Sec. 108. Implementation
328 words·~1 min read·
/bill/119/s/3755/rs/section-108A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Unless otherwise provided in this Act or an amendment made by this Act, the Commodity Futures Trading Commission and the Securities and Exchange Commission, or both, shall individually, and jointly where required, promulgate rules and regulations required of each Commission under this Act or an amendment made by this Act not later than 18 months after the date of enactment of this Act. In order to prepare for the implementation of this Act and the amendments made by this Act, the Commodity Futures Trading Commission and the Securities and Exchange Commission may, before any effective date provided in this Act or an amendment made by this Act— promulgate rules, regulations, or orders permitted or required by this Act or the amendments made by this Act; conduct studies and prepare reports and recommendations required by this Act or the amendments made by this Act; register persons under this Act or the amendments made by this Act; and exempt persons, agreements, contracts, or transactions from provisions of this Act or the amendments made by this Act, in accordance with this Act or those amendments.
An action by the Commodity Futures Trading Commission or the Securities and Exchange Commission under paragraph
(1)shall not become effective before the effective date otherwise applicable to the action under this Act or the amendments made by this Act. It is the sense of Congress that prior to implementation of this Act the Commodity Futures Trading Commission— be fully constituted as described in section 2(a)(2) of the Commodity Exchange Act ( 7 U.S.C. 2(a)(2) ) to carry out all existing responsibilities and those directed by this Act, with not fewer than 2 of the Commissioners nominated, prior to such appointments, following consultation and coordination with the ranking minority member of the Committee on Agriculture, Nutrition, and Forestry of the Senate; and be appropriately staffed to ensure sufficient regulatory capacity, expertise, and enforcement readiness necessary to implement this Act and the amendments made by this Act.