PUBLIC LAW 102-546—OCT. 28, 1992 106 STAT. 3593 the threshold trading level for specific contract markets after taking into consideration the actual or pjotential effects of a dual trading han on the public interest in hedging or price basing at the affected contract market. "(D) The Commission shall provide the affected contract market with adequate notice of any such increase or decrease. "(5) Before the Commission denies an application for an exemption under paragraph (3) or exempts a contract market subject to conditions, it shall— "(A) provide the affected board of trade with notice of the reason or reasons that the application was not approved as submitted, including— "(i) €uiy reason the Commission has to beUeve that the trade monitoring system in place at the contract market does not satisfy the requirements of paragraph (3)(A) and the basis for such reason; "(ii) any corrective action or actions, such as those described in section 8e, that the Commission believes the affected contract market must take to satisfy the requirements of paragraph (3)(A), and an acceptable timetable for such corrective action; and "(iii) any conditions or limitations that the Commission proposes to attach to the exemption under paragraph (3);
- (B) provide the affected board of trade with an opportunity
for a hearing through submission of written data, views, or arguments and, under terms set by the Commission at the request of the board of trade, through an oral presentation of views and comments to the Commission, in order to make the demonstration required under paragraph (3) or otherwise to petition the Commission with respect to its application; and "(C) make findings, based on the information, views, and arguments placed before it in connection with the application, as to whether— "(i) the standard in either paragraph (3)(A) or (3)(B) applies, and (ii) any conditions or limitations which the Commission proposes to attach under paragraph (3) are appropriate in light of the purposes of this subsection. The Commission shall publish in the Federal Register notice of Federal any exemptive petitions filed under paragraph (3) and any proposed ^^^[-0^ or final actions the Commission may take on such petitions. Unless ^" the Commission determines that more immediate action is appropriate in the public interest, any Commission order denying an application or exempting a contract market conditionally shall not take efiTect for at least twenty days following the issuance of the order. "(6) Violation of an order issued under this subsection shall be considered a violation of an order of the Commission for purposes of— " (i) establishing liability and assessing penalties against a contract market or any director, officer, agent, or employee thereof under section 6b or 6c; or "(ii) initiating proceedings under section 5b or 6(a).
- (7) Any board of trade which has applied to the Commission
to exempt a contract market from the regulations issued under paragraph (1) may obtain judicial review of any final action of
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