Legal corpus: U.S. Code titles 1–11 from pinned OLRC XML (11,050 sections)
Raw OLRC USLM XML zips @ release 119-100 (retrieved 2026-07-04 via Atlas depot), ingested with the standard pipeline: raw snapshot -> per-section OKF markdown -> manifest + checksums. Title 52 untouched. LegalText: 171 -> 11,221. Titles 12-54 await a clean OLRC retry. Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>
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---
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type: "LegalText"
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title: "7 U.S.C. § 1"
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description: "Short title"
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title_number: 7
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title_name: "AGRICULTURE"
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chapter_number: "1"
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chapter_name: "COMMODITY EXCHANGES"
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section: "1"
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---
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# 7 U.S.C. § 1 - Short title
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## Text
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This chapter may be cited as the “Commodity Exchange Act.”
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(Sept. 21, 1922, ch. 369, § 1, 42 Stat. 998; June 15, 1936, ch. 545, § 1, 49 Stat. 1491.)
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## Notes
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Editorial Notes
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Prior ProvisionsThis chapter superseded act Aug. 24, 1921, ch. 86, 42 Stat. 187, known as “The Future Trading Act,” which act was declared unconstitutional, at least in part, in Hill v. Wallace, Ill. 1922, 42 S.Ct. 453, 259 U.S. 44, 66 L.Ed. 822. Section 3 of that act was found unconstitutional as imposing a penalty in Trusler v. Crooks, Mo. 1926, 46 S.Ct. 165, 269 U.S. 475, 70 L.Ed. 365.
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Amendments1936—Act June 15, 1936, substituted “Commodity Exchange Act” for “The Grain Futures Act”.
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Statutory Notes and Related Subsidiaries
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Effective Date of 1936 AmendmentAct June 15, 1936, ch. 545, § 13, 49 Stat. 1501, provided that: “All provisions of this Act [see Tables for classification] authorizing the registration of futures commission merchants and floor brokers, the fixing of fees and charges therefor, the promulgation of rules, regulations and orders, and the holding of hearings precedent to the promulgation of rules, regulations, and orders shall be effective immediately. All other provisions of this Act shall take effect ninety days after the enactment of this Act [June 15, 1936].”
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Short Title of 2015 AmendmentPub. L. 114–1, title III, § 301, Jan. 12, 2015, 129 Stat. 28, provided that: “This title [amending section 6s of this title and section 78o–10 of Title 15, Commerce and Trade, and enacting provisions set out as a note under section 6s of this title] may be cited as the ‘Business Risk Mitigation and Price Stabilization Act of 2015’.”
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Short Title of 2008 AmendmentPub. L. 110–234, title XIII, § 13001, May 22, 2008, 122 Stat. 1427, and Pub. L. 110–246, § 4(a), title XIII, § 13001, June 18, 2008, 122 Stat. 1664, 2189, provided that: “This title [amending sections 1a, 2, 6a, 6b, 6f, 6g, 6i, 6k, 6o–1, 6q, 7a, 7a–2, 7b, 8, 9, 12, 13, 13a, 13a–1, 16, 18, 21, and 25 of this title and enacting provisions set out as notes under section 2 of this title] may be cited as the ‘CFTC Reauthorization Act of 2008’.” [Pub. L. 110–234 and Pub. L. 110–246 enacted identical provisions. Pub. L. 110–234 was repealed by section 4(a) of Pub. L. 110–246, set out as a note under section 8701 of this title.]
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Short Title of 2000 AmendmentPub. L. 106–554, § 1(a)(5) [§ 1(a)], Dec. 21, 2000, 114 Stat. 2763, 2763A–365, provided that: “This Act [H.R. 5660, as enacted by section 1(a)(5) of Pub. L. 106–554, enacting sections 5, 6o–1, 7 to 7a–3, 7b–1, 7b–2, 9c, and 27 to 27f of this title, sections 781 to 784 of Title 11, Bankruptcy, sections 339a, 4421, and 4422 of Title 12, Banks and Banking, and sections 77b–1 and 78c–1 of Title 15, Commerce and Trade, amending sections 1a, 2, 2a, 4, 4a, 6 to 6m, 6p, 7a–2, 7b, 8 to 9a, 10a, 11, 12, 12a to 12c, 13, 13a to 13b, 16, 18 to 21, and 25 of this title, sections 101, 103, 109, and 761 of Title 11, sections 624 and 4402 of Title 12, and sections 77b, 77c, 77l, 77q, 78c, 78f, 78g, 78i, 78j, 78k–1, 78l, 78o, 78o–3, 78p, 78q, 78q–1, 78s, 78t, 78u, 78u–1, 78bb, 78ee, 78ccc, 78lll, 80a–2, 80b–2, and 80b–3 of Title 15, repealing sections 5, 7, 7a, and 12e of this title, and enacting provisions set out as notes under this section, section 2 of this title, and section 78c of Title 15] may be cited as the ‘Commodity Futures Modernization Act of 2000’.” Pub. L. 106–554, § 1(a)(5) [title IV, § 401], Dec. 21, 2000, 114 Stat. 2763, 2763A–457, provided that: “This title [title IV of H.R. 5660, as enacted by section 1(a)(5) of Pub. L. 106–554, enacting sections 27 to 27f of this title] may be cited as the ‘Legal Certainty for Bank Products Act of 2000’.”
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Short Title of 1995 AmendmentPub. L. 104–9, § 1, Apr. 21, 1995, 109 Stat. 154, provided that: “This Act [amending section 16 of this title] may be cited as the ‘CFTC Reauthorization Act of 1995’.”
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Short Title of 1992 AmendmentPub. L. 102–546, § 1(a), Oct. 28, 1992, 106 Stat. 3590, provided that: “This Act [enacting sections 1a and 12e of this title, amending sections 2, 2a, 4, 4a, 6 to 6c, 6e to 6g, 6j, 6p, 7 to 9a, 10a, 12, 12a, 12c, 13 to 13c, 15, 16, 18, 19, 21, and 25 of this title, repealing section 26 of this title, enacting provisions set out as notes under sections 1a, 4a, 6c, 6e, 6j, 6p, 7a, 13, 16a, 21, and 22 of this title, and repealing provisions set out as a note under section 4a of this title] may be cited as the ‘Futures Trading Practices Act of 1992’.”
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Short Title of 1986 AmendmentPub. L. 99–641, § 1, Nov. 10, 1986, 100 Stat. 3556, provided that: “This Act [enacting section 2271a of this title, amending sections 2a, 6b, 6c, 7a, 13, 13a–1, 15, 16, 21, 23, 74, 87b, 1444, 1445b–3, and 1445c–2 of this title, sections 590h and 3831 of Title 16, Conservation, sections 606, 609, 621, 671, and 676 of Title 21, Food and Drugs, repealing section 14 of this title, and enacting provisions set out as notes under sections 20, 71, 76, 87b, and 2271a of this title and sections 601, 606, 609, 621, 671, and 676 of Title 21] may be cited as the ‘Futures Trading Act of 1986’.”
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Short Title of 1983 AmendmentPub. L. 97–444, § 1, Jan. 11, 1983, 96 Stat. 2294, provided: “That this Act [enacting sections 2a, 12d, 25, and 26 of this title, amending sections 2, 4, 4a, 5, 6, 6a, 6c, 6d, 6f, 6g, 6h, 6i, 6k, 6m, 6n, 6o, 6p, 7a, 8, 9, 12, 12a, 13, 13a–1, 13a–2, 13c, 16, 16a, 18, 20, 21, 23, and 612c–3 of this title, and enacting provisions set out as a note under section 2 of this title] may be cited as the ‘Futures Trading Act of 1982’.”
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Short Title of 1978 AmendmentPub. L. 95–405, § 1, Sept. 30, 1978, 92 Stat. 865, provided: “That this Act [enacting sections 13a–2, 16a, and 23 of this title, amending sections 2, 4a, 6c, 6d, 6f, 6g, 6k, 6m, 6n, 6o, 7a, 8, 12, 12a, 12c, 13, 13a, 15, 16, 18, and 21 of this title and section 6001 of Title 18, Crimes and Criminal Procedure, repealing section 15a of this title, omitting sections 12–1 to 12–3 of this title, and enacting provisions set out as notes under sections 2 and 20 of this title] may be cited as the ‘Futures Trading Act of 1978’.”
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Short Title of 1974 AmendmentPub. L. 93–463, § 1, Oct. 23, 1974, 88 Stat. 1389, provided: “That this Act [enacting sections 4a, 6j, 6k, 6l, 6m, 6n, 6o, 6p, 9a, 12–2, 13–3, 12c, 13a–1, 15a, 18, 19, 20, 21, and 22 of this title, amending sections 2, 4, 6, 6a, 6b, 6c, 6d, 6e, 6f, 6g, 6i, 7, 7a, 7b, 8, 9, 11, 12, 12–1, 12a, 12b, 13, 13a, 13b, 13c, 15, and 16 of this title and sections 5314, 5315, 5316, and 5108 of Title 5, Government Organization and Employees, and enacting provisions set out as notes under sections 2, 4a, and 6a of this title] may be cited as the ‘Commodity Futures Trading Commission Act of 1974’.”
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Savings Provisions for 2000 AmendmentPub. L. 106–554, § 1(a)(5) [title III, § 304], Dec. 21, 2000, 114 Stat. 2763, 2763A–457, provided that: “Nothing in this Act [see Short Title of 2000 Amendment note above] or the amendments made by this Act shall be construed as finding or implying that any swap agreement is or is not a security for any purpose under the securities laws. Nothing in this Act or the amendments made by this Act shall be construed as finding or implying that any swap agreement is or is not a futures contract or commodity option for any purpose under the Commodity Exchange Act [7 U.S.C. 1 et seq.].”
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Construction of 2000 AmendmentPub. L. 106–554, § 1(a)(5) [title I, § 122], Dec. 21, 2000, 114 Stat. 2763, 2763A–405, provided that: “Except as expressly provided in this Act [see Short Title of 2000 Amendment note above] or an amendment made by this Act, nothing in this Act or an amendment made by this Act supersedes, affects, or otherwise limits or expands the scope and applicability of laws governing the Securities and Exchange Commission.”
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Purposes of 2000 AmendmentPub. L. 106–554, § 1(a)(5) [§ 2], Dec. 21, 2000, 114 Stat. 2763, 2763A–366, provided that: “The purposes of this Act [see Short Title of 2000 Amendment note above] are— “(1) to reauthorize the appropriation for the Commodity Futures Trading Commission; “(2) to streamline and eliminate unnecessary regulation for the commodity futures exchanges and other entities regulated under the Commodity Exchange Act [7 U.S.C. 1 et seq.]; “(3) to transform the role of the Commodity Futures Trading Commission to oversight of the futures markets; “(4) to provide a statutory and regulatory framework for allowing the trading of futures on securities; “(5) to clarify the jurisdiction of the Commodity Futures Trading Commission over certain retail foreign exchange transactions and bucket shops that may not be otherwise regulated; “(6) to promote innovation for futures and derivatives and to reduce systemic risk by enhancing legal certainty in the markets for certain futures and derivatives transactions; “(7) to reduce systemic risk and provide greater stability to markets during times of market disorder by allowing the clearing of transactions in over-the-counter derivatives through appropriately regulated clearing organizations; and “(8) to enhance the competitive position of United States financial institutions and financial markets.”
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Report to CongressPub. L. 106–554, § 1(a)(5) [title I, § 125], Dec. 21, 2000, 114 Stat. 2763, 2763A–411, provided that: “(a) The Commodity Futures Trading Commission (in this section referred to as the ‘Commission’) shall undertake and complete a study of the Commodity Exchange Act [7 U.S.C. 1 et seq.] (in this section referred to as ‘the Act’) and the Commission’s rules, regulations and orders governing the conduct of persons required to be registered under the Act, not later than 1 year after the date of the enactment of this Act [Dec. 21, 2000]. The study shall identify—“(1) the core principles and interpretations of acceptable business practices that the Commission has adopted or intends to adopt to replace the provisions of the Act and the Commission’s rules and regulations thereunder; “(2) the rules and regulations that the Commission has determined must be retained and the reasons therefor; “(3) the extent to which the Commission believes it can effect the changes identified in paragraph (1) of this subsection through its exemptive authority under section 4(c) of the Act [7 U.S.C. 6(c)]; and “(4) the regulatory functions the Commission currently performs that can be delegated to a registered futures association (within the meaning of the Act) and the regulatory functions that the Commission has determined must be retained and the reasons therefor. “(b) In conducting the study, the Commission shall solicit the views of the public as well as Commission registrants, registered entities, and registered futures associations (all within the meaning of the Act). “(c) The Commission shall transmit to the Committee on Agriculture of the House of Representatives and the Committee on Agriculture, Nutrition, and Forestry of the Senate a report of the results of its study, which shall include an analysis of comments received.”
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---
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type: "LegalText"
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title: "7 U.S.C. § 10"
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description: "Repealed. June 25, 1948, ch. 646, § 39, 62 Stat. 992, eff. Sept. 1, 1948"
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corpus: "united_states_code"
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kind: "code_section"
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title_number: 7
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title_name: "AGRICULTURE"
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chapter_number: "1"
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chapter_name: "COMMODITY EXCHANGES"
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section: "10"
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citation: "7 U.S.C. § 10"
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status: "current"
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---
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# 7 U.S.C. § 10 - Repealed. June 25, 1948, ch. 646, § 39, 62 Stat. 992, eff. Sept. 1, 1948
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## Notes
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Section, acts Sept. 21, 1922, ch. 369, § 6(b), 42 Stat. 1001; June 15, 1936, ch. 545, § 8(k), 49 Stat. 1499, related to review by Supreme Court on certiorari. See section 1254 of Title 28, Judiciary and Judicial Procedure.
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---
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type: "LegalText"
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title: "7 U.S.C. § 10a"
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description: "Cooperative associations and corporations, exclusion from board of trade; rules of board inapplicable to payment of compensation by association"
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tags: ["legal", "us-code"]
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---
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# 7 U.S.C. § 10a - Cooperative associations and corporations, exclusion from board of trade; rules of board inapplicable to payment of compensation by association
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## Text
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(a) No board of trade which has been designated or registered as a contract market or a derivatives transaction execution facility exclude 11 So in original. Probably should read “shall exclude”. from membership in, and all privileges on, such board of trade, any association or corporation engaged in cash commodity business having adequate financial responsibility which is organized under the cooperative laws of any State, or which has been recognized as a cooperative association of producers by the United States Government or by any agency thereof, if such association or corporation complies and agrees to comply with such terms and conditions as are or may be imposed lawfully upon other members of such board, and as are or may be imposed lawfully upon a cooperative association of producers engaged in cash commodity business, unless such board of trade is authorized by the commission to exclude such association or corporation from membership and privileges after hearing held upon at least three days’ notice subsequent to the filing of complaint by the board of trade: Provided, however, That if any such association or corporation shall fail to meet its obligations with any established clearing house or clearing agency of any contract market, such association or corporation shall be ipso facto debarred from further trading on such contract market, except such trading as may be necessary to close open trades and to discharge existing contracts in accordance with the rules of such contract market applicable in such cases. Such commission may prescribe that such association or corporation shall have and retain membership and privileges, with or without imposing conditions, or it may permit such board of trade immediately to bar such association or corporation from membership and privileges. Any order of said commission entered hereunder shall be reviewable by the court of appeals for the circuit in which such association or corporation, or such board of trade, has its principal place of business, on written petition either of such association or corporation, or of such board of trade, under the procedure provided in section 8(b) of this title, but such order shall not be stayed by the court pending review.
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(b) No rule of any board of trade designated or registered as a contract market or a derivatives transaction execution facility shall forbid or be construed to forbid the payment of compensation on a commodity-unit basis, or otherwise, by any federated cooperative association to its regional member-associations for services rendered or to be rendered in connection with any organization work, educational activity, or procurement of patronage, provided no part of any such compensation is returned to patrons (whether members or nonmembers) of such cooperative association, or of its regional or local member-associations, otherwise than as a dividend on capital stock or as a patronage dividend out of the net earnings or surplus of such federated cooperative association.
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(Sept. 21, 1922, ch. 369, § 6a, as added June 15, 1936, ch. 545, § 9, 49 Stat. 1499; amended June 25, 1948, ch. 646, § 32(a), 62 Stat. 991; May 24, 1949, ch. 139, § 127, 63 Stat. 107; Pub. L. 102–546, title II, § 209(b)(4), title IV, § 402(8), Oct. 28, 1992, 106 Stat. 3607, 3625; Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(13)], Dec. 21, 2000, 114 Stat. 2763, 2763A–409.)
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## Notes
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Editorial Notes
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Amendments2000—Subsec. (a). Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(13)(A)], substituted “designated or registered as a contract market or a derivatives transaction execution facility” for “designated as a ‘contract market’ shall”. Subsec. (b). Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(13)(B)], substituted “designated or registered as a contract market or a derivatives transaction execution facility” for “designated as a contract market”. 1992—Pub. L. 102–546 redesignated subsecs. (1) and (2) as (a) and (b), respectively, and in subsec. (a) substituted reference to section 8(b) of this title for reference to section 8 of this title.
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Statutory Notes and Related Subsidiaries
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Change of Name Act June 25, 1948, as amended by act May 24, 1949, substituted “court of appeals” for “circuit court of appeals” wherever appearing.
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Effective DateFor effective date of section, see section 13 of act June 15, 1936, set out as an Effective Date of 1936 Amendment note under section 1 of this title.
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---
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type: "LegalText"
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title: "7 U.S.C. § 11"
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description: "Vacation on request of designation or registration as “registered entity”; redesignation or reregistration"
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jurisdiction: "us"
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corpus: "united_states_code"
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kind: "code_section"
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title_number: 7
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title_name: "AGRICULTURE"
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chapter_number: "1"
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chapter_name: "COMMODITY EXCHANGES"
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section: "11"
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citation: "7 U.S.C. § 11"
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status: "current"
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confidence: "official"
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tags: ["legal", "us-code"]
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||||
---
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# 7 U.S.C. § 11 - Vacation on request of designation or registration as “registered entity”; redesignation or reregistration
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## Text
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Any person that has been designated or registered a registered entity in the manner provided in this chapter may have such designation or registration vacated and set aside by giving notice in writing to the Commission requesting that its designation or registration as a registered entity be vacated, which notice shall be served at least ninety days prior to the date named therein as the date when the vacation of designation or registration shall take effect. Upon receipt of such notice the Commission shall forthwith order the vacation of the designation or registration of the registered entity, effective upon the day named in the notice, and shall forthwith send a copy of the notice and its order to all other registered entities. From and after the date upon which the vacation became effective the said person can thereafter be designated or registered again a registered entity by making application to the Commission in the manner in this chapter provided for an original application.
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(Sept. 21, 1922, ch. 369, § 7, 42 Stat. 1002; Pub. L. 93–463, title I, § 103(a), (e), Oct. 23, 1974, 88 Stat. 1392; Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(17)], Dec. 21, 2000, 114 Stat. 2763, 2763A–409.)
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## Notes
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Editorial Notes
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|
||||
Amendments2000—Pub. L. 106–554, in first sentence, substituted “person” for “board of trade”, inserted “or registered” after “designated”, inserted “or registration” after “designation” wherever appearing, and substituted “registered entity” for “contract market” in two places, in second sentence, substituted “designation or registration of the registered entity” for “designation of such board of trade as a contract market” and “registered entities” for “contract markets”, and, in last sentence, substituted “person” for “board of trade” and “designated or registered again a registered entity” for “designated again a contract market”. 1974—Pub. L. 93–463 substituted “Commission” for “Secretary of Agriculture” and “its order” for “his order”.
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of 1974 AmendmentFor effective date of amendment by Pub. L. 93–463, see section 418 of Pub. L. 93–463, set out as a note under section 2 of this title.
|
||||
@@ -0,0 +1,35 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
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|
||||
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|
||||
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|
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
citation: "7 U.S.C. § 12–1 to 12–3"
|
||||
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|
||||
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|
||||
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|
||||
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|
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
---
|
||||
|
||||
# 7 U.S.C. § 12–1 to 12–3 - Omitted
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Codification Sections 12–1 to 12–3 comprised the second, third, and fourth pars., respectively, of section 8 of the Commodity Exchange Act, Sept. 21, 1922, ch. 369, § 8, 42 Stat. 1003. Such section 8 was amended generally by Pub. L. 95–405, § 16, Sept. 30, 1978, 92 Stat. 873, and is classified in its entirety to section 12 of this title. Section 12–1, as added Dec. 19, 1947, ch. 523, 61 Stat. 941; amended Feb. 19, 1968, Pub. L. 90–258, § 19(b), 82 Stat. 32; Oct. 23, 1974, Pub. L. 93–463, title I, § 103(a), (e), (f), 88 Stat. 1392, related to disclosure of names of traders on commodity markets by Commission. See section 12(e) of this title. Section 12–2, as added Oct. 23, 1974, Pub. L. 93–463, title I, § 105, 88 Stat. 1392, required an annual report to Congress. See Codification note under section 12 of this title. Section 12–3, as added Oct. 23, 1974, Pub. L. 93–463, title I, § 105, 88 Stat. 1392, related to reviews and audits by Comptroller General. See section 12(i) of this title.
|
||||
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|
||||
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|
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|
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|
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
---
|
||||
|
||||
# 7 U.S.C. § 12 - Public disclosure
|
||||
|
||||
## Text
|
||||
|
||||
(a) Investigations respecting operations of boards of trade and others subject to this chapter; publication of results; restrictions; information received from foreign futures authorities; undercover operations; notice of investigations and enforcement actions (1) For the efficient execution of the provisions of this chapter, and in order to provide information for the use of Congress, the Commission may make such investigations as it deems necessary to ascertain the facts regarding the operations of boards of trade and other persons subject to the provisions of this chapter. The Commission may publish from time to time the results of any such investigation and such general statistical information gathered therefrom as it deems of interest to the public: Provided, That except as otherwise specifically authorized in this chapter, the Commission may not publish data and information that would separately disclose the business transactions or market positions of any person and trade secrets or names of customers: Provided further, That the Commission may withhold from public disclosure any data or information concerning or obtained in connection with any pending investigation of any person. The Commission shall not be compelled to disclose any information or data obtained from a foreign futures authority if—
|
||||
|
||||
(A) the foreign futures authority has in good faith determined and represented to the Commission that disclosure of such information or data by that foreign futures authority would violate the laws applicable to that foreign futures authority; and
|
||||
|
||||
(B) the Commission obtains such information pursuant to—
|
||||
|
||||
(i) such procedure as the Commission may authorize for use in connection with the administration or enforcement of this chapter; or
|
||||
|
||||
(ii) a memorandum of understanding with that foreign futures authority;
|
||||
|
||||
except that nothing in this subsection shall prevent the Commission from disclosing publicly any information or data obtained by the Commission from a foreign futures authority when such disclosure is made in connection with a congressional proceeding, an administrative or judicial proceeding commenced by the United States or the Commission, in any receivership proceeding involving a receiver appointed in a judicial proceeding commenced by the United States or the Commission, or in any proceeding under title 11 in which the Commission has intervened or in which the Commission has the right to appear and be heard. Nothing in this subsection shall be construed to authorize the Commission to withhold information or data from Congress. For purposes of section 552 of title 5, this subsection shall be considered a statute described in subsection (b)(3)(B) of section 552.
|
||||
|
||||
(2) In conducting investigations authorized under this subsection or any other provision of this chapter, the Commission shall continue, as the Commission determines necessary, to request the assistance of and cooperate with the appropriate Federal agencies in the conduct of such investigations, including undercover operations by such agencies. The Commission and the Department of Justice shall assess the effectiveness of such undercover operations and, within two years of October 28, 1992, shall recommend to Congress any additional undercover or other authority for the Commission that the Commission or the Department of Justice believes to be necessary.
|
||||
|
||||
(3) The Commission shall provide the Securities and Exchange Commission with notice of the commencement of any proceeding and a copy of any order entered by the Commission against any futures commission merchant or introducing broker registered pursuant to section 6f(a)(2) of this title, any floor broker or floor trader exempt from registration pursuant to section 6f(a)(3) of this title, any associated person exempt from registration pursuant to section 6k(6) of this title, or any board of trade designated as a contract market pursuant to section 7b–1 of this title.
|
||||
|
||||
(b) Business matters; congressional, administrative, judicial, and bankruptcy proceedings The Commission may disclose publicly any data or information that would separately disclose the market positions, business transactions, trade secrets, or names of customers of any person when such disclosure is made in connection with a congressional proceeding, in an administrative or judicial proceeding brought under this chapter, in any receivership proceeding involving a receiver appointed in a judicial proceeding brought under this chapter, or in any bankruptcy proceeding in which the Commission has intervened or in which the Commission has the right to appear and be heard under title 11. This subsection shall not apply to the disclosure of data or information obtained by the Commission from a foreign futures authority.
|
||||
|
||||
(c) Reports respecting conduct of registered entities or transactions of violators; contents The Commission may make or issue such reports as it deems necessary, or such opinions or orders as may be required under other provisions of law, relative to the conduct of any registered entity or to the transactions of any person found guilty of violating the provisions of this chapter or the rules, regulations, or orders of the Commission thereunder in proceedings brought under sections 8, 9, 9a, 9b, 9c, and 13b of this title. In any such report or opinion, the Commission may set forth the facts as to any actual transaction or any information referred to in subsection (b) of this section, if such facts or information have previously been disclosed publicly in connection with a congressional proceeding, or in an administrative or judicial proceeding brought under this chapter.
|
||||
|
||||
(d) Investigations respecting marketing conditions of commodities and commodity products and byproducts; reports The Commission, upon its own initiative or in cooperation with existing governmental agencies, shall investigate the marketing conditions of commodities and commodity products and byproducts, including supply and demand for these commodities, cost to the consumer, and handling and transportation charges. It shall also compile and furnish to producers, consumers, and distributors, by means of regular or special reports, or by such other methods as it deems most effective, information respecting the commodity markets, together with information on supply, demand, prices, and other conditions in this and other countries that affect the markets.
|
||||
|
||||
(e) Names and addresses of traders of boards of trade previously disclosed; disclosure to Congress and agencies or departments of States or foreign governments or foreign futures authority The Commission may disclose and make public, where such information has previously been disclosed publicly in accordance with the provisions of this section, the names and addresses of all traders on the boards of trade on the commodity markets with respect to whom the Commission has information, and any other information in the possession of the Commission relating to the amount of commodities purchased or sold by each such trader. Upon the request of any committee of either House of Congress, acting within the scope of its jurisdiction, the Commission shall furnish to such committee the names and addresses of all traders on such boards of trade with respect to whom the Commission has information, and any other information in the possession of the Commission relating to the amount of any commodity purchased or sold by each such trader. Upon the request of any department or agency of the Government of the United States, acting within the scope of its jurisdiction, the Commission may furnish to such department or agency any information in the possession of the Commission obtained in connection with the administration of this chapter. However, any information furnished under this subsection to any Federal department or agency shall not be disclosed by such department or agency except in any action or proceeding under the laws of the United States to which it, the Commission, or the United States is a party. Upon the request of any department or agency of any State or any political subdivision thereof, acting within the scope of its jurisdiction, any foreign futures authority, or any department or agency of any foreign government or any political subdivision thereof, acting within the scope of its jurisdiction, the Commission may furnish to such foreign futures authority, department or agency any information in the possession of the Commission obtained in connection with the administration of this chapter. Any information furnished to any department or agency of any State or political subdivision thereof shall not be disclosed by such department or agency except in connection with an adjudicatory action or proceeding brought under this chapter or the laws of such State or political subdivision to which such State or political subdivision or any department or agency thereof is a party. The Commission shall not furnish any information to a foreign futures authority or to a department, central bank and ministries, or agency of a foreign government or political subdivision thereof unless the Commission is satisfied that the information will not be disclosed by such foreign futures authority, department, central bank and ministries, or agency except in connection with an adjudicatory action or proceeding brought under the laws of such foreign government or political subdivision to which such foreign government or political subdivision or any department, central bank and ministries, or agency thereof, or foreign futures authority, is a party.
|
||||
|
||||
(f) Compliance with subpoena after notice to informant; congressional subpoenas and requests for information excepted The Commission shall disclose information in its possession pursuant to a subpoena or summons only if—
|
||||
|
||||
(1) a copy of the subpoena or summons has been mailed to the last known home or business address of the person who submitted the information that is the subject of the subpoena or summons, if the address is known to the Commission, or, if such mailing would be unduly burdensome, the Commission provides other appropriate notice of the subpoena or summons to such person, and
|
||||
|
||||
(2) at least fourteen days have expired from the date of such mailing of the subpoena or summons, or such other notice.
|
||||
|
||||
This subsection shall not apply to congressional subpoenas or congressional requests for information.
|
||||
|
||||
(g) Requests for information by State agencies or subdivisions; volunteering of information by Commission The Commission shall provide any registration information maintained by the Commission on any registrant upon reasonable request made by any department or agency of any State or any political subdivision thereof. Whenever the Commission determines that such information may be appropriate for use by any department or agency of a State or political subdivision thereof, the Commission shall provide such information without request.
|
||||
|
||||
(h) Omitted
|
||||
|
||||
(i) Review and audits by Comptroller General The Comptroller General of the United States shall conduct reviews and audits of the Commission and make reports thereon. For the purpose of conducting such reviews and audits, the Comptroller General shall be furnished such information regarding the powers, duties, organizations, transactions, operations, and activities of the Commission as the Comptroller General may require and the Comptroller General and the duly authorized representatives of the Comptroller General shall, for the purpose of securing such information, have access to and the right to examine any books, documents, papers, or records of the Commission, except that in reports the Comptroller General shall not include data and information that would separately disclose the business transactions of any person and trade secrets or names of customers, although such data shall be provided upon request by any committee of either House of Congress acting within the scope of its jurisdiction.
|
||||
|
||||
(Sept. 21, 1922, ch. 369, § 8, 42 Stat. 1003; June 15, 1936, ch. 545, § 2, 49 Stat. 1491; Pub. L. 90–258, § 19(a), Feb. 19, 1968, 82 Stat. 32; Pub. L. 93–463, title I, § 103(a), (e), Oct. 23, 1974, 88 Stat. 1392; Pub. L. 95–405, § 16, Sept. 30, 1978, 92 Stat. 873; Pub. L. 97–444, title II, § 222, Jan. 11, 1983, 96 Stat. 2309; Pub. L. 102–546, title II, § 205, title III, §§ 304, 305, title IV, § 402(7), Oct. 28, 1992, 106 Stat. 3600, 3623, 3624; Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(18), title II, § 253(a)], Dec. 21, 2000, 114 Stat. 2763, 2763A–410, 2763A–449; Pub. L. 110–234, title XIII, § 13105(g), May 22, 2008, 122 Stat. 1434; Pub. L. 110–246, § 4(a), title XIII, § 13105(g), June 18, 2008, 122 Stat. 1664, 2196; Pub. L. 111–203, title VII, § 725(f), July 21, 2010, 124 Stat. 1694.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Codification Pub. L. 110–234 and Pub. L. 110–246 made identical amendments to this section. The amendments by Pub. L. 110–234 were repealed by section 4(a) of Pub. L. 110–246. Section is based on section 8 of Act Sept. 21, 1922, as amended generally by Pub. L. 95–405, § 16. Prior to such general amendment, section was comprised of the first paragraph of section 8, and the second, third, and fourth pars. of section 8 were classified to sections 12–1, 12–2, and 12–3 of this title, respectively. Subsection (h), which required the Commodity Futures Trading Commission to submit an annual report to Congress detailing the operations of the Commission, terminated, effective May 15, 2000, pursuant to section 3003 of Pub. L. 104–66, as amended, set out as a note under section 1113 of Title 31, Money and Finance. See, also, page 158 of House Document No. 103–7.
|
||||
|
||||
Amendments2010—Subsec. (e). Pub. L. 111–203, in last sentence, inserted “, central bank and ministries,” after “department” wherever appearing and substituted “, is a party.” for “. is a party.” 2008—Subsec. (a)(1). Pub. L. 110–246, § 13105(g), in concluding provisions, struck out “commenced” after “receivership proceeding” and inserted “commenced” after “in a judicial proceeding”. 2000—Subsec. (a)(3). Pub. L. 106–554, § 1(a)(5) [title II, § 253(a)], added par. (3). Subsec. (c). Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(18)], in first sentence, substituted “registered entity” for “board of trade”. 1992—Subsec. (a). Pub. L. 102–546, §§ 205, 304(1), designated existing provisions as par. (1), inserted provisions at end relating to disclosure of information received from foreign futures authorities, and added par. (2). Subsec. (b). Pub. L. 102–546, § 304(2), inserted at end “This subsection shall not apply to the disclosure of data or information obtained by the Commission from a foreign futures authority.” Subsec. (e). Pub. L. 102–546, § 305, inserted references to foreign futures authority in fifth and last sentences. Subsec. (f). Pub. L. 102–546, § 402(7), substituted “subpoena” for “subpena” wherever appearing and “subpoenas” for “subpenas” in last sentence. 1983—Subsec. (a). Pub. L. 97–444, § 222(1), inserted proviso authorizing Commission to withhold from public disclosure any data or information concerning or obtained in connection with any pending investigation of any person. Subsec. (b). Pub. L. 97–444, § 222(2), inserted references to receivership proceedings involving a receiver appointed in a judicial proceeding brought under this chapter and to bankruptcy proceedings in which the Commission has intervened or in which Commission has right to appear and be heard under title 11. Subsec. (e). Pub. L. 97–444, § 222(3), struck out “of the Executive Branch” after “Upon the request of any department or agency” and inserted “Upon the request of any department or agency of any State or any political subdivision thereof, acting within the scope of its jurisdiction, or any department or agency of any foreign government or any political subdivision thereof, acting within the scope of its jurisdiction, the Commission may furnish to such department or agency any information in the possession of the Commission obtained in connection with the administration of this chapter. Any information furnished to any department or agency of any State or political subdivision thereof shall not be disclosed by such department or agency except in connection with an adjudicatory action or proceeding brought under this chapter or the laws of such State or political subdivision to which such State or political subdivision or any department or agency thereof is a party. The Commission shall not furnish any information to a department or agency of a foreign government or political subdivision thereof unless the Commission is satisfied that the information will not be disclosed by such department or agency except in connection with an adjudicatory action or proceeding brought under the laws of such foreign government or political subdivision to which such foreign government or political subdivision or any department or agency thereof is a party.” Subsecs. (f), (g). Pub. L. 97–444, § 222(5), added subsecs. (f) and (g). Former subsecs. (f) and (g) were redesignated (h) and (i), respectively. Subsecs. (h), (i). Pub. L. 97–444, § 222(4), redesignated former subsecs. (f) and (g) as (h) and (i), respectively. 1978—Pub. L. 95–405 consolidated under this section provisions formerly contained in this section and sections 12–1, 12–2, and 12–3 of this title, generally revised provisions thus consolidated to clarify and expand disclosure to public of traders and their positions on boards of trade, and divided provisions thus consolidated and revised into subsecs. (a) to (g). 1974—Pub. L. 93–463 substituted “Commission” for “Secretary of Agriculture”, “it” for “he”, “its” for “his”, and “It” for “He”. 1968—Pub. L. 90–258 authorized investigations to ascertain facts regarding operations of other persons subject to any provisions of this chapter. 1936—Act June 15, 1936, substituted “commodity” for “grain” wherever appearing.
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of 2010 AmendmentAmendment by Pub. L. 111–203 effective on the later of 360 days after July 21, 2010, or, to the extent a provision of subtitle A (§§ 711–754) of title VII of Pub. L. 111–203 requires a rulemaking, not less than 60 days after publication of the final rule or regulation implementing such provision of subtitle A, see section 754 of Pub. L. 111–203, set out as a note under section 1a of this title.
|
||||
|
||||
Effective Date of 2008 AmendmentAmendment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective May 22, 2008, the date of enactment of Pub. L. 110–234, see section 4 of Pub. L. 110–246, set out as an Effective Date note under section 8701 of this title.
|
||||
|
||||
Effective Date of 1983 AmendmentAmendment by Pub. L. 97–444 effective Jan. 11, 1983, see section 239 of Pub. L. 97–444, set out as a note under section 2 of this title.
|
||||
|
||||
Effective Date of 1978 AmendmentAmendment by Pub. L. 95–405 effective Oct. 1, 1978, see section 28 of Pub. L. 95–405, set out as a note under section 2 of this title.
|
||||
|
||||
Effective Date of 1974 AmendmentFor effective date of amendment by Pub. L. 93–463, see section 418 of Pub. L. 93–463, set out as a note under section 2 of this title.
|
||||
|
||||
Effective Date of 1968 AmendmentAmendment by Pub. L. 90–258 effective 120 days after Feb. 19, 1968, see section 28 of Pub. L. 90–258, set out as a note under section 2 of this title.
|
||||
|
||||
Effective Date of 1936 AmendmentAmendment by act June 15, 1936, effective 90 days after June 15, 1936, see section 13 of act June 15, 1936, set out as a note under section 1 of this title.
|
||||
File diff suppressed because one or more lines are too long
@@ -0,0 +1,47 @@
|
||||
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|
||||
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|
||||
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|
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
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||||
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|
||||
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|
||||
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|
||||
---
|
||||
|
||||
# 7 U.S.C. § 12b - Trading ban violations; prohibition
|
||||
|
||||
## Text
|
||||
|
||||
It shall be unlawful for any person, against whom there is outstanding any order of the Commission prohibiting him from trading on or subject to the rules of any registered entity, to make or cause to be made in contravention of such order, any contract for future delivery of any commodity, on or subject to the rules of any registered entity.
|
||||
|
||||
(Sept. 21, 1922, ch. 369, § 8b, as added Pub. L. 90–258, § 24, Feb. 19, 1968, 82 Stat. 33; amended Pub. L. 93–463, title I, § 103(a), Oct. 23, 1974, 88 Stat. 1392; Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(20)], Dec. 21, 2000, 114 Stat. 2763, 2763A–410.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Amendments2000—Pub. L. 106–554 substituted “registered entity” for “contract market” in two places. 1974—Pub. L. 93–463 substituted “Commission” for “Secretary of Agriculture”.
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of 1974 AmendmentFor effective date of amendment by Pub. L. 93–463 see section 418 of Pub. L. 93–463, set out as a note under section 2 of this title.
|
||||
|
||||
Effective DateSection effective 120 days after Feb. 19, 1968, see section 28 of Pub. L. 90–258, set out as an Effective Date of 1968 Amendment note under section 2 of this title.
|
||||
@@ -0,0 +1,59 @@
|
||||
---
|
||||
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|
||||
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|
||||
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|
||||
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|
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
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||||
source_identifier: "/us/usc/t7/s12c"
|
||||
source_file: "data/legal/raw/us/code/title-07/usc07.xml"
|
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|
||||
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||||
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|
||||
retrieved_at: "2026-07-04"
|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 12c - Disciplinary actions
|
||||
|
||||
## Text
|
||||
|
||||
(a) Action taken; written notice of reasons for action (1) Any exchange or the Commission if the exchange fails to act, may suspend, expel, or otherwise discipline any person who is a member of that exchange, or deny any person access to the exchange. Any such action shall be taken solely in accordance with the rules of that exchange.
|
||||
|
||||
(2) Any suspension, expulsion, disciplinary, or access denial procedure established by an exchange rule shall provide for written notice to the Commission and to the person who is suspended, expelled, or disciplined, or denied access, within thirty days, which includes the reasons for the exchange action in the form and manner the Commission prescribes. An exchange shall make public its findings and the reasons for the exchange action in any such proceeding, including the action taken or the penalty imposed, but shall not disclose the evidence therefor, except to the person who is suspended, expelled, or disciplined, or denied access, and to the Commission.
|
||||
|
||||
(b) Review by Commission The Commission may, in its discretion and in accordance with such standards and procedures as it deems appropriate, review any decision by an exchange whereby a person is suspended, expelled, otherwise disciplined, or denied access to the exchange. In addition, the Commission may, in its discretion and upon application of any person who is adversely affected by any other exchange action, review such action.
|
||||
|
||||
(c) Affirmance, modification, set aside, or remand of action The Commission may affirm, modify, set aside, or remand any exchange decision it reviews pursuant to subsection (b), after a determination on the record whether the action of the exchange was in accordance with the policies of this chapter. Subject to judicial review, any order of the Commission entered pursuant to subsection (b) shall govern the exchange in its further treatment of the matter.
|
||||
|
||||
(d) Stay of action The Commission, in its discretion, may order a stay of any action taken pursuant to subsection (a) pending review thereof.
|
||||
|
||||
(e) Major disciplinary rule violations (1) The Commission shall issue regulations requiring each registered entity to establish and make available to the public a schedule of major violations of any rule within the disciplinary jurisdiction of such registered entity.
|
||||
|
||||
(2) The regulations issued by the Commission pursuant to this subsection shall prohibit, for a period of time to be determined by the Commission, any individual who is found to have committed any major violation from service on the governing board of any registered entity or registered futures association, or on any disciplinary committee thereof.
|
||||
|
||||
(Sept. 21, 1922, ch. 369, § 8c, as added Pub. L. 93–463, title II, § 216, Oct. 23, 1974, 88 Stat. 1405; amended Pub. L. 95–405, § 18, Sept. 30, 1978, 92 Stat. 874; Pub. L. 102–546, title II, § 206(a)(2), Oct. 28, 1992, 106 Stat. 3602; Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(20)], Dec. 21, 2000, 114 Stat. 2763, 2763A–410.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Amendments2000—Subsec. (e). Pub. L. 106–554 substituted “registered entity” for “contract market” wherever appearing. 1992—Pub. L. 102–546 redesignated pars. (1) to (4) as subsecs. (a) to (d), respectively, in subsec. (a) redesignated subpars. (A) and (B) as pars. (1) and (2), respectively, in subsec. (c) substituted references to subsection (b) for references to paragraph (2), in subsec. (d) substituted reference to subsection (a) for reference to paragraph (1), and added subsec. (e). 1978—Par. (1)(B). Pub. L. 95–405 substituted “An exchange shall make public its findings and the reasons for the exchange action in any such proceeding, including the action taken or the penalty imposed, but shall not disclose the evidence therefor, except to the person who is suspended, expelled, or disciplined or denied access, and to the Commission” for “Otherwise the notice and reasons shall be kept confidential”.
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of 1978 AmendmentAmendment by Pub. L. 95–405 effective Oct. 1, 1978, see section 28 of Pub. L. 95–405, set out as a note under section 2 of this title.
|
||||
|
||||
Effective DateFor effective date of section, see section 418 of Pub. L. 93–463, set out as an Effective Date of 1968 Amendment note under section 2 of this title.
|
||||
@@ -0,0 +1,45 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 12d"
|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "1"
|
||||
chapter_name: "COMMODITY EXCHANGES"
|
||||
section: "12d"
|
||||
citation: "7 U.S.C. § 12d"
|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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||||
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|
||||
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|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 12d - Commission action for noncompliance with export sales reporting requirements
|
||||
|
||||
## Text
|
||||
|
||||
The Commission may, in accordance with the procedures provided for in this chapter, refuse to register, register conditionally, or suspend, place restrictions upon, or revoke the registration of, any person, and may bar for any period as it deems appropriate any person from using or participating in any manner in any market regulated by the Commission, if such person is subject to a final decision or order of any court of competent jurisdiction or agency of the United States finding such person to have knowingly violated any provision of the export sales reporting requirements of section 612c–3 11 See References in Text note below. of this title, or of any regulation issued thereunder.
|
||||
|
||||
(Sept. 21, 1922, ch. 369, § 8d, as added Pub. L. 97–444, title II, § 226, Jan. 11, 1983, 96 Stat. 2316.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
References in TextSection 612c–3 of this title, referred to in text, was repealed by Pub. L. 101–624, title XV, § 1578, Nov. 28, 1990, 104 Stat. 3702.
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective DateSection effective Jan. 11, 1983, see section 239 of Pub. L. 97–444, set out as an Effective Date of 1983 Amendment note under section 2 of this title.
|
||||
@@ -0,0 +1,33 @@
|
||||
---
|
||||
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|
||||
title: "7 U.S.C. § 12e"
|
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|
||||
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|
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|
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|
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
citation: "7 U.S.C. § 12e"
|
||||
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|
||||
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|
||||
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|
||||
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|
||||
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip"
|
||||
source_identifier: "/us/usc/t7/s12e"
|
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||||
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||||
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|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 12e - Repealed. Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(21)], Dec. 21, 2000, 114 Stat. 2763, 2763A–410
|
||||
|
||||
## Notes
|
||||
|
||||
Section, act Sept. 21, 1922, ch. 369, § 8e, as added Pub. L. 102–546, title II, § 202(a), Oct. 28, 1992, 106 Stat. 3598, related to Commission oversight and deficiency orders.
|
||||
@@ -0,0 +1,53 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 13–1"
|
||||
description: "Violations, prohibition against dealings in motion picture box office receipts or onion futures; punishment"
|
||||
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|
||||
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|
||||
kind: "code_section"
|
||||
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|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "1"
|
||||
chapter_name: "COMMODITY EXCHANGES"
|
||||
section: "13–1"
|
||||
citation: "7 U.S.C. § 13–1"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
source: "official"
|
||||
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip"
|
||||
source_identifier: "/us/usc/t7/s13–1"
|
||||
source_file: "data/legal/raw/us/code/title-07/usc07.xml"
|
||||
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|
||||
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|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 13–1 - Violations, prohibition against dealings in motion picture box office receipts or onion futures; punishment
|
||||
|
||||
## Text
|
||||
|
||||
(a) No contract for the sale of motion picture box office receipts (or any index, measure, value, or data related to such receipts) or onions for future delivery shall be made on or subject to the rules of any board of trade in the United States. The terms used in this section shall have the same meaning as when used in the Commodity Exchange Act [7 U.S.C. 1 et seq.].
|
||||
|
||||
(b) Any person who shall violate the provisions of this section shall be deemed guilty of a misdemeanor and upon conviction thereof be fined not more than $5,000.
|
||||
|
||||
(Pub. L. 85–839, § 1, Aug. 28, 1958, 72 Stat. 1013; Pub. L. 111–203, title VII, § 721(e)(10), July 21, 2010, 124 Stat. 1672.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
References in TextThe Commodity Exchange Act, referred to in subsec. (a), is act Sept. 21, 1922, ch. 369, 42 Stat. 998, which is classified generally to this chapter. For complete classification of this Act to the Code, see section 1 of this title and Tables.
|
||||
|
||||
Codification Section was not enacted as part of the Commodity Exchange Act which comprises this chapter.
|
||||
|
||||
Amendments2010—Subsec. (a). Pub. L. 111–203 inserted “motion picture box office receipts (or any index, measure, value, or data related to such receipts) or” after “sale of”.
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of 2010 AmendmentAmendment by Pub. L. 111–203 effective on the later of 360 days after July 21, 2010, or, to the extent a provision of subtitle A (§§ 711–754) of title VII of Pub. L. 111–203 requires a rulemaking, not less than 60 days after publication of the final rule or regulation implementing such provision of subtitle A, see section 754 of Pub. L. 111–203, set out as a note under section 1a of this title.
|
||||
|
||||
Effective DatePub. L. 85–839, § 2, Aug. 28, 1958, 72 Stat. 1013, provided that: “This Act [enacting this section] shall take effect thirty days after its enactment [Aug. 28, 1958].”
|
||||
File diff suppressed because one or more lines are too long
@@ -0,0 +1,79 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 13a–1"
|
||||
description: "Enjoining or restraining violations"
|
||||
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|
||||
corpus: "united_states_code"
|
||||
kind: "code_section"
|
||||
title_number: 7
|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "1"
|
||||
chapter_name: "COMMODITY EXCHANGES"
|
||||
section: "13a–1"
|
||||
citation: "7 U.S.C. § 13a–1"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
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|
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retrieved_at: "2026-07-04"
|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 13a–1 - Enjoining or restraining violations
|
||||
|
||||
## Text
|
||||
|
||||
(a) Action to enjoin or restrain violations Whenever it shall appear to the Commission that any registered entity or other person has engaged, is engaging, or is about to engage in any act or practice constituting a violation of any provision of this chapter or any rule, regulation, or order thereunder, or is restraining trading in any commodity for future delivery or any swap, the Commission may bring an action in the proper district court of the United States or the proper United States court of any territory or other place subject to the jurisdiction of the United States, to enjoin such act or practice, or to enforce compliance with this chapter, or any rule, regulation or order thereunder, and said courts shall have jurisdiction to entertain such actions: Provided, That no restraining order (other than a restraining order which prohibits any person from destroying, altering or disposing of, or refusing to permit authorized representatives of the Commission to inspect, when and as requested, any books and records or other documents or which prohibits any person from withdrawing, transferring, removing, dissipating, or disposing of any funds, assets, or other property, and other than an order appointing a temporary receiver to administer such restraining order and to perform such other duties as the court may consider appropriate) or injunction for violation of the provisions of this chapter shall be issued ex parte by said court.
|
||||
|
||||
(b) Injunction or restraining order Upon a proper showing, a permanent or temporary injunction or restraining order shall be granted without bond.
|
||||
|
||||
(c) Writs or other orders Upon application of the Commission, the district courts of the United States and the United States courts of any territory or other place subject to the jurisdiction of the United States shall also have jurisdiction to issue writs of mandamus, or orders affording like relief, commanding any person to comply with the provisions of this chapter or any rule, regulation, or order of the Commission thereunder, including the requirement that such person take such action as is necessary to remove the danger of violation of this chapter or any such rule, regulation, or order: Provided, That no such writ of mandamus, or order affording like relief, shall be issued ex parte.
|
||||
|
||||
(d) Civil penalties (1) In general.— In any action brought under this section, the Commission may seek and the court shall have jurisdiction to impose, on a proper showing, on any person found in the action to have committed any violation—
|
||||
|
||||
(A) a civil penalty in the amount of not more than the greater of $100,000 or triple the monetary gain to the person for each violation; or
|
||||
|
||||
(B) in any case of manipulation or attempted manipulation in violation of section 9, 15, 13b, or 13(a)(2) of this title, a civil penalty in the amount of not more than the greater of $1,000,000 or triple the monetary gain to the person for each violation.
|
||||
|
||||
(2) If a person on whom such a penalty is imposed fails to pay the penalty within the time prescribed in the court’s order, the Commission may refer the matter to the Attorney General who shall recover the penalty by action in the appropriate United States district court.
|
||||
|
||||
(3) Equitable remedies.— In any action brought under this section, the Commission may seek, and the court may impose, on a proper showing, on any person found in the action to have committed any violation, equitable remedies including—
|
||||
|
||||
(A) restitution to persons who have sustained losses proximately caused by such violation (in the amount of such losses); and
|
||||
|
||||
(B) disgorgement of gains received in connection with such violation.
|
||||
|
||||
(e) Venue and process Any action under this section may be brought in the district wherein the defendant is found or is an inhabitant or transacts business or in the district where the act or practice occurred, is occurring, or is about to occur, and process in such cases may be served in any district in which the defendant is an inhabitant or wherever the defendant may be found.
|
||||
|
||||
(f) Action by Attorney General In lieu of bringing actions itself pursuant to this section, the Commission may request the Attorney General to bring the action.
|
||||
|
||||
(g) Notice to Attorney General of action brought by Commission Where the Commission elects to bring the action, it shall inform the Attorney General of such suit and advise him of subsequent developments.
|
||||
|
||||
(h) Notice of investigations and enforcement actions The Commission shall provide the Securities and Exchange Commission with notice of the commencement of any proceeding and a copy of any order entered by the Commission against any futures commission merchant or introducing broker registered pursuant to section 6f(a)(2) of this title, any floor broker or floor trader exempt from registration pursuant to section 6f(a)(3) of this title, any associated person exempt from registration pursuant to section 6k(6) of this title, or any board of trade designated as a contract market pursuant to section 7b–1 of this title.
|
||||
|
||||
(Sept. 21, 1922, ch. 369, § 6c, as added Pub. L. 93–463, title II, § 211, Oct. 23, 1974, 88 Stat. 1402; amended Pub. L. 97–444, title II, § 220, Jan. 11, 1983, 96 Stat. 2308; Pub. L. 99–641, title I, § 104, Nov. 10, 1986, 100 Stat. 3557; Pub. L. 102–546, title II, § 221, Oct. 28, 1992, 106 Stat. 3614; Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(15), title II, § 253(c)], Dec. 21, 2000, 114 Stat. 2763, 2763A–409, 2763A–449; Pub. L. 110–234, title XIII, § 13103(c), May 22, 2008, 122 Stat. 1434; Pub. L. 110–246, § 4(a), title XIII, § 13103(c), June 18, 2008, 122 Stat. 1664, 2196; Pub. L. 111–203, title VII, §§ 741(b)(5), 744, July 21, 2010, 124 Stat. 1731, 1735.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Codification Pub. L. 110–234 and Pub. L. 110–246 made identical amendments to this section. The amendments by Pub. L. 110–234 were repealed by section 4(a) of Pub. L. 110–246.
|
||||
|
||||
Amendments2010—Subsec. (a). Pub. L. 111–203, § 741(b)(5), inserted “or any swap” after “commodity for future delivery”. Subsec. (d)(3). Pub. L. 111–203, § 744, added par. (3). 2008—Subsec. (d). Pub. L. 110–246, § 13103(c), inserted subsec. heading, added par. (1), and struck out former par. (1) which read as follows: “In any action brought under this section, the Commission may seek and the court shall have jurisdiction to impose, on a proper showing, on any person found in the action to have committed any violation a civil penalty in the amount of not more than the higher of $100,000 or triple the monetary gain to the person for each violation.” 2000—Subsec. (a). Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(15)], substituted “registered entity” for “contract market”. Subsec. (h). Pub. L. 106–554, § 1(a)(5) [title II, § 253(c)], added subsec. (h). 1992—Pub. L. 102–546 designated first, second, and third sentences as subsecs. (a) to (c), respectively, added subsec. (d), and designated fourth, fifth, and sixth sentences as subsecs. (e) to (g), respectively. 1986—Pub. L. 99–641 inserted “, and other than an order appointing a temporary receiver to administer such restraining order and to perform such other duties as the court may consider appropriate”. 1983—Pub. L. 97–444 inserted “(other than a restraining order which prohibits any person from destroying, altering or disposing of, or refusing to permit authorized representatives of the Commission to inspect, when and as requested, any books and records or other documents or which prohibits any person from withdrawing, transferring, removing, dissipating, or disposing of any funds, assets, or other property)” after “Provided, That no restraining order”.
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of 2010 AmendmentAmendment by Pub. L. 111–203 effective on the later of 360 days after July 21, 2010, or, to the extent a provision of subtitle A (§§ 711–754) of title VII of Pub. L. 111–203 requires a rulemaking, not less than 60 days after publication of the final rule or regulation implementing such provision of subtitle A, see section 754 of Pub. L. 111–203, set out as a note under section 1a of this title.
|
||||
|
||||
Effective Date of 2008 AmendmentAmendment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective May 22, 2008, the date of enactment of Pub. L. 110–234, see section 4 of Pub. L. 110–246, set out as an Effective Date note under section 8701 of this title.
|
||||
|
||||
Effective Date of 1983 AmendmentAmendment by Pub. L. 97–444 effective Jan. 11, 1983, see section 239 of Pub. L. 97–444, set out as a note under section 2 of this title.
|
||||
|
||||
Effective DateFor effective date of section, see section 418 of Pub. L. 93–463, set out as an Effective Date of 1974 Amendment note under section 2 of this title.
|
||||
@@ -0,0 +1,65 @@
|
||||
---
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|
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|
||||
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|
||||
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|
||||
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|
||||
chapter_number: "1"
|
||||
chapter_name: "COMMODITY EXCHANGES"
|
||||
section: "13a–2"
|
||||
citation: "7 U.S.C. § 13a–2"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
source: "official"
|
||||
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip"
|
||||
source_identifier: "/us/usc/t7/s13a–2"
|
||||
source_file: "data/legal/raw/us/code/title-07/usc07.xml"
|
||||
source_hash: "b89c881ff68c34c0c58c661c85811a1101856ebbc0b78cba51ef7af8c9d4c83a"
|
||||
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|
||||
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|
||||
retrieved_at: "2026-07-04"
|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 13a–2 - Jurisdiction of States
|
||||
|
||||
## Text
|
||||
|
||||
(1) Whenever it shall appear to the attorney general of any State, the administrator of the securities laws of any State, or such other official as a State may designate, that the interests of the residents of that State have been, are being, or may be threatened or adversely affected because any person (other than a contract market, derivatives transaction execution facility, clearinghouse, floor broker, or floor trader) has engaged in, is engaging or is about to engage in, any act or practice constituting a violation of any provision of this chapter or any rule, regulation, or order of the Commission thereunder, the State may bring a suit in equity or an action at law on behalf of its residents to enjoin such act or practice, to enforce compliance with this chapter, or any rule, regulation, or order of the Commission thereunder, to obtain damages on behalf of their residents, or to obtain such further and other relief as the court may deem appropriate.
|
||||
|
||||
(2) The district courts of the United States, the United States courts of any territory, and the District Court of the United States for the District of Columbia, shall have jurisdiction of all suits in equity and actions at law brought under this section to enforce any liability or duty created by this chapter or any rule, regulation, or order of the Commission thereunder, or to obtain damages or other relief with respect thereto. Upon proper application, such courts shall also have jurisdiction to issue writs of mandamus, or orders affording like relief, commanding the defendant to comply with the provisions of this chapter or any rule, regulation, or order of the Commission thereunder, including the requirement that the defendant take such action as is necessary to remove the danger of violation of this chapter or of any such rule, regulation, or order. Upon a proper showing, a permanent or temporary injunction or restraining order shall be granted without bond.
|
||||
|
||||
(3) Immediately upon instituting any such suit or action, the State shall serve written notice thereof upon the Commission and provide the Commission with a copy of its complaint, and the Commission shall have the right to (A) intervene in the suit or action and, upon doing so, shall be heard on all matters arising therein, and (B) file petitions for appeal.
|
||||
|
||||
(4) Any suit or action brought under this section in a district court of the United States may be brought in the district wherein the defendant is found or is an inhabitant or transacts business or wherein the act or practice occurred, is occurring, or is about to occur, and process in such cases may be served in any district in which the defendant is an inhabitant or wherever the defendant may be found.
|
||||
|
||||
(5) For purposes of bringing any suit or action under this section, nothing in this chapter shall prevent the attorney general, the administrator of the State securities laws, or other duly authorized State officials from exercising the powers conferred on them by the laws of such State to conduct investigations or to administer oaths or affirmations or to compel the attendance of witnesses or the production of documentary and other evidence.
|
||||
|
||||
(6) For purposes of this section, “State” means any State of the United States, the District of Columbia, the Commonwealth of Puerto Rico, or any territory or possession of the United States.
|
||||
|
||||
(7) Nothing contained in this section shall prohibit an authorized State official from proceeding in State court on the basis of an alleged violation of any general civil or criminal antifraud statute of such State.
|
||||
|
||||
(8) (A) Nothing in this chapter shall prohibit an authorized State official from proceeding in a State court against any person registered under this chapter (other than a floor broker, floor trader, or registered futures association) for an alleged violation of any antifraud provision of this chapter or any antifraud rule, regulation, or order issued pursuant to the chapter.
|
||||
|
||||
(B) The State shall give the Commission prior written notice of its intent to proceed before instituting a proceeding in State court as described in this subsection and shall furnish the Commission with a copy of its complaint immediately upon instituting any such proceeding. The Commission shall have the right to (i) intervene in the proceeding and, upon doing so, shall be heard on all matters arising therein, and (ii) file a petition for appeal. The Commission or the defendant may remove such proceeding to the district court of the United States for the proper district by following the procedure for removal otherwise provided by law, except that the petition for removal shall be filed within sixty days after service of the summons and complaint upon the defendant. The Commission shall have the right to appear as amicus curiae in any such proceeding.
|
||||
|
||||
(Sept. 21, 1922, ch. 369, § 6d, as added Pub. L. 95–405, § 15, Sept. 30, 1978, 92 Stat. 872; amended Pub. L. 97–444, title II, § 221, Jan. 11, 1983, 96 Stat. 2308; Pub. L. 102–546, title II, § 207(b)(1), (2), Oct. 28, 1992, 106 Stat. 3604; Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(16)], Dec. 21, 2000, 114 Stat. 2763, 2763A–409.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Amendments2000—Par. (1). Pub. L. 106–554 inserted “derivatives transaction execution facility,” after “contract market,”. 1992—Pars. (1), (8)(A). Pub. L. 102–546 inserted reference to floor trader. 1983—Par. (8). Pub. L. 97–444 added par. (8).
