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‘‘(i) 
NOTIFICATION.—An 
electronic
trading facility shall notify the Commission
whenever the electronic trading facility has
reason to believe that an agreement, con-
tract, or transaction conducted in reliance
on the exemption provided in paragraph (3)
displays any of the factors relating to a sig-
nificant price discovery function as de-
scribed in subparagraph (B) (including reg-
ulations under this paragraph).
‘‘(ii) REVIEW.—In addition to any re-
view conducted upon receiving a notifica-
tion pursuant to clause (i), at any other
such time the Commission determines to be
appropriate, but at least on an annual
basis, the Commission shall conduct an
evaluation, appropriate to the agreement,
contract, 
or 
transaction, 
to 
determine
whether any agreement, contract, or trans-
action conducted on an electronic trading
facility in reliance on the exemption pro-
vided in paragraph (3) is performing a sig-
nificant price discovery function.’’.
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SEC. 13202. LARGE TRADER REPORTING.
(a) REPORTING AND RECORDKEEPING.—Section 4g of
the Commodity Exchange Act (7 U.S.C. 6g) is amended in
subsection (a) by striking ‘‘elsewhere;’’ and inserting ‘‘else-
where, and in any significant price discovery contract trad-
ed or executed on an electronic trading facility;’’.
(b) REPORTS OF POSITIONS EQUAL TO OR IN EXCESS
OF TRADING LIMITS.—Section 4i of the Commodity Ex-
change Act (7 U.S.C. 6i) is amended—
(1) by inserting ‘‘, or any significant price dis-
covery contract on an electronic trading facility’’
after ‘‘subject to the rules of any contract market or
derivatives transaction execution facility’’ ; and
(2) by inserting in the matter following para-
graph (2), ‘‘or electronic trading facility’’ after ‘‘sub-
ject to the rules of any other board of trade’’.
SEC. 13203. CONFORMING AMENDMENTS.
(a) Section 1a(12)(A)(x) of the Commodity Exchange
Act (7 U.S.C. 1a(12)(A)(x)) is amended by inserting ‘‘(other
than an electronic trading facility with respect to a signifi-
cant price discovery contract)’’ after ‘‘registered entity’’.
(b) Section 1a(29) of the Commodity Exchange Act (7
U.S.C. 1a(29)) is amended—
(1) in subparagraph (C), by striking ‘‘and’’ at
the end;
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(2) in subparagraph (D), by striking the period
and inserting ‘‘; and’’; and
(3) by adding at the end the following:
‘‘(E) with respect to a contract that the
Commission determines is a significant price
discovery contract, any electronic trading facil-
ity on which the contract is executed or traded.’’.
(c)(1) Section 2(a)(1)(A) of the Commodity Exchange
Act (7 U.S.C. 2(a)(1)(A)) is amended by inserting after
‘‘section 19 of this Act’’ the following: ‘‘, and significant
price discovery contracts traded or executed on an electronic
trading facility’’.
(2) Nothing contained in this subtitle or amendments
made by this subtitle shall be construed to affect the juris-
diction that the Commission or any regulatory authority
may otherwise have under any other provision of law with
respect to contracts, agreements, or transactions that are
not significant price discovery contracts.
(d) Section 2(h)(3) of the Commodity Exchange Act
(7 U.S.C. 2(h)(3)) is amended by striking ‘‘paragraph (4)’’
and inserting ‘‘paragraphs (4) and (7)’’.
(e) Section 2(h)(4) of the Commodity Exchange Act (7
U.S.C. 2(h)(4)) is amended by striking subparagraph (D)
and inserting the following:
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‘‘(D) such rules, regulations, and orders as
the Commission may issue to ensure timely com-
pliance with any of the provisions of this Act ap-
plicable to a significant price discovery contract
traded on or executed on any electronic trading
facility.’’.
(f) Section 2(h)(5)(B)(iii)(I) of the Commodity Ex-
change Act (7 U.S.C. 2(h)(5)(B)(iii)(I)) is amended by in-
serting ‘‘or to make the determination described in subpara-
graph (B) of paragraph (7)’’ after ‘‘paragraph (4)’’.
(g) Section 4a of the Commodity Exchange Act (7
U.S.C. 6a) is amended—
(1) in subsection (a)—
(A) in the first sentence, by inserting ‘‘, or
on electronic trading facilities with respect to a
significant price discovery contract’’ after ‘‘de-
rivatives transaction execution facilities’’; and
(B) in the second sentence, by inserting ‘‘,
or on an electronic trading facility with respect
to a significant price discovery contract,’’ after
‘‘derivatives transaction execution facility’’; and
(2) in subsection (b)—
(A) in paragraph (1), by inserting ‘‘or elec-
tronic trading facility with respect to a signifi-