[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2374 Introduced in House (IH)]

103d CONGRESS
  1st Session
                                H. R. 2374

To amend the Commodity Exchange Act to ensure the continued application 
       of the Act's anti-fraud and anti-manipulation protections.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             June 10, 1993

   Mr. English of Oklahoma introduced the following bill; which was 
                referred to the Committee on Agriculture

_______________________________________________________________________

                                 A BILL


 
To amend the Commodity Exchange Act to ensure the continued application 
       of the Act's anti-fraud and anti-manipulation protections.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. FUTURES ANTI-FRAUD PROTECTIONS.

    The Commodity Exchange Act (7 U.S.C. 1, et seq.) is amended by 
adding at the end the following new section:

``SEC. 23. RETENTION OF CERTAIN AUTHORITIES.

    ``(a) In General.--Except as provided in subsection (b), to the 
extent that the Commission, by rule, regulation, or order grants, or 
has granted, any exemption under section 4(c)(1) for any agreement, 
contract, or transaction (or class thereof), including an exemption for 
any person or class of persons offering, entering into, rendering 
advice or rendering other services with respect to the agreement, 
contract or transaction, from any of the provisions of this Act, such 
exemption shall not apply to the anti-fraud or anti-manipulation 
provisions of this Act.
    ``(b) Exception.--The proscription in subsection (a) with respect 
to the anti-fraud provisions of this Act shall not apply to an 
exemption for any agreement, contract, transaction, or person (or class 
thereof) to the extent that such agreement, contract, transaction, or 
person (or class thereof) is or will be subject to Federal securities 
or banking laws that provide comparable anti-fraud protection, as 
determined by the Commission.''.

SEC. 2. REGULATIONS.

    The Commodity Futures Trading Commission shall issue interim final 
regulations to implement the amendments made by section 1 of this Act 
within sixty days following the date of the enactment of this Act. Such 
interim final regulations shall include such amendments to any rule, 
regulation, or order previously issued by the Commission as necessary 
to comply with the amendments made by this Act.

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