12 2 STA T . 21 9 1 PUBLIC LA W 11 0– 2 46—J U NE 1 8, 2008 sectiona n d sections 4(b), 4b, 4c(b), 4o, 6 (c) and 6(d) (e x ce p ttot h e extent that sections 6(c) and 6(d) p r ohibit m anip ul ation o f the mar k et price of an y commodity in interstate commerce, or for future deli v ery on or sub j ect to the rules of any market), 6c, 6d, 8 (a), 13 (a), and 13(b) if the a g reements, contracts, or transactions are offered, or entered into, by a person that is reg - istered as a futures commission merchant or retail foreign exchange dealer, or an affiliated person of a futures commission merchant registered under this A ct that is not also a person described in any of item (aa), (bb), (dd), (ee), or (ff) of clause (i)( I I) of this subparagraph .‘ ‘(iv)(I) N ot w ithstanding items (cc) and (gg) of clause (i)(II), a person, unless registered in such capacity as the C ommission by rule, regulation, or order shall determine and a member of a futures association registered under section 1 7 , shall not — ‘‘(aa) solicit or accept orders from any person that is not an eligible contract participant in connection with agreements, contracts, or trans- actions described in clause (i) entered into with or to be entered into with a person who is not described in item (aa), (bb), (dd), (ee), or (ff) of clause (i)(II)
‘‘(bb) exercise discretionary trading authority or obtain written authori z ation to exercise discre- tionary trading authority over any account for or on behalf of any person that is not an eligible contract participant in connection with agree- ments, contracts, or transactions described in clause (i) entered into with or to be entered into with a person who is not described in item (aa), (bb), (dd), (ee), or (ff) of clause (i)(II); or ‘‘(cc) operate or solicit funds, securities, or property for any pooled investment vehicle that is not an eligible contract participant in connection with agreements, contracts, or transactions described in clause (i) entered into with or to be entered into with a person who is not described in item (aa), (bb), (dd), (ee), or (ff) of clause (i)(II). ‘‘(II) S ubclause (I) of this clause shall not apply to— ‘‘(aa) any person described in any of item (aa), (bb), (dd), (ee), or (ff) of clause (i)(II); ‘‘(bb) any such person ’ s associated persons; or ‘‘(cc) any person who would be exempt from registration if engaging in the same activities in connection with transactions conducted on or sub- ject to the rules of a contract market or a deriva- tives transaction execution facility. ‘‘(III) Notwithstanding items (cc) and (gg) of clause (i)(II), the Commission may make, promulgate, and enforce such rules and regulations as, in the judgment of the Commission, are reasonably necessary to effec- tuate any of the provisions of, or to accomplish any
�
