§ 2. — Jurisdiction of Commission; liability of principal for act of agent; Commodity Futures Trading Commission; transaction in interstate commerce.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 7USC2]
TITLE 7--AGRICULTURE
CHAPTER 1--COMMODITY EXCHANGES
Sec. 2. Jurisdiction of Commission; liability of principal for
act of agent; Commodity Futures Trading Commission; transaction
in interstate commerce
(a) Jurisdiction of Commission; Commodity Futures Trading Commission
(1) Jurisdiction of Commission
(A) In general
The Commission shall have exclusive jurisdiction, except to
the extent otherwise provided in subparagraphs (C) and (D) of
this paragraph and subsections (c) through (i) of this section,
with respect to accounts, agreements (including any transaction
which is of the character of, or is commonly known to the trade
as, an ``option'', ``privilege'', ``indemnity'', ``bid'',
``offer'', ``put'', ``call'', ``advance guaranty'', or ``decline
guaranty''), and transactions involving contracts of sale of a
commodity for future delivery, traded or executed on a contract
market designated or derivatives transaction execution facility
registered pursuant to section 7 or 7a of this title or any
other board of trade, exchange, or market, and transactions
subject to regulation by the Commission pursuant to section 23
of this title. Except as hereinabove provided, nothing contained
in this section shall (I) supersede or limit the jurisdiction at
any time conferred on the Securities and Exchange Commission or
other regulatory authorities under the laws of the United States
or of any State, or (II) restrict the Securities and Exchange
Commission and such other authorities from carrying out their
duties and responsibilities in accordance with such laws.
Nothing in this section shall supersede or limit the
jurisdiction conferred on courts of the United States or any
State.
(B) Liability of principal for act of agent
The act, omission, or failure of any official, agent, or
other person acting for any individual, association,
partnership, corporation, or trust within the scope of his
employment or office shall be deemed the act, omission, or
failure of such individual, association, partnership,
corporation, or trust, as well as of such official, agent, or
other person.
(C) Designation of boards of trade as contract markets;
contracts for future delivery; security futures
products; filing with Board of Governors of Federal
Reserve System; judicial review
Notwithstanding any other provision of law--
(i) This chapter shall not apply to and the Commission
shall have no jurisdiction to designate a board of trade as
a contract market for any transaction whereby any party to
such transaction acquires any put, call, or other option on
one or more securities (as defined in section 77b(1) \1\ of
title 15 or section 3(a)(10) of the Securities Exchange Act
of 1934 [15 U.S.C. 78c(a)(10)] on January 11, 1983),
including any group or index of such securities, or any
interest therein or based on the value thereof.
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\1\ See References in Text note below.
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(ii) This chapter shall apply to and the Commission
shall have exclusive jurisdiction with respect to accounts,
agreements (including any transaction which is of the
character of, or is commonly known to the trade as, an
``option'', ``privilege'', ``indemnity'', ``bid'',
``offer'', ``put'', ``call'', ``advance guaranty'', or
``decline guaranty'') and transactions involving, and may
designate a board of trade as a contract market in, or
register a derivatives transaction execution facility that
trades or executes, contracts of sale (or options on such
contracts) for future delivery of a group or index of
securities (or any interest therein or based upon the value
thereof): Provided, however, That no board of trade shall be
designated as a contract market with respect to any such
contracts of sale (or options on such contracts) for future
delivery, and no derivatives transaction execution facility
shall trade or execute such contracts of sale (or options on
such contracts) for future delivery, unless the board of
trade or the derivatives transaction execution facility, and
the applicable contract, meet the following minimum
requirements:
(I) Settlement of or delivery on such contract (or
option on such contract) shall be effected in cash or by
means other than the transfer or receipt of any
security, except an exempted security under section 77c
of title 15 or section 3(a)(12) of the Securities
Exchange Act of 1934 [15 U.S.C. 78c(a)(12)] as in effect
on January 11, 1983, (other than any municipal security,
as defined in section 3(a)(29) of the Securities
Exchange Act of 1934 [15 U.S.C. 78c(a)(29)] on January
11, 1983);
(II) Trading in such contract (or option on such
contract) shall not be readily susceptible to
manipulation of the price of such contract (or option on
such contract), nor to causing or being used in the
manipulation of the price of any underlying security,
option on such security or option on a group or index
including such securities; and
(III) Such group or index of securities shall not
constitute a narrow-based security index.
(iii) If, in its discretion, the Commission determines
that a stock index futures contract, notwithstanding its
conformance with the requirements in clause (ii) of this
subparagraph, can reasonably be used as a surrogate for
trading a security (including a security futures product),
it may, by order, require such contract and any option
thereon be traded and regulated as security futures products
as defined in section 3(a)(56) of the Securities Exchange
Act of 1934 [15 U.S.C. 78c(a)(56)] and section 1a of this
title subject to all rules and regulations applicable to
security futures products under this chapter and the
securities laws as defined in section 3(a)(47) of the
Securities Exchange Act of 1934 [15 U.S.C. 78c(a)(47)].
