112 STAT. 2681-35 PUBLIC LAW 106-277 —OCT. 21, 1998 administered by the Rural Housing Service and the Rural Business- Cooperative Service. SEC. 760. (a)(1) For purposes of this section, the term "Commission" means the Commodity Futures Trading Commission. (2) For purposes of this section, the term "qualifying hybrid instrument or swap agreement" means a hybrid instrument or swap agreement that— (A) was entered into before the start of the restraint period or is entered into during the restraint period; and (B) is exempt under part 34 or part 35 of title 17, Code of Federal Regulations (as in effect on January 1, 1998), qualifies for the safe harbor contained in the Policy Statement of the Commission regarding swap agreements published in the Federal Register on July 21, 1989 (54 Fed. Reg. 30694), or qualifies for the exclusion set forth in the Statutory Interpretation of the Commission concerning certain hybrid instruments published in the Federal Register on April 11, 1990 (55 Fed. Reg. 13582). (3) For purposes of this section, the term "restraint period" means the period— (A) beginning on the date of the enactment of this Act; and (B) ending on March 30, 1999, or the first date on which legislation is enacted that authorizes appropriations for the Commission for a fiscal year after fiscal year 2000, whichever occurs first. (b) During the restraint period, the Commission may not propose or issue any rule or regulation, or issue any interpretation or policy statement, that restricts or regulates activity in a qualify- ing hybrid instrument or swap agreement. (c) Notwithstanding subsection (b), during the restraint period, the Commission may— (1) act on a petition for exemptive relief under section 4(c) of the Commodity Exchange Act (7 U.S.C. 6(c)); (2) enter such cease and desist orders and take such enforcement action, including the imposition of sanctions, as the Commission considers necessary to enforce any provision of the Commodity Exchange Act (7 U.S.C. 1 et seq.) or title 17, Code of Federal Regulations, in connection with a qualifying hybrid instrument or swap agreement, to the extent such provision is otherwise applicable to that qualifying hybrid instrument or swap agreement or a treinsaction involving that qualifying hybrid instrument or swap agreement; (3) take such action as the Commission considers appropriate with regard to agricultural trade options; and (4) take such action as the Commission considers appropriate to respond to a market emergency. (d)(1) The legal status of contracts involving a qualifying hybrid instrument or swap agreement shall not differ from the legal status afforded such contracts during the period— (A) beginning on— (i) in the case of swap agreements, July 21, 1989, which was the date on which the Commission adopted a Policy Statement regarding swap agreements (54 Fed. Reg. 30694); and (ii) in the case of hybrid instruments, April 11, 1990, which was the date that the Statutory Interpretation of
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