7 USC Ch. 1: Front Matter
From Title 7-AGRICULTURECHAPTER 1-COMMODITY EXCHANGES
CHAPTER 1-COMMODITY EXCHANGES
Sec.
1.
Short title.
1a.
Definitions.
2.
Accounts, agreements, and transactions subject to jurisdiction of Commodity Futures Trading Commission; relation to jurisdiction of Securities and Exchange Commission and Federal and State courts; excepted transactions.
2a.
Designation of boards of trade as contract markets; approval by and jurisdiction of Commodity Futures Trading Commission and Securities and Exchange Commission.
3.
Transaction in interstate commerce.
4.
Liability of principal for act of agent.
4a.
Commodity Futures Trading Commission.
(a)
Establishment; composition; term of Commissioners.
(b)
Vacancies.
(c)
General Counsel.
(d)
Executive Director.
(e)
Powers and functions of Chairman.
(f)
Conflict of interest.
(g)
Liaison with Department of Agriculture; communications with Department of Treasury, Federal Reserve Board, and Securities and Exchange Commission; application by a board of trade for designation as a contract market for future delivery of securities.
(h)
Transmittal of budget requests and legislative recommendations to Congressional committees.
(i)
Seal.
(j)
Rules and regulations.
5.
Legislative findings.
6.
Regulation of futures trading and foreign transactions.
(a)
Restriction of futures trading to contract markets.
(b)
Regulation of foreign transactions by United States persons.
(c)
Public interest exemption from contract market requirement.
(d)
Effect of exemption on investigative authority of Commission.
6a.
Excessive speculation.
(a)
Burden on interstate commerce; trading or position limits.
(b)
Prohibition on trading or positions in excess of limits fixed by Commission.
(c)
Applicability to bona fide hedging transactions or positions.
(d)
Persons subject to regulation; applicability to transactions made by or on behalf of United States.
(e)
Rulemaking power of contract markets and penalties for violation.
6b.
Fraud, false reporting, or deception prohibited.
(a)
Contracts designed to defraud or mislead; bucketing orders.
(b)
Buying and selling orders for commodity.
(c)
Inapplicability to transactions on foreign exchanges.
6c.
Prohibited transactions.
(a)
Meretricious transactions.
(b)
Regulated option trading.
(c)
Regulations for elimination of pilot status of commodity option transactions; terms and conditions of options trading.
(d)
Dealer options exempt from subsections (b) and (c) prohibitions; requirements.
(e)
Rules and regulations.
(f)
Nonapplicability to foreign currency options.
(g)
Oral orders.
6d.
Dealing by unregistered futures commission merchants or introducing brokers prohibited; duties of merchants regarding monies and securities of customers.
6e.
Dealings by unregistered floor trader or broker prohibited.
6f.
Registration and financial requirements; risk assessment.
(a)
Registration of futures commission merchants, introducing brokers, and floor brokers and traders.
(b)
Financial requirements for futures commission merchants and introducing brokers.
(c)
Risk assessment for holding company systems.
6g.
Reporting and recordkeeping.
(a)
In general.
(b)
Daily trading records: clearinghouses and contract markets.
(c)
Daily trading records: floor brokers, introducing brokers, and futures commission merchants.
(d)
Daily trading records: form and reports.
(e)
Disclosure of information.
(f)
Authority of Commission to make separate determinations unimpaired.
6h.
False self-representation as contract market member prohibited.
6i.
Reports of deals equal to or in excess of trading limits; books and records; cash and controlled transactions.
6j.
Regulation of trades and executions.
(a)
Dual trading prohibited; exemptions.
(b)
Trades and executions by floor brokers.
(c)
Trades by futures commission merchants.
(d)
Restrictions on trading among members of broker associations.
6k.
Registration of associates of futures commission merchants, commodity pool operators, and commodity trading advisors; required disclosure of disqualifications.
6l.
Commodity trading advisors and commodity pool operators; Congressional finding.
6m.
Use of mails or other means or instrumentalities of interstate commerce by commodity trading advisors and commodity pool operators; relation to other law.
6n.
Registration of commodity trading advisors and commodity pool operators; application; expiration and renewal; record keeping and reports; disclosure; statements of account.
6o.
Fraud and misrepresentation by commodity trading advisors, commodity pool operators, and associated persons.
6p.
Standards and examinations.
7.
Designation of board of trade as "contract market"; conditions and requirements.
7a.
Duties of contract markets.
(a)
In general.
(b)
Monitoring system to detect violations of rules and regulations.
7b.
Suspension or revocation of designation as "contract market".
8.
Application for designation as "contract market"; time; suspension or revocation of designation; hearing; review by court of appeals.
9.
Exclusion of persons from privilege of "contract markets"; procedure for exclusion; review by court of appeals.
9a.
Assessment of money penalties.
9b.
Rules prohibiting deceptive and other abusive telemarketing acts or practices.
10.
Repealed.
10a.
Cooperative associations and corporations, exclusion from board of trade; rules of board inapplicable to payment of compensation by association.
11.
Vacation on request of designation as "contract market"; redesignation.
12.
Public disclosure.
(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.
(b)
Business matters; congressional, administrative, judicial, and bankruptcy proceedings.
(c)
Reports respecting conduct of boards of trade or transactions of violators; contents.
(d)
Investigations respecting marketing conditions of commodities and commodity products and byproducts; reports.
(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.
(f)
Compliance with subpoena after notice to informant; congressional subpoenas and requests for information excepted.
(g)
Requests for information by State agencies or subdivisions; volunteering of information by Commission.
(h)
Annual report to Congress.
(i)
Review and audits by Comptroller General.
12–1 to 12–3. Omitted.
12a.
Registration of commodity dealers and associated persons; regulation of contract markets.
