EFFECTIVE DATE.

SEC. 13204. EFFECTIVE DATE.(a) In General.—Except as provided in this section, this subtitle shall become effective on the date of enactment of this Act.(b) Significant Price Discovery Standards Rulemaking.—(1) The Commodity Futures Trading Commission shall—(A) not later than 180 days after the date of the enactment of this Act, issue a proposed rule regarding the implementation of section 2(h)(7) of the Commodity Exchange Act; and(B) not later than 270 days after the date of enactment of this Act, issue a final rule regarding the implementation.(2) In its rulemaking pursuant to paragraph (1) of this subsection, the Commission shall include the standards, terms, and conditions under which an electronic trading facility will have the responsibility to notify the Commission that an agreement, contract, or transaction conducted in reliance on the exemption provided in section 2(h)(3) of the Commodity Exchange Act may perform a price discovery function.(c) Significant Price Discovery Determinations.—With respect to any electronic trading facility operating on the effective date of the final rule issued pursuant to subsection (b)(1), the 122 STAT. 1442 Commission shall complete a review of the agreements, contracts, and transactions of the facility not later than 180 days after that effective date to determine whether any such agreement, contract, or transaction performs a significant price discovery function.