(iv) No person shall offer to enter into, enter into, or
confirm the execution of any contract of sale (or option on
such contract) for future delivery of any security, or
interest therein or based on the value thereof, except an
exempted security under or \2\ section 3(a)(12) of the
Securities Exchange Act of 1934 [15 U.S.C. 78c(a)(12)] as in
effect on January 11, 1983 (other than any municipal
security as defined in section 3(a)(29) of the Securities
Exchange Act of 1934 [15 U.S.C. 78c(a)(29)] on January 11,
1983), or except as provided in clause (ii) of this
subparagraph or subparagraph (D), any group or index of such
securities or any interest therein or based on the value
thereof.
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\2\ So in original. The word ``or'' probably should not appear.
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(v)(I) Notwithstanding any other provision of this
chapter, any contract market in a stock index futures
contract (or option thereon) other than a security futures
product, or any derivatives transaction execution facility
on which such contract or option is traded, shall file with
the Board of Governors of the Federal Reserve System any
rule establishing or changing the levels of margin (initial
and maintenance) for such stock index futures contract (or
option thereon) other than security futures products.
(II) The Board may at any time request any contract
market or derivatives transaction execution facility to set
the margin for any stock index futures contract (or option
thereon), other than for any security futures product, at
such levels as the Board in its judgment determines are
appropriate to preserve the financial integrity of the
contract market or derivatives transaction execution
facility, or its clearing system, or to prevent systemic
risk. If the contract market or derivatives transaction
execution facility fails to do so within the time specified
by the Board in its request, the Board may direct the
contract market or derivatives transaction execution
facility to alter or supplement the rules of the contract
market or derivatives transaction execution facility as
specified in the request.
(III) Subject to such conditions as the Board may
determine, the Board may delegate any or all of its
authority, relating to margin for any stock index futures
contract (or option thereon), other than security futures
products, under this clause to the Commission.
(IV) It shall be unlawful for any futures commission
merchant to, directly or indirectly, extend or maintain
credit to or for, or collect margin from any customer on any
security futures product unless such activities comply with
the regulations prescribed pursuant to section 7(c)(2)(B) of
the Securities Exchange Act of 1934 [15 U.S.C.
78g(c)(2)(B)].
(V) Nothing in this clause shall supersede or limit the
authority granted to the Commission in section 12a(9) of
this title to direct a contract market or registered
derivatives transaction execution facility, on finding an
emergency to exist, to raise temporary margin levels on any
futures contract, or option on the contract covered by this
clause, or on any security futures product.
(VI) Any action taken by the Board, or by the Commission
acting under the delegation of authority under subclause
III,\3\ under this clause directing a contract market to
alter or supplement a contract market rule shall be subject
to review only in the Court of Appeals where the party
seeking review resides or has its principal place of
business, or in the United States Court of Appeals for the
District of Columbia Circuit. The review shall be based on
the examination of all information before the Board or the
Commission, as the case may be, at the time the
determination was made. The court reviewing the action of
the Board or the Commission shall not enter a stay or order
of mandamus unless the court has determined, after notice
and a hearing before a panel of the court, that the agency
action complained of was arbitrary, capricious, an abuse of
discretion, or otherwise not in accordance with law.
\3\ So in original. Probably should be subclause ``(III)''.
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(D) Jurisdiction and authority of Securities and Exchange
Commission over security futures; requirements for
security futures trading; periodic or special
examinations by Commission representatives
(i) Notwithstanding any other provision of this chapter, the
Securities and Exchange Commission shall have jurisdiction and
authority over security futures as defined in section 3(a)(55)
of the Securities Exchange Act of 1934 [15 U.S.C. 78c(a)(55)],
section 77b(a)(16) of title 15, section 80a-2(a)(52) of title
15, and section 80b-2(a)(27) of title 15, options on security
futures, and persons effecting transactions in security futures
and options thereon, and this chapter shall apply to and the
Commission shall have jurisdiction with respect to accounts,
agreements (including any transaction which is of the character
of, or is commonly known to the trade as, an ``option'',
``privilege'', ``indemnity'', ``bid'', ``offer'', ``put'',
``call'', ``advance guaranty'', or ``decline guaranty''),
contracts, and transactions involving, and may designate a board
of trade as a contract market in, or register a derivatives
transaction execution facility that trades or executes, a
security futures product as defined in section 1a of this title:
Provided, however, That, except as provided in clause (vi) of
this subparagraph, no board of trade shall be designated as a
contract market with respect to, or registered as a derivatives
transaction execution facility for, any such contracts of sale
for future delivery unless the board of trade and the applicable
contract meet the following criteria:
(I) Except as otherwise provided in a rule, regulation,
or order issued pursuant to clause (v) of this subparagraph,
any security underlying the security future, including each
component security of a narrow-based security index, is
registered pursuant to section 12 of the Securities Exchange
Act of 1934 [15 U.S.C. 78l].
(II) If the security futures product is not cash
settled, the board of trade on which the security futures
product is traded has arrangements in place with a clearing
agency registered pursuant to section 17A of the Securities
Exchange Act of 1934 [15 U.S.C. 78q-1] for the payment and
delivery of the securities underlying the security futures
product.
(III) Except as otherwise provided in a rule,
regulation, or order issued pursuant to clause (v) of this
subparagraph, the security future is based upon common stock
and such other equity securities as the Commission and the
Securities and Exchange Commission jointly determine
appropriate.
