12 2 STA T . 1 430PUBLIC LA W 110 – 234 —M A Y 22 , 200 8ofthepur po s es of , th i s Ac ti n connection w ith the a cti v ities of persons su bj ect to subc l ause (I).‘ ‘(I V ) S ubclause (III) of this clause shall not appl y to — ‘‘(aa) any person d escribed in any of ite m (aa) throu g h (ff) of clause (i)(II)
‘‘(bb) any such person ’ s associated persons; or ‘‘(cc) any person who would be e x empt from registration if engaging in the same activities in connection with transactions conducted on or sub - ject to the rules of a contract mar k et or a deriva- tives transaction execution facility. ‘‘(v) N otwithstanding items (cc) and (gg) of clause (i)(II), the C ommission may make, promulgate, and enforce such rules and regulations as, in the judgment of the Commission, are reasonably necessary to effec- tuate any of the provisions of, or to accomplish any of the purposes of, this Act in connection with agree- ments, contracts, or transactions described in clause (i) which are offered, or entered into, by a person described in item (cc) or (gg) of clause (i)(II). ‘‘(C)(i)(I) T his subparagraph shall apply to any agree- ment, contract, or transaction in foreign currency that is— ‘‘(aa) offered to, or entered into with, a person that is not an eligible contract participant (except that this subparagraph shall not apply if the counterparty, or the person offering to be the counterparty, of the person that is not an eligible contract participant is a person described in any of item (aa), (bb), (dd), (ee), or (ff) of subparagraph ( B )(i)(II)); and ‘‘(bb) offered, or entered into, on a leveraged or margined basis, or financed by the offeror, the counterparty, or a person acting in concert with the offeror or counterparty on a similar basis. ‘‘(II) Subclause (I) of this clause shall not apply to— ‘‘(aa) a security that is not a security futures product; or ‘‘(bb) a contract of sale that— ‘‘(AA) results in actual delivery within 2 days; or ‘‘(BB) creates an enforceable obligation to deliver between a seller and buyer that have the ability to deliver and accept delivery, respectively, in connection with their line of business. ‘‘(ii)(I) Agreements, contracts, or transactions described in clause (i) of this subparagraph shall be subject to sub- section (a)( 1 )(B) of this section and sections 4 (b), 4b, 4c(b), 4o, 6 (c) and 6(d) (except to the extent that sections 6(c) and 6(d) prohibit manipulation of the market price of any commodity in interstate commerce, or for future delivery on or subject to the rules of any market), 6c, 6d, 8 (a), 1 3 (a), and 13(b). ‘‘(II) Subclause (I) of this clause shall not apply to— ‘‘(aa) any person described in any of item (aa), (bb), (dd), (ee), or (ff) of subparagraph (B)(i)(II); or ‘‘(bb) any such person’s associated persons. Ap p licab ili ty.
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