Page:United States Statutes at Large Volume 124.djvu/1754

 124 STAT. 1728 PUBLIC LAW 111–203—JULY 21, 2010 trader positions for the agreement, contract, or transaction traded on the foreign board of trade that are comparable to such reports on aggregate trader positions for the 1 or more contracts against which the agreement, contract, or transaction traded on the foreign board of trade settles. ‘‘(C) EXISTING FOREIGN BOARDS OF TRADE.—Subpara- graphs (A) and (B) shall not be effective with respect to any foreign board of trade to which, prior to the date of enactment of this paragraph, the Commission granted direct access permission until the date that is 180 days after that date of enactment.’’. (b) LIABILITY OF REGISTERED PERSONS TRADING ON A FOREIGN BOARD OF TRADE.—Section 4 of the Commodity Exchange Act (7 U.S.C. 6) is amended— (1) in subsection (a), in the matter preceding paragraph (1), by inserting ‘‘or by subsection (e)’’ after ‘‘Unless exempted by the Commission pursuant to subsection (c)’’; and (2) by adding at the end the following: ‘‘(e) LIABILITY OF REGISTERED PERSONS TRADING ON A FOREIGN BOARD OF TRADE.— ‘‘(1) IN GENERAL.—A person registered with the Commis- sion, or exempt from registration by the Commission, under this Act may not be found to have violated subsection (a) with respect to a transaction in, or in connection with, a con- tract of sale of a commodity for future delivery if the person— ‘‘(A) has reason to believe that the transaction and the contract is made on or subject to the rules of a foreign board of trade that is— ‘‘(i) legally organized under the laws of a foreign country; ‘‘(ii) authorized to act as a board of trade by a foreign futures authority; and ‘‘(iii) subject to regulation by the foreign futures authority; and ‘‘(B) has not been determined by the Commission to be operating in violation of subsection (a). ‘‘(2) RULE OF CONSTRUCTION.—Nothing in this subsection shall be construed as implying or creating any presumption that a board of trade, exchange, or market is located outside the United States, or its territories or possessions, for purposes of subsection (a).’’. (c) CONTRACT ENFORCEMENT FOR FOREIGN FUTURES CON- TRACTS.—Section 22(a) of the Commodity Exchange Act (7 U.S.C. 25(a)) (as amended by section 739) is amended by adding at the end the following: ‘‘(6) CONTRACT ENFORCEMENT FOR FOREIGN FUTURES CON- TRACTS.—A contract of sale of a commodity for future delivery traded or executed on or through the facilities of a board of trade, exchange, or market located outside the United States for purposes of section 4(a) shall not be void, voidable, or unenforceable, and a party to such a contract shall not be entitled to rescind or recover any payment made with respect to the contract, based on the failure of the foreign board of trade to comply with any provision of this Act.’’. Effective date.