Page:United States Statutes at Large Volume 96 Part 2.djvu/963

 PUBLIC LAW 97-444—JAN. 11, 1983

96 STAT. 2325

in the markets for such instruments, the underlying cash markets, and related financial markets; "(D) the adequacy of investor protections afforded to participants in the markets for such instruments; and "(E) the extent to which such instruments may be utilized to manipulate, or profit from the manipulation of, the markets for evidences of indebtedness, foreign currency, and securities. "(4) The Commission shall have primary responsibility for selecting and studying the instruments under its jurisdiction, and the Securities and Exchange Commission shall have primary responsibility for selecting and studying the instruments under its jurisdiction. "(5) The Board of Governors of the Federal Reserve System shall review, and may supplement with its own analyses, the studies conducted under this subsection by the Commission and the Securities and Exchange Commission. The Board of Governors, after consultation with the Commission and the Securities and Exchange Commission, shall, not later than September 30, 1984, submit to Congress a report comprised of such studies, together with any supplementation and recommendations for legislative or regulatory action proposed by the participants. "(b)(1) The Commission shall conduct at a cost of not more than $200,000 a study of (A) the nature, extent, and effects of trading in representative futures markets by persons possessing material information not generally available to the public regarding present or anticipated cash or futures transactions (to which such persons are not parties) in any commodity, and (B) the adequacy of the Commission's authority to prevent market and customer abuses resulting from the possession of such nonpublic information. "(2) To the extent possible, the Commission shall use data which are readily available to it in conducting the study. The Commission shall, not later than September 30, 1984, transmit to the (Dommittee on Agriculture of the House of Representatives and the Committee on Agriculture, Nutrition, and Forestry of the Senate a report describing the results of the study and including any recommendations for legislative action.".

Report to Congress.

Report to congressional committees.

NATIONAL FUTURES ASSOCIATION STUDY AND SERVICE FEES

SEC. 237. Section 26 of the Futures Trading Act of 1978 (92 Stat. 7 USC 16a. 877) is amended by— (1) inserting "(a)" immediately following the section designation; and (2) adding at the end thereof the following new subsections: Report to "(b) The Commodity Futures Trading Commission shall submit to Congress. Congress a report containing the results of a study of the regulatory experience of the National Futures Association for the period beginning January 1, 1983 and ending September 30, 1985. The report shall be submitted not later than January 1, 1986. The report shall include (but not to be limited to) the following— "(1) the extent to which the National Futures Association has fully implemented the program provided in the rules approved by the Commission under section 17(p) and (q) of the Commodity Exchange Act and the effectiveness of the operation of such 7 USC 21. program;

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