PUBLIC LAW 102-546—OCT. 28, 1992 106 STAT. 3631 "(4) During the pendency of an application for an order granting an exemption under paragraph (1), the Commission may limit the public availability of any information received from the applicant if the applicant submits a wiitten request to limit disclosure contemporaneous with the application, and the Commission determines that^ "(A) the information sought to be restricted constitutes a trade secret; or "(B) public disclosure of the information would result in material competitive harm to the applicant. "(5) The Commission may— "(A) promptly follomng the enactment of this subsection, or upon application by any person, exercise the exemptive authority Ranted under paragraph (1) with respect to classes of hybrid instruments that are predominantly securities or depository instnmients, to the extent that such instruments may be regarded as subject to the provisions of this Act; or "(B) promptly following the enactment of this subsection, or upon application by any person, exercise the exemptive authority granted under paragraph (1) effective as of October 23, 1974, with respect to classes of swap agreements (as defined in section 101 of title 11, United States Code) that are not part of a fungible class of agreements that are standardized as to their material economic terms, to the extent that such agreements may be regarded as subject to the provisions of this Act. Any exemption pursuant to this paragraph shall be subject to such terms and conditions as the Commission shall determine to be appropriate pursuant to paragraph (1). (d) The granting of an exemption under this section shall not affect the authority of the Commission under any other provision of this Act to conduct investigations in order to determine compliance with the requirements or conditions of such exemption or to take enforcement action for any violation of any provision of this Act or any rule, regulation or order thereunder caused by the failure to comply wilii or satisfy such conditions or requirements.**. (b) COMPETITIVE FAIRNESS. — Section 15 (7 U.S.C. 19) is amended by striking "regulation," and inserting "regulation (including any exemption under section 4(c) or 4c(b)),. (c) (JONFORMING AMENDMENT. — Section 12(e)(2)(A) (7 U.S.C. 16(e)(2)(A)) is amended by inserting after "market,** the following: "or, in the case of any State or local law that prohibits or regulates
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