PUBLIC LAW 106-554—APPENDIX E 114 STAT. 2763A-379 "(D) the hybrid instrument is not marketed as a contract of sale of a commodity for future dehvery (or option on such a contract) subject to this Act. "(3) MARK-TO-MARKET MARGINING REQUIREMENTS.—For the purposes of paragraph (2)(C), mark-to-market margining requirements do not include the obligation of an issuer of a secured debt instrument to increase the amount of collateral held in pledge for the benefit of the purchaser of the secured debt instrument to secure the repayment obligations of the issuer under the secured debt instrument.". (b) SWAP TRANSACTIONS.— Section 2 of the Commodity Exchange Act (7 U.S.C. 2, 2a, 3, 4, 4a) is further amended by adding at the end the following: "(g) EXCLUDED SWAP TRANSACTIONS.— No provision of this Act (other than section 5a (to the extent provided in section 5a(g)), 5b, 5d, or 12(e)(2)) shall apply to or govern any agreement, contract, or transaction in a commodity other than an agricultural commodity if the agreement, contract, or transaction is— "(1) entered into only between persons that are eligible contract participants at the time they enter into the agreement, contract, or transaction; "(2) subject to individual negotiation by the parties; and "(3) not executed or traded on a trading facility.". (c) STUDY REGARDING RETAIL SWAPS.— (1) IN GENERAL. — The Board of Governors of the Federal Reserve System, the Secretary of the Treasury, the Commodity Futures Trading Commission, and the Securities and Exchange Commission shall conduct a study of issues involving the offering of swap agreements to persons other than eligible contract participants (as defined in section la of the Commodity Exchange Act). (2) MATTERS TO BE ADDRESSED.— The study shall address— (A) the potential uses of swap agreements by persons other than eligible contract participants; (B) the extent to which financial institutions are willing to offer swap agreements to persons other than eligible contract participants; (C) the appropriate regulatory structure to address customer protection issues that may arise in connection with the offer of swap agreements to persons other than eligible contract participants; and (D) such other relevant matters deemed necessary or appropriate to address. (3) REPORT.—Before the end of the 1-year period beginning on the date of the enactment of this Act, a report on the findings and conclusions of the study required by paragraph (1) shall be submitted to Congress, together with such recommendations for legislative action as are deemed necessary and appropriate. SEC. 106. TRANSACTIONS IN EXEMPT COMMODITIES. Section 2 of the Commodity Exchange Act (7 U.S.C. 2, 2a, 3, 4, 4a) is further amended by adding at the end the following: "(h) LEGAL CERTAINTY FOR CERTAIN TRANSACTIONS IN EXEMPT COMMODITIES.—
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