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of 1992 AmendmentAmendment by Pub. L. 102–546 effective 180 days after Oct. 28, 1992, with Commodity Futures Trading Commission to issue any regulations necessary to implement such amendment no later than 180 days after Oct. 28, 1992, see section 207(c) of Pub. L. 102–546, set out as a note under section 6e of this title.
|
||||
|
||||
Effective Date of 1983 AmendmentAmendment by Pub. L. 97–444 effective Jan. 11, 1983, see section 239 of Pub. L. 97–444, set out as a note under section 2 of this title.
|
||||
|
||||
Effective DateSection effective Oct. 1, 1978, see section 28 of Pub. L. 95–405, set out as an Effective Date of 1978 Amendment note under section 2 of this title.
|
||||
@@ -0,0 +1,55 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 13a"
|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
chapter_name: "COMMODITY EXCHANGES"
|
||||
section: "13a"
|
||||
citation: "7 U.S.C. § 13a"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
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|
||||
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|
||||
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|
||||
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|
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|
||||
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|
||||
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|
||||
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|
||||
---
|
||||
|
||||
# 7 U.S.C. § 13a - Nonenforcement of rules of government or other violations; cease and desist orders; fines and penalties; imprisonment; misdemeanor; separate offenses
|
||||
|
||||
## Text
|
||||
|
||||
If any registered entity is not enforcing or has not enforced its rules of government made a condition of its designation or registration as set forth in sections 7 through 7a–2 of this title, or if any registered entity, or any director, officer, agent, or employee of any registered entity otherwise is violating or has violated any of the provisions of this chapter or any of the rules, regulations, or orders of the Commission thereunder, the Commission may, upon notice and hearing on the record and subject to appeal as in other cases provided for in section 8(b) of this title, make and enter an order directing that such registered entity, director, officer, agent, or employee shall cease and desist from such violation, and assess a civil penalty of not more than $500,000 for each such violation, or, in any case of manipulation or attempted manipulation in violation of section 9, 15, 13b, or 13(a)(2) of this title, a civil penalty of not more than $1,000,000 for each such violation. If such registered entity, director, officer, agent, or employee, after the entry of such a cease and desist order and the lapse of the period allowed for appeal of such order or after the affirmance of such order, shall fail or refuse to obey or comply with such order, such registered entity, director, officer, agent, or employee shall be guilty of a misdemeanor and, upon conviction thereof, shall be fined not more than $500,000 or imprisoned for not less than six months nor more than one year, or both, except that if the failure or refusal to obey or comply with the order involved any offense under section 13(a)(2) of this title, the registered entity, director, officer, agent, or employee shall be guilty of a felony and, on conviction, shall be subject to penalties under section 13(a)(2) of this title. Each day during which such failure or refusal to obey such cease and desist order continues shall be deemed a separate offense. If the offending registered entity or other person upon whom such penalty is imposed, after the lapse of the period allowed for appeal or after the affirmance of such penalty, shall fail to pay such penalty, the Commission shall refer the matter to the Attorney General who shall recover such penalty by action in the appropriate United States district court. In determining the amount of the money penalty assessed under this section, the Commission shall consider the gravity of the offense, and in the case of a registered entity shall further consider whether the amount of the penalty will materially impair the ability of the registered entity to carry on its operations and duties.
|
||||
|
||||
(Sept. 21, 1922, ch. 369, § 6b, as added June 15, 1936, ch. 545, § 9, 49 Stat. 1500; amended Pub. L. 90–258, § 18, Feb. 19, 1968, 82 Stat. 31; Pub. L. 93–463, title II, § 212(b), Oct. 23, 1974, 88 Stat. 1403; Pub. L. 95–405, § 14, Sept. 30, 1978, 92 Stat. 872; Pub. L. 102–546, title II, §§ 209(b)(5), 212(c), Oct. 28, 1992, 106 Stat. 3607, 3609; Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(14)], Dec. 21, 2000, 114 Stat. 2763, 2763A–409; Pub. L. 110–234, title XIII, § 13103(b), May 22, 2008, 122 Stat. 1433; Pub. L. 110–246, § 4(a), title XIII, § 13103(b), June 18, 2008, 122 Stat. 1664, 2195.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Codification Pub. L. 110–234 and Pub. L. 110–246 made identical amendments to this section. The amendments by Pub. L. 110–234 were repealed by section 4(a) of Pub. L. 110–246.
|
||||
|
||||
Amendments2008—Pub. L. 110–246, § 13103(b), in first sentence, inserted before period at end “, or, in any case of manipulation or attempted manipulation in violation of section 9, 15, 13b, or 13(a)(2) of this title, a civil penalty of not more than $1,000,000 for each such violation” and, in second sentence, inserted before period at end “, except that if the failure or refusal to obey or comply with the order involved any offense under section 13(a)(2) of this title, the registered entity, director, officer, agent, or employee shall be guilty of a felony and, on conviction, shall be subject to penalties under section 13(a)(2) of this title”. 2000—Pub. L. 106–554 substituted “registered entity” for “contract market” wherever appearing, “designation or registration as set forth in sections 7 through 7a–2 of this title” for “designation as set forth in section 7 of this title” in first sentence, and “the ability of the registered entity” for “the contract market’s ability” in last sentence. 1992—Pub. L. 102–546 substituted “section 8(b) of this title” for “paragraph (a) of section 8 of this title”, substituted “$500,000” for “$100,000” in two places, and in last sentence struck out “the appropriateness of such penalty to the net worth of the offending person and” after “Commission shall consider”. 1978—Pub. L. 95–405 inserted “on the record” after “notice and hearing”. 1974—Pub. L. 93–463 inserted provision for assessment of a civil penalty of not more than $100,000 for each violation, substituted “not more than $100,000” for “not less than $500 nor more than $10,000” as permissible range of fines imposed, inserted provisions for enforcement of a penalty, and substituted “orders of the Commission” for “orders of the Secretary of Agriculture or the commission”. 1968—Pub. L. 90–258 amended section to clarify application only to boards of trade designated as contract markets, to include as grounds for cease and desist orders failure to enforce the market’s rules of government made a condition of its designation and violation of rules or regulations of the commission or orders of the Secretary, and to authorize such orders in conjunction with a suspension or revocation of designation as a contract market rather than in lieu of suspension or revocation.
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of 2008 AmendmentAmendment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective May 22, 2008, the date of enactment of Pub. L. 110–234, see section 4 of Pub. L. 110–246, set out as an Effective Date note under section 8701 of this title.
|
||||
|
||||
Effective Date of 1978 AmendmentAmendment by Pub. L. 95–405 effective Oct. 1, 1978, see section 28 of Pub. L. 95–405, set out as a note under section 2 of this title.
|
||||
|
||||
Effective Date of 1974 AmendmentFor effective date of amendment by Pub. L. 93–463, see section 418 of Pub. L. 93–463, set out as a note under section 2 of this title.
|
||||
|
||||
Effective Date of 1968 AmendmentAmendment by Pub. L. 90–258 effective 120 days after Feb. 19, 1968, see section 28 of Pub. L. 90–258, set out as a note under section 2 of this title.
|
||||
|
||||
Effective DateFor effective date of section, see section 13 of act June 15, 1936, set out as an Effective Date of 1936 Amendment note under section 1 of this title.
|
||||
@@ -0,0 +1,51 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 13b"
|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
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|
||||
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|
||||
---
|
||||
|
||||
# 7 U.S.C. § 13b - Manipulations or other violations; cease and desist orders against persons other than registered entities; punishment
|
||||
|
||||
## Text
|
||||
|
||||
If any person (other than a registered entity), is violating or has violated section 9 of this title or any other provisions of this chapter or of the rules, regulations, or orders of the Commission thereunder, the Commission may, upon notice and hearing, and subject to appeal as in other cases provided for in section 9 of this title, make and enter an order directing that such person shall cease and desist therefrom and, if such person thereafter and after the lapse of the period allowed for appeal of such order or after the affirmance of such order, shall knowingly fail or refuse to obey or comply with such order, such person, upon conviction thereof, shall be fined not more than the higher of $140,000 or triple the monetary gain to such person, or imprisoned for not more than 1 year, or both, except that if such knowing failure or refusal to obey or comply with such order involves any offense within subsection (a) or (b) of section 13 of this title, such person, upon conviction thereof, shall be subject to the penalties of said subsection (a) or (b): Provided, That any such cease and desist order under this section against any respondent in any case of manipulation shall be issued only in conjunction with an order issued against such respondent under section 9 of this title.
|
||||
|
||||
(Sept. 21, 1922, ch. 369, § 6(d), formerly § 6(c), as added Pub. L. 90–258, § 17, Feb. 19, 1968, 82 Stat. 31; amended Pub. L. 93–463, title I, § 103(a), (b), title II, § 212(c), Oct. 23, 1974, 88 Stat. 1392, 1404; renumbered § 6(d) and amended Pub. L. 102–546, title II, §§ 209(a)(1), (4), 212(b), Oct. 28, 1992, 106 Stat. 3606, 3609; Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(12)(D)], Dec. 21, 2000, 114 Stat. 2763, 2763A–409; Pub. L. 111–203, title VII, §§ 741(b)(4), 753(b), July 21, 2010, 124 Stat. 1731, 1753.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Codification Section is comprised of subsec. (d) of section 6 of act Sept. 21, 1922. Subsecs. (a) and (b) of section 6 are classified to section 8 of this title. Subsec. (c) of section 6 is classified to section 9 of this title. Subsecs. (e), (f), and (g) of section 6 are classified to sections 9a, 9b, and 9c of this title, respectively.
|
||||
|
||||
Amendments2010—Pub. L. 111–203, § 753(b), amended section generally. Prior to amendment, text read as follows: “If any person (other than a registered entity) is manipulating or attempting to manipulate or has manipulated or attempted to manipulate the market price of any commodity, in interstate commerce, or for future delivery on or subject to the rules of any registered entity, or of any swap, or otherwise is violating or has violated any of the provisions of this chapter or of the rules, regulations, or orders of the Commission or the commission thereunder, the Commission may, upon notice and hearing, and subject to appeal as in other cases provided for in sections 9 and 15 of this title, make and enter an order directing that such person shall cease and desist therefrom and, if such person thereafter and after the lapse of the period allowed for appeal of such order or after the affirmance of such order, shall fail or refuse to obey or comply with such order, such person shall be guilty of a misdemeanor and, upon conviction thereof, shall be fined not more than the higher of $100,000 or triple the monetary gain to such person, or imprisoned for not less than six months nor more than one year, or both, except that if such failure or refusal to obey or comply with such order involves any offense within paragraph (a) or (b) of section 13 of this title, such person shall be guilty of a felony and, upon conviction thereof, shall be subject to the penalties of said paragraph (a) or (b): Provided, That any such cease and desist order against any respondent in any case of manipulation of, or attempt to manipulate, the price of any commodity shall be issued only in conjunction with an order issued against such respondent under sections 9 and 15 of this title. Each day during which such failure or refusal to obey or comply with such order continues shall be deemed a separate offense.” Pub. L. 111–203, § 741(b)(4), inserted “or of any swap,” before “or otherwise is violating”. 2000—Pub. L. 106–554 substituted “registered entity” for “contract market” in two places. 1992—Pub. L. 102–546 made technical amendment to references to sections 9 and 15 of this title to reflect change in reference to corresponding section of original act and substituted “the higher of $100,000 or triple the monetary gain to such person” for “$100,000”. 1974—Pub. L. 93–463, §§ 103(a), 212(c), substituted “Commission” for “Secretary” before “may” and substituted “not more than $100,000” for “not less than $500 nor more than $10,000”. Pub. L. 93–463, § 103(a), provided for substitution of “Commission” for “Secretary of Agriculture” except where such words would be stricken by section 103(b), which directed striking the words “the Secretary of Agriculture or” where they appeared in the phrase “the Secretary of Agriculture or the Commission”. Because the word “commission” was not capitalized in the text of this section, section 103(b) did not apply to this section and therefore section 103(a) was executed, resulting in the substitution of “the Commission or the commission” for “the Secretary of Agriculture or the commission”.
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of 2010 AmendmentAmendment by section 741(b)(4) of Pub. L. 111–203 effective on the later of 360 days after July 21, 2010, or, to the extent a provision of subtitle A (§§ 711–754) of title VII of Pub. L. 111–203 requires a rulemaking, not less than 60 days after publication of the final rule or regulation implementing such provision of subtitle A, see section 754 of Pub. L. 111–203, set out as a note under section 1a of this title. Amendment by section 753(b) of Pub. L. 111–203 effective on the date on which the final rule promulgated by the Commodity Futures Trading Commission pursuant to Pub. L. 111–203 takes effect [see 76 F.R. 41398, effective Aug. 15, 2011], see section 753(d) of Pub. L. 111–203, set out as a note under section 9 of this title.
|
||||
|
||||
Effective Date of 1974 AmendmentFor effective date of amendment by Pub. L. 93–463, see section 418 of Pub. L. 93–463, set out as a note under section 2 of this title.
|
||||
|
||||
Effective DateSection effective 120 days after Feb. 19, 1968, see section 28 of Pub. L. 90–258, set out as an Effective Date of 1968 Amendment note under section 2 of this title.
|
||||
@@ -0,0 +1,53 @@
|
||||
---
|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
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|
||||
---
|
||||
|
||||
# 7 U.S.C. § 13c - Responsibility as principal; minor violations
|
||||
|
||||
## Text
|
||||
|
||||
(a) Any person who commits, or who willfully aids, abets, counsels, commands, induces, or procures the commission of, a violation of any of the provisions of this chapter, or any of the rules, regulations, or orders issued pursuant to this chapter, or who acts in combination or concert with any other person in any such violation, or who willfully causes an act to be done or omitted which if directly performed or omitted by him or another would be a violation of the provisions of this chapter or any of such rules, regulations, or orders may be held responsible for such violation as a principal.
|
||||
|
||||
(b) Any person who, directly or indirectly, controls any person who has violated any provision of this chapter or any of the rules, regulations, or orders issued pursuant to this chapter may be held liable for such violation in any action brought by the Commission to the same extent as such controlled person. In such action, the Commission has the burden of proving that the controlling person did not act in good faith or knowingly induced, directly or indirectly, the act or acts constituting the violation.
|
||||
|
||||
(c) Nothing in this chapter shall be construed as requiring the Commission or the Commission 11 So in original. The words “or the Commission” probably should not appear. to report minor violations of this chapter for prosecution, whenever it appears that the public interest does not require such action.
|
||||
|
||||
(Sept. 21, 1922, ch. 369, § 13, as added Pub. L. 90–258, § 26, Feb. 19, 1968, 82 Stat. 34; amended Pub. L. 93–463, title I, § 103(a), (b), Oct. 23, 1974, 88 Stat. 1392; Pub. L. 97–444, title II, § 230, Jan. 11, 1983, 96 Stat. 2319; Pub. L. 102–546, title IV, § 402(1)(D), (9)(C), Oct. 28, 1992, 106 Stat. 3624, 3625.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Amendments1992—Subsec. (c). Pub. L. 102–546, § 402(9)(C), which directed that “the Secretary of Agriculture or” be struck out, could not be executed because of amendment by Pub. L. 93–463, § 103(a). See 1974 Amendment note below. Pub. L. 102–546, § 402(1)(D), substituted “Commission” for “commission” before “to report”. 1983—Subsec. (a). Pub. L. 97–444, § 230(1), struck out “in administrative proceedings under this chapter” after “may be held responsible”. Subsecs. (b), (c). Pub. L. 97–444, § 230(2), (3), added subsec. (b) and redesignated former subsec. (b) as (c). 1974—Subsec. (b). Pub. L. 93–463, § 103(a), provided for substitution of “Commission” for “Secretary of Agriculture” except where such words would be stricken by section 103(b), which directed striking the words “the Secretary of Agriculture or” where they appeared in the phrase “the Secretary of Agriculture or the Commission”. Because the word “commission” was not capitalized in the text of this section, section 103(b) did not apply to this section and therefore section 103(a) was executed, resulting in the substitution of “the Commission or the commission” for “the Secretary of Agriculture or the commission”.
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of 1983 AmendmentAmendment by Pub. L. 97–444 effective Jan. 11, 1983, see section 239 of Pub. L. 97–444, set out as a note under section 2 of this title.
|
||||
|
||||
Effective Date of 1974 AmendmentFor effective date of amendment by Pub. L. 93–463, see section 418 of Pub. L. 93–463, set out as a note under section 2 of this title.
|
||||
|
||||
Effective DateSection effective 120 days after Feb. 19, 1968, see section 28 of Pub. L. 90–258, set out as an Effective Date of 1968 Amendment note under section 2 of this title.
|
||||
@@ -0,0 +1,33 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 14"
|
||||
description: "Repealed. Pub. L. 99–641, title I, § 110(5), Nov. 10, 1986, 100 Stat. 3561"
|
||||
jurisdiction: "us"
|
||||
corpus: "united_states_code"
|
||||
kind: "code_section"
|
||||
title_number: 7
|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "1"
|
||||
chapter_name: "COMMODITY EXCHANGES"
|
||||
section: "14"
|
||||
citation: "7 U.S.C. § 14"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
source: "official"
|
||||
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip"
|
||||
source_identifier: "/us/usc/t7/s14"
|
||||
source_file: "data/legal/raw/us/code/title-07/usc07.xml"
|
||||
source_hash: "d6187dd27964cbeb9a109facf22fb5f13d08938a5d6073fa9abbab74f6ca6fa6"
|
||||
raw_snapshot_hash: "50edab1679a711653797362c0aeb8f2273303fe473fb7fa16df1ee76bdd6e984"
|
||||
text_hash: "fd9b82faa858c48af79cea9b7efed954b77654c7e4b477ee1a9a0909e8fd5103"
|
||||
retrieved_at: "2026-07-04"
|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 14 - Repealed. Pub. L. 99–641, title I, § 110(5), Nov. 10, 1986, 100 Stat. 3561
|
||||
|
||||
## Notes
|
||||
|
||||
Section, act Sept. 21, 1922, ch. 369, § 11, 42 Stat. 1003, provided that violations of this chapter occurring before Nov. 1, 1922, should not be punishable.
|
||||
@@ -0,0 +1,35 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 15"
|
||||
description: "Omitted"
|
||||
jurisdiction: "us"
|
||||
corpus: "united_states_code"
|
||||
kind: "code_section"
|
||||
title_number: 7
|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "1"
|
||||
chapter_name: "COMMODITY EXCHANGES"
|
||||
section: "15"
|
||||
citation: "7 U.S.C. § 15"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
source: "official"
|
||||
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip"
|
||||
source_identifier: "/us/usc/t7/s15"
|
||||
source_file: "data/legal/raw/us/code/title-07/usc07.xml"
|
||||
source_hash: "5541a23029c097f278bb1bc27225bc1f9f6c3d4485125d01d0b6c92be3bed71c"
|
||||
raw_snapshot_hash: "50edab1679a711653797362c0aeb8f2273303fe473fb7fa16df1ee76bdd6e984"
|
||||
text_hash: "75a07d687c5d296bba9e5c84f3a958b62be9d794334a3bfc36e1052f2e265b38"
|
||||
retrieved_at: "2026-07-04"
|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 15 - Omitted
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Codification Section, act Sept. 21, 1922, ch. 369, § 6(c) (part), formerly § 6(b), 42 Stat. 1002, as amended and renumbered, which related to enforcement powers of Commission, was omitted in the general amendment of section 6(c) of act Sept. 21, 1922, by Pub. L. 111–203, title VII, § 753(a), July 21, 2010, 124 Stat. 1750. Section 6(c) is now classified to section 9 of this title.
|
||||
@@ -0,0 +1,37 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 15a"
|
||||
description: "Repealed. Pub. L. 95–405, § 24, Sept. 30, 1978, 92 Stat. 877"
|
||||
jurisdiction: "us"
|
||||
corpus: "united_states_code"
|
||||
kind: "code_section"
|
||||
title_number: 7
|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "1"
|
||||
chapter_name: "COMMODITY EXCHANGES"
|
||||
section: "15a"
|
||||
citation: "7 U.S.C. § 15a"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
source: "official"
|
||||
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip"
|
||||
source_identifier: "/us/usc/t7/s15a"
|
||||
source_file: "data/legal/raw/us/code/title-07/usc07.xml"
|
||||
source_hash: "44ea8c03566c17914de9b47b32795946c590dbeb800e76d4bfd5445fe74ad40c"
|
||||
raw_snapshot_hash: "50edab1679a711653797362c0aeb8f2273303fe473fb7fa16df1ee76bdd6e984"
|
||||
text_hash: "53e6a451e2c9c7cf49c94fc34d98a86ce22b9a274653031233c6e7691f1a5132"
|
||||
retrieved_at: "2026-07-04"
|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 15a - Repealed. Pub. L. 95–405, § 24, Sept. 30, 1978, 92 Stat. 877
|
||||
|
||||
## Notes
|
||||
|
||||
Section, Pub. L. 93–463, title II, § 217, Oct. 23, 1974, 88 Stat. 1405, related to leverage contracts for gold and silver. See section 23(b) of this title.
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of RepealRepeal effective Oct. 1, 1978, see section 28 of Pub. L. 95–405, set out as an Effective Date of 1978 Amendment note under section 2 of this title.
|
||||
@@ -0,0 +1,133 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 15b"
|
||||
description: "Cotton futures contracts"
|
||||
jurisdiction: "us"
|
||||
corpus: "united_states_code"
|
||||
kind: "code_section"
|
||||
title_number: 7
|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "1"
|
||||
chapter_name: "COMMODITY EXCHANGES"
|
||||
section: "15b"
|
||||
citation: "7 U.S.C. § 15b"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
source: "official"
|
||||
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip"
|
||||
source_identifier: "/us/usc/t7/s15b"
|
||||
source_file: "data/legal/raw/us/code/title-07/usc07.xml"
|
||||
source_hash: "536ce762ef6446381e3e4dd2585f489a5024340e960bc95d5e0b22ec5e5840e1"
|
||||
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|
||||
text_hash: "9a3293f0af9e908f7eabc1099c2fd18e1154048b50be1ffdcdc959ebd62dce68"
|
||||
retrieved_at: "2026-07-04"
|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 15b - Cotton futures contracts
|
||||
|
||||
## Text
|
||||
|
||||
(a) Short title This section may be cited as the “United States Cotton Futures Act”.
|
||||
|
||||
(b) Omitted
|
||||
|
||||
(c) Definitions For purposes of this section—
|
||||
|
||||
(1) Cotton futures contract The term “cotton futures contract” means any contract of sale of cotton for future delivery made at, on, or in any exchange, board of trade, or similar institution or place of business which has been designated a “contract market” by the Commodity Futures Trading Commission pursuant to the Commodity Exchange Act [7 U.S.C. 1 et seq.] and the term “contract of sale” as so used shall be held to include sales, agreements of sale, and agreements to sell, except that—
|
||||
|
||||
(A) any cotton futures contract that, by its terms, is settled in cash is excluded from the coverage of this paragraph and section; and
|
||||
|
||||
(B) any cotton futures contract that permits tender of cotton grown outside of the United States is excluded from the coverage of this paragraph and section to the extent that the cotton grown outside of the United States is tendered for delivery under the cotton futures contract.
|
||||
|
||||
(2) Future delivery The term “future delivery” shall not include any cash sale of cotton for deferred shipment or delivery.
|
||||
|
||||
(3) Person The term “person” includes an individual, trust, estate, partnership, association, company, or corporation.
|
||||
|
||||
(4) Secretary The term “Secretary” means the Secretary of Agriculture of the United States.
|
||||
|
||||
(5) Standards The term “standards” means the official cotton standards of the United States established by the Secretary pursuant to the United States Cotton Standards Act, as amended [7 U.S.C. 51 et seq.].
|
||||
|
||||
(d) Bona fide spot markets and commercial differences (1) Definition For purposes of this section, the only markets which shall be considered bona fide spot markets shall be those which the Secretary shall, from time to time, after investigation, determine and designate to be such, and of which he shall give public notice.
|
||||
|
||||
(2) Determination In determining, pursuant to the provisions of this section, what markets are bona fide spot markets, the Secretary is directed to consider only markets in which spot cotton is sold in such volume and under such conditions as customarily to reflect accurately the value of middling cotton and the differences between the prices or values of middling cotton and of other grades of cotton for which standards shall have been established by the Secretary; except that if there are not sufficient places, in the markets of which are made bona fide sales of spot cotton of grades for which standards are established by the Secretary, to enable him to designate at least five spot markets in accordance with subsection (f)(3), he shall, from data as to spot sales collected by him, make rules and regulations for determining the actual commercial differences in the value of spot cotton of the grades established by him as reflected by bona fide sales of spot cotton, of the same or different grades, in the market selected and designated by him, from time to time, for that purpose, and in that event differences in value of cotton of various grades involved in contracts made pursuant to subsection (f)(1) and (2) shall be determined in compliance with such rules and regulations. It shall be the duty of any person engaged in the business of dealing in cotton, when requested by the Secretary or any agent acting under his instructions, to answer correctly to the best of his knowledge, under oath or otherwise, all questions touching his knowledge of the number of bales, the classification, the price or bona fide price offered, and other terms of purchase or sale, of any cotton involved in any transaction participated in by him, or to produce all books, letters, papers, or documents in his possession or under his control relating to such matter. A person complying with the preceding sentence shall not be liable for any loss or damage arising or resulting from such compliance.
|
||||
|
||||
(3) Withholding information Any person engaged in the business of dealing in cotton who shall, within a reasonable time prescribed by the Secretary or any agent acting under his instructions, willfully fail or refuse to answer questions or to produce books, letters, papers, or documents, as required under paragraph (2) of this subsection, or who shall willfully give any answer that is false or misleading, shall, upon conviction thereof, be fined not more than $500.
|
||||
|
||||
(e) Form and validity of cotton futures contracts Each cotton futures contract shall be a basis grade contract, or a tendered grade contract, or a specific grade contract as specified in subsections (f), (g), or (h) and shall be in writing plainly stating, or evidenced by written memorandum showing, the terms of such contract, including the quantity of the cotton involved and the names and addresses of the seller and buyer in such contract, and shall be signed by the party to be charged, or by his agent in his behalf. No cotton futures contract which does not conform to such requirements shall be enforceable by, or on behalf of, any party to such contract or his privies.
|
||||
|
||||
(f) Basis grade contracts (1) Conditions Each basis grade cotton futures contract shall comply with each of the following conditions:
|
||||
|
||||
(A) Conformity with regulations Conform to the regulations made pursuant to this section.
|
||||
|
||||
(B) Specification of grade, price, and dates of sale and settlement Specify the basis grade for the cotton involved in the contract, which shall be one of the grades for which standards are established by the Secretary, except grades prohibited from being delivered on a contract made under this subsection by subparagraph (E), the price per pound at which the cotton of such basis grade is contracted to be bought or sold, the date when the purchase or sale was made, and the month or months in which the contract is to be fulfilled or settled; except that middling shall be deemed the basis grade incorporated into the contract if no other basis grade be specified either in the contract or in the memorandum evidencing the same.
|
||||
|
||||
(C) Provision for delivery of standard grades only Provide that the cotton dealt with therein or delivered thereunder shall be of or within the grades for which standards are established by the Secretary except grades prohibited from being delivered on a contract made under this subsection by subparagraph (E) and no other grade or grades.
|
||||
|
||||
(D) Provision for settlement on basis of actual commercial differences Provide that in case cotton of grade other than the basis grade be tendered or delivered in settlement of such contract, the differences above or below the contract price which the receiver shall pay for such grades other than the basis grade shall be the actual commercial differences, determined as hereinafter provided.
|
||||
|
||||
(E) Prohibition of delivery of inferior cotton Provide that cotton that, because of the presence of extraneous matter of any character, or irregularities or defects, is reduced in value below that of low middling, or cotton that is below the grade of low middling, or, if tinged, cotton that is below the grade of strict middling, or, if yellow stained, cotton that is below the grade of good middling, the grades mentioned being of the official cotton standards of the United States, or cotton that is less than seven-eighths of an inch in length of staple, or cotton of perished staple, or of immature staple, or cotton that is “gin cut” or reginned, or cotton that is “repacked” or “false packed” or “mixed packed” or “water packed”, shall not be delivered on, under, or in settlement of such contract.
|
||||
|
||||
(F) Provisions for tender in full, notice of delivery date, and certificate of grade Provide that all tenders of cotton under such contract shall be the full number of bales involved therein, except that such variations of the number of bales may be permitted as is necessary to bring the total weight of the cotton tendered within the provisions of the contract as to weight; that, on the fifth business day prior to delivery, the person making the tender shall give to the person receiving the same written notice of the date of delivery, and that, on or prior to the date so fixed for delivery, and in advance of final settlement of the contract, the person making the tender shall furnish to the person receiving the same a written notice or certificate stating the grade of each individual bale to be delivered and, by means of marks or numbers, identifying each bale with its grade.
|
||||
|
||||
(G) Provision for tender and settlement in accordance with Government classification Provide that all tenders of cotton and settlements therefor under such contract shall be in accordance with the classification thereof made under the regulations of the Secretary by such officer or officers of the Government as shall be designated for the purpose, and the costs of such classification shall be fixed, assessed, collected, and paid as provided in such regulations and shall be credited to the account referred to in section 55 of this title. The Secretary may provide by regulation conditions under which cotton samples submitted or used in the performance of services authorized by this act shall become the property of the United States and may be sold and the proceeds credited to the foregoing account: Provided, That such cotton samples shall not be subject to the provisions of chapters 1 to 11 of title 40 and division C (except sections 3302, 3307(e), 3501(b), 3509, 3906, 4710, and 4711) of subtitle I of title 41. The Secretary is authorized to prescribe regulations for carrying out the purposes of this subparagraph and the certificates of the officers of the Government as to the classification of any cotton for the purposes of this subparagraph shall be accepted in the courts of the United States in all suits between the parties to such contract, or their privies, as prima facie evidence of the true classification of the cotton involved.
|
||||
|
||||
(2) Incorporation of conditions in contracts The provisions of paragraphs (1)(C), (D), (E), (F), and (G) shall be deemed fully incorporated into any such contract if there be written or printed thereon, or on the memorandums evidencing the same, at or prior to the time the same is signed, the phrase “Subject to United States Cotton Futures Act, subsection (f).”
|
||||
|
||||
(3) Delivery allowances For the purpose of this subsection, the differences above or below the contract price which the receiver shall pay for cotton of grades above or below the basic 11 So in original. Probably should be “basis”. grade in the settlement of a contract of sale for the future delivery of cotton shall be determined by the actual commercial differences in value thereof upon the sixth business day prior to the day fixed, in accordance with paragraph (1)(F), for the delivery of cotton on the contract, established by the sale of spot cotton in the spot markets of not less than five places designated for the purpose from time to time by the Secretary, as such values were established by the sales of spot cotton, in such designated five or more markets. For purposes of this paragraph, such values in the such spot markets shall be based upon the standards for grades of cotton established by the Secretary. Whenever the value of one grade is to be determined from the sale or sales of spot cotton of another grade or grades, such value shall be fixed in accordance with rules and regulations which shall be prescribed for the purpose by the Secretary.
|
||||
|
||||
(g) Tendered grade contracts (1) Conditions Each tendered grade cotton future contract shall comply with each of the following conditions:
|
||||
|
||||
(A) Compliance with subsection (f) Comply with all the terms and conditions of subsection (f) not inconsistent with this subsection; and
|
||||
|
||||
(B) Provision for contingent specific performance Provide that, in case cotton of grade or grades other than the basis grade specified in the contract shall be tendered in performance of the contract, the parties to such contract may agree, at the time of the tender, as to the price of the grade or grades so tendered, and that if they shall not then agree as to such price, then, and in that event, the buyer of said contract shall have the right to demand the specific fulfillment of such contract by the actual delivery of cotton of the basis grade named therein and at the price specified for such basis grade in said contract.
|
||||
|
||||
(2) Incorporation of conditions in contract Contracts made in compliance with this subsection shall be known as “subsection (g) Contracts”. The provisions of this subsection shall be deemed fully incorporated into any such contract if there be written or printed thereon, or on the memorandum evidencing the same, at or prior to the time the same is signed, the phrase “Subject to United States Cotton Futures Act, subsection (g)”.
|
||||
|
||||
(3) Application of subsection Nothing in this subsection shall be so construed as to authorize any contract in which, or in the settlement of or in respect to which, any device or arrangement whatever is resorted to, or any agreement is made, for the determination or adjustment of the price of the grade or grades tendered other than the basis grade specified in the contract by any “fixed difference” system, or by arbitration, or by any other method not provided for by this section.
|
||||
|
||||
(h) Specific grade contracts (1) Conditions Each specific grade cotton futures contract shall comply with each of the following conditions:
|
||||
|
||||
(A) Conformity with rules and regulations Conform to the rules and regulations made pursuant to this section.
|
||||
|
||||
(B) Specification of grade, price, dates of sale and delivery Specify the grade, type, sample, or description of the cotton involved in the contract, the price per pound at which such cotton is contracted to be bought or sold, the date of the purchase or sale, and the time when shipment or delivery of such cotton is to be made.
|
||||
|
||||
(C) Prohibition of delivery of other than specified grade Provide that cotton of or within the grade or of the type, or according to the sample or description, specified in the contract shall be delivered thereunder, and that no cotton which does not conform to the type, sample, or description, or which is not of or within the grade specified in the contract shall be tendered or delivered thereunder.
|
||||
|
||||
(D) Provision for specific performance Provide that the delivery of cotton under the contract shall not be effected by means of “setoff” or “ring” settlement, but only by the actual transfer of the specified cotton mentioned in the contract.
|
||||
|
||||
(2) Incorporation of conditions in contract The provisions of paragraphs (1)(A), (C), and (D) shall be deemed fully incorporated into any such contract if there be written or printed thereon, or on the document or memorandum evidencing the same, at or prior to the time the same is entered into, the words “Subject to United States Cotton Futures Act, subsection (h)”.
|
||||
|
||||
(3) Application of subsection This subsection shall not be construed to apply to any contract of sale made in compliance with subsection (f) or (g).
|
||||
|
||||
(i) Liability of principal for acts of agent When construing and enforcing the provisions of this section, the act, omission, or failure of any official, agent, or other person acting for or employed by any association, partnership, or corporation within the scope of his employment or office shall, in every case, also be deemed the act, omission, or failure of such association, partnership, or corporation, as well as that of the person.
|
||||
|
||||
(j) Regulations The Secretary is authorized to make such regulations with the force and effect of law as he determines may be necessary to carry out the provisions of this section and the powers vested in him by this section.
|
||||
|
||||
(k) Violations Any person who knowingly violates any regulation made in pursuance of this section, shall, upon conviction thereof, be fined not less than $100 nor more than $500, for each violation thereof, in the discretion of the court, and, in case of natural persons, may, in addition be punished by imprisonment for not less than 30 days nor more than 90 days, for each violation, in the discretion of the court except that this subsection shall not apply to violations subject to subsection (d)(3).
|
||||
|
||||
(l) Applicability to contracts prior to effective date The provisions of this section shall not apply to any cotton futures contract entered into prior to the effective date of this section or to any act or failure to act by any person prior to such effective date and all such prior contracts, acts or failure to act shall continue to be governed by the applicable provisions of the Internal Revenue Code of 1954 22 See References in Text note below. as in effect prior to the enactment of this section. All designations of bona fide spot markets and all rules and regulations issued by the Secretary pursuant to the applicable provisions of the Internal Revenue Code of 1954 2 which were in effect on the effective date of this section, shall remain fully effective as designations and regulations under this section until superseded, amended, or terminated by the Secretary.
|
||||
|
||||
(m) Authorization There are authorized to be appropriated such sums as may be necessary to carry out this section.
|
||||
|
||||
(Pub. L. 94–455, title XIX, § 1952(a)–(m), Oct. 4, 1976, 90 Stat. 1841–1846; Pub. L. 97–35, title I, § 156(c), Aug. 13, 1981, 95 Stat. 374; Pub. L. 102–237, title I, § 123, Dec. 13, 1991, 105 Stat. 1844; Pub. L. 106–472, title III, § 311, Nov. 9, 2000, 114 Stat. 2076; Pub. L. 114–36, § 1(a), July 20, 2015, 129 Stat. 435.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
References in TextThe Commodity Exchange Act, referred to in subsec. (c)(1), is act Sept. 21, 1922, ch. 369, 42 Stat. 998, which is classified generally to chapter 1 (§ 1 et seq.) of this title. For complete classification of this Act to the Code, see section 1 of this title and Tables. The United States Cotton Standards Act, referred to in subsec. (c)(5), is act Mar. 4, 1923, ch. 288, 42 Stat. 1517, which is classified generally to chapter 2 (§ 51 et seq.) of this title. For complete classification of this Act to the Code, see section 51 of this title and Tables. The Internal Revenue Code of 1954, referred to in subsec. (l), was redesignated the Internal Revenue Code of 1986 by Pub. L. 99–514, § 2, Oct. 22, 1986, 100 Stat. 2095, and is classified to Title 26, Internal Revenue Code.
|
||||
|
||||
Codification Section was enacted as part of the Tax Reform Act of 1976, and not as part of the Commodity Exchange Act which comprises this chapter. Section is comprised of section 1952(a)–(m) of Pub. L. 94–455. Section 1952(b) of Pub. L. 94–455 repealed subchapter D of former chapter 39 of Title 26, Internal Revenue Code. See Prior Provisions note preceding section 4701 of Title 26. This section, referred to in subsec. (c)(1), was in the original a reference to this “Act”, meaning the United States Cotton Futures Act, which comprises this section. In subsec. (f)(1)(G), “chapters 1 to 11 of title 40 and division C (except sections 3302, 3307(e), 3501(b), 3509, 3906, 4710, and 4711) of subtitle I of title 41” substituted for “the Federal Property and Administrative Services Act of 1949 (40 U.S.C. 471 et seq.)” on authority of Pub. L. 107–217, § 5(c), Aug. 21, 2002, 116 Stat. 1303, which Act enacted Title 40, Public Buildings, Property, and Works, and Pub. L. 111–350, § 6(c), Jan. 4, 2011, 124 Stat. 3854, which Act enacted Title 41, Public Contracts.
|
||||
|
||||
Amendments2015—Subsec. (c)(1). Pub. L. 114–36 inserted a dash after “except that”, designated “any cotton futures contract that, by its terms, is settled in cash is excluded from the coverage of this paragraph and section.” as subpar. (A), and added subpar. (B). 2000—Subsec. (d)(2). Pub. L. 106–472 inserted at end “A person complying with the preceding sentence shall not be liable for any loss or damage arising or resulting from such compliance.” 1991—Subsec. (c)(1). Pub. L. 102–237 inserted before period at end “, except that any cotton futures contract that, by its terms, is settled in cash is excluded from the coverage of this paragraph and section”. 1981—Subsec. (f)(1)(G). Pub. L. 97–35 inserted provisions relating to crediting to account referred to in section 55 of this title and provisions respecting cotton samples submitted or used becoming the property of the United States.
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of 2015 AmendmentPub. L. 114–36, § 1(b), July 20, 2015, 129 Stat. 435, provided that: “The amendments made by subsection (a) [amending this section] shall apply with respect to cotton futures contracts entered into on or after the date of the enactment of this Act [July 20, 2015].”
|
||||
|
||||
Effective Date of 1981 AmendmentAmendment by Pub. L. 97–35 effective Oct. 1, 1981, see section 156(e) of Pub. L. 97–35, set out as an Effective Date note under section 61a of this title.
|
||||
|
||||
Effective DatePub. L. 94–455, title XIX, § 1952(o), Oct. 4, 1976, 90 Stat. 1846, provided that: “The provisions of this section [enacting this section, amending section 6808 of Title 26, Internal Revenue Code, and repealing sections 7233 and 7263, subchapter D of chapter 39, and subchapter E of chapter 76 of Title 26] shall take effect on the 90th day after the date of the enactment of this Act [Oct. 4, 1976].”
|
||||
@@ -0,0 +1,109 @@
|
||||
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|
||||
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|
||||
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|
||||
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|
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|
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|
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|
||||
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|
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|
||||
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|
||||
|
||||
# 7 U.S.C. § 16 - Commission operations
|
||||
|
||||
## Text
|
||||
|
||||
(a) Cooperation with other agencies The Commission may cooperate with any Department or agency of the Government, any State, territory, district, or possession, or department, agency, or political subdivision thereof, any foreign futures authority, any department or agency of a foreign government or political subdivision thereof, or any person.
|
||||
|
||||
(b) Employment of investigators, experts, Administrative Law Judges, consultants, clerks, and other personnel; contracts (1) The Commission shall have the authority to employ such investigators, special experts, Administrative Law Judges, clerks, and other employees as it may from time to time find necessary for the proper performance of its duties and as may be from time to time appropriated for by Congress.
|
||||
|
||||
(2) The Commission may employ experts and consultants in accordance with section 3109 of title 5, and compensate such persons at rates not in excess of the maximum daily rate prescribed for GS–18 under section 5332 of title 5.
|
||||
|
||||
(3) The Commission shall also have authority to make and enter into contracts with respect to all matters which in the judgment of the Commission are necessary and appropriate to effectuate the purposes and provisions of this chapter, including, but not limited to, the rental of necessary space at the seat of Government and elsewhere.
|
||||
|
||||
(4) The Commission may request (in accordance with the procedures set forth in subchapter II of chapter 31 of title 5) and the Office of Personnel Management shall authorize pursuant to the request, eight positions in the Senior Executive Service in addition to the number of such positions authorized for the Commission on October 28, 1992.
|
||||
|
||||
(c) Expenses All of the expenses of the Commissioners, including all necessary expenses for transportation incurred by them while on official business of the Commission, shall be allowed and paid on the presentation of itemized vouchers therefor approved by the Commission.
|
||||
|
||||
(d) Authorization of appropriations There are authorized to be appropriated such sums as are necessary to carry out this chapter for each of the fiscal years 2008 through 2013.
|
||||
|
||||
(e) Relation to other law, departments, or agencies (1) Nothing in this chapter shall supersede or preempt—
|
||||
|
||||
(A) criminal prosecution under any Federal criminal statute;
|
||||
|
||||
(B) the application of any Federal or State statute (except as provided in paragraph (2)), including any rule or regulation thereunder, to any transaction in or involving any commodity, product, right, service, or interest—
|
||||
|
||||
(i) that is not conducted on or subject to the rules of a registered entity or exempt board of trade;
|
||||
|
||||
(ii) (except as otherwise specified by the Commission by rule or regulation) that is not conducted on or subject to the rules of any board of trade, exchange, or market located outside the United States, its territories or possessions; or
|
||||
|
||||
(iii) that is not subject to regulation by the Commission under section 6c or 23 of this title; or
|
||||
|
||||
(C) the application of any Federal or State statute, including any rule or regulation thereunder, to any person required to be registered or designated under this chapter who shall fail or refuse to obtain such registration or designation.
|
||||
|
||||
(2) This chapter shall supersede and preempt the application of any State or local law that prohibits or regulates gaming or the operation of bucket shops (other than antifraud provisions of general applicability) in the case of—
|
||||
|
||||
(A) an electronic trading facility excluded under section 2(e) 11 See References in Text note below. of this title; and
|
||||
|
||||
(B) an agreement, contract, or transaction that is excluded from this chapter under section 2(c) or 2(f) of this title or sections 27 to 27f of this title, or exempted under section 6(c) of this title (regardless of whether any such agreement, contract, or transaction is otherwise subject to this chapter).
|
||||
|
||||
(f) Investigative assistance to foreign futures authorities (1) On request from a foreign futures authority, the Commission may, in its discretion, provide assistance in accordance with this section if the requesting authority states that the requesting authority is conducting an investigation which it deems necessary to determine whether any person has violated, is violating, or is about to violate any laws, rules or regulations relating to futures or options matters that the requesting authority administers or enforces. The Commission may conduct such investigation as the Commission deems necessary to collect information and evidence pertinent to the request for assistance. Such assistance may be provided without regard to whether the facts stated in the request would also constitute a violation of the laws of the United States.
|
||||
|
||||
(2) In deciding whether to provide assistance under this subsection, the Commission shall consider whether—
|
||||
|
||||
(A) the requesting authority has agreed to provide reciprocal assistance to the Commission in futures and options matters; and
|
||||
|
||||
(B) compliance with the request would prejudice the public interest of the United States.
|
||||
|
||||
(3) Notwithstanding any other provision of law, the Commission may accept payment and reimbursement, in cash or in kind, from a foreign futures authority, or made on behalf of such authority, for necessary expenses incurred by the Commission, its members, and employees in carrying out any investigation, or in providing any other assistance to a foreign futures authority, pursuant to this section. Any payment or reimbursement accepted shall be considered a reimbursement to the appropriated funds of the Commission.
|
||||
|
||||
(g) Computerized futures trading Consistent with its responsibilities under section 22 of this title, the Commission is directed to facilitate the development and operation of computerized trading as an adjunct to the open outcry auction system. The Commission is further directed to cooperate with the Office of the United States Trade Representative, the Department of the Treasury, the Department of Commerce, and the Department of State in order to remove any trade barriers that may be imposed by a foreign nation on the international use of electronic trading systems.
|
||||
|
||||
(h) Regulation of swaps as insurance under State law A swap—
|
||||
|
||||
(1) shall not be considered to be insurance; and
|
||||
|
||||
(2) may not be regulated as an insurance contract under the law of any State.
|
||||
|
||||
(Sept. 21, 1922, ch. 369, § 12, 42 Stat. 1003; Pub. L. 93–463, title I, § 101(b), Oct. 23, 1974, 88 Stat. 1391; Pub. L. 95–405, § 20, Sept. 30, 1978, 92 Stat. 875; Pub. L. 97–444, title II, §§ 228, 229, Jan. 11, 1983, 96 Stat. 2318; Pub. L. 99–641, title I, § 106, Nov. 10, 1986, 100 Stat. 3558; Pub. L. 102–546, title II, §§ 216, 220(a), title III, §§ 302, 303, title IV, § 401, title V, § 502(c), Oct. 28, 1992, 106 Stat. 3611, 3614, 3622, 3624, 3631; Pub. L. 104–9, § 2, Apr. 21, 1995, 109 Stat. 154; Pub. L. 106–554, § 1(a)(5) [title I, §§ 116, 117], Dec. 21, 2000, 114 Stat. 2763, 2763A–402; Pub. L. 110–234, title XIII, § 13104, May 22, 2008, 122 Stat. 1434; Pub. L. 110–246, § 4(a), title XIII, § 13104, June 18, 2008, 122 Stat. 1664, 2196; Pub. L. 111–203, title VII, §§ 722(b), 749(f), July 21, 2010, 124 Stat. 1673, 1747.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
References in TextSection 2(e) of this title relating to the exclusion of electronic trading facilities, referred to in subsec. (e)(2)(A), was struck out by Pub. L. 111–203, title VII, § 723(a)(1)(A), July 21, 2010, 124 Stat. 1675.
|
||||
|
||||
Codification Pub. L. 110–234 and Pub. L. 110–246 made identical amendments to this section. The amendments by Pub. L. 110–234 were repealed by section 4(a) of Pub. L. 110–246.
|
||||
|
||||
Amendments2010—Subsec. (e)(2)(B). Pub. L. 111–203, § 749(f), substituted “section 2(c) or 2(f) of this title” for “section 2(c), 2(d), 2(f), or 2(g) of this title” and struck out “2(h) or” before “6(c)”. Subsec. (h). Pub. L. 111–203, § 722(b), added subsec. (h). 2008—Subsec. (d). Pub. L. 110–246, § 13104, amended subsec. (d) generally. Prior to amendment, subsec. (d) read as follows: “There are authorized to be appropriated such sums as are necessary to carry out this chapter for each of fiscal years 1995 through 2005.” 2000—Subsec. (d). Pub. L. 106–554, § 1(a)(5) [title I, § 116], substituted “2005” for “2000”. Subsec. (e). Pub. L. 106–554, § 1(a)(5) [title I, § 117], added subsec. (e) and struck out former subsec. (e) which provided that this chapter did not supersede or preempt criminal prosecutions under Federal criminal statutes or the application of any Federal or State statute to certain specified transactions and persons. 1995—Subsec. (d). Pub. L. 104–9 amended subsec. (d) generally. Prior to amendment, subsec. (d) read as follows: “There are authorized to be appropriated to carry out this chapter— “(1) $53,000,000 for fiscal year 1993; and “(2) $60,000,000 for fiscal year 1994.” 1992—Subsec. (a). Pub. L. 102–546, § 302, inserted “any foreign futures authority, any department or agency of a foreign government or political subdivision thereof,” after “thereof,”. Subsec. (b). Pub. L. 102–546, § 216, designated first through third sentences as pars. (1) to (3), respectively, and added par. (4). Subsec. (d). Pub. L. 102–546, § 401, amended subsec. (d) generally. Prior to amendment, subsec. (d) read as follows: “There are authorized to be appropriated to carry out this chapter such sums as may be necessary for each of the fiscal years during the period beginning October 1, 1986, and ending September 30, 1989.” Subsec. (e)(2)(A). Pub. L. 102–546, § 502(c), inserted “or, in the case of any State or local law that prohibits or regulates gaming or the operation of ‘bucket shops’ (other than antifraud provisions of general applicability), that is not a transaction or class of transactions that has received or is covered by the terms of any exemption previously granted by the Commission under subsection (c) of section 6 of this title,” after “market,”. Subsec. (f). Pub. L. 102–546, § 303, added subsec. (f). Subsec. (g). Pub. L. 102–546, § 220(a), added subsec. (g). 1986—Subsec. (d). Pub. L. 99–641 amended subsec. (d) generally. Prior to amendment, subsec. (d) read as follows: “There are authorized to be appropriated to carry out the provisions of this chapter such sums as may be required for each of the fiscal years during the period beginning October 1, 1982, and ending September 30, 1986.” 1983—Subsec. (d). Pub. L. 97–444, § 228, substituted appropriation authorization for fiscal years during period beginning Oct. 1, 1982, and ending Sept. 30, 1986, for prior authorization for fiscal years during period beginning Oct. 1, 1978, and ending Sept. 30, 1982. Subsec. (e). Pub. L. 97–444, § 229, added subsec. (e). 1978—Subsec. (d). Pub. L. 95–405 substituted “for each of the fiscal years during the period beginning October 1, 1978, and ending September 30, 1982” for “for the fiscal year ending June 30, 1975, for the fiscal year ending June 30, 1976, for the fiscal year ending June 30, 1977, and for the fiscal year ending June 30, 1978”. 1974—Pub. L. 93–463 designated existing unlettered provisions as subsecs. (a) to (d), substituted “Commission” for “Secretary of Agriculture”, inserted provisions authorizing the expenditure of funds for expenses upon the presentation of itemized vouchers therefor approved by the Commission, substituted provisions authorizing appropriations specifically for fiscal years ending June 30, 1975, 1976, 1977, and 1978, for provisions making a general authorization of appropriations without a fiscal year limitation, and inserted authorization to enter into contracts and compensate experts and consultants in accordance with section 3109 of title 5 at rates not in excess of the maximum daily rate prescribed for GS–18 under section 5332 of title 5.
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of 2010 AmendmentAmendment by Pub. L. 111–203 effective on the later of 360 days after July 21, 2010, or, to the extent a provision of subtitle A (§§ 711–754) of title VII of Pub. L. 111–203 requires a rulemaking, not less than 60 days after publication of the final rule or regulation implementing such provision of subtitle A, see section 754 of Pub. L. 111–203, set out as a note under section 1a of this title.
|
||||
|
||||
Effective Date of 2008 AmendmentAmendment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective May 22, 2008, the date of enactment of Pub. L. 110–234, see section 4 of Pub. L. 110–246, set out as an Effective Date note under section 8701 of this title.
|
||||
|
||||
Effective Date of 1983 AmendmentAmendment by Pub. L. 97–444 effective Jan. 11, 1983, see section 239 of Pub. L. 97–444, set out as a note under section 2 of this title.
|
||||
|
||||
Effective Date of 1978 AmendmentAmendment by Pub. L. 95–405 effective Oct. 1, 1978, see section 28 of Pub. L. 95–405, set out as a note under section 2 of this title.
|
||||
|
||||
Effective Date of 1974 AmendmentFor effective date of amendment by Pub. L. 93–463, see section 418 of Pub. L. 93–463, set out as a note under section 2 of this title.
|
||||
|
||||
References in Other Laws to GS–16, 17, or 18 Pay RatesReferences in laws to the rates of pay for GS–16, 17, or 18, or to maximum rates of pay under the General Schedule, to be considered references to rates payable under specified sections of Title 5, Government Organization and Employees, see section 529 [title I, § 101(c)(1)] of Pub. L. 101–509, set out in a note under section 5376 of Title 5.
|
||||
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|
||||
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|
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|
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|
||||
|
||||
# 7 U.S.C. § 16a - Service fees and National Futures Association study
|
||||
|
||||
## Text
|
||||
|
||||
(a) Development and implementation of plan for user fees; report to and approval by Congressional committees Notwithstanding any other provision of law, the Commodity Futures Trading Commission may develop and implement a plan to charge and collect reasonable fees to cover the estimated cost of regulating transactions under the jurisdiction of the Commission. However, prior to implementing such a plan, the Commission shall report its intention to do so to the House Committee on Agriculture and the Senate Committee on Agriculture, Nutrition, and Forestry. The Commission shall include in its report the feasibility and desirability of collecting such fees. Any plan developed under this section shall not be implemented until approved by the House Committee on Agriculture and the Senate Committee on Agriculture, Nutrition, and Forestry. Fees collected under any plan approved under this section shall be deposited in the Treasury of the United States as miscellaneous receipts.
|
||||
|
||||
(b) National Futures Association regulatory experience; report; contents The Commodity Futures Trading Commission shall submit to Congress a report containing the results of a study of the regulatory experience of the National Futures Association for the period beginning January 1, 1983 and ending September 30, 1985. The report shall be submitted not later than January 1, 1986. The report shall include (but not to be limited to) the following—
|
||||
|
||||
(1) the extent to which the National Futures Association has fully implemented the program provided in the rules approved by the Commission under section 17(p) and (q) of the Commodity Exchange Act [7 U.S.C. 21(p), (q)] and the effectiveness of the operation of such program;
|
||||
|
||||
(2) the actual and projected cost savings to the Federal Government, if any, resulting from operations of the National Futures Association;
|
||||
|
||||
(3) the actual and projected costs which the Commission and the public would have incurred if the Association had not undertaken self-regulatory responsibility for certain areas under the Commission’s jurisdiction;
|
||||
|
||||
(4) problem areas, if any, encountered by the Association;
|
||||
|
||||
(5) the nature of the working relationship between the Association and the Commission;
|
||||
|
||||
(6) an assessment of the actual and projected efficiencies the Commission has achieved or expects to be achieved as a result of the continuing regulatory activities of the Association; and
|
||||
|
||||
(7) the immediate and projected capabilities of the Commission at the time of submission of the study to turn its attention to more immediate problems of regulation, as a result of the activities of the Association.
|
||||
|
||||
(c) Schedule of fees for services, activities and functions; notice and hearing; actual cost standard Nothing in this section shall limit the authority of the Commission to promulgate, after notice and opportunity for hearing, a schedule of appropriate fees to be charged for services rendered and activities and functions performed by the Commission in conjunction with its administration and enforcement of the Commodity Exchange Act [7 U.S.C. 1 et seq.]: Provided, That the fees for any specified service or activity or function shall not exceed the actual cost thereof to the Commission.
|
||||
|
||||
(Pub. L. 95–405, § 26, Sept. 30, 1978, 92 Stat. 877; Pub. L. 97–444, title II, § 237, Jan. 11, 1983, 96 Stat. 2325.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
References in TextThe Commodity Exchange Act, referred to in subsec. (c), is act Sept. 21, 1922, ch. 369, 42 Stat. 998, which is classified generally to chapter 1 (§ 1 et seq.) of this title. For complete classification of this Act to the Code, see section 1 of this title and Tables.
|
||||
|
||||
Codification Section was enacted as part of the Futures Trading Act of 1978, and not as part of the Commodity Exchange Act which comprises this chapter.
|
||||
|
||||
Amendments1983—Pub. L. 97–444 designated existing provisions as subsec. (a) and added subsecs. (b) and (c).
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of 1983 AmendmentAmendment by Pub. L. 97–444 effective Jan. 11, 1983, see section 239 of Pub. L. 97–444, set out as a note under section 2 of this title.
|
||||
|
||||
Effective DateSection effective Oct. 1, 1978, see section 28 of Pub. L. 95–405, set out as an Effective Date of 1978 Amendment note under section 2 of this title.
|
||||
|
||||
Study of Assessments on TransactionsPub. L. 102–546, title II, § 218, Oct. 28, 1992, 106 Stat. 3612, required the Comptroller General to conduct a study to determine whether it was feasible to fund some or all of the enforcement and market surveillance activities of the Commodity Futures Trading Commission through the imposition of an assessment on commodity futures and options transactions executed pursuant to the Commodity Exchange Act, and report, by one year after Oct. 28, 1992, to Congress the Commission determinations together with any appropriate recommendations for the implementation of such a program of assessment-based funding.
|
||||
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|
||||
source_identifier: "/us/usc/t7/s17"
|
||||
source_file: "data/legal/raw/us/code/title-07/usc07.xml"
|
||||
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|
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|
||||
retrieved_at: "2026-07-04"
|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 17 - Separability
|
||||
|
||||
## Text
|
||||
|
||||
If any provision of this chapter or the application thereof to any person or circumstances is held invalid, the validity of the remainder of the chapter and of the application of such provision to other persons and circumstances shall not be affected thereby.
|
||||
|
||||
(Sept. 21, 1922, ch. 369, § 10, 42 Stat. 1003.)
|
||||
@@ -0,0 +1,45 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 17a"
|
||||
description: "Separability of 1936 amendment"
|
||||
jurisdiction: "us"
|
||||
corpus: "united_states_code"
|
||||
kind: "code_section"
|
||||
title_number: 7
|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "1"
|
||||
chapter_name: "COMMODITY EXCHANGES"
|
||||
section: "17a"
|
||||
citation: "7 U.S.C. § 17a"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
source: "official"
|
||||
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip"
|
||||
source_identifier: "/us/usc/t7/s17a"
|
||||
source_file: "data/legal/raw/us/code/title-07/usc07.xml"
|
||||
source_hash: "5499ecde43c1c879943a72cfdc95bb8ddc66a4ea4e4fea94cd3cf5630e16bd9c"
|
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|
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|
||||
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|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 17a - Separability of 1936 amendment
|
||||
|
||||
## Text
|
||||
|
||||
If any provision of the act of June 15, 1936, ch. 545, 49 Stat. 1491, which amends this chapter, or the application thereof to any person or circumstances is held invalid, the provisions of the section of this chapter which is amended by such provision of said act shall apply to such person or circumstances. No proceeding shall be abated by reason of any amendment to this chapter made by said act but shall be disposed of pursuant to said act.
|
||||
|
||||
(June 15, 1936, ch. 545, § 12, 49 Stat. 1501.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Codification Section was not enacted as part of the Commodity Exchange Act which comprises this chapter.
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective DateFor effective date of section, see section 13 of act June 15, 1936, set out as an Effective Date of 1936 Amendment note under section 1 of this title.
|
||||
@@ -0,0 +1,43 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 17b"
|
||||
description: "Separability of 1968 amendment"
|
||||
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|
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|
||||
kind: "code_section"
|
||||
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|
||||
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|
||||
chapter_number: "1"
|
||||
chapter_name: "COMMODITY EXCHANGES"
|
||||
section: "17b"
|
||||
citation: "7 U.S.C. § 17b"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
source: "official"
|
||||
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip"
|
||||
source_identifier: "/us/usc/t7/s17b"
|
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|
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|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 17b - Separability of 1968 amendment
|
||||
|
||||
## Text
|
||||
|
||||
If any provision of this Act or the application thereof to any person or circumstances is held invalid, the validity of the remainder of the Act and the application of such provision to other persons or circumstances shall not be affected thereby, and the provisions of the section of this chapter which is amended by such provision of this Act shall apply to such person or circumstances. Pending proceedings shall not be abated by reason of any provision of this Act but shall be disposed of pursuant to the provisions of this chapter, in effect prior to the effective date of this Act.
|
||||
|
||||
(Pub. L. 90–258, § 27, Feb. 19, 1968, 82 Stat. 34.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
References in TextThis Act, referred to in text, is Pub. L. 90–258, Feb. 19, 1968, 82 Stat. 26. For complete classification of this Act to the Code, see Tables. Effective date of this Act, referred to in text, as one hundred and twenty days after Feb. 19, 1968, see section 28 of Pub. L. 90–258, set out as an Effective Date of 1968 Amendment note under section 2 of this title.
|
||||
|
||||
Codification Section was not enacted as part of the Commodity Exchange Act which comprises this chapter.
|
||||
File diff suppressed because one or more lines are too long
@@ -0,0 +1,67 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 19"
|
||||
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|
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|
||||
corpus: "united_states_code"
|
||||
kind: "code_section"
|
||||
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|
||||
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|
||||
chapter_number: "1"
|
||||
chapter_name: "COMMODITY EXCHANGES"
|
||||
section: "19"
|
||||
citation: "7 U.S.C. § 19"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
source: "official"
|
||||
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip"
|
||||
source_identifier: "/us/usc/t7/s19"
|
||||
source_file: "data/legal/raw/us/code/title-07/usc07.xml"
|
||||
source_hash: "ecf6a482c6f6ba197d699ca0c5a958798fd619bac397d018cdf81774c9a6a512"
|
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text_hash: "b69efae1b7b6c243a233eeb6bcd82955604eac49d30df42e74fda11e2093fc9b"
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|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 19 - Consideration of costs and benefits and antitrust laws
|
||||
|
||||
## Text
|
||||
|
||||
(a) Costs and benefits (1) In general Before promulgating a regulation under this chapter or issuing an order (except as provided in paragraph (3)), the Commission shall consider the costs and benefits of the action of the Commission.
|
||||
|
||||
(2) Considerations The costs and benefits of the proposed Commission action shall be evaluated in light of—
|
||||
|
||||
(A) considerations of protection of market participants and the public;
|
||||
|
||||
(B) considerations of the efficiency, competitiveness, and financial integrity of futures markets;
|
||||
|
||||
(C) considerations of price discovery;
|
||||
|
||||
(D) considerations of sound risk management practices; and
|
||||
|
||||
(E) other public interest considerations.
|
||||
|
||||
(3) Applicability This subsection does not apply to the following actions of the Commission:
|
||||
|
||||
(A) An order that initiates, is part of, or is the result of an adjudicatory or investigative process of the Commission.
|
||||
|
||||
(B) An emergency action.
|
||||
|
||||
(C) A finding of fact regarding compliance with a requirement of the Commission.
|
||||
|
||||
(b) Antitrust laws The Commission shall take into consideration the public interest to be protected by the antitrust laws and endeavor to take the least anticompetitive means of achieving the objectives of this chapter, as well as the policies and purposes of this chapter, in issuing any order or adopting any Commission rule or regulation (including any exemption under section 6(c) or 6c(b) of this title), or in requiring or approving any bylaw, rule, or regulation of a contract market or registered futures association established pursuant to section 21 of this title.
|
||||
|
||||
(Sept. 21, 1922, ch. 369, § 15, as added Pub. L. 93–463, title I, § 107, Oct. 23, 1974, 88 Stat. 1395; amended Pub. L. 102–546, title V, § 502(b), Oct. 28, 1992, 106 Stat. 3631; Pub. L. 106–554, § 1(a)(5) [title I, § 119], Dec. 21, 2000, 114 Stat. 2763, 2763A–403.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Amendments2000—Pub. L. 106–554 inserted section catchline, added subsec. (a), designated existing provisions as subsec. (b), and inserted subsec. (b) heading. 1992—Pub. L. 102–546 substituted “regulation (including any exemption under section 6(c) or 6c(b) of this title)” for “regulation”.
