; and (B) selling the shares to third parties who are not market makers or otherwise described in Treas. Reg. section 1.817–5(f) (1) and (3). (3) Market maker The term market maker means a financial institution that is a registered broker or dealer under section 15(b) of the Securities Exchange Act of 1934 that maintains liquidity for an exchange-traded fund on a national stock exchange by being always ready to buy and sell shares of such fund on the market, but only if the financial institution is contractually or legally precluded from selling or buying such shares to or from persons who are not authorized participants or otherwise described in Treas. Reg. section 1.817–5(f) (2) and (3). (e) Effective dates, enforcement, and interpretations (1) Effective dates (A) Subsection (b) Subsection (b), and the definitions under subsection (d), shall apply to segregated asset account investments made on or after the earlier of— (i) the date that is 18 months after the date of the of enactment of this Act, or (ii) the date on which the amendments to regulations under subsection (b) are made. (B) Subsection (c) Subsection (c) shall apply to taxable years beginning after the date of the enactment of this Act. (2) Enforcement and interpretations Prior to the date that the Secretary of the Treasury (or the Secretary’s delegate) issues final regulations pursuant to this section— (A) the Secretary (or delegate) shall administer and enforce the law in accordance with this section and the effective dates under paragraph (1), and (B) taxpayers may rely upon their reasonable good faith interpretations of the preceding subsections of this section. (3) No inference Nothing contained in the amendments to regulations pursuant to subsection (c), or the administration and enforcement of such subsection under paragraph (2), shall be construed to create any inference as to a change in law or guidance in effect prior to enactment of this section. III Simplification and Clarification of Retirement Plan Rules 301. Recovery of retirement plan