114 STAT. 2763A-400 PUBLIC LAW 106-554—APPENDIX E "(b) DELEGATION OF FUNCTIONS UNDER CORE PRINCIPLES. — "(1) IN GENERAL.—^A contract market or derivatives transaction execution facility may comply with any applicable core principle through delegation of any relevant function to a registered futures association or another registered entity. "(2) RESPONSIBILITY. —^A contract market or derivatives transaction execution facility that delegates a function under paragraph (1) shall remain responsible for carrying out the function. "(3) NONCOMPLIANCE.— I f a contract market or derivatives transaction execution facility that delegates a function under paragraph (1) becomes aware that a delegated function is not being performed as required under this Act, the contract market or derivatives transaction execution facility shall promptly take steps to address the noncompliance. "(c) NEW CONTRACTS, NEW RULES, AND RULE AMENDMENTS.— "(1) IN GENERAL,—Subject to paragraph (2), a registered entity may elect to list for trading or accept for clearing any new contract or other instrument, or may elect to approve and implement any new rule or rule amendment, by providing to the Commission (and the Secretary of the Treasury, in the case of a contract of sale of a government security for future delivery (or option on such a contract) or a rule or rule amendment specifically related to such a contract) a written certification that the new contract or instrument or clearing of the new contract or instrument, new rule, or rule amendment complies with this Act (including regulations under this Act). " (2) PRIOR APPROVAL. — "(A) IN GENERAL.—^A registered entity may request that the Commission grant prior approval to any new contract or other instrument, new rule, or rule amendment. " (B) PRIOR APPROVAL REQUIRED.— Notwithstanding any other provision of this section, a designated contract market shall submit to the Commission for prior approval each rule amendment that materially changes the terms and conditions, as determined by the Commission, in any contract of sale for future delivery of a commodity specifically enumerated in section la(4) (or any option thereon) traded through its facilities if the rule amendment applies to contracts and delivery months which have already been listed for trading and have open interest. "(C) DEADLINE.—I f prior approval is requested under subparagraph (A), the Commission shall take final action on the request not later than 90 days after submission of the request, unless the person submitting the request agrees to an extension of the time limitation established under this subparagraph. "(3) APPROVAL.— The Commission shall approve any such new contract or instrument, new rule, or rule amendment unless the Commission finds that the new contract or instrument, new rule, or rule amendment would violate this Act. "(d) VIOLATION OF CORE PRINCIPLES.— "(1) IN GENERAL.— If the Commission determines, on the basis of substantial evidence, that a registered entity is violating any applicable core principle specified in section 5(d), 5a(d), or 5b(d)(2), the Commission shall—
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