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective DateFor effective date of section, see section 418 of Pub. L. 93–463, set out as an Effective Date of 1974 Amendment note under section 2 of this title.
|
||||
File diff suppressed because one or more lines are too long
@@ -0,0 +1,63 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 1b"
|
||||
description: "Requirements of Secretary of the Treasury regarding exemption of foreign exchange swaps and foreign exchange forwards from definition of the term “swap”"
|
||||
jurisdiction: "us"
|
||||
corpus: "united_states_code"
|
||||
kind: "code_section"
|
||||
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|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "1"
|
||||
chapter_name: "COMMODITY EXCHANGES"
|
||||
section: "1b"
|
||||
citation: "7 U.S.C. § 1b"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
source: "official"
|
||||
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip"
|
||||
source_identifier: "/us/usc/t7/s1b"
|
||||
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|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 1b - Requirements of Secretary of the Treasury regarding exemption of foreign exchange swaps and foreign exchange forwards from definition of the term “swap”
|
||||
|
||||
## Text
|
||||
|
||||
(a) Required considerations In determining whether to exempt foreign exchange swaps and foreign exchange forwards from the definition of the term “swap”, the Secretary of the Treasury (referred to in this section as the “Secretary”) shall consider—
|
||||
|
||||
(1) whether the required trading and clearing of foreign exchange swaps and foreign exchange forwards would create systemic risk, lower transparency, or threaten the financial stability of the United States;
|
||||
|
||||
(2) whether foreign exchange swaps and foreign exchange forwards are already subject to a regulatory scheme that is materially comparable to that established by this chapter for other classes of swaps;
|
||||
|
||||
(3) the extent to which bank regulators of participants in the foreign exchange market provide adequate supervision, including capital and margin requirements;
|
||||
|
||||
(4) the extent of adequate payment and settlement systems; and
|
||||
|
||||
(5) the use of a potential exemption of foreign exchange swaps and foreign exchange forwards to evade otherwise applicable regulatory requirements.
|
||||
|
||||
(b) Determination If the Secretary makes a determination to exempt foreign exchange swaps and foreign exchange forwards from the definition of the term “swap”, the Secretary shall submit to the appropriate committees of Congress a determination that contains—
|
||||
|
||||
(1) an explanation regarding why foreign exchange swaps and foreign exchange forwards are qualitatively different from other classes of swaps in a way that would make the foreign exchange swaps and foreign exchange forwards ill-suited for regulation as swaps; and
|
||||
|
||||
(2) an identification of the objective differences of foreign exchange swaps and foreign exchange forwards with respect to standard swaps that warrant an exempted status.
|
||||
|
||||
(c) Effect of determination A determination by the Secretary under subsection (b) shall not exempt any foreign exchange swaps and foreign exchange forwards traded on a designated contract market or swap execution facility from any applicable antifraud and antimanipulation provision under this chapter.11 See References in Text note below.
|
||||
|
||||
(Sept. 21, 1922, ch. 369, § 1b, as added Pub. L. 111–203, title VII, § 722(h), July 21, 2010, 124 Stat. 1674.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
References in TextThis chapter, referred to in subsec. (c), was in the original “this title”, and was translated as reading “this Act”, meaning act Sept. 21, 1922, ch. 369, 42 Stat. 998, which is classified generally to this chapter, to reflect the probable intent of Congress, because act Sept. 21, 1922, does not contain titles.
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective DateSection effective on the later of 360 days after July 21, 2010, or, to the extent a provision of subtitle A (§§ 711–754) of title VII of Pub. L. 111–203 requires a rulemaking, not less than 60 days after publication of the final rule or regulation implementing such provision of subtitle A, see section 754 of Pub. L. 111–203, set out as an Effective Date of 2010 Amendment note under section 1a of this title.
|
||||
File diff suppressed because one or more lines are too long
@@ -0,0 +1,59 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 20"
|
||||
description: "Market reports"
|
||||
jurisdiction: "us"
|
||||
corpus: "united_states_code"
|
||||
kind: "code_section"
|
||||
title_number: 7
|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "1"
|
||||
chapter_name: "COMMODITY EXCHANGES"
|
||||
section: "20"
|
||||
citation: "7 U.S.C. § 20"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
source: "official"
|
||||
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip"
|
||||
source_identifier: "/us/usc/t7/s20"
|
||||
source_file: "data/legal/raw/us/code/title-07/usc07.xml"
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||||
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|
||||
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|
||||
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|
||||
retrieved_at: "2026-07-04"
|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 20 - Market reports
|
||||
|
||||
## Text
|
||||
|
||||
(a) Information The Commission may conduct regular investigations of the markets for goods, articles, services, rights, and interests which are the subject of futures contracts, and furnish reports of the findings of these investigations to the public on a regular basis. These market reports shall, where appropriate, include information on the supply, demand, prices, and other conditions in the United States and other countries with respect to such goods, articles, services, rights, interests, and information respecting the futures markets.
|
||||
|
||||
(b) Avoidance of duplication The Commission shall cooperate with the Department of Agriculture and any other Department or Federal agency which makes market investigations to avoid unnecessary duplication of information-gathering activities.
|
||||
|
||||
(c) Furnishing of information; confidentiality The Department of Agriculture and any other Department or Federal agency which has market information sought by the Commission shall furnish it to the Commission upon the request of any authorized employee of the Commission. The Commission shall abide by any rules of confidentiality applying to such information.
|
||||
|
||||
(d) Disclosure of business transactions, market positions, trade secrets, or names of customers The Commission shall not disclose in such reports data and information which would separately disclose the business transactions or market positions of any person and trade secrets or names of customers except as provided in section 12 of this title.
|
||||
|
||||
(e) Application This section shall not apply to investigations involving any security underlying a security futures product.
|
||||
|
||||
(Sept. 21, 1922, ch. 369, § 16, as added Pub. L. 93–463, title IV, § 414, Oct. 23, 1974, 88 Stat. 1414; amended Pub. L. 97–444, title II, § 232, Jan. 11, 1983, 96 Stat. 2320; Pub. L. 106–554, § 1(a)(5) [title II, § 251(e)], Dec. 21, 2000, 114 Stat. 2763, 2763A–443.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Amendments2000—Subsec. (e). Pub. L. 106–554 added subsec. (e). 1983—Subsec. (d). Pub. L. 97–444 prohibited disclosure of market positions.
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of 1983 AmendmentAmendment by Pub. L. 97–444 effective Jan. 11, 1983, see section 239 of Pub. L. 97–444, set out as a note under section 2 of this title.
|
||||
|
||||
Effective DateFor effective date of section, see section 418 of Pub. L. 93–463, set out as an Effective Date of 1974 Amendment note under section 2 of this title.
|
||||
|
||||
Study of Trading in Cattle Futures ContractsPub. L. 99–641, title I, § 111, Nov. 10, 1986, 100 Stat. 3561, provided that: “(a) Study.—The Comptroller General of the United States shall conduct and complete a comprehensive study of the effect of trading in contracts for the future delivery of live cattle on the cash market price of live cattle, with particular emphasis on—“(1) whether the reaction of the live cattle futures market to the results of the milk production termination program in March 1986, conducted under section 201(d)(3) of the Agricultural Act of 1949 (7 U.S.C. 1446(d)(3)), was based on and accurately reflected the then prevailing conditions of supply and demand; “(2) the effect of the trading in contracts for the future delivery of live cattle on—“(i) the price relationship between feeder cattle and fed cattle; “(ii) the price discovery process with respect to live cattle; and “(iii) price competition within the cattle industry; “(3) the effect of the use of packer contracts, as a means of obtaining slaughter cattle, on the increase in short hedging in contracts for the future delivery of live cattle and the effect of this increase in short hedging on prices in the futures and cash markets; “(4) the effect on the ability of the cash markets to accurately reflect prevailing conditions of supply and demand if packer contracts become the prevalent method of marketing fed cattle; “(5) whether the present delivery system for contracts for the future delivery of live cattle creates any bias (either upward or downward) in the cash price for cattle; “(6) whether the present delivery system for contracts for the future delivery of live cattle creates price volatility during the delivery month; and “(7) whether there are advantages or disadvantages to a cash settlement system in lieu of the present delivery system in the case of contracts for the future delivery of live cattle. “(b) Reports.—“(1) Preliminary report.—Not later than January 15, 1987, the Comptroller General shall submit a preliminary report on the results of the study required under subsection (a) to the Committee on Agriculture of the House of Representatives and the Committee on Agriculture, Nutrition, and Forestry of the Senate. “(2) Final report.—Not later than 1 year after the date of enactment of this Act [Nov. 10, 1986], the Comptroller General shall submit to such committees a detailed final report of the results of the study required under subsection (a).”
|
||||
|
||||
Potato Futures Study; Submission of Report to CongressPub. L. 95–405, § 27, Sept. 30, 1978, 92 Stat. 877, required, within one year of Oct. 1, 1978, Secretary of Agriculture to (1) conduct a comprehensive study of marketing of Irish potatoes and of making and trading of contracts of sale for future delivery of Irish potatoes, including rules and regulations pertaining to such trading issued by Commodity Futures Trading Commission or any contract market designated by Commission; and (2) submit to each House of Congress a detailed report on results of such study, and that report should also include any proposals Secretary may have concerning any legislation needed to implement such recommendations and concerning any modifications and rules and regulations needed to improve regulation of such contracts by Commission or any contract market designated by Commission.
|
||||
File diff suppressed because one or more lines are too long
@@ -0,0 +1,43 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 22"
|
||||
description: "Research and information programs; reports to Congress"
|
||||
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|
||||
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|
||||
kind: "code_section"
|
||||
title_number: 7
|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "1"
|
||||
chapter_name: "COMMODITY EXCHANGES"
|
||||
section: "22"
|
||||
citation: "7 U.S.C. § 22"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
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|
||||
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|
||||
source_identifier: "/us/usc/t7/s22"
|
||||
source_file: "data/legal/raw/us/code/title-07/usc07.xml"
|
||||
source_hash: "e4b6b49288af42246492d9fb8ca2ea45c569ecb41a22f958b8aa7438b79c85de"
|
||||
raw_snapshot_hash: "50edab1679a711653797362c0aeb8f2273303fe473fb7fa16df1ee76bdd6e984"
|
||||
text_hash: "5658568284a5bda2aad77854c164bca39dccb285c4539dc50f0de697369b1c6f"
|
||||
retrieved_at: "2026-07-04"
|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 22 - Research and information programs; reports to Congress
|
||||
|
||||
## Text
|
||||
|
||||
(a) The Commission shall establish and maintain, as part of its ongoing operations, research and information programs to (1) determine the feasibility of trading by computer, and the expanded use of modern information system technology, electronic data processing, and modern communication systems by commodity exchanges, boards of trade, and by the Commission itself for purposes of improving, strengthening, facilitating, or regulating futures trading operations; (2) assist in the development of educational and other informational materials regarding futures trading for dissemination and use among producers, market users, and the general public; and (3) carry out the general purposes of this chapter.
|
||||
|
||||
(b) The Commission shall include in its annual reports to Congress plans and findings with respect to implementing this section.
|
||||
|
||||
(Sept. 21, 1922, ch. 369, § 18, as added Pub. L. 93–463, title IV, § 416, Oct. 23, 1974, 88 Stat. 1415.)
|
||||
|
||||
## Notes
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective DateFor effective date of section, see section 418 of Pub. L. 93–463, set out as an Effective Date of 1974 Amendment note under section 2 of this title.
|
||||
@@ -0,0 +1,77 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 23"
|
||||
description: "Standardized contracts for certain commodities"
|
||||
jurisdiction: "us"
|
||||
corpus: "united_states_code"
|
||||
kind: "code_section"
|
||||
title_number: 7
|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "1"
|
||||
chapter_name: "COMMODITY EXCHANGES"
|
||||
section: "23"
|
||||
citation: "7 U.S.C. § 23"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
source: "official"
|
||||
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip"
|
||||
source_identifier: "/us/usc/t7/s23"
|
||||
source_file: "data/legal/raw/us/code/title-07/usc07.xml"
|
||||
source_hash: "c87e06dce75662b83e17fa6761d736ebf6d1ad68de3c2237095bfaadd9bc7164"
|
||||
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|
||||
text_hash: "138f5a415c4aea6fc8794ea1f9213428645492337972fecfb94252d6ed1acdf4"
|
||||
retrieved_at: "2026-07-04"
|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 23 - Standardized contracts for certain commodities
|
||||
|
||||
## Text
|
||||
|
||||
(a) Margin accounts or contracts and leverage accounts or contracts prohibited except as authorized Except as authorized under subsection (b), no person shall offer to enter into, enter into, or confirm the execution of, any transaction for the delivery of any commodity under a standardized contract commonly known to the trade as a margin account, margin contract, leverage account, or leverage contract, or under any contract, account, arrangement, scheme, or device that the Commission determines serves the same function or functions as such a standardized contract, or is marketed or managed in substantially the same manner as such a standardized contract.
|
||||
|
||||
(b) Permission to enter into contracts for delivery of silver or gold bullion, bulk silver or gold coins, or platinum; rules and regulations (1) Subject to paragraph (2), no person shall offer to enter into, enter into, or confirm the execution of, any transaction for the delivery of silver bullion, gold bullion, bulk silver coins, bulk gold coins, or platinum under a standardized contract described in subsection (a), contrary to the terms of any rule, regulation, or order that the Commission shall prescribe, which may include terms designed to ensure the financial solvency of the transaction or prevent manipulation or fraud. Such rule, regulation, or order may be made only after notice and opportunity for hearing. The Commission may set different terms and conditions for transactions involving different commodities.
|
||||
|
||||
(2) No person may engage in any activity described in paragraph (1) who is not permitted to engage in such activity, by the rules, regulations, and orders of the Commission in effect on November 10, 1986, until the Commission permits such person to engage in such activity in accordance with regulations issued in accordance with subsection (c)(2).
|
||||
|
||||
(c) Survey of persons interested in engaging in transactions of silver and gold, etc.; assistance of futures association; regulations (1) (A) Not later than 2 years after November 10, 1986, the Commission shall—
|
||||
|
||||
(i) with the assistance of a futures association registered under this chapter, conduct a survey concerning the persons interested in engaging in the business of offering to enter into, entering into, or confirming the execution of, the transactions described in subsection (b)(1); and
|
||||
|
||||
(ii) transmit a report of the results of the survey to the Committee on Agriculture of the House of Representatives and the Committee on Agriculture, Nutrition, and Forestry of the Senate.
|
||||
|
||||
(B) Notwithstanding any other provision of law, for purposes of completing such report the Commission may direct, by rule, regulation, or order, a futures association registered under this chapter to render such assistance as the Commission shall specify.
|
||||
|
||||
(C) Such report shall include the findings and any recommendations of the Commission concerning—
|
||||
|
||||
(i) whether such transactions serve an economic purpose;
|
||||
|
||||
(ii) the most efficient manner, consistent with the public interest, to permit additional persons to engage in the business of offering to enter into, entering into, and confirming the execution of such transactions; and
|
||||
|
||||
(iii) the appropriate regulatory scheme to govern such transactions to ensure the financial solvency of such transactions and to prevent manipulation or fraud.
|
||||
|
||||
(2) The report shall also include Commission regulations governing such transactions. The regulations shall provide for permitting additional persons to engage in such transactions. The regulations shall become effective on the expiration of 90 calendar days on which either House of Congress is in session after the date of the transmittal of the report to Congress. The regulations—
|
||||
|
||||
(A) may authorize or require, notwithstanding any other provision of law, a futures association registered under this chapter to perform such responsibilities in connection with such transactions as the Commission may specify; and
|
||||
|
||||
(B) may require that permission for additional persons to engage in such business be given on a gradual basis, so as not to place an undue burden on the resources of the Commission.
|
||||
|
||||
(d) Savings provision This section shall not affect any rights or obligations arising out of any transaction subject to this section, as in effect before November 10, 1986, that was entered into, or the execution of which was confirmed, before November 10, 1986.
|
||||
|
||||
(Sept. 21, 1922, ch. 369, § 19, as added Pub. L. 95–405, § 23, Sept. 30, 1978, 92 Stat. 876; amended Pub. L. 97–444, title II, § 234, Jan. 11, 1983, 96 Stat. 2322; Pub. L. 99–641, title I, § 109, Nov. 10, 1986, 100 Stat. 3560.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Prior ProvisionsProvisions similar to those appearing in subsec. (b) were formerly contained in section 15a of this title.
|
||||
|
||||
Amendments1986—Subsec. (a). Pub. L. 99–641 amended subsec. (a) generally. Prior to amendment, subsec. (a) read as follows: “No person shall offer to enter into, enter into, or confirm the execution of, any transaction for the delivery of any commodity specifically set forth in section 2 of this title prior to October 23, 1974, under a standardized contract commonly known to the trade as a margin account, margin contract, leverage account, or leverage contract, or under any contract, account, arrangement, scheme, or device that the Commission determines serves the same function or functions as such a standardized contract, or is marketed or managed in substantially the same manner as such a standardized contract.” Subsec. (b). Pub. L. 99–641 amended subsec. (b) generally. Prior to amendment, subsec. (b) read as follows: “No person shall offer to enter into, enter into, or confirm the execution of any transaction for the delivery of silver bullion, gold bullion, or bulk silver coins or bulk gold coins, under a standardized contract described in subsection (a) of this section, contrary to any rule, regulation, or order of the Commission designed to ensure the financial solvency of the transaction or prevent manipulation or fraud: Provided, That such rule, regulation, or order may be made only after notice and opportunity for hearing.” Subsec. (c). Pub. L. 99–641 amended subsec. (c) generally. Prior to amendment, subsec. (c) read as follows: “The Commission shall regulate any transactions under a standardized contract described in subsection (a) of this section involving commodities described in subsection (b) of this section or any other commodities (except those commodities described in subsection (a) of this section) under such terms and conditions as the Commission shall prescribe by rule, regulation, or order made only after notice and opportunity for a hearing. The Commission may set different terms and conditions for such transactions involving different commodities. Notwithstanding any other provision of this section, the Commission may prohibit any transaction for the delivery of any commodity under a standardized contract described in subsection (a) of this section that is not permitted by the rules, regulations and orders of the Commission in effect on December 9, 1982, if the Commission determines that any such transactions would be contrary to the public interest.” Subsec. (d). Pub. L. 99–641, in amending section generally, added subsec. (d). 1983—Subsec. (c). Pub. L. 97–444, § 234(1), substituted “shall regulate” for “may prohibit or regulate” and authorized Commission prohibition of transactions for delivery of commodities under a standardized contract that was not permitted by the rules, regulations and orders of the Commission in effect on Dec. 9, 1982, where transactions are determined to be contrary to the public interest. Subsec. (d). Pub. L. 97–444, § 234(2), struck out subsec. (d) which provided for regulation of transactions in accordance with applicable provisions of this chapter where Commission determined the transactions under subsecs. (b) and (c) of this section were contracts for future delivery within the meaning of this chapter.
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of 1983 AmendmentAmendment by Pub. L. 97–444 effective Jan. 11, 1983, see section 239 of Pub. L. 97–444, set out as a note under section 2 of this title.
|
||||
|
||||
Effective DateSection effective Oct. 1, 1978, see section 28 of Pub. L. 95–405, set out as an Effective Date of 1978 Amendment note under section 2 of this title.
|
||||
@@ -0,0 +1,61 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 24"
|
||||
description: "Customer property with respect to commodity broker debtors; definitions"
|
||||
jurisdiction: "us"
|
||||
corpus: "united_states_code"
|
||||
kind: "code_section"
|
||||
title_number: 7
|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "1"
|
||||
chapter_name: "COMMODITY EXCHANGES"
|
||||
section: "24"
|
||||
citation: "7 U.S.C. § 24"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
source: "official"
|
||||
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip"
|
||||
source_identifier: "/us/usc/t7/s24"
|
||||
source_file: "data/legal/raw/us/code/title-07/usc07.xml"
|
||||
source_hash: "685e81e5999398da4065ad7c1b2934f5a3b6575d5b29c095a3f528960e02d624"
|
||||
raw_snapshot_hash: "50edab1679a711653797362c0aeb8f2273303fe473fb7fa16df1ee76bdd6e984"
|
||||
text_hash: "c9ec6826f402d5bc44fbd102ea3e3891c60b134b71aac85e9196749c081b1375"
|
||||
retrieved_at: "2026-07-04"
|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 24 - Customer property with respect to commodity broker debtors; definitions
|
||||
|
||||
## Text
|
||||
|
||||
(a) Regulations respecting commodity broker debtors Notwithstanding title 11, the Commission may provide, with respect to a commodity broker that is a debtor under chapter 7 of title 11, by rule or regulation—
|
||||
|
||||
(1) that certain cash, securities, other property, or commodity contracts are to be included in or excluded from customer property or member property;
|
||||
|
||||
(2) that certain cash, securities, other property, or commodity contracts are to be specifically identifiable to a particular customer in a specific capacity;
|
||||
|
||||
(3) the method by which the business of such commodity broker is to be conducted or liquidated after the date of the filing of the petition under such chapter, including the payment and allocation of margin with respect to commodity contracts not specifically identifiable to a particular customer pending their orderly liquidation;
|
||||
|
||||
(4) any persons to which customer property and commodity contracts may be transferred under section 766 of title 11; and
|
||||
|
||||
(5) how the net equity of a customer is to be determined.
|
||||
|
||||
(b) Definitions As used in this section, the terms “commodity broker”, “commodity contract”, “customer”, “customer property”, “member property”, “net equity”, and “security” have the meanings assigned such terms for the purposes of subchapter IV of chapter 7 of title 11.
|
||||
|
||||
(c) Portfolio margining accounts The Commission shall exercise its authority to ensure that securities held in a portfolio margining account carried as a futures account are customer property and the owners of those accounts are customers for the purposes of subchapter IV of chapter 7 of title 11.
|
||||
|
||||
(Sept. 21, 1922, ch. 369, § 20, formerly § 19, as added Pub. L. 95–598, title III, § 302, Nov. 6, 1978, 92 Stat. 2673; renumbered and amended Pub. L. 97–222, § 20, July 27, 1982, 96 Stat. 241; Pub. L. 111–203, title VII, § 713(c), July 21, 2010, 124 Stat. 1647.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Amendments2010—Subsec. (c). Pub. L. 111–203 added subsec. (c). 1982—Subsec. (a)(3). Pub. L. 97–222, § 20(b), inserted “, including the payment and allocation of margin with respect to commodity contracts not specifically identifiable to a particular customer pending their orderly liquidation”.
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of 2010 AmendmentAmendment by Pub. L. 111–203 effective on the later of 360 days after July 21, 2010, or, to the extent a provision of subtitle A (§§ 711–754) of title VII of Pub. L. 111–203 requires a rulemaking, not less than 60 days after publication of the final rule or regulation implementing such provision of subtitle A, see section 754 of Pub. L. 111–203, set out as a note under section 1a of this title.
|
||||
|
||||
Effective DateSection effective Nov. 6, 1978, see section 402(d) of Pub. L. 95–598, set out as a note preceding section 101 of Title 11, Bankruptcy.
|
||||
@@ -0,0 +1,177 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 24a"
|
||||
description: "Swap data repositories"
|
||||
jurisdiction: "us"
|
||||
corpus: "united_states_code"
|
||||
kind: "code_section"
|
||||
title_number: 7
|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "1"
|
||||
chapter_name: "COMMODITY EXCHANGES"
|
||||
section: "24a"
|
||||
citation: "7 U.S.C. § 24a"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
source: "official"
|
||||
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip"
|
||||
source_identifier: "/us/usc/t7/s24a"
|
||||
source_file: "data/legal/raw/us/code/title-07/usc07.xml"
|
||||
source_hash: "e2a4e980f18a175fbd141de5bef295efdcdd188afe72c813539b99afbcd8894d"
|
||||
raw_snapshot_hash: "50edab1679a711653797362c0aeb8f2273303fe473fb7fa16df1ee76bdd6e984"
|
||||
text_hash: "7ee34d8aa07f600b02c39a8b89779dbb1c98d3b2de1b04c29141e7f28703dd9f"
|
||||
retrieved_at: "2026-07-04"
|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 24a - Swap data repositories
|
||||
|
||||
## Text
|
||||
|
||||
(a) Registration requirement (1) Requirement; authority of derivatives clearing organization (A) In general It shall be unlawful for any person, unless registered with the Commission, directly or indirectly to make use of the mails or any means or instrumentality of interstate commerce to perform the functions of a swap data repository.
|
||||
|
||||
(B) Registration of derivatives clearing organizations A derivatives clearing organization may register as a swap data repository.
|
||||
|
||||
(2) Inspection and examination Each registered swap data repository shall be subject to inspection and examination by any representative of the Commission.
|
||||
|
||||
(3) Compliance with core principles (A) In general To be registered, and maintain registration, as a swap data repository, the swap data repository shall comply with—
|
||||
|
||||
(i) the requirements and core principles described in this section; and
|
||||
|
||||
(ii) any requirement that the Commission may impose by rule or regulation pursuant to section 12a(5) of this title.
|
||||
|
||||
(B) Reasonable discretion of swap data repository Unless otherwise determined by the Commission by rule or regulation, a swap data repository described in subparagraph (A) shall have reasonable discretion in establishing the manner in which the swap data repository complies with the core principles described in this section.
|
||||
|
||||
(b) Standard setting (1) Data identification (A) In general In accordance with subparagraph (B), the Commission shall prescribe standards that specify the data elements for each swap that shall be collected and maintained by each registered swap data repository.
|
||||
|
||||
(B) Requirement In carrying out subparagraph (A), the Commission shall prescribe consistent data element standards applicable to registered entities and reporting counterparties.
|
||||
|
||||
(2) Data collection and maintenance The Commission shall prescribe data collection and data maintenance standards for swap data repositories.
|
||||
|
||||
(3) Comparability The standards prescribed by the Commission under this subsection shall be comparable to the data standards imposed by the Commission on derivatives clearing organizations in connection with their clearing of swaps.
|
||||
|
||||
(c) Duties A swap data repository shall—
|
||||
|
||||
(1) accept data prescribed by the Commission for each swap under subsection (b);
|
||||
|
||||
(2) confirm with both counterparties to the swap the accuracy of the data that was submitted;
|
||||
|
||||
(3) maintain the data described in paragraph (1) in such form, in such manner, and for such period as may be required by the Commission;
|
||||
|
||||
(4) (A) provide direct electronic access to the Commission (or any designee of the Commission, including another registered entity); and
|
||||
|
||||
(B) provide the information described in paragraph (1) in such form and at such frequency as the Commission may require to comply with the public reporting requirements contained in section 2(a)(13) of this title;
|
||||
|
||||
(5) at the direction of the Commission, establish automated systems for monitoring, screening, and analyzing swap data, including compliance and frequency of end user clearing exemption claims by individual and affiliated entities;
|
||||
|
||||
(6) maintain the privacy of any and all swap transaction information that the swap data repository receives from a swap dealer, counterparty, or any other registered entity; and
|
||||
|
||||
(7) on a confidential basis pursuant to section 12 of this title, upon request, and after notifying the Commission of the request, make available swap data obtained by the swap data repository, including individual counterparty trade and position data, to—
|
||||
|
||||
(A) each appropriate prudential regulator;
|
||||
|
||||
(B) the Financial Stability Oversight Council;
|
||||
|
||||
(C) the Securities and Exchange Commission;
|
||||
|
||||
(D) the Department of Justice; and
|
||||
|
||||
(E) any other person that the Commission determines to be appropriate, including—
|
||||
|
||||
(i) foreign financial supervisors (including foreign futures authorities);
|
||||
|
||||
(ii) foreign central banks;
|
||||
|
||||
(iii) foreign ministries; and
|
||||
|
||||
(iv) other foreign authorities; and
|
||||
|
||||
(8) establish and maintain emergency procedures, backup facilities, and a plan for disaster recovery that allows for the timely recovery and resumption of operations and the fulfillment of the responsibilities and obligations of the organization.
|
||||
|
||||
(d) Confidentiality agreement Before the swap data repository may share information with any entity described in subsection (c)(7), the swap data repository shall receive a written agreement from each entity stating that the entity shall abide by the confidentiality requirements described in section 12 of this title relating to the information on swap transactions that is provided.
|
||||
|
||||
(e) Designation of chief compliance officer (1) In general Each swap data repository shall designate an individual to serve as a chief compliance officer.
|
||||
|
||||
(2) Duties The chief compliance officer shall—
|
||||
|
||||
(A) report directly to the board or to the senior officer of the swap data repository;
|
||||
|
||||
(B) review the compliance of the swap data repository with respect to the requirements and core principles described in this section;
|
||||
|
||||
(C) in consultation with the board of the swap data repository, a body performing a function similar to the board of the swap data repository, or the senior officer of the swap data repository, resolve any conflicts of interest that may arise;
|
||||
|
||||
(D) be responsible for administering each policy and procedure that is required to be established pursuant to this section;
|
||||
|
||||
(E) ensure compliance with this chapter (including regulations) relating to agreements, contracts, or transactions, including each rule prescribed by the Commission under this section;
|
||||
|
||||
(F) establish procedures for the remediation of noncompliance issues identified by the chief compliance officer through any—
|
||||
|
||||
(i) compliance office review;
|
||||
|
||||
(ii) look-back;
|
||||
|
||||
(iii) internal or external audit finding;
|
||||
|
||||
(iv) self-reported error; or
|
||||
|
||||
(v) validated complaint; and
|
||||
|
||||
(G) establish and follow appropriate procedures for the handling, management response, remediation, retesting, and closing of noncompliance issues.
|
||||
|
||||
(3) Annual reports (A) In general In accordance with rules prescribed by the Commission, the chief compliance officer shall annually prepare and sign a report that contains a description of—
|
||||
|
||||
(i) the compliance of the swap data repository of the chief compliance officer with respect to this chapter (including regulations); and
|
||||
|
||||
(ii) each policy and procedure of the swap data repository of the chief compliance officer (including the code of ethics and conflict of interest policies of the swap data repository).
|
||||
|
||||
(B) Requirements A compliance report under subparagraph (A) shall—
|
||||
|
||||
(i) accompany each appropriate financial report of the swap data repository that is required to be furnished to the Commission pursuant to this section; and
|
||||
|
||||
(ii) include a certification that, under penalty of law, the compliance report is accurate and complete.
|
||||
|
||||
(f) Core principles applicable to swap data repositories (1) Antitrust considerations Unless necessary or appropriate to achieve the purposes of this chapter, a swap data repository shall not—
|
||||
|
||||
(A) adopt any rule or take any action that results in any unreasonable restraint of trade; or
|
||||
|
||||
(B) impose any material anticompetitive burden on the trading, clearing, or reporting of transactions.
|
||||
|
||||
(2) Governance arrangements Each swap data repository shall establish governance arrangements that are transparent—
|
||||
|
||||
(A) to fulfill public interest requirements; and
|
||||
|
||||
(B) to support the objectives of the Federal Government, owners, and participants.
|
||||
|
||||
(3) Conflicts of interest Each swap data repository shall—
|
||||
|
||||
(A) establish and enforce rules to minimize conflicts of interest in the decision-making process of the swap data repository; and
|
||||
|
||||
(B) establish a process for resolving conflicts of interest described in subparagraph (A).
|
||||
|
||||
(4) Additional duties developed by Commission (A) In general The Commission may develop 1 or more additional duties applicable to swap data repositories.
|
||||
|
||||
(B) Consideration of evolving standards In developing additional duties under subparagraph (A), the Commission may take into consideration any evolving standard of the United States or the international community.
|
||||
|
||||
(C) Additional duties for Commission designees The Commission shall establish additional duties for any registrant described in section 1a(48) of this title in order to minimize conflicts of interest, protect data, ensure compliance, and guarantee the safety and security of the swap data repository.
|
||||
|
||||
(g) Required registration for swap data repositories Any person that is required to be registered as a swap data repository under this section shall register with the Commission regardless of whether that person is also licensed as a bank or registered with the Securities and Exchange Commission as a swap data repository.
|
||||
|
||||
(h) Rules The Commission shall adopt rules governing persons that are registered under this section.
|
||||
|
||||
(Sept. 21, 1922, ch. 369, § 21, as added Pub. L. 111–203, title VII, § 728, July 21, 2010, 124 Stat. 1697; amended Pub. L. 114–94, div. G, title LXXXVI, § 86001(b), Dec. 4, 2015, 129 Stat. 1797.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Prior ProvisionsA prior section 21 of act Sept. 21, 1922, ch. 369, as added by Pub. L. 96–276, § 7, June 17, 1980, 94 Stat. 542, related to silver markets activity and was set out as a note under section 4a of this title prior to repeal by Pub. L. 102–546, title IV, § 402(13), Oct. 28, 1992, 106 Stat. 3625.
|
||||
|
||||
Amendments2015—Subsec. (c)(7). Pub. L. 114–94, § 86001(b)(1)(A), substituted “swap” for “all” in introductory provisions. Subsec. (c)(7)(E)(iv). Pub. L. 114–94, § 86001(b)(1)(B), added cl. (iv). Subsec. (d). Pub. L. 114–94, § 86001(b)(2), added subsec. (d) and struck out former subsec. (d) which related to confidentiality and indemnification agreement.
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of 2015 AmendmentAmendment by Pub. L. 114–94 effective as if enacted as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Pub. L. 111–203, see section 86001(d) of Pub. L. 114–94, set out as a note under section 7a–1 of this title.
|
||||
|
||||
Effective DateSection effective on the later of 360 days after July 21, 2010, or, to the extent a provision of subtitle A (§§ 711–754) of title VII of Pub. L. 111–203 requires a rulemaking, not less than 60 days after publication of the final rule or regulation implementing such provision of subtitle A, see section 754 of Pub. L. 111–203, set out as an Effective Date of 2010 Amendment note under section 1a of this title.
|
||||
@@ -0,0 +1,109 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 25"
|
||||
description: "Private rights of action"
|
||||
jurisdiction: "us"
|
||||
corpus: "united_states_code"
|
||||
kind: "code_section"
|
||||
title_number: 7
|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "1"
|
||||
chapter_name: "COMMODITY EXCHANGES"
|
||||
section: "25"
|
||||
citation: "7 U.S.C. § 25"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
source: "official"
|
||||
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip"
|
||||
source_identifier: "/us/usc/t7/s25"
|
||||
source_file: "data/legal/raw/us/code/title-07/usc07.xml"
|
||||
source_hash: "3f141f9778e34ad4121b466fbbec3d47092fb54c2daccdcedb2699c38e11e245"
|
||||
raw_snapshot_hash: "50edab1679a711653797362c0aeb8f2273303fe473fb7fa16df1ee76bdd6e984"
|
||||
text_hash: "3c1ebbce21a5ca405be605e9818ed21e8ffa57f007485f38ee67d7d1ce1660a9"
|
||||
retrieved_at: "2026-07-04"
|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 25 - Private rights of action
|
||||
|
||||
## Text
|
||||
|
||||
(a) Actual damages; actionable transactions; exclusive remedy (1) Any person (other than a registered entity or registered futures association) who violates this chapter or who willfully aids, abets, counsels, induces, or procures the commission of a violation of this chapter shall be liable for actual damages resulting from one or more of the transactions referred to in subparagraphs (A) through (D) of this paragraph and caused by such violation to any other person—
|
||||
|
||||
(A) who received trading advice from such person for a fee;
|
||||
|
||||
(B) who made through such person any contract of sale of any commodity for future delivery (or option on such contract or any commodity) or any swap; or who deposited with or paid to such person money, securities, or property (or incurred debt in lieu thereof) in connection with any order to make such contract or any swap;
|
||||
|
||||
(C) who purchased from or sold to such person or placed through such person an order for the purchase or sale of—
|
||||
|
||||
(i) an option subject to section 6c of this title (other than an option purchased or sold on a registered entity or other board of trade);
|
||||
|
||||
(ii) a contract subject to section 23 of this title; or 11 So in original. The word “or” probably should not appear.
|
||||
|
||||
(iii) an interest or participation in a commodity pool; or
|
||||
|
||||
(iv) a swap; or
|
||||
|
||||
(D) who purchased or sold a contract referred to in subparagraph (B) hereof or swap if the violation constitutes—
|
||||
|
||||
(i) the use or employment of, or an attempt to use or employ, in connection with a swap, or a contract of sale of a commodity, in interstate commerce, or for future delivery on or subject to the rules of any registered entity, any manipulative device or contrivance in contravention of such rules and regulations as the Commission shall promulgate by not later than 1 year after July 21, 2010; or
|
||||
|
||||
(ii) a manipulation of the price of any such contract or swap or the price of the commodity underlying such contract or swap.
|
||||
|
||||
(2) Except as provided in subsection (b), the rights of action authorized by this subsection and by sections 7(d)(13), 7a–1(c)(2)(H), and 21(b)(10) of this title shall be the exclusive remedies under this chapter available to any person who sustains loss as a result of any alleged violation of this chapter. Nothing in this subsection shall limit or abridge the rights of the parties to agree in advance of a dispute upon any forum for resolving claims under this section, including arbitration.
|
||||
|
||||
(3) In any action arising from a violation in the execution of an order on the floor of a registered entity, the person referred to in paragraph (1) shall be liable for—
|
||||
|
||||
(A) actual damages proximately caused by such violation. If an award of actual damages is made against a floor broker in connection with the execution of a customer order, and the futures commission merchant which selected the floor broker for the execution of the customer order is held to be responsible under section 2(a)(1) of this title for the floor broker’s violation, such futures commission merchant may be required to satisfy such award; and
|
||||
|
||||
(B) where the violation is willful and intentional, punitive or exemplary damages equal to no more than two times the amount of such actual damages. If an award of punitive or exemplary damages is made against a floor broker in connection with the execution of a customer order, and the futures commission merchant which selected the floor broker for the execution of the customer order is held to be responsible under section 2(a)(1) of this title for the floor broker’s violation, such futures commission merchant may be required to satisfy such award if the floor broker fails to do so, except that such requirement shall apply to the futures commission merchant only if it willfully and intentionally selected the floor broker with the intent to assist or facilitate the floor broker’s violation.
|
||||
|
||||
(4) Contract enforcement between eligible counterparties.— (A) In general.— No hybrid instrument sold to any investor shall be void, voidable, or unenforceable, and no party to a hybrid instrument shall be entitled to rescind, or recover any payment made with respect to, the hybrid instrument under this section or any other provision of Federal or State law, based solely on the failure of the hybrid instrument to comply with the terms or conditions of section 2(f) of this title or regulations of the Commission.
|
||||
|
||||
(B) Swaps.— No agreement, contract, or transaction between eligible contract participants or persons reasonably believed to be eligible contract participants shall be void, voidable, or unenforceable, and no party to such agreement, contract, or transaction shall be entitled to rescind, or recover any payment made with respect to, the agreement, contract, or transaction under this section or any other provision of Federal or State law, based solely on the failure of the agreement, contract, or transaction—
|
||||
|
||||
(i) to meet the definition of a swap under section 1a of this title; or
|
||||
|
||||
(ii) to be cleared in accordance with section 2(h)(1) of this title.
|
||||
|
||||
(5) Legal certainty for long-term swaps entered into before July 21, 2010.— (A) Effect on swaps.— Unless specifically reserved in the applicable swap, neither the enactment of the Wall Street Transparency and Accountability Act of 2010, nor any requirement under that Act or an amendment made by that Act, shall constitute a termination event, force majeure, illegality, increased costs, regulatory change, or similar event under a swap (including any related credit support arrangement) that would permit a party to terminate, renegotiate, modify, amend, or supplement 1 or more transactions under the swap.
|
||||
|
||||
(B) Position limits.— Any position limit established under the Wall Street Transparency and Accountability Act of 2010 shall not apply to a position acquired in good faith prior to the effective date of any rule, regulation, or order under the Act that establishes the position limit; provided, however, that such positions shall be attributed to the trader if the trader’s position is increased after the effective date of such position limit rule, regulation, or order.
|
||||
|
||||
(6) Contract enforcement for foreign futures contracts.— A contract of sale of a commodity for future delivery traded or executed on or through the facilities of a board of trade, exchange, or market located outside the United States for purposes of section 6(a) of this title shall not be void, voidable, or unenforceable, and a party to such a contract shall not be entitled to rescind or recover any payment made with respect to the contract, based on the failure of the foreign board of trade to comply with any provision of this chapter.
|
||||
|
||||
(b) Liabilities of organizations and individuals; bad faith requirement; exclusive remedy (1) (A) A registered entity that fails to enforce any bylaw, rule, regulation, or resolution that it is required to enforce by section 7, 7a–1, 7a–2, 7b–3, or 24a of this title, (B) a licensed board of trade that fails to enforce any bylaw, rule, regulation, or resolution that it is required to enforce by the Commission, or (C) any registered entity that in enforcing any such bylaw, rule, regulation, or resolution violates this chapter or any Commission rule, regulation, or order, shall be liable for actual damages sustained by a person who engaged in any transaction on or subject to the rules of such registered entity to the extent of such person’s actual losses that resulted from such transaction and were caused by such failure to enforce or enforcement of such bylaws, rules, regulations, or resolutions.
|
||||
|
||||
(2) A registered futures association that fails to enforce any bylaw or rule that is required under section 21 of this title or in enforcing any such bylaw or rule violates this chapter or any Commission rule, regulation, or order shall be liable for actual damages sustained by a person that engaged in any transaction specified in subsection (a) of this section to the extent of such person’s actual losses that resulted from such transaction and were caused by such failure to enforce or enforcement of such bylaw or rule.
|
||||
|
||||
(3) Any individual who, in the capacity as an officer, director, governor, committee member, or employee of registered 22 So in original. Probably should be preceded by “a”. entity or a registered futures association willfully aids, abets, counsels, induces, or procures any failure by any such entity to enforce (or any violation of the chapter in enforcing) any bylaw, rule, regulation, or resolution referred to in paragraph (1) or (2) of this subsection, shall be liable for actual damages sustained by a person who engaged in any transaction specified in subsection (a) of this section on, or subject to the rules of, such registered entity or, in the case of an officer, director, governor, committee member, or employee of a registered futures association, any transaction specified in subsection (a) of this section, in either case to the extent of such person’s actual losses that resulted from such transaction and were caused by such failure or violation.
|
||||
|
||||
(4) A person seeking to enforce liability under this section must establish that the registered entity 33 So in original. Probably should be followed by a comma. registered futures association, officer, director, governor, committee member, or employee acted in bad faith in failing to take action or in taking such action as was taken, and that such failure or action caused the loss.
|
||||
|
||||
(5) The rights of action authorized by this subsection shall be the exclusive remedy under this chapter available to any person who sustains a loss as a result of (A) the alleged failure by a registered entity or registered futures association or by any officer, director, governor, committee member, or employee to enforce any bylaw, rule, regulation, or resolution referred to in paragraph (1) or (2) of this subsection, or (B) the taking of action in enforcing any bylaw, rule, regulation, or resolution referred to in this subsection that is alleged to have violated this chapter, or any Commission rule, regulation, or order.
|
||||
|
||||
(c) Jurisdiction; statute of limitations; venue; process The United States district courts shall have exclusive jurisdiction of actions brought under this section. Any such action shall be brought not later than two years after the date the cause of action arises. Any action brought under subsection (a) of this section may be brought in any judicial district wherein the defendant is found, resides, or transacts business, or in the judicial district wherein any act or transaction constituting the violation occurs. Process in such action may be served in any judicial district of which the defendant is an inhabitant or wherever the defendant may be found.
|
||||
|
||||
(d) Dates of application to actions The provisions of this section shall become effective with respect to causes of action accruing on or after the date of enactment of the Futures Trading Act of 1982 [January 11, 1983]: Provided, That the enactment of the Futures Trading Act of 1982 shall not affect any right of any parties which may exist with respect to causes of action accruing prior to such date.
|
||||
|
||||
(Sept. 21, 1922, ch. 369, § 22, as added Pub. L. 97–444, title II, § 235, Jan. 11, 1983, 96 Stat. 2322; amended Pub. L. 102–546, title II, §§ 211, 222(d), title IV, § 402(14), Oct. 28, 1992, 106 Stat. 3607, 3616, 3625; Pub. L. 106–554, § 1(a)(5) [title I, §§ 120, 123(a)(25)], Dec. 21, 2000, 114 Stat. 2763, 2763A–404, 2763A–410; Pub. L. 110–234, title XIII, §§ 13105(i), 13203(n), May 22, 2008, 122 Stat. 1435, 1441; Pub. L. 110–246, § 4(a), title XIII, §§ 13105(i), 13203(n), June 18, 2008, 122 Stat. 1664, 2197, 2203; Pub. L. 111–203, title VII, §§ 738(c), 739, 749(h), 753(c), July 21, 2010, 124 Stat. 1728, 1729, 1748, 1754.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
References in TextThe Wall Street Transparency and Accountability Act of 2010, referred to in subsec. (a)(5), is title VII of Pub. L. 111–203, July 21, 2010, 124 Stat. 1641, which enacted chapter 109 (§ 8301 et seq.) of Title 15, Commerce and Trade, and enacted and amended numerous other sections and notes in the Code. For complete classification of this Act to the Code, see Short Title note set out under section 8301 of Title 15 and Tables. The Futures Trading Act of 1982, referred to in subsec. (d), is Pub. L. 97–444, Jan. 11, 1983, 96 Stat. 2294, which is classified generally to this chapter. For complete classification of this Act to the Code, see Short Title of 1983 Amendment note set out under section 1 of this title and Tables.
|
||||
|
||||
Codification Pub. L. 110–234 and Pub. L. 110–246 made identical amendments to this section. The amendments by Pub. L. 110–234 were repealed by section 4(a) of Pub. L. 110–246.
|
||||
|
||||
Amendments2010—Subsec. (a)(1)(B). Pub. L. 111–203, § 749(h)(1)(B), which directed insertion of “or any swap” after “such contract”, was executed by making the insertion after “such contract” the second time appearing, to reflect the probable intent of Congress. Pub. L. 111–203, § 749(h)(1)(A), inserted “or any swap” after “commodity)”. Subsec. (a)(1)(C)(iv). Pub. L. 111–203, § 749(h)(2), added cl. (iv). Subsec. (a)(1)(D). Pub. L. 111–203, § 753(c), added subpar. (D) and struck out former subpar. (D) which read as follows: “who purchased or sold a contract referred to in subparagraph (B) hereof if the violation constitutes a manipulation of the price of any such contract or the price of the commodity underlying such contract.” Subsec. (a)(4), (5). Pub. L. 111–203, § 739, added pars. (4) and (5) and struck out former par. (4). Prior to amendment, text of par. (4) read as follows: “No agreement, contract, or transaction between eligible contract participants or persons reasonably believed to be eligible contract participants, and no hybrid instrument sold to any investor, shall be void, voidable, or unenforceable, and no such party shall be entitled to rescind, or recover any payment made with respect to, such an agreement, contract, transaction, or instrument under this section or any other provision of Federal or State law, based solely on the failure of the agreement, contract, transaction, or instrument to comply with the terms or conditions of an exemption or exclusion from any provision of this chapter or regulations of the Commission.” Subsec. (a)(6). Pub. L. 111–203, § 738(c), added par. (6). Subsec. (b)(1)(A). Pub. L. 111–203, § 749(h)(3), substituted “section 7, 7a–1, 7a–2, 7b–3, or 24a of this title” for “section 2(h)(7) of this title or sections 7 through 7a–2 of this title”. 2008—Subsec. (a)(2). Pub. L. 110–246, § 13105(i), substituted “7a–1(c)(2)(H)” for “7a–1(b)(1)(E)”. Subsec. (b)(1)(A). Pub. L. 110–246, § 13203(n), inserted “section 2(h)(7) of this title or” before “sections 7 through 7a–2”. 2000—Subsec. (a)(1). Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(25)(A)(i)(I)], substituted “registered entity” for “contract market, clearing organization of a contract market, licensed board of trade,” in introductory provisions. Subsec. (a)(1)(C)(i). Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(25)(A)(i)(II)], substituted “registered entity” for “contract market”. Subsec. (a)(2). Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(25)(A)(ii)], substituted “sections 7(d)(13), 7a–1(b)(1)(E),” for “sections 7a(11),”. Subsec. (a)(3). Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(25)(A)(iii)], substituted “registered entity” for “contract market” in introductory provisions. Subsec. (a)(4). Pub. L. 106–554, § 1(a)(5) [title I, § 120], added par. (4). Subsec. (b)(1). Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(25)(B)(i)], substituted “registered entity that fails” for “contract market or clearing organization of a contract market that fails”, “sections 7 through 7a–2 of this title” for “section 7a(8) and section 7a(9) of this title”, “registered entity that in” for “contract market, clearing organization of a contract market, or licensed board of trade that in”, and “registered entity to the” for “contract market or licensed board of trade to the”. Subsec. (b)(3). Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(25)(B)(ii)], substituted “employee of registered entity” for “employee of a contract market, clearing organization, licensed board of trade,” and “such registered entity” for “such contract market, licensed board of trade”. Subsec. (b)(4). Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(25)(B)(iii)], substituted “registered entity” for “contract market, licensed board of trade, clearing organization,”. Subsec. (b)(5). Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(25)(B)(iv)], substituted “registered entity” for “contract market, licensed board of trade, clearing organization,”. 1992—Subsec. (a)(1). Pub. L. 102–546, § 402(14)(A), substituted “subparagraphs” for “clauses” in introductory provisions and “subparagraph” for “clause” in subpar. (D). Subsec. (a)(2). Pub. L. 102–546, § 402(14)(B), made technical amendment to reference to section 21(b)(10) of this title to correct reference to corresponding section of original act. Subsec. (a)(3). Pub. L. 102–546, § 222(d), added par. (3). Subsec. (c). Pub. L. 102–546, § 211, amended subsec. (c) generally. Prior to amendment, subsec. (c) read as follows: “The United States district courts shall have exclusive jurisdiction of actions brought under this section. Any such action must be brought within two years after the date the cause of action accrued.”
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of 2010 AmendmentAmendment by sections 738(c), 739, and 749(h) of Pub. L. 111–203 effective on the later of 360 days after July 21, 2010, or, to the extent a provision of subtitle A (§§ 711–754) of title VII of Pub. L. 111–203 requires a rulemaking, not less than 60 days after publication of the final rule or regulation implementing such provision of subtitle A, see section 754 of Pub. L. 111–203, set out as a note under section 1a of this title. Amendment by section 753(c) of Pub. L. 111–203 effective on the date on which the final rule promulgated by the Commodity Futures Trading Commission pursuant to Pub. L. 111–203 takes effect [see 76 F.R. 41398, effective Aug. 15, 2011], see section 753(d) of Pub. L. 111–203, set out as a note under section 9 of this title.
|
||||
|
||||
Effective Date of 2008 AmendmentAmendment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective May 22, 2008, the date of enactment of Pub. L. 110–234, except as otherwise provided, see section 4 of Pub. L. 110–246, set out as an Effective Date note under section 8701 of this title. Amendment by section 13203(n) of Pub. L. 110–246 effective June 18, 2008, see section 13204(a) of Pub. L. 110–246, set out as a note under section 2 of this title.
|
||||
|
||||
Effective DateSection effective Jan. 11, 1983, see section 239 of Pub. L. 97–444, set out as an Effective Date of 1983 Amendment note under section 2 of this title.
|
||||
@@ -0,0 +1,241 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 26"
|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "1"
|
||||
chapter_name: "COMMODITY EXCHANGES"
|
||||
section: "26"
|
||||
citation: "7 U.S.C. § 26"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
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|
||||
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|
||||
source_identifier: "/us/usc/t7/s26"
|
||||
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|
||||
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|
||||
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|
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|
||||
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|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 26 - Commodity whistleblower incentives and protection
|
||||
|
||||
## Text
|
||||
|
||||
(a) Definitions In this section:
|
||||
|
||||
(1) Covered judicial or administrative action The term “covered judicial or administrative action” means any judicial or administrative action brought by the Commission under this chapter that results in monetary sanctions exceeding $1,000,000.
|
||||
|
||||
(2) Fund The term “Fund” means the Commodity Futures Trading Commission Customer Protection Fund established under subsection (g).
|
||||
|
||||
(3) Monetary sanctions The term “monetary sanctions”, when used with respect to any judicial or administrative action means—
|
||||
|
||||
(A) any monies, including penalties, disgorgement, restitution, and interest ordered to be paid; and
|
||||
|
||||
(B) any monies deposited into a disgorgement fund or other fund pursuant to section 7246(b) of title 15, as a result of such action or any settlement of such action.
|
||||
|
||||
(4) Original information The term “original information” means information that—
|
||||
|
||||
(A) is derived from the independent knowledge or analysis of a whistleblower;
|
||||
|
||||
(B) is not known to the Commission from any other source, unless the whistleblower is the original source of the information; and
|
||||
|
||||
(C) is not exclusively derived from an allegation made in a judicial or administrative hearing, in a governmental report, hearing, audit, or investigation, or from the news media, unless the whistleblower is a source of the information.
|
||||
|
||||
(5) Related action The term “related action”, when used with respect to any judicial or administrative action brought by the Commission under this chapter, means any judicial or administrative action brought by an entity described in subclauses (I) through (VI) of subsection (h)(2)(C) that is based upon the original information provided by a whistleblower pursuant to subsection (a) that led to the successful enforcement of the Commission action.
|
||||
|
||||
(6) Successful resolution The term “successful resolution”, when used with respect to any judicial or administrative action brought by the Commission under this chapter, includes any settlement of such action.
|
||||
|
||||
(7) Whistleblower The term “whistleblower” means any individual, or 2 or more individuals acting jointly, who provides information relating to a violation of this chapter to the Commission, in a manner established by rule or regulation by the Commission.
|
||||
|
||||
(b) Awards (1) In general In any covered judicial or administrative action, or related action, the Commission, under regulations prescribed by the Commission and subject to subsection (c), shall pay an award or awards to 1 or more whistleblowers who voluntarily provided original information to the Commission that led to the successful enforcement of the covered judicial or administrative action, or related action, in an aggregate amount equal to—
|
||||
|
||||
(A) not less than 10 percent, in total, of what has been collected of the monetary sanctions imposed in the action or related actions; and
|
||||
|
||||
(B) not more than 30 percent, in total, of what has been collected of the monetary sanctions imposed in the action or related actions.
|
||||
|
||||
(2) Payment of awards Any amount paid under paragraph (1) shall be paid from the Fund.
|
||||
|
||||
(c) Determination of amount of award; denial of award (1) Determination of amount of award (A) Discretion The determination of the amount of an award made under subsection (b) shall be in the discretion of the Commission.
|
||||
|
||||
(B) Criteria In determining the amount of an award made under subsection (b), the Commission—
|
||||
|
||||
(i) shall take into consideration—
|
||||
|
||||
(I) the significance of the information provided by the whistleblower to the success of the covered judicial or administrative action;
|
||||
|
||||
(II) the degree of assistance provided by the whistleblower and any legal representative of the whistleblower in a covered judicial or administrative action;
|
||||
|
||||
(III) the programmatic interest of the Commission in deterring violations of the 11 So in original. Probably should be “this”. chapter (including regulations under the 1 chapter) by making awards to whistleblowers who provide information that leads to the successful enforcement of such laws; and
|
||||
|
||||
(IV) such additional relevant factors as the Commission may establish by rule or regulation; and
|
||||
|
||||
(ii) shall not take into consideration the balance of the Fund.
|
||||
|
||||
(2) Denial of award No award under subsection (b) shall be made—
|
||||
|
||||
(A) to any whistleblower who is, or was at the time the whistleblower acquired the original information submitted to the Commission, a member, officer, or employee of—
|
||||
|
||||
(i) a appropriate regulatory agency;
|
||||
|
||||
(ii) the Department of Justice;
|
||||
|
||||
(iii) a registered entity;
|
||||
|
||||
(iv) a registered futures association;
|
||||
|
||||
(v) a self-regulatory organization as defined in section 78c(a) of title 15; or
|
||||
|
||||
(vi) a law enforcement organization;
|
||||
|
||||
(B) to any whistleblower who is convicted of a criminal violation related to the judicial or administrative action for which the whistleblower otherwise could receive an award under this section;
|
||||
|
||||
(C) to any whistleblower who submits information to the Commission that is based on the facts underlying the covered action submitted previously by another whistleblower;
|
||||
|
||||
(D) to any whistleblower who fails to submit information to the Commission in such form as the Commission may, by rule or regulation, require.
|
||||
|
||||
(d) Representation (1) Permitted representation Any whistleblower who makes a claim for an award under subsection (b) may be represented by counsel.
|
||||
|
||||
(2) Required representation (A) In general Any whistleblower who anonymously makes a claim for an award under subsection (b) shall be represented by counsel if the whistleblower submits the information upon which the claim is based.
|
||||
|
||||
(B) Disclosure of identity Prior to the payment of an award, a whistleblower shall disclose the identity of the whistleblower and provide such other information as the Commission may require, directly or through counsel for the whistleblower.
|
||||
|
||||
(e) No contract necessary No contract with the Commission is necessary for any whistleblower to receive an award under subsection (b), unless otherwise required by the Commission, by rule or regulation.
|
||||
|
||||
(f) Appeals (1) In general Any determination made under this section, including whether, to whom, or in what amount to make awards, shall be in the discretion of the Commission.
|
||||
|
||||
(2) Appeals Any determination described in paragraph (1) may be appealed to the appropriate court of appeals of the United States not more than 30 days after the determination is issued by the Commission.
|
||||
|
||||
(3) Review The court shall review the determination made by the Commission in accordance with section 7064 22 So in original. Probably should be “section 706”. of title 5.
|
||||
|
||||
(g) Commodity Futures Trading Commission Customer Protection Fund (1) Establishment There is established in the Treasury of the United States a revolving fund to be known as the “Commodity Futures Trading Commission Customer Protection Fund”.
|
||||
|
||||
(2) Use of Fund The Fund shall be available to the Commission, without further appropriation or fiscal year limitation, for—
|
||||
|
||||
(A) the payment of awards to whistleblowers as provided in subsection (a); and
|
||||
|
||||
(B) the funding of customer education initiatives designed to help customers protect themselves against fraud or other violations of this chapter, or the rules and regulations thereunder.
|
||||
|
||||
(3) Deposits and credits There shall be deposited into or credited to the Fund:
|
||||
|
||||
(A) Monetary sanctions Any monetary sanctions collected by the Commission in any covered judicial or administrative action that is not otherwise distributed to victims of a violation of this chapter or the rules and regulations thereunder underlying such action, unless the balance of the Fund at the time the monetary judgment is collected exceeds $100,000,000.
|
||||
|
||||
(B) Additional amounts If the amounts deposited into or credited to the Fund under subparagraph (A) are not sufficient to satisfy an award made under subsection (b), there shall be deposited into or credited to the Fund an amount equal to the unsatisfied portion of the award from any monetary sanction collected by the Commission in any judicial or administrative action brought by the Commission under this chapter that is based on information provided by a whistleblower.
|
||||
|
||||
(C) Investment income All income from investments made under paragraph (4).
|
||||
|
||||
(4) Investments (A) Amounts in Fund may be invested The Commission may request the Secretary of the Treasury to invest the portion of the Fund that is not, in the Commission’s judgment, required to meet the current needs of the Fund.
|
||||
|
||||
(B) Eligible investments Investments shall be made by the Secretary of the Treasury in obligations of the United States or obligations that are guaranteed as to principal and interest by the United States, with maturities suitable to the needs of the Fund as determined by the Commission.
|
||||
|
||||
(C) Interest and proceeds credited The interest on, and the proceeds from the sale or redemption of, any obligations held in the Fund shall be credited to, and form a part of, the Fund.
|
||||
|
||||
(5) Reports to Congress Not later than October 30 of each year, the Commission shall transmit to the Committee on Agriculture, Nutrition, and Forestry of the Senate, and the Committee on Agriculture of the House of Representatives a report on—
|
||||
|
||||
(A) the Commission’s whistleblower award program under this section, including a description of the number of awards granted and the types of cases in which awards were granted during the preceding fiscal year;
|
||||
|
||||
(B) customer education initiatives described in paragraph (2)(B) that were funded by the Fund during the preceding fiscal year;
|
||||
|
||||
(C) the balance of the Fund at the beginning of the preceding fiscal year;
|
||||
|
||||
(D) the amounts deposited into or credited to the Fund during the preceding fiscal year;
|
||||
|
||||
(E) the amount of earnings on investments of amounts in the Fund during the preceding fiscal year;
|
||||
|
||||
(F) the amount paid from the Fund during the preceding fiscal year to whistleblowers pursuant to subsection (b);
|
||||
|
||||
(G) the amount paid from the Fund during the preceding fiscal year for customer education initiatives described in paragraph (2)(B);
|
||||
|
||||
(H) the balance of the Fund at the end of the preceding fiscal year; and
|
||||
|
||||
(I) a complete set of audited financial statements, including a balance sheet, income statement, and cash flow analysis.
|
||||
|
||||
(h) Protection of whistleblowers (1) Prohibition against retaliation (A) In general No employer may discharge, demote, suspend, threaten, harass, directly or indirectly, or in any other manner discriminate against, a whistleblower in the terms and conditions of employment because of any lawful act done by the whistleblower—
|
||||
|
||||
(i) in providing information to the Commission in accordance with subsection (b); or
|
||||
|
||||
(ii) in assisting in any investigation or judicial or administrative action of the Commission based upon or related to such information.
|
||||
|
||||
(B) Enforcement (i) Cause of action An individual who alleges discharge or other discrimination in violation of subparagraph (A) may bring an action under this subsection in the appropriate district court of the United States for the relief provided in subparagraph (C), unless the individual who is alleging discharge or other discrimination in violation of subparagraph (A) is an employee of the Federal Government, in which case the individual shall only bring an action under section 1221 of title 5.
|
||||
|
||||
(ii) Subpoenas A subpoena requiring the attendance of a witness at a trial or hearing conducted under this subsection may be served at any place in the United States.
|
||||
|
||||
(iii) Statute of limitations An action under this subsection may not be brought more than 2 years after the date on which the violation reported in subparagraph (A) is committed.
|
||||
|
||||
(C) Relief Relief for an individual prevailing in an action brought under subparagraph (B) shall include—
|
||||
|
||||
(i) reinstatement with the same seniority status that the individual would have had, but for the discrimination;
|
||||
|
||||
(ii) the amount of back pay otherwise owed to the individual, with interest; and
|
||||
|
||||
(iii) compensation for any special damages sustained as a result of the discharge or discrimination, including litigation costs, expert witness fees, and reasonable attorney’s fees.
|
||||
|
||||
(2) Confidentiality (A) In general Except as provided in subparagraphs (B) and (C), the Commission, and any officer or employee of the Commission, shall not disclose any information, including information provided by a whistleblower to the Commission, which could reasonably be expected to reveal the identity of a whistleblower, except in accordance with the provisions of section 552a of title 5, unless and until required to be disclosed to a defendant or respondent in connection with a public proceeding instituted by the Commission or any entity described in subparagraph (C). For purposes of section 552 of title 5, this paragraph shall be considered a statute described in subsection (b)(3)(B) of such section 552.
|
||||
|
||||
(B) Effect Nothing in this paragraph is intended to limit the ability of the Attorney General to present such evidence to a grand jury or to share such evidence with potential witnesses or defendants in the course of an ongoing criminal investigation.
|
||||
|
||||
(C) Availability to government agencies (i) In general Without the loss of its status as confidential in the hands of the Commission, all information referred to in subparagraph (A) may, in the discretion of the Commission, when determined by the Commission to be necessary or appropriate to accomplish the purposes of this chapter and protect customers and in accordance with clause (ii), be made available to—
|
||||
|
||||
(I) the Department of Justice;
|
||||
|
||||
(II) an appropriate department or agency of the Federal Government, acting within the scope of its jurisdiction;
|
||||
|
||||
(III) a registered entity, registered futures association, or self-regulatory organization as defined in section 78c(a) of title 15;
|
||||
|
||||
(IV) a State attorney general in connection with any criminal investigation;
|
||||
|
||||
(V) an appropriate department or agency of any State, acting within the scope of its jurisdiction; and
|
||||
|
||||
(VI) a foreign futures authority.
|
||||
|
||||
(ii) Maintenance of information Each of the entities, agencies, or persons described in clause (i) shall maintain information described in that clause as confidential, in accordance with the requirements in subparagraph (A).
|
||||
|
||||
(iii) Study on impact of FOIA exemption on Commodity Futures Trading Commission (I) Study The Inspector General of the Commission shall conduct a study—
|
||||
|
||||
(aa) on whether the exemption under section 552(b)(3) of title 5 (known as the Freedom of Information Act) established in paragraph (2)(A) aids whistleblowers in disclosing information to the Commission;
|
||||
|
||||
(bb) on what impact the exemption has had on the public’s ability to access information about the Commission’s regulation of commodity futures and option markets; and
|
||||
|
||||
(cc) to make any recommendations on whether the Commission should continue to use the exemption.
|
||||
|
||||
(II) Report Not later than 30 months after July 21, 2010, the Inspector General shall—
|
||||
|
||||
(aa) submit a report on the findings of the study required under this clause to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives; and
|
||||
|
||||
(bb) make the report available to the public through publication of a report on the website of the Commission.
|
||||
|
||||
(3) Rights retained Nothing in this section shall be deemed to diminish the rights, privileges, or remedies of any whistleblower under any Federal or State law, or under any collective bargaining agreement.
|
||||
|
||||
(i) Rulemaking authority The Commission shall have the authority to issue such rules and regulations as may be necessary or appropriate to implement the provisions of this section consistent with the purposes of this section.
|
||||
|
||||
(j) Implementing rules The Commission shall issue final rules or regulations implementing the provisions of this section not later than 270 days after July 21, 2010.
|
||||
|
||||
(k) Original information Information submitted to the Commission by a whistleblower in accordance with rules or regulations implementing this section shall not lose its status as original information solely because the whistleblower submitted such information prior to the effective date of such rules or regulations, provided such information was submitted after July 21, 2010.
|
||||
|
||||
(l) Awards A whistleblower may receive an award pursuant to this section regardless of whether any violation of a provision of this chapter, or a rule or regulation thereunder, underlying the judicial or administrative action upon which the award is based occurred prior to July 21, 2010.
|
||||
|
||||
(m) Provision of false information A whistleblower who knowingly and willfully makes any false, fictitious, or fraudulent statement or representation, or who makes or uses any false writing or document knowing the same to contain any false, fictitious, or fraudulent statement or entry, shall not be entitled to an award under this section and shall be subject to prosecution under section 1001 of title 18.
|
||||
|
||||
(n) Nonenforceability of certain provisions waiving rights and remedies or requiring arbitration of disputes (1) Waiver of rights and remedies The rights and remedies provided for in this section may not be waived by any agreement, policy form, or condition of employment including by a predispute arbitration agreement.
|
||||
|
||||
(2) Predispute arbitration agreements No predispute arbitration agreement shall be valid or enforceable, if the agreement requires arbitration of a dispute arising under this section.
|
||||
|
||||
(Sept. 21, 1922, ch. 369, § 23, as added Pub. L. 111–203, title VII, § 748, July 21, 2010, 124 Stat. 1739.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Prior ProvisionsA prior section 26, act Sept. 21, 1922, ch. 369, § 23, as added Jan. 11, 1983, Pub. L. 97–444, title II, § 236, 96 Stat. 2324, provided for special studies to be conducted by Commission, Board of Governors of Federal Reserve System, and Securities and Exchange Commission, prior to repeal by Pub. L. 102–546, title IV, § 402(15), Oct. 28, 1992, 106 Stat. 3625.