(IV) The security futures product is cleared by a
clearing agency that has in place provisions for linked and
coordinated clearing with other clearing agencies that clear
security futures products, which permits the security
futures product to be purchased on a designated contract
market, registered derivatives transaction execution
facility, national securities exchange registered under
section 6(a) of the Securities Exchange Act of 1934 [15
U.S.C. 78f(a)], or national securities association
registered pursuant to section 15A(a) of the Securities
Exchange Act of 1934 [15 U.S.C. 78o-3(a)] and offset on
another designated contract market, registered derivatives
transaction execution facility, national securities exchange
registered under section 6(a) of the Securities Exchange Act
of 1934, or national securities association registered
pursuant to section 15A(a) of the Securities Exchange Act of
1934.
(V) Only futures commission merchants, introducing
brokers, commodity trading advisors, commodity pool
operators or associated persons subject to suitability rules
comparable to those of a national securities association
registered pursuant to section 15A(a) of the Securities
Exchange Act of 1934 [15 U.S.C. 78o-3(a)] solicit, accept
any order for, or otherwise deal in any transaction in or in
connection with the security futures product.
(VI) The security futures product is subject to a
prohibition against dual trading in section 6j of this title
and the rules and regulations thereunder or the provisions
of section 11(a) of the Securities Exchange Act of 1934 [15
U.S.C. 78k(a)] and the rules and regulations thereunder,
except to the extent otherwise permitted under the
Securities Exchange Act of 1934 [15 U.S.C. 78a et seq.] and
the rules and regulations thereunder.
(VII) Trading in the security futures product is not
readily susceptible to manipulation of the price of such
security futures product, nor to causing or being used in
the manipulation of the price of any underlying security,
option on such security, or option on a group or index
including such securities;
(VIII) The board of trade on which the security futures
product is traded has procedures in place for coordinated
surveillance among such board of trade, any market on which
any security underlying the security futures product is
traded, and other markets on which any related security is
traded to detect manipulation and insider trading, except
that, if the board of trade is an alternative trading
system, a national securities association registered
pursuant to section 15A(a) of the Securities Exchange Act of
1934 [15 U.S.C. 78o-3(a)] or national securities exchange
registered pursuant to section 6(a) of the Securities
Exchange Act of 1934 [15 U.S.C. 78f(a)] of which such
alternative trading system is a member has in place such
procedures.
(IX) The board of trade on which the security futures
product is traded has in place audit trails necessary or
appropriate to facilitate the coordinated surveillance
required in subclause (VIII), except that, if the board of
trade is an alternative trading system, a national
securities association registered pursuant to section 15A(a)
of the Securities Exchange Act of 1934 [15 U.S.C. 78o-3(a)]
or national securities exchange registered pursuant to
section 6(a) of the Securities Exchange Act of 1934 [15
U.S.C. 78f(a)] of which such alternative trading system is a
member has rules to require such audit trails.
(X) The board of trade on which the security futures
product is traded has in place procedures to coordinate
trading halts between such board of trade and markets on
which any security underlying the security futures product
is traded and other markets on which any related security is
traded, except that, if the board of trade is an alternative
trading system, a national securities association registered
pursuant to section 15A(a) of the Securities Exchange Act of
1934 [15 U.S.C. 78o-3(a)] or national securities exchange
registered pursuant to section 6(a) of the Securities
Exchange Act of 1934 [15 U.S.C. 78f(a)] of which such
alternative trading system is a member has rules to require
such coordinated trading halts.
(XI) The margin requirements for a security futures
product comply with the regulations prescribed pursuant to
section 7(c)(2)(B) of the Securities Exchange Act of 1934
[15 U.S.C. 78g(c)(2)(B)], except that nothing in this
subclause shall be construed to prevent a board of trade
from requiring higher margin levels for a security futures
product when it deems such action to be necessary or
appropriate.
(ii) It shall be unlawful for any person to offer, 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 security futures
product unless--
(I) the transaction is conducted on or subject to the
rules of a board of trade that--
(aa) has been designated by the Commission as a
contract market in such security futures product; or
(bb) is a registered derivatives transaction
execution facility for the security futures product that
has provided a certification with respect to the
security futures product pursuant to clause (vii);
(II) the contract is executed or consummated by,
through, or with a member of the contract market or
registered derivatives transaction execution facility; and
(III) the security futures product is evidenced by a
record in writing which shows the date, the parties to such
security futures product and their addresses, the property
covered, and its price, and each contract market member or
registered derivatives transaction execution facility member
shall keep the record for a period of 3 years from the date
of the transaction, or for a longer period if the Commission
so directs, which record shall at all times be open to the
inspection of any duly authorized representative of the
Commission.
(iii)(I) Except as provided in subclause (II) but
notwithstanding any other provision of this chapter, no person
shall offer to enter into, enter into, or confirm the execution
of any option on a security future.
(II) After 3 years after December 21, 2000, the Commission
and the Securities and Exchange Commission may by order jointly
determine to permit trading of options on any security future
authorized to be traded under the provisions of this chapter and
the Securities Exchange Act of 1934 [15 U.S.C. 78a et seq.].
(iv)(I) All relevant records of a futures commission
merchant or introducing broker registered pursuant to section
6f(a)(2) of this title, floor broker or floor trader exempt from
registration pursuant to section 6f(a)(3) of this title,
associated person exempt from registration pursuant to section
6k(6) \4\ of this title, or board of trade designated as a
contract market in a security futures product pursuant to
section 7b-1 of this title shall be subject to such reasonable
periodic or special examinations by representatives of the
Commission as the Commission deems necessary or appropriate in
the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of this chapter, and
the Commission, before conducting any such examination, shall
give notice to the Securities and Exchange Commission of the
proposed examination and consult with the Securities and
Exchange Commission concerning the feasibility and desirability
of coordinating the examination with examinations conducted by
the Securities and Exchange Commission in order to avoid
unnecessary regulatory duplication or undue regulatory burdens
for the registrant or board of trade.
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\4\ Probably should refer to the second par. (5) of section 6k.
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(II) The Commission shall notify the Securities and Exchange
Commission of any examination conducted of any futures
commission merchant or introducing broker registered pursuant to
section 6f(a)(2) of this title, floor broker or floor trader
exempt from registration pursuant to section 6f(a)(3) of this
title, associated person exempt from registration pursuant to
section 6k(6) \4\ of this title, or board of trade designated as
a contract market in a security futures product pursuant to
section 7b-1 of this title, and, upon request, furnish to the
Securities and Exchange Commission any examination report and
data supplied to or prepared by the Commission in connection
with the examination.
(III) Before conducting an examination under subclause (I),
the Commission shall use the reports of examinations, unless the
information sought is unavailable in the reports, of any futures
commission merchant or introducing broker registered pursuant to
section 6f(a)(2) of this title, floor broker or floor trader
exempt from registration pursuant to section 6f(a)(3) of this
title, associated person exempt from registration pursuant to
section 6k(6) \4\ of this title, or board of trade designated as
a contract market in a security futures product pursuant to
section 7b-1 of this title that is made by the Securities and
Exchange Commission, a national securities association
registered pursuant to section 15A(a) of the Securities Exchange
Act of 1934 (15 U.S.C. 78o-3(a)), or a national securities
exchange registered pursuant to section 6(a) of the Securities
Exchange Act of 1934 (15 U.S.C. 78f(a)).
(IV) Any records required under this subsection for a
futures commission merchant or introducing broker registered
pursuant to section 6f(a)(2) of this title, floor broker or
floor trader exempt from registration pursuant to section
6f(a)(3) of this title, associated person exempt from
registration pursuant to section 6k(6) \4\ of this title, or
board of trade designated as a contract market in a security
futures product pursuant to section 7b-1 of this title, shall be
limited to records with respect to accounts, agreements,
contracts, and transactions involving security futures products.
(v)(I) The Commission and the Securities and Exchange
Commission, by rule, regulation, or order, may jointly modify
the criteria specified in subclause (I) or (III) of clause (i),
including the trading of security futures based on securities
other than equity securities, to the extent such modification
fosters the development of fair and orderly markets in security
futures products, is necessary or appropriate in the public
interest, and is consistent with the protection of investors.
(II) The Commission and the Securities and Exchange
Commission, by order, may jointly exempt any person from
compliance with the criterion specified in clause (i)(IV) to the
extent such exemption fosters the development of fair and
orderly markets in security futures products, is necessary or
appropriate in the public interest, and is consistent with the
protection of investors.
(vi)(I) Notwithstanding clauses (i) and (vii), until the
compliance date, a board of trade shall not be required to meet
the criterion specified in clause (i)(IV).
(II) The Commission and the Securities and Exchange
Commission shall jointly publish in the Federal Register a
notice of the compliance date no later than 165 days before the
compliance date.
(III) For purposes of this clause, the term ``compliance
date'' means the later of--
(aa) 180 days after the end of the first full calendar
month period in which the average aggregate comparable share
volume for all security futures products based on single
equity securities traded on all designated contract markets
and registered derivatives transaction execution facilities
equals or exceeds 10 percent of the average aggregate
comparable share volume of options on single equity
securities traded on all national securities exchanges
registered pursuant to section 6(a) of the Securities
Exchange Act of 1934 [15 U.S.C. 78f(a)] and any national
securities associations registered pursuant to section
15A(a) of such Act [15 U.S.C. 78o-3(a)]; or
(bb) 2 years after the date on which trading in any
security futures product commences under this chapter.
(vii) It shall be unlawful for a board of trade to trade or
execute a security futures product unless the board of trade has
provided the Commission with a certification that the specific
security futures product and the board of trade, as applicable,
meet the criteria specified in subclauses (I) through (XI) of
clause (i), except as otherwise provided in clause (vi).
(E) Obligation to address security futures products traded on
foreign exchanges
(i) To the extent necessary or appropriate in the public
interest, to promote fair competition, and consistent with
promotion of market efficiency, innovation, and expansion of
investment opportunities, the protection of investors, and the
maintenance of fair and orderly markets, the Commission and the
Securities and Exchange Commission shall jointly issue such
rules, regulations, or orders as are necessary and appropriate
to permit the offer and sale of a security futures product
traded on or subject to the rules of a foreign board of trade to
United States persons.