12b.
Trading ban violations; prohibition.
12c.
Disciplinary actions.
(a)
Action taken; written notice of reasons for action.
(b)
Review by Commission.
(c)
Affirmance, modification, set aside, or remand of action.
(d)
Stay of action.
(e)
Major disciplinary rule violations.
12d.
Commission action for noncompliance with export sales reporting requirements.
12e.
Commission oversight; deficiency orders.
(a)
Assessments.
(b)
Deficiency orders.
(c)
Rescission, modification, or delay of deficiency orders.
(d)
Penalties.
(e)
Judicial review.
13.
Violations generally; punishment; costs of prosecution.
(a)
Felonies generally.
(b)
Suspension of convicted felons.
(c)
Transactions by Commissioners and Commission employees prohibited.
(d)
Use of information by Commissioners and Commission employees prohibited.
(e)
Redesignated (d).
(f)
Insider trading prohibited.
13–1.
Violations, prohibition against dealings in onion futures; punishment.
13a.
Nonenforcement of rules of government or other violations; cease and desist orders; fines and penalties; imprisonment; misdemeanor; separate offenses.
13a–1.
Enjoining or restraining violations.
(a)
Action to enjoin or restrain violations.
(b)
Injunction or restraining order.
(c)
Writs or other orders.
(d)
Civil penalties.
(e)
Venue and process.
(f)
Action by Attorney General.
(g)
Notice to Attorney General of action brought by Commission.
13a–2.
Jurisdiction of States.
13b.
Manipulations or other violations; cease and desist orders against persons other than contract markets; punishment; misdemeanor or felony; separate offenses.
13c.
Responsibility as principal; minor violations.
14.
Repealed.
15.
Enforcement powers of Commission.
15a.
Repealed.
15b.
Cotton futures contracts.
(a)
Short title.
(b)
Repeal of tax on cotton futures.
(c)
Definitions.
(d)
Bona fide spot markets and commercial differences.
(e)
Form and validity of cotton futures contracts.
(f)
Basis grade contracts.
(g)
Tendered grade contracts.
(h)
Specific grade contracts.
(i)
Liability of principal for acts of agent.
(j)
Regulations.
(k)
Violations.
(l)
Applicability to contracts prior to effective date.
(m)
Authorization.
16.
Commission operations.
(a)
Cooperation with other agencies.
(b)
Employment of investigators, experts, Administrative Law Judges, consultants, clerks, and other personnel; contracts.
(c)
Expenses.
(d)
Authorization of appropriations.
(e)
Relation to other laws, departments, or agencies.
(f)
Investigative assistance to foreign futures authorities.
(g)
Computerized futures trading.
16a.
Service fees and National Futures Association study.
(a)
Development and implementation of plan for user fees; report to and approval by Congressional committees.
(b)
National Futures Association regulatory experience; report; contents.
(c)
Schedule of fees for services, activities and functions; notice and hearing; actual cost standard.
17.
Separability.
17a.
Separability of 1936 amendment.
17b.
Separability of 1968 amendment.
18.
Complaints against registered persons.
(a)
Petition for actual damages.
(b)
Rules and regulations; control over right of appeal.
(c)
Bond requirement when complainant is nonresident; waiver.
(d)
Enforcement of reparation award.
(e)
Review.
(f)
Automatic bar from trading and suspension for noncompliance; effect of appeal.
(g)
Effective date.
19.
Antitrust laws; anticompetitive means.
20.
Market reports.
(a)
Information.
(b)
Avoidance of duplication.
(c)
Furnishing of information; confidentiality.
(d)
Disclosure of business transactions, market positions, trade secrets, or names of customers.
21.
Registered futures associations.
(a)
Registration statement.
(b)
Standards for registration; Commission findings.
(c)
Suspension of registration.
(d)
Fees and charges.
(e)
Registered persons not members of registered associations.
(f)
Denial of registration.
(g)
Withdrawal from registration; notice of withdrawal.
(h)
Commission review of disciplinary actions taken by registered futures associations.
(i)
Notice; hearing; findings; cancellation, reduction, or remission of penalties; review by court of appeals.
(j)
Changes or additions to association rules.
(k)
Abrogation of association rules; requests to associations by Commission to alter or supplement rules.
(l)
Suspension and revocation of registration; expulsion of members; removal of association officers or directors.
(m)
Rules requiring membership in associations.
(n)
Reports to Congress.
(o)
Delegation to futures associations of registrative functions; discretionary review by Commission; judicial appeal.
(p)
Establishment of rules for futures associations; approval by Commission.
(q)
Major disciplinary rule violations.
(q)
Program for implementation of rules.
22.
Research and information programs; reports to Congress.
23.
Standardized contracts for certain commodities.
(a)
Margin accounts or contracts and leverage accounts or contracts prohibited except as authorized.
(b)
Permission to enter into contracts for delivery of silver or gold bullion, bulk silver or gold coins, or platinum; rules and regulations.
(c)
Survey of persons interested in engaging in transactions of silver and gold, etc.; assistance of futures association; regulations.
(d)
Savings provision.
24.
Regulations respecting commodity broker debtors; definitions.
25.
Private rights of action.
(a)
Actual damages; actionable transactions; exclusive remedy.
(b)
Liabilities of organizations and individuals; bad faith requirement; exclusive remedy.
(c)
Jurisdiction; statute of limitations; venue; process.
(d)
Dates of application to actions.
26.
Repealed.
Chapter Referred to in Other Sections
This chapter is referred to in sections 15b, 16a, 499n, 7331 of this title; title 2 section 1602; title 11 section 761; title 12 section 4402; title 15 sections 78c, 78o, 80a–9, 80b–3, 431; title 26 section 277.