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective DateSection effective on the later of 360 days after July 21, 2010, or, to the extent a provision of subtitle A (§§ 711–754) of title VII of Pub. L. 111–203 requires a rulemaking, not less than 60 days after publication of the final rule or regulation implementing such provision of subtitle A, see section 754 of Pub. L. 111–203, set out as an Effective Date of 2010 Amendment note under section 1a of this title.
|
||||
@@ -0,0 +1,73 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 27"
|
||||
description: "Definitions"
|
||||
jurisdiction: "us"
|
||||
corpus: "united_states_code"
|
||||
kind: "code_section"
|
||||
title_number: 7
|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "1"
|
||||
chapter_name: "COMMODITY EXCHANGES"
|
||||
section: "27"
|
||||
citation: "7 U.S.C. § 27"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
source: "official"
|
||||
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip"
|
||||
source_identifier: "/us/usc/t7/s27"
|
||||
source_file: "data/legal/raw/us/code/title-07/usc07.xml"
|
||||
source_hash: "2d066f0bf05fb5e7575b677c63c163fd211030c98378f98aa4d7bd99631b1222"
|
||||
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|
||||
text_hash: "a32d69353a3be9fe72ac1fc4afe8e34b9e3a03108fce3629c78b603f821bf6af"
|
||||
retrieved_at: "2026-07-04"
|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 27 - Definitions
|
||||
|
||||
## Text
|
||||
|
||||
(a) Bank In sections 27 to 27f of this title, the term “bank” means—
|
||||
|
||||
(1) any depository institution (as defined in section 1813(c) of title 12);
|
||||
|
||||
(2) any foreign bank or branch or agency of a foreign bank (each as defined in section 3101 of title 12);
|
||||
|
||||
(3) any Federal or State credit union (as defined in section 1752 of title 12);
|
||||
|
||||
(4) any corporation organized under section 25A of the Federal Reserve Act [12 U.S.C. 611 et seq.];
|
||||
|
||||
(5) any corporation operating under section 25 of the Federal Reserve Act [12 U.S.C. 601 et seq.];
|
||||
|
||||
(6) any trust company; or
|
||||
|
||||
(7) any subsidiary of any entity described in paragraph 11 So in original. Probably should be “paragraphs”. (1) through (6) of this subsection, if the subsidiary is regulated as if the subsidiary were part of the entity and is not a broker or dealer (as such terms are defined in section 78c of title 15) or a futures commission merchant (as defined in section 1a of this title).
|
||||
|
||||
(b) Identified banking product In sections 27 to 27f of this title, the term “identified banking product” shall have the same meaning as in paragraphs (1) through (5) of section 206(a) of the Gramm-Leach-Bliley Act, except that in applying such section for purposes of sections 27 to 27f of this title—
|
||||
|
||||
(1) the term “bank” shall have the meaning given in subsection (a) of this section; and
|
||||
|
||||
(2) the term “qualified investor” means eligible contract participant (as defined in section 1a of this title, as in effect on December 21, 2000).
|
||||
|
||||
(c) Hybrid instrument In sections 27 to 27f of this title, the term “hybrid instrument” means an identified banking product not excluded by section 27a of this title, offered by a bank, having one or more payments indexed to the value, level, or rate of, or providing for the delivery of, one or more commodities (as defined in section 1a of this title).
|
||||
|
||||
(Pub. L. 106–554, § 1(a)(5) [title IV, § 402], Dec. 21, 2000, 114 Stat. 2763, 2763A–457; Pub. L. 111–203, title VII, §§ 721(e)(9), 725(g)(1)(B), July 21, 2010, 124 Stat. 1672, 1694.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
References in TextSection 25A of the Federal Reserve Act, referred to in subsec. (a)(4), is classified to subchapter II (§ 611 et seq.) of chapter 6 of Title 12, Banks and Banking. Section 25 of the Federal Reserve Act, referred to in subsec. (a)(5), is classified to subchapter I (§ 601 et seq.) of chapter 6 of Title 12. Section 206 of the Gramm-Leach-Bliley Act, referred to in subsec. (b), is section 206 of Pub. L. 106–102 which is set out as a note under section 78c of Title 15, Commerce and Trade.
|
||||
|
||||
Codification Section was enacted as part of the Legal Certainty for Bank Products Act of 2000, and also as part of the Commodity Futures Modernization Act of 2000, and not as part of the Commodity Exchange Act which comprises this chapter.
|
||||
|
||||
Amendments2010—Subsec. (a)(7). Pub. L. 111–203, § 721(e)(9)(A), substituted “section 1a” for “section 1a(20)”. Subsec. (b)(2). Pub. L. 111–203, § 721(e)(9)(B), substituted “section 1a” for “section 1a(12)”. Subsec. (c). Pub. L. 111–203, § 721(e)(9)(C), substituted “section 1a” for “section 1a(4)”. Subsec. (d). Pub. L. 111–203, § 725(g)(1)(B), struck out subsec. (d) which defined covered swap agreement.
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of 2010 AmendmentAmendment by Pub. L. 111–203 effective on the later of 360 days after July 21, 2010, or, to the extent a provision of subtitle A (§§ 711–754) of title VII of Pub. L. 111–203 requires a rulemaking, not less than 60 days after publication of the final rule or regulation implementing such provision of subtitle A, see section 754 of Pub. L. 111–203, set out as a note under section 1a of this title.
|
||||
|
||||
Short TitleFor short title of sections 27 to 27f of this title as the “Legal Certainty for Bank Products Act of 2000”, see section 1(a)(5) [title IV, § 401] of Pub. L. 106–554, set out as a Short Title of 2000 Amendment note under section 1 of this title.
|
||||
@@ -0,0 +1,67 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 27a"
|
||||
description: "Exclusion of identified banking product"
|
||||
jurisdiction: "us"
|
||||
corpus: "united_states_code"
|
||||
kind: "code_section"
|
||||
title_number: 7
|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "1"
|
||||
chapter_name: "COMMODITY EXCHANGES"
|
||||
section: "27a"
|
||||
citation: "7 U.S.C. § 27a"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
source: "official"
|
||||
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip"
|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
retrieved_at: "2026-07-04"
|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 27a - Exclusion of identified banking product
|
||||
|
||||
## Text
|
||||
|
||||
(a) Exclusion Except as provided in subsection (b) or (c)—
|
||||
|
||||
(1) the Commodity Exchange Act (7 U.S.C. 1 et seq.) shall not apply to, and the Commodity Futures Trading Commission shall not exercise regulatory authority under the Commodity Exchange Act (7 U.S.C. 1 et seq.) with respect to, an identified banking product; and
|
||||
|
||||
(2) the definitions of “security-based swap” in section 3(a)(68) of the Securities Exchange Act of 1934 [15 U.S.C. 78c(a)(68)] and “security-based swap agreement” in section 1a(47)(A)(v) of the Commodity Exchange Act [7 U.S.C. 1a(47)(A)(v)] and section 3(a)(78) of the Securities Exchange Act of 1934 [15 U.S.C. 78c(a)(78)] do not include any identified bank product.
|
||||
|
||||
(b) Exception An appropriate Federal banking agency may except an identified banking product of a bank under its regulatory jurisdiction from the exclusion in subsection (a) if the agency determines, in consultation with the Commodity Futures Trading Commission and the Securities and Exchange Commission, that the product—
|
||||
|
||||
(1) would meet the definition of a “swap” under section 1a(47) of the Commodity Exchange Act (7 U.S.C. 1a[47]) or a “security-based swap” under that 11 So in original. section 3(a)(68) of the Securities Exchange Act of 1934; and
|
||||
|
||||
(2) has become known to the trade as a swap or security-based swap, or otherwise has been structured as an identified banking product for the purpose of evading the provisions of the Commodity Exchange Act (7 U.S.C. 1 et seq.), the Securities Act of 1933 (15 U.S.C. 77a et seq.), or the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.).
|
||||
|
||||
(c) Exception The exclusions in subsection (a) shall not apply to an identified bank product that—
|
||||
|
||||
(1) is a product of a bank that is not under the regulatory jurisdiction of an appropriate Federal banking agency;
|
||||
|
||||
(2) meets the definition of swap in section 1a(47) of the Commodity Exchange Act or security-based swap in section 3(a)(68) of the Securities Exchange Act of 1934; and
|
||||
|
||||
(3) has become known to the trade as a swap or security-based swap, or otherwise has been structured as an identified banking product for the purpose of evading the provisions of the Commodity Exchange Act (7 U.S.C. 1 et seq.), the Securities Act of 1933 (15 U.S.C. 77a et seq.), or the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.).
|
||||
|
||||
(Pub. L. 106–554, § 1(a)(5) [title IV, § 403], Dec. 21, 2000, 114 Stat. 2763, 2763A–458; Pub. L. 111–203, title VII, § 725(g)(2), July 21, 2010, 124 Stat. 1694.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
References in TextThe Commodity Exchange Act, referred to in subsecs. (a)(1), (b)(2), and (c)(3), is act Sept. 21, 1922, ch. 369, 42 Stat. 998, which is classified generally to this chapter. For complete classification of this Act to the Code, see section 1 of this title and Tables. The Securities Act of 1933, referred to in subsecs. (b)(2) and (c)(3), is title I of act May 27, 1933, ch. 38, 48 Stat. 74, which is classified generally to subchapter I (§ 77a et seq.) of chapter 2A of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see section 77a of Title 15 and Tables. The Securities Exchange Act of 1934, referred to in subsecs. (b)(2) and (c)(3), is act June 6, 1934, ch. 404, 48 Stat. 881, which is classified principally to chapter 2B (§ 78a et seq.) of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see section 78a of Title 15 and Tables.
|
||||
|
||||
Codification Section was enacted as part of the Legal Certainty for Bank Products Act of 2000, and also as part of the Commodity Futures Modernization Act of 2000, and not as part of the Commodity Exchange Act which comprises this chapter.
|
||||
|
||||
Amendments2010—Pub. L. 111–203 amended section generally. Prior to amendment, text read as follows: “No provision of the Commodity Exchange Act shall apply to, and the Commodity Futures Trading Commission shall not exercise regulatory authority with respect to, an identified banking product if— “(1) an appropriate banking agency certifies that the product has been commonly offered, entered into, or provided in the United States by any bank on or before December 5, 2000, under applicable banking law; and “(2) the product was not prohibited by the Commodity Exchange Act and not regulated by the Commodity Futures Trading Commission as a contract of sale of a commodity for future delivery (or an option on such a contract) or an option on a commodity, on or before December 5, 2000.”
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of 2010 AmendmentAmendment by Pub. L. 111–203 effective on the later of 360 days after July 21, 2010, or, to the extent a provision of subtitle A (§§ 711–754) of title VII of Pub. L. 111–203 requires a rulemaking, not less than 60 days after publication of the final rule or regulation implementing such provision of subtitle A, see section 754 of Pub. L. 111–203, set out as a note under section 1a of this title.
|
||||
@@ -0,0 +1,37 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 27b"
|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
chapter_number: "1"
|
||||
chapter_name: "COMMODITY EXCHANGES"
|
||||
section: "27b"
|
||||
citation: "7 U.S.C. § 27b"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 27b - Repealed. Pub. L. 111–203, title VII, § 725(g)(1)(A), July 21, 2010, 124 Stat. 1694
|
||||
|
||||
## Notes
|
||||
|
||||
Section, Pub. L. 106–554, § 1(a)(5) [title IV, § 404], Dec. 21, 2000, 114 Stat. 2763, 2763A–459, related to exclusion of certain identified banking products offered by banks after Dec. 5, 2000.
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of RepealRepeal effective on the later of 360 days after July 21, 2010, or, to the extent a provision of subtitle A (§§ 711–754) of title VII of Pub. L. 111–203 requires a rulemaking, not less than 60 days after publication of the final rule or regulation implementing such provision of subtitle A, see section 754 of Pub. L. 111–203, set out as an Effective Date of 2010 Amendment note under section 1a of this title.
|
||||
@@ -0,0 +1,55 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 27c"
|
||||
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|
||||
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|
||||
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|
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|
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|
||||
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|
||||
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|
||||
chapter_name: "COMMODITY EXCHANGES"
|
||||
section: "27c"
|
||||
citation: "7 U.S.C. § 27c"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
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|
||||
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|
||||
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip"
|
||||
source_identifier: "/us/usc/t7/s27c"
|
||||
source_file: "data/legal/raw/us/code/title-07/usc07.xml"
|
||||
source_hash: "02b6c3915ba5e7739323bcadd6beb9e6b2f2bcfc1004d70a69c247c893601df8"
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|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 27c - Exclusion of certain other identified banking products
|
||||
|
||||
## Text
|
||||
|
||||
(a) In general No provision of the Commodity Exchange Act [7 U.S.C. 1 et seq.] shall apply to, and the Commodity Futures Trading Commission shall not exercise regulatory authority with respect to, a banking product if the product is a hybrid instrument that is predominantly a banking product under the predominance test set forth in subsection (b).
|
||||
|
||||
(b) Predominance test A hybrid instrument shall be considered to be predominantly a banking product for purposes of this section if—
|
||||
|
||||
(1) the issuer of the hybrid instrument receives payment in full of the purchase price of the hybrid instrument substantially contemporaneously with delivery of the hybrid instrument;
|
||||
|
||||
(2) the purchaser or holder of the hybrid instrument is not required to make under the terms of the instrument, or any arrangement referred to in the instrument, any payment to the issuer in addition to the purchase price referred to in paragraph (1), whether as margin, settlement payment, or otherwise during the life of the hybrid instrument or at maturity;
|
||||
|
||||
(3) the issuer of the hybrid instrument is not subject by the terms of the instrument to mark-to-market margining requirements; and
|
||||
|
||||
(4) the hybrid instrument is not marketed as a contract of sale of a commodity for future delivery (or option on such a contract) subject to the Commodity Exchange Act [7 U.S.C. 1 et seq.].
|
||||
|
||||
(c) Mark-to-market margining requirement For purposes of subsection (b)(3) of this title, mark-to-market margining requirements shall not include the obligation of an issuer of a secured debt instrument to increase the amount of collateral held in pledge for the benefit of the purchaser of the secured debt instrument to secure the repayment obligations of the issuer under the secured debt instrument.
|
||||
|
||||
(Pub. L. 106–554, § 1(a)(5) [title IV, § 405], Dec. 21, 2000, 114 Stat. 2763, 2763A–459.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
References in TextThe Commodity Exchange Act, referred to in subsecs. (a) and (b)(4), is act Sept. 21, 1922, ch. 369, 42 Stat. 998, which is classified generally to this chapter. For complete classification of this Act to the Code, see section 1 of this title and Tables.
|
||||
|
||||
Codification Section was enacted as part of the Legal Certainty for Bank Products Act of 2000, and also as part of the Commodity Futures Modernization Act of 2000, and not as part of the Commodity Exchange Act which comprises this chapter.
|
||||
@@ -0,0 +1,71 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 27d"
|
||||
description: "Administration of the predominance test"
|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
chapter_name: "COMMODITY EXCHANGES"
|
||||
section: "27d"
|
||||
citation: "7 U.S.C. § 27d"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
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|
||||
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|
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|
||||
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|
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|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 27d - Administration of the predominance test
|
||||
|
||||
## Text
|
||||
|
||||
(a) In general No provision of the Commodity Exchange Act [7 U.S.C. 1 et seq.] shall apply to, and the Commodity Futures Trading Commission shall not regulate, a hybrid instrument, unless the Commission determines, by or under a rule issued in accordance with this section, that—
|
||||
|
||||
(1) the action is necessary and appropriate in the public interest;
|
||||
|
||||
(2) the action is consistent with the Commodity Exchange Act [7 U.S.C. 1 et seq.] and the purposes of the Commodity Exchange Act; and
|
||||
|
||||
(3) the hybrid instrument is not predominantly a banking product under the predominance test set forth in section 27c(b) of this title.
|
||||
|
||||
(b) Consultation Before commencing a rulemaking or making a determination pursuant to a rule issued under sections 27 to 27f of this title, the Commodity Futures Trading Commission shall consult with and seek the concurrence of the Board of Governors of the Federal Reserve System concerning—
|
||||
|
||||
(1) the nature of the hybrid instrument; and
|
||||
|
||||
(2) the history, purpose, extent, and appropriateness of the regulation of the hybrid instrument under the Commodity Exchange Act [7 U.S.C. 1 et seq.] and under appropriate banking laws.
|
||||
|
||||
(c) Objection to Commission regulation (1) Filing of petition for review The Board of Governors of the Federal Reserve System may obtain review of any rule or determination referred to in subsection (a) in the United States Court of Appeals for the District of Columbia Circuit by filing in the court, not later than 60 days after the date of publication of the rule or determination, a written petition requesting that the rule or determination be set aside. Any proceeding to challenge any such rule or determination shall be expedited by the court.
|
||||
|
||||
(2) Transmittal of petition and record A copy of a petition described in paragraph (1) shall be transmitted as soon as possible by the Clerk of the court to an officer or employee of the Commodity Futures Trading Commission designated for that purpose. Upon receipt of the petition, the Commission shall file with the court the rule or determination under review and any documents referred to therein, and any other relevant materials prescribed by the court.
|
||||
|
||||
(3) Exclusive jurisdiction On the date of the filing of a petition under paragraph (1), the court shall have jurisdiction, which shall become exclusive on the filing of the materials set forth in paragraph (2), to affirm and enforce or to set aside the rule or determination at issue.
|
||||
|
||||
(4) Standard of review The court shall determine to affirm and enforce or set aside a rule or determination of the Commodity Futures Trading Commission under this section, based on the determination of the court as to whether—
|
||||
|
||||
(A) the subject product is predominantly a banking product; and
|
||||
|
||||
(B) making the provision or provisions of the Commodity Exchange Act [7 U.S.C. 1 et seq.] at issue applicable to the subject instrument is appropriate in light of the history, purpose, and extent of regulation under such Act, sections 27 to 27f of this title, and under the appropriate banking laws, giving deference neither to the views of the Commodity Futures Trading Commission nor the Board of Governors of the Federal Reserve System.
|
||||
|
||||
(5) Judicial stay The filing of a petition by the Board pursuant to paragraph (1) shall operate as a judicial stay, until the date on which the determination of the court is final (including any appeal of the determination).
|
||||
|
||||
(6) Other authority to challenge Any aggrieved party may seek judicial review pursuant to section 6(c) of the Commodity Exchange Act [7 U.S.C. 9] of a determination or rulemaking by the Commodity Futures Trading Commission under this section.
|
||||
|
||||
(Pub. L. 106–554, § 1(a)(5) [title IV, § 406], Dec. 21, 2000, 114 Stat. 2763, 2763A–459.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
References in TextThe Commodity Exchange Act, referred to in subsecs. (a), (b)(2), and (c)(4)(B), is act Sept. 21, 1922, ch. 369, 42 Stat. 998, which is classified generally to this chapter. For complete classification of this Act to the Code, see section 1 of this title and Tables.
|
||||
|
||||
Codification Section was enacted as part of the Legal Certainty for Bank Products Act of 2000, and also as part of the Commodity Futures Modernization Act of 2000, and not as part of the Commodity Exchange Act which comprises this chapter.
|
||||
@@ -0,0 +1,37 @@
|
||||
---
|
||||
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|
||||
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|
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|
||||
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|
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|
||||
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|
||||
section: "27e"
|
||||
citation: "7 U.S.C. § 27e"
|
||||
status: "current"
|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 27e - Repealed. Pub. L. 111–203, title VII, § 725(g)(1)(A), July 21, 2010, 124 Stat. 1694
|
||||
|
||||
## Notes
|
||||
|
||||
Section, Pub. L. 106–554, § 1(a)(5) [title IV, § 407], Dec. 21, 2000, 114 Stat. 2763, 2763A–461, related to exclusion of covered swap agreements.
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of RepealRepeal effective on the later of 360 days after July 21, 2010, or, to the extent a provision of subtitle A (§§ 711–754) of title VII of Pub. L. 111–203 requires a rulemaking, not less than 60 days after publication of the final rule or regulation implementing such provision of subtitle A, see section 754 of Pub. L. 111–203, set out as an Effective Date of 2010 Amendment note under section 1a of this title.
|
||||
@@ -0,0 +1,51 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
chapter_number: "1"
|
||||
chapter_name: "COMMODITY EXCHANGES"
|
||||
section: "27f"
|
||||
citation: "7 U.S.C. § 27f"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
source: "official"
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||||
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|
||||
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|
||||
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|
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|
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|
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|
||||
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|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 27f - Contract enforcement
|
||||
|
||||
## Text
|
||||
|
||||
(a) Hybrid instruments No hybrid instrument shall be void, voidable, or unenforceable, and no party to a hybrid instrument shall be entitled to rescind, or recover any payment made with respect to, a hybrid instrument under any provision of Federal or State law, based solely on the failure of the hybrid instrument to satisfy the predominance test set forth in section 27c(b) of this title or to comply with the terms or conditions of an exemption or exclusion from any provision of the Commodity Exchange Act [7 U.S.C. 1 et seq.] or any regulation of the Commodity Futures Trading Commission.
|
||||
|
||||
(b) Preemption Sections 27 to 27f of this title shall supersede and preempt the application of any State or local law that prohibits or regulates gaming or the operation of bucket shops (other than antifraud provisions of general applicability) in the case of a hybrid instrument that is predominantly a banking product.
|
||||
|
||||
(Pub. L. 106–554, § 1(a)(5) [title IV, § 408], Dec. 21, 2000, 114 Stat. 2763, 2763A–461; Pub. L. 111–203, title VII, § 725(g)(1)(C), July 21, 2010, 124 Stat. 1694.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
References in TextThe Commodity Exchange Act, referred to in subsec. (a), is act Sept. 21, 1922, ch. 369, 42 Stat. 998, which is classified generally to this chapter. For complete classification of this Act to the Code, see section 1 of this title and Tables.
|
||||
|
||||
Codification Section was enacted as part of the Legal Certainty for Bank Products Act of 2000, and also as part of the Commodity Futures Modernization Act of 2000, and not as part of the Commodity Exchange Act which comprises this chapter.
|
||||
|
||||
Amendments2010—Subsec. (b). Pub. L. 111–203, § 725(g)(1)(C)(ii), (iii), redesignated subsec. (c) as (b) and struck out former subsec. (b). Text of subsec. (b) read as follows: “No covered swap agreement shall be void, voidable, or unenforceable, and no party to a covered swap agreement shall be entitled to rescind, or recover any payment made with respect to, a covered swap agreement under any provision of Federal or State law, based solely on the failure of the covered swap agreement to comply with the terms or conditions of an exemption or exclusion from any provision of the Commodity Exchange Act or any regulation of the Commodity Futures Trading Commission.” Subsec. (c). Pub. L. 111–203, § 725(g)(1)(C)(iii), redesignated subsec. (c) as (b). Pub. L. 111–203, § 725(g)(1)(C)(i), substituted “in the case of” for “in the case of—”, struck out par. (1) designation before “a hybrid”, substituted “product.” for “product; or”, and struck out par. (2) which read as follows: “a covered swap agreement.”
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of 2010 AmendmentAmendment by Pub. L. 111–203 effective on the later of 360 days after July 21, 2010, or, to the extent a provision of subtitle A (§§ 711–754) of title VII of Pub. L. 111–203 requires a rulemaking, not less than 60 days after publication of the final rule or regulation implementing such provision of subtitle A, see section 754 of Pub. L. 111–203, set out as a note under section 1a of this title.
|
||||
@@ -0,0 +1,35 @@
|
||||
---
|
||||
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|
||||
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|
||||
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|
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|
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
section: "2a to 4a"
|
||||
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|
||||
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|
||||
release_point: "119-100"
|
||||
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|
||||
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|
||||
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip"
|
||||
source_identifier: "/us/usc/t7/s2a...4a"
|
||||
source_file: "data/legal/raw/us/code/title-07/usc07.xml"
|
||||
source_hash: "d956bd6d090a02b82eccbb5572065538591d1cfc1afce0f4b3f89d09dffd979f"
|
||||
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|
||||
text_hash: "f4e523fdb3b815d7f987e21bd04cd586e8ee71d58b8fffd5c2673d14bc053a64"
|
||||
retrieved_at: "2026-07-04"
|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 2a to 4a - Transferred
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Codification Section 2a, act Sept. 21, 1922, ch. 369, § 2(a)(1)(C), formerly § 2(a)(1)(B), as added Pub. L. 97–444, title I, § 101(a)(3), Jan. 11, 1983, 96 Stat. 2294, as amended and renumbered, which related to designation of boards of trade as contract markets and approval by and jurisdiction of Commodity Futures Trading Commission and Securities and Exchange Commission, was transferred to section 2(a)(1)(C) of this title. Section 3, act Sept. 21, 1922, ch. 369, § 2(b), 42 Stat. 998, as amended, which related to transactions in interstate commerce, was transferred to section 2(b) of this title. Section 4, act Sept. 21, 1922, ch. 369, § 2(a)(1)(B), formerly § 2(a), 42 Stat. 998, as amended and renumbered, which related to liability of principal for act of agent, was transferred to section 2(a)(1)(B) of this title. Section 4a, act Sept. 21, 1922, ch. 369, § 2(a)(2)–(11), as added Pub. L. 93–463, title I, § 101(a)(3), Oct. 23, 1974, 88 Stat. 1389, as amended, which related to the Commodity Futures Trading Commission, was transferred to section 2(a)(2) to (11) of this title.
|
||||
@@ -0,0 +1,43 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 5"
|
||||
description: "Findings and purpose"
|
||||
jurisdiction: "us"
|
||||
corpus: "united_states_code"
|
||||
kind: "code_section"
|
||||
title_number: 7
|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "1"
|
||||
chapter_name: "COMMODITY EXCHANGES"
|
||||
section: "5"
|
||||
citation: "7 U.S.C. § 5"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
source: "official"
|
||||
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip"
|
||||
source_identifier: "/us/usc/t7/s5"
|
||||
source_file: "data/legal/raw/us/code/title-07/usc07.xml"
|
||||
source_hash: "9d77a8f453ffbf47c56d017895c63c4c3266fa95f8813eb1cb8ed70e2e8afbec"
|
||||
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|
||||
text_hash: "03448cc34a40ab0e3cb6b06ea8bbe8884c8e7e843597042f83ab5e4c3827722f"
|
||||
retrieved_at: "2026-07-04"
|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 5 - Findings and purpose
|
||||
|
||||
## Text
|
||||
|
||||
(a) Findings The transactions subject to this chapter are entered into regularly in interstate and international commerce and are affected with a national public interest by providing a means for managing and assuming price risks, discovering prices, or disseminating pricing information through trading in liquid, fair and financially secure trading facilities.
|
||||
|
||||
(b) Purpose It is the purpose of this chapter to serve the public interests described in subsection (a) through a system of effective self-regulation of trading facilities, clearing systems, market participants and market professionals under the oversight of the Commission. To foster these public interests, it is further the purpose of this chapter to deter and prevent price manipulation or any other disruptions to market integrity; to ensure the financial integrity of all transactions subject to this chapter and the avoidance of systemic risk; to protect all market participants from fraudulent or other abusive sales practices and misuses of customer assets; and to promote responsible innovation and fair competition among boards of trade, other markets and market participants.
|
||||
|
||||
(Sept. 21, 1922, ch. 369, § 3, as added Pub. L. 106–554, § 1(a)(5) [title I, § 108], Dec. 21, 2000, 114 Stat. 2763, 2763A–383.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Prior ProvisionsA prior section 5, acts Sept. 21, 1922, ch. 369, § 3, 42 Stat. 999; June 15, 1936, ch. 545, § 2, 49 Stat. 1491; Pub. L. 97–444, title II, § 203, Jan. 11, 1983, 96 Stat. 2298, stated legislative findings, prior to repeal by Pub. L. 106–554, § 1(a)(5) [title I, § 108], Dec. 21, 2000, 114 Stat. 2763, 2763A–383.
|
||||
@@ -0,0 +1,187 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 6"
|
||||
description: "Regulation of futures trading and foreign transactions"
|
||||
jurisdiction: "us"
|
||||
corpus: "united_states_code"
|
||||
kind: "code_section"
|
||||
title_number: 7
|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "1"
|
||||
chapter_name: "COMMODITY EXCHANGES"
|
||||
section: "6"
|
||||
citation: "7 U.S.C. § 6"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
source: "official"
|
||||
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip"
|
||||
source_identifier: "/us/usc/t7/s6"
|
||||
source_file: "data/legal/raw/us/code/title-07/usc07.xml"
|
||||
source_hash: "ae4fd7a9bbc1d51be4fef2f13b58bb1ac82642f44717e810684ab374540cebc8"
|
||||
raw_snapshot_hash: "50edab1679a711653797362c0aeb8f2273303fe473fb7fa16df1ee76bdd6e984"
|
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text_hash: "1e2eca7dcd62080f5b3af49954d15862416ae6a0a1bcf1beb099f85467f7f156"
|
||||
retrieved_at: "2026-07-04"
|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 6 - Regulation of futures trading and foreign transactions
|
||||
|
||||
## Text
|
||||
|
||||
(a) Restriction on futures trading Unless exempted by the Commission pursuant to subsection (c) or by subsection (e), it shall be unlawful for any person to offer to enter into, to enter into, to execute, to confirm the execution of, or to conduct any office or business anywhere in the United States, its territories or possessions, for the purpose of soliciting or accepting any order for, or otherwise dealing in, any transaction in, or in connection with, a contract for the purchase or sale of a commodity for future delivery (other than a contract which is made on or subject to the rules of a board of trade, exchange, or market located outside the United States, its territories or possessions) unless—
|
||||
|
||||
(1) such transaction is conducted on or subject to the rules of a board of trade which has been designated or registered by the Commission as a contract market or derivatives transaction execution facility for such commodity;
|
||||
|
||||
(2) such contract is executed or consummated by or through a contract market; and
|
||||
|
||||
(3) such contract is evidenced by a record in writing which shows the date, the parties to such contract and their addresses, the property covered and its price, and the terms of delivery: Provided, That each contract market or derivatives transaction execution facility member shall keep such record for a period of three years from the date thereof, or for a longer period if the Commission shall so direct, which record shall at all times be open to the inspection of any representative of the Commission or the Department of Justice.
|
||||
|
||||
(b) Regulation of foreign transactions by United States persons (1) Foreign boards of trade (A) Registration The Commission may adopt rules and regulations requiring registration with the Commission for a foreign board of trade that provides the members of the foreign board of trade or other participants located in the United States with direct access to the electronic trading and order matching system of the foreign board of trade, including rules and regulations prescribing procedures and requirements applicable to the registration of such foreign boards of trade. For purposes of this paragraph, “direct access” refers to an explicit grant of authority by a foreign board of trade to an identified member or other participant located in the United States to enter trades directly into the trade matching system of the foreign board of trade. In adopting such rules and regulations, the commission 11 So in original. Probably should be “Commission”. shall consider—
|
||||
|
||||
(i) whether any such foreign board of trade is subject to comparable, comprehensive supervision and regulation by the appropriate governmental authorities in the foreign board of trade’s home country; and
|
||||
|
||||
(ii) any previous commission 1 findings that the foreign board of trade is subject to comparable comprehensive supervision and regulation by the appropriate government authorities in the foreign board of trade’s home country.
|
||||
|
||||
(B) Linked contracts The Commission may not permit a foreign board of trade to provide to the members of the foreign board of trade or other participants located in the United States direct access to the electronic trading and order-matching system of the foreign board of trade with respect to an agreement, contract, or transaction that settles against any price (including the daily or final settlement price) of 1 or more contracts listed for trading on a registered entity, unless the Commission determines that—
|
||||
|
||||
(i) the foreign board of trade makes public daily trading information regarding the agreement, contract, or transaction that is comparable to the daily trading information published by the registered entity for the 1 or more contracts against which the agreement, contract, or transaction traded on the foreign board of trade settles; and
|
||||
|
||||
(ii) the foreign board of trade (or the foreign futures authority that oversees the foreign board of trade)—
|
||||
|
||||
(I) adopts position limits (including related hedge exemption provisions) for the agreement, contract, or transaction that are comparable to the position limits (including related hedge exemption provisions) adopted by the registered entity for the 1 or more contracts against which the agreement, contract, or transaction traded on the foreign board of trade settles;
|
||||
|
||||
(II) has the authority to require or direct market participants to limit, reduce, or liquidate any position the foreign board of trade (or the foreign futures authority that oversees the foreign board of trade) determines to be necessary to prevent or reduce the threat of price manipulation, excessive speculation as described in section 6a of this title, price distortion, or disruption of delivery or the cash settlement process;
|
||||
|
||||
(III) agrees to promptly notify the Commission, with regard to the agreement, contract, or transaction that settles against any price (including the daily or final settlement price) of 1 or more contracts listed for trading on a registered entity, of any change regarding—
|
||||
|
||||
(aa) the information that the foreign board of trade will make publicly available;
|
||||
|
||||
(bb) the position limits that the foreign board of trade or foreign futures authority will adopt and enforce;
|
||||
|
||||
(cc) the position reductions required to prevent manipulation, excessive speculation as described in section 6a of this title, price distortion, or disruption of delivery or the cash settlement process; and
|
||||
|
||||
(dd) any other area of interest expressed by the Commission to the foreign board of trade or foreign futures authority;
|
||||
|
||||
(IV) provides information to the Commission regarding large trader positions in the agreement, contract, or transaction that is comparable to the large trader position information collected by the Commission for the 1 or more contracts against which the agreement, contract, or transaction traded on the foreign board of trade settles; and
|
||||
|
||||
(V) provides the Commission such information as is necessary to publish reports on aggregate trader positions for the agreement, contract, or transaction traded on the foreign board of trade that are comparable to such reports on aggregate trader positions for the 1 or more contracts against which the agreement, contract, or transaction traded on the foreign board of trade settles.
|
||||
|
||||
(C) Existing foreign boards of trade Subparagraphs (A) and (B) shall not be effective with respect to any foreign board of trade to which, prior to July 21, 2010, the Commission granted direct access permission until the date that is 180 days after July 21, 2010.
|
||||
|
||||
(2) Persons located in the United States (A) In general The Commission may adopt rules and regulations proscribing fraud and requiring minimum financial standards, the disclosure of risk, the filing of reports, the keeping of books and records, the safeguarding of customers’ funds, and registration with the Commission by any person located in the United States, its territories or possessions, who engages in the offer or sale of any contract of sale of a commodity for future delivery that is made or to be made on or subject to the rules of a board of trade, exchange, or market located outside the United States, its territories or possessions.
|
||||
|
||||
(B) Different requirements Rules and regulations described in subparagraph (A) may impose different requirements for such persons depending upon the particular foreign board of trade, exchange, or market involved.
|
||||
|
||||
(C) Prohibition Except as provided in paragraphs (1) and (2), no rule or regulation may be adopted by the Commission under this subsection that—
|
||||
|
||||
(i) requires Commission approval of any contract, rule, regulation, or action of any foreign board of trade, exchange, or market, or clearinghouse for such board of trade, exchange, or market; or
|
||||
|
||||
(ii) governs in any way any rule or contract term or action of any foreign board of trade, exchange, or market, or clearinghouse for such board of trade, exchange, or market.
|
||||
|
||||
(c) Public interest exemptions (1) In order to promote responsible economic or financial innovation and fair competition, the Commission by rule, regulation, or order, after notice and opportunity for hearing, may (on its own initiative or on application of any person, including any board of trade designated or registered as a contract market or derivatives transaction execution facility for transactions for future delivery in any commodity under section 7 of this title) exempt any agreement, contract, or transaction (or class thereof) that is otherwise subject to subsection (a) (including any person or class of persons offering, entering into, rendering advice or rendering other services with respect to, the agreement, contract, or transaction), either unconditionally or on stated terms or conditions or for stated periods and either retroactively or prospectively, or both, from any of the requirements of subsection (a), or from any other provision of this chapter (except subparagraphs (C)(ii) and (D) of section 2(a)(1) of this title,22 So in original. A closing parenthesis probably should precede the comma. except that—
|
||||
|
||||
(A) unless the Commission is expressly authorized by any provision described in this subparagraph to grant exemptions, with respect to amendments made by subtitle A of the Wall Street Transparency and Accountability Act of 2010—
|
||||
|
||||
(i) with respect to—
|
||||
|
||||
(I) paragraphs (2), (3), (4), (5), and (7), paragraph (18)(A)(vii)(III), paragraphs (23), (24), (31), (32), (38), (39), (41), (42), (46), (47), (48), and (49) of section 1a of this title, and sections 2(a)(13), 2(c)(1)(D), 6a(a), 6a(b), 6d(c), 6d(d), 6r, 6s, 7a–1(a), 7a–1(b), 7(d), 7(g), 7(h),33 So in original. Section 7 of this title does not contain subsecs. (g) and (h). 7a–1(c), 7a–1(i), 12(e),44 See References in Text note below. and 24a of this title; and
|
||||
|
||||
(II) section 206(e) 55 So in original. Section 206 of the Act does not contain a subsec. (e). of the Gramm-Leach-Bliley Act (Public Law 106–102; 15 U.S.C. 78c note); and
|
||||
|
||||
(ii) in sections 721(c) and 742 of the Dodd-Frank Wall Street Reform and Consumer Protection Act; and
|
||||
|
||||
(B) the Commission and the Securities and Exchange Commission may by rule, regulation, or order jointly exclude any agreement, contract, or transaction from section 2(a)(1)(D) of this title) 66 So in original. The closing parenthesis probably should not appear. if the Commissions determine that the exemption would be consistent with the public interest.
|
||||
|
||||
(2) The Commission shall not grant any exemption under paragraph (1) from any of the requirements of subsection (a) unless the Commission determines that—
|
||||
|
||||
(A) the requirement should not be applied to the agreement, contract, or transaction for which the exemption is sought and that the exemption would be consistent with the public interest and the purposes of this chapter; and
|
||||
|
||||
(B) the agreement, contract, or transaction—
|
||||
|
||||
(i) will be entered into solely between appropriate persons; and
|
||||
|
||||
(ii) will not have a material adverse effect on the ability of the Commission or any contract market or derivatives transaction execution facility to discharge its regulatory or self-regulatory duties under this chapter.
|
||||
|
||||
(3) For purposes of this subsection, the term “appropriate person” shall be limited to the following persons or classes thereof:
|
||||
|
||||
(A) A bank or trust company (acting in an individual or fiduciary capacity).
|
||||
|
||||
(B) A savings association.
|
||||
|
||||
(C) An insurance company.
|
||||
|
||||
(D) An investment company subject to regulation under the Investment Company Act of 1940 (15 U.S.C. 80a–1 et seq.).
|
||||
|
||||
(E) A commodity pool formed or operated by a person subject to regulation under this chapter.
|
||||
|
||||
(F) A corporation, partnership, proprietorship, organization, trust, or other business entity with a net worth exceeding $1,000,000 or total assets exceeding $5,000,000, or the obligations of which under the agreement, contract or transaction are guaranteed or otherwise supported by a letter of credit or keepwell, support, or other agreement by any such entity or by an entity referred to in subparagraph (A), (B), (C), (H), (I), or (K) of this paragraph.
|
||||
|
||||
(G) An employee benefit plan with assets exceeding $1,000,000, or whose investment decisions are made by a bank, trust company, insurance company, investment adviser registered under the Investment Advisers Act of 1940 [15 U.S.C. 80b–1 et seq.], or a commodity trading advisor subject to regulation under this chapter.
|
||||
|
||||
(H) Any governmental entity (including the United States, any state,77 So in original. Probably should be capitalized. or any foreign government) or political subdivision thereof, or any multinational or supranational entity or any instrumentality, agency, or department of any of the foregoing.
|
||||
|
||||
(I) A broker-dealer subject to regulation under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) acting on its own behalf or on behalf of another appropriate person.
|
||||
|
||||
(J) A futures commission merchant, floor broker, or floor trader subject to regulation under this chapter acting on its own behalf or on behalf of another appropriate person.
|
||||
|
||||
(K) Such other persons that the Commission determines to be appropriate in light of their financial or other qualifications, or the applicability of appropriate regulatory protections.
|
||||
|
||||
(4) During the pendency of an application for an order granting an exemption under paragraph (1), the Commission may limit the public availability of any information received from the applicant if the applicant submits a written request to limit disclosure contemporaneous with the application, and the Commission determines that—
|
||||
|
||||
(A) the information sought to be restricted constitutes a trade secret; or
|
||||
|
||||
(B) public disclosure of the information would result in material competitive harm to the applicant.
|
||||
|
||||
(5) The Commission may—
|
||||
|
||||
(A) promptly following October 28, 1992, or upon application by any person, exercise the exemptive authority granted under paragraph (1) with respect to classes of hybrid instruments that are predominantly securities or depository instruments, to the extent that such instruments may be regarded as subject to the provisions of this chapter; or
|
||||
|
||||
(B) promptly following October 28, 1992, or upon application by any person, exercise the exemptive authority granted under paragraph (1) effective as of October 23, 1974, with respect to classes of swap agreements (as defined in section 101 of title 11) that are not part of a fungible class of agreements that are standardized as to their material economic terms, to the extent that such agreements may be regarded as subject to the provisions of this chapter.
|
||||
|
||||
Any exemption pursuant to this paragraph shall be subject to such terms and conditions as the Commission shall determine to be appropriate pursuant to paragraph (1).
|
||||
|
||||
(6) If the Commission determines that the exemption would be consistent with the public interest and the purposes of this chapter, the Commission shall, in accordance with paragraphs (1) and (2), exempt from the requirements of this chapter an agreement, contract, or transaction that is entered into—
|
||||
|
||||
(A) pursuant to a tariff or rate schedule approved or permitted to take effect by the Federal Energy Regulatory Commission;
|
||||
|
||||
(B) pursuant to a tariff or rate schedule establishing rates or charges for, or protocols governing, the sale of electric energy approved or permitted to take effect by the regulatory authority of the State or municipality having jurisdiction to regulate rates and charges for the sale of electric energy within the State or municipality; or
|
||||
|
||||
(C) between entities described in section 824(f) of title 16.
|
||||
|
||||
(d) Effect of exemption on investigative authority of Commission The granting of an exemption under this section shall not affect the authority of the Commission under any other provision of this chapter to conduct investigations in order to determine compliance with the requirements or conditions of such exemption or to take enforcement action for any violation of any provision of this chapter or any rule, regulation or order thereunder caused by the failure to comply with or satisfy such conditions or requirements.
|
||||
|
||||
(e) Liability of registered persons trading on a foreign board of trade (1) In general A person registered with the Commission, or exempt from registration by the Commission, under this chapter may not be found to have violated subsection (a) with respect to a transaction in, or in connection with, a contract of sale of a commodity for future delivery if the person—
|
||||
|
||||
(A) has reason to believe that the transaction and the contract is made on or subject to the rules of a foreign board of trade that is—
|
||||
|
||||
(i) legally organized under the laws of a foreign country;
|
||||
|
||||
(ii) authorized to act as a board of trade by a foreign futures authority; and
|
||||
|
||||
(iii) subject to regulation by the foreign futures authority; and
|
||||
|
||||
(B) has not been determined by the Commission to be operating in violation of subsection (a).
|
||||
|
||||
(2) Rule of construction Nothing in this subsection shall be construed as implying or creating any presumption that a board of trade, exchange, or market is located outside the United States, or its territories or possessions, for purposes of subsection (a).
|
||||
|
||||
(Sept. 21, 1922, ch. 369, § 4, 42 Stat. 999; June 15, 1936, ch. 545, §§ 2, 4, 49 Stat. 1491, 1492; Pub. L. 93–463, title I, § 103(a), (f), Oct. 23, 1974, 88 Stat. 1392; Pub. L. 97–444, title II, § 204, Jan. 11, 1983, 96 Stat. 2299; Pub. L. 102–546, title V, § 502(a), Oct. 28, 1992, 106 Stat. 3629; Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(3)], Dec. 21, 2000, 114 Stat. 2763, 2763A–406; Pub. L. 111–203, title VII, §§ 721(d), 722(f), 738(a), (b), July 21, 2010, 124 Stat. 1671, 1674, 1726, 1728.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
References in TextSubtitle A of the Wall Street Transparency and Accountability Act of 2010, referred to in subsec. (c)(1)(A), is subtitle A (§§ 721–754) of title VII of Pub. L. 111–203, July 21, 2010, 124 Stat. 1641. For complete classification of subtitle A to the Code, see Tables. Section 12(e) of this title, referred to in subsec. (c)(1)(A)(i)(I), was in the original a reference to section “8e” and has been translated as if the reference had been to section “8(e)” to reflect the probable intent of Congress. Section 8e of act Sept. 21, 1922, which was formerly classified to section 12e of this title, was repealed by Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(21)], Dec. 21, 2000, 114 Stat. 2763, 2763A–410. The Dodd-Frank Wall Street Reform and Consumer Protection Act, referred to in subsec. (c)(1)(A)(ii), is Pub. L. 111–203, July 21, 2010, 124 Stat. 1376. Section 721(c) of the Act is classified to section 8321(b) of Title 15, Commerce and Trade. Section 742 of the Act amended section 2 of this title and provisions set out as a note under section 78c of Title 15. For complete classification of this Act to the Code, see Short Title note set out under section 5301 of Title 12, Banks and Banking, and Tables. The Investment Company Act of 1940, referred to in subsec. (c)(3)(D), is title I of act Aug. 22, 1940, ch. 686, 54 Stat. 789, which is classified generally to subchapter I (§ 80a–1 et seq.) of chapter 2D of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see section 80a–51 of Title 15 and Tables. The Investment Advisers Act of 1940, referred to in subsec. (c)(3)(G), is title II of act Aug. 22, 1940, ch. 686, 54 Stat. 847, which is classified generally to subchapter II (§ 80b–1 et seq.) of chapter 2D of Title 15. For complete classification of this Act to the Code, see section 80b–20 of Title 15 and Tables. The Securities Exchange Act of 1934, referred to in subsec. (c)(3)(I), is act June 6, 1934, ch. 404, 48 Stat. 881, which is classified principally to chapter 2B (§ 78a et seq.) of Title 15. For complete classification of this Act to the Code, see section 78a of Title 15 and Tables.
|
||||
|
||||
Amendments2010—Subsec. (a). Pub. L. 111–203, § 738(b)(1), inserted “or by subsection (e)” after “Unless exempted by the Commission pursuant to subsection (c)” in introductory provisions. Subsec. (b). Pub. L. 111–203, § 738(a)(1)–(3), designated existing provisions as par. (2), designated the first to third sentences as subpars. (A) to (C), respectively, redesignated former pars. (1) and (2) as cls. (i) and (ii), respectively, of subpar. (C), inserted headings, in subpar. (B), substituted “Rules and regulations described in subparagraph (A)” for “Such rules and regulations”, in the introductory provisions of subpar. (C), substituted “Except as provided in paragraphs (1) and (2), no rule or regulation” for “No rule or regulation” and “that—” for “that”, and, in subpar. (C)(i), substituted “market; or” for “market, or”. Subsec. (b)(1). Pub. L. 111–203, § 738(a)(4), added par. (1). Subsec. (c)(1). Pub. L. 111–203, § 721(d), substituted “except that—” for “except that the Commission and the Securities and Exchange Commission may by rule, regulation, or order jointly exclude any agreement, contract, or transaction from section 2(a)(1)(D) of this title), if the Commission determines that the exemption would be consistent with the public interest.” and added subpars. (A) and (B). Subsec. (c)(6). Pub. L. 111–203, § 722(f), added par. (6). Subsec. (e). Pub. L. 111–203, § 738(b)(2), added subsec. (e). 2000—Subsec. (a)(1). Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(3)(A)(i)], substituted “designated or registered by the Commission as a contract market or derivatives transaction execution facility for” for “designated by the Commission as a ‘contract market’ for”. Subsec. (a)(2). Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(3)(A)(ii)], struck out “member of such” after “by or through a”. Subsec. (a)(3). Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(3)(A)(iii)], inserted “or derivatives transaction execution facility” after “contract market”. Subsec. (c)(1). Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(3)(B)(i)], substituted “designated or registered as a contract market or derivatives transaction execution facility” for “designated as a contract market” and “subparagraphs (C)(ii) and (D) of section 2(a)(1) of this title, except that the Commission and the Securities and Exchange Commission may by rule, regulation, or order jointly exclude any agreement, contract, or transaction from section 2(a)(1)(D) of this title” for “section 2a of this title”. Subsec. (c)(2)(B)(ii). Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(3)(B)(ii)], inserted “or derivatives transaction execution facility” after “contract market”. 1992—Subsec. (a). Pub. L. 102–546, § 502(a)(1), substituted “Unless exempted by the Commission pursuant to subsection (c) of this section, it shall be unlawful” for “It shall be unlawful”. Subsecs. (c), (d). Pub. L. 102–546, § 502(a)(2), added subsecs. (c) and (d). 1983—Pub. L. 97–444 amended section generally, combining into subsec. (a) existing provisions of this section together with provisions formerly contained in section 6h(1) of this title, relating to the conduct of offices or places of business anywhere in the United States or its territories that are used for dealing in commodities for future delivery unless such dealings are executed or consummated by or through a member of a contract market, and adding subsec. (b). 1974—Pub. L. 93–463 substituted “Commission” for “Secretary of Agriculture” and “United States Department of Agriculture”. 1936—Act June 15, 1936, § 2, substituted “commodity” for “grain” wherever appearing. Act June 15, 1936, § 4, struck out par. (a) and combined par. (b) with first par.
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of 2010 AmendmentAmendment by Pub. L. 111–203 effective on the later of 360 days after July 21, 2010, or, to the extent a provision of subtitle A (§§ 711–754) of title VII of Pub. L. 111–203 requires a rulemaking, not less than 60 days after publication of the final rule or regulation implementing such provision of subtitle A, see section 754 of Pub. L. 111–203, set out as a note under section 1a of this title.
|
||||
|
||||
Effective Date of 1983 AmendmentAmendment by Pub. L. 97–444 effective Jan. 11, 1983, see section 239 of Pub. L. 97–444, set out as a note under section 2 of this title.
|
||||
|
||||
Effective Date of 1974 AmendmentFor effective date of amendment by Pub. L. 93–463, see section 418 of Pub. L. 93–463, set out as a note under section 2 of this title.
|
||||
|
||||
Effective Date of 1936 AmendmentAmendment by act June 15, 1936, effective 90 days after June 15, 1936, see section 13 of that act, set out as a note under section 1 of this title.
|
||||
File diff suppressed because one or more lines are too long
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|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 6b–1"
|
||||
description: "Enforcement authority"
|
||||
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|
||||
corpus: "united_states_code"
|
||||
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|
||||
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|
||||
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|
||||
chapter_number: "1"
|
||||
chapter_name: "COMMODITY EXCHANGES"
|
||||
section: "6b–1"
|
||||
citation: "7 U.S.C. § 6b–1"
|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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||||
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|
||||
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|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 6b–1 - Enforcement authority
|
||||
|
||||
## Text
|
||||
|
||||
(a) Commodity Futures Trading Commission Except as provided in subsections (b), (c), and (d), the Commission shall have exclusive authority to enforce the provisions of subtitle A of the Wall Street Transparency and Accountability Act of 2010 with respect to any person.
|
||||
|
||||
(b) Prudential regulators The prudential regulators shall have exclusive authority to enforce the provisions of section 6s(e) of this title with respect to swap dealers or major swap participants for which they are the prudential regulator.
|
||||
|
||||
(c) Referrals (1) Prudential regulators If the prudential regulator for a swap dealer or major swap participant has cause to believe that the swap dealer or major swap participant, or any affiliate or division of the swap dealer or major swap participant, may have engaged in conduct that constitutes a violation of the nonprudential requirements of this chapter (including section 6s of this title or rules adopted by the Commission under that section), the prudential regulator may promptly notify the Commission in a written report that includes—
|
||||
|
||||
(A) a request that the Commission initiate an enforcement proceeding under this chapter; and
|
||||
|
||||
(B) an explanation of the facts and circumstances that led to the preparation of the written report.
|
||||
|
||||
(2) Commission If the Commission has cause to believe that a swap dealer or major swap participant that has a prudential regulator may have engaged in conduct that constitutes a violation of any prudential requirement of section 6s of this title or rules adopted by the Commission under that section, the Commission may notify the prudential regulator of the conduct in a written report that includes—
|
||||
|
||||
(A) a request that the prudential regulator initiate an enforcement proceeding under this chapter or any other Federal law (including regulations); and
|
||||
|
||||
(B) an explanation of the concerns of the Commission, and a description of the facts and circumstances, that led to the preparation of the written report.
|
||||
|
||||
(d) Backstop enforcement authority (1) Initiation of enforcement proceeding by prudential regulator If the Commission does not initiate an enforcement proceeding before the end of the 90-day period beginning on the date on which the Commission receives a written report under subsection (c)(1), the prudential regulator may initiate an enforcement proceeding.
|
||||
|
||||
(2) Initiation of enforcement proceeding by Commission If the prudential regulator does not initiate an enforcement proceeding before the end of the 90-day period beginning on the date on which the prudential regulator receives a written report under subsection (c)(2), the Commission may initiate an enforcement proceeding.
|
||||
|
||||
(Sept. 21, 1922, ch. 369, § 4b–1, as added Pub. L. 111–203, title VII, § 741(a), July 21, 2010, 124 Stat. 1729.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
References in TextSubtitle A of the Wall Street Transparency and Accountability Act of 2010, referred to in subsec. (a), is subtitle A (§§ 711–754) of title VII of Pub. L. 111–203, July 21, 2010, 124 Stat. 1641, which enacted sections 1b, 6b–1, 6r to 6t, 7b–3, 24a, and 26 of this title and subchapter I (§ 8301 et seq.) of chapter 109 and section 78c–2 of Title 15, Commerce and Trade, amended sections 1a, 2, 6 to 6b, 6c, 6d, 6m, 6q, 6s, 7 to 7b, 8 to 9a, 12, 12a, 13, 13–1, 13a–1, 13b, 15, 16, 21, 24, 25, 27 to 27b, 27e, and 27f of this title, section 761 of Title 11, Bankruptcy, sections 4421 and 4422 of Title 12, Banks and Banking, and sections 78f, 78o, and 78s of Title 15, enacted provisions set out as notes under sections 1a, 2, 6a, 7a–1, 7a–3, and 9 of this title, and amended provisions set out as a note under section 78c of Title 15. For complete classification of subtitle A to the Code, see Tables.
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective DateSection effective on the later of 360 days after July 21, 2010, or, to the extent a provision of subtitle A (§§ 711–754) of title VII of Pub. L. 111–203 requires a rulemaking, not less than 60 days after publication of the final rule or regulation implementing such provision of subtitle A, see section 754 of Pub. L. 111–203, set out as an Effective Date of 2010 Amendment note under section 1a of this title.
|
||||
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|
||||
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|
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|
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|
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|
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|
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|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "1"
|
||||
chapter_name: "COMMODITY EXCHANGES"
|
||||
section: "6b"
|
||||
citation: "7 U.S.C. § 6b"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
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|
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|
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|
||||
---
|
||||
|
||||
# 7 U.S.C. § 6b - Contracts designed to defraud or mislead
|
||||
|
||||
## Text
|
||||
|
||||
(a) Unlawful actions It shall be unlawful—
|
||||
|
||||
(1) for any person, in or in connection with any order to make, or the making of, any contract of sale of any commodity in interstate commerce or for future delivery that is made, or to be made, on or subject to the rules of a designated contract market, for or on behalf of any other person; or
|
||||
|
||||
(2) for any person, in or in connection with any order to make, or the making of, any contract of sale of any commodity for future delivery, or swap, that is made, or to be made, for or on behalf of, or with, any other person, other than on or subject to the rules of a designated contract market—
|
||||
|
||||
(A) to cheat or defraud or attempt to cheat or defraud the other person;
|
||||
|
||||
(B) willfully to make or cause to be made to the other person any false report or statement or willfully to enter or cause to be entered for the other person any false record;
|
||||
|
||||
(C) willfully to deceive or attempt to deceive the other person by any means whatsoever in regard to any order or contract or the disposition or execution of any order or contract, or in regard to any act of agency performed, with respect to any order or contract for or, in the case of paragraph (2), with the other person; or
|
||||
|
||||
(D) (i) to bucket an order if the order is either represented by the person as an order to be executed, or is required to be executed, on or subject to the rules of a designated contract market; or
|
||||
|
||||
(ii) to fill an order by offset against the order or orders of any other person, or willfully and knowingly and without the prior consent of the other person to become the buyer in respect to any selling order of the other person, or become the seller in respect to any buying order of the other person, if the order is either represented by the person as an order to be executed, or is required to be executed, on or subject to the rules of a designated contract market unless the order is executed in accordance with the rules of the designated contract market.
|
||||
|
||||
(b) Clarification Subsection (a)(2) of this section shall not obligate any person, in or in connection with a transaction in a contract of sale of a commodity for future delivery, or swap, with another person, to disclose to the other person nonpublic information that may be material to the market price, rate, or level of the commodity or transaction, except as necessary to make any statement made to the other person in or in connection with the transaction not misleading in any material respect.
|
||||
|
||||
(c) Buying and selling orders for commodity Nothing in this section or in any other section of this chapter shall be construed to prevent a futures commission merchant or floor broker who shall have in hand, simultaneously, buying and selling orders at the market for different principals for a like quantity of a commodity for future delivery in the same month executing such buying and selling orders at the market price: Provided, That any such execution shall take place on the floor of the exchange where such orders are to be executed at public outcry across the ring and shall be duly reported, recorded, and cleared in the same manner as other orders executed on such exchange: And provided further, That such transactions shall be made in accordance with such rules and regulations as the Commission may promulgate regarding the manner of the execution of such transactions.
|
||||
|
||||
(d) Inapplicability to transactions on foreign exchanges Nothing in this section shall apply to any activity that occurs on a board of trade, exchange, or market, or clearinghouse for such board of trade, exchange, or market, located outside the United States, or territories or possessions of the United States, involving any contract of sale of a commodity for future delivery that is made, or to be made, on or subject to the rules of such board of trade, exchange, or market.
|
||||
|
||||
(e) Contracts of sale on group or index of securities It shall be unlawful for any person, directly or indirectly, by the use of any means or instrumentality of interstate commerce, or of the mails, or of any facility of any registered entity, in or in connection with any order to make, or the making of, any contract of sale of any commodity for future delivery (or option on such a contract), or any swap, on a group or index of securities (or any interest therein or based on the value thereof)—
|
||||
|
||||
(1) to employ any device, scheme, or artifice to defraud;
|
||||
|
||||
(2) to make any untrue statement of a material fact or to omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading; or
|
||||
|
||||
(3) to engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any person.
|
||||
|
||||
(Sept. 21, 1922, ch. 369, § 4b, as added June 15, 1936, ch. 545, § 5, 49 Stat. 1493; amended Pub. L. 90–258, § 5, Feb. 19, 1968, 82 Stat. 27; Pub. L. 93–463, title IV, § 405, Oct. 23, 1974, 88 Stat. 1413; Pub. L. 99–641, title I, § 101, Nov. 10, 1986, 100 Stat. 3557; Pub. L. 102–546, title IV, § 402(3), Oct. 28, 1992, 106 Stat. 3624; Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(5)], Dec. 21, 2000, 114 Stat. 2763, 2763A–407; Pub. L. 110–234, title XIII, § 13102, May 22, 2008, 122 Stat. 1432; Pub. L. 110–246, § 4(a), title XIII, § 13102, June 18, 2008, 122 Stat. 1664, 2194; Pub. L. 111–203, title VII, § 741(b)(1), July 21, 2010, 124 Stat. 1730.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Codification Pub. L. 110–234 and Pub. L. 110–246 made identical amendments to this section. The amendments by Pub. L. 110–234 were repealed by section 4(a) of Pub. L. 110–246.
|
||||
|
||||
Amendments2010—Subsec. (a)(2). Pub. L. 111–203, § 741(b)(1)(A), substituted “or swap,” for “or other agreement, contract, or transaction subject to paragraphs (1) and (2) of section 7a(g) of this title,”. Subsec. (b). Pub. L. 111–203, § 741(b)(1)(B), substituted “or swap,” for “or other agreement, contract or transaction subject to paragraphs (1) and (2) of section 7a(g) of this title,”. Subsec. (e). Pub. L. 111–203, § 741(b)(1)(C), added subsec. (e). 2008—Pub. L. 110–246, § 13102, inserted section catchline, added subsecs. (a) and (b), redesignated former subsecs. (b) and (c) as (c) and (d), respectively, and struck out former subsec. (a) which related to contracts designed to defraud or mislead and bucketing orders. 2000—Subsec. (a)(1). Pub. L. 106–554 substituted “registered entity” for “contract market” in two places. 1992—Pub. L. 102–546 designated first par. as subsec. (a), redesignated cls. (a) to (c) as subpars. (A) to (C), respectively, and subpars. (A) to (D) as cls. (i) to (iv), respectively, and designated second and third undesignated pars. as subsecs. (b) and (c), respectively. 1986—Pub. L. 99–641 struck out “on or subject to the rules of any contract market,” after “to be made” in cl. (2) of first par. and added concluding paragraph that this section not apply to activity on board of trade, exchange, market, or clearinghouse located outside United States involving contract of sale of commodity for future delivery. 1974—Pub. L. 93–463 substituted “a commodity” for “cotton” in provisions following subpar. (D) and inserted requirement that execution of buying and selling orders for commodities held simultaneously by the same merchant or broker be carried out in accordance with such rules and regulations as the Commission may promulgate regarding the manner of the execution of such transactions. 1968—Pub. L. 90–258 relocated cl. (1) designation in first par. to follow “unlawful” rather than to precede “any contract of sale”, provided in such cl. (1) for orders to make or making of contracts of sale “made, or to be made on or subject to the rules of any contract market, for or on behalf of any other person” and in cl. (2) “for any person, in or in connection with any order to make, or the making of,” any contract of sale of any commodity for future delivery for or on behalf of any “other” person; and inserted “other” before “person” in subpar. (A) and in subpars. (B) and (C) where appearing for first time, respectively.
