PUBLIC LAW 106-554—APPENDIX E 114 STAT. 2763A-417 of all notices the Commission receives under this subsection and shall make all such notices available to the public. "(4) EXEMPTION OF EXCHANGES FROM SPECIFIED PROVI- SIONS.— "(A) TRANSACTION EXEMPTIONS. —An exchange that is registered under paragraph (1) of this subsection shall be exempt from, and shall not be required to enforce compliance by its members with, and its members shall not, solely with respect to those transactions effected on such exchange in security futures products, be required to comply with, the following provisions of this title and the rules thereunder: "(i) Subsections (b)(2), (b)(3), (b)(4), (b)(7), (b)(9), (c), (d), and (e) of this section. "(ii) Section 8. "(iii) Section 11. "(iv) Subsections (d), (f), and (k) of section 17. "(v) Subsections (a), (f), and (h) of section 19. "(B) RULE CHANGE EXEMPTIONS.— An exchange that registered under paragraph (1) of this subsection shall also be exempt from submitting proposed rule changes pursuant to section 19(b) of this title, except that— "(i) such exchange shall file proposed rule changes related to higher margin levels, fraud or manipulation, recordkeeping, reporting, listing standards, or decimal pricing for security futures products, sales practices for security futures products for persons who effect transactions in security futures products, or rules effectuating such exchange's obligation to enforce the securities laws pursuant to section 19(b)(7); "(ii) such exchange shall file pursuant to sections 19(b)(1) and 19(b)(2) proposed rule changes related to margin, except for changes resulting in higher margin levels; and "(iii) such exchange shall file pursuant to section 19(b)(1) proposed rule changes that have been abrogated by the Commission pursuant to section 19(b)(7)(C). " (5) TRADING IN SECURITY FUTURES PRODUCTS. — "(A) IN GENERAL.^^ubject to subparagraph (B), it shall be unlawful for any person to execute or trade a security futures product until the later of— "(i) 1 year after the date of the enactment of the Commodity Futures Modernization Act of 2000; or "(ii) such date that a futures association registered under section 17 of the Commodity Exchange Act has met the requirements set forth in section 15A(k)(2) of this title. "(B) PRINCIPAL-TO-PRINCIPAL TRANSACTIONS.— Notwithstanding subparagraph (A), a person may execute or trade a security futures product transaction if— "(i) the transaction is entered into— "(I) on a principal-to-principal basis between parties trading for their own accounts or as described in section la(12)(B)(ii) of the Commodity Exchange Act; and
�
