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124 STAT. 1718 PUBLIC LAW 111–203—JULY 21, 2010

SEC. 734. DERIVATIVES TRANSACTION EXECUTION FACILITIES AND
EXEMPT BOARDS OF TRADE.
Repeal. (a) IN GENERAL.—Sections 5a and 5d of the Commodity
Exchange Act (7 U.S.C. 7a, 7a–3) are repealed.
(b) CONFORMING AMENDMENTS.—
(1) Section 2 of the Commodity Exchange Act (7 U.S.C.
2) is amended—
(A) in subsection (a)(1)(A), in the first sentence, by
striking ‘‘or 5a’’; and
(B) in paragraph (2) of subsection (g) (as redesignated
by section 723(a)(1)(B)), by striking ‘‘section 5a of this
Act’’ and all that follows through ‘‘5d of this Act’’ and
inserting ‘‘section 5b of this Act’’.
(2) Section 6(g)(1)(A) of the Securities Exchange Act of
1934 (15 U.S.C. 78f(g)(1)(A)) is amended—
(A) by striking ‘‘that—’’ and all that follows through
‘‘(i) has been designated’’ and inserting ‘‘that has been
designated’’;
(B) by striking ‘‘; or’’ and inserting ‘‘; and’’ and
(C) by striking clause (ii).
7 USC 7a–3 note. (c) ABILITY TO PETITION COMMISSION.—
(1) IN GENERAL.—Prior to the final effective dates in this
title, a person may petition the Commodity Futures Trading
Commission to remain subject to the provisions of section 5d
of the Commodity Exchange Act, as such provisions existed
prior to the effective date of this subtitle.
(2) CONSIDERATION OF PETITION.—The Commodity Futures
Trading Commission shall consider any petition submitted
under paragraph (1) in a prompt manner and may allow a
person to continue operating subject to the provisions of section
5d of the Commodity Exchange Act for up to 1 year after
the effective date of this subtitle.

Regulations. SEC. 735. DESIGNATED CONTRACT MARKETS.
Procedures.
(a) CRITERIA FOR DESIGNATION.—Section 5 of the Commodity
Exchange Act (7 U.S.C. 7) is amended by striking subsection (b).
(b) CORE PRINCIPLES FOR CONTRACT MARKETS.—Section 5 of
the Commodity Exchange Act (7 U.S.C. 7) is amended by striking
subsection (d) and inserting the following:
‘‘(d) CORE PRINCIPLES FOR CONTRACT MARKETS.—
‘‘(1) DESIGNATION AS CONTRACT MARKET.—
‘‘(A) IN GENERAL.—To be designated, and maintain a
designation, as a contract market, a board of trade shall
comply with—
‘‘(i) any core principle described in this subsection;
and
‘‘(ii) any requirement that the Commission may
impose by rule or regulation pursuant to section 8a(5).
‘‘(B) REASONABLE DISCRETION OF CONTRACT MARKET.—
Unless otherwise determined by the Commission by rule
or regulation, a board of trade described in subparagraph
(A) shall have reasonable discretion in establishing the

LAWS manner in which the board of trade complies with the core principles described in this subsection. ‘‘(2) COMPLIANCE WITH RULES.—PUBLIC with on anorris VerDate Nov 24 2008 12:08 Aug 19, 2010 Jkt 089139 PO 00000 Frm 00344 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 GPO1 PsN: PUBL203