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of 2010 AmendmentAmendment by Pub. L. 111–203 effective on the later of 360 days after July 21, 2010, or, to the extent a provision of subtitle A (§§ 711–754) of title VII of Pub. L. 111–203 requires a rulemaking, not less than 60 days after publication of the final rule or regulation implementing such provision of subtitle A, see section 754 of Pub. L. 111–203, set out as a note under section 1a of this title.
|
||||
|
||||
Effective Date of 2008 AmendmentAmendment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective May 22, 2008, the date of enactment of Pub. L. 110–234, see section 4 of Pub. L. 110–246, set out as an Effective Date note under section 8701 of this title.
|
||||
|
||||
Effective Date of 1974 AmendmentFor effective date of amendment by Pub. L. 93–463, see section 418 of Pub. L. 93–463, set out as a note under section 2 of this title.
|
||||
|
||||
Effective Date of 1968 AmendmentAmendment by Pub. L. 90–258 effective 120 days after Feb. 19, 1968, see section 28 of Pub. L. 90–258, set out as a note under section 2 of this title.
|
||||
|
||||
Effective DateFor effective date of section, see section 13 of act June 15, 1936, set out as an Effective Date of 1936 Amendment note under section 1 of this title.
|
||||
File diff suppressed because one or more lines are too long
@@ -0,0 +1,97 @@
|
||||
---
|
||||
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|
||||
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|
||||
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|
||||
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|
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|
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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||||
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|
||||
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|
||||
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|
||||
---
|
||||
|
||||
# 7 U.S.C. § 6d - Dealing by unregistered futures commission merchants or introducing brokers prohibited; duties in handling customer receipts; conflict-of-interest systems and procedures; Chief Compliance Officer; rules to avoid duplicative regulations; swap requirements; portfolio margining accounts
|
||||
|
||||
## Text
|
||||
|
||||
(a) Futures commission merchant registration requirements; duties of merchants in handling customer receipts It shall be unlawful for any person to be a futures commission merchant unless—
|
||||
|
||||
(1) such person shall have registered, under this chapter, with the Commission as such futures commission merchant and such registration shall not have expired nor been suspended nor revoked; and
|
||||
|
||||
(2) such person shall, whether a member or nonmember of a contract market or derivatives transaction execution facility, treat and deal with all money, securities, and property received by such person to margin, guarantee, or secure the trades or contracts of any customer of such person, or accruing to such customer as the result of such trades or contracts, as belonging to such customer. Such money, securities, and property shall be separately accounted for and shall not be commingled with the funds of such commission merchant or be used to margin or guarantee the trades or contracts, or to secure or extend the credit, of any customer or person other than the one for whom the same are held: Provided, however, That such money, securities, and property of the customers of such futures commission merchant may, for convenience, be commingled and deposited in the same account or accounts with any bank or trust company or with the clearing house organization of such contract market or derivatives transaction execution facility, and that such share thereof as in the normal course of business shall be necessary to margin, guarantee, secure, transfer, adjust, or settle the contracts or trades of such customers, or resulting market positions, with the clearinghouse organization of such contract market or derivatives transaction execution facility or with any member of such contract market or derivatives transaction execution facility, may be withdrawn and applied to such purposes, including the payment of commissions, brokerage, interest, taxes, storage, and other charges, lawfully accruing in connection with such contracts and trades: Provided further, That in accordance with such terms and conditions as the Commission may prescribe by rule, regulation, or order, such money, securities, and property of the customers of such futures commission merchant may be commingled and deposited as provided in this section with any other money, securities, and property received by such futures commission merchant and required by the Commission to be separately accounted for and treated and dealt with as belonging to the customers of such futures commission merchant: Provided further, That such money may be invested in obligations of the United States, in general obligations of any State or of any political subdivision thereof, and in obligations fully guaranteed as to principal and interest by the United States, such investments to be made in accordance with such rules and regulations and subject to such conditions as the Commission may prescribe.
|
||||
|
||||
(b) Duties of clearing agencies, depositories, and others in handling customer receipts It shall be unlawful for any person, including but not limited to any clearing agency of a contract market or derivatives transaction execution facility and any depository, that has received any money, securities, or property for deposit in a separate account as provided in paragraph (2) of this section,11 So in original. Probably means subsection (a)(2) of this section. to hold, dispose of, or use any such money, securities, or property as belonging to the depositing futures commission merchant or any person other than the customers of such futures commission merchant.
|
||||
|
||||
(c) Conflicts of interest The Commission shall require that futures commission merchants and introducing brokers implement conflict-of-interest systems and procedures that—
|
||||
|
||||
(1) establish structural and institutional safeguards to ensure that the activities of any person within the firm relating to research or analysis of the price or market for any commodity are separated by appropriate informational partitions within the firm from the review, pressure, or oversight of persons whose involvement in trading or clearing activities might potentially bias the judgment or supervision of the persons; and
|
||||
|
||||
(2) address such other issues as the Commission determines to be appropriate.
|
||||
|
||||
(d) Designation of Chief Compliance Officer Each futures commission merchant shall designate an individual to serve as its Chief Compliance Officer and perform such duties and responsibilities as shall be set forth in regulations to be adopted by the Commission or rules to be adopted by a futures association registered under section 21 of this title.
|
||||
|
||||
(e) Rules to avoid duplicative regulation of dual registrants Consistent with this chapter, the Commission, in consultation with the Securities and Exchange Commission, shall issue such rules, regulations, or orders as are necessary to avoid duplicative or conflicting regulations applicable to any futures commission merchant registered with the Commission pursuant to section 6f(a) of this title (except paragraph (2) thereof), that is also registered with the Securities and Exchange Commission pursuant to section 78o(b) of title 15 (except paragraph (11) thereof), involving the application of—
|
||||
|
||||
(1) section 78h, section 78o(c)(3), and section 78q of title 15 and the rules and regulations thereunder related to the treatment of customer funds, securities, or property, maintenance of books and records, financial reporting or other financial responsibility rules (as defined in section 78c(a)(40) of title 15), involving security futures products; and
|
||||
|
||||
(2) similar provisions of this chapter and the rules and regulations thereunder involving security futures products.
|
||||
|
||||
(f) Swaps (1) Registration requirement It shall be unlawful for any person to accept any money, securities, or property (or to extend any credit in lieu of money, securities, or property) from, for, or on behalf of a swaps customer to margin, guarantee, or secure a swap cleared by or through a derivatives clearing organization (including money, securities, or property accruing to the customer as the result of such a swap), unless the person shall have registered under this chapter with the Commission as a futures commission merchant, and the registration shall not have expired nor been suspended nor revoked.
|
||||
|
||||
(2) Cleared swaps (A) Segregation required A futures commission merchant shall treat and deal with all money, securities, and property of any swaps customer received to margin, guarantee, or secure a swap cleared by or though a derivatives clearing organization (including money, securities, or property accruing to the swaps customer as the result of such a swap) as belonging to the swaps customer.
|
||||
|
||||
(B) Commingling prohibited Money, securities, and property of a swaps customer described in subparagraph (A) shall be separately accounted for and shall not be commingled with the funds of the futures commission merchant or be used to margin, secure, or guarantee any trades or contracts of any swaps customer or person other than the person for whom the same are held.
|
||||
|
||||
(3) Exceptions (A) Use of funds (i) In general Notwithstanding paragraph (2), money, securities, and property of swap customers of a futures commission merchant described in paragraph (2) may, for convenience, be commingled and deposited in the same account or accounts with any bank or trust company or with a derivatives clearing organization.
|
||||
|
||||
(ii) Withdrawal Notwithstanding paragraph (2), such share of the money, securities, and property described in clause (i) as in the normal course of business shall be necessary to margin, guarantee, secure, transfer, adjust, or settle a cleared swap with a derivatives clearing organization, or with any member of the derivatives clearing organization, may be withdrawn and applied to such purposes, including the payment of commissions, brokerage, interest, taxes, storage, and other charges, lawfully accruing in connection with the cleared swap.
|
||||
|
||||
(B) Commission action Notwithstanding paragraph (2), in accordance with such terms and conditions as the Commission may prescribe by rule, regulation, or order, any money, securities, or property of the swaps customers of a futures commission merchant described in paragraph (2) may be commingled and deposited in customer accounts with any other money, securities, or property received by the futures commission merchant and required by the Commission to be separately accounted for and treated and dealt with as belonging to the swaps customer of the futures commission merchant.
|
||||
|
||||
(4) Permitted investments Money described in paragraph (2) may be invested in obligations of the United States, in general obligations of any State or of any political subdivision of a State, and in obligations fully guaranteed as to principal and interest by the United States, or in any other investment that the Commission may by rule or regulation prescribe, and such investments shall be made in accordance with such rules and regulations and subject to such conditions as the Commission may prescribe.
|
||||
|
||||
(5) Commodity contract A swap cleared by or through a derivatives clearing organization shall be considered to be a commodity contract as such term is defined in section 761 of title 11, with regard to all money, securities, and property of any swaps customer received by a futures commission merchant or a derivatives clearing organization to margin, guarantee, or secure the swap (including money, securities, or property accruing to the customer as the result of the swap).
|
||||
|
||||
(6) Prohibition It shall be unlawful for any person, including any derivatives clearing organization and any depository institution, that has received any money, securities, or property for deposit in a separate account or accounts as provided in paragraph (2) to hold, dispose of, or use any such money, securities, or property as belonging to the depositing futures commission merchant or any person other than the swaps customer of the futures commission merchant.
|
||||
|
||||
(g) Introducing broker registration requirements It shall be unlawful for any person to be an introducing broker unless such person shall have registered under this chapter with the Commission as an introducing broker and such registration shall not have expired nor been suspended nor revoked.
|
||||
|
||||
(h) Contracts held in portfolio margining accounts Notwithstanding subsection (a)(2) or the rules and regulations thereunder, and pursuant to an exemption granted by the Commission under section 6(c) of this title or pursuant to a rule or regulation, a futures commission merchant that is registered pursuant to section 6f(a)(1) of this title and also registered as a broker or dealer pursuant to section 78(o)(b)(1) of title 15 may, pursuant to a portfolio margining program approved by the Securities and Exchange Commission pursuant to section 78s(b) of title 15, hold in a portfolio margining account carried as a securities account subject to section 78(o)(c)(3) of title 15 and the rules and regulations thereunder, a contract for the purchase or sale of a commodity for future delivery or an option on such a contract, and any money, securities or other property received from a customer to margin, guarantee or secure such a contract, or accruing to a customer as the result of such a contract. The Commission shall consult with the Securities and Exchange Commission to adopt rules to ensure that such transactions and accounts are subject to comparable requirements to the extent practical for similar products.
|
||||
|
||||
(Sept. 21, 1922, ch. 369, § 4d, as added June 15, 1936, ch. 545, § 5, 49 Stat. 1494; amended Pub. L. 90–258, § 6, Feb. 19, 1968, 82 Stat. 27; Pub. L. 93–463, title I, § 103(a), Oct. 23, 1974, 88 Stat. 1392; Pub. L. 95–405, § 4, Sept. 30, 1978, 92 Stat. 869; Pub. L. 97–444, title II, § 207, Jan. 11, 1983, 96 Stat. 2302; Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(6), title II, § 251(f)], Dec. 21, 2000, 114 Stat. 2763, 2763A–407, 2763A–443; Pub. L. 111–203, title VII, §§ 713(b), 724(a), 732, 749(a), July 21, 2010, 124 Stat. 1646, 1682, 1712, 1746.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Amendments2010—Subsec. (a). Pub. L. 111–203, § 749(a)(1)(A), in introductory provisions, substituted “be a” for “engage as” and struck out “or introducing broker in soliciting orders or accepting orders for the purchase or sale of any commodity for future delivery, or involving any contracts of sale of any commodity for future delivery, on or subject to the rules of any contract market or derivatives transaction execution facility” after “merchant”. Subsec. (a)(1). Pub. L. 111–203, § 749(a)(1)(B), struck out “or introducing broker” after “merchant”. Subsec. (a)(2). Pub. L. 111–203, § 749(a)(1)(C), struck out “if a futures commission merchant,” after “such person shall,”. Subsecs. (c) to (e). Pub. L. 111–203, § 732, added subsecs. (c) and (d) and redesignated former subsec. (c) as (e). Subsec. (f). Pub. L. 111–203, § 724(a), which directed amendment of section by adding subsec. (f) at end, was executed by making the addition after subsec. (e) to reflect the probable intent of Congress and the addition of subsec. (h) by section 713(b) of Pub. L. 111–203. Subsec. (g). Pub. L. 111–203, § 749(a)(2), which directed amendment of section by adding subsec. (g) at end, was executed by making the addition after subsec. (f) to reflect the probable intent of Congress and the addition of subsec. (h) by section 713(b) of Pub. L. 111–203. Subsec. (h). Pub. L. 111–203, § 713(b), added subsec. (h). 2000—Pub. L. 106–554, § 1(a)(5) [title II, § 251(f)], designated first undesignated par. as subsec. (a), designated second undesignated par. as subsec. (b), and added subsec. (c). Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(6)], inserted “or derivatives transaction execution facility” after “contract market” wherever appearing. 1983—Pub. L. 97–444, § 207(1), inserted reference to introducing brokers in provisions preceding par. (1). Par. (1). Pub. L. 97–444, § 207(2), inserted “or introducing broker” after “futures commission merchant”. Par. (2). Pub. L. 97–444, § 207(3), inserted “if a futures commission merchant,” after “such person shall,”. 1978—Pub. L. 95–405 in par. (2) inserted provisions authorizing Commission to prescribe terms and conditions under which funds and property commingled and deposited as permitted by par. (2) may be commingled and deposited with other funds and property received by a futures commission merchant and required by Commission to be separately accounted for and treated as belonging to its customers. 1974—Pub. L. 93–463 substituted “Commission” for “Secretary of Agriculture” in pars. (1) and (2). 1968—Pub. L. 90–258 struck out from second proviso of first par. authorization for investment of customer funds in investment securities of the kind national banking associations may buy or in loans secured by negotiable warehouse receipts conveying or securing title to readily marketable commodities to the extent of the current loan value of such receipts and added second par., making it unlawful for any person, including a clearing agency of a contract market or any depository, to treat customer funds as belonging to any person other than the customer, respectively.
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of 2010 AmendmentAmendment by Pub. L. 111–203 effective on the later of 360 days after July 21, 2010, or, to the extent a provision of subtitle A (§§ 711–754) of title VII of Pub. L. 111–203 requires a rulemaking, not less than 60 days after publication of the final rule or regulation implementing such provision of subtitle A, see section 754 of Pub. L. 111–203, set out as a note under section 1a of this title.
|
||||
|
||||
Effective Date of 1983 AmendmentAmendment by Pub. L. 97–444 effective 120 days after Jan. 11, 1983, or such earlier date as the Commission shall prescribe by regulation, see section 239 of Pub. L. 97–444, set out as a note under section 2 of this title.
|
||||
|
||||
Effective Date of 1978 AmendmentAmendment by Pub. L. 95–405 effective Oct. 1, 1978, see section 28 of Pub. L. 95–405, set out as a note under section 2 of this title.
|
||||
|
||||
Effective Date of 1974 AmendmentFor effective date of amendment by Pub. L. 93–463, see section 418 of Pub. L. 93–463, set out as a note under section 2 of this title.
|
||||
|
||||
Effective Date of 1968 AmendmentAmendment by Pub. L. 90–258 effective 120 days after Feb. 19, 1968, see section 28 of Pub. L. 90–258, set out as a note under section 2 of this title.
|
||||
|
||||
Effective DateFor effective date of section, see section 13 of act June 15, 1936, set out as an Effective Date of 1936 Amendment note under section 1 of this title.
|
||||
@@ -0,0 +1,49 @@
|
||||
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|
||||
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|
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|
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
---
|
||||
|
||||
# 7 U.S.C. § 6e - Dealings by unregistered floor trader or broker prohibited
|
||||
|
||||
## Text
|
||||
|
||||
It shall be unlawful for any person to act as floor trader in executing purchases and sales, or as floor broker in executing any orders for the purchase or sale, of any commodity for future delivery, or involving any contracts of sale of any commodity for future delivery, on or subject to the rules of any contract market or derivatives transaction execution facility unless such person shall have registered, under this chapter, with the Commission as such floor trader or floor broker and such registration shall not have expired nor been suspended nor revoked.
|
||||
|
||||
(Sept. 21, 1922, ch. 369, § 4e, as added June 15, 1936, ch. 545, § 5, 49 Stat. 1495; amended Pub. L. 93–463, title I, § 103(a), Oct. 23, 1974, 88 Stat. 1392; Pub. L. 102–546, title II, § 207(a), Oct. 28, 1992, 106 Stat. 3604; Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(6)], Dec. 21, 2000, 114 Stat. 2763, 2763A–407.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Amendments2000—Pub. L. 106–554 inserted “or derivatives transaction execution facility” after “contract market”. 1992—Pub. L. 102–546 amended section generally. Prior to amendment, section read as follows: “It shall be unlawful for any person to act as floor broker in executing any orders for the purchase or sale of any commodity for future delivery, or involving any contracts of sale of any commodity for future delivery, on or subject to the rules of any contract market unless such person shall have registered, under this chapter, with the Commission as such floor broker and such registration shall not have expired nor been suspended nor revoked.” 1974—Pub. L. 93–463 substituted “Commission” for “Secretary of Agriculture”.
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of 1992 AmendmentPub. L. 102–546, title II, § 207(c), Oct. 28, 1992, 106 Stat. 3604, provided that: “The amendments made by this section [amending this section and sections 6f, 6g, 12a, and 13a–2 of this title] shall become effective one hundred and eighty days after the date of enactment of this Act [Oct. 28, 1992], and the Commodity Futures Trading Commission shall issue any regulations necessary to implement the amendments made by this section no later than one hundred and eighty days after the date of enactment of this Act.”
|
||||
|
||||
Effective Date of 1974 AmendmentFor effective date of amendment by Pub. L. 93–463, see section 418 of Pub. L. 93–463, set out as a note under section 2 of this title.
|
||||
|
||||
Effective DateFor effective date of section, see section 13 of act June 15, 1936, set out as an Effective Date of 1936 Amendment note under section 1 of this title.
|
||||
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|
||||
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|
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|
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|
||||
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|
||||
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|
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|
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---
|
||||
|
||||
# 7 U.S.C. § 6f - Registration and financial requirements; risk assessment
|
||||
|
||||
## Text
|
||||
|
||||
(a) Registration of futures commission merchants, introducing brokers, and floor brokers and traders (1) Any person desiring to register as a futures commission merchant, introducing broker, floor broker, or floor trader hereunder shall be registered upon application to the Commission. The application shall be made in such form and manner as prescribed by the Commission, giving such information and facts as the Commission may deem necessary concerning the business in which the applicant is or will be engaged, including in the case of an application of a futures commission merchant or an introducing broker, the names and addresses of the managers of all branch offices, and the names of such officers and partners, if a partnership, and of such officers, directors, and stockholders, if a corporation, as the Commission may direct. Such person, when registered hereunder, shall likewise continue to report and furnish to the Commission the above-mentioned information and such other information pertaining to such person’s business as the Commission may require. Each registration shall expire on December 31 of the year for which issued or at such other time, not less than one year from the date of issuance, as the Commission may by rule, regulation, or order prescribe, and shall be renewed upon application therefor unless the registration has been suspended (and the period of such suspension has not expired) or revoked pursuant to the provisions of this chapter.
|
||||
|
||||
(2) Notwithstanding paragraph (1), and except as provided in paragraph (3), any broker or dealer that is registered with the Securities and Exchange Commission shall be registered as a futures commission merchant or introducing broker, as applicable, if—
|
||||
|
||||
(A) the broker or dealer limits its solicitation of orders, acceptance of orders, or execution of orders, or placing of orders on behalf of others involving any contracts of sale of any commodity for future delivery, on or subject to the rules of any contract market or registered derivatives transaction execution facility to security futures products;
|
||||
|
||||
(B) the broker or dealer files written notice with the Commission in such form as the Commission, by rule, may prescribe containing such information as the Commission, by rule, may prescribe as necessary or appropriate in the public interest or for the protection of investors;
|
||||
|
||||
(C) the registration of the broker or dealer is not suspended pursuant to an order of the Securities and Exchange Commission; and
|
||||
|
||||
(D) the broker or dealer is a member of a national securities association registered pursuant to section 78o–3(a) of title 15.
|
||||
|
||||
The registration shall be effective contemporaneously with the submission of notice, in written or electronic form, to the Commission.
|
||||
|
||||
(3) A floor broker or floor trader shall be exempt from the registration requirements of section 6e of this title and paragraph (1) of this subsection if—
|
||||
|
||||
(A) the floor broker or floor trader is a broker or dealer registered with the Securities and Exchange Commission;
|
||||
|
||||
(B) the floor broker or floor trader limits its solicitation of orders, acceptance of orders, or execution of orders, or placing of orders on behalf of others involving any contracts of sale of any commodity for future delivery, on or subject to the rules of any contract market to security futures products; and
|
||||
|
||||
(C) the registration of the floor broker or floor trader is not suspended pursuant to an order of the Securities and Exchange Commission.
|
||||
|
||||
(4) (A) A broker or dealer that is registered as a futures commission merchant or introducing broker pursuant to paragraph (2), or that is a floor broker or floor trader exempt from registration pursuant to paragraph (3), shall be exempt from the following provisions of this chapter and the rules thereunder:
|
||||
|
||||
(i) Subsections (b), (d), (e), and (g) of section 6c of this title.
|
||||
|
||||
(ii) Sections 6d, 6e, and 6h of this title.
|
||||
|
||||
(iii) Subsections (b) and (c) of this section.
|
||||
|
||||
(iv) Section 6j of this title.
|
||||
|
||||
(v) Section 6k(1) of this title.
|
||||
|
||||
(vi) Section 6p of this title.
|
||||
|
||||
(vii) Section 13a–2 of this title.
|
||||
|
||||
(viii) Subsections (d) and (g) of section 12 of this title.
|
||||
|
||||
(ix) Section 20 of this title.
|
||||
|
||||
(B) (i) Except as provided in clause (ii) of this subparagraph, but notwithstanding any other provision of this chapter, the Commission, by rule, regulation, or order, may conditionally or unconditionally exempt any broker or dealer subject to the registration requirement of paragraph (2), or any broker or dealer exempt from registration pursuant to paragraph (3), from any provision of this chapter or of any rule or regulation thereunder, to the extent the exemption is necessary or appropriate in the public interest and is consistent with the protection of investors.
|
||||
|
||||
(ii) The Commission shall, by rule or regulation, determine the procedures under which an exemptive order under this section shall be granted and may, in its sole discretion, decline to entertain any application for an order of exemption under this section.
|
||||
|
||||
(C) (i) A broker or dealer that is registered as a futures commission merchant or introducing broker pursuant to paragraph (2) or an associated person thereof, or that is a floor broker or floor trader exempt from registration pursuant to paragraph (3), shall not be required to become a member of any futures association registered under section 21 of this title.
|
||||
|
||||
(ii) No futures association registered under section 21 of this title shall limit its members from carrying an account, accepting an order, or transacting business with a broker or dealer that is registered as a futures commission merchant or introducing broker pursuant to paragraph (2) or an associated person thereof, or that is a floor broker or floor trader exempt from registration pursuant to paragraph (3).
|
||||
|
||||
(b) Financial requirements for futures commission merchants and introducing brokers Notwithstanding any other provisions of this chapter, no person desiring to register as futures commission merchant or as introducing broker shall be so registered unless he meets such minimum financial requirements as the Commission may by regulation prescribe as necessary to insure his meeting his obligation as a registrant, and each person so registered shall at all times continue to meet such prescribed minimum financial requirements: Provided, That such minimum financial requirements will be considered met if the applicant for registration or registrant is a member of a contract market or derivatives transaction execution facility and conforms to minimum financial standards and related reporting requirements set by such contract market or derivatives transaction execution facility in its bylaws, rules, regulations, or resolutions and approved by the Commission as adequate to effectuate the purposes of this subsection.
|
||||
|
||||
(c) Risk assessment for holding company systems (1) As used in this subsection:
|
||||
|
||||
(i) The term “affiliated person” means any person directly or indirectly controlling, controlled by, or under common control with a futures commission merchant, as the Commission, by rule or regulation, may determine will effectuate the purposes of this subsection.
|
||||
|
||||
(ii) The term “Federal banking agency” shall have the same meaning as the term “appropriate Federal banking agency” in section 1813(q) of title 12.
|
||||
|
||||
(2) (A) Each registered futures commission merchant shall obtain such information and make and keep such records as the Commission, by rule or regulation, prescribes concerning the registered futures commission merchant’s policies, procedures, or systems for monitoring and controlling financial and operational risks to it resulting from the activities of any of its affiliated persons, other than a natural person.
|
||||
|
||||
(B) The records required under subparagraph (A) shall describe, in the aggregate, each of the futures and other financial activities conducted by, and the customary sources of capital and funding of, those of its affiliated persons whose business activities are reasonably likely to have a material impact on the financial or operational condition of the futures commission merchant, including its adjusted net capital, its liquidity, or its ability to conduct or finance its operations.
|
||||
|
||||
(C) The Commission, by rule or regulation, may require summary reports of such information to be filed by the futures commission merchant with the Commission no more frequently than quarterly.
|
||||
|
||||
(3) (A) ,11 So in original. The comma probably should not appear. If, as a result of adverse market conditions or based on reports provided to the Commission pursuant to paragraph (2) or other available information, the Commission reasonably concludes that the Commission has concerns regarding the financial or operational condition of any registered futures commission merchant, the Commission may require the futures commission merchant to make reports concerning the futures and other financial activities of any of such person’s affiliated persons, other than a natural person, whose business activities are reasonably likely to have a material impact on the financial or operational condition of the futures commission merchant.
|
||||
|
||||
(B) The Commission, in requiring reports pursuant to this paragraph, shall specify the information required, the period for which it is required, the time and date on which the information must be furnished, and whether the information is to be furnished directly to the Commission or to a contract market or derivatives transaction execution facility or other self-regulatory organization with primary responsibility for examining the registered futures commission merchant’s financial and operational condition.
|
||||
|
||||
(4) (A) in 22 So in original. Probably should be capitalized. developing and implementing reporting requirements pursuant to paragraph (2) with respect to affiliated persons subject to examination by or reporting requirements of a Federal banking agency, the Commission shall consult with and consider the views of each such Federal banking agency. If a Federal banking agency comments in writing on a proposed rule of the Commission under this subsection that has been published for comment, the Commission shall respond in writing to the written comment before adopting the proposed rule. The Commission shall, at the request of the Federal banking agency, publish the comment and response in the Federal Register at the time of publishing the adopted rule.
|
||||
|
||||
(B) (i) Except as provided in clause (ii), a registered futures commission merchant shall be considered to have complied with a recordkeeping or reporting requirement adopted pursuant to paragraph (2) concerning an affiliated person that is subject to examination by, or reporting requirements of, a Federal banking agency if the futures commission merchant utilizes for the recordkeeping or reporting requirement copies of reports filed by the affiliated person with the Federal banking agency pursuant to section 161 of title 12, section 9 of the Federal Reserve Act (12 U.S.C. 321 et seq.), section 1817(a) of title 12, section 1467a(b) of title 12, or section 1844 of title 12.
|
||||
|
||||
(ii) The Commission may, by rule adopted pursuant to paragraph (2), require any futures commission merchant filing the reports with the Commission to obtain, maintain, or report supplemental information if the Commission makes an explicit finding that the supplemental information is necessary to inform the Commission regarding potential risks to the futures commission merchant. Prior to requiring any such supplemental information, the Commission shall first request the Federal banking agency to expand its reporting requirements to include the information.
|
||||
|
||||
(5) Prior to making a request pursuant to paragraph (3) for information with respect to an affiliated person that is subject to examination by or reporting requirements of a Federal banking agency, the Commission shall—
|
||||
|
||||
(A) notify the agency of the information required with respect to the affiliated person; and
|
||||
|
||||
(B) consult with the agency to determine whether the information required is available from the agency and for other purposes, unless the Commission determines that any delay resulting from the consultation would be inconsistent with ensuring the financial and operational condition of the futures commission merchant or the stability or integrity of the futures markets.
|
||||
|
||||
(6) Nothing in this subsection shall be construed to permit the Commission to require any futures commission merchant to obtain, maintain, or furnish any examination report of any Federal banking agency or any supervisory recommendations or analysis contained in the report.
|
||||
|
||||
(7) No information provided to or obtained by the Commission from any Federal banking agency pursuant to a request under paragraph (5) regarding any affiliated person that is subject to examination by or reporting requirements of a Federal banking agency may be disclosed to any other person (other than as provided in section 12 of this title or section 12a(6) of this title), without the prior written approval of the Federal banking agency.
|
||||
|
||||
(8) The Commission shall notify a Federal banking agency of any concerns of the Commission regarding significant financial or operational risks resulting from the activities of any futures commission merchant to any affiliated person thereof that is subject to examination by or reporting requirements of the Federal banking agency.
|
||||
|
||||
(9) The Commission, by rule, regulation, or order, may exempt any person or class of persons under such terms and conditions and for such periods as the Commission shall provide in the rule, regulation, or order, from this subsection and the rules and regulations issued under this subsection. In granting the exemption, the Commission shall consider, among other factors—
|
||||
|
||||
(A) whether information of the type required under this subsection is available from a supervisory agency (as defined in section 3401(7) of title 12), a State insurance commission or similar State agency, the Securities and Exchange Commission, or a similar foreign regulator;
|
||||
|
||||
(B) the primary business of any affiliated person;
|
||||
|
||||
(C) the nature and extent of domestic or foreign regulation of the affiliated person’s activities;
|
||||
|
||||
(D) the nature and extent of the registered futures commission merchant’s commodity futures and options activities; and
|
||||
|
||||
(E) with respect to the registered futures commission merchant and its affiliated persons, on a consolidated basis, the amount and proportion of assets devoted to, and revenues derived from activities in the United States futures markets.
|
||||
|
||||
(10) Information required to be provided pursuant to this subsection shall be subject to section 12 of this title. Except as specifically provided in section 12 of this title and notwithstanding any other provision of law, the Commission shall not be compelled to disclose any information required to be reported under this subsection, or any information supplied to the Commission by any domestic or foreign regulatory agency that relates to the financial or operational condition of any affiliated person of a registered futures commission merchant.
|
||||
|
||||
(11) Nothing in paragraphs (1) through (10) shall be construed to supersede or to limit in any way the authority or powers of the Commission pursuant to any other provision of this chapter or regulations issued under this chapter.
|
||||
|
||||
(Sept. 21, 1922, ch. 369, § 4f, as added June 15, 1936, ch. 545, § 5, 49 Stat. 1495; amended Pub. L. 90–258, § 7, Feb. 19, 1968, 82 Stat. 28; Pub. L. 93–463, title I, § 103(a), Oct. 23, 1974, 88 Stat. 1392; Pub. L. 95–405, § 5, Sept. 30, 1978, 92 Stat. 869; Pub. L. 97–444, title II, § 208, Jan. 11, 1983, 96 Stat. 2302; Pub. L. 102–546, title II, §§ 207(b)(1), 229, Oct. 28, 1992, 106 Stat. 3604, 3619; Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(6), title II, § 252(b), (c)], Dec. 21, 2000, 114 Stat. 2763, 2763A–407, 2763A–447; Pub. L. 110–234, title XIII, § 13105(b), May 22, 2008, 122 Stat. 1434; Pub. L. 110–246, § 4(a), title XIII, § 13105(b), June 18, 2008, 122 Stat. 1664, 2196.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
References in TextSection 9 of the Federal Reserve Act, referred to in subsec. (c)(4)(B)(i), is section 9 of act Dec. 23, 1913, ch. 6, 38 Stat. 251, which is classified generally to subchapter VIII (§ 321 et seq.) of chapter 3 of Title 12, Banks and Banking.
|
||||
|
||||
Codification Pub. L. 110–234 and Pub. L. 110–246 made identical amendments to this section. The amendments by Pub. L. 110–234 were repealed by section 4(a) of Pub. L. 110–246.
|
||||
|
||||
Amendments2008—Subsec. (c)(4)(B)(i). Pub. L. 110–246, § 13105(b), substituted “complied” for “compiled”. 2000—Subsec. (a). Pub. L. 106–554, § 1(a)(5) [title II, § 252(b)], designated existing provisions as par. (1) and added pars. (2) and (3). Subsec. (a)(4). Pub. L. 106–554, § 1(a)(5) [title II, § 252(c)], added par. (4). Subsecs. (b), (c)(3)(B). Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(6)], inserted “or derivatives transaction execution facility” after “contract market” wherever appearing. 1992—Subsec. (a). Pub. L. 102–546, §§ 207(b)(1), 229(1), redesignated par. (1) as subsec. (a) and substituted “floor broker, or floor trader” for “or floor broker”. Subsec. (b). Pub. L. 102–546, § 229(1), (2), redesignated par. (2) as subsec. (b) and substituted “this subsection” for “this paragraph (2)”. Subsec. (c). Pub. L. 102–546, § 229(3), added subsec. (c). 1983—Par. (1). Pub. L. 97–444, § 208(1), made grammatical changes, made registration provisions applicable to introducing brokers, and substituted “revoked pursuant to the provisions of this chapter” for “revoked after notice and hearing as prescribed in this chapter”. Par. (2). Pub. L. 97–444, § 208(2), made financial requirements applicable to introducing brokers. 1978—Par. (1). Pub. L. 95–405 substituted “Each registration shall expire on December 31 of the year for which issued or at such other time, not less than one year from the date of issuance, as the Commission may by rule, regulation, or order prescribe” for “All registrations shall expire on the 31st day of December of the year for which issued”. 1974—Pub. L. 93–463 substituted “Commission” for “Secretary of Agriculture”. 1968—Par. (1). Pub. L. 90–258, § 7(a), substituted “this chapter” for “section 6g of this title”. Par. (2). Pub. L. 90–258, § 7(b), substituted provisions that prescribed financial requirements for registration as futures commission merchant be met and continued at all times and that such requirements will be considered met by membership in a contract market and compliance with its minimum financial standards and related reporting requirements for former provisions for display of futures commission merchants’ registration certificates.
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of 2008 AmendmentAmendment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective May 22, 2008, the date of enactment of Pub. L. 110–234, see section 4 of Pub. L. 110–246, set out as an Effective Date note under section 8701 of this title.
|
||||
|
||||
Effective Date of 1992 AmendmentAmendment by section 207(b)(1) of Pub. L. 102–546 effective 180 days after Oct. 28, 1992, with Commodity Futures Trading Commission to issue any regulations necessary to implement such amendment no later than 180 days after Oct. 28, 1992, see section 207(c) of Pub. L. 102–546, set out as a note under section 6e of this title.
|
||||
|
||||
Effective Date of 1983 AmendmentAmendment by Pub. L. 97–444 effective Jan. 11, 1983, see section 239 of Pub. L. 97–444, set out as a note under section 2 of this title.
|
||||
|
||||
Effective Date of 1978 AmendmentAmendment by Pub. L. 95–405 effective Oct. 1, 1978, see section 28 of Pub. L. 95–405, set out as a note under section 2 of this title.
|
||||
|
||||
Effective Date of 1974 AmendmentFor effective date of amendment by Pub. L. 93–463, see section 418 of Pub. L. 93–463, set out as a note under section 2 of this title.
|
||||
|
||||
Effective Date of 1968 AmendmentAmendment by Pub. L. 90–258 effective 120 days after Feb. 19, 1968, see section 28 of Pub. L. 90–258, set out as a note under section 2 of this title.
|
||||
|
||||
Effective DateFor effective date of section, see section 13 of act June 15, 1936, set out as an Effective Date of 1936 Amendment note under section 1 of this title.
|
||||
@@ -0,0 +1,69 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
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|
||||
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|
||||
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|
||||
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|
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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||||
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|
||||
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|
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|
||||
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|
||||
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|
||||
---
|
||||
|
||||
# 7 U.S.C. § 6g - Reporting and recordkeeping
|
||||
|
||||
## Text
|
||||
|
||||
(a) In general Every person registered hereunder as futures commission merchant, introducing broker, floor broker, or floor trader shall make such reports as are required by the Commission regarding the transactions and positions of such person, and the transactions and positions of the customer thereof, in commodities for future delivery on any board of trade in the United States or elsewhere, and in any significant price discovery contract traded or executed on an electronic trading facility or any agreement, contract, or transaction that is treated by a derivatives clearing organization, whether registered or not registered, as fungible with a significant price discovery contract; shall keep books and records pertaining to such transactions and positions in such form and manner and for such period as may be required by the Commission; and shall keep such books and records open to inspection by any representative of the Commission or the United States Department of Justice.
|
||||
|
||||
(b) Daily trading records: registered entities Every registered entity shall maintain daily trading records. The daily trading records shall include such information as the Commission shall prescribe by rule.
|
||||
|
||||
(c) Daily trading records: floor brokers, introducing brokers, and futures commission merchants Floor brokers, introducing brokers, and futures commission merchants shall maintain daily trading records for each customer in such manner and form as to be identifiable with the trades referred to in subsection (b).
|
||||
|
||||
(d) Daily trading records: form and reports Daily trading records shall be maintained in a form suitable to the Commission for such period as may be required by the Commission. Reports shall be made from the records maintained at such times and at such places and in such form as the Commission may prescribe by rule, order, or regulation in order to protect the public interest and the interest of persons trading in commodity futures.
|
||||
|
||||
(e) Disclosure of information Before the beginning of trading each day, the exchange shall, insofar as is practicable and under terms and conditions specified by the Commission, make public the volume of trading on each type of contract for the previous day and such other information as the Commission deems necessary in the public interest and prescribes by rule, order, or regulation.
|
||||
|
||||
(f) Authority of Commission to make separate determinations unimpaired Nothing contained in this section shall be construed to prohibit the Commission from making separate determinations for different registered entities when such determinations are warranted in the judgment of the Commission.
|
||||
|
||||
(Sept. 21, 1922, ch. 369, § 4g, as added June 15, 1936, ch. 545, § 5, 49 Stat. 1496; amended Pub. L. 90–258, § 8, Feb. 19, 1968, 82 Stat. 28; Pub. L. 93–463, title I, § 103(a), (f), title IV, § 415, Oct. 23, 1974, 88 Stat. 1392, 1415; Pub. L. 95–405, § 6, Sept. 30, 1978, 92 Stat. 869; Pub. L. 97–444, title II, § 209, Jan. 11, 1983, 96 Stat. 2302; Pub. L. 102–546, title II, § 207(b)(1), title IV, § 402(5), Oct. 28, 1992, 106 Stat. 3604, 3624; Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(7)], Dec. 21, 2000, 114 Stat. 2763, 2763A–407; Pub. L. 110–234, title XIII, § 13202(a), May 22, 2008, 122 Stat. 1438; Pub. L. 110–246, § 4(a), title XIII, § 13202(a), June 18, 2008, 122 Stat. 1664, 2200.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Codification Pub. L. 110–234 and Pub. L. 110–246 made identical amendments to this section. The amendments by Pub. L. 110–234 were repealed by section 4(a) of Pub. L. 110–246.
|
||||
|
||||
Amendments2008—Subsec. (a). Pub. L. 110–246, § 13202(a), inserted “, and in any significant price discovery contract traded or executed on an electronic trading facility or any agreement, contract, or transaction that is treated by a derivatives clearing organization, whether registered or not registered, as fungible with a significant price discovery contract” after “elsewhere”. 2000—Subsec. (b). Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(7)(A)], substituted “registered entity” for “clearinghouse and contract market”. Subsec. (f). Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(7)(B)], substituted “registered entities” for “clearinghouses, contract markets, and exchanges”. 1992—Subsec. (a). Pub. L. 102–546, §§ 207(b)(1), 402(5)(A), redesignated par. (1) as subsec. (a) and substituted “floor broker, or floor trader” for “or floor broker”. Subsec. (b). Pub. L. 102–546, § 402(5)(A), redesignated par. (2) as subsec. (b). Subsec. (c). Pub. L. 102–546, § 402(5), redesignated par. (3) as subsec. (c) and substituted “subsection (b)” for “paragraph (2)”. Subsecs. (d) to (f). Pub. L. 102–546, § 402(5)(A), redesignated pars. (4) to (6) as subsecs. (d) to (f), respectively. 1983—Par. (1). Pub. L. 97–444, § 209(1), made reporting and recordkeeping requirements applicable to introducing brokers. Par. (2). Pub. L. 97–444, § 209(2), made customer daily trading records requirement applicable to introducing brokers. 1978—Par. (3). Pub. L. 95–405 substituted “Floor brokers” for “Brokers”. 1974—Par. (1). Pub. L. 93–463, §§ 103(a), (f), 415, designated existing provisions as par. (1) and substituted “Commission” for “Secretary of Agriculture” and “United States Department of Agriculture”. Pars. (2) to (6). Pub. L. 93–463, § 415, added pars. (2) to (6). 1968—Pub. L. 90–258 rephrased existing provisions to express reporting and recordkeeping requirements as a positive obligation of futures commission merchants and floor brokers, rather than as a ground for revoking or suspending registration and struck out provisions for revocation or suspension of registration. See section 9 of this title.
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of 2008 AmendmentAmendment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective May 22, 2008, the date of enactment of Pub. L. 110–234, except as otherwise provided, see section 4 of Pub. L. 110–246, set out as an Effective Date note under section 8701 of this title. Amendment by section 13202(a) of Pub. L. 110–246 effective June 18, 2008, see section 13204(a) of Pub. L. 110–246, set out as a note under section 2 of this title.
|
||||
|
||||
Effective Date of 1992 AmendmentAmendment by section 207(b)(1) of Pub. L. 102–546 effective 180 days after Oct. 28, 1992, with Commodity Futures Trading Commission to issue any regulations necessary to implement such amendment no later than 180 days after Oct. 28, 1992, see section 207(c) of Pub. L. 102–546, set out as a note under section 6e of this title.
|
||||
|
||||
Effective Date of 1983 AmendmentAmendment by Pub. L. 97–444 effective Jan. 11, 1983, see section 239 of Pub. L. 97–444, set out as a note under section 2 of this title.
|
||||
|
||||
Effective Date of 1978 AmendmentAmendment by Pub. L. 95–405 effective Oct. 1, 1978, see section 28 of Pub. L. 95–405, set out as a note under section 2 of this title.
|
||||
|
||||
Effective Date of 1974 AmendmentFor effective date of amendment by Pub. L. 93–463 see section 418 of Pub. L. 93–463, set out as a note under section 2 of this title.
|
||||
|
||||
Effective Date of 1968 AmendmentAmendment by Pub. L. 90–258 effective 120 days after Feb. 19, 1968, see section 28 of Pub. L. 90–258, set out as a note under section 2 of this title.
|
||||
|
||||
Effective DateFor effective date of section, see section 13 of act June 15, 1936, set out as an Effective Date of 1936 Amendment note under section 1 of this title.
|
||||
@@ -0,0 +1,47 @@
|
||||
---
|
||||
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||||
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|
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|
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|
||||
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|
||||
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|
||||
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|
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|
||||
---
|
||||
|
||||
# 7 U.S.C. § 6h - False self-representation as registered entity member prohibited
|
||||
|
||||
## Text
|
||||
|
||||
It shall be unlawful for any person falsely to represent such person to be a member of a registered entity or the representative or agent of such member, or to be a registrant under this chapter or the representative or agent of any registrant, in soliciting or handling any order or contract for the purchase or sale of any commodity in interstate commerce or for future delivery, or falsely to represent in connection with the handling of any such order or contract that the same is to be or has been executed on, or by or through a member of, any registered entity.
|
||||
|
||||
(Sept. 21, 1922, ch. 369, § 4h, as added June 15, 1936, ch. 545, § 5, 49 Stat. 1496; amended Pub. L. 97–444, title II, § 210, Jan. 11, 1983, 96 Stat. 2302; Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(8)], Dec. 21, 2000, 114 Stat. 2763, 2763A–407.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Amendments2000—Pub. L. 106–554 substituted “registered entity” for “contract market” in two places. 1983—Pub. L. 97–444 struck out provisions formerly designated as par. (1) relating to conduct of offices or places of business anywhere in the United States or its territories that were used for dealing in commodities for future delivery unless such dealings were executed or consummated by or through a member of a contract market, which provisions were transferred to section 6(a) of this title, and broadened remaining provisions, formerly designated as par. (2), to prohibit false representations that a person is registered with the Commission in any capacity, and not only as a futures commission merchant, as previously provided.
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of 1983 AmendmentAmendment by Pub. L. 97–444 effective Jan. 11, 1983, see section 239 of Pub. L. 97–444, set out as a note under section 2 of this title.
|
||||
|
||||
Effective DateFor effective date of section, see section 13 of act June 15, 1936, set out as an Effective Date of 1936 Amendment note under section 1 of this title.
|
||||
@@ -0,0 +1,61 @@
|
||||
---
|
||||
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||||
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|
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|
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
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|
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|
||||
---
|
||||
|
||||
# 7 U.S.C. § 6i - Reports of deals equal to or in excess of trading limits; books and records; cash and controlled transactions
|
||||
|
||||
## Text
|
||||
|
||||
It shall be unlawful for any person to make any contract for the purchase or sale of any commodity for future delivery on or subject to the rules of any contract market or derivatives transaction execution facility, or any significant price discovery contract traded or executed on an electronic trading facility or any agreement, contract, or transaction that is treated by a derivatives clearing organization, whether registered or not registered, as fungible with a significant price discovery contract—
|
||||
|
||||
(1) if such person shall directly or indirectly make such contracts with respect to any commodity or any future of such commodity during any one day in an amount equal to or in excess of such amount as shall be fixed from time to time by the Commission, and
|
||||
|
||||
(2) if such person shall directly or indirectly have or obtain a long or short position in any commodity or any future of such commodity equal to or in excess of such amount as shall be fixed from time to time by the Commission,
|
||||
|
||||
unless such person files or causes to be filed with the properly designated officer of the Commission such reports regarding any transactions or positions described in clauses (1) and (2) hereof as the Commission may by rule or regulation require and unless, in accordance with rules and regulations of the Commission, such person shall keep books and records of all such transactions and positions and transactions and positions in any such commodity traded on or subject to the rules of any other board of trade or electronic trading facility, and of cash or spot transactions in, and inventories and purchase and sale commitments of such commodity. Such books and records shall show complete details concerning all such transactions, positions, inventories, and commitments, including the names and addresses of all persons having any interest therein, and shall be open at all times to inspection by any representative of the Commission or the Department of Justice. For the purposes of this section, the futures and cash or spot transactions and positions of any person shall include such transactions and positions of any persons directly or indirectly controlled by such person.
|
||||
|
||||
(Sept. 21, 1922, ch. 369, § 4i, as added June 15, 1936, ch. 545, § 5, 49 Stat. 1496; amended Pub. L. 90–258, § 9, Feb. 19, 1968, 82 Stat. 28; Pub. L. 93–463, title I, § 103(a), (f), Oct. 23, 1974, 88 Stat. 1392; Pub. L. 97–444, title II, § 211, Jan. 11, 1983, 96 Stat. 2303; Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(9)], Dec. 21, 2000, 114 Stat. 2763, 2763A–407; Pub. L. 110–234, title XIII, § 13202(b), May 22, 2008, 122 Stat. 1439; Pub. L. 110–246, § 4(a), title XIII, § 13202(b), June 18, 2008, 122 Stat. 1664, 2201.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Codification Pub. L. 110–234 and Pub. L. 110–246 made identical amendments to this section. The amendments by Pub. L. 110–234 were repealed by section 4(a) of Pub. L. 110–246.
|
||||
|
||||
Amendments2008—Pub. L. 110–246, § 13202(b), in introductory provisions, inserted “, or any significant price discovery contract traded or executed on an electronic trading facility or any agreement, contract, or transaction that is treated by a derivatives clearing organization, whether registered or not registered, as fungible with a significant price discovery contract” after “derivatives transaction execution facility” and, in concluding provisions, inserted “or electronic trading facility” after “board of trade”. 2000—Pub. L. 106–554 inserted “or derivatives transaction execution facility” after “contract market” in introductory provisions. 1983—Pub. L. 97–444 amended section generally by substantially restating provisions and inserting requirement that persons whose transactions and positions in any cash commodity or commodity future are equal to or in excess of amounts fixed by the Commission, must keep books and records of such transactions and positions as well as books and records of any such commodity traded on or subject to rules of any other board of trade, whether or not such person is required to file reports with the Commission concerning such transactions and positions. 1974—Pub. L. 93–463 substituted “Commission” for “Secretary of Agriculture” and “United States Department of Agriculture”. 1968—Pub. L. 90–258 required recordkeeping of positions and of cash or spot transactions in commodities entered into, and inventories and purchase and sale commitments of commodities held, in any month in which reports are required to be kept, including details concerning positions, inventories, and commitments, and included controlled transactions and positions in the futures and cash or spot transactions and positions of any person.
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of 2008 AmendmentAmendment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective May 22, 2008, the date of enactment of Pub. L. 110–234, except as otherwise provided, see section 4 of Pub. L. 110–246, set out as an Effective Date note under section 8701 of this title. Amendment by section 13202(b) of Pub. L. 110–246 effective June 18, 2008, see section 13204(a) of Pub. L. 110–246, set out as a note under section 2 of this title.
|
||||
|
||||
Effective Date of 1983 AmendmentAmendment by Pub. L. 97–444 effective Jan. 11, 1983, see section 239 of Pub. L. 97–444, set out as a note under section 2 of this title.
|
||||
|
||||
Effective Date of 1974 AmendmentFor effective date of amendment by Pub. L. 93–463, see section 418 of Pub. L. 93–463, set out as a note under section 2 of this title.
|
||||
|
||||
Effective Date of 1968 AmendmentAmendment by Pub. L. 90–258 effective 120 days after Feb. 19, 1968, see section 28 of Pub. L. 90–258, set out as a note under section 2 of this title.
|
||||
|
||||
Effective DateFor effective date of section, see section 13 of act June 15, 1936, set out as an Effective Date of 1936 Amendment note under section 1 of this title.
|
||||
@@ -0,0 +1,75 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 6j"
|
||||
description: "Restrictions on dual trading in security futures products on designated contract markets and registered derivatives transaction execution facilities"
|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
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||||
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||||
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|
||||
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|
||||
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|
||||
---
|
||||
|
||||
# 7 U.S.C. § 6j - Restrictions on dual trading in security futures products on designated contract markets and registered derivatives transaction execution facilities
|
||||
|
||||
## Text
|
||||
|
||||
(a) Issuance of regulations The Commission shall issue regulations to prohibit the privilege of dual trading in security futures products on each contract market and registered derivatives transaction execution facility. The regulations issued by the Commission under this section—
|
||||
|
||||
(1) shall provide that the prohibition of dual trading thereunder shall take effect upon issuance of the regulations; and
|
||||
|
||||
(2) shall provide exceptions, as the Commission determines appropriate, to ensure fairness and orderly trading in security futures product markets, including—
|
||||
|
||||
(A) exceptions for spread transactions and the correction of trading errors;
|
||||
|
||||
(B) allowance for a customer to designate in writing not less than once annually a named floor broker to execute orders for such customer, notwithstanding the regulations to prohibit the privilege of dual trading required under this section; and
|
||||
|
||||
(C) other measures reasonably designed to accommodate unique or special characteristics of individual boards of trade or contract markets, to address emergency or unusual market conditions, or otherwise to further the public interest consistent with the promotion of market efficiency, innovation, and expansion of investment opportunities, the protection of investors, and with the purposes of this section.
|
||||
|
||||
(b) “Dual trading” defined As used in this section, the term “dual trading” means the execution of customer orders by a floor broker during the same trading session in which the floor broker executes any trade in the same contract market or registered derivatives transaction execution facility for—
|
||||
|
||||
(1) the account of such floor broker;
|
||||
|
||||
(2) an account for which such floor broker has trading discretion; or
|
||||
|
||||
(3) an account controlled by a person with whom such floor broker has a relationship through membership in a broker association.
|
||||
|
||||
(c) “Broker association” defined As used in this section, the term “broker association” shall include two or more contract market members or registered derivatives transaction execution facility members with floor trading privileges of whom at least one is acting as a floor broker, who—
|
||||
|
||||
(1) engage in floor brokerage activity on behalf of the same employer,
|
||||
|
||||
(2) have an employer and employee relationship which relates to floor brokerage activity,
|
||||
|
||||
(3) share profits and losses associated with their brokerage or trading activity, or
|
||||
|
||||
(4) regularly share a deck of orders.
|
||||
|
||||
(Sept. 21, 1922, ch. 369, § 4j, as added Pub. L. 93–463, title II, § 203, Oct. 23, 1974, 88 Stat. 1396; amended Pub. L. 94–16, § 2, Apr. 16, 1975, 89 Stat. 77; Pub. L. 102–546, title I, §§ 101, 102(a), Oct. 28, 1992, 106 Stat. 3591, 3594; Pub. L. 106–554, § 1(a)(5) [title II, § 251(c)], Dec. 21, 2000, 114 Stat. 2763, 2763A–442.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Amendments2000—Pub. L. 106–554 amended section generally. Prior to amendment, section required Commission to issue regulations to prohibit the privilege of dual trading on contract markets, allowed for certain exemptions, required Commission to make determinations relating to trading by floor brokers and futures commission merchants, and restricted trading among members of broker associations. 1992—Subsec. (a). Pub. L. 102–546, § 101(a)(3), added subsec. (a). Subsec. (b). Pub. L. 102–546, § 101(a)(1), (2), redesignated par. (1) as subsec. (b) and substituted “If, in addition to the regulations issued pursuant to subsection (a) of this section, the Commission has reason to believe that dual trading-related or facilitated abuses are not being or cannot be effectively addressed by subsection (a) of this section, the Commission shall” for “The Commission shall within nine months after the effective date of the Commodity Futures Trading Commission Act of 1974, and subsequently when it determines that changes are required,”. Subsec. (c). Pub. L. 102–546, § 101(a)(1), redesignated par. (2) as subsec. (c). Subsec. (d). Pub. L. 102–546, § 102(a), added subsec. (d). 1975—Pub. L. 94–16 substituted “nine months” for “six months” in pars. (1) and (2).
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of 1992 AmendmentPub. L. 102–546, title I, § 102(b), Oct. 28, 1992, 106 Stat. 3594, provided that: “The amendment made by subsection (a) [amending this section] shall become effective two hundred and seventy days after the date of enactment of this Act [Oct. 28, 1992].”
|
||||
|
||||
Effective DateFor effective date of section, see section 418 of Pub. L. 93–463, set out as an Effective Date of 1974 Amendment note under section 2 of this title.
|
||||
@@ -0,0 +1,81 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 6k"
|
||||
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|
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|
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|
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|
||||
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|
||||
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|
||||
chapter_name: "COMMODITY EXCHANGES"
|
||||
section: "6k"
|
||||
citation: "7 U.S.C. § 6k"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
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release_date: "2026-06-26"
|
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|
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|
||||
---
|
||||
|
||||
# 7 U.S.C. § 6k - Registration of associates of futures commission merchants, commodity pool operators, and commodity trading advisors; required disclosure of disqualifications; exemptions for associated persons
|
||||
|
||||
## Text
|
||||
|
||||
(1) It shall be unlawful for any person to be associated with a futures commission merchant as a partner, officer, or employee, or to be associated with an introducing broker as a partner, officer, employee, or agent (or any person occupying a similar status or performing similar functions), in any capacity that involves (i) the solicitation or acceptance of customers’ orders (other than in a clerical capacity) or (ii) the supervision of any person or persons so engaged, unless such person is registered with the Commission under this chapter as an associated person of such futures commission merchant or of such introducing broker and such registration shall not have expired, been suspended (and the period of suspension has not expired), or been revoked. It shall be unlawful for a futures commission merchant or introducing broker to permit such a person to become or remain associated with the futures commission merchant or introducing broker in any such capacity if such futures commission merchant or introducing broker knew or should have known that such person was not so registered or that such registration had expired, been suspended (and the period of suspension has not expired), or been revoked. Any individual who is registered as a floor broker, futures commission merchant, or introducing broker (and such registration is not suspended or revoked) need not also register under this paragraph.
|
||||
|
||||
(2) It shall be unlawful for any person to be associated with a commodity pool operator as a partner, officer, employee, consultant, or agent (or any person occupying a similar status or performing similar functions), in any capacity that involves (i) the solicitation of funds, securities, or property for a participation in a commodity pool or (ii) the supervision of any person or persons so engaged, unless such person is registered with the Commission under this chapter as an associated person of such commodity pool operator and such registration shall not have expired, been suspended (and the period of suspension has not expired), or been revoked. It shall be unlawful for a commodity pool operator to permit such a person to become or remain associated with the commodity pool operator in any such capacity if the commodity pool operator knew or should have known that such person was not so registered or that such registration had expired, been suspended (and the period of suspension has not expired), or been revoked. Any individual who is registered as a floor broker, futures commission merchant, introducing broker, commodity pool operator, or as an associated person of another category of registrant under this section (and such registration is not suspended or revoked) need not also register under this paragraph. The Commission may exempt any person or class of persons from having to register under this paragraph by rule, regulation, or order.
|
||||
|
||||
(3) It shall be unlawful for any person to be associated with a commodity trading advisor as a partner, officer, employee, consultant, or agent (or any person occupying a similar status or performing similar functions), in any capacity which involves (i) the solicitation of a client’s or prospective client’s discretionary account or (ii) the supervision of any person or persons so engaged, unless such person is registered with the Commission under this chapter as an associated person of such commodity trading advisor and such registration shall not have expired, been suspended (and the period of suspension has not expired), or been revoked. It shall be unlawful for a commodity trading advisor to permit such a person to become or remain associated with the commodity trading advisor in any such capacity if the commodity trading advisor knew or should have known that such person was not so registered or that such registration had expired, been suspended (and the period of suspension has not expired), or been revoked. Any individual who is registered as a floor broker, futures commission merchant, introducing broker, commodity trading advisor, or as an associated person of another category of registrant under this section (and such registration is not suspended or revoked) need not also register under this paragraph. The Commission may exempt any person or class of persons from having to register under this paragraph by rule, regulation, or order.
|
||||
|
||||
(4) Any person desiring to be registered as an associated person of a futures commission merchant, of an introducing broker, of a commodity pool operator, or of a commodity trading advisor shall make application to the Commission in the form and manner prescribed by the Commission, giving such information and facts as the Commission may deem necessary concerning the applicant. Such person, when registered hereunder, shall likewise continue to report and furnish to the Commission such information as the Commission may require. Such registration shall expire at such time as the Commission may by rule, regulation, or order prescribe.
|
||||
|
||||
(5) It shall be unlawful for any registrant to permit a person to become or remain an associated person of such registrant, if the registrant knew or should have known of facts regarding such associated person that are set forth as statutory disqualifications in section 12a(2) of this title, unless such registrant has notified the Commission of such facts and the Commission has determined that such person should be registered or temporarily licensed.
|
||||
|
||||
(6) Any associated person of a broker or dealer that is registered with the Securities and Exchange Commission, and who limits its solicitation of orders, acceptance of orders, or execution of orders, or placing of orders on behalf of others involving any contracts of sale of any commodity for future delivery or any option on such a contract, on or subject to the rules of any contract market or registered derivatives transaction execution facility to security futures products, shall be exempt from the following provisions of this chapter and the rules thereunder:
|
||||
|
||||
(A) Subsections (b), (d), (e), and (g) of section 6c of this title.
|
||||
|
||||
(B) Sections 6d, 6e, and 6h of this title.
|
||||
|
||||
(C) Subsections (b) and (c) of section 6f of this title.
|
||||
|
||||
(D) Section 6j of this title.
|
||||
|
||||
(E) Paragraph (1) of this section.
|
||||
|
||||
(F) Section 6p of this title.
|
||||
|
||||
(G) Section 13a–2 of this title.
|
||||
|
||||
(H) Subsections (d) and (g) of section 12 of this title.
|
||||
|
||||
(I) Section 20 of this title.
|
||||
|
||||
(Sept. 21, 1922, ch. 369, § 4k, as added Pub. L. 93–463, title II, § 204(a), Oct. 23, 1974, 88 Stat. 1396; amended Pub. L. 95–405, § 7, Sept. 30, 1978, 92 Stat. 869; Pub. L. 97–444, title II, § 212, Jan. 11, 1983, 96 Stat. 2303; Pub. L. 106–554, § 1(a)(5) [title II, § 252(d)], Dec. 21, 2000, 114 Stat. 2763, 2763A–448; Pub. L. 110–234, title XIII, § 13105(c), May 22, 2008, 122 Stat. 1434; Pub. L. 110–246, § 4(a), title XIII, § 13105(c), June 18, 2008, 122 Stat. 1664, 2196.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Codification Pub. L. 110–234 and Pub. L. 110–246 made identical amendments to this section. The amendments by Pub. L. 110–234 were repealed by section 4(a) of Pub. L. 110–246.
|
||||
|
||||
Amendments2008—Pars. (5), (6). Pub. L. 110–246, § 13105(c), redesignated par. (5) relating to exempting associated persons or dealers from provisions of this chapter as (6). 2000—Par. (5). Pub. L. 106–554, § 1(a)(5) [title II, § 252(d)], which directed amendment of this section by “inserting after paragraph (4), as added by subsection (c) of this section” a new par. (5) relating to exempting associated persons or dealers from provisions of this chapter, was executed by adding that par. (5) at the end. Section 1(a)(5)[title II, § 252(c)] did not add a par. (4) to this section. 1983—Par. (1). Pub. L. 97–444 amended par. (1) generally to apply to introducing brokers and persons associated with introducing brokers. Par. (2). Pub. L. 97–444 added par. (2). Former par. (2) redesignated (4). Par. (3). Pub. L. 97–444 added par. (3). Former par. (3), which empowered Commission to authorize a registered futures association to perform any portion of the registration functions under this section, in accordance with rules approved by the Commission, and subject to the provisions of this chapter applicable to registrations granted by the Commission, was struck out. Par. (4). Pub. L. 97–444 redesignated former par. (2) as (4) and substituted “Any person desiring to be registered as an associated person of a futures commission merchant, of an introducing broker, of a commodity pool operator, or of a commodity trading advisor shall make application to the Commission in the form and manner prescribed by the Commission, giving such information and facts as the Commission may deem necessary concerning the applicant. Such person, when registered hereunder, shall likewise continue to report and furnish to the Commission such information as the Commission may require. Such registration shall expire at such time as the Commission may by rule, regulation, or order prescribe” for “Any such person desiring to be registered shall make application to the Commission in the form and manner prescribed by the Commission, giving such information and facts as the Commission may deem necessary concerning the applicant. Such person, when registered hereunder, shall likewise continue to report and furnish to the Commission such information as the Commission may require. Such registration shall expire two years after the effective date thereof or at such other time, not less than one year from the date of issuance thereof, as the Commission may by rule, regulation, or order prescribe and shall be renewed upon application therefor, unless the registration has been suspended (and the period of such suspension has not expired) or revoked after notice and hearing as prescribed in section 9 of this title: Provided, That upon initial registration, unless the Commission otherwise prescribes by rule, regulation, or order, the effective period of such registration shall be not more than two years nor less than one year from the effective date thereof”. Par. (5). Pub. L. 97–444 added par. (5). 1978—Par. (2). Pub. L. 95–405, § 7(1), inserted provisions authorizing the Commission to prescribe the period of registration of not less than one year for associated persons. Par. (3). Pub. L. 95–405, § 7(2), added par. (3).
