7 U.S.C. § 7a–2 — Common provisions applicable to registered entities

(a) Acceptable business practices under core principles. (1) The Commission may issue, or approve, interpretations of sections 7(d) and 7a–1(c)(2), explaining what counts as an acceptable business practice under those sections. (2) Such an interpretation can be made the exclusive way to comply with those sections. (b) Delegation of functions under core principles. (1) A contract market, derivatives transaction execution facility, or electronic trading facility handling a "significant price discovery contract" may satisfy a core principle by delegating the related function to a registered futures association or to a registered entity that isn't an electronic trading facility. (2) The delegating entity stays responsible for making sure the function is actually carried out. (3) If it becomes aware the delegated function isn't being performed as required, it must promptly fix the problem. (c) New contracts, new rules, and rule amendments. (1) A registered entity may start listing a new contract or instrument, or start using a new rule or rule change, by certifying in writing to the Commission — and, for certain government-security futures contracts or related rules, to the Treasury Secretary — that it complies with this chapter. (2) A certified new rule or amendment takes effect 10 business days after the Commission receives the certification, or sooner if the Commission sets a shorter period, unless the Commission notifies the entity that it's staying the certification because of novel or complex issues, an inadequate explanation, or a possible conflict with this chapter. (3) That stay lasts up to 90 more days from the notice. The rule takes effect at the end of that period unless the Commission withdraws the stay early, or, during the stay, formally objects that the rule conflicts with this chapter. The Commission must also hold a public comment period of at least 30 days sometime within that 90-day stay. (4) A registered entity may instead ask the Commission for prior approval of a new contract, instrument, rule, or amendment. A designated contract market must seek prior approval for any rule change that materially changes the terms of an already-listed, already-traded futures contract on a commodity this chapter specifically names. If prior approval is requested, the Commission must decide within 90 days, unless the requester agrees to a longer deadline. (5) The Commission must approve a new rule or amendment unless it conflicts with this chapter, and must approve a new contract or instrument unless it would violate this chapter. There's a special rule for event contracts and swaps: the Commission can decide that certain contracts based on whether some event happens (rather than on a price or value change) are against the public interest if they involve unlawful activity, terrorism, assassination, war, gaming, or similar activity the Commission identifies by rule — and no contract found against the public interest this way may be listed for clearing or trading. For a swap offered for clearing, the Commission decides whether a clearing organization is eligible to clear it, under criteria that must consider the organization's financial integrity and any other factors the Commission finds appropriate. The Commission must act on these determinations within 90 days of starting its review, unless the party offering the contract agrees to a longer deadline. (d) Repealed by Public Law 111–203, title VII, section 745(c), on July 21, 2010. (e) Reservation of emergency authority. Nothing in this section limits or affects the Commission's emergency powers under section 12a(9). (f) Rules to avoid duplicative regulation of dual registrants. Each designated contract market and registered derivatives transaction execution facility must write rules to avoid duplicate or conflicting rules for a futures commission merchant that is registered with both the Commission, under section 6f(a) except paragraph (2), and the SEC, under 15 U.S.C. § 78o(b) except paragraph (11). This applies to (1) the market's or facility's own rules of the type covered by section 6d(e) involving security futures products, and (2) similar rules of registered national securities associations and national securities exchanges that also involve security futures products.