106 STAT. 3598 PUBLIC LAW 102-546—OCT. 28, 1992 "(8) When such board of trade demonstrates that every contract market for which such board of trade is designated compHes with the requirements of section 5a(b).". ' SEC. 202. COMMISSION OVERSIGHT; DEFICIENCY ORDERS. (a) IN GENERAL. —The Act is amended by inserting after section 8d (7 U.S.C. 12d) the following new section: 7 USC 12e. "SEC. 8e. COMMISSION OVERSIGHT; DEFICIENCY ORDERS. "(a) ASSESSMENTS.— At least once every two years, to the extent practicable, the Commission shall assess whether the trade monitoring system of each contract market satisfies section 5a(b). " (b) DEFICIENCY ORDERS.— "(1) CAUSES.— The Commission may issue a proposed deficiency order in accordance with paragraph (2), or take such other administrative or enforcement action as the Commission determines is appropriate, if, based on its assessment or on other information, the Commission at any time has reason to believe that a contract market's trade monitoring system implemented pursuant to section 5a(b) does not satisfy one or more of the requirements of such section. "(2) CONTENTS. —^A proposed deficiency order issued under this subsection shall specify— "(A) the deficiencies the Commission has reason to believe exist in the trade monitoring system of the contract market and a statement of reasons supporting the Commission's belief that those deficiencies exist; "(B) the corrective action that the Commission believes that the contract market must take and an acceptable timetable for such corrective action; and "(C) a date, not less than twenty days from the date of issuance of the proposed deficiency order, when such deficiency order will become final, subject to subsection (d). "(3) REMEDIES.— On becoming final, the Commission deficiency order may— "(A) require the contract market to— "(i) institute appropriate improvements in its trade monitoring system necessary to correct the deficiencies noted therein; "(ii) satisfy stated objective performance criteria to correct such deficiencies; "(iii) upgrade or reconfigure existing systems for collecting or processing relevant data on trading and trader or broker activity, including, where appropriate, the commitment of additional resources; or "(B) revoke any exemption of the contract market from the regulations prohibiting the privilege of dual trading under section 4j(a), if the deficiency noted in such deficiency order relates to— "(i) the audit trail system the contract market is required to maintain under paragraph (2), (3), or (4) of section 5a(b); or "(ii) the prevention, detection, or disciplining of violations attributable to such trading at such contract market, subject to the standards, exceptions, and duration provisions of section 4j(a); or
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