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of 2008 AmendmentAmendment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective May 22, 2008, the date of enactment of Pub. L. 110–234, see section 4 of Pub. L. 110–246, set out as an Effective Date note under section 8701 of this title.
|
||||
|
||||
Effective Date of 1983 AmendmentAmendment by Pub. L. 97–444 effective 120 days after Jan. 11, 1983, or such earlier date as the Commission shall prescribe by regulation, see section 239 of Pub. L. 97–444, set out as a note under section 2 of this title.
|
||||
|
||||
Effective Date of 1978 AmendmentAmendment by Pub. L. 95–405 effective Oct. 1, 1978, see section 28 of Pub. L. 95–405, set out as a note under section 2 of this title.
|
||||
|
||||
Effective DateFor effective date of section, see section 418 of Pub. L. 93–463, set out as an Effective Date of 1974 Amendment note under section 2 of this title.
|
||||
@@ -0,0 +1,51 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
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|
||||
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|
||||
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|
||||
---
|
||||
|
||||
# 7 U.S.C. § 6l - Commodity trading advisors and commodity pool operators; Congressional finding
|
||||
|
||||
## Text
|
||||
|
||||
It is hereby found that the activities of commodity trading advisors and commodity pool operators are affected with a national public interest in that, among other things—
|
||||
|
||||
(1) their advice, counsel, publications, writings, analyses, and reports are furnished and distributed, and their contracts, solicitations, subscriptions, agreements, and other arrangements with clients take place and are negotiated and performed by the use of the mails and other means and instrumentalities of interstate commerce;
|
||||
|
||||
(2) their advice, counsel, publications, writings, analyses, and reports customarily relate to and their operations are directed toward and cause the purchase and sale of commodities for future delivery on or subject to the rules of contract markets or derivatives transaction execution facilities; and
|
||||
|
||||
(3) the foregoing transactions occur in such volume as to affect substantially transactions on contract markets or derivatives transaction execution facilities.
|
||||
|
||||
(Sept. 21, 1922, ch. 369, § 4l, as added Pub. L. 93–463, title II, § 205(a), Oct. 23, 1974, 88 Stat. 1397; Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(10)], Dec. 21, 2000, 114 Stat. 2763, 2763A–408.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Amendments2000—Pars. (2), (3). Pub. L. 106–554 inserted “or derivatives transaction execution facilities” after “contract markets”.
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective DateFor effective date of section, see section 418 of Pub. L. 93–463, set out as an Effective Date of 1974 Amendment note under section 2 of this title.
|
||||
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|
||||
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|
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
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||||
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|
||||
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|
||||
|
||||
# 7 U.S.C. § 6m - Use of mails or other means or instrumentalities of interstate commerce by commodity trading advisors and commodity pool operators; relation to other law
|
||||
|
||||
## Text
|
||||
|
||||
(1) It shall be unlawful for any commodity trading advisor or commodity pool operator, unless registered under this chapter, to make use of the mails or any means or instrumentality of interstate commerce in connection with his business as such commodity trading advisor or commodity pool operator: Provided, That the provisions of this section shall not apply to any commodity trading advisor who, during the course of the preceding twelve months, has not furnished commodity trading advice to more than fifteen persons and who does not hold himself out generally to the public as a commodity trading advisor. The provisions of this section shall not apply to any commodity trading advisor who is a (1) dealer, processor, broker, or seller in cash market transactions of any commodity specifically set forth in section 2(a) of this title prior to October 23, 1974, (or products thereof) or (2) nonprofit, voluntary membership, general farm organization, who provides advice on the sale or purchase of any commodity specifically set forth in section 2(a) of this title prior to October 23, 1974; if the advice by the person described in clause (1) or (2) of this sentence as a commodity trading advisor is solely incidental to the conduct of that person’s business: Provided, That such person shall be subject to proceedings under section 18 of this title.
|
||||
|
||||
(2) Nothing in this chapter shall relieve any person of any obligation or duty, or affect the availability of any right or remedy available to the Securities and Exchange Commission or any private party arising under the Securities Act of 1933 [15 U.S.C. 77a et seq.] or the Securities Exchange Act of 1934 [15 U.S.C. 78a et seq.] governing the issuance, offer, purchase, or sale of securities of a commodity pool, or of persons engaged in transactions with respect to such securities, or reporting by a commodity pool.
|
||||
|
||||
(3) Exception.— (A) In general.— Paragraph (1) shall not apply to any commodity trading advisor that is registered with the Securities and Exchange Commission as an investment adviser whose business does not consist primarily of acting as a commodity trading advisor, as defined in section 1a of this title, and that does not act as a commodity trading advisor to any commodity pool that is engaged primarily in trading commodity interests.
|
||||
|
||||
(B) Engaged primarily.— For purposes of subparagraph (A), a commodity trading advisor or a commodity pool shall be considered to be “engaged primarily” in the business of being a commodity trading advisor or commodity pool if it is or holds itself out to the public as being engaged primarily, or proposes to engage primarily, in the business of advising on commodity interests or investing, reinvesting, owning, holding, or trading in commodity interests, respectively.
|
||||
|
||||
(C) Commodity interests.— For purposes of this paragraph, commodity interests shall include contracts of sale of a commodity for future delivery, options on such contracts, security futures, swaps, leverage contracts, foreign exchange, spot and forward contracts on physical commodities, and any monies held in an account used for trading commodity interests.
|
||||
|
||||
(Sept. 21, 1922, ch. 369, § 4m, as added Pub. L. 93–463, title II, § 205(a), Oct. 23, 1974, 88 Stat. 1398; amended Pub. L. 95–405, § 8, Sept. 30, 1978, 92 Stat. 870; Pub. L. 97–444, title I, § 103, Jan. 11, 1983, 96 Stat. 2296; Pub. L. 106–554, § 1(a)(5) [title II, § 251(d)], Dec. 21, 2000, 114 Stat. 2763, 2763A–443; Pub. L. 111–203, title VII, §§ 721(e)(2), 749(b), July 21, 2010, 124 Stat. 1671, 1747.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
References in TextThe Securities Act of 1933, referred to in par. (2), is title I of act May 27, 1933, ch. 38, 48 Stat. 74, which is classified generally to subchapter I (§ 77a et seq.) of chapter 2A of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see section 77a of Title 15 and Tables. The Securities Exchange Act of 1934, referred to in par. (2), is act June 6, 1934, ch. 404, 48 Stat. 881, which is classified principally to chapter 2B (§ 78a et seq.) of Title 15. For complete classification of this Act to the Code, see section 78a of Title 15 and Tables.
|
||||
|
||||
Amendments2010—Par. (3). Pub. L. 111–203, § 749(b), inserted heading, designated existing provisions as subpar. (A) and inserted heading, substituted “Paragraph (1)” for “Subsection (1) of this section” and “to any commodity pool that is engaged primarily in trading commodity interests.” for “to any investment trust, syndicate, or similar form of enterprise that is engaged primarily in trading in any commodity for future delivery on or subject to the rules of any contract market or registered derivatives transaction execution facility.”, and added subpars. (B) and (C). Pub. L. 111–203, § 721(e)(2), substituted “section 1a” for “section 1a(6)”. 2000—Par. (3). Pub. L. 106–554 added par. (3). 1983—Pub. L. 97–444 designated existing provisions as par. (1) and added par. (2). 1978—Pub. L. 95–405 inserted provisions relating to applicability of this section to commodity trading advisors who are dealers, processors, brokers, or sellers in cash market transactions of specifically listed commodities or nonprofit, voluntary membership, general farm organizations who provide advice on sale or purchase of specifically listed commodities if the advice by the person described in cl. (1) or (2) of this sentence is incidental solely to the conduct to the person’s business and that such person be subject to proceedings under section 18 of this title.
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of 2010 AmendmentAmendment by Pub. L. 111–203 effective on the later of 360 days after July 21, 2010, or, to the extent a provision of subtitle A (§§ 711–754) of title VII of Pub. L. 111–203 requires a rulemaking, not less than 60 days after publication of the final rule or regulation implementing such provision of subtitle A, see section 754 of Pub. L. 111–203, set out as a note under section 1a of this title.
|
||||
|
||||
Effective Date of 1983 AmendmentAmendment by Pub. L. 97–444 effective Jan. 11, 1983, see section 239 of Pub. L. 97–444, set out as a note under section 2 of this title.
|
||||
|
||||
Effective Date of 1978 AmendmentAmendment by Pub. L. 95–405 effective Oct. 1, 1978, see section 28 of Pub. L. 95–405, set out as a note under section 2 of this title.
|
||||
|
||||
Effective DateFor effective date of section, see section 418 of Pub. L. 93–463, set out as an Effective Date of 1974 Amendment note under section 2 of this title.
|
||||
@@ -0,0 +1,69 @@
|
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|
||||
|
||||
# 7 U.S.C. § 6n - Registration of commodity trading advisors and commodity pool operators; application; expiration and renewal; record keeping and reports; disclosure; statements of account
|
||||
|
||||
## Text
|
||||
|
||||
(1) Any commodity trading advisor or commodity pool operator, or any person who contemplates becoming a commodity trading advisor or commodity pool operator, may register under this chapter by filing an application with the Commission. Such application shall contain such information, in such form and detail, as the Commission may, by rules and regulations, prescribe as necessary or appropriate in the public interest, including the following:
|
||||
|
||||
(A) the name and form of organization, including capital structure, under which the applicant engages or intends to engage in business; the name of the State under the laws of which he is organized; the location of his principal business office and branch offices, if any; the names and addresses of all partners, officers, directors, and persons performing similar functions or, if the applicant be an individual, of such individual; and the number of employees;
|
||||
|
||||
(B) the education, the business affiliations for the past ten years, and the present business affiliations of the applicant and of his partners, officers, directors, and persons performing similar functions and of any controlling person thereof;
|
||||
|
||||
(C) the nature of the business of the applicant, including the manner of giving advice and rendering of analyses or reports;
|
||||
|
||||
(D) the nature and scope of the authority of the applicant with respect to clients’ funds and accounts;
|
||||
|
||||
(E) the basis upon which the applicant is or will be compensated; and
|
||||
|
||||
(F) such other information as the Commission may require to determine whether the applicant is qualified for registration.
|
||||
|
||||
(2) Each registration under this section shall expire on the 30th day of June of each year, or at such other time, not less than one year from the effective date thereof, as the Commission may by rule, regulation, or order prescribe, and shall be renewed upon application therefor subject to the same requirements as in the case of an original application.
|
||||
|
||||
(3) (A) Every commodity trading advisor and commodity pool operator registered under this chapter shall maintain books and records and file such reports in such form and manner as may be prescribed by the Commission. All such books and records shall be kept for a period of at least three years, or longer if the Commission so directs, and shall be open to inspection by any representative of the Commission or the Department of Justice. Upon the request of the Commission, a registered commodity trading advisor or commodity pool operator shall furnish the name and address of each client, subscriber, or participant, and submit samples or copies of all reports, letters, circulars, memorandums, publications, writings, or other literature or advice distributed to clients, subscribers, or participants, or prospective clients, subscribers, or participants.
|
||||
|
||||
(B) Unless otherwise authorized by the Commission by rule or regulation, all commodity trading advisors and commodity pool operators shall make a full and complete disclosure to their subscribers, clients, or participants of all futures market positions taken or held by the individual principals of their organization.
|
||||
|
||||
(4) Every commodity pool operator shall regularly furnish statements of account to each participant in his operations. Such statements shall be in such form and manner as may be prescribed by the Commission and shall include complete information as to the current status of all trading accounts in which such participant has an interest.
|
||||
|
||||
(Sept. 21, 1922, ch. 369, § 4n, as added Pub. L. 93–463, title II, § 205(a), Oct. 23, 1974, 88 Stat. 1398; amended Pub. L. 95–405, § 9, Sept. 30, 1978, 92 Stat. 870; Pub. L. 97–444, title II, § 213, Jan. 11, 1983, 96 Stat. 2305.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Amendments1983—Par. (5). Pub. L. 97–444 struck out par. (5) which authorized Commission, without hearing, to deny registration to any person as a commodity trading advisor or commodity pool operator if such person was subject to an outstanding order under this chapter denying to such person trading privileges on any contract market, or suspending or revoking the registration of such person as a commodity trading advisor, commodity pool operator, futures commission merchant, or floor broker, or suspending or expelling such person from membership on any contract market. Par. (6). Pub. L. 97–444 struck out par. (6) which authorized Commission to deny registration or revoke or suspend the registration of any commodity trading advisor or commodity pool operator if the Commission found that such denial, revocation, or suspension was in the public interest and that such person had been guilty of certain specified activities. See section 12a(2), (3), and (4) of this title. 1978—Par. (2). Pub. L. 95–405, § 9(1)–(3), redesignated par. (3) as (2) and substituted “Each registration” for “All registrations” and inserted “or at such other time, not less than one year from the effective date thereof, as the Commission may rule, regulation, or order prescribe,” after “June of each year,”. Former par. (2), which provided that registration under this section becomes effective thirty days after the receipt of such application by the Commission, or within such shorter period of time as the Commission may determine, was struck out. Pars. (3) to (6). Pub. L. 95–405, § 9(1), redesignated pars. (4) to (7) as (3) to (6), respectively. Former par. (3) redesignated (2).
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of 1983 AmendmentAmendment by Pub. L. 97–444 effective Jan. 11, 1983, see section 239 of Pub. L. 97–444, set out as a note under section 2 of this title.
|
||||
|
||||
Effective Date of 1978 AmendmentAmendment by Pub. L. 95–405 effective Oct. 1, 1978, see section 28 of Pub. L. 95–405, set out as a note under section 2 of this title.
|
||||
|
||||
Effective DateFor effective date of section, see section 418 of Pub. L. 93–463, set out as an Effective Date of 1974 Amendment note under section 2 of this title.
|
||||
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|
||||
|
||||
# 7 U.S.C. § 6o–1 - Transferred
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Codification Section, Sept. 21, 1922, ch. 369, § 4q, formerly § 4p, as added Pub. L. 106–554, § 1(a)(5) [title I, § 121], Dec. 21, 2000, 114 Stat. 2763, 2763A–404, and renumbered, which related to special procedures to encourage and facilitate bona fide hedging by agricultural producers, was transferred to section 6q of this title.
|
||||
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|
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---
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---
|
||||
|
||||
# 7 U.S.C. § 6o - Fraud and misrepresentation by commodity trading advisors, commodity pool operators, and associated persons
|
||||
|
||||
## Text
|
||||
|
||||
(1) It shall be unlawful for a commodity trading advisor, associated person of a commodity trading advisor, commodity pool operator, or associated person of a commodity pool operator, by use of the mails or any means or instrumentality of interstate commerce, directly or indirectly—
|
||||
|
||||
(A) to employ any device, scheme, or artifice to defraud any client or participant or prospective client or participant; or
|
||||
|
||||
(B) to engage in any transaction, practice, or course of business which operates as a fraud or deceit upon any client or participant or prospective client or participant.
|
||||
|
||||
(2) It shall be unlawful for any commodity trading advisor, associated person of a commodity trading advisor, commodity pool operator, or associated person of a commodity pool operator registered under this chapter to represent or imply in any manner whatsoever that such person has been sponsored, recommended, or approved, or that such person’s abilities or qualifications have in any respect been passed upon, by the United States or any agency or officer thereof. This section shall not be construed to prohibit a statement that a person is registered under this chapter as a commodity trading advisor, associated person of a commodity trading advisor, commodity pool operator, or associated person of a commodity pool operator, if such statement is true in fact and if the effect of such registration is not misrepresented.
|
||||
|
||||
(Sept. 21, 1922, ch. 369, § 4o, as added Pub. L. 93–463, title II, § 205(a), Oct. 23, 1974, 88 Stat. 1399; amended Pub. L. 95–405, § 10, Sept. 30, 1978, 92 Stat. 870; Pub. L. 97–444, title II, § 214, Jan. 11, 1983, 96 Stat. 2305.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Amendments1983—Par. (1). Pub. L. 97–444 made the antifraud prohibition applicable to an associated person of a commodity trading advisor or a commodity pool operator. Par. (2). Pub. L. 97–444 made the misrepresentation prohibition applicable to an associated person of a commodity training advisor or a commodity pool operator, authorized registration statements of such persons, and substituted “such person” and “such person’s abilities” for “he” before “has been sponsored” and “his abilities”, respectively. 1978—Par. (1). Pub. L. 95–405 struck out “registered under this chapter” after “pool operator”.
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of 1983 AmendmentAmendment by Pub. L. 97–444 effective Jan. 11, 1983, see section 239 of Pub. L. 97–444, set out as a note under section 2 of this title.
|
||||
|
||||
Effective Date of 1978 AmendmentAmendment by Pub. L. 95–405 effective Oct. 1, 1978, see section 28 of Pub. L. 95–405, set out as a note under section 2 of this title.
|
||||
|
||||
Effective DateFor effective date of section, see section 418 of Pub. L. 93–463, set out as an Effective Date of 1974 Amendment note under section 2 of this title.
|
||||
@@ -0,0 +1,53 @@
|
||||
---
|
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|
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|
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
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|
||||
|
||||
# 7 U.S.C. § 6p - Standards and examinations
|
||||
|
||||
## Text
|
||||
|
||||
(a) The Commission may specify by rules and regulations appropriate standards with respect to training, experience, and such other qualifications as the Commission finds necessary or desirable to insure the fitness of persons required to be registered with the Commission. In connection therewith, the Commission may prescribe by rules and regulations the adoption of written proficiency examinations to be given to applicants for registration and the establishment of reasonable fees to be charged to such applicants to cover the administration of such examinations. The Commission may further prescribe by rules and regulations that, in lieu of examinations administered by the Commission, futures associations registered under section 21 of this title, contract markets, or derivatives transaction execution facilities may adopt written proficiency examinations to be given to applicants for registration and charge reasonable fees to such applicants to cover the administration of such examinations. Notwithstanding any other provision of this section, the Commission may specify by rules and regulations such terms and conditions as it deems appropriate to protect the public interest wherein exception to any written proficiency examination shall be made with respect to individuals who have demonstrated, through training and experience, the degree of proficiency and skill necessary to protect the interests of customers, clients, pool participants, or other members of the public with whom such individuals deal.
|
||||
|
||||
(b) The Commission shall issue regulations to require new registrants, within six months after receiving such registration, to attend a training session, and all other registrants to attend periodic training sessions, to ensure that registrants understand their responsibilities to the public under this chapter, including responsibilities to observe just and equitable principles of trade, any rule or regulation of the Commission, any rule of any appropriate contract market, derivatives transaction execution facility, registered futures association, or other self-regulatory organization, or any other applicable Federal or state 11 So in original. Probably should be capitalized. law, rule or regulation.
|
||||
|
||||
(Sept. 21, 1922, ch. 369, § 4p, as added Pub. L. 93–463, title II, § 206, Oct. 23, 1974, 88 Stat. 1400; amended Pub. L. 97–444, title II, § 215, Jan. 11, 1983, 96 Stat. 2305; Pub. L. 102–546, title II, § 210(a), Oct. 28, 1992, 106 Stat. 3607; Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(11)], Dec. 21, 2000, 114 Stat. 2763, 2763A–408.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Codification Another section 4p of act Sept. 21, 1922, was renumbered section 4q and is classified to section 6q of this title.
|
||||
|
||||
Amendments2000—Subsec. (a). Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(11)(A)], substituted “title, contract markets, or derivatives transaction execution facilities” for “title or contract markets”. Subsec. (b). Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(11)(B)], inserted “derivatives transaction execution facility,” after “contract market,”. 1992—Pub. L. 102–546 designated existing provisions as subsec. (a) and added subsec. (b). 1983—Pub. L. 97–444 substituted “persons required to be registered with the Commission” for “futures commission merchants, floor brokers, and those persons associated with futures commission merchants or floor brokers” in first sentence, “customers, clients, pool participants, or other members of the public with whom such individuals deal” for “the customers of futures commission merchants and floor brokers” in last sentence, and in second and third sentences struck out “as futures commission merchants, floor brokers, and those persons associated with futures commission merchants or floor brokers,” after “applicants for registration”.
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of 1983 AmendmentAmendment by Pub. L. 97–444 effective Jan. 11, 1983, see section 239 of Pub. L. 97–444, set out as a note under section 2 of this title.
|
||||
|
||||
Effective DateFor effective date of section, see section 418 of Pub. L. 93–463, set out as an Effective Date of 1974 Amendment note under section 2 of this title.
|
||||
|
||||
RegulationsPub. L. 102–546, title II, § 210(b), Oct. 28, 1992, 106 Stat. 3607, provided that: “The Commodity Futures Trading Commission shall issue the regulations required by section 4p(b) of the Commodity Exchange Act [7 U.S.C. 6p(b)], as added by subsection (a), no later than one hundred and eighty days after the date of enactment of this Act [Oct. 28, 1992].”
|
||||
@@ -0,0 +1,57 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 6q"
|
||||
description: "Special procedures to encourage and facilitate bona fide hedging by agricultural producers"
|
||||
jurisdiction: "us"
|
||||
corpus: "united_states_code"
|
||||
kind: "code_section"
|
||||
title_number: 7
|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "1"
|
||||
chapter_name: "COMMODITY EXCHANGES"
|
||||
section: "6q"
|
||||
citation: "7 U.S.C. § 6q"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
source: "official"
|
||||
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip"
|
||||
source_identifier: "/us/usc/t7/s6q"
|
||||
source_file: "data/legal/raw/us/code/title-07/usc07.xml"
|
||||
source_hash: "c5c85dedcc31951349a128578be05255c3d9dfc145c937fe04ccb1857de4785f"
|
||||
raw_snapshot_hash: "50edab1679a711653797362c0aeb8f2273303fe473fb7fa16df1ee76bdd6e984"
|
||||
text_hash: "008d63a991f887eb146ee4e46735f6d06c4ce6743d62a30f5997585c8846a172"
|
||||
retrieved_at: "2026-07-04"
|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 6q - Special procedures to encourage and facilitate bona fide hedging by agricultural producers
|
||||
|
||||
## Text
|
||||
|
||||
(a) Authority The Commission shall consider issuing rules or orders which—
|
||||
|
||||
(1) prescribe procedures under which each contract market is to provide for orderly delivery, including temporary storage costs, of any agricultural commodity enumerated in section 1a(9) of this title which is the subject of a contract for purchase or sale for future delivery;
|
||||
|
||||
(2) increase the ease with which domestic agricultural producers may participate in contract markets, including by addressing cost and margin requirements, so as to better enable the producers to hedge price risk associated with their production;
|
||||
|
||||
(3) provide flexibility in the minimum quantities of such agricultural commodities that may be the subject of a contract for purchase or sale for future delivery that is traded on a contract market, to better allow domestic agricultural producers to hedge such price risk; and
|
||||
|
||||
(4) encourage contract markets to provide information and otherwise facilitate the participation of domestic agricultural producers in contract markets.
|
||||
|
||||
(b) Report Within 1 year after December 21, 2000, the Commission shall submit to the Committee on Agriculture of the House of Representatives and the Committee on Agriculture, Nutrition, and Forestry of the Senate a report on the steps it has taken to implement this section and on the activities of contract markets pursuant to this section.
|
||||
|
||||
(Sept. 21, 1922, ch. 369, § 4q, formerly § 4p, as added Pub. L. 106–554, § 1(a)(5) [title I, § 121], Dec. 21, 2000, 114 Stat. 2763, 2763A–404; renumbered § 4q, Pub. L. 110–234, title XIII, § 13105(d), May 22, 2008, 122 Stat. 1434, and Pub. L. 110–246, § 4(a), title XIII, § 13105(d), June 18, 2008, 122 Stat. 1664, 2196; Pub. L. 111–203, title VII, § 721(e)(3), July 21, 2010, 124 Stat. 1671.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Codification Pub. L. 110–234 and Pub. L. 110–246 both renumbered this section as section 4q of act Sept. 21, 1922. Pub. L. 110–234 was repealed by section 4(a) of Pub. L. 110–246 effective May 22, 2008, the date of enactment of Pub. L. 110–234. Section was formerly classified to section 6o–1 of this title.
|
||||
|
||||
Amendments2010—Subsec. (a)(1). Pub. L. 111–203 substituted “section 1a(9)” for “section 1a(4)”.
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of 2010 AmendmentAmendment by Pub. L. 111–203 effective on the later of 360 days after July 21, 2010, or, to the extent a provision of subtitle A (§§ 711–754) of title VII of Pub. L. 111–203 requires a rulemaking, not less than 60 days after publication of the final rule or regulation implementing such provision of subtitle A, see section 754 of Pub. L. 111–203, set out as a note under section 1a of this title.
|
||||
@@ -0,0 +1,85 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 6r"
|
||||
description: "Reporting and recordkeeping for uncleared swaps"
|
||||
jurisdiction: "us"
|
||||
corpus: "united_states_code"
|
||||
kind: "code_section"
|
||||
title_number: 7
|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "1"
|
||||
chapter_name: "COMMODITY EXCHANGES"
|
||||
section: "6r"
|
||||
citation: "7 U.S.C. § 6r"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
source: "official"
|
||||
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip"
|
||||
source_identifier: "/us/usc/t7/s6r"
|
||||
source_file: "data/legal/raw/us/code/title-07/usc07.xml"
|
||||
source_hash: "13332c29b7883170fdd34ba04bd6c16ec128d928d64a020c8f169ab17a578a31"
|
||||
raw_snapshot_hash: "50edab1679a711653797362c0aeb8f2273303fe473fb7fa16df1ee76bdd6e984"
|
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text_hash: "64beaf47bcc166e73362ae79f49044131d230d01f4ffd0053990bdce25f96316"
|
||||
retrieved_at: "2026-07-04"
|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 6r - Reporting and recordkeeping for uncleared swaps
|
||||
|
||||
## Text
|
||||
|
||||
(a) Required reporting of swaps not accepted by any derivatives clearing organization (1) In general Each swap that is not accepted for clearing by any derivatives clearing organization shall be reported to—
|
||||
|
||||
(A) a swap data repository described in section 24a of this title; or
|
||||
|
||||
(B) in the case in which there is no swap data repository that would accept the swap, to the Commission pursuant to this section within such time period as the Commission may by rule or regulation prescribe.
|
||||
|
||||
(2) Transition rule for preenactment swaps (A) Swaps entered into before July 21, 2010 Each swap entered into before July 21, 2010, the terms of which have not expired as of July 21, 2010, shall be reported to a registered swap data repository or the Commission by a date that is not later than—
|
||||
|
||||
(i) 30 days after issuance of the interim final rule; or
|
||||
|
||||
(ii) such other period as the Commission determines to be appropriate.
|
||||
|
||||
(B) Commission rulemaking The Commission shall promulgate an interim final rule within 90 days of July 21, 2010, providing for the reporting of each swap entered into before July 21, 2010.
|
||||
|
||||
(C) Effective date The reporting provisions described in this section shall be effective upon the enactment of this section.
|
||||
|
||||
(3) Reporting obligations (A) Swaps in which only 1 counterparty is a swap dealer or major swap participant With respect to a swap in which only 1 counterparty is a swap dealer or major swap participant, the swap dealer or major swap participant shall report the swap as required under paragraphs (1) and (2).
|
||||
|
||||
(B) Swaps in which 1 counterparty is a swap dealer and the other a major swap participant With respect to a swap in which 1 counterparty is a swap dealer and the other a major swap participant, the swap dealer shall report the swap as required under paragraphs (1) and (2).
|
||||
|
||||
(C) Other swaps With respect to any other swap not described in subparagraph (A) or (B), the counterparties to the swap shall select a counterparty to report the swap as required under paragraphs (1) and (2).
|
||||
|
||||
(b) Duties of certain individuals Any individual or entity that enters into a swap shall meet each requirement described in subsection (c) if the individual or entity did not—
|
||||
|
||||
(1) clear the swap in accordance with section 2(h)(1) of this title; or
|
||||
|
||||
(2) have the data regarding the swap accepted by a swap data repository in accordance with rules (including timeframes) adopted by the Commission under section 24a of this title.
|
||||
|
||||
(c) Requirements An individual or entity described in subsection (b) shall—
|
||||
|
||||
(1) upon written request from the Commission, provide reports regarding the swaps held by the individual or entity to the Commission in such form and in such manner as the Commission may request; and
|
||||
|
||||
(2) maintain books and records pertaining to the swaps held by the individual or entity in such form, in such manner, and for such period as the Commission may require, which shall be open to inspection by—
|
||||
|
||||
(A) any representative of the Commission;
|
||||
|
||||
(B) an appropriate prudential regulator;
|
||||
|
||||
(C) the Securities and Exchange Commission;
|
||||
|
||||
(D) the Financial Stability Oversight Council; and
|
||||
|
||||
(E) the Department of Justice.
|
||||
|
||||
(d) Identical data In prescribing rules under this section, the Commission shall require individuals and entities described in subsection (b) to submit to the Commission a report that contains data that is not less comprehensive than the data required to be collected by swap data repositories under section 24a of this title.
|
||||
|
||||
(Sept. 21, 1922, ch. 369, § 4r, as added Pub. L. 111–203, title VII, § 729, July 21, 2010, 124 Stat. 1701.)
|
||||
|
||||
## Notes
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective DateSection effective on the later of 360 days after July 21, 2010, or, to the extent a provision of subtitle A (§§ 711–754) of title VII of Pub. L. 111–203 requires a rulemaking, not less than 60 days after publication of the final rule or regulation implementing such provision of subtitle A, see section 754 of Pub. L. 111–203, set out as an Effective Date of 2010 Amendment note under section 1a of this title.
|
||||
@@ -0,0 +1,349 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 6s"
|
||||
description: "Registration and regulation of swap dealers and major swap participants"
|
||||
jurisdiction: "us"
|
||||
corpus: "united_states_code"
|
||||
kind: "code_section"
|
||||
title_number: 7
|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "1"
|
||||
chapter_name: "COMMODITY EXCHANGES"
|
||||
section: "6s"
|
||||
citation: "7 U.S.C. § 6s"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
source: "official"
|
||||
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip"
|
||||
source_identifier: "/us/usc/t7/s6s"
|
||||
source_file: "data/legal/raw/us/code/title-07/usc07.xml"
|
||||
source_hash: "efb8b54bdb50e54dcf91dfb377e514f07230c36b95a4d6cb1f6eceb925189367"
|
||||
raw_snapshot_hash: "50edab1679a711653797362c0aeb8f2273303fe473fb7fa16df1ee76bdd6e984"
|
||||
text_hash: "6dec931bc178fb37b95c3741baaff88c29da3a323dd1952908905bfe24edadf4"
|
||||
retrieved_at: "2026-07-04"
|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 6s - Registration and regulation of swap dealers and major swap participants
|
||||
|
||||
## Text
|
||||
|
||||
(a) Registration (1) Swap dealers It shall be unlawful for any person to act as a swap dealer unless the person is registered as a swap dealer with the Commission.
|
||||
|
||||
(2) Major swap participants It shall be unlawful for any person to act as a major swap participant unless the person is registered as a major swap participant with the Commission.
|
||||
|
||||
(b) Requirements (1) In general A person shall register as a swap dealer or major swap participant by filing a registration application with the Commission.
|
||||
|
||||
(2) Contents (A) In general The application shall be made in such form and manner as prescribed by the Commission, and shall contain such information, as the Commission considers necessary concerning the business in which the applicant is or will be engaged.
|
||||
|
||||
(B) Continual reporting A person that is registered as a swap dealer or major swap participant shall continue to submit to the Commission reports that contain such information pertaining to the business of the person as the Commission may require.
|
||||
|
||||
(3) Expiration Each registration under this section shall expire at such time as the Commission may prescribe by rule or regulation.
|
||||
|
||||
(4) Rules Except as provided in subsections (d) and (e), the Commission may prescribe rules applicable to swap dealers and major swap participants, including rules that limit the activities of swap dealers and major swap participants.
|
||||
|
||||
(5) Transition Rules under this section shall provide for the registration of swap dealers and major swap participants not later than 1 year after July 21, 2010.
|
||||
|
||||
(6) Statutory disqualification Except to the extent otherwise specifically provided by rule, regulation, or order, it shall be unlawful for a swap dealer or a major swap participant to permit any person associated with a swap dealer or a major swap participant who is subject to a statutory disqualification to effect or be involved in effecting swaps on behalf of the swap dealer or major swap participant, if the swap dealer or major swap participant knew, or in the exercise of reasonable care should have known, of the statutory disqualification.
|
||||
|
||||
(c) Dual registration (1) Swap dealer Any person that is required to be registered as a swap dealer under this section shall register with the Commission regardless of whether the person also is a depository institution or is registered with the Securities and Exchange Commission as a security-based swap dealer.
|
||||
|
||||
(2) Major swap participant Any person that is required to be registered as a major swap participant under this section shall register with the Commission regardless of whether the person also is a depository institution or is registered with the Securities and Exchange Commission as a major security-based swap participant.
|
||||
|
||||
(d) Rulemakings (1) In general The Commission shall adopt rules for persons that are registered as swap dealers or major swap participants under this section.
|
||||
|
||||
(2) Exception for prudential requirements (A) In general The Commission may not prescribe rules imposing prudential requirements on swap dealers or major swap participants for which there is a prudential regulator.
|
||||
|
||||
(B) Applicability Subparagraph (A) does not limit the authority of the Commission to prescribe rules as directed under this section.
|
||||
|
||||
(e) Capital and margin requirements (1) In general (A) Swap dealers and major swap participants that are banks Each registered swap dealer and major swap participant for which there is a prudential regulator shall meet such minimum capital requirements and minimum initial and variation margin requirements as the prudential regulator shall by rule or regulation prescribe under paragraph (2)(A).
|
||||
|
||||
(B) Swap dealers and major swap participants that are not banks Each registered swap dealer and major swap participant for which there is not a prudential regulator shall meet such minimum capital requirements and minimum initial and variation margin requirements as the Commission shall by rule or regulation prescribe under paragraph (2)(B).
|
||||
|
||||
(2) Rules (A) Swap dealers and major swap participants that are banks The prudential regulators, in consultation with the Commission and the Securities and Exchange Commission, shall jointly adopt rules for swap dealers and major swap participants, with respect to their activities as a swap dealer or major swap participant, for which there is a prudential regulator imposing—
|
||||
|
||||
(i) capital requirements; and
|
||||
|
||||
(ii) both initial and variation margin requirements on all swaps that are not cleared by a registered derivatives clearing organization.
|
||||
|
||||
(B) Swap dealers and major swap participants that are not banks The Commission shall adopt rules for swap dealers and major swap participants, with respect to their activities as a swap dealer or major swap participant, for which there is not a prudential regulator imposing—
|
||||
|
||||
(i) capital requirements; and
|
||||
|
||||
(ii) both initial and variation margin requirements on all swaps that are not cleared by a registered derivatives clearing organization.
|
||||
|
||||
(C) Capital In setting capital requirements for a person that is designated as a swap dealer or a major swap participant for a single type or single class or category of swap or activities, the prudential regulator and the Commission shall take into account the risks associated with other types of swaps or classes of swaps or categories of swaps engaged in and the other activities conducted by that person that are not otherwise subject to regulation applicable to that person by virtue of the status of the person as a swap dealer or a major swap participant.
|
||||
|
||||
(3) Standards for capital and margin (A) In general To offset the greater risk to the swap dealer or major swap participant and the financial system arising from the use of swaps that are not cleared, the requirements imposed under paragraph (2) shall—
|
||||
|
||||
(i) help ensure the safety and soundness of the swap dealer or major swap participant; and
|
||||
|
||||
(ii) be appropriate for the risk associated with the non-cleared swaps held as a swap dealer or major swap participant.
|
||||
|
||||
(B) Rule of construction (i) In general Nothing in this section shall limit, or be construed to limit, the authority—
|
||||
|
||||
(I) of the Commission to set financial responsibility rules for a futures commission merchant or introducing broker registered pursuant to section 6f(a) of this title (except for section 6f(a)(3) of this title) in accordance with section 6f(b) of this title; or
|
||||
|
||||
(II) of the Securities and Exchange Commission to set financial responsibility rules for a broker or dealer registered pursuant to section 15(b) of the Securities Exchange Act of 1934 (15 U.S.C. 78o(b)) (except for section 15(b)(11) of that Act (15 U.S.C. 78o(b)(11)) 11 So in original. Probably should be followed by a third closing parenthesis. in accordance with section 15(c)(3) of the Securities Exchange Act of 1934 (15 U.S.C. 78o(c)(3)).
|
||||
|
||||
(ii) Futures commission merchants and other dealers A futures commission merchant, introducing broker, broker, or dealer shall maintain sufficient capital to comply with the stricter of any applicable capital requirements to which such futures commission merchant, introducing broker, broker, or dealer is subject to under this chapter or the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.).
|
||||
|
||||
(C) Margin requirements In prescribing margin requirements under this subsection, the prudential regulator with respect to swap dealers and major swap participants for which it is the prudential regulator and the Commission with respect to swap dealers and major swap participants for which there is no prudential regulator shall permit the use of noncash collateral, as the regulator or the Commission determines to be consistent with—
|
||||
|
||||
(i) preserving the financial integrity of markets trading swaps; and
|
||||
|
||||
(ii) preserving the stability of the United States financial system.
|
||||
|
||||
(D) Comparability of capital and margin requirements (i) In general The prudential regulators, the Commission, and the Securities and Exchange Commission shall periodically (but not less frequently than annually) consult on minimum capital requirements and minimum initial and variation margin requirements.
|
||||
|
||||
(ii) Comparability The entities described in clause (i) shall, to the maximum extent practicable, establish and maintain comparable minimum capital requirements and minimum initial and variation margin requirements, including the use of non cash collateral, for—
|
||||
|
||||
(I) swap dealers; and
|
||||
|
||||
(II) major swap participants.
|
||||
|
||||
(4) Applicability with respect to counterparties The requirements of paragraphs (2)(A)(ii) and (2)(B)(ii), including the initial and variation margin requirements imposed by rules adopted pursuant to paragraphs (2)(A)(ii) and (2)(B)(ii), shall not apply to a swap in which a counterparty qualifies for an exception under section 2(h)(7)(A) of this title, or an exemption issued under section 6(c)(1) of this title from the requirements of section 2(h)(1)(A) of this title for cooperative entities as defined in such exemption, or satisfies the criteria in section 2(h)(7)(D) of this title.
|
||||
|
||||
(f) Reporting and recordkeeping (1) In general Each registered swap dealer and major swap participant—
|
||||
|
||||
(A) shall make such reports as are required by the Commission by rule or regulation regarding the transactions and positions and financial condition of the registered swap dealer or major swap participant;
|
||||
|
||||
(B) (i) for which there is a prudential regulator, shall keep books and records of all activities related to the business as a swap dealer or major swap participant in such form and manner and for such period as may be prescribed by the Commission by rule or regulation; and
|
||||
|
||||
(ii) for which there is no prudential regulator, shall keep books and records in such form and manner and for such period as may be prescribed by the Commission by rule or regulation;
|
||||
|
||||
(C) shall keep books and records described in subparagraph (B) open to inspection and examination by any representative of the Commission; and
|
||||
|
||||
(D) shall keep any such books and records relating to swaps defined in section 1a(47)(A)(v) of this title open to inspection and examination by the Securities and Exchange Commission.
|
||||
|
||||
(2) Rules The Commission shall adopt rules governing reporting and recordkeeping for swap dealers and major swap participants.
|
||||
|
||||
(g) Daily trading records (1) In general Each registered swap dealer and major swap participant shall maintain daily trading records of the swaps of the registered swap dealer and major swap participant and all related records (including related cash or forward transactions) and recorded communications, including electronic mail, instant messages, and recordings of telephone calls, for such period as may be required by the Commission by rule or regulation.
|
||||
|
||||
(2) Information requirements The daily trading records shall include such information as the Commission shall require by rule or regulation.
|
||||
|
||||
(3) Counterparty records Each registered swap dealer and major swap participant shall maintain daily trading records for each counterparty in a manner and form that is identifiable with each swap transaction.
|
||||
|
||||
(4) Audit trail Each registered swap dealer and major swap participant shall maintain a complete audit trail for conducting comprehensive and accurate trade reconstructions.
|
||||
|
||||
(5) Rules The Commission shall adopt rules governing daily trading records for swap dealers and major swap participants.
|
||||
|
||||
(h) Business conduct standards (1) In general Each registered swap dealer and major swap participant shall conform with such business conduct standards as prescribed in paragraph (3) and as may be prescribed by the Commission by rule or regulation that relate to—
|
||||
|
||||
(A) fraud, manipulation, and other abusive practices involving swaps (including swaps that are offered but not entered into);
|
||||
|
||||
(B) diligent supervision of the business of the registered swap dealer and major swap participant;
|
||||
|
||||
(C) adherence to all applicable position limits; and
|
||||
|
||||
(D) such other matters as the Commission determines to be appropriate.
|
||||
|
||||
(2) Responsibilities with respect to special entities (A) Advising special entities A swap dealer or major swap participant that acts as an advisor to a special entity regarding a swap shall comply with the requirements of subparagraph (4) with respect to such Special Entity.
|
||||
|
||||
(B) Entering of swaps with respect to special entities A swap dealer that enters into or offers to enter into swap 22 So in original. Probably should be preceded by “a”. with a Special Entity shall comply with the requirements of subparagraph (5) with respect to such Special Entity.
|
||||
|
||||
(C) Special entity defined For purposes of this subsection, the term “special entity” means—
|
||||
|
||||
(i) a Federal agency;
|
||||
|
||||
(ii) a State, State agency, city, county, municipality, or other political subdivision of a State;
|
||||
|
||||
(iii) any employee benefit plan, as defined in section 3 of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1002);
|
||||
|
||||
(iv) any governmental plan, as defined in section 3 of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1002); or
|
||||
|
||||
(v) any endowment, including an endowment that is an organization described in section 501(c)(3) of title 26.
|
||||
|
||||
(3) Business conduct requirements Business conduct requirements adopted by the Commission shall—
|
||||
|
||||
(A) establish a duty for a swap dealer or major swap participant to verify that any counterparty meets the eligibility standards for an eligible contract participant;
|
||||
|
||||
(B) require disclosure by the swap dealer or major swap participant to any counterparty to the transaction (other than a swap dealer, major swap participant, security-based swap dealer, or major security-based swap participant) of—
|
||||
|
||||
(i) information about the material risks and characteristics of the swap;
|
||||
|
||||
(ii) any material incentives or conflicts of interest that the swap dealer or major swap participant may have in connection with the swap; and
|
||||
|
||||
(iii) (I) for cleared swaps, upon the request of the counterparty, receipt of the daily mark of the transaction from the appropriate derivatives clearing organization; and
|
||||
|
||||
(II) for uncleared swaps, receipt of the daily mark of the transaction from the swap dealer or the major swap participant;
|
||||
|
||||
(C) establish a duty for a swap dealer or major swap participant to communicate in a fair and balanced manner based on principles of fair dealing and good faith; and
|
||||
|
||||
(D) establish such other standards and requirements as the Commission may determine are appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of this chapter.
|
||||
|
||||
(4) Special requirements for swap dealers acting as advisors (A) In general It shall be unlawful for a swap dealer or major swap participant—
|
||||
|
||||
(i) to employ any device, scheme, or artifice to defraud any Special Entity or prospective customer who is a Special Entity;
|
||||
|
||||
(ii) to engage in any transaction, practice, or course of business that operates as a fraud or deceit on any Special Entity or prospective customer who is a Special Entity; or
|
||||
|
||||
(iii) to engage in any act, practice, or course of business that is fraudulent, deceptive or manipulative.
|
||||
|
||||
(B) Duty Any swap dealer that acts as an advisor to a Special Entity shall have a duty to act in the best interests of the Special Entity.
|
||||
|
||||
(C) Reasonable efforts Any swap dealer that acts as an advisor to a Special Entity shall make reasonable efforts to obtain such information as is necessary to make a reasonable determination that any swap recommended by the swap dealer is in the best interests of the Special Entity, including information relating to—
|
||||
|
||||
(i) the financial status of the Special Entity;
|
||||
|
||||
(ii) the tax status of the Special Entity;
|
||||
|
||||
(iii) the investment or financing objectives of the Special Entity; and
|
||||
|
||||
(iv) any other information that the Commission may prescribe by rule or regulation.
|
||||
|
||||
(5) Special requirements for swap dealers as counterparties to special entities (A) Any swap dealer or major swap participant that offers to enter or enters into a swap with a Special Entity shall—
|
||||
|
||||
(i) comply with any duty established by the Commission for a swap dealer or major swap participant, with respect to a counterparty that is an eligible contract participant within the meaning of subclause (I) or (II) of clause (vii) of section 1a(18) 33 So in original. Probably should be “section 1a(18)(A)”. of this title, that requires the swap dealer or major swap participant to have a reasonable basis to believe that the counterparty that is a Special Entity has an independent representative that—
|
||||
|
||||
(I) has sufficient knowledge to evaluate the transaction and risks;
|
||||
|
||||
(II) is not subject to a statutory disqualification;
|
||||
|
||||
(III) is independent of the swap dealer or major swap participant;
|
||||
|
||||
(IV) undertakes a duty to act in the best interests of the counterparty it represents;
|
||||
|
||||
(V) makes appropriate disclosures;
|
||||
|
||||
(VI) will provide written representations to the Special Entity regarding fair pricing and the appropriateness of the transaction; and
|
||||
|
||||
(VII) in the case of employee benefit plans subject to the Employee Retirement Income Security act 44 So in original. Probably should be “Act”. of 1974 [29 U.S.C. 1001 et seq.], is a fiduciary as defined in section 3 of that Act (29 U.S.C. 1002); and
|
||||
|
||||
(ii) before the initiation of the transaction, disclose to the Special Entity in writing the capacity in which the swap dealer is acting; and
|
||||
|
||||
(B) the Commission may establish such other standards and requirements as the Commission may determine are appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of this chapter.
|
||||
|
||||
(6) Rules The Commission shall prescribe rules under this subsection governing business conduct standards for swap dealers and major swap participants.
|
||||
|
||||
(7) Applicability This section shall not apply with respect to a transaction that is—
|
||||
|
||||
(A) initiated by a Special Entity on an exchange or swap execution facility; and
|
||||
|
||||
(B) one in which the swap dealer or major swap participant does not know the identity of the counterparty to the transaction.
|
||||
|
||||
(i) Documentation standards (1) In general Each registered swap dealer and major swap participant shall conform with such standards as may be prescribed by the Commission by rule or regulation that relate to timely and accurate confirmation, processing, netting, documentation, and valuation of all swaps.
|
||||
|
||||
(2) Rules The Commission shall adopt rules governing documentation standards for swap dealers and major swap participants.
|
||||
|
||||
(j) Duties Each registered swap dealer and major swap participant at all times shall comply with the following requirements:
|
||||
|
||||
(1) Monitoring of trading The swap dealer or major swap participant shall monitor its trading in swaps to prevent violations of applicable position limits.
|
||||
|
||||
(2) Risk management procedures The swap dealer or major swap participant shall establish robust and professional risk management systems adequate for managing the day-to-day business of the swap dealer or major swap participant.
|
||||
|
||||
(3) Disclosure of general information The swap dealer or major swap participant shall disclose to the Commission and to the prudential regulator for the swap dealer or major swap participant, as applicable, information concerning—
|
||||
|
||||
(A) terms and conditions of its swaps;
|
||||
|
||||
(B) swap trading operations, mechanisms, and practices;
|
||||
|
||||
(C) financial integrity protections relating to swaps; and
|
||||
|
||||
(D) other information relevant to its trading in swaps.
|
||||
|
||||
(4) Ability to obtain information The swap dealer or major swap participant shall—
|
||||
|
||||
(A) establish and enforce internal systems and procedures to obtain any necessary information to perform any of the functions described in this section; and
|
||||
|
||||
(B) provide the information to the Commission and to the prudential regulator for the swap dealer or major swap participant, as applicable, on request.
|
||||
|
||||
(5) Conflicts of interest The swap dealer and major swap participant shall implement conflict-of-interest systems and procedures that—
|
||||
|
||||
(A) establish structural and institutional safeguards to ensure that the activities of any person within the firm relating to research or analysis of the price or market for any commodity or swap or acting in a role of providing clearing activities or making determinations as to accepting clearing customers are separated by appropriate informational partitions within the firm from the review, pressure, or oversight of persons whose involvement in pricing, trading, or clearing activities might potentially bias their judgment or supervision and contravene the core principles of open access and the business conduct standards described in this chapter; and
|
||||
|
||||
(B) address such other issues as the Commission determines to be appropriate.
|
||||
|
||||
(6) Antitrust considerations Unless necessary or appropriate to achieve the purposes of this chapter, a swap dealer or major swap participant shall not—
|
||||
|
||||
(A) adopt any process or take any action that results in any unreasonable restraint of trade; or
|
||||
|
||||
(B) impose any material anticompetitive burden on trading or clearing.
|
||||
|
||||
(7) Rules The Commission shall prescribe rules under this subsection governing duties of swap dealers and major swap participants.
|
||||
|
||||
(k) Designation of chief compliance officer (1) In general Each swap dealer and major swap participant shall designate an individual to serve as a chief compliance officer.
|
||||
|
||||
(2) Duties The chief compliance officer shall—
|
||||
|
||||
(A) report directly to the board or to the senior officer of the swap dealer or major swap participant;
|
||||
|
||||
(B) review the compliance of the swap dealer or major swap participant with respect to the swap dealer and major swap participant requirements described in this section;
|
||||
|
||||
(C) in consultation with the board of directors, a body performing a function similar to the board, or the senior officer of the organization, resolve any conflicts of interest that may arise;
|
||||
|
||||
(D) be responsible for administering each policy and procedure that is required to be established pursuant to this section;
|
||||
|
||||
(E) ensure compliance with this chapter (including regulations) relating to swaps, including each rule prescribed by the Commission under this section;
|
||||
|
||||
(F) establish procedures for the remediation of noncompliance issues identified by the chief compliance officer through any—
|
||||
|
||||
(i) compliance office review;
|
||||
|
||||
(ii) look-back;
|
||||
|
||||
(iii) internal or external audit finding;
|
||||
|
||||
(iv) self-reported error; or
|
||||
|
||||
(v) validated complaint; and
|
||||
|
||||
(G) establish and follow appropriate procedures for the handling, management response, remediation, retesting, and closing of noncompliance issues.
|
||||
|
||||
(3) Annual reports (A) In general In accordance with rules prescribed by the Commission, the chief compliance officer shall annually prepare and sign a report that contains a description of—
|
||||
|
||||
(i) the compliance of the swap dealer or major swap participant with respect to this chapter (including regulations); and
|
||||
|
||||
(ii) each policy and procedure of the swap dealer or major swap participant of the chief compliance officer (including the code of ethics and conflict of interest policies).
|
||||
|
||||
(B) Requirements A compliance report under subparagraph (A) shall—
|
||||
|
||||
(i) accompany each appropriate financial report of the swap dealer or major swap participant that is required to be furnished to the Commission pursuant to this section; and
|
||||
|
||||
(ii) include a certification that, under penalty of law, the compliance report is accurate and complete.
|
||||
|
||||
(l) Segregation requirements (1) Segregation of assets held as collateral in uncleared swap transactions (A) Notification A swap dealer or major swap participant shall be required to notify the counterparty of the swap dealer or major swap participant at the beginning of a swap transaction that the counterparty has the right to require segregation of the funds or other property supplied to margin, guarantee, or secure the obligations of the counterparty.
|
||||
|
||||
(B) Segregation and maintenance of funds At the request of a counterparty to a swap that provides funds or other property to a swap dealer or major swap participant to margin, guarantee, or secure the obligations of the counterparty, the swap dealer or major swap participant shall—
|
||||
|
||||
(i) segregate the funds or other property for the benefit of the counterparty; and
|
||||
|
||||
(ii) in accordance with such rules and regulations as the Commission may promulgate, maintain the funds or other property in a segregated account separate from the assets and other interests of the swap dealer or major swap participant.
|
||||
|
||||
(2) Applicability The requirements described in paragraph (1) shall—
|
||||
|
||||
(A) apply only to a swap between a counterparty and a swap dealer or major swap participant that is not submitted for clearing to a derivatives clearing organization; and
|
||||
|
||||
(B) (i) not apply to variation margin payments; or
|
||||
|
||||
(ii) not preclude any commercial arrangement regarding—
|
||||
|
||||
(I) the investment of segregated funds or other property that may only be invested in such investments as the Commission may permit by rule or regulation; and
|
||||
|
||||
(II) the related allocation of gains and losses resulting from any investment of the segregated funds or other property.
|
||||
|
||||
(3) Use of independent third-party custodians The segregated account described in paragraph (1) shall be—
|
||||
|
||||
(A) carried by an independent third-party custodian; and
|
||||
|
||||
(B) designated as a segregated account for and on behalf of the counterparty.
|
||||
|
||||
(4) Reporting requirement If the counterparty does not choose to require segregation of the funds or other property supplied to margin, guarantee, or secure the obligations of the counterparty, the swap dealer or major swap participant shall report to the counterparty of the swap dealer or major swap participant on a quarterly basis that the back office procedures of the swap dealer or major swap participant relating to margin and collateral requirements are in compliance with the agreement of the counterparties.
|
||||
|
||||
(Sept. 21, 1922, ch. 369, § 4s, as added and amended Pub. L. 111–203, title VII, §§ 724(c), 731, July 21, 2010, 124 Stat. 1684, 1703; Pub. L. 114–1, title III, § 302(a), Jan. 12, 2015, 129 Stat. 28.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
References in TextThe Securities Exchange Act of 1934, referred to in subsec. (e)(3)(B)(ii), is act June 6, 1934, ch. 404, 48 Stat. 881, which is classified principally to chapter 2B (§ 78a et seq.) of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see section 78a of Title 15 and Tables. The Employee Retirement Income Security Act of 1974, referred to in subsec. (h)(5)(A)(i)(VII), is Pub. L. 93–406, Sept. 2, 1974, 88 Stat. 829, which is classified principally to chapter 18 (§ 1001 et seq.) of Title 29, Labor. For complete classification of this Act to the Code, see Short Title note set out under section 1001 of Title 29 and Tables.
|
||||
|
||||
Amendments2015—Subsec. (e)(4). Pub. L. 114–1 added par. (4). 2010—Subsec. (l). Pub. L. 111–203, § 724(c), added subsec. (l).
