Page:United States Statutes at Large Volume 96 Part 2.djvu/962

 96 STAT. 2324

PUBLIC LAW 97-444—JAN. 11, 1983

actual losses that resulted from such transaction and were caused by such failure or violation. "(4) A person seeking to enforce liability under this section must establish that the contract market, licensed board of trade, clearing organization, registered futures association, officer, director, governor, committee member, or employee acted in bad faith in failing to take action or in taking such action as was taken, and that such failure or action caused the loss. "(5) The rights of action authorized by this subsection shall be the exclusive remedy under this Act available to any person who sustains a loss as a result of (A) the alleged failure by a contract market, licensed board of trade, clearing organization, or registered futures association or by any officer, director, governor, committee member, or employee to enforce any bylaw, rule, regulation, or resolution referred to in paragraph (1) or (2) of this subsection, or (B) the taking of action in enforcing any bylaw, rule, regulation, or resolution referred to in this subsection that is alleged to have violated this Act, or any Commission rule, regulation, or order. "(c) The United States district courts shall have exclusive jurisdiction of actions brought under this section. Any such action must be brought within two years after the date the cause of action accrued. "(d) The provisions of this section shall become effective with respect to causes of action accruing on or after the date of enactment of the Futures Trading Act of 1982: Provided, That the enactment of the Futures Trading Act of 1982 shall not affect any right of any parties which may exist with respect to causes of action accruing prior to such date.. SPECIAL STUDY OF FUTURES AND RELATED MARKETS

7 USC 26.

SEC. 236. The Commodity Exchange Act is amended by adding at the end thereof the following new section: "SEC. 23. (a)(1) The Board of Governors of the Federal Reserve System, the Commission, and the Securities and Exchange Commission, with assistance from the Secretary of the Treasury, shall conduct a study of the effects on the economy of trading in contracts of sale of commodities for future delivery and in options (including options on commodities, options on contracts of sale of commodities for future delivery, options on foreign currencies, and options on securities, including exempted securities or on any group or index of securities). The agencies participating in the study may select representative futures contracts and options contracts and representative periods of time for detailed study. "(2) The Board of Governors of the Federal Reserve System shall organize the study and shall do so in such manner that the total cost to all participating agencies of conducting the study is not more than $3,000,000. To the extent possible, such agencies shall use data which are readily available to them. "(3) among the areas to be studied are— "(A) the effects, if any, that trading in such instruments has on the formation of real capital in the economy (particularly that of a long-term nature) and the structure of liquidity in credit markets; "(B) the economic purposes, if any, served by the trading of such instruments; "(C) the sufficiency of the public policy tools available to regulate such trading activity to avoid harmful economic effects

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