Page:United States Statutes at Large Volume 124.djvu/1744

 124 STAT. 1718 PUBLIC LAW 111–203—JULY 21, 2010 SEC. 734. DERIVATIVES TRANSACTION EXECUTION FACILITIES AND EXEMPT BOARDS OF TRADE. (a) IN GENERAL.—Sections 5a and 5d of the Commodity Exchange Act (7 U.S.C. 7a, 7a–3) are repealed. (b) CONFORMING AMENDMENTS.— (1) Section 2 of the Commodity Exchange Act (7 U.S.C. 2) is amended— (A) in subsection (a)(1)(A), in the first sentence, by striking ‘‘or 5a’’; and (B) in paragraph (2) of subsection (g) (as redesignated by section 723(a)(1)(B)), by striking ‘‘section 5a of this Act’’ and all that follows through ‘‘5d of this Act’’ and inserting ‘‘section 5b of this Act’’. (2) Section 6(g)(1)(A) of the Securities Exchange Act of 1934 (15 U.S.C. 78f(g)(1)(A)) is amended— (A) by striking ‘‘that—’’ and all that follows through ‘‘(i) has been designated’’ and inserting ‘‘that has been designated’’; (B) by striking ‘‘; or’’ and inserting ‘‘; and’’ and (C) by striking clause (ii). (c) ABILITY TO PETITION COMMISSION.— (1) IN GENERAL.—Prior to the final effective dates in this title, a person may petition the Commodity Futures Trading Commission to remain subject to the provisions of section 5d of the Commodity Exchange Act, as such provisions existed prior to the effective date of this subtitle. (2) CONSIDERATION OF PETITION.—The Commodity Futures Trading Commission shall consider any petition submitted under paragraph (1) in a prompt manner and may allow a person to continue operating subject to the provisions of section 5d of the Commodity Exchange Act for up to 1 year after the effective date of this subtitle. SEC. 735. DESIGNATED CONTRACT MARKETS. (a) CRITERIA FOR DESIGNATION.—Section 5 of the Commodity Exchange Act (7 U.S.C. 7) is amended by striking subsection (b). (b) CORE PRINCIPLES FOR CONTRACT MARKETS.—Section 5 of the Commodity Exchange Act (7 U.S.C. 7) is amended by striking subsection (d) and inserting the following: ‘‘(d) CORE PRINCIPLES FOR CONTRACT MARKETS.— ‘‘(1) DESIGNATION AS CONTRACT MARKET.— ‘‘(A) IN GENERAL.—To be designated, and maintain a designation, as a contract market, a board of trade shall comply with— ‘‘(i) any core principle described in this subsection; and ‘‘(ii) any requirement that the Commission may impose by rule or regulation pursuant to section 8a(5). ‘‘(B) REASONABLE DISCRETION OF CONTRACT MARKET.— Unless otherwise determined by the Commission by rule or regulation, a board of trade described in subparagraph (A) shall have reasonable discretion in establishing the manner in which the board of trade complies with the core principles described in this subsection. ‘‘(2) COMPLIANCE WITH RULES.— Regulations. Procedures. 7 USC 7a–3 note. Repeal.