Page:United States Statutes at Large Volume 92 Part 1.djvu/925

 PUBLIC LAW 95-405—SEPT. 30, 1978

92 STAT. 871

PROCESS FOR APPROVAL OF BYLAWS, RULES, REGULATIONS, AND RESOLUTIONS OF CONTRACT MARKETS

SEC. 12. Section 5a (12) of the Commodity Exchange Act (7 U.S.C. 7a (12)) is amended by— (1) inserting in the second sentence after "receipt" the following: "(or within sixty days of their receipt if the Commission determines them to be of major economic significance)"; and (2) inserting after the first sentence three new sentences as follows: "At least thirty days before approving any such bylaws, rules, regulations, and resolutions of major economic significance, as determined by the Commission, the Commission shall publish in the Federal Register such bylaws, rules, regulations, and resolutions. The Commission shall give interested persons an opportunity to participate in the approval process through the submission of written data, views, or arguments. The determination by the Commission whether any such bylaws, rules, regulations, or resolutions are of major economic significance shall be final and not subject to judicial review.". HEARING ON THE RECORD FOR REFUSAL, SUSPENSION, OR REVOCATION OF CONTRACT MARKET DESIGNATION; COMMISSION SUBPENA POWER

SEC. 13. Section 6 of the Commodity Exchange Act is amended by— (1) inserting in the second sentence "on the record" after "a hearing" (7 U.S.C. 8); (2) inserting in the second sentence of paragraph (a) "on the record" after "hearing" (7 U.S.C. 8); and (3) striking out the third sentence of paragraph (b) (7 U.S.C. 15) and inserting in lieu thereof the following: "For the purpose of securing effective enforcement of the provisions of this Act and for the purpose of any investigation or proceeding under this Act, any member of the Commission or any Administrative Law Judge or other officer designated by the Commission may administer oaths and affirmations, subpena witnesses, compel their attendance, take evidence, and require the production of any books, papers, correspondence, memoranda, or other records that the Commission deems relevant or material to the inquiry. The attendance of witnesses and the production of any such records may be required from any place in the United States or any State at any designated place of hearing. In case of contumacy by, or refusal to obey a subpena issued to, any person, the Commission may invoke the aid of any court of the United States within the jurisdiction in which the investigation or proceeding is conducted, or where such person resides or transacts business, in requiring the attendance and testimony of witnesses and the production of books, papers, correspondence, memoranda, and other records. Such court may issue an order requiring such person to appear before the Commission or member or Administrative Law Judge or other officer designated by the Commission, there to produce records, if so ordered, or to give testimony touching the matter under investigation or in question. Any failure to obey such order of the court may be punished by the court as a contempt thereof. All process in any such case may be served in the judicial district wherein such person is an inhabitant or transacts business or wherever such person may be found.".

Publication in Federal Register.

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