Page:United States Statutes at Large Volume 100 Part 5.djvu/87

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PUBLIC LAW 99-000—MMMM. DD, 1986

PUBLIC LAW 99-641—NOV. 10, 1986

100 STAT. 3561

"(2) The report shall also include Commission regulations govern- Reports. ing such transactions. The regulations shall provide for permitting Regulations. additional persons to engage in such transactions. The regulations shall become effective on the expiration of 90 calendar days on which either House of Congress is in session after the date of the transmittal of the report to Congress. The regulations— "(A) may authorize or require, notwithstanding any other provision of law, a futures association registered under this Act to perform such responsibilities in connection with such trsinsactions as the Commission may specify; and "(B) may require that permission for additional persons to engage in such business be given on a gradual basis, so as not to place an undue burden on the resources of the Commission. "(d) This section shall not affect any rights or obligations arising out of any transaction subject to this section, as in effect before the date of the enactment of the Futures Trading Act of 1986, that was entered into, or the execution of which was confirmed, before the date of the enactment of such Act.". SEC. n o. TECHNICAL CORRECTIONS.

The Commodity Exchange Act is amended— (1) m the third sentence of section 2(a)(l)(B)(ivXD (7 U.S.C. 2a(iv)(I)), by striking out "Securities Exchange Commission" and inserting in lieu thereof "Securities and Exchange Commission"; (2) in the fourth full sentence of section 5a(12) (7 U.S.C. 7a(12)), by striking out "particpate" and inserting in lieu thereof "participate"; (3) m the first sentence of section 9(c) (7 U.S.C. 13(c)), by striking out "section 4k." and inserting in lieu thereof "section 4k,"; (4) in the first sentence of section 9(d) (7 U.S.C. 13(d)), by striking out "advance guarantee" and inserting in lieu thereof "advance guaranty"; (5) by repealing section 11 (7 U.S.C. 14 note); (6) in the second full sentence of section 17(b)(2) (7 U.S.C. 21(b)(2)), by striking out "with in" and inserting in lieu thereof "within"; and (7) in section 17(k)(l) (7 U.S.C. 21(k)(l)), by striking out "title" and inserting in lieu thereof "section". SEC. i n. GAO STUDY OF TRADING IN CATTLE FUTURES CONTRACTS.

(a) STUDY.—The Comptroller General of the United S t a t ^ shall conduct and complete a comprehensive study of the effect of trading in contracts for the future delivery of live cattle on the cash market price of live cattle, with particular emphasis on— (1) whether the reaction of the live cattle futures market to the results of the milk production termination program in March 1986, conducted under section 201(d)(3) of the Agricultural Act of 1949 (7 U.S.C. 1446(d)(3)), was based on and accurately reflected the then prevailing conditions of supply and demand; (2) the effect of the trading in contracts for the future delivery of live cattle on— (i) the price relationship between feeder cattle and fed cattle;

7 USC 14. ,^

7 USC 20 note.