision of law, no later than 120 days after the date of receipt of a request— (A) under subparagraph (A) or (B) of paragraph (2), unless such request has been withdrawn pursuant to para- graph (2)(E), the Securities and Exchange Commission or the Commodity Futures Trading Commission, as applicable, shall, by order, issue the determination requested in subparagraph (A) or (B) of paragraph (2), as applicable, and the reasons therefor; or (B) under paragraph (2)(D), unless such request has been withdrawn, the Securities and Exchange Commission or the Commodity Futures Trading Commission, as applicable, shall grant an exemption or provide reasons for not granting such exemption, provided that any decision by the Securities and Exchange Commission not to grant such exemption shall not be reviewable under section 25 of the Securities Exchange Act of 1934 (15 U.S.C. 78y). (b) JUDICIAL RESOLUTION.— (1) IN GENERAL.—The Commodity Futures Trading Commission or the Securities and Exchange Commission may petition the United States Court of Appeals for the District of Columbia Circuit for review of a final order of the other Commission issued pursuant to subsection (a)(3)(A), with respect to a novel derivative product that may have elements of both securities and contracts of sale of a commodity for future delivery (or options on such contracts or options on commodities) that it believes affects its statutory jurisdiction within 60 days after the date of entry of such order, a written petition requesting a review of the order. Any such proceeding shall be expedited by the Court of Appeals. (2) TRANSMITTAL OF PETITION AND RECORD.—A copy of a petition described in paragraph (1) shall be transmitted not later than 1 business day after filing by the complaining Commission to the responding Commission. On receipt of the petition, the responding Commission shall file with the court a copy of the order under review and any documents referred to therein, and any other materials prescribed by the court. (3) STANDARD OF REVIEW.—The court, in considering a peti- tion filed pursuant to paragraph (1), shall give no deference to, or presumption in favor of, the views of either Commission. (4) JUDICIAL STAY.—The filing of a petition by the com- plaining Commission pursuant to paragraph (1) shall operate as a stay of the order, until the date on which the determination of the court is final (including any appeal of the determination). SEC. 719. STUDIES. (a) STUDY ON EFFECTS OF POSITION LIMITS ON TRADING ON EXCHANGES IN THE UNITED STATES.— 15 USC 8307. Deadline. Deadline. Deadline.