114 STAT. 2763A-422 PUBLIC LAW 106-554—APPENDIX E conditions for registration set forth in this paragraph are no longer satisfied. "(B) EXEMPTIONS FOR REGISTERED BROKERS AND DEALERS. — ^A broker or dealer registered pursuant to the requirements of subparagraph (A) shall be exempt from the following provisions of this title and the rules thereunder with respect to transactions in security futures products: "(i) Section 8. "(ii) Section 11. "(iii) Subsections (c)(3) and (c)(5) of this section. "(iv) Section 15B. "(v) Section 15C. "(vi) Subsections (d), (e), (f), (g), (h), and (i) of section 17.". (2) CONFORMING AMENDMENT.— Section 28(e) of the Securities Exchange Act of 1934 (15 U.S.C. 78bb(e)) is amended by adding at the end the following: "(4) The provisions of this subsection shall not apply with regard to securities that are security futures products.". (b) FLOOR BROKERS AND FLOOR TRADERS. — Section 15(b) of the Securities Exchange Act of 1934 (15 U.S.C. 78o(b)) is amended by inserting after paragraph (11), as added by subsection (a), the following: " (12) EXEMPTION FOR SECURITY FUTURES PRODUCT EXCHANGE MEMBERS.— "(A) REGISTRATION EXEMPTION. —A natural person shall be exempt from the registration requirements of this section if such person— "(i) is a member of a designated contract market registered with the Commission as an exchange pursuant to section 6(g); "(ii) effects transactions only in securities on the exchange of which such person is a member; and "(iii) does not directly accept or solicit orders from public customers or provide advice to public customers in connection with the trading of security futures products. "(B) OTHER EXEMPTIONS. —^A natural person exempt from registration pursuant to subparagraph (A) shall also be exempt from the following provisions of this title and the rules thereunder: "(i) Section 8. "(ii) Section 11. "(iii) Subsections (c)(3), (c)(5), and (e) of this section. "(iv) Section 15B. "(v) Section 15C. "(vi) Subsections (d), (e), (f), (g), (h), and (i) of section 17.". (c) LIMITED PURPOSE NATIONAL SECURITIES ASSOCL^TION. —Section 15A of the Securities Exchange Act of 1934 (15 U.S.C. 78o- 3) is amended by adding at the end the following: " (k) LIMITED PURPOSE NATIONAL SECURITIES ASSOCLVTION.— "(1) REGULATION OF MEMBERS WITH RESPECT TO SECURITY FUTURES PRODUCTS.—^A futures association registered under section 17 of the Commodity Exchange Act shall be a registered
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