114 STAT. 2763A-380 PUBLIC LAW 106-554—APPENDIX E "(1) Except as provided in paragraph (2), nothing in this Act shall apply to a contract, agreement, or transaction in an exempt commodity which— "(A) is entered into solely between persons that are eligible contract participants at the time the persons enter into the agreement, contract, or transaction; and "(B) is not entered into on a trading facility. "(2) An agreement, contract, or transaction described in paragraph (1) of this subsection shall be subject to— "(A) sections 5b and 12(e)(2)(B); "(B) sections 4b, 4o, 6(c), 6(d), 6c, 6d, and 8a, and the regulations of the Commission pursuant to section 4c(b) proscribing fraud in connection with commodity option transactions, to the extent the agreement, contract, or transaction is not between eligible commercial entities (unless one of the entities is an instrumentality, department, or agency of a State or local governmental entity) and would otherwise be subject to such sections and regulations; and "(C) sections 6(c), 6(d), 6c, 6d, 8a, and 9(a)(2), to the extent such sections prohibit manipulation of the market price of any commodity in interstate commerce and the agreement, contract, or transaction would otherwise be subject to such sections. "(3) Except as provided in paragraph (4), nothing in this Act shall apply to an agreement, contract, or transaction in an exempt commodity which is— "(A) entered into on a principal-to-principal basis solely between persons that are eligible commercigil entities at the time the persons enter into the agreement, contract, or transaction; and "(B) executed or traded on an electronic trading facility. "(4) An agreement, contract, or transaction described in paragraph (3) of this subsection shall be subject to— "(A) sections 5a (to the extent provided in section 5a(g)), 5b, 5d, and 12(e)(2)(B); "(B) sections 4b and 4o and the regulations of the Commission pursuant to section 4c(b) proscribing fraud in connection with commodity option transactions to the extent the agreement, contract, or transaction would otherwise be subject to such sections and regulations; "(C) sections 6(c) and 9(a)(2), to the extent such sections prohibit manipulation of the market price of any commodity in interstate commerce and to the extent the agreement, contract, or transaction would otherwise be subject to such sections; and "(D) such rules and regulations as the Commission may prescribe if necessary to ensure timely dissemination by the electronic trading facility of price, trading volume, and other trading data to the extent appropriate, if the Commission determines that the electronic trading facility performs a significant price discovery function for transactions in the cash market for the commodity underlying any agreement, contract, or transaction executed or traded on the electronic trading facility. "(5) An electronic trading facility relying on the exemption provided in paragraph (3) shall—
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