114 STAT. 2763A-368 PUBLIC LAW 106-554—APPENDIX E "(A) operates by means of an electronic or telecommunications network; and "(B) maintains an automated audit trail of bids, offers, and the matching of orders or the execution of transactions on the facility. "(11) ELIGIBLE COMMERCIAL ENTITY.—The term 'eligible commercial entity' means, with respect to an agreement, contract or transaction in a commodity— "(A) an eligible contract participant described in clause (i), (ii), (v), (vii), (viii), or (ix) of paragraph (12)(A) that, in connection with its business— "(i) has a demonstrable ability, directly or through separate contractual arrangements, to make or take delivery of the underlying commodity; "(ii) incurs risks, in addition to price risk, related to the commodity; or "(iii) is a dealer that regularly provides risk management or hedging services to, or engages in market-making activities with, the foregoing entities involving transactions to purchase or sell the commodity or derivative agreements, contracts, or transactions in the commodity; "(B) an eligible contract participant, other than a natural person or an instrumentality, department, or agency of a State or local governmental entity, that— "(i) regularly enters into transactions to purchase or sell the commodity or derivative agreements, contracts, or transactions in the commodity; and "(ii) either— "(I) in the case of a collective investment vehicle whose participants include persons other than— "(aa) qualified eligible persons, as defined in Commission rule 4.7(a) (17 CFR 4.7(a)); "(bb) accredited investors, as defined in Regulation D of the Securities and Exchange Commission under the Securities Act of 1933 (17 CFR 230.501(a)), with total assets of $2,000,000; or "(cc) qualified purchasers, as defined in section 2(a)(51)(A) of the Investment Company Act of 1940; in each case as in effect on the date of the enactment of the Commodity Futures Modernization Act of 2000, has, or is one of a group of vehicles under common control or management having in the aggregate, $1,000,000,000 in total assets; or "(II) in the case of other persons, has, or is one of a group of persons under common control or management having in the aggregate, $100,000,000 in total assets; or "(C) such other persons as the Commission shall determine appropriate and shall designate by rule, regulation, or order. "(12) ELIGIBLE CONTRACT PARTICIPANT. —The term 'eligible contract participant' means— "(A) acting for its own account—
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