; and (B) in the case of a packer of any other type of livestock, beginning not later than 180 days after the date of enactment of this Act, as determined by the Secretary. 503. Spot market purchases of livestock by packers The Packers and Stockyards Act, 1921, is amended by inserting after section 202 ( 7 U.S.C. 192 ) the following: 202A. Spot market purchases of livestock by packers (a) Definitions In this section: (1) Covered packer (A) In general The term covered packer means a packer that is required under subtitle B of the Agricultural Marketing Act of 1946 ( 7 U.S.C. 1635 et seq. ) to report to the Secretary each reporting day information on the price and quantity of livestock purchased by the packer. (B) Exclusion The term covered packer does not include a packer that owns only 1 livestock processing plant. (2) Nonaffiliated producer The term nonaffiliated producer means a producer of livestock— (A) that sells livestock to a packer; (B) that has less than 1 percent equity interest in the packer; (C) that has no officers, directors, employees, or owners that are officers, directors, employees, or owners of the packer; (D) that has no fiduciary responsibility to the packer; and (E) in which the packer has no equity interest. (3) Spot market sale (A) In general The term spot market sale means a purchase and sale of livestock by a packer from a producer— (i) under an agreement that specifies a firm base price that may be equated with a fixed dollar amount on the date the agreement is entered into; (ii) under which the livestock are slaughtered not more than 7 days after the date on which the agreement is entered into