Page:United States Statutes at Large Volume 100 Part 5.djvu/84

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PUBLIC LAW 99-000—MMMM. DD, 1986

100 STAT. 3558

PUBLIC LAW 99-641—NOV. 10, 1986


Securities. f. • ^ '*^

Section 9(d) of the Commodity Exchange Act (7 U.S.C. 13(d)) is amended— (1) by inserting inmiediately before the period at the end of the first sentence the following: "if nonpublic information is j used in the investment transaction, if the investment transaction is prohibited by rule or regulation of the Commission, or if the investment transaction is effected by means of any instrument regulated by the Commission"; and (2) by striking out the second and third sentences and inserting in lieu thereof the following new sentence: "The foregoing prohibitions shall not apply to any transaction or class of transactions that the Commission, by rule or regulation, has , u. determined would not be contrary to the public interest or otherwise inconsistent with the purposes of this subsection.". SEC. 106. AUTHORIZATION FOR APPROPRIATIONS.

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Subsection (d) of section 12 of the Commodity Exchange Act (7 U.S.C. 16(d)) is amended to read as follows:

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"(d) There are authorized to be appropriated to carry out this Act such sums as may be necessary for each of the fiscal years during the period beginning October 1, 1986, and ending Septem; ber 30, 1989.". SEC. 107. REGISTERED FUTURES ASSOCIATION DISCIPLINARY ACTIONS AND MEMBERSHIP RESTRICTIONS.


Subsections (h) and (i) of section 17 of the (Dommodity Exchange Act (7 U.S.C. 21 (h) and (i)) are amended to read as follows: "(h)(1) If any registered futures association takes any final disciplinary action against a member of the association or a person associated with a member, denies admission to any person seeking membership therein, or bars any person from being associated with a member, the association promptly shall give notice thereof to such member or person and file notice thereof with the (Dommission. The notice shall be in such form and contain such information as the Commission, by rule or regulation, may prescribe as necessary or appropriate to carry out the purposes of this Act. '(2) Any action with respect to which a registered futures association is required by paragraph (1) to file notice shall be subject to review by the Commission on its motion, or on application by any person aggrieved by the action. Such application shall be filed within 30 days after the date such notice is filed with the (Commission and received by the aggrieved person, or within such longer period as the Commission may determine. "(3)(A) Application to the Commission for review, or the institution of review by the (Dommission on its own motion, shall not operate as a stay of such action unless the Commission otherwise orders, summarily or after notice and opportunity for hearing on the question of a stay (which hearing may consist solely of the submission of affidavits or presentation of oral arguments). "(B) The dJommission shall establish procedures for expedited consideration and determination of the question of a stay. "(i)(1) In a proceeding to review a final disciplinary action taken by a registered futures association against a member thereof or a person associated with a member, after appropriate notice and opportunity for a hearing (which hearing may consist solely of consideration of the record before the association and opportunity