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective DateSection and amendment by Pub. L. 111–203 effective on the later of 360 days after July 21, 2010, or, to the extent a provision of subtitle A (§§ 711–754) of title VII of Pub. L. 111–203 requires a rulemaking, not less than 60 days after publication of the final rule or regulation implementing such provision of subtitle A, see section 754 of Pub. L. 111–203, set out as an Effective Date of 2010 Amendment note under section 1a of this title.
|
||||
|
||||
ImplementationPub. L. 114–1, title III, § 303, Jan. 12, 2015, 129 Stat. 28, provided that: “The amendments made by this title to the Commodity Exchange Act [amending this section] shall be implemented— “(1) without regard to—“(A) chapter 35 of title 44, United States Code; and “(B) the notice and comment provisions of section 553 of title 5, United States Code; “(2) through the promulgation of an interim final rule, pursuant to which public comment will be sought before a final rule is issued; and “(3) such that paragraph (1) shall apply solely to changes to rules and regulations, or proposed rules and regulations, that are limited to and directly a consequence of such amendments.”
|
||||
@@ -0,0 +1,65 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 6t"
|
||||
description: "Large swap trader reporting"
|
||||
jurisdiction: "us"
|
||||
corpus: "united_states_code"
|
||||
kind: "code_section"
|
||||
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|
||||
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|
||||
chapter_number: "1"
|
||||
chapter_name: "COMMODITY EXCHANGES"
|
||||
section: "6t"
|
||||
citation: "7 U.S.C. § 6t"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
source: "official"
|
||||
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip"
|
||||
source_identifier: "/us/usc/t7/s6t"
|
||||
source_file: "data/legal/raw/us/code/title-07/usc07.xml"
|
||||
source_hash: "6d77d47b43a054abef8d8886abc9adb8b9e9140f6380dce4fde90a7a614fcc8a"
|
||||
raw_snapshot_hash: "50edab1679a711653797362c0aeb8f2273303fe473fb7fa16df1ee76bdd6e984"
|
||||
text_hash: "a5a4936a4862bf84fa02633723136849430afe9cc532b2c5392ba7bba97516a4"
|
||||
retrieved_at: "2026-07-04"
|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 6t - Large swap trader reporting
|
||||
|
||||
## Text
|
||||
|
||||
(a) Prohibition (1) In general Except as provided in paragraph (2), it shall be unlawful for any person to enter into any swap that the Commission determines to perform a significant price discovery function with respect to registered entities if—
|
||||
|
||||
(A) the person directly or indirectly enters into the swap during any 1 day in an amount equal to or in excess of such amount as shall be established periodically by the Commission; and
|
||||
|
||||
(B) the person directly or indirectly has or obtains a position in the swap equal to or in excess of such amount as shall be established periodically by the Commission.
|
||||
|
||||
(2) Exception Paragraph (1) shall not apply if—
|
||||
|
||||
(A) the person files or causes to be filed with the properly designated officer of the Commission such reports regarding any transactions or positions described in subparagraphs (A) and (B) of paragraph (1) as the Commission may require by rule or regulation; and
|
||||
|
||||
(B) in accordance with the rules and regulations of the Commission, the person keeps books and records of all such swaps and any transactions and positions in any related commodity traded on or subject to the rules of any designated contract market or swap execution facility, and of cash or spot transactions in, inventories of, and purchase and sale commitments of, such a commodity.
|
||||
|
||||
(b) Requirements (1) In general Books and records described in subsection (a)(2)(B) shall—
|
||||
|
||||
(A) show such complete details concerning all transactions and positions as the Commission may prescribe by rule or regulation;
|
||||
|
||||
(B) be open at all times to inspection and examination by any representative of the Commission; and
|
||||
|
||||
(C) be open at all times to inspection and examination by the Securities and Exchange Commission, to the extent such books and records relate to transactions in swaps (as that term is defined in section 1a(47)(A)(v) of this title), and consistent with the confidentiality and disclosure requirements of section 12 of this title.
|
||||
|
||||
(2) Jurisdiction Nothing in paragraph (1) shall affect the exclusive jurisdiction of the Commission to prescribe recordkeeping and reporting requirements for large swap traders under this section.
|
||||
|
||||
(c) Applicability For purposes of this section, the swaps, futures, and cash or spot transactions and positions of any person shall include the swaps, futures, and cash or spot transactions and positions of any persons directly or indirectly controlled by the person.
|
||||
|
||||
(d) Significant price discovery function In making a determination as to whether a swap performs or affects a significant price discovery function with respect to registered entities, the Commission shall consider the factors described in section 6a(a)(3) of this title.
|
||||
|
||||
(Sept. 21, 1922, ch. 369, § 4t, as added Pub. L. 111–203, title VII, § 730, July 21, 2010, 124 Stat. 1702.)
|
||||
|
||||
## Notes
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective DateSection effective on the later of 360 days after July 21, 2010, or, to the extent a provision of subtitle A (§§ 711–754) of title VII of Pub. L. 111–203 requires a rulemaking, not less than 60 days after publication of the final rule or regulation implementing such provision of subtitle A, see section 754 of Pub. L. 111–203, set out as an Effective Date of 2010 Amendment note under section 1a of this title.
|
||||
@@ -0,0 +1,193 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 7"
|
||||
description: "Designation of boards of trade as contract markets"
|
||||
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|
||||
corpus: "united_states_code"
|
||||
kind: "code_section"
|
||||
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|
||||
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|
||||
chapter_number: "1"
|
||||
chapter_name: "COMMODITY EXCHANGES"
|
||||
section: "7"
|
||||
citation: "7 U.S.C. § 7"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
source: "official"
|
||||
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip"
|
||||
source_identifier: "/us/usc/t7/s7"
|
||||
source_file: "data/legal/raw/us/code/title-07/usc07.xml"
|
||||
source_hash: "a7bb39a629ed3f679d0a28dfedc9da4d746fc32a955b21ce71177a08754a56ee"
|
||||
raw_snapshot_hash: "50edab1679a711653797362c0aeb8f2273303fe473fb7fa16df1ee76bdd6e984"
|
||||
text_hash: "d5182467eed32bd8df586b82c1406d452f61e88b1f4904417d4bab1eccea34da"
|
||||
retrieved_at: "2026-07-04"
|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 7 - Designation of boards of trade as contract markets
|
||||
|
||||
## Text
|
||||
|
||||
(a) Applications A board of trade applying to the Commission for designation as a contract market shall submit an application to the Commission that includes any relevant materials and records the Commission may require consistent with this chapter.
|
||||
|
||||
(b) Repealed. Pub. L. 111–203, title VII, § 735(a), July 21, 2010, 124 Stat. 1718
|
||||
|
||||
(c) Existing contract markets A board of trade that is designated as a contract market on December 21, 2000, shall be considered to be a designated contract market under this section.
|
||||
|
||||
(d) Core principles for contract markets (1) Designation as contract market (A) In general To be designated, and maintain a designation, as a contract market, a board of trade shall comply with—
|
||||
|
||||
(i) any core principle described in this subsection; and
|
||||
|
||||
(ii) any requirement that the Commission may impose by rule or regulation pursuant to section 12a(5) of this title.
|
||||
|
||||
(B) Reasonable discretion of contract market Unless otherwise determined by the Commission by rule or regulation, a board of trade described in subparagraph (A) shall have reasonable discretion in establishing the manner in which the board of trade complies with the core principles described in this subsection.
|
||||
|
||||
(2) Compliance with rules (A) In general The board of trade shall establish, monitor, and enforce compliance with the rules of the contract market, including—
|
||||
|
||||
(i) access requirements;
|
||||
|
||||
(ii) the terms and conditions of any contracts to be traded on the contract market; and
|
||||
|
||||
(iii) rules prohibiting abusive trade practices on the contract market.
|
||||
|
||||
(B) Capacity of contract market The board of trade shall have the capacity to detect, investigate, and apply appropriate sanctions to any person that violates any rule of the contract market.
|
||||
|
||||
(C) Requirement of rules The rules of the contract market shall provide the board of trade with the ability and authority to obtain any necessary information to perform any function described in this subsection, including the capacity to carry out such international information-sharing agreements as the Commission may require.
|
||||
|
||||
(3) Contracts not readily subject to manipulation The board of trade shall list on the contract market only contracts that are not readily susceptible to manipulation.
|
||||
|
||||
(4) Prevention of market disruption The board of trade shall have the capacity and responsibility to prevent manipulation, price distortion, and disruptions of the delivery or cash-settlement process through market surveillance, compliance, and enforcement practices and procedures, including—
|
||||
|
||||
(A) methods for conducting real-time monitoring of trading; and
|
||||
|
||||
(B) comprehensive and accurate trade reconstructions.
|
||||
|
||||
(5) Position limitations or accountability (A) In general To reduce the potential threat of market manipulation or congestion (especially during trading in the delivery month), the board of trade shall adopt for each contract of the board of trade, as is necessary and appropriate, position limitations or position accountability for speculators.
|
||||
|
||||
(B) Maximum allowable position limitation For any contract that is subject to a position limitation established by the Commission pursuant to section 6a(a) of this title, the board of trade shall set the position limitation of the board of trade at a level not higher than the position limitation established by the Commission.
|
||||
|
||||
(6) Emergency authority The board of trade, in consultation or cooperation with the Commission, shall adopt rules to provide for the exercise of emergency authority, as is necessary and appropriate, including the authority—
|
||||
|
||||
(A) to liquidate or transfer open positions in any contract;
|
||||
|
||||
(B) to suspend or curtail trading in any contract; and
|
||||
|
||||
(C) to require market participants in any contract to meet special margin requirements.
|
||||
|
||||
(7) Availability of general information The board of trade shall make available to market authorities, market participants, and the public accurate information concerning—
|
||||
|
||||
(A) the terms and conditions of the contracts of the contract market; and
|
||||
|
||||
(B) (i) the rules, regulations, and mechanisms for executing transactions on or through the facilities of the contract market; and
|
||||
|
||||
(ii) the rules and specifications describing the operation of the contract market’s—
|
||||
|
||||
(I) electronic matching platform; or
|
||||
|
||||
(II) trade execution facility.
|
||||
|
||||
(8) Daily publication of trading information The board of trade shall make public daily information on settlement prices, volume, open interest, and opening and closing ranges for actively traded contracts on the contract market.
|
||||
|
||||
(9) Execution of transactions (A) In general The board of trade shall provide a competitive, open, and efficient market and mechanism for executing transactions that protects the price discovery process of trading in the centralized market of the board of trade.
|
||||
|
||||
(B) Rules The rules of the board of trade may authorize, for bona fide business purposes—
|
||||
|
||||
(i) transfer trades or office trades;
|
||||
|
||||
(ii) an exchange of—
|
||||
|
||||
(I) futures in connection with a cash commodity transaction;
|
||||
|
||||
(II) futures for cash commodities; or
|
||||
|
||||
(III) futures for swaps; or
|
||||
|
||||
(iii) a futures commission merchant, acting as principal or agent, to enter into or confirm the execution of a contract for the purchase or sale of a commodity for future delivery if the contract is reported, recorded, or cleared in accordance with the rules of the contract market or a derivatives clearing organization.
|
||||
|
||||
(10) Trade information The board of trade shall maintain rules and procedures to provide for the recording and safe storage of all identifying trade information in a manner that enables the contract market to use the information—
|
||||
|
||||
(A) to assist in the prevention of customer and market abuses; and
|
||||
|
||||
(B) to provide evidence of any violations of the rules of the contract market.
|
||||
|
||||
(11) Financial integrity of transactions The board of trade shall establish and enforce—
|
||||
|
||||
(A) rules and procedures for ensuring the financial integrity of transactions entered into on or through the facilities of the contract market (including the clearance and settlement of the transactions with a derivatives clearing organization); and
|
||||
|
||||
(B) rules to ensure—
|
||||
|
||||
(i) the financial integrity of any—
|
||||
|
||||
(I) futures commission merchant; and
|
||||
|
||||
(II) introducing broker; and
|
||||
|
||||
(ii) the protection of customer funds.
|
||||
|
||||
(12) Protection of markets and market participants The board of trade shall establish and enforce rules—
|
||||
|
||||
(A) to protect markets and market participants from abusive practices committed by any party, including abusive practices committed by a party acting as an agent for a participant; and
|
||||
|
||||
(B) to promote fair and equitable trading on the contract market.
|
||||
|
||||
(13) Disciplinary procedures The board of trade shall establish and enforce disciplinary procedures that authorize the board of trade to discipline, suspend, or expel members or market participants that violate the rules of the board of trade, or similar methods for performing the same functions, including delegation of the functions to third parties.
|
||||
|
||||
(14) Dispute resolution The board of trade shall establish and enforce rules regarding, and provide facilities for alternative dispute resolution as appropriate for, market participants and any market intermediaries.
|
||||
|
||||
(15) Governance fitness standards The board of trade shall establish and enforce appropriate fitness standards for directors, members of any disciplinary committee, members of the contract market, and any other person with direct access to the facility (including any party affiliated with any person described in this paragraph).
|
||||
|
||||
(16) Conflicts of interest The board of trade shall establish and enforce rules—
|
||||
|
||||
(A) to minimize conflicts of interest in the decision-making process of the contract market; and
|
||||
|
||||
(B) to establish a process for resolving conflicts of interest described in subparagraph (A).
|
||||
|
||||
(17) Composition of governing boards of contract markets The governance arrangements of the board of trade shall be designed to permit consideration of the views of market participants.
|
||||
|
||||
(18) Recordkeeping The board of trade shall maintain records of all activities relating to the business of the contract market—
|
||||
|
||||
(A) in a form and manner that is acceptable to the Commission; and
|
||||
|
||||
(B) for a period of at least 5 years.
|
||||
|
||||
(19) Antitrust considerations Unless necessary or appropriate to achieve the purposes of this chapter, the board of trade shall not—
|
||||
|
||||
(A) adopt any rule or taking 11 So in original. Probably should be “take”. any action that results in any unreasonable restraint of trade; or
|
||||
|
||||
(B) impose any material anticompetitive burden on trading on the contract market.
|
||||
|
||||
(20) System safeguards The board of trade shall—
|
||||
|
||||
(A) establish and maintain a program of risk analysis and oversight to identify and minimize sources of operational risk, through the development of appropriate controls and procedures, and the development of automated systems, that are reliable, secure, and have adequate scalable capacity;
|
||||
|
||||
(B) establish and maintain emergency procedures, backup facilities, and a plan for disaster recovery that allow for the timely recovery and resumption of operations and the fulfillment of the responsibilities and obligations of the board of trade; and
|
||||
|
||||
(C) periodically conduct tests to verify that backup resources are sufficient to ensure continued order processing and trade matching, price reporting, market surveillance, and maintenance of a comprehensive and accurate audit trail.
|
||||
|
||||
(21) Financial resources (A) In general The board of trade shall have adequate financial, operational, and managerial resources to discharge each responsibility of the board of trade.
|
||||
|
||||
(B) Determination of adequacy The financial resources of the board of trade shall be considered to be adequate if the value of the financial resources exceeds the total amount that would enable the contract market to cover the operating costs of the contract market for a 1-year period, as calculated on a rolling basis.
|
||||
|
||||
(22) Diversity of board of directors The board of trade, if a publicly traded company, shall endeavor to recruit individuals to serve on the board of directors and the other decision-making bodies (as determined by the Commission) of the board of trade from among, and to have the composition of the bodies reflect, a broad and culturally diverse pool of qualified candidates.
|
||||
|
||||
(23) Securities and Exchange Commission The board of trade shall keep any such records relating to swaps defined in section 1a(47)(A)(v) of this title open to inspection and examination by the Securities and Exchange Commission.
|
||||
|
||||
(e) Current agricultural commodities (1) Subject to paragraph (2) of this subsection, a contract for purchase or sale for future delivery of an agricultural commodity enumerated in section 1a(9) of this title that is available for trade on a contract market, as of December 21, 2000, may be traded only on a contract market designated under this section.
|
||||
|
||||
(2) In order to promote responsible economic or financial innovation and fair competition, the Commission, on application by any person, after notice and public comment and opportunity for hearing, may prescribe rules and regulations to provide for the offer and sale of contracts for future delivery or options on such contracts to be conducted on a derivatives transaction execution facility.
|
||||
|
||||
(Sept. 21, 1922, ch. 369, § 5, as added Pub. L. 106–554, § 1(a)(5) [title I, § 110(2)], Dec. 21, 2000, 114 Stat. 2763, 2763A–384; amended Pub. L. 111–203, title VII, §§ 721(e)(4), 735, July 21, 2010, 124 Stat. 1671, 1718.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Prior ProvisionsA prior section 7, acts Sept. 21, 1922, ch. 369, § 5, 42 Stat. 1000; June 15, 1936, ch. 545, §§ 2, 6, 49 Stat. 1491, 1497; Pub. L. 90–258, §§ 10, 11, Feb. 19, 1968, 82 Stat. 29; Pub. L. 93–463, title I, § 103(a), (f), (g), title II, § 207, Oct. 23, 1974, 88 Stat. 1392, 1400; Pub. L. 102–546, title II, §§ 201(c), 209(b)(2), Oct. 28, 1992, 106 Stat. 3597, 3606, related to conditions and requirements for designation of boards of trade as contract markets, prior to repeal by Pub. L. 106–554, § 1(a)(5) [title I, § 110(2)], Dec. 21, 2000, 114 Stat. 2763, 2763A–384.
|
||||
|
||||
Amendments2010—Subsec. (b). Pub. L. 111–203, § 735(a), struck out subsec. (b) which related to criteria for designation as a contract market. Subsec. (d). Pub. L. 111–203, § 735(b), added subsec. (d) and struck out former subsec. (d) which related to core principles for contract markets. Subsec. (e)(1). Pub. L. 111–203, § 721(e)(4), substituted “section 1a(9)” for “section 1a(4)”.
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of 2010 AmendmentAmendment by Pub. L. 111–203 effective on the later of 360 days after July 21, 2010, or, to the extent a provision of subtitle A (§§ 711–754) of title VII of Pub. L. 111–203 requires a rulemaking, not less than 60 days after publication of the final rule or regulation implementing such provision of subtitle A, see section 754 of Pub. L. 111–203, set out as a note under section 1a of this title.
|
||||
@@ -0,0 +1,349 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 7a–1"
|
||||
description: "Derivatives clearing organizations"
|
||||
jurisdiction: "us"
|
||||
corpus: "united_states_code"
|
||||
kind: "code_section"
|
||||
title_number: 7
|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "1"
|
||||
chapter_name: "COMMODITY EXCHANGES"
|
||||
section: "7a–1"
|
||||
citation: "7 U.S.C. § 7a–1"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
source: "official"
|
||||
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip"
|
||||
source_identifier: "/us/usc/t7/s7a–1"
|
||||
source_file: "data/legal/raw/us/code/title-07/usc07.xml"
|
||||
source_hash: "de2478f5000067269b7f71a6483646c95d4c1199c4de63e1e9cc62de16c42d21"
|
||||
raw_snapshot_hash: "50edab1679a711653797362c0aeb8f2273303fe473fb7fa16df1ee76bdd6e984"
|
||||
text_hash: "d6045ce25ede43000100d561571180e6dd5cb2238370a666a3183ae15ff44fbf"
|
||||
retrieved_at: "2026-07-04"
|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 7a–1 - Derivatives clearing organizations
|
||||
|
||||
## Text
|
||||
|
||||
(a) Registration requirement (1) In general Except as provided in paragraph (2), it shall be unlawful for a derivatives clearing organization, directly or indirectly, to make use of the mails or any means or instrumentality of interstate commerce to perform the functions of a derivatives clearing organization with respect to—
|
||||
|
||||
(A) a contract of sale of a commodity for future delivery (or an option on the contract of sale) or option on a commodity, in each case, unless the contract or option is—
|
||||
|
||||
(i) excluded from this chapter by subsection (a)(1)(C)(i), (c), or (f) of section 2 of this title; or
|
||||
|
||||
(ii) a security futures product cleared by a clearing agency registered with the Securities and Exchange Commission under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.); or
|
||||
|
||||
(B) a swap.
|
||||
|
||||
(2) Exception Paragraph (1) shall not apply to a derivatives clearing organization that is registered with the Commission.
|
||||
|
||||
(b) Voluntary registration A person that clears 1 or more agreements, contracts, or transactions that are not required to be cleared under this chapter may register with the Commission as a derivatives clearing organization.
|
||||
|
||||
(c) Registration of derivatives clearing organizations (1) Application A person desiring to register as a derivatives clearing organization shall submit to the Commission an application in such form and containing such information as the Commission may require for the purpose of making the determinations required for approval under paragraph (2).
|
||||
|
||||
(2) Core principles for derivatives clearing organizations (A) Compliance (i) In general To be registered and to maintain registration as a derivatives clearing organization, a derivatives clearing organization shall comply with each core principle described in this paragraph and any requirement that the Commission may impose by rule or regulation pursuant to section 12a(5) of this title.
|
||||
|
||||
(ii) Discretion of derivatives clearing organization Subject to any rule or regulation prescribed by the Commission, a derivatives clearing organization shall have reasonable discretion in establishing the manner by which the derivatives clearing organization complies with each core principle described in this paragraph.
|
||||
|
||||
(B) Financial resources (i) In general Each derivatives clearing organization shall have adequate financial, operational, and managerial resources, as determined by the Commission, to discharge each responsibility of the derivatives clearing organization.
|
||||
|
||||
(ii) Minimum amount of financial resources Each derivatives clearing organization shall possess financial resources that, at a minimum, exceed the total amount that would—
|
||||
|
||||
(I) enable the organization to meet its financial obligations to its members and participants notwithstanding a default by the member or participant creating the largest financial exposure for that organization in extreme but plausible market conditions; and
|
||||
|
||||
(II) enable the derivatives clearing organization to cover the operating costs of the derivatives clearing organization for a period of 1 year (as calculated on a rolling basis).
|
||||
|
||||
(C) Participant and product eligibility (i) In general Each derivatives clearing organization shall establish—
|
||||
|
||||
(I) appropriate admission and continuing eligibility standards (including sufficient financial resources and operational capacity to meet obligations arising from participation in the derivatives clearing organization) for members of, and participants in, the derivatives clearing organization; and
|
||||
|
||||
(II) appropriate standards for determining the eligibility of agreements, contracts, or transactions submitted to the derivatives clearing organization for clearing.
|
||||
|
||||
(ii) Required procedures Each derivatives clearing organization shall establish and implement procedures to verify, on an ongoing basis, the compliance of each participation and membership requirement of the derivatives clearing organization.
|
||||
|
||||
(iii) Requirements The participation and membership requirements of each derivatives clearing organization shall—
|
||||
|
||||
(I) be objective;
|
||||
|
||||
(II) be publicly disclosed; and
|
||||
|
||||
(III) permit fair and open access.
|
||||
|
||||
(D) Risk management (i) In general Each derivatives clearing organization shall ensure that the derivatives clearing organization possesses the ability to manage the risks associated with discharging the responsibilities of the derivatives clearing organization through the use of appropriate tools and procedures.
|
||||
|
||||
(ii) Measurement of credit exposure Each derivatives clearing organization shall—
|
||||
|
||||
(I) not less than once during each business day of the derivatives clearing organization, measure the credit exposures of the derivatives clearing organization to each member and participant of the derivatives clearing organization; and
|
||||
|
||||
(II) monitor each exposure described in subclause (I) periodically during the business day of the derivatives clearing organization.
|
||||
|
||||
(iii) Limitation of exposure to potential losses from defaults Each derivatives clearing organization, through margin requirements and other risk control mechanisms, shall limit the exposure of the derivatives clearing organization to potential losses from defaults by members and participants of the derivatives clearing organization to ensure that—
|
||||
|
||||
(I) the operations of the derivatives clearing organization would not be disrupted; and
|
||||
|
||||
(II) nondefaulting members or participants would not be exposed to losses that nondefaulting members or participants cannot anticipate or control.
|
||||
|
||||
(iv) Margin requirements The margin required from each member and participant of a derivatives clearing organization shall be sufficient to cover potential exposures in normal market conditions.
|
||||
|
||||
(v) Requirements regarding models and parameters Each model and parameter used in setting margin requirements under clause (iv) shall be—
|
||||
|
||||
(I) risk-based; and
|
||||
|
||||
(II) reviewed on a regular basis.
|
||||
|
||||
(E) Settlement procedures Each derivatives clearing organization shall—
|
||||
|
||||
(i) complete money settlements on a timely basis (but not less frequently than once each business day);
|
||||
|
||||
(ii) employ money settlement arrangements to eliminate or strictly limit the exposure of the derivatives clearing organization to settlement bank risks (including credit and liquidity risks from the use of banks to effect money settlements);
|
||||
|
||||
(iii) ensure that money settlements are final when effected;
|
||||
|
||||
(iv) maintain an accurate record of the flow of funds associated with each money settlement;
|
||||
|
||||
(v) possess the ability to comply with each term and condition of any permitted netting or offset arrangement with any other clearing organization;
|
||||
|
||||
(vi) regarding physical settlements, establish rules that clearly state each obligation of the derivatives clearing organization with respect to physical deliveries; and
|
||||
|
||||
(vii) ensure that each risk arising from an obligation described in clause (vi) is identified and managed.
|
||||
|
||||
(F) Treatment of funds (i) Required standards and procedures Each derivatives clearing organization shall establish standards and procedures that are designed to protect and ensure the safety of member and participant funds and assets.
|
||||
|
||||
(ii) Holding of funds and assets Each derivatives clearing organization shall hold member and participant funds and assets in a manner by which to minimize the risk of loss or of delay in the access by the derivatives clearing organization to the assets and funds.
|
||||
|
||||
(iii) Permissible investments Funds and assets invested by a derivatives clearing organization shall be held in instruments with minimal credit, market, and liquidity risks.
|
||||
|
||||
(G) Default rules and procedures (i) In general Each derivatives clearing organization shall have rules and procedures designed to allow for the efficient, fair, and safe management of events during which members or participants—
|
||||
|
||||
(I) become insolvent; or
|
||||
|
||||
(II) otherwise default on the obligations of the members or participants to the derivatives clearing organization.
|
||||
|
||||
(ii) Default procedures Each derivatives clearing organization shall—
|
||||
|
||||
(I) clearly state the default procedures of the derivatives clearing organization;
|
||||
|
||||
(II) make publicly available the default rules of the derivatives clearing organization; and
|
||||
|
||||
(III) ensure that the derivatives clearing organization may take timely action—
|
||||
|
||||
(aa) to contain losses and liquidity pressures; and
|
||||
|
||||
(bb) to continue meeting each obligation of the derivatives clearing organization.
|
||||
|
||||
(H) Rule enforcement Each derivatives clearing organization shall—
|
||||
|
||||
(i) maintain adequate arrangements and resources for—
|
||||
|
||||
(I) the effective monitoring and enforcement of compliance with the rules of the derivatives clearing organization; and
|
||||
|
||||
(II) the resolution of disputes;
|
||||
|
||||
(ii) have the authority and ability to discipline, limit, suspend, or terminate the activities of a member or participant due to a violation by the member or participant of any rule of the derivatives clearing organization; and
|
||||
|
||||
(iii) report to the Commission regarding rule enforcement activities and sanctions imposed against members and participants as provided in clause (ii).
|
||||
|
||||
(I) System safeguards Each derivatives clearing organization shall—
|
||||
|
||||
(i) establish and maintain a program of risk analysis and oversight to identify and minimize sources of operational risk through the development of appropriate controls and procedures, and automated systems, that are reliable, secure, and have adequate scalable capacity;
|
||||
|
||||
(ii) establish and maintain emergency procedures, backup facilities, and a plan for disaster recovery that allows for—
|
||||
|
||||
(I) the timely recovery and resumption of operations of the derivatives clearing organization; and
|
||||
|
||||
(II) the fulfillment of each obligation and responsibility of the derivatives clearing organization; and
|
||||
|
||||
(iii) periodically conduct tests to verify that the backup resources of the derivatives clearing organization are sufficient to ensure daily processing, clearing, and settlement.
|
||||
|
||||
(J) Reporting Each derivatives clearing organization shall provide to the Commission all information that the Commission determines to be necessary to conduct oversight of the derivatives clearing organization.
|
||||
|
||||
(K) Recordkeeping Each derivatives clearing organization shall maintain records of all activities related to the business of the derivatives clearing organization as a derivatives clearing organization—
|
||||
|
||||
(i) in a form and manner that is acceptable to the Commission; and
|
||||
|
||||
(ii) for a period of not less than 5 years.
|
||||
|
||||
(L) Public information (i) In general Each derivatives clearing organization shall provide to market participants sufficient information to enable the market participants to identify and evaluate accurately the risks and costs associated with using the services of the derivatives clearing organization.
|
||||
|
||||
(ii) Availability of information Each derivatives clearing organization shall make information concerning the rules and operating and default procedures governing the clearing and settlement systems of the derivatives clearing organization available to market participants.
|
||||
|
||||
(iii) Public disclosure Each derivatives clearing organization shall disclose publicly and to the Commission information concerning—
|
||||
|
||||
(I) the terms and conditions of each contract, agreement, and transaction cleared and settled by the derivatives clearing organization;
|
||||
|
||||
(II) each clearing and other fee that the derivatives clearing organization charges the members and participants of the derivatives clearing organization;
|
||||
|
||||
(III) the margin-setting methodology, and the size and composition, of the financial resource package of the derivatives clearing organization;
|
||||
|
||||
(IV) daily settlement prices, volume, and open interest for each contract settled or cleared by the derivatives clearing organization; and
|
||||
|
||||
(V) any other matter relevant to participation in the settlement and clearing activities of the derivatives clearing organization.
|
||||
|
||||
(M) Information-sharing Each derivatives clearing organization shall—
|
||||
|
||||
(i) enter into, and abide by the terms of, each appropriate and applicable domestic and international information-sharing agreement; and
|
||||
|
||||
(ii) use relevant information obtained from each agreement described in clause (i) in carrying out the risk management program of the derivatives clearing organization.
|
||||
|
||||
(N) Antitrust considerations Unless necessary or appropriate to achieve the purposes of this chapter, a derivatives clearing organization shall not—
|
||||
|
||||
(i) adopt any rule or take any action that results in any unreasonable restraint of trade; or
|
||||
|
||||
(ii) impose any material anticompetitive burden.
|
||||
|
||||
(O) Governance fitness standards (i) Governance arrangements Each derivatives clearing organization shall establish governance arrangements that are transparent—
|
||||
|
||||
(I) to fulfill public interest requirements; and
|
||||
|
||||
(II) to permit the consideration of the views of owners and participants.
|
||||
|
||||
(ii) Fitness standards Each derivatives clearing organization shall establish and enforce appropriate fitness standards for—
|
||||
|
||||
(I) directors;
|
||||
|
||||
(II) members of any disciplinary committee;
|
||||
|
||||
(III) members of the derivatives clearing organization;
|
||||
|
||||
(IV) any other individual or entity with direct access to the settlement or clearing activities of the derivatives clearing organization; and
|
||||
|
||||
(V) any party affiliated with any individual or entity described in this clause.
|
||||
|
||||
(P) Conflicts of interest Each derivatives clearing organization shall—
|
||||
|
||||
(i) establish and enforce rules to minimize conflicts of interest in the decision-making process of the derivatives clearing organization; and
|
||||
|
||||
(ii) establish a process for resolving conflicts of interest described in clause (i).
|
||||
|
||||
(Q) Composition of governing boards Each derivatives clearing organization shall ensure that the composition of the governing board or committee of the derivatives clearing organization includes market participants.
|
||||
|
||||
(R) Legal risk Each derivatives clearing organization shall have a well-founded, transparent, and enforceable legal framework for each aspect of the activities of the derivatives clearing organization.
|
||||
|
||||
(3) Orders concerning competition A derivatives clearing organization may request the Commission to issue an order concerning whether a rule or practice of the applicant is the least anticompetitive means of achieving the objectives, purposes, and policies of this chapter.
|
||||
|
||||
(d) Existing derivatives clearing organizations A derivatives clearing organization shall be deemed to be registered under this section to the extent that the derivatives clearing organization clears agreements, contracts, or transactions for a board of trade that has been designated by the Commission as a contract market for such agreements, contracts, or transactions before December 21, 2000.
|
||||
|
||||
(e) Appointment of trustee (1) In general If a proceeding under section 7b of this title results in the suspension or revocation of the registration of a derivatives clearing organization, or if a derivatives clearing organization withdraws from registration, the Commission, on notice to the derivatives clearing organization, may apply to the appropriate United States district court where the derivatives clearing organization is located for the appointment of a trustee.
|
||||
|
||||
(2) Assumption of jurisdiction If the Commission applies for appointment of a trustee under paragraph (1)—
|
||||
|
||||
(A) the court may take exclusive jurisdiction over the derivatives clearing organization and the records and assets of the derivatives clearing organization, wherever located; and
|
||||
|
||||
(B) if the court takes jurisdiction under subparagraph (A), the court shall appoint the Commission, or a person designated by the Commission, as trustee with power to take possession and continue to operate or terminate the operations of the derivatives clearing organization in an orderly manner for the protection of participants, subject to such terms and conditions as the court may prescribe.
|
||||
|
||||
(f) Linking of regulated clearing facilities (1) In general The Commission shall facilitate the linking or coordination of derivatives clearing organizations registered under this chapter with other regulated clearance facilities for the coordinated settlement of cleared transactions. In order to minimize systemic risk, under no circumstances shall a derivatives clearing organization be compelled to accept the counterparty credit risk of another clearing organization.
|
||||
|
||||
(2) Coordination In carrying out paragraph (1), the Commission shall coordinate with the Federal banking agencies and the Securities and Exchange Commission.
|
||||
|
||||
(g) Existing depository institutions and clearing agencies (1) In general A depository institution or clearing agency registered with the Securities and Exchange Commission under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) that is required to be registered as a derivatives clearing organization under this section is deemed to be registered under this section to the extent that, before July 21, 2010—
|
||||
|
||||
(A) the depository institution cleared swaps as a multilateral clearing organization; or
|
||||
|
||||
(B) the clearing agency cleared swaps.
|
||||
|
||||
(2) Conversion of depository institutions A depository institution to which this subsection applies may, by the vote of the shareholders owning not less than 51 percent of the voting interests of the depository institution, be converted into a State corporation, partnership, limited liability company, or similar legal form pursuant to a plan of conversion, if the conversion is not in contravention of applicable State law.
|
||||
|
||||
(3) Sharing of information The Securities and Exchange Commission shall make available to the Commission, upon request, all information determined to be relevant by the Securities and Exchange Commission regarding a clearing agency deemed to be registered with the Commission under paragraph (1).
|
||||
|
||||
(h) Exemptions The Commission may exempt, conditionally or unconditionally, a derivatives clearing organization from registration under this section for the clearing of swaps if the Commission determines that the derivatives clearing organization is subject to comparable, comprehensive supervision and regulation by the Securities and Exchange Commission or the appropriate government authorities in the home country of the organization. Such conditions may include, but are not limited to, requiring that the derivatives clearing organization be available for inspection by the Commission and make available all information requested by the Commission.
|
||||
|
||||
(i) Designation of chief compliance officer (1) In general Each derivatives clearing organization shall designate an individual to serve as a chief compliance officer.
|
||||
|
||||
(2) Duties The chief compliance officer shall—
|
||||
|
||||
(A) report directly to the board or to the senior officer of the derivatives clearing organization;
|
||||
|
||||
(B) review the compliance of the derivatives clearing organization with respect to the core principles described in subsection (c)(2);
|
||||
|
||||
(C) in consultation with the board of the derivatives clearing organization, a body performing a function similar to the board of the derivatives clearing organization, or the senior officer of the derivatives clearing organization, resolve any conflicts of interest that may arise;
|
||||
|
||||
(D) be responsible for administering each policy and procedure that is required to be established pursuant to this section;
|
||||
|
||||
(E) ensure compliance with this chapter (including regulations) relating to agreements, contracts, or transactions, including each rule prescribed by the Commission under this section;
|
||||
|
||||
(F) establish procedures for the remediation of noncompliance issues identified by the compliance officer through any—
|
||||
|
||||
(i) compliance office review;
|
||||
|
||||
(ii) look-back;
|
||||
|
||||
(iii) internal or external audit finding;
|
||||
|
||||
(iv) self-reported error; or
|
||||
|
||||
(v) validated complaint; and
|
||||
|
||||
(G) establish and follow appropriate procedures for the handling, management response, remediation, retesting, and closing of noncompliance issues.
|
||||
|
||||
(3) Annual reports (A) In general In accordance with rules prescribed by the Commission, the chief compliance officer shall annually prepare and sign a report that contains a description of—
|
||||
|
||||
(i) the compliance of the derivatives clearing organization of the compliance officer with respect to this chapter (including regulations); and
|
||||
|
||||
(ii) each policy and procedure of the derivatives clearing organization of the compliance officer (including the code of ethics and conflict of interest policies of the derivatives clearing organization).
|
||||
|
||||
(B) Requirements A compliance report under subparagraph (A) shall—
|
||||
|
||||
(i) accompany each appropriate financial report of the derivatives clearing organization that is required to be furnished to the Commission pursuant to this section; and
|
||||
|
||||
(ii) include a certification that, under penalty of law, the compliance report is accurate and complete.
|
||||
|
||||
(k) 11 So in original. No subsec. (j) has been enacted. Reporting requirements (1) Duty of derivatives clearing organizations Each derivatives clearing organization that clears swaps shall provide to the Commission all information that is determined by the Commission to be necessary to perform each responsibility of the Commission under this chapter.
|
||||
|
||||
(2) Data collection and maintenance requirements The Commission shall adopt data collection and maintenance requirements for swaps cleared by derivatives clearing organizations that are comparable to the corresponding requirements for—
|
||||
|
||||
(A) swaps data reported to swap data repositories; and
|
||||
|
||||
(B) swaps traded on swap execution facilities.
|
||||
|
||||
(3) Reports on security-based swap agreements to be shared with the Securities and Exchange Commission (A) In general A derivatives clearing organization that clears security-based swap agreements (as defined in section 1a(47)(A)(v) of this title) shall, upon request, open to inspection and examination to the Securities and Exchange Commission all books and records relating to such security-based swap agreements, consistent with the confidentiality and disclosure requirements of section 12 of this title.
|
||||
|
||||
(B) Jurisdiction Nothing in this paragraph shall affect the exclusive jurisdiction of the Commission to prescribe recordkeeping and reporting requirements for a derivatives clearing organization that is registered with the Commission.
|
||||
|
||||
(4) Information sharing Subject to section 12 of this title, and upon request, the Commission shall share information collected under paragraph (2) with—
|
||||
|
||||
(A) the Board;
|
||||
|
||||
(B) the Securities and Exchange Commission;
|
||||
|
||||
(C) each appropriate prudential regulator;
|
||||
|
||||
(D) the Financial Stability Oversight Council;
|
||||
|
||||
(E) the Department of Justice; and
|
||||
|
||||
(F) any other person that the Commission determines to be appropriate, including—
|
||||
|
||||
(i) foreign financial supervisors (including foreign futures authorities);
|
||||
|
||||
(ii) foreign central banks; and
|
||||
|
||||
(iii) foreign ministries.
|
||||
|
||||
(5) Confidentiality agreement Before the Commission may share information with any entity described in paragraph (4), the Commission shall receive a written agreement from each entity stating that the entity shall abide by the confidentiality requirements described in section 12 of this title relating to the information on swap transactions that is provided.
|
||||
|
||||
(6) Public information Each derivatives clearing organization that clears swaps shall provide to the Commission (including any designee of the Commission) information under paragraph (2) in such form and at such frequency as is required by the Commission to comply with the public reporting requirements contained in section 2(a)(13) of this title.
|
||||
|
||||
(Sept. 21, 1922, ch. 369, § 5b, as added Pub. L. 106–554, § 1(a)(5) [title I, § 112(f)], Dec. 21, 2000, 114 Stat. 2763, 2763A–396; amended Pub. L. 111–203, title VII, §§ 721(e)(6), 725(a)–(c), (e), (h), July 21, 2010, 124 Stat. 1671, 1685–1687, 1693, 1695; Pub. L. 114–94, div. G, title LXXXVI, § 86001(a), Dec. 4, 2015, 129 Stat. 1797.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
References in TextThe Securities Exchange Act of 1934, referred to in subsecs. (a)(1)(A)(ii) and (g)(1), is act June 6, 1934, ch. 404, 48 Stat. 881, which is classified principally to chapter 2B (§ 78a et seq.) of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see section 78a of Title 15 and Tables.
|
||||
|
||||
Prior ProvisionsA prior section 5b of act Sept. 21, 1922, was renumbered section 5e, and is classified to section 7b of this title.
|
||||
|
||||
Amendments2015—Subsec. (k)(5). Pub. L. 114–94 amended par. (5) generally. Prior to amendment, text read as follows: “Before the Commission may share information with any entity described in paragraph (4)— “(A) the Commission shall receive a written agreement from each entity stating that the entity shall abide by the confidentiality requirements described in section 12 of this title relating to the information on swap transactions that is provided; and “(B) each entity shall agree to indemnify the Commission for any expenses arising from litigation relating to the information provided under section 12 of this title.” 2010—Subsec. (a). Pub. L. 111–203, § 725(a), added subsec. (a) and struck out former subsec. (a) which related to registration requirement of derivatives clearing organizations. Pub. L. 111–203, § 721(e)(6), substituted “section 1a” for “section 1a(9)” in introductory provisions. Subsec. (b). Pub. L. 111–203, § 725(a), added subsec. (b) and struck out former subsec. (b). Prior to amendment, text read as follows: “A derivatives clearing organization that clears agreements, contracts, or transactions excluded from this chapter by section 2(c), 2(d), 2(f), or 2(g) of this title or sections 27 to 27f of this title, or exempted under section 2(h) or 6(c) of this title, or other over-the-counter derivative instruments (as defined in the Federal Deposit Insurance Corporation Improvement Act of 1991) may register with the Commission as a derivatives clearing organization.” Subsec. (c)(2). Pub. L. 111–203, § 725(c), added par. (2) and struck out former par. (2) which related to core principles for derivatives clearing organizations. Subsec. (f)(1). Pub. L. 111–203, § 725(h), inserted at end “In order to minimize systemic risk, under no circumstances shall a derivatives clearing organization be compelled to accept the counterparty credit risk of another clearing organization.” Subsecs. (g) to (i). Pub. L. 111–203, § 725(b), added subsecs. (g) to (i). Subsec. (k). Pub. L. 111–203, § 725(e), added subsec. (k).
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of 2015 AmendmentPub. L. 114–94, div. G, title LXXXVI, § 86001(d), Dec. 4, 2015, 129 Stat. 1798, provided that: “The amendments made by this section [amending this section, section 24a of this title, and section 78m of Title 15, Commerce and Trade] shall take effect as if enacted as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Public Law 111–203).”
|
||||
|
||||
Effective Date of 2010 AmendmentAmendment by Pub. L. 111–203 effective on the later of 360 days after July 21, 2010, or, to the extent a provision of subtitle A (§§ 711–754) of title VII of Pub. L. 111–203 requires a rulemaking, not less than 60 days after publication of the final rule or regulation implementing such provision of subtitle A, see section 754 of Pub. L. 111–203, set out as a note under section 1a of this title.
|
||||
|
||||
Conflicts of InterestPub. L. 111–203, title VII, § 725(d), July 21, 2010, 124 Stat. 1692, provided that: “The Commodity Futures Trading Commission shall adopt rules mitigating conflicts of interest in connection with the conduct of business by a swap dealer or a major swap participant with a derivatives clearing organization, board of trade, or a swap execution facility that clears or trades swaps in which the swap dealer or major swap participant has a material debt or material equity investment.” [For definitions of terms used in section 725(d) of Pub. L. 111–203, set out above, see section 5301 of Title 12, Banks and Banking.]
|
||||
@@ -0,0 +1,119 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 7a–2"
|
||||
description: "Common provisions applicable to registered entities"
|
||||
jurisdiction: "us"
|
||||
corpus: "united_states_code"
|
||||
kind: "code_section"
|
||||
title_number: 7
|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "1"
|
||||
chapter_name: "COMMODITY EXCHANGES"
|
||||
section: "7a–2"
|
||||
citation: "7 U.S.C. § 7a–2"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
source: "official"
|
||||
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip"
|
||||
source_identifier: "/us/usc/t7/s7a–2"
|
||||
source_file: "data/legal/raw/us/code/title-07/usc07.xml"
|
||||
source_hash: "406ec1b68905110eb0d881050798f728defdf35d45f12f37cb1c428009c30d89"
|
||||
raw_snapshot_hash: "50edab1679a711653797362c0aeb8f2273303fe473fb7fa16df1ee76bdd6e984"
|
||||
text_hash: "2451f99735bbb00677352511f3067185a0a4fe026eeeb65986a1adc02ea8e88f"
|
||||
retrieved_at: "2026-07-04"
|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 7a–2 - Common provisions applicable to registered entities
|
||||
|
||||
## Text
|
||||
|
||||
(a) Acceptable business practices under core principles (1) In general Consistent with the purposes of this chapter, the Commission may issue interpretations, or approve interpretations submitted to the Commission, of sections 7(d) and 7a–1(c)(2) of this title, to describe what would constitute an acceptable business practice under such sections.
|
||||
|
||||
(2) Effect of interpretation An interpretation issued under paragraph (1) may provide the exclusive means for complying with each section described in paragraph (1).
|
||||
|
||||
(b) Delegation of functions under core principles (1) In general A contract market, derivatives transaction execution facility, or electronic trading facility with respect to a significant price discovery contract may comply with any applicable core principle through delegation of any relevant function to a registered futures association or a registered entity that is not an electronic trading facility.
|
||||
|
||||
(2) Responsibility A contract market, derivatives transaction execution facility, or electronic trading facility that delegates a function under paragraph (1) shall remain responsible for carrying out the function.
|
||||
|
||||
(3) Noncompliance If a contract market, derivatives transaction execution facility, or electronic trading facility that delegates a function under paragraph (1) becomes aware that a delegated function is not being performed as required under this chapter, the contract market, derivatives transaction execution facility, or electronic trading facility shall promptly take steps to address the noncompliance.
|
||||
|
||||
(c) New contracts, new rules, and rule amendments (1) In general A registered entity may elect to list for trading or accept for clearing any new contract, or other instrument, or may elect to approve and implement any new rule or rule amendment, by providing to the Commission (and the Secretary of the Treasury, in the case of a contract of sale of a government security for future delivery (or option on such a contract) or a rule or rule amendment specifically related to such a contract) a written certification that the new contract or instrument or clearing of the new contract or instrument, new rule, or rule amendment complies with this chapter (including regulations under this chapter).
|
||||
|
||||
(2) Rule review The new rule or rule amendment described in paragraph (1) shall become effective, pursuant to the certification of the registered entity and notice of such certification to its members (in a manner to be determined by the Commission), on the date that is 10 business days after the date on which the Commission receives the certification (or such shorter period as determined by the Commission by rule or regulation) unless the Commission notifies the registered entity within such time that it is staying the certification because there exist novel or complex issues that require additional time to analyze, an inadequate explanation by the submitting registered entity, or a potential inconsistency with this chapter (including regulations under this chapter).
|
||||
|
||||
(3) Stay of certification for rules (A) A notification by the Commission pursuant to paragraph (2) shall stay the certification of the new rule or rule amendment for up to an additional 90 days from the date of the notification.
|
||||
|
||||
(B) A rule or rule amendment subject to a stay pursuant to subparagraph (A) shall become effective, pursuant to the certification of the registered entity, at the expiration of the period described in subparagraph (A) unless the Commission—
|
||||
|
||||
(i) withdraws the stay prior to that time; or
|
||||
|
||||
(ii) notifies the registered entity during such period that it objects to the proposed certification on the grounds that it is inconsistent with this chapter (including regulations under this chapter).
|
||||
|
||||
(C) The Commission shall provide a not less than 30-day public comment period, within the 90-day period in which the stay is in effect as described in subparagraph (A), whenever the Commission reviews a rule or rule amendment pursuant to a notification by the Commission under this paragraph.
|
||||
|
||||
(4) Prior approval (A) In general A registered entity may request that the Commission grant prior approval to any new contract or other instrument, new rule, or rule amendment.
|
||||
|
||||
(B) Prior approval required Notwithstanding any other provision of this section, a designated contract market shall submit to the Commission for prior approval each rule amendment that materially changes the terms and conditions, as determined by the Commission, in any contract of sale for future delivery of a commodity specifically enumerated in section 1a(10) 11 So in original. Probably should be “section 1a(9)”. of this title (or any option thereon) traded through its facilities if the rule amendment applies to contracts and delivery months which have already been listed for trading and have open interest.
|
||||
|
||||
(C) Deadline If prior approval is requested under subparagraph (A), the Commission shall take final action on the request not later than 90 days after submission of the request, unless the person submitting the request agrees to an extension of the time limitation established under this subparagraph.
|
||||
|
||||
(5) Approval (A) Rules The Commission shall approve a new rule, or rule amendment, of a registered entity unless the Commission finds that the new rule, or rule amendment, is inconsistent with this chapter (including regulations).
|
||||
|
||||
(B) Contracts and instruments The Commission shall approve a new contract or other instrument unless the Commission finds that the new contract or other instrument would violate this chapter (including regulations).
|
||||
|
||||
(C) Special rule for review and approval of event contracts and swaps contracts (i) Event contracts In connection with the listing of agreements, contracts, transactions, or swaps in excluded commodities that are based upon the occurrence, extent of an occurrence, or contingency (other than a change in the price, rate, value, or levels of a commodity described in section 1a(2)(i) 22 So in original. There is no section “1a(2)(i)” in this title. of this title), by a designated contract market or swap execution facility, the Commission may determine that such agreements, contracts, or transactions are contrary to the public interest if the agreements, contracts, or transactions involve—
|
||||
|
||||
(I) activity that is unlawful under any Federal or State law;
|
||||
|
||||
(II) terrorism;
|
||||
|
||||
(III) assassination;
|
||||
|
||||
(IV) war;
|
||||
|
||||
(V) gaming; or
|
||||
|
||||
(VI) other similar activity determined by the Commission, by rule or regulation, to be contrary to the public interest.
|
||||
|
||||
(ii) Prohibition No agreement, contract, or transaction determined by the Commission to be contrary to the public interest under clause (i) may be listed or made available for clearing or trading on or through a registered entity.
|
||||
|
||||
(iii) Swaps contracts (I) In general In connection with the listing of a swap for clearing by a derivatives clearing organization, the Commission shall determine, upon request or on its own motion, the initial eligibility, or the continuing qualification, of a derivatives clearing organization to clear such a swap under those criteria, conditions, or rules that the Commission, in its discretion, determines.
|
||||
|
||||
(II) Requirements Any such criteria, conditions, or rules shall consider—
|
||||
|
||||
(aa) the financial integrity of the derivatives clearing organization; and
|
||||
|
||||
(bb) any other factors which the Commission determines may be appropriate.
|
||||
|
||||
(iv) Deadline The Commission shall take final action under clauses (i) and (ii) in not later than 90 days from the commencement of its review unless the party seeking to offer the contract or swap agrees to an extension of this time limitation.
|
||||
|
||||
(d) Repealed. Pub. L. 111–203, title VII, § 745(c), July 21, 2010, 124 Stat. 1737
|
||||
|
||||
(e) Reservation of emergency authority Nothing in this section shall limit or in any way affect the emergency powers of the Commission provided in section 12a(9) of this title.
|
||||
|
||||
(f) Rules to avoid duplicative regulation of dual registrants Consistent with this chapter, each designated contract market and registered derivatives transaction execution facility shall issue such rules as are necessary to avoid duplicative or conflicting rules applicable to any futures commission merchant registered with the Commission pursuant to section 6f(a) of this title (except paragraph (2) thereof), that is also registered with the Securities and Exchange Commission pursuant to section 78o(b) of title 15 (except paragraph (11) thereof) with respect to the application of—
|
||||
|
||||
(1) rules of such designated contract market or registered derivatives transaction execution facility of the type specified in section 6d(e) of this title involving security futures products; and
|
||||
|
||||
(2) similar rules of national securities associations registered pursuant to section 78o–3(a) of title 15 and national securities exchanges registered pursuant to section 78f(g) of title 15 involving security futures products.
|
||||
|
||||
(Sept. 21, 1922, ch. 369, § 5c, as added and amended Pub. L. 106–554, § 1(a)(5) [title I, § 113, title II, § 251(h)], Dec. 21, 2000, 114 Stat. 2763, 2763A–399, 2763A–444; Pub. L. 110–234, title XIII, §§ 13105(e), (f), 13203(i)–(k), May 22, 2008, 122 Stat. 1434, 1440, 1441; Pub. L. 110–246, § 4(a), title XIII, §§ 13105(e), (f), 13203(i)–(k), June 18, 2008, 122 Stat. 1664, 2196, 2202, 2203; Pub. L. 111–203, title VII, §§ 717(d), 721(e)(7), 745, 749(c), July 21, 2010, 124 Stat. 1652, 1671, 1735, 1747.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
References in TextThis chapter, referred to in subsec. (c)(5)(A), was in the original “this subtitle”, and was translated as reading “this Act” to reflect the probable intent of Congress.
|
||||
|
||||
Codification Pub. L. 110–234 and Pub. L. 110–246 made identical amendments to this section. The amendments by Pub. L. 110–234 were repealed by section 4(a) of Pub. L. 110–246.
|
||||
|
||||
Amendments2010—Subsec. (a)(1). Pub. L. 111–203, § 749(c)(1), struck out “, 7a(d),” after “7(d)” and “and section 2(h)(7) of this title with respect to significant price discovery contracts,” before “to describe”. Subsec. (a)(2). Pub. L. 111–203, § 745(a), added par. (2) and struck out former par. (2). Prior to amendment, text read as follows: “An interpretation issued under paragraph (1) shall not provide the exclusive means for complying with such sections.” Subsec. (c). Pub. L. 111–203, § 745(b), added subsec. (c) and struck out former subsec. (c) which related to new contracts, new rules, and rule amendments and Commission approval upon certification of compliance with this chapter. Subsec. (c)(1). Pub. L. 111–203, § 717(d), designated existing provisions as subpar. (A), inserted heading, and added subpar. (B). Subsec. (c)(2)(B). Pub. L. 111–203, § 721(e)(7), substituted “section 1a(9)” for “section 1a(4)”. Subsec. (d). Pub. L. 111–203, § 745(c), struck out subsec. (d) which related to violation of core principles. Subsec. (f)(1). Pub. L. 111–203, § 749(c)(2), substituted “section 6d(e) of this title” for “section 6d(c) of this title”. 2008—Subsec. (a)(1). Pub. L. 110–246, § 13203(i), which directed amendment of par. (1) by inserting “, and section 2(h)(7) of this title with respect to significant price discovery contracts,” after “, and 7a–1(d)(2) of this title”, was executed by making the insertion after “, and 7a–1(c)(2) of this title” to reflect the probable intent of Congress and the intervening amendment by Pub. L. 110–246, § 13105(e). See below. Pub. L. 110–246, § 13105(e), substituted “7a–1(c)(2)” for “7a–1(d)(2)”. Subsec. (b)(1). Pub. L. 110–246, § 13203(j)(1), added par. (1) and struck out heading and text of former par. (1). Text read as follows: “A contract market or derivatives transaction execution facility may comply with any applicable core principle through delegation of any relevant function to a registered futures association or another registered entity.” Subsec. (b)(2), (3). Pub. L. 110–246, § 13203(j)(2), (3), substituted “contract market, derivatives transaction execution facility, or electronic trading facility” for “contract market or derivatives transaction execution facility” wherever appearing. Subsec. (d)(1). Pub. L. 110–246, § 13203(k), which directed amendment of par. (1) by inserting “or 2(h)(7)(C) of this title with respect to a significant price discovery contract traded or executed on an electronic trading facility,” after “7a–1(d)(2)”, was executed by making the insertion after “7a–1(c)(2)” in introductory provisions to reflect the probable intent of Congress and the intervening amendment by Pub. L. 110–246, § 13105(e). See below. Pub. L. 110–246, § 13105(e), substituted “7a–1(c)(2)” for “7a–1(d)(2)” in introductory provisions. Subsec. (f)(1). Pub. L. 110–246, § 13105(f), substituted “6d(c)” for “6d(3)”. 2000—Subsec. (f). Pub. L. 106–554, § 1(a)(5) [title II, § 251(h)], added subsec. (f).
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of 2010 AmendmentAmendment by Pub. L. 111–203 effective on the later of 360 days after July 21, 2010, or, to the extent a provision of subtitle A (§§ 711–754) of title VII of Pub. L. 111–203 requires a rulemaking, not less than 60 days after publication of the final rule or regulation implementing such provision of subtitle A, see section 754 of Pub. L. 111–203, set out as a note under section 1a of this title.
|
||||
|
||||
Effective Date of 2008 AmendmentAmendment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective May 22, 2008, the date of enactment of Pub. L. 110–234, except as otherwise provided, see section 4 of Pub. L. 110–246, set out as an Effective Date note under section 8701 of this title. Amendment by section 13203(i)–(k) of Pub. L. 110–246 effective June 18, 2008, see section 13204(a) of Pub. L. 110–246, set out as a note under section 2 of this title.
|
||||
@@ -0,0 +1,37 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 7a–3"
|
||||
description: "Repealed. Pub. L. 111–203, title VII, § 734(a), July 21, 2010, 124 Stat. 1718"
|
||||
jurisdiction: "us"
|
||||
corpus: "united_states_code"
|
||||
kind: "code_section"
|
||||
title_number: 7
|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "1"
|
||||
chapter_name: "COMMODITY EXCHANGES"
|
||||
section: "7a–3"
|
||||
citation: "7 U.S.C. § 7a–3"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
source: "official"
|
||||
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip"
|
||||
source_identifier: "/us/usc/t7/s7a–3"
|
||||
source_file: "data/legal/raw/us/code/title-07/usc07.xml"
|
||||
source_hash: "0be643c34bb35a1fb40b91b85c1cbed3fd205823dbe0d5e5d9503394abf86dbc"
|
||||
raw_snapshot_hash: "50edab1679a711653797362c0aeb8f2273303fe473fb7fa16df1ee76bdd6e984"
|
||||
text_hash: "af79312d59f286df1df49699a51210c5b604e69c898e4eee2399726d792724c3"
|
||||
retrieved_at: "2026-07-04"
|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 7a–3 - Repealed. Pub. L. 111–203, title VII, § 734(a), July 21, 2010, 124 Stat. 1718
|
||||
|
||||
## Notes
|
||||
|
||||
Section, act Sept. 21, 1922, ch. 369, § 5d, as added Pub. L. 106–554, § 1(a)(5) [title I, § 114], Dec. 21, 2000, 114 Stat. 2763, 2763A–401, related to exempt boards of trade.
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of RepealRepeal effective on the later of 360 days after July 21, 2010, or, to the extent a provision of subtitle A (§§ 711–754) of title VII of Pub. L. 111–203 requires a rulemaking, not less than 60 days after publication of the final rule or regulation implementing such provision of subtitle A, see section 754 of Pub. L. 111–203, set out as an Effective Date of 2010 Amendment note under section 1a of this title.
|
||||
@@ -0,0 +1,39 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 7a"
|
||||
description: "Repealed. Pub. L. 111–203, title VII, § 734(a), July 21, 2010, 124 Stat. 1718"
|
||||
jurisdiction: "us"
|
||||
corpus: "united_states_code"
|
||||
kind: "code_section"
|
||||
title_number: 7
|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "1"
|
||||
chapter_name: "COMMODITY EXCHANGES"
|
||||
section: "7a"
|
||||
citation: "7 U.S.C. § 7a"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
source: "official"
|
||||
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip"
|
||||
source_identifier: "/us/usc/t7/s7a"
|
||||
source_file: "data/legal/raw/us/code/title-07/usc07.xml"
|
||||
source_hash: "6ff54b8df92180623478673897b9f2ba020ddcd97f83353a05ffdce77d26488a"
|
||||
raw_snapshot_hash: "50edab1679a711653797362c0aeb8f2273303fe473fb7fa16df1ee76bdd6e984"
|
||||
text_hash: "92aae419dfccb7f59572210270c48abb3bc30e4c3397660d4c607e3cfea9778a"
|
||||
retrieved_at: "2026-07-04"
|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 7a - Repealed. Pub. L. 111–203, title VII, § 734(a), July 21, 2010, 124 Stat. 1718
|
||||
|
||||
## Notes
|
||||
|
||||
Section, act Sept. 21, 1922, ch. 369, § 5a, as added Pub. L. 106–554, § 1(a)(5) [title I, § 111], Dec. 21, 2000, 114 Stat. 2763, 2763A–387; amended Pub. L. 110–234, title XIII, § 13203(h), May 22, 2008, 122 Stat. 1440; Pub. L. 110–246, § 4(a), title XIII, § 13203(h), June 18, 2008, 122 Stat. 1664, 2202; Pub. L. 111–203, title VII, § 721(e)(5), July 21, 2010, 124 Stat. 1671, related to derivatives transaction execution facilities.
|
||||
|
||||
A prior section 7a, act Sept. 21, 1922, ch. 369, § 5a, as added June 15, 1936, ch. 545, § 7, 49 Stat. 1497; amended Pub. L. 90–258, § 12, Feb. 19, 1968, 82 Stat. 29; Pub. L. 93–463, title I, § 103(a), (e), (f), title II, §§ 208–210, title IV, §§ 406, 407, Oct. 23, 1974, 88 Stat. 1392, 1400, 1401, 1413; Pub. L. 95–405, §§ 11, 12, Sept. 30, 1978, 92 Stat. 870, 871; Pub. L. 97–444, title II, §§ 216, 217(a), Jan. 11, 1983, 96 Stat. 2306, 2307; Pub. L. 99–641, title I, § 110(2), Nov. 10, 1986, 100 Stat. 3561; Pub. L. 102–546, title I, § 103, title II, §§ 201(a), 206(a)(1), 213(a), 217, 222(a), Oct. 28, 1992, 106 Stat. 3594, 3595, 3601, 3609, 3611, 3615, related to duties of contract markets prior to repeal by Pub. L. 106–554, § 1(a)(5) [title I, § 110(2)], Dec. 21, 2000, 114 Stat. 2763, 2763A–384.
