Page:United States Statutes at Large Volume 92 Part 1.djvu/921

 PUBLIC LAW 95-405—SEPT. 30, 1978

92 STAT. 867

"(iii) The provisions of this subparagraph shall not create any rights, liabilities, or obligations upon which actions may be brought against the Commission."; (14) striking out in paragraph (9)(A) (7 U.S.C. 4 a (h)(l)) "Senate Committee on Agriculture and Forestry" and inserting in lieu thereof "Senate Committee on Agriculture, Nutrition, and Forestry"; and (15) striking out in paragraph (9)(B) (7 U.S.C. 4a(h)(2)) "Senate Committee on Agriculture and Forestry" and inserting in lieu thereof "Senate Committee on Agriculture, Nutrition, and Forestry". OPTIONS TRANSACTIONS; TECHNICAL AMENDMENTS

SEC. 3. Section 4c of the Commodity Exchange Act (7 U.S.C. 6c) is amended by— (1) striking out in the last sentence of subsection (a) "not have been disapproved" and inserting in li6u thereof "have been approved"; (2) striking out in subsection (b) "Senate Committee on Agriculture and Forestry" and inserting in lieu thereof "Senate Committee on Agriculture, Nutrition, and Forestry"; and (3) adding at the end thereof new subsections (c), (d), and (e) as follows: "(c) Notwithstanding the provisions of subsection (b) of this Report to section, no person may, after the enactment of the Futures Trading congressional Act of 1978, offer to enter into, enter into, or confirm the execution committees. of any commodity option transaction involving any commodity Regulations. regulated under this Act but not specifically set forth in section 2(a) of this Act prior to the enactment of the Commodity Futures Trad- Ante, p. 865. ing Commission Act of 1974, until (1) the Commission transmits to 7 USC 1 notts. the House Committee on Agriculture and the Senate Committee on Agriculture, Nutrition, and Forestry documentation of its ability to regulate successfully such transactions, including a copy of the Commission's proposed rules and regulations, and (2) the expiration of thirty calendar days of continuous session of Congress after the date of such transmittal. The Commission is not precluded from transmitting, at any time, documentation relating to its ability to regulate such transactions regarding individual commodities, classes of commodities, or regulation of such transactions on specific boards of trade. Nothing in this subsection shall affect any rights or obligations arising out of any transactions subject to the provisions of this subsection entered into, or the execution of which was confirmed, prior to October 1, 1978: Provided, That this prohibition shall not apply to any transaction expressly permitted under rules or regulations prescribed by the Commission, before or after the date of enactment of the Futures Trading Act of 1978, to be offered to be Ante, p. 865 entered into, entered into, or confirmed, in which the purchaser is a producer, processor, commercial user of, or a merchant handling, the commodity involved in the transaction, or the products or byproducts thereof. "(d) Notwithstanding the provisions of subsection (c) of this section— "(1) any person domiciled in the United States who on May 1, Regulations. 1978, was in the business of granting an option on a physical commodity and was in the business of buying, selling, producing, or otherwise using that commodity, may continue to grant or issue options on that commodity in accordance with Commission regu-

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