(ii) The rules, regulations, or orders adopted under clause
(i) shall take into account, as appropriate, the nature and size
of the markets that the securities underlying the security
futures product reflects.
(F) Security futures products traded on foreign boards of trade
(i) Nothing in this chapter is intended to prohibit a
futures commission merchant from carrying security futures
products traded on or subject to the rules of a foreign board of
trade in the accounts of persons located outside of the United
States.
(ii) Nothing in this chapter is intended to prohibit any
eligible contract participant located in the United States from
purchasing or carrying securities futures products traded on or
subject to the rules of a foreign board of trade, exchange, or
market to the same extent such person may be authorized to
purchase or carry other securities traded on a foreign board of
trade, exchange, or market so long as any underlying security
for such security futures products is traded principally on, by,
or through any exchange or market located outside the United
States.
(2) Establishment of Commodity Futures Trading Commission;
composition; terms of Commissioners
(A) There is hereby established, as an independent agency of the
United States Government, a Commodity Futures Trading Commission.
The Commission shall be composed of five Commissioners who shall be
appointed by the President, by and with the advice and consent of
the Senate. In nominating persons for appointment, the President
shall--
(i) select persons who shall each have demonstrated
knowledge in futures trading or its regulation, or the
production, merchandising, processing or distribution of one or
more of the commodities or other goods and articles, services,
rights, and interests covered by this chapter; and
(ii) seek to ensure that the demonstrated knowledge of the
Commissioners is balanced with respect to such areas.
Not more than three of the members of the Commission shall be
members of the same political party. Each Commissioner shall hold
office for a term of five years and until his successor is appointed
and has qualified, except that he shall not so continue to serve
beyond the expiration of the next session of Congress subsequent to
the expiration of said fixed term of office, and except (i) any
Commissioner appointed to fill a vacancy occurring prior to the
expiration of the term for which his predecessor was appointed shall
be appointed for the remainder of such term, and (ii) the terms of
office of the Commissioners first taking office after the enactment
of this paragraph shall expire as designated by the President at the
time of nomination, one at the end of one year, one at the end of
two years, one at the end of three years, one at the end of four
years, and one at the end of five years.
(B) The President shall appoint, by and with the advice and
consent of the Senate, a member of the Commission as Chairman, who
shall serve as Chairman at the pleasure of the President. An
individual may be appointed as Chairman at the same time that person
is appointed as a Commissioner. The Chairman shall be the chief
administrative officer of the Commission and shall preside at
hearings before the Commission. At any time, the President may
appoint, by and with the advice and consent of the Senate, a
different Chairman, and the Commissioner previously appointed as
Chairman may complete that Commissioner's term as a Commissioner.
(3) Vacancies
A vacancy in the Commission shall not impair the right of the
remaining Commissioners to exercise all the powers of the
Commission.
(4) General Counsel
The Commission shall have a General Counsel, who shall be
appointed by the Commission and serve at the pleasure of the
Commission. The General Counsel shall report directly to the
Commission and serve as its legal advisor. The Commission shall
appoint such other attorneys as may be necessary, in the opinion of
the Commission, to assist the General Counsel, represent the
Commission in all disciplinary proceedings pending before it,
represent the Commission in courts of law whenever appropriate,
assist the Department of Justice in handling litigation concerning
the Commission in courts of law, and perform such other legal duties
and functions as the Commission may direct.
(5) Executive Director
The Commission shall have an Executive Director, who shall be
appointed by the Commission and serve at the pleasure of the
Commission. The Executive Director shall report directly to the
Commission and perform such functions and duties as the Commission
may prescribe.
(6) Powers and Functions of Chairman
(A) Except as otherwise provided in this paragraph and in
paragraphs (4) and (5) of this subsection, the executive and
administrative functions of the Commission, including functions of
the Commission with respect to the appointment and supervision of
personnel employed under the Commission, the distribution of
business among such personnel and among administrative units of the
Commission, and the use and expenditure of funds, according to
budget categories, plans, programs, and priorities established and
approved by the Commission, shall be exercised solely by the
Chairman.
(B) In carrying out any of his functions under the provisions of
this paragraph, the Chairman shall be governed by general policies,
plans, priorities, and budgets approved by the Commission and by
such regulatory decisions, findings, and determination as the
Commission may by law be authorized to make.
(C) The appointment by the Chairman of the heads of major
administrative units under the Commission shall be subject to the
approval of the Commission.
(D) Personnel employed regularly and full time in the immediate
offices of Commissioners other than the Chairman shall not be
affected by the provisions of this paragraph.
(E) There are hereby reserved to the Commission its functions
with respect to revising budget estimates and with respect to
determining the distribution of appropriated funds according to
major programs and purposes.
(F) The Chairman may from time to time make such provisions as
he shall deem appropriate authorizing the performance by any
officer, employee, or administrative unit under his jurisdiction of
any functions of the Chairman under this paragraph.
(7) Appointment and compensation
(A) In general
The Commission may appoint and fix the compensation of such
officers, attorneys, economists, examiners, and other employees
as may be necessary for carrying out the functions of the
Commission under this chapter.