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of RepealRepeal effective on the later of 360 days after July 21, 2010, or, to the extent a provision of subtitle A (§§ 711–754) of title VII of Pub. L. 111–203 requires a rulemaking, not less than 60 days after publication of the final rule or regulation implementing such provision of subtitle A, see section 754 of Pub. L. 111–203, set out as an Effective Date of 2010 Amendment note under section 1a of this title.
|
||||
@@ -0,0 +1,81 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 7b–1"
|
||||
description: "Designation of securities exchanges and associations as contract markets"
|
||||
jurisdiction: "us"
|
||||
corpus: "united_states_code"
|
||||
kind: "code_section"
|
||||
title_number: 7
|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "1"
|
||||
chapter_name: "COMMODITY EXCHANGES"
|
||||
section: "7b–1"
|
||||
citation: "7 U.S.C. § 7b–1"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
source: "official"
|
||||
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip"
|
||||
source_identifier: "/us/usc/t7/s7b–1"
|
||||
source_file: "data/legal/raw/us/code/title-07/usc07.xml"
|
||||
source_hash: "8bb29e011c555d3aa7d9b43d93a5d58dc9640736037ff56873bb46a4aab15239"
|
||||
raw_snapshot_hash: "50edab1679a711653797362c0aeb8f2273303fe473fb7fa16df1ee76bdd6e984"
|
||||
text_hash: "072968fb940c7d0919a1cf6b8271f69bd16dcf266844e288196bd2060fe614e9"
|
||||
retrieved_at: "2026-07-04"
|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 7b–1 - Designation of securities exchanges and associations as contract markets
|
||||
|
||||
## Text
|
||||
|
||||
(a) Any board of trade that is registered with the Securities and Exchange Commission as a national securities exchange, is a national securities association registered pursuant to section 78o–3(a) of title 15, or is an alternative trading system shall be a designated contract market in security futures products if—
|
||||
|
||||
(1) such national securities exchange, national securities association, or alternative trading system lists or trades no other contracts of sale for future delivery, except for security futures products;
|
||||
|
||||
(2) such national securities exchange, national securities association, or alternative trading system files written notice with the Commission in such form as the Commission, by rule, may prescribe containing such information as the Commission, by rule, may prescribe as necessary or appropriate in the public interest or for the protection of customers; and
|
||||
|
||||
(3) the registration of such national securities exchange, national securities association, or alternative trading system is not suspended pursuant to an order by the Securities and Exchange Commission.
|
||||
|
||||
Such designation shall be effective contemporaneously with the submission of notice, in written or electronic form, to the Commission.
|
||||
|
||||
(b) (1) A national securities exchange, national securities association, or alternative trading system that is designated as a contract market pursuant to this section shall be exempt from the following provisions of this chapter and the rules thereunder:
|
||||
|
||||
(A) Subsections (c), (e), and (g) of section 6c of this title.
|
||||
|
||||
(B) Section 6j of this title.
|
||||
|
||||
(C) Section 7 of this title.
|
||||
|
||||
(D) Section 7a–2 of this title.
|
||||
|
||||
(E) Section 10a of this title.
|
||||
|
||||
(F) Section 12(d) of this title.
|
||||
|
||||
(G) Section 13(f) 11 See References in Text note below. of this title.
|
||||
|
||||
(H) Section 20 of this title.
|
||||
|
||||
(2) An alternative trading system that is a designated contract market under this section shall be required to be a member of a futures association registered under section 21 of this title and shall be exempt from any provision of this chapter that would require such alternative trading system to—
|
||||
|
||||
(A) set rules governing the conduct of subscribers other than the conduct of such subscribers’ trading on such alternative trading system; or
|
||||
|
||||
(B) discipline subscribers other than by exclusion from trading.
|
||||
|
||||
(3) To the extent that an alternative trading system is exempt from any provision of this chapter pursuant to paragraph (2) of this subsection, the futures association registered under section 21 of this title of which the alternative trading system is a member shall set rules governing the conduct of subscribers to the alternative trading system and discipline the subscribers.
|
||||
|
||||
(4) (A) Except as provided in subparagraph (B), but notwithstanding any other provision of this chapter, the Commission, by rule, regulation, or order, may conditionally or unconditionally exempt any designated contract market in security futures subject to the designation requirement of this section from any provision of this chapter or of any rule or regulation thereunder, to the extent such exemption is necessary or appropriate in the public interest and is consistent with the protection of investors.
|
||||
|
||||
(B) The Commission shall, by rule or regulation, determine the procedures under which an exemptive order under this section is granted and may, in its sole discretion, decline to entertain any application for an order of exemption under this section.
|
||||
|
||||
(C) An alternative trading system shall not be deemed to be an exchange for any purpose as a result of the designation of such alternative trading system as a contract market under this section.
|
||||
|
||||
(Sept. 21, 1922, ch. 369, § 5f, as added Pub. L. 106–554, § 1(a)(5) [title II, § 252(a)], Dec. 21, 2000, 114 Stat. 2763, 2763A–445.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
References in TextSubsec. (f) of section 13 of this title, referred to in subsec. (b)(1)(G), was redesignated subsec. (e) by Pub. L. 110–246, title XIII, § 13105(h)(2), June 18, 2008, 122 Stat. 2197.
|
||||
@@ -0,0 +1,43 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 7b–2"
|
||||
description: "Privacy"
|
||||
jurisdiction: "us"
|
||||
corpus: "united_states_code"
|
||||
kind: "code_section"
|
||||
title_number: 7
|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "1"
|
||||
chapter_name: "COMMODITY EXCHANGES"
|
||||
section: "7b–2"
|
||||
citation: "7 U.S.C. § 7b–2"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
source: "official"
|
||||
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip"
|
||||
source_identifier: "/us/usc/t7/s7b–2"
|
||||
source_file: "data/legal/raw/us/code/title-07/usc07.xml"
|
||||
source_hash: "b6e830ef9dc6cd0920b72a320c5ee9bb828ddcf33a107e3516ceb188d248db99"
|
||||
raw_snapshot_hash: "50edab1679a711653797362c0aeb8f2273303fe473fb7fa16df1ee76bdd6e984"
|
||||
text_hash: "1c9a8107a51e0fa2e25f98b3b7e128fc2aeea8e70da02bb4b43af1e1d82258a4"
|
||||
retrieved_at: "2026-07-04"
|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 7b–2 - Privacy
|
||||
|
||||
## Text
|
||||
|
||||
(a) Treatment as financial institutions Notwithstanding section 509(3)(B) of the Gramm-Leach-Bliley Act [15 U.S.C. 6809(3)(B)], any futures commission merchant, commodity trading advisor, commodity pool operator, or introducing broker that is subject to the jurisdiction of the Commission under this chapter with respect to any financial activity shall be treated as a financial institution for purposes of title V of such Act [15 U.S.C. 6801 et seq.] with respect to such financial activity.
|
||||
|
||||
(b) Treatment of CFTC as Federal functional regulator For purposes of title V of such Act [15 U.S.C. 6801 et seq.], the Commission shall be treated as a Federal functional regulator within the meaning of section 509(2) of such Act [15 U.S.C. 6809(2)] and shall prescribe regulations under such title within 6 months after December 21, 2000.
|
||||
|
||||
(Sept. 21, 1922, ch. 369, § 5g, as added Pub. L. 106–554, § 1(a)(5) [title I, § 124], Dec. 21, 2000, 114 Stat. 2763, 2763A–411.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
References in TextThe Gramm-Leach-Bliley Act, referred to in text, is Pub. L. 106–102, Nov. 12, 1999, 113 Stat. 1338. Title V of the Act is classified principally to chapter 94 (§ 6801 et seq.) of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see Short Title of 1999 Amendment note set out under section 1811 of Title 12, Banks and Banking, and Tables.
|
||||
@@ -0,0 +1,207 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 7b–3"
|
||||
description: "Swap execution facilities"
|
||||
jurisdiction: "us"
|
||||
corpus: "united_states_code"
|
||||
kind: "code_section"
|
||||
title_number: 7
|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "1"
|
||||
chapter_name: "COMMODITY EXCHANGES"
|
||||
section: "7b–3"
|
||||
citation: "7 U.S.C. § 7b–3"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
source: "official"
|
||||
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip"
|
||||
source_identifier: "/us/usc/t7/s7b–3"
|
||||
source_file: "data/legal/raw/us/code/title-07/usc07.xml"
|
||||
source_hash: "2649e857240bc26ff47f8f5cea5603da53cf44b1a2d139f499379a026ae46763"
|
||||
raw_snapshot_hash: "50edab1679a711653797362c0aeb8f2273303fe473fb7fa16df1ee76bdd6e984"
|
||||
text_hash: "059b90574e5ca76ffa04560ea2c4c5716328eaabe8ad64108a982e50cf7715cd"
|
||||
retrieved_at: "2026-07-04"
|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 7b–3 - Swap execution facilities
|
||||
|
||||
## Text
|
||||
|
||||
(a) Registration (1) In general No person may operate a facility for the trading or processing of swaps unless the facility is registered as a swap execution facility or as a designated contract market under this section.
|
||||
|
||||
(2) Dual registration Any person that is registered as a swap execution facility under this section shall register with the Commission regardless of whether the person also is registered with the Securities and Exchange Commission as a swap execution facility.
|
||||
|
||||
(b) Trading and trade processing (1) In general Except as specified in paragraph (2), a swap execution facility that is registered under subsection (a) may—
|
||||
|
||||
(A) make available for trading any swap; and
|
||||
|
||||
(B) facilitate trade processing of any swap.
|
||||
|
||||
(2) Agricultural swaps A swap execution facility may not list for trading or confirm the execution of any swap in an agricultural commodity (as defined by the Commission) except pursuant to a rule or regulation of the Commission allowing the swap under such terms and conditions as the Commission shall prescribe.
|
||||
|
||||
(c) Identification of facility used to trade swaps by contract markets A board of trade that operates a contract market shall, to the extent that the board of trade also operates a swap execution facility and uses the same electronic trade execution system for listing and executing trades of swaps on or through the contract market and the swap execution facility, identify whether the electronic trading of such swaps is taking place on or through the contract market or the swap execution facility.
|
||||
|
||||
(d) Rule-writing (1) The Securities and Exchange Commission and Commodity Futures Trading Commission may promulgate rules defining the universe of swaps that can be executed on a swap execution facility. These rules shall take into account the price and nonprice requirements of the counterparties to a swap and the goal of this section as set forth in subsection (e).
|
||||
|
||||
(2) For all swaps that are not required to be executed through a swap execution facility as defined in paragraph (1), such trades may be executed through any other available means of interstate commerce.
|
||||
|
||||
(3) The Securities and Exchange Commission and Commodity Futures Trading Commission shall update these rules as necessary to account for technological and other innovation.
|
||||
|
||||
(e) Rule of construction The goal of this section is to promote the trading of swaps on swap execution facilities and to promote pre-trade price transparency in the swaps market.
|
||||
|
||||
(f) Core principles for swap execution facilities (1) Compliance with core principles (A) In general To be registered, and maintain registration, as a swap execution facility, the swap execution facility shall comply with—
|
||||
|
||||
(i) the core principles described in this subsection; and
|
||||
|
||||
(ii) any requirement that the Commission may impose by rule or regulation pursuant to section 12a(5) of this title.
|
||||
|
||||
(B) Reasonable discretion of swap execution facility Unless otherwise determined by the Commission by rule or regulation, a swap execution facility described in subparagraph (A) shall have reasonable discretion in establishing the manner in which the swap execution facility complies with the core principles described in this subsection.
|
||||
|
||||
(2) Compliance with rules A swap execution facility shall—
|
||||
|
||||
(A) establish and enforce compliance with any rule of the swap execution facility, including—
|
||||
|
||||
(i) the terms and conditions of the swaps traded or processed on or through the swap execution facility; and
|
||||
|
||||
(ii) any limitation on access to the swap execution facility;
|
||||
|
||||
(B) establish and enforce trading, trade processing, and participation rules that will deter abuses and have the capacity to detect, investigate, and enforce those rules, including means—
|
||||
|
||||
(i) to provide market participants with impartial access to the market; and
|
||||
|
||||
(ii) to capture information that may be used in establishing whether rule violations have occurred;
|
||||
|
||||
(C) establish rules governing the operation of the facility, including rules specifying trading procedures to be used in entering and executing orders traded or posted on the facility, including block trades; and
|
||||
|
||||
(D) provide by its rules that when a swap dealer or major swap participant enters into or facilitates a swap that is subject to the mandatory clearing requirement of section 2(h) of this title, the swap dealer or major swap participant shall be responsible for compliance with the mandatory trading requirement under section 2(h)(8) of this title.
|
||||
|
||||
(3) Swaps not readily susceptible to manipulation The swap execution facility shall permit trading only in swaps that are not readily susceptible to manipulation.
|
||||
|
||||
(4) Monitoring of trading and trade processing The swap execution facility shall—
|
||||
|
||||
(A) establish and enforce rules or terms and conditions defining, or specifications detailing—
|
||||
|
||||
(i) trading procedures to be used in entering and executing orders traded on or through the facilities of the swap execution facility; and
|
||||
|
||||
(ii) procedures for trade processing of swaps on or through the facilities of the swap execution facility; and
|
||||
|
||||
(B) monitor trading in swaps to prevent manipulation, price distortion, and disruptions of the delivery or cash settlement process through surveillance, compliance, and disciplinary practices and procedures, including methods for conducting real-time monitoring of trading and comprehensive and accurate trade reconstructions.
|
||||
|
||||
(5) Ability to obtain information The swap execution facility shall—
|
||||
|
||||
(A) establish and enforce rules that will allow the facility to obtain any necessary information to perform any of the functions described in this section;
|
||||
|
||||
(B) provide the information to the Commission on request; and
|
||||
|
||||
(C) have the capacity to carry out such international information-sharing agreements as the Commission may require.
|
||||
|
||||
(6) Position limits or accountability (A) In general To reduce the potential threat of market manipulation or congestion, especially during trading in the delivery month, a swap execution facility that is a trading facility shall adopt for each of the contracts of the facility, as is necessary and appropriate, position limitations or position accountability for speculators.
|
||||
|
||||
(B) Position limits For any contract that is subject to a position limitation established by the Commission pursuant to section 6a(a) of this title, the swap execution facility shall—
|
||||
|
||||
(i) set its position limitation at a level no higher than the Commission limitation; and
|
||||
|
||||
(ii) monitor positions established on or through the swap execution facility for compliance with the limit set by the Commission and the limit, if any, set by the swap execution facility.
|
||||
|
||||
(7) Financial integrity of transactions The swap execution facility shall establish and enforce rules and procedures for ensuring the financial integrity of swaps entered on or through the facilities of the swap execution facility, including the clearance and settlement of the swaps pursuant to section 2(h)(1) of this title.
|
||||
|
||||
(8) Emergency authority The swap execution facility shall adopt rules to provide for the exercise of emergency authority, in consultation or cooperation with the Commission, as is necessary and appropriate, including the authority to liquidate or transfer open positions in any swap or to suspend or curtail trading in a swap.
|
||||
|
||||
(9) Timely publication of trading information (A) In general The swap execution facility shall make public timely information on price, trading volume, and other trading data on swaps to the extent prescribed by the Commission.
|
||||
|
||||
(B) Capacity of swap execution facility The swap execution facility shall be required to have the capacity to electronically capture and transmit trade information with respect to transactions executed on the facility.
|
||||
|
||||
(10) Recordkeeping and reporting (A) In general A swap execution facility shall—
|
||||
|
||||
(i) maintain records of all activities relating to the business of the facility, including a complete audit trail, in a form and manner acceptable to the Commission for a period of 5 years;
|
||||
|
||||
(ii) report to the Commission, in a form and manner acceptable to the Commission, such information as the Commission determines to be necessary or appropriate for the Commission to perform the duties of the Commission under this chapter; and
|
||||
|
||||
(iii) shall keep any such records relating to swaps defined in section 1a(47)(A)(v) of this title open to inspection and examination by the Securities and Exchange Commission.” 11 So in original. The closing quotation marks probably should not appear.
|
||||
|
||||
(B) Requirements The Commission shall adopt data collection and reporting requirements for swap execution facilities that are comparable to corresponding requirements for derivatives clearing organizations and swap data repositories.
|
||||
|
||||
(11) Antitrust considerations Unless necessary or appropriate to achieve the purposes of this chapter, the swap execution facility shall not—
|
||||
|
||||
(A) adopt any rules or taking 22 So in original. Probably should be “take”. any actions that result in any unreasonable restraint of trade; or
|
||||
|
||||
(B) impose any material anticompetitive burden on trading or clearing.
|
||||
|
||||
(12) Conflicts of interest The swap execution facility shall—
|
||||
|
||||
(A) establish and enforce rules to minimize conflicts of interest in its decision-making process; and
|
||||
|
||||
(B) establish a process for resolving the conflicts of interest.
|
||||
|
||||
(13) Financial resources (A) In general The swap execution facility shall have adequate financial, operational, and managerial resources to discharge each responsibility of the swap execution facility.
|
||||
|
||||
(B) Determination of resource adequacy The financial resources of a swap execution facility shall be considered to be adequate if the value of the financial resources exceeds the total amount that would enable the swap execution facility to cover the operating costs of the swap execution facility for a 1-year period, as calculated on a rolling basis.
|
||||
|
||||
(14) System safeguards The swap execution facility shall—
|
||||
|
||||
(A) establish and maintain a program of risk analysis and oversight to identify and minimize sources of operational risk, through the development of appropriate controls and procedures, and automated systems, that—
|
||||
|
||||
(i) are reliable and secure; and
|
||||
|
||||
(ii) have adequate scalable capacity;
|
||||
|
||||
(B) establish and maintain emergency procedures, backup facilities, and a plan for disaster recovery that allow for—
|
||||
|
||||
(i) the timely recovery and resumption of operations; and
|
||||
|
||||
(ii) the fulfillment of the responsibilities and obligations of the swap execution facility; and
|
||||
|
||||
(C) periodically conduct tests to verify that the backup resources of the swap execution facility are sufficient to ensure continued—
|
||||
|
||||
(i) order processing and trade matching;
|
||||
|
||||
(ii) price reporting;
|
||||
|
||||
(iii) market surveillance and
|
||||
|
||||
(iv) maintenance of a comprehensive and accurate audit trail.
|
||||
|
||||
(15) Designation of chief compliance officer (A) In general Each swap execution facility shall designate an individual to serve as a chief compliance officer.
|
||||
|
||||
(B) Duties The chief compliance officer shall—
|
||||
|
||||
(i) report directly to the board or to the senior officer of the facility;
|
||||
|
||||
(ii) review compliance with the core principles in this subsection;
|
||||
|
||||
(iii) in consultation with the board of the facility, a body performing a function similar to that of a board, or the senior officer of the facility, resolve any conflicts of interest that may arise;
|
||||
|
||||
(iv) be responsible for establishing and administering the policies and procedures required to be established pursuant to this section;
|
||||
|
||||
(v) ensure compliance with this chapter and the rules and regulations issued under this chapter, including rules prescribed by the Commission pursuant to this section; and
|
||||
|
||||
(vi) establish procedures for the remediation of noncompliance issues found during compliance office reviews, look backs, internal or external audit findings, self-reported errors, or through validated complaints.
|
||||
|
||||
(C) Requirements for procedures In establishing procedures under subparagraph (B)(vi), the chief compliance officer shall design the procedures to establish the handling, management response, remediation, retesting, and closing of noncompliance issues.
|
||||
|
||||
(D) Annual reports (i) In general In accordance with rules prescribed by the Commission, the chief compliance officer shall annually prepare and sign a report that contains a description of—
|
||||
|
||||
(I) the compliance of the swap execution facility with this chapter; and
|
||||
|
||||
(II) the policies and procedures, including the code of ethics and conflict of interest policies, of the swap execution facility.
|
||||
|
||||
(ii) Requirements The chief compliance officer shall—
|
||||
|
||||
(I) submit each report described in clause (i) with the appropriate financial report of the swap execution facility that is required to be submitted to the Commission pursuant to this section; and
|
||||
|
||||
(II) include in the report a certification that, under penalty of law, the report is accurate and complete.
|
||||
|
||||
(g) Exemptions The Commission may exempt, conditionally or unconditionally, a swap execution facility from registration under this section if the Commission finds that the facility is subject to comparable, comprehensive supervision and regulation on a consolidated basis by the Securities and Exchange Commission, a prudential regulator, or the appropriate governmental authorities in the home country of the facility.
|
||||
|
||||
(h) Rules The Commission shall prescribe rules governing the regulation of alternative swap execution facilities under this section.
|
||||
|
||||
(Sept. 21, 1922, ch. 369, § 5h, as added Pub. L. 111–203, title VII, § 733, July 21, 2010, 124 Stat. 1712.)
|
||||
|
||||
## Notes
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective DateSection effective on the later of 360 days after July 21, 2010, or, to the extent a provision of subtitle A (§§ 711–754) of title VII of Pub. L. 111–203 requires a rulemaking, not less than 60 days after publication of the final rule or regulation implementing such provision of subtitle A, see section 754 of Pub. L. 111–203, set out as an Effective Date of 2010 Amendment note under section 1a of this title.
|
||||
@@ -0,0 +1,55 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
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|
||||
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|
||||
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|
||||
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||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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||||
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|
||||
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|
||||
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|
||||
---
|
||||
|
||||
# 7 U.S.C. § 7b - Suspension or revocation of designation as registered entity
|
||||
|
||||
## Text
|
||||
|
||||
The failure of a registered entity to comply with any provision of this chapter, or any regulation or order of the Commission under this chapter, shall be cause for the suspension of the registered entity for a period not to exceed 180 days, or revocation of designation as a registered entity, in accordance with the procedures and subject to the judicial review provided in section 8(b) of this title.
|
||||
|
||||
(Sept. 21, 1922, ch. 369, § 5e, formerly § 5b, as added June 15, 1936, ch. 545, § 7, 49 Stat. 1498; amended Pub. L. 90–258, § 13, Feb. 19, 1968, 82 Stat. 30; Pub. L. 93–463, title I, § 103(a), (b), Oct. 23, 1974, 88 Stat. 1392; Pub. L. 102–546, title II, § 209(b)(3), Oct. 28, 1992, 106 Stat. 3607; renumbered § 5e and amended Pub. L. 106–554, § 1(a)(5) [title I, §§ 110(1), 115], Dec. 21, 2000, 114 Stat. 2763, 2763A–384, 2763A–402; Pub. L. 110–234, title XIII, § 13203(l), May 22, 2008, 122 Stat. 1441; Pub. L. 110–246, § 4(a), title XIII, § 13203(l), June 18, 2008, 122 Stat. 1664, 2203; Pub. L. 111–203, title VII, § 749(d), July 21, 2010, 124 Stat. 1747.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Codification Pub. L. 110–234 and Pub. L. 110–246 made identical amendments to this section. The amendments by Pub. L. 110–234 were repealed by section 4(a) of Pub. L. 110–246.
|
||||
|
||||
Amendments2010—Pub. L. 111–203 struck out “or revocation of the right of an electronic trading facility to rely on the exemption set forth in section 2(h)(3) of this title with respect to a significant price discovery contract,” after “or revocation of designation as a registered entity,”. 2008—Pub. L. 110–246, § 13203(l), inserted “, or revocation of the right of an electronic trading facility to rely on the exemption set forth in section 2(h)(3) of this title with respect to a significant price discovery contract,” after “designation as a registered entity”. 2000—Pub. L. 106–554, § 1(a)(5) [title I, § 115], amended section generally. Prior to amendment, section read as follows: “The failure or refusal of any board of trade to comply with any of the provisions of this chapter, or any of the rules, regulations, or orders of the Commission or the commission thereunder, shall be cause for suspending for a period not to exceed six months or revoking the designation of such board of trade as a ‘contract market’ in accordance with the procedure and subject to the judicial review provided in section 8(b) of this title.” 1992—Pub. L. 102–546 substituted reference to section 8(b) of this title for reference to section 8 of this title. 1974—Pub. L. 93–463, § 103(a), provided for substitution of “Commission” for “Secretary of Agriculture” except where such words would be stricken by section 103(b), which directed striking the words “the Secretary of Agriculture or” where they appeared in the phrase “the Secretary of Agriculture or the Commission”. Because the word “commission” was not capitalized in the text of this section, section 103(b) did not apply to this section and therefore section 103(a) was executed, resulting in the substitution of “the Commission or the commission” for “the Secretary of Agriculture or the commission”. 1968—Pub. L. 90–258 substituted “rules, regulations, or orders of the Secretary of Agriculture or the commission” for “rules and regulations of the Secretary of Agriculture”.
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of 2010 AmendmentAmendment by Pub. L. 111–203 effective on the later of 360 days after July 21, 2010, or, to the extent a provision of subtitle A (§§ 711–754) of title VII of Pub. L. 111–203 requires a rulemaking, not less than 60 days after publication of the final rule or regulation implementing such provision of subtitle A, see section 754 of Pub. L. 111–203, set out as a note under section 1a of this title.
|
||||
|
||||
Effective Date of 2008 AmendmentAmendment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective May 22, 2008, the date of enactment of Pub. L. 110–234, except as otherwise provided, see section 4 of Pub. L. 110–246, set out as an Effective Date note under section 8701 of this title. Amendment by section 13203(l) of Pub. L. 110–246 effective June 18, 2008, see section 13204(a) of Pub. L. 110–246, set out as a note under section 2 of this title.
|
||||
|
||||
Effective Date of 1974 AmendmentFor effective date of amendment by Pub. L. 93–463, see section 418 of Pub. L. 93–463, set out as a note under section 2 of this title.
|
||||
|
||||
Effective Date of 1968 AmendmentAmendment by Pub. L. 90–258 effective 120 days after Feb. 19, 1968, see section 28 of Pub. L. 90–258, set out as a note under section 2 of this title.
|
||||
|
||||
Effective DateFor effective date of section, see section 13 of act June 15, 1936, set out as an Effective Date of 1936 Amendment note under section 1 of this title.
|
||||
File diff suppressed because one or more lines are too long
File diff suppressed because one or more lines are too long
@@ -0,0 +1,67 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
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|
||||
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|
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
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|
||||
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|
||||
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|
||||
---
|
||||
|
||||
# 7 U.S.C. § 9a - Assessment of money penalties
|
||||
|
||||
## Text
|
||||
|
||||
(1) In determining the amount of the money penalty assessed under section 9 of this title, the Commission shall consider the appropriateness of such penalty to the gravity of the violation.
|
||||
|
||||
(2) Unless the person against whom a money penalty is assessed under section 9 of this title shows to the satisfaction of the Commission within fifteen days from the expiration of the period allowed for payment of such penalty that either an appeal as authorized by section 9 of this title has been taken or payment of the full amount of the penalty then due has been made, at the end of such fifteen-day period and until such person shows to the satisfaction of the Commission that payment of such amount with interest thereon to date of payment has been made—
|
||||
|
||||
(A) such person shall be prohibited automatically from the privileges of all registered entities; and
|
||||
|
||||
(B) if such person is registered with the Commission, such registration shall be suspended automatically.
|
||||
|
||||
(3) If a person against whom a money penalty is assessed under section 9 of this title takes an appeal and if the Commission prevails or the appeal is dismissed, unless such person shows to the satisfaction of the Commission that payment of the full amount of the penalty then due has been made by the end of thirty days from the date of entry of judgment on the appeal—
|
||||
|
||||
(A) such person shall be prohibited automatically from the privileges of all registered entities; and
|
||||
|
||||
(B) if such person is registered with the Commission, such registration shall be suspended automatically.
|
||||
|
||||
If the person against whom the money penalty is assessed fails to pay such penalty after the lapse of the period allowed for appeal or after the affirmance of such penalty, the Commission may refer the matter to the Attorney General who shall recover such penalty by action in the appropriate United States district court.
|
||||
|
||||
(4) Any designated clearing organization that knowingly or recklessly evades or participates in or facilitates an evasion of the requirements of section 2(h) of this title shall be liable for a civil money penalty in twice the amount otherwise available for a violation of section 2(h) of this title.
|
||||
|
||||
(5) Any swap dealer or major swap participant that knowingly or recklessly evades or participates in or facilitates an evasion of the requirements of section 2(h) of this title shall be liable for a civil money penalty in twice the amount otherwise available for a violation of section 2(h) of this title.
|
||||
|
||||
(Sept. 21, 1922, ch. 369, § 6(e), formerly § 6(d), as added Pub. L. 93–463, title II, § 212(a)(3), Oct. 23, 1974, 88 Stat. 1403; renumbered § 6(e) and amended Pub. L. 102–546, title II, § 209(a)(1), (5), Oct. 28, 1992, 106 Stat. 3606; Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(12)(E)], Dec. 21, 2000, 114 Stat. 2763, 2763A–409; Pub. L. 111–203, title VII, § 741(b)(11), July 21, 2010, 124 Stat. 1732.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Codification Section is comprised of subsec. (e) of section 6 of act Sept. 21, 1922. Subsecs. (a) and (b) of section 6 are classified to section 8 of this title. Subsec. (c) of section 6 is classified to section 9 of this title. Subsecs. (d), (f), and (g) of section 6 are classified to sections 13b, 9b, and 9c of this title, respectively.
|
||||
|
||||
Amendments2010—Pars. (4), (5). Pub. L. 111–203 added pars. (4) and (5). 2000—Pars. (2)(A), (3)(A). Pub. L. 106–554 substituted “the privileges of all registered entities” for “trading on all contract markets”. 1992—Pub. L. 102–546 amended section generally. Prior to amendment, section read as follows: “In determining the amount of the money penalty assessed under sections 9 and 15 of this title, the Commission shall consider, in the case of a person whose primary business involves the use of the commodity futures market—the appropriateness of such penalty to the size of the business of the person charged, the extent of such person’s ability to continue in business, and the gravity of the violation; and in the case of a person whose primary business does not involve the use of the commodity futures market—the appropriateness of such penalty to the net worth of the person charged, and the gravity of the violation. If the offending person upon whom such penalty is imposed, after the lapse of the period allowed for appeal or after the affirmance of such penalty, shall fail to pay such penalty the Commission shall refer the matter to the Attorney General who shall recover such penalty by action in the appropriate United States district court.”
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of 2010 AmendmentAmendment by Pub. L. 111–203 effective on the later of 360 days after July 21, 2010, or, to the extent a provision of subtitle A (§§ 711–754) of title VII of Pub. L. 111–203 requires a rulemaking, not less than 60 days after publication of the final rule or regulation implementing such provision of subtitle A, see section 754 of Pub. L. 111–203, set out as a note under section 1a of this title.
|
||||
|
||||
Effective DateFor effective date of section, see section 418 of Pub. L. 93–463, set out as an Effective Date of 1974 Amendment note under section 2 of this title.
|
||||
@@ -0,0 +1,49 @@
|
||||
---
|
||||
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||||
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|
||||
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|
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
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||||
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|
||||
---
|
||||
|
||||
# 7 U.S.C. § 9b - Rules prohibiting deceptive and other abusive telemarketing acts or practices
|
||||
|
||||
## Text
|
||||
|
||||
(1) Except as provided in paragraph (2), not later than six months after the effective date of rules promulgated by the Federal Trade Commission under section 6102(a) of title 15, the Commission shall promulgate, or require each registered futures association to promulgate, rules substantially similar to such rules to prohibit deceptive and other abusive telemarketing acts or practices by any person registered or exempt from registration under this chapter in connection with such person’s business as a futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator, leverage transaction merchant, floor broker, or floor trader, or a person associated with any such person.
|
||||
|
||||
(2) The Commission is not required to promulgate rules under paragraph (1) if it determines that—
|
||||
|
||||
(A) rules adopted by the Commission under this chapter provide protection from deceptive and abusive telemarketing by persons described under paragraph (1) substantially similar to that provided by rules promulgated by the Federal Trade Commission under section 6102(a) of title 15; or
|
||||
|
||||
(B) such a rule promulgated by the Commission is not necessary or appropriate in the public interest, or for the protection of customers in the futures and options markets, or would be inconsistent with the maintenance of fair and orderly markets.
|
||||
|
||||
If the Commission determines that an exception described in subparagraph (A) or (B) applies, the Commission shall publish in the Federal Register its determination with the reasons for it.
|
||||
|
||||
(Sept. 21, 1922, ch. 369, § 6(f), as added Pub. L. 103–297, § 3(e)(2), Aug. 16, 1994, 108 Stat. 1547.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Codification Section is comprised of subsec. (f) of section 6 of act Sept. 21, 1922. Subsecs. (a) and (b) of section 6 are classified to section 8 of this title. Subsec. (c) of section 6 is classified to section 9 of this title. Subsecs. (d), (e), and (g) of section 6 are classified to sections 13b, 9a, and 9c of this title, respectively.
|
||||
@@ -0,0 +1,41 @@
|
||||
---
|
||||
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|
||||
title: "7 U.S.C. § 9c"
|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
chapter_name: "COMMODITY EXCHANGES"
|
||||
section: "9c"
|
||||
citation: "7 U.S.C. § 9c"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
source: "official"
|
||||
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip"
|
||||
source_identifier: "/us/usc/t7/s9c"
|
||||
source_file: "data/legal/raw/us/code/title-07/usc07.xml"
|
||||
source_hash: "fd13027e71cbea3070ddc3677cc798586efba62d8592c3600035fe89fa500306"
|
||||
raw_snapshot_hash: "50edab1679a711653797362c0aeb8f2273303fe473fb7fa16df1ee76bdd6e984"
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||||
text_hash: "4691269a175d6f8d0b43258ae1e4e04fb20f55d4760efc6ca8dda6c4780f8796"
|
||||
retrieved_at: "2026-07-04"
|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 9c - Notice of investigations and enforcement actions
|
||||
|
||||
## Text
|
||||
|
||||
The Commission shall provide the Securities and Exchange Commission with notice of the commencement of any proceeding and a copy of any order entered by the Commission pursuant to section 9 and 13b of this title against any futures commission merchant or introducing broker registered pursuant to section 6f(a)(2) of this title, any floor broker or floor trader exempt from registration pursuant to section 6f(a)(3) of this title, any associated person exempt from registration pursuant to section 6k(6) of this title, or any board of trade designated as a contract market pursuant to section 7b–1 of this title.
|
||||
|
||||
(Sept. 21, 1922, ch. 369, § 6(g), as added Pub. L. 106–554, § 1(a)(5) [title II, § 253(b)], Dec. 21, 2000, 114 Stat. 2763, 2763A–449.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Codification Section is comprised of subsec. (g) of section 6 of act Sept. 21, 1922. Subsecs. (a) and (b) of section 6 are classified to section 8 of this title. Subsec. (c) of section 6 is classified to section 9 of this title. Subsecs. (d), (e), and (f) of section 6 are classified to sections 13b, 9a, and 9b of this title, respectively.
|
||||
@@ -0,0 +1,77 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 241"
|
||||
description: "Definitions"
|
||||
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|
||||
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|
||||
kind: "code_section"
|
||||
title_number: 7
|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "10"
|
||||
chapter_name: "WAREHOUSES"
|
||||
section: "241"
|
||||
citation: "7 U.S.C. § 241"
|
||||
status: "current"
|
||||
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|
||||
release_date: "2026-06-26"
|
||||
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|
||||
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|
||||
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|
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||||
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|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 241 - Definitions
|
||||
|
||||
## Text
|
||||
|
||||
In this chapter:
|
||||
|
||||
(1) Agricultural product The term “agricultural product” means an agricultural commodity, as determined by the Secretary, including a processed product of an agricultural commodity.
|
||||
|
||||
(2) Approval The term “approval” means the consent provided by the Secretary for a person to engage in an activity authorized by this chapter.
|
||||
|
||||
(3) Department The term “Department” means the Department of Agriculture.
|
||||
|
||||
(4) Electronic document The term “electronic document” means a document that is generated, sent, received, or stored by electronic, optical, or similar means, including electronic data interchange, electronic mail, telegram, telex, or telecopy.
|
||||
|
||||
(5) Electronic receipt The term “electronic receipt” means a receipt that is authorized by the Secretary to be issued or transmitted under this chapter in the form of an electronic document.
|
||||
|
||||
(6) Holder The term “holder” means a person that has possession in fact or by operation of law of a receipt or any electronic document.
|
||||
|
||||
(7) Person The term “person” means—
|
||||
|
||||
(A) a person (as defined in section 1 of title 1);
|
||||
|
||||
(B) a State; and
|
||||
|
||||
(C) a political subdivision of a State.
|
||||
|
||||
(8) Receipt The term “receipt” means a warehouse receipt issued in accordance with this chapter, including an electronic receipt.
|
||||
|
||||
(9) Secretary The term “Secretary” means the Secretary of Agriculture.
|
||||
|
||||
(10) Warehouse The term “warehouse” means a structure or other approved storage facility, as determined by the Secretary, in which any agricultural product may be stored or handled for the purposes of interstate or foreign commerce.
|
||||
|
||||
(11) Warehouse operator The term “warehouse operator” means a person that is lawfully engaged in the business of storing or handling agricultural products.
|
||||
|
||||
(Aug. 11, 1916, ch. 313, pt. C, § 2, as added Pub. L. 106–472, title II, § 201, Nov. 9, 2000, 114 Stat. 2061.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Codification This chapter constitutes part C of “An act making appropriations for the Department of Agriculture for the fiscal year ending June 13, 1917, and for other purposes,” approved Aug. 11, 1916. Part A of act of Aug. 11, 1916, ch. 313, containing the “United States Cotton Futures Act” formerly classified to chapter 13 of Title 26, Internal Revenue Code, was repealed by section 4 of act Feb. 10, 1939, ch. 2, 53 Stat. 1. Part B of that act contained the “United States Grain Standards Act” and constitutes section 71 et seq. of this title.
|
||||
|
||||
Prior ProvisionsA prior section 241, act Aug. 11, 1916, ch. 313, pt. C, § 1, 39 Stat. 486, set forth short title, prior to the general amendment of this chapter by Pub. L. 106–472. A prior section 2 of act Aug. 11, 1916, ch. 313, pt. C, was classified to section 242 of this title, prior to the general amendment of this chapter by Pub. L. 106–472.
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Short TitleAct Aug. 11, 1916, ch. 313, pt. C, § 1, as added by Pub. L. 106–472, title II, § 201, Nov. 9, 2000, 114 Stat. 2061, provided that: “This Act [enacting this chapter] may be cited as the ‘United States Warehouse Act’.”
|
||||
|
||||
Effective Date; RegulationsPub. L. 106–472, title II, § 202, Nov. 9, 2000, 114 Stat. 2068, provided that: “(a) Proposed Regulations.—Not later than 90 days after the date of the enactment of this Act [Nov. 9, 2000], the Secretary of Agriculture shall publish in the Federal Register proposed regulations for carrying out the amendment made by section 201 [enacting this chapter]. “(b) Final Regulations.—Not later than 180 days after the date of the enactment of this Act, the Secretary shall promulgate final regulations for carrying out the amendment made by section 201. “(c) Effectiveness of Existing Act.—The United States Warehouse Act (7 U.S.C. 241 et seq.) (as it existed before the amendment made by section 201) shall be effective until the earlier of—“(1) the date on which final regulations are promulgated under subsection (b); or “(2) August 1, 2001.”
|
||||
@@ -0,0 +1,107 @@
|
||||
---
|
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|
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|
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|
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|
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|
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|
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|
||||
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|
||||
chapter_number: "10"
|
||||
chapter_name: "WAREHOUSES"
|
||||
section: "242"
|
||||
citation: "7 U.S.C. § 242"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
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|
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|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 242 - Powers of Secretary
|
||||
|
||||
## Text
|
||||
|
||||
(a) In general The Secretary shall have exclusive power, jurisdiction, and authority, to the extent that this chapter applies, with respect to—
|
||||
|
||||
(1) each warehouse operator licensed under this chapter;
|
||||
|
||||
(2) each person that has obtained an approval to engage in an activity under this chapter; and
|
||||
|
||||
(3) each person claiming an interest in an agricultural product by means of a document or receipt subject to this chapter.
|
||||
|
||||
(b) Covered agricultural products The Secretary shall specify, after an opportunity for notice and comment, those agricultural products for which a warehouse license may be issued under this chapter.
|
||||
|
||||
(c) Investigations The Secretary may investigate the storing, warehousing, classifying according to grade and otherwise, weighing, and certifying of agricultural products.
|
||||
|
||||
(d) Inspections The Secretary may inspect or cause to be inspected any person or warehouse licensed under this chapter and any warehouse for which a license is applied for under this chapter.
|
||||
|
||||
(e) Suitability for storage The Secretary may determine whether a licensed warehouse, or a warehouse for which a license is applied for under this chapter, is suitable for the proper storage of the agricultural product or products stored or proposed for storage in the warehouse.
|
||||
|
||||
(f) Classification The Secretary may classify a licensed warehouse, or a warehouse for which a license is applied for under this chapter, in accordance with the ownership, location, surroundings, capacity, conditions, and other qualities of the warehouse and as to the kinds of licenses issued or that may be issued for the warehouse under this chapter.
|
||||
|
||||
(g) Warehouse operator’s duties Subject to the other provisions of this chapter, the Secretary may prescribe the duties of a warehouse operator operating a warehouse licensed under this chapter with respect to the warehouse operator’s care of and responsibility for agricultural products stored or handled by the warehouse operator.
|
||||
|
||||
(h) Systems for electronic conveyance (1) Regulations governing electronic systems Except as provided in paragraph (2), the Secretary may promulgate regulations governing one or more electronic systems under which electronic receipts may be issued and transferred and other electronic documents relating to the shipment, payment, and financing of the sale of agricultural products may be issued or transferred.
|
||||
|
||||
(2) Limitations The Secretary shall not have the authority under this chapter to establish—
|
||||
|
||||
(A) one or more central filing systems for the filing of financing statements or the filing of the notice of financing statements; or
|
||||
|
||||
(B) rules to determine security interests of persons affected by this chapter.
|
||||
|
||||
(i) Examination and audits In addition to the authority provided under subsection (l), on request of the person, State agency, or commodity exchange, the Secretary may conduct an examination, audit, or similar activity with respect to—
|
||||
|
||||
(1) any person that is engaged in the business of storing an agricultural product that is subject to this chapter;
|
||||
|
||||
(2) any State agency that regulates the storage of an agricultural product by such a person; or
|
||||
|
||||
(3) any commodity exchange with regulatory authority over the storage of agricultural products that are subject to this chapter.
|
||||
|
||||
(j) Licenses for operation of warehouses The Secretary may issue to any warehouse operator a license for the operation of a warehouse in accordance with this chapter if—
|
||||
|
||||
(1) the Secretary determines that the warehouse is suitable for the proper storage of the agricultural product or products stored or proposed for storage in the warehouse; and
|
||||
|
||||
(2) the warehouse operator agrees, as a condition of the license, to comply with this chapter (including regulations promulgated under this chapter).
|
||||
|
||||
(k) Licensing of other persons (1) In general On presentation of satisfactory proof of competency to carry out the activities described in this paragraph, the Secretary may issue to any person a Federal license—
|
||||
|
||||
(A) to inspect any agricultural product stored or handled in a warehouse subject to this chapter;
|
||||
|
||||
(B) to sample such an agricultural product;
|
||||
|
||||
(C) to classify such an agricultural product according to condition, grade, or other class and certify the condition, grade, or other class of the agricultural product; or
|
||||
|
||||
(D) to weigh such an agricultural product and certify the weight of the agricultural product.
|
||||
|
||||
(2) Condition As a condition of a license issued under paragraph (1), the licensee shall agree to comply with this chapter (including regulations promulgated under this chapter).
|
||||
|
||||
(l) Examination of books, records, papers, and accounts The Secretary may examine and audit, using designated officers, employees, or agents of the Department, all books, records, papers, and accounts relating to activities subject to this chapter of—
|
||||
|
||||
(1) a warehouse operator operating a warehouse licensed under this chapter;
|
||||
|
||||
(2) a person operating a system for the electronic recording and transfer of receipts and other documents authorized by the Secretary; or
|
||||
|
||||
(3) any other person issuing receipts or electronic documents authorized by the Secretary under this chapter.
|
||||
|
||||
(m) Cooperation with States The Secretary may—
|
||||
|
||||
(1) cooperate with officers and employees of a State who administer or enforce State laws relating to warehouses, warehouse operators, weighers, graders, inspectors, samplers, or classifiers; and
|
||||
|
||||
(2) enter into cooperative agreements with States to perform activities authorized under this chapter.
|
||||
|
||||
(Aug. 11, 1916, ch. 313, pt. C, § 3, as added Pub. L. 106–472, title II, § 201, Nov. 9, 2000, 114 Stat. 2062.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Prior ProvisionsA prior section 242, acts Aug. 11, 1916, ch. 313, pt. C, § 2, 39 Stat. 486; Feb. 23, 1923, ch. 106, 42 Stat. 1282, defined terms, prior to the general amendment of this chapter by Pub. L. 106–472. See section 241 of this title. A prior section 3 of act Aug. 11, 1916, ch. 313, pt. C, was classified to section 243 of this title, prior to the general amendment of this chapter by Pub. L. 106–472.
|
||||
@@ -0,0 +1,51 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 243"
|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
section: "243"
|
||||
citation: "7 U.S.C. § 243"
|
||||
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|
||||
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|
||||
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|
||||
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||||
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|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 243 - Imposition and collection of fees
|
||||
|
||||
## Text
|
||||
|
||||
(a) In general The Secretary shall assess persons covered by this chapter fees to cover the costs of administering this chapter.
|
||||
|
||||
(b) Rates The fees under this section shall be set at a rate determined by the Secretary.
|
||||
|
||||
(c) Treatment of fees All fees collected under this section shall be credited to the account that incurs the costs of administering this chapter and shall be available to the Secretary without further appropriation and without fiscal year limitation.
|
||||
|
||||
(d) Interest Funds collected under this section may be deposited in an interest-bearing account with a financial institution, and any interest earned on the account shall be credited under subsection (c).
|
||||
|
||||
(e) Efficiencies and cost effectiveness (1) In general The Secretary shall seek to minimize the fees established under this section by improving efficiencies and reducing costs, including the efficient use of personnel to the extent practicable and consistent with the effective implementation of this chapter.
|
||||
|
||||
(2) Report The Secretary shall publish an annual report on the actions taken by the Secretary to comply with paragraph (1).
|
||||
|
||||
(Aug. 11, 1916, ch. 313, pt. C, § 4, as added Pub. L. 106–472, title II, § 201, Nov. 9, 2000, 114 Stat. 2064.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Prior ProvisionsA prior section 243, act Aug. 11, 1916, ch. 313, pt. C, § 3, 39 Stat. 486, authorized investigation of warehousing, weighing, classifying, and certification of agricultural products, inspection of warehouses, and prescription of duties of warehousemen by Secretary of Agriculture, prior to the general amendment of this chapter by Pub. L. 106–472. See section 242 of this title. A prior section 4 of act Aug. 11, 1916, ch. 313, pt. C, was classified to section 244 of this title, prior to the general amendment of this chapter by Pub. L. 106–472.
|
||||
@@ -0,0 +1,41 @@
|
||||
---
|
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type: "LegalText"
|
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|
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|
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|
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
section: "244"
|
||||
citation: "7 U.S.C. § 244"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
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|
||||
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|
||||
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|
||||
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||||
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||||
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|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 244 - Quality and value standards
|
||||
|
||||
## Text
|
||||
|
||||
If standards for the evaluation or determination of the quality or value of an agricultural product are not established under another Federal law, the Secretary may establish standards for the evaluation or determination of the quality or value of the agricultural product under this chapter.
|
||||
|
||||
(Aug. 11, 1916, ch. 313, pt. C, § 5, as added Pub. L. 106–472, title II, § 201, Nov. 9, 2000, 114 Stat. 2064.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Prior ProvisionsA prior section 244, acts Aug. 11, 1916, ch. 313, pt. C, § 4, 39 Stat. 486; Mar. 2, 1931, ch. 366, § 1, 46 Stat. 1463, authorized licensing of warehousemen, prior to the general amendment of this chapter by Pub. L. 106–472. See section 242 of this title. A prior section 5 of act Aug. 11, 1916, ch. 313, pt. C, was classified to section 245 of this title, prior to the general amendment of this chapter by Pub. L. 106–472.
|
||||
@@ -0,0 +1,47 @@
|
||||
---
|
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|
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|
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|
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|
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 245 - Bonding and other financial assurance requirements
|
||||
|
||||
## Text
|
||||
|
||||
(a) In general As a condition of receiving a license or approval under this chapter (including regulations promulgated under this chapter), the person applying for the license or approval shall execute and file with the Secretary a bond, or provide such other financial assurance as the Secretary determines appropriate, to secure the person’s performance of the activities so licensed or approved.
|
||||
|
||||
(b) Service of process To qualify as a suitable bond or other financial assurance under subsection (a), the surety, sureties, or financial institution shall be subject to service of process in suits on the bond or other financial assurance in the State, district, or territory in which the warehouse is located.
|
||||
|
||||
(c) Additional assurances If the Secretary determines that a previously approved bond or other financial assurance is insufficient, the Secretary may suspend or revoke the license or approval covered by the bond or other financial assurance if the person that filed the bond or other financial assurance does not provide such additional bond or other financial assurance as the Secretary determines appropriate.
|
||||
|
||||
(d) Third party actions Any person injured by the breach of any obligation arising under this chapter for which a bond or other financial assurance has been obtained as required by this section may sue with respect to the bond or other financial assurance in a district court of the United States to recover the damages that the person sustained as a result of the breach.
|
||||
|
||||
(Aug. 11, 1916, ch. 313, pt. C, § 6, as added Pub. L. 106–472, title II, § 201, Nov. 9, 2000, 114 Stat. 2064.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Prior ProvisionsA prior section 245, acts Aug. 11, 1916, ch. 313, pt. C, § 5, 39 Stat. 486; Feb. 23, 1923, ch. 106, 42 Stat. 1282, related to term and renewal of license, prior to the general amendment of this chapter by Pub. L. 106–472. A prior section 6 of act Aug. 11, 1916, ch. 313, pt. C, was classified to section 247 of this title, prior to the general amendment of this chapter by Pub. L. 106–472.
|
||||
@@ -0,0 +1,47 @@
|
||||
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|
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|
||||
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|
||||
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|
||||
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|
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|
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|
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
---
|
||||
|
||||
# 7 U.S.C. § 246 - Maintenance of records
|
||||
|
||||
## Text
|
||||
|
||||
To facilitate the administration of this chapter, the following persons shall maintain such records and make such reports, as the Secretary may by regulation require:
|
||||
|
||||
(1) A warehouse operator that is licensed under this chapter.
|
||||
|
||||
(2) A person operating a system for the electronic recording and transfer of receipts and other documents that are authorized under this chapter.
|
||||
|
||||
(3) Any other person engaged in the issuance of electronic receipts or the transfer of documents under this chapter.
|
||||
|
||||
(Aug. 11, 1916, ch. 313, pt. C, § 7, as added Pub. L. 106–472, title II, § 201, Nov. 9, 2000, 114 Stat. 2065.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Prior ProvisionsA prior section 246, acts Aug. 11, 1916, ch. 313, pt. C, § 25, 39 Stat. 490; Mar. 2, 1931, ch. 366, § 8, 46 Stat. 1465, related to suspension and revocation of license, prior to the general amendment of this chapter by Pub. L. 106–472. See section 252 of this title. A prior section 7 of act Aug. 11, 1916, ch. 313, pt. C, was classified to section 249 of this title, prior to the general amendment of this chapter by Pub. L. 106–472.
|
||||
@@ -0,0 +1,49 @@
|
||||
---
|
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|
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|
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|
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|
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|
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|
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|
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
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|
||||
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|
||||
---
|
||||
|
||||
# 7 U.S.C. § 247 - Fair treatment in storage of agricultural products
|
||||
|
||||
## Text
|
||||
|
||||
(a) In general Subject to the capacity of a warehouse, a warehouse operator shall deal, in a fair and reasonable manner, with persons storing, or seeking to store, an agricultural product in the warehouse if the agricultural product—
|
||||
|
||||
(1) is of the kind, type, and quality customarily stored or handled in the area in which the warehouse is located;
|
||||
|
||||
(2) is tendered to the warehouse operator in a suitable condition for warehousing; and
|
||||
|
||||
(3) is tendered in a manner that is consistent with the ordinary and usual course of business.
|
||||
|
||||
(b) Allocation Nothing in this section prohibits a warehouse operator from entering into an agreement with a depositor of an agricultural product to allocate available storage space.
|
||||
|
||||
(Aug. 11, 1916, ch. 313, pt. C, § 8, as added Pub. L. 106–472, title II, § 201, Nov. 9, 2000, 114 Stat. 2065.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Prior ProvisionsA prior section 247, acts Aug. 11, 1916, ch. 313, pt. C, § 6, 39 Stat. 486; July 24, 1919, ch. 26, 41 Stat. 266; Feb. 23, 1923, ch. 106, 42 Stat. 1283; Mar. 2, 1931, ch. 366, § 2, 46 Stat. 1463, required bond as condition to granting of license and additional bonds if first bond determined to become insufficient, prior to the general amendment of this chapter by Pub. L. 106–472. See section 245 of this title. A prior section 8 of act Aug. 11, 1916, ch. 313, pt. C, was classified to section 250 of this title, prior to the general amendment of this chapter by Pub. L. 106–472.
|
||||
@@ -0,0 +1,43 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 248"
|
||||
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|
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|
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|
||||
kind: "code_section"
|
||||
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|
||||
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|
||||
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|
||||
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|
||||
section: "248"
|
||||
citation: "7 U.S.C. § 248"
|
||||
status: "current"
|
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|
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confidence: "official"
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tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 248 - Commingling of agricultural products
|
||||
|
||||
## Text
|
||||
|
||||
(a) In general A warehouse operator may commingle agricultural products in a manner approved by the Secretary.
|
||||
|
||||
(b) Liability A warehouse operator shall be severally liable to each depositor or holder for the care and redelivery of the share of the depositor and holder of the commingled agricultural product to the same extent and under the same circumstances as if the agricultural products had been stored separately.
|
||||
|
||||
(Aug. 11, 1916, ch. 313, pt. C, § 9, as added Pub. L. 106–472, title II, § 201, Nov. 9, 2000, 114 Stat. 2065.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Prior ProvisionsA prior section 248, acts Aug. 11, 1916, ch. 313, pt. C, § 9, 39 Stat. 487; Mar. 2, 1931, ch. 366, § 4, 46 Stat. 1464, related to issuance of licenses to persons other than warehousemen, prior to the general amendment of this chapter by Pub. L. 106–472. See section 242 of this title.
|
||||
@@ -0,0 +1,43 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 249"
|
||||
description: "Transfer of stored agricultural products"
|
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|
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
chapter_name: "WAREHOUSES"
|
||||
section: "249"
|
||||
citation: "7 U.S.C. § 249"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
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source: "official"
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|
||||
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|
||||
source_file: "data/legal/raw/us/code/title-07/usc07.xml"
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||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 249 - Transfer of stored agricultural products
|
||||
|
||||
## Text
|
||||
|
||||
(a) In general In accordance with regulations promulgated under this chapter, a warehouse operator may transfer a stored agricultural product from one warehouse to another warehouse for continued storage.
|
||||
|
||||
(b) Continued duty The warehouse operator from which agricultural products have been transferred under subsection (a) shall deliver to the rightful owner of such products, on request at the original warehouse, such products in the quantity and of the kind, quality, and grade called for by the receipt or other evidence of storage of the owner.
|
||||
|
||||
(Aug. 11, 1916, ch. 313, pt. C, § 10, as added Pub. L. 106–472, title II, § 201, Nov. 9, 2000, 114 Stat. 2065.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Prior ProvisionsA prior section 249, act Aug. 11, 1916, ch. 313, pt. C, § 7, 39 Stat. 487, entitled injured persons to bring actions on bonds, prior to the general amendment of this chapter by Pub. L. 106–472. See section 245 of this title. A prior section 10 of act Aug. 11, 1916, ch. 313, pt. C, was classified to section 251 of this title, prior to the general amendment of this chapter by Pub. L. 106–472.
|
||||
@@ -0,0 +1,71 @@
|
||||
---
|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
chapter_name: "WAREHOUSES"
|
||||
section: "250"
|
||||
citation: "7 U.S.C. § 250"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
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|
||||
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|
||||
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||||
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|
||||
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|
||||
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|
||||
---
|
||||
|
||||
# 7 U.S.C. § 250 - Warehouse receipts
|
||||
|
||||
## Text
|
||||
|
||||
(a) In general At the request of the depositor of an agricultural product stored or handled in a warehouse licensed under this chapter, the warehouse operator shall issue a receipt to the depositor as prescribed by the Secretary.
|
||||
|
||||
(b) Actual storage required A receipt may not be issued under this section for an agricultural product unless the agricultural product is actually stored in the warehouse at the time of the issuance of the receipt.
|
||||
|
||||
(c) Contents Each receipt issued for an agricultural product stored or handled in a warehouse licensed under this chapter shall contain such information, for each agricultural product covered by the receipt, as the Secretary may require by regulation.
|
||||
|
||||
(d) Prohibition on additional receipts or other documents (1) Receipts While a receipt issued under this chapter is outstanding and uncanceled by the warehouse operator, an additional receipt may not be issued for the same agricultural product (or any portion of the same agricultural product) represented by the outstanding receipt, except as authorized by the Secretary.
|
||||
|
||||
(2) Other documents If a document is transferred under this section, no duplicate document in any form may be transferred by any person with respect to the same agricultural product represented by the document, except as authorized by the Secretary.
|
||||
|
||||
(e) Electronic receipts and electronic documents Except as provided in section 242(h)(2) of this title, notwithstanding any other provision of Federal or State law:
|
||||
|
||||
(1) In general The Secretary may promulgate regulations that authorize the issuance, recording, and transfer of electronic receipts, and the transfer of other electronic documents, in accordance with this subsection.
|
||||
|
||||
(2) Electronic receipt or electronic document systems Electronic receipts may be issued, recorded, and transferred, and electronic documents may be transferred, under this subsection with respect to an agricultural product under, a system or systems maintained in one or more locations and approved by the Secretary in accordance with regulations issued under this chapter.
|
||||
|
||||
(3) Treatment of holder Any person designated as the holder of an electronic receipt or other electronic document issued or transferred under this chapter shall, for the purpose of perfecting the security interest of the person under Federal or State law and for all other purposes, be considered to be in possession of the receipt or other electronic document.
|
||||
|
||||
(4) Nondiscrimination An electronic receipt issued, or other electronic document transferred, in accordance with this chapter shall not be denied legal effect, validity, or enforceability on the ground that the information is generated, sent, received, or stored by electronic or similar means.
|
||||
|
||||
(5) Security interests If more than one security interest exists in the agricultural product that is the subject of an electronic receipt or other electronic document under this chapter, the priority of the security interest shall be determined by the applicable Federal or State law.
|
||||
|
||||
(6) No electronic receipt required A person shall not be required to issue in electronic form a receipt or document with respect to an agricultural product.
|
||||
|
||||
(7) Option for non-federally licensed warehouse operators Notwithstanding any other provision of this chapter, a warehouse operator not licensed under this chapter may, at the option of the warehouse operator and in accordance with regulations established by the Secretary, issue electronic receipts and transfer other electronic documents in accordance with this chapter.
|
||||
|
||||
(8) Application to State-licensed warehouse operators This subsection shall not apply to a warehouse operator that is licensed under State law to store agricultural commodities in a warehouse in the State if the warehouse operator elects—
|
||||
|
||||
(A) not to issue electronic receipts authorized under this subsection; or
|
||||
|
||||
(B) to issue electronic receipts authorized under State law.
|
||||
|
||||
(Aug. 11, 1916, ch. 313, pt. C, § 11, as added Pub. L. 106–472, title II, § 201, Nov. 9, 2000, 114 Stat. 2065.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Prior ProvisionsA prior section 250, acts Aug. 11, 1916, ch. 313, pt. C, § 8, 39 Stat. 487; Mar. 2, 1931, ch. 366, § 3, 46 Stat. 1463, authorized designation as bonded warehouse upon filing of bond and approval by Secretary, prior to the general amendment of this chapter by Pub. L. 106–472. A prior section 11 of act Aug. 11, 1916, ch. 313, pt. C, was classified to section 252 of this title, prior to the general amendment of this chapter by Pub. L. 106–472.
|
||||
@@ -0,0 +1,51 @@
|
||||
---
|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
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|
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|
||||
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|
||||
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|
||||
---
|
||||
|
||||
# 7 U.S.C. § 251 - Conditions for delivery of agricultural products
|
||||
|
||||
## Text
|
||||
|
||||
(a) Prompt delivery In the absence of a lawful excuse, a warehouse operator shall, without unnecessary delay, deliver the agricultural product stored or handled in the warehouse on a demand made by—
|
||||
|
||||
(1) the holder of the receipt for the agricultural product; or
|
||||
|
||||
(2) the person that deposited the product, if no receipt has been issued.
|
||||
|
||||
(b) Payment to accompany demand Prior to delivery of the agricultural product, payment of the accrued charges associated with the storage of the agricultural product, including satisfaction of the warehouseman’s lien, shall be made if requested by the warehouse operator.
|
||||
|
||||
(c) Surrender of receipt When the holder of a receipt requests delivery of an agricultural product covered by the receipt, the holder shall surrender the receipt to the warehouse operator, in the manner prescribed by the Secretary, to obtain the agricultural product.
|
||||
|
||||
(d) Cancellation of receipt A warehouse operator shall cancel each receipt returned to the warehouse operator upon the delivery of the agricultural product for which the receipt was issued.
|
||||
|
||||
(Aug. 11, 1916, ch. 313, pt. C, § 12, as added Pub. L. 106–472, title II, § 201, Nov. 9, 2000, 114 Stat. 2067.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Prior ProvisionsA prior section 251, acts Aug. 11, 1916, ch. 313, pt. C, § 10, 39 Stat. 487; Mar. 2, 1931, ch. 366, § 5, 46 Stat. 1464; Pub. L. 97–35, title I, § 158(a)(1), Aug. 13, 1981, 95 Stat. 375, authorized fee for warehouse examination, inspection, and licensing, prior to the general amendment of this chapter by Pub. L. 106–472. See section 243 of this title. A prior section 12 of act Aug. 11, 1916, ch. 313, pt. C, was classified to section 253 of this title, prior to the general amendment of this chapter by Pub. L. 106–472.
|
||||
@@ -0,0 +1,53 @@
|
||||
---
|
||||
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|
||||
title: "7 U.S.C. § 252"
|
||||
description: "Suspension or revocation of licenses"
|
||||
jurisdiction: "us"
|
||||
corpus: "united_states_code"
|
||||
kind: "code_section"
|
||||
title_number: 7
|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "10"
|
||||
chapter_name: "WAREHOUSES"
|
||||
section: "252"
|
||||
citation: "7 U.S.C. § 252"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
source: "official"
|
||||
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip"
|
||||
source_identifier: "/us/usc/t7/s252"
|
||||
source_file: "data/legal/raw/us/code/title-07/usc07.xml"
|
||||
source_hash: "0298795fce9de7f375be779f3ac12d2a86d6d886d2ce2abf278d2b26cd979cc8"
|
||||
raw_snapshot_hash: "50edab1679a711653797362c0aeb8f2273303fe473fb7fa16df1ee76bdd6e984"
|
||||
text_hash: "89ffd8a86714f4744dd1d0984a6fa8223eea92ac1254d890fd354b569b9d7d1f"
|
||||
retrieved_at: "2026-07-04"
|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 252 - Suspension or revocation of licenses
|
||||
|
||||
## Text
|
||||
|
||||
(a) In general After providing notice and an opportunity for a hearing in accordance with this section, the Secretary may suspend or revoke any license issued, or approval for an activity provided, under this chapter—
|
||||
|
||||
(1) for a material violation of, or failure to comply, with any provision of this chapter (including regulations promulgated under this chapter); or
|
||||
|
||||
(2) on the ground that unreasonable or exorbitant charges have been imposed for services rendered.
|
||||
|
||||
(b) Temporary suspension The Secretary may temporarily suspend a license or approval for an activity under this chapter prior to an opportunity for a hearing for any violation of, or failure to comply with, any provision of this chapter (including regulations promulgated under this chapter).
|
||||
|
||||
(c) Authority to conduct hearings The agency within the Department that is responsible for administering regulations promulgated under this chapter shall have exclusive authority to conduct any hearing required under this section.
|
||||
|
||||
(d) Judicial review (1) Jurisdiction A final administrative determination issued subsequent to a hearing may be reviewable only in a district court of the United States.
|
||||
|
||||
(2) Procedure The review shall be conducted in accordance with the standards set forth in section 706(2) of title 5.
|
||||
|
||||
(Aug. 11, 1916, ch. 313, pt. C, § 13, as added Pub. L. 106–472, title II, § 201, Nov. 9, 2000, 114 Stat. 2067.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Prior ProvisionsA prior section 252, acts Aug. 11, 1916, ch. 313, pt. C, § 11, 39 Stat. 487; Feb. 23, 1923, ch. 106, 42 Stat. 1283; Mar. 2, 1931, ch. 366, § 6, 46 Stat. 1464, authorized license to classify, grade, or weigh agricultural products, prior to the general amendment of this chapter by Pub. L. 106–472. See section 242 of this title. A prior section 13 of act Aug. 11, 1916, ch. 313, pt. C, was classified to section 254 of this title, prior to the general amendment of this chapter by Pub. L. 106–472.
|
||||
@@ -0,0 +1,47 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 253"
|
||||
description: "Public information"
|
||||
jurisdiction: "us"
|
||||
corpus: "united_states_code"
|
||||
kind: "code_section"
|
||||
title_number: 7
|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "10"
|
||||
chapter_name: "WAREHOUSES"
|
||||
section: "253"
|
||||
citation: "7 U.S.C. § 253"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
source: "official"
|
||||
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip"
|
||||
source_identifier: "/us/usc/t7/s253"
|
||||
source_file: "data/legal/raw/us/code/title-07/usc07.xml"
|
||||
source_hash: "7f813ba4ad9edac15528eb79b767cc4dd45cda1659abeb29e5bddf0698eb701a"
|
||||
raw_snapshot_hash: "50edab1679a711653797362c0aeb8f2273303fe473fb7fa16df1ee76bdd6e984"
|
||||
text_hash: "b4fe2b5415edab7c6dd4d5ba3a595ccb9cc9e89a3e8b4cabf079df8e3d6d4790"
|
||||
retrieved_at: "2026-07-04"
|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 253 - Public information
|
||||
|
||||
## Text
|
||||
|
||||
(a) In general The Secretary may release to the public the names, addresses, and locations of all persons—
|
||||
|
||||
(1) that have been licensed under this chapter or that have been approved to engage in an activity under this chapter; and
|
||||
|
||||
(2) with respect to which a license or approval has been suspended or revoked under section 252 of this title, the results of any investigation made or hearing conducted under this chapter, including the reasons for the suspension or revocation.
|
||||
|
||||
(b) Confidentiality Except as otherwise provided by law, an officer, employee, or agent of the Department shall not divulge confidential business information obtained during a warehouse examination or other function performed as part of the duties of the officer, employee, or agent under this chapter.
|
||||
|
||||
(Aug. 11, 1916, ch. 313, pt. C, § 14, as added Pub. L. 106–472, title II, § 201, Nov. 9, 2000, 114 Stat. 2068.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Prior ProvisionsA prior section 253, acts Aug. 11, 1916, ch. 313, pt. C, § 12, 39 Stat. 487; Feb. 23, 1923, ch. 106, 42 Stat. 1283; Mar. 2, 1931, ch. 366, § 7, 46 Stat. 1464, related to suspension and revocation of license to classify, grade, or weigh, prior to the general amendment of this chapter by Pub. L. 106–472. See section 252 of this title. A prior section 14 of act Aug. 11, 1916, ch. 313, pt. C, was classified to section 255 of this title, prior to the general amendment of this chapter by Pub. L. 106–472.
|
||||
@@ -0,0 +1,45 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 254"
|
||||
description: "Penalties for noncompliance"
|
||||
jurisdiction: "us"
|
||||
corpus: "united_states_code"
|
||||
kind: "code_section"
|
||||
title_number: 7
|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "10"
|
||||
chapter_name: "WAREHOUSES"
|
||||
section: "254"
|
||||
citation: "7 U.S.C. § 254"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
source: "official"
|
||||
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip"
|
||||
source_identifier: "/us/usc/t7/s254"
|
||||
source_file: "data/legal/raw/us/code/title-07/usc07.xml"
|
||||
source_hash: "ad451bf6fb60f3fa455c2a46b3960bbb5e2f096af08584b82d4356aa3ab3eae3"
|
||||
raw_snapshot_hash: "50edab1679a711653797362c0aeb8f2273303fe473fb7fa16df1ee76bdd6e984"
|
||||
text_hash: "daaef7b5eae2b89e21fb7eddd2675f9e4c507f1706cfccd56770dc5522846433"
|
||||
retrieved_at: "2026-07-04"
|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 254 - Penalties for noncompliance
|
||||
|
||||
## Text
|
||||
|
||||
If a person fails to comply with any requirement of this chapter (including regulations promulgated under this chapter), the Secretary may assess, on the record after an opportunity for a hearing, a civil penalty—
|
||||
|
||||
(1) of not more than $25,000 per violation, if an agricultural product is not involved in the violation; or
|
||||
|
||||
(2) of not more than 100 percent of the value of the agricultural product, if an agricultural product is involved in the violation.
|
||||
|
||||
(Aug. 11, 1916, ch. 313, pt. C, § 15, as added Pub. L. 106–472, title II, § 201, Nov. 9, 2000, 114 Stat. 2068.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Prior ProvisionsA prior section 254, act Aug. 11, 1916, ch. 313, pt. C, § 13, 39 Stat. 488, prohibited discrimination by warehousemen, prior to the general amendment of this chapter by Pub. L. 106–472. See section 247 of this title. A prior section 15 of act Aug. 11, 1916, ch. 313, pt. C, was classified to section 256 of this title, prior to the general amendment of this chapter by Pub. L. 106–472.
|
||||
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