12 2 STA T . 1 43 1 PUBLIC LA W 11 0– 234 —M A Y 22 , 200 8‘ ‘ (I II )TheCom m is sio n m ay ma k e ,pr om ulg a t e, an d en f or c e such rules and regulations as, in the j udgment of the Commission, are reasona b ly necessary to effectuate any of the pro v isions of or to accomplish any of the purposes of this A ct in connection w ith agreements, contracts, or transactions described in clause (i) of this subparagraph if the agreements, contracts, or transactions are offered, or entered into, by a person that is not described in item (aa) through (ff) of subparagraph ( B )(i)(II) . ‘‘(iii)(I) A person, unless registered in such capacity as the Commission by rule, regulation, or order shall deter - mine and a member of a futures association registered under section 17 , shall not — ‘‘(aa) solicit or accept orders from any person that is not an eligible contract participant in connection with agreements, contracts, or transactions described in clause (i) of this subparagraph entered into with or to be entered into with a person who is not described in item (aa), (bb), (dd), (ee), or (ff) of subparagraph (B)(i)(II)
‘‘(bb) e x ercise discretionary trading authority or obtain written authori z ation to exercise written trading authority over any account for or on behalf of any person that is not an eligible contract participant in connection with agreements, contracts, or transactions described in clause (i) of this subparagraph entered into with or to be entered into with a person who is not described in item (aa), (bb), (dd), (ee), or (ff) of subparagraph (B)(i)(II); or ‘‘(cc) operate or solicit funds, securities, or property for any pooled investment vehicle that is not an eligible contract participant in connection with agreements, contracts, or transactions described in clause (i) of this subparagraph entered into with or to be entered into with a person who is not described in item (aa), (bb), (dd), (ee), or (ff) of subparagraph (B)(i)(II). ‘‘(II) S ubclause (I) of this clause shall not apply to— ‘‘(aa) any person described in item (aa), (bb), (dd), (ee), or (ff) of subparagraph (B)(i)(II); ‘‘(bb) any such person ’ s associated persons; or ‘‘(cc) any person who would be exempt from reg- istration if engaging in the same activities in connec- tion with transactions conducted on or subject to the rules of a contract market or a derivatives transaction execution facility. ‘‘(III) The Commission may make, promulgate, and enforce such rules and regulations as, in the judgment of the Commission, are reasonably necessary to effectuate any of the provisions of, or to accomplish any of the pur- poses of, this Act in connection with the activities of persons subject to subclause (I). ‘‘(I V ) Subclause (III) of this clause shall not apply to— ‘‘(aa) any person described in item (aa) through (ff) of subparagraph (B)(i)(II); ‘‘(bb) any such person’s associated persons; or
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