(B) Rates of pay
Rates of basic pay for all employees of the Commission may
be set and adjusted by the Commission without regard to chapter
51 or subchapter III of chapter 53 of title 5.
(C) Comparability
(i) In general
The Commission may provide additional compensation and
benefits to employees of the Commission if the same type of
compensation or benefits are provided by any agency referred
to in section 1833b(a) of title 12 or could be provided by
such an agency under applicable provisions of law (including
rules and regulations).
(ii) Consultation
In setting and adjusting the total amount of
compensation and benefits for employees, the Commission
shall consult with, and seek to maintain comparability with,
the agencies referred to in section 1833b(a) of title 12.
(8) Conflict of interest
No Commissioner or employee of the Commission shall accept
employment or compensation from any person, exchange, or
clearinghouse subject to regulation by the Commission under this
chapter during his term of office, nor shall he participate,
directly or indirectly, in any registered entity operations or
transactions of a character subject to regulation by the Commission.
(9) Liaison with Department of Agriculture; communications
with Department of the 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
(A) The Commission shall, in cooperation with the Secretary of
Agriculture, maintain a liaison between the Commission and the
Department of Agriculture. The Secretary shall take such steps as
may be necessary to enable the Commission to obtain information and
utilize such services and facilities of the Department of
Agriculture as may be necessary in order to maintain effectively
such liaison. In addition, the Secretary shall appoint a liaison
officer, who shall be an employee of the Office of the Secretary,
for the purpose of maintaining a liaison between the Department of
Agriculture and the Commission. The Commission shall furnish such
liaison officer appropriate office space within the offices of the
Commission and shall allow such liaison officer to attend and
observe all deliberations and proceedings of the Commission.
(B)(i) The Commission shall maintain communications with the
Department of the Treasury, the Board of Governors of the Federal
Reserve System, and the Securities and Exchange Commission for the
purpose of keeping such agencies fully informed of Commission
activities that relate to the responsibilities of those agencies,
for the purpose of seeking the views of those agencies on such
activities, and for considering the relationships between the volume
and nature of investment and trading in contracts of sale of a
commodity for future delivery and in securities and financial
instruments under the jurisdiction of such agencies.
(ii) When a board of trade applies for designation or
registration as a contract market or derivatives transaction
execution facility involving transactions for future delivery of any
security issued or guaranteed by the United States or any agency
thereof, the Commission shall promptly deliver a copy of such
application to the Department of the Treasury and the Board of
Governors of the Federal Reserve System. The Commission may not
designate or register a board of trade as a contract market or
derivatives transaction execution facility based on such application
until forty-five days after the date the Commission delivers the
application to such agencies or until the Commission receives
comments from each of such agencies on the application, whichever
period is shorter. Any comments received by the Commission from such
agencies shall be included as part of the public record of the
Commission's designation proceeding. In designating, registering, or
refusing, suspending, or revoking the designation or registration
of, a board of trade as a contract market or derivatives transaction
execution facility involving transactions for future delivery
referred to in this clause or in considering any possible action
under this chapter (including without limitation emergency action
under section 12a(9) of this title) with respect to such
transactions, the Commission shall take into consideration all
comments it receives from the Department of the Treasury and the
Board of Governors of the Federal Reserve System and shall consider
the effect that any such designation, registration, suspension,
revocation, or action may have on the debt financing requirements of
the United States Government and the continued efficiency and
integrity of the underlying market for government securities.
(iii) The provisions of this subparagraph shall not create any
rights, liabilities, or obligations upon which actions may be
brought against the Commission.
(10) Transmittal of budget requests and legislative
recommendations to congressional committees
(A) Whenever the Commission submits any budget estimate or
request to the President or the Office of Management and Budget, it
shall concurrently transmit copies of that estimate or request to
the House and Senate Appropriations Committees and the House
Committee on Agriculture and the Senate Committee on Agriculture,
Nutrition, and Forestry.
(B) Whenever the Commission transmits any legislative
recommendations, or testimony, or comments on legislation to the
President or the Office of Management and Budget, it shall
concurrently transmit copies thereof to the House Committee on
Agriculture and the Senate Committee on Agriculture, Nutrition, and
Forestry. No officer or agency of the United States shall have any
authority to require the Commission to submit its legislative
recommendations, or testimony, or comments on legislation to any
officer or agency of the United States for approval, comments, or
review, prior to the submission of such recommendations, testimony,
or comments to the Congress. In instances in which the Commission
voluntarily seeks to obtain the comments or review of any officer or
agency of the United States, the Commission shall include a
description of such actions in its legislative recommendations,
testimony, or comments on legislation which it transmits to the
Congress.
(C) Whenever the Commission issues for official publication any
opinion, release, rule, order, interpretation, or other
determination on a matter, the Commission shall provide that any
dissenting, concurring, or separate opinion by any Commissioner on
the matter be published in full along with the Commission opinion,
release, rule, order, interpretation, or determination.
(11) Seal
The Commission shall have an official seal, which shall be
judicially noticed.
(12) Rules and regulations
The Commission is authorized to promulgate such rules and
regulations as it deems necessary to govern the operating procedures
and conduct of the business of the Commission.
