Page:United States Statutes at Large Volume 92 Part 1.djvu/923

 PUBLIC LAW 95-405—SEPT. 30, 1978

92 STAT. 869

The Commission may permit persons not domiciled in the United Regulations. States to grant options under this subsection under such additional rules, regulations, and orders as the Commission may adopt to provide protection to purchasers that are substantially the equivalent of those applicable to grantors domiciled in the United States. The Commis- Hearing, sion may terminate the right of any person to grant, offer, or sell options under this subsection only after a hearing, including a finding that the continuation of such right is contrary to the public interest: Provided, That pending the completion of such termination proceedings, the Conunission may suspend the right to grant, offer, or sell options of any person whose activities in the Commission's judgment present a substantial risk to the public interest. " (e) The Commission may adopt rules and regulations, after public Regulations, notice and opportunity foi' a hearing on the record, prohibiting the granting, issuance, or sale of options permitted under subsection (d) of this section if the Commission determines that such options are contrary to the public interest.". •

CUSTOMER FUNDS AND PROPERTY

SEC. 4. Section 4d of the Commodity Exchange Act (7 U.S.C. 6d) is amended by inserting in paragraph (2) after ^Provided further,^ the following: "That in accordance with such terms and conditions as the Commission may prescribe by rule, regulation, or order, such money, securities, and property of the customers of such futures commission merchant may be commingled and deposited as provided in this section with any other money, securities, and property received by such futures commission merchant and required by the Commission to be separately accounted for and treated and dealt with as belonging to the customers of such futures commission merchant: Provided further,^\ R E G I S T R A T I O N OF F U T U R E S C 0 3 I M I S S I 0 N MERCHANTS AND FLOOR BROKERS

SEC. 5. Section 4(f)(1) of the Commodity Exchange Act (7 U.S.C. 6f (1)) is amended by striking out in the third sentence "All registrations shall expire on the 31st day of December of the year for which issued" and inserting in lieu thereof the following: "Each registration shall expire on December 81 of the year for which issued or at such other time, not less than one year from the date of issuance, as the Commission may by rule, regulation, or order prescribe". TECHNICAL

AMENDMENT

SEC 6. Section 4g(3) of the Commodity Exchange Act (7 U.S.C. 6g(3)) is amended by striking out "Brokers" and inserting in lieu thereof "Floor brokers". R E G I S T R A T I O N O F ASSOCIATED PERSONS; AUTHORIZATION FOR REGISTRATION OF ASSOCIATED PERSONS BY A REGISTERED FUTURES ASSOCIATION

SEC 7. Section 4k of the Commodity Exchange Act (7 U.S.C. 6k) is amended by— (1) amending the last sentence of subsection (2) to read as follows: "Such registration shall expire two years after the effective date thereof or at such other time, not less than one year from the date of issuance thereof, as the Commission may by rule, regulation, or order prescribe and shall be renewed upon application therefor, unless the registration has been suspended (and the

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