Case: 25-7516, 01/23/2026, DktEntry: 33.1, Page 103 of 110
11. 17 C.F.R. § 40.11 provides: Review of event contracts based upon certain excluded commodi- ties. (a) Prohibition. A registered entity shall not list for trading or accept for clearing on or through the registered entity any of the following: (1) An agreement, contract, transaction, or swap based upon an excluded commodity, as defined in Section 1a(19)(iv) of the Act, that involves, re- lates to, or references terrorism, assassination, war, gaming, or an activ- ity that is unlawful under any State or Federal law; or (2) An agreement, contract, transaction, or swap based upon an excluded commodity, as defined in Section 1a(19)(iv) of the Act, which involves, relates to, or references an activity that is similar to an activity enumer- ated in § 40.11(a)(1) of this part, and that the Commission determines, by rule or regulation, to be contrary to the public interest. (b) [Reserved] (c) 90-day review and approval of certain event contracts. The Commission may determine, based upon a review of the terms or conditions of a submis- sion under § 40.2 or § 40.3, that an agreement, contract, transaction, or swap based on an excluded commodity, as defined in Section 1a(19)(iv) of the Act, which may involve, relate to, or reference an activity enumerated in § 40.11(a)(1) or § 40.11(a)(2), be subject to a 90-day review. The 90-day review shall commence from the date the Commission notifies the registered entity of a potential violation of § 40.11(a). (1) The Commission shall request that a registered entity suspend the listing or trading of any agreement, contract, transaction, or swap based on an excluded commodity, as defined in Section 1a(19)(iv) of the Act, which may involve, relate to, or reference an activity enumerated in § 40.11(a)(1) or § 40.11(a)(2), during the Commission’s 90-day review pe- riod. The Commission shall post on the Web site a notification of the intent to carry out a 90-day review. (2) Final determination. The Commission shall issue an order approving or disapproving an agreement, contract, transaction, or swap that is sub- ject to a 90-day review under § 40.11(c) not later than 90 days subsequent to the date that the Commission commences review, or if applicable, at
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