(b) Transaction in interstate commerce
For the purposes of this chapter (but not in any wise limiting the
foregoing definition of interstate commerce) a transaction in respect to
any article shall be considered to be in interstate commerce if such
article is part of that current of commerce usual in the commodity trade
whereby commodities and commodity products and by-products thereof are
sent from one State, with the expectation that they will end their
transit, after purchase, in another, including in addition to cases
within the above general description, all cases where purchase or sale
is either for shipment to another State, or for manufacture within the
State and the shipment outside the State of the products resulting from
such manufacture. Articles normally in such current of commerce shall
not be considered out of such commerce through resort being had to any
means or device intended to remove transactions in respect thereto from
the provisions of this chapter. For the purpose of this paragraph the
word ``State'' includes Territory, the District of Columbia, possession
of the United States, and foreign nation.
(c) Agreements, contracts, and transactions in foreign currency,
government securities, and certain other commodities
(1) In general
Except as provided in paragraph (2), nothing in this chapter
(other than section 7a (to the extent provided in section 7a(g) of
this title), 7a-1, 7a-3, or 16(e)(2)(B) of this title) governs or
applies to an agreement, contract, or transaction in--
(A) foreign currency;
(B) government securities;
(C) security warrants;
(D) security rights;
(E) resales of installment loan contracts;
(F) repurchase transactions in an excluded commodity; or
(G) mortgages or mortgage purchase commitments.
(2) Commission jurisdiction
(A) Agreements, contracts, and transactions traded on an
organized exchange
This chapter applies to, and the Commission shall have
jurisdiction over, an agreement, contract, or transaction
described in paragraph (1) that is--
(i) a contract of sale of a commodity for future
delivery (or an option on such a contract), or an option on
a commodity (other than foreign currency or a security or a
group or index of securities), that is executed or traded on
an organized exchange; or
(ii) an option on foreign currency executed or traded on
an organized exchange that is not a national securities
exchange registered pursuant to section 6(a) of the
Securities Exchange Act of 1934 [15 U.S.C. 78f(a)].
(B) Agreements, contracts, and transactions in retail foreign
currency
This chapter applies to, and the Commission shall have
jurisdiction over, an agreement, contract, or transaction in
foreign currency that--
(i) is a contract of sale of a commodity for future
delivery (or an option on such a contract) or an option
(other than an option executed or traded on a national
securities exchange registered pursuant to section 6(a) of
the Securities Exchange Act of 1934 [15 U.S.C. 78f(a)]); and
(ii) is offered to, or entered into with, a person that
is not an eligible contract participant, unless the
counterparty, or the person offering to be the counterparty,
of the person is--
(I) a financial institution;
(II) a broker or dealer registered under section
15(b) or 15C of the Securities Exchange Act of 1934 (15
U.S.C. 78o(b), 78o-5) or a futures commission merchant
registered under this chapter;
(III) an associated person of a broker or dealer
registered under section 15(b) or 15C of the Securities
Exchange Act of 1934 (15 U.S.C. 78o(b), 78o-5), or an
affiliated person of a futures commission merchant
registered under this chapter, concerning the financial
or securities activities of which the registered person
makes and keeps records under section 15C(b) or 17(h) of
the Securities Exchange Act of 1934 (15 U.S.C. 78o-5(b),
78q(h)) or section 6f(c)(2)(B) of this title;
(IV) an insurance company described in section
1a(12)(A)(ii) of this title, or a regulated subsidiary
or affiliate of such an insurance company;
(V) a financial holding company (as defined in
section 1841 of title 12); or
(VI) an investment bank holding company (as defined
in section 17(i) of the Securities Exchange Act of 1934
[15 U.S.C. 78q(i)]).
(C) Notwithstanding subclauses (II) and (III) of
subparagraph (B)(ii), agreements, contracts, or transactions
described in subparagraph (B) shall be subject to sections 6b,
6c(b), 9, 15, and 13b (to the extent that sections 9, 15, and
13b of this title prohibit manipulation of the market price of
any commodity, in interstate commerce, or for future delivery on
or subject to the rules of any market), 13a-1, 13a-2, and 12(a)
of this title if they are entered into by a futures commission
merchant or an affiliate of a futures commission merchant that
is not also an entity described in subparagraph (B)(ii) of this
paragraph.
(d) Excluded derivative transactions
(1) In general
Nothing in this chapter (other than section 7a-1 or 16(e)(2)(B)
of this title \5\ governs or applies to an agreement, contract, or
transaction in an excluded commodity if--
---------------------------------------------------------------------------
\5\ So in original. Probably should be followed by a closing
parenthesis.
---------------------------------------------------------------------------
(A) the agreement, contract, or transaction is entered into
only between persons that are eligible contract participants at
the time at which the persons enter into the agreement,
contract, or transaction; and
(B) the agreement, contract, or transaction is not executed
or traded on a trading facility.
(2) Electronic trading facility exclusion
Nothing in this chapter (other than section 7a (to the extent
provided in section 7a(g) of this title), 7a-1, 7a-3, or 16(e)(2)(B)
of this title) governs or applies to an agreement, contract, or
transaction in an excluded commodity if--
(A) the agreement, contract, or transaction is entered into
on a principal-to-principal basis between parties trading for
their own accounts or as described in section 1a(12)(B)(ii) of
this title;
(B) the agreement, contract, or transaction is entered into
only between persons that are eligible contract participants
described in subparagraph (A), (B)(ii), or (C) of section 1a(12)
of this title) \6\ at the time at which the persons enter into
the agreement, contract, or transaction; and
---------------------------------------------------------------------------
\6\ So in original. The closing parenthesis probably should not
appear.
---------------------------------------------------------------------------
(C) the agreement, contract, or transaction is executed or
traded on an electronic trading facility.
(e) Excluded electronic trading facilities
(1) In general
Nothing in this chapter (other than section 16(e)(2)(B) of this
title) governs or is applicable to an electronic trading facility
that limits transactions authorized to be conducted on its
facilities to those satisfying the requirements of subsection
(d)(2), (g), or (h)(3) of this section.
(2) Effect on authority to establish and operate
Nothing in this chapter shall prohibit a board of trade
designated by the Commission as a contract market or derivatives
transaction execution facility, or operating as an exempt board of
trade from establishing and operating an electronic trading facility
excluded under this chapter pursuant to paragraph (1).
(3) Effect on transactions
No failure by an electronic trading facility to limit
transactions as required by paragraph (1) of this subsection or to
comply with subsection (h)(5) of this section shall in itself affect
the legality, validity, or enforceability of an agreement, contract,
or transaction entered into or traded on the electronic trading
facility or cause a participant on the system to be in violation of
this chapter.
(4) Special rule
A person or group of persons that would not otherwise constitute
a trading facility shall not be considered to be a trading facility
solely as a result of the submission to a derivatives clearing
organization of transactions executed on or through the person or
group of persons.
(f) Exclusion for qualifying hybrid instruments
(1) In general
Nothing in this chapter (other than section 16(e)(2)(B) of this
title) governs or is applicable to a hybrid instrument that is
predominantly a security.
(2) Predominance
A hybrid instrument shall be considered to be predominantly a
security if--
(A) 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;
(B) the purchaser or holder of the hybrid instrument is not
required to make any payment to the issuer in addition to the
purchase price paid under subparagraph (A), whether as margin,
settlement payment, or otherwise, during the life of the hybrid
instrument or at maturity;
(C) the issuer of the hybrid instrument is not subject by
the terms of the instrument to mark-to-market margining
requirements; and
(D) 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 this chapter.
(3) Mark-to-market margining requirements
For the purposes of paragraph (2)(C), mark-to-market margining
requirements do 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.
(g) Excluded swap transactions
No provision of this chapter (other than section 7a (to the extent
provided in section 7a(g) of this title), 7a-1, 7a-3, or 16(e)(2) of
this title) shall apply to or govern any agreement, contract, or
transaction in a commodity other than an agricultural commodity if the
agreement, contract, or transaction is--
(1) entered into only between persons that are eligible contract
participants at the time they enter into the agreement, contract, or
transaction;
(2) subject to individual negotiation by the parties; and
(3) not executed or traded on a trading facility.
(h) Legal certainty for certain transactions in exempt commodities
(1) Except as provided in paragraph (2), nothing in this chapter
shall apply to a contract, agreement, or transaction in an exempt
commodity which--
(A) is entered into solely between persons that are eligible
contract participants at the time the persons enter into the
agreement, contract, or transaction; and
(B) is not entered into on a trading facility.
(2) An agreement, contract, or transaction described in paragraph
(1) of this subsection shall be subject to--
(A) sections 7a-1 and 16(e)(2)(B) of this title;
(B) sections 6b, 6o, 9, 15, 13b, 13a-1, 13a-2, and 12a of this
title, and the regulations of the Commission pursuant to section
6c(b) of this title proscribing fraud in connection with commodity
option transactions, to the extent the agreement, contract, or
transaction is not between eligible commercial entities (unless one
of the entities is an instrumentality, department, or agency of a
State or local governmental entity) and would otherwise be subject
to such sections and regulations; and
(C) sections 9, 15, 13b, 13a-1, 13a-2, 12a, and 13(a)(2) of this
title, to the extent such sections prohibit manipulation of the
market price of any commodity in interstate commerce and the
agreement, contract, or transaction would otherwise be subject to
such sections.
(3) Except as provided in paragraph (4), nothing in this chapter
shall apply to an agreement, contract, or transaction in an exempt
commodity which is--
(A) entered into on a principal-to-principal basis solely
between persons that are eligible commercial entities at the time
the persons enter into the agreement, contract, or transaction; and
(B) executed or traded on an electronic trading facility.
(4) An agreement, contract, or transaction described in paragraph
(3) of this subsection shall be subject to--
(A) sections 7a (to the extent provided in section 7a(g) of this
title), 7a-1, 7a-3, and 16(e)(2)(B) of this title;
(B) sections 6b and 6o of this title and the regulations of the
Commission pursuant to section 6c(b) of this title proscribing fraud
in connection with commodity option transactions to the extent the
agreement, contract, or transaction would otherwise be subject to
such sections and regulations;
(C) sections 9, 15, and 13(a)(2) of this title, to the extent
such sections prohibit manipulation of the market price of any
commodity in interstate commerce and to the extent the agreement,
contract, or transaction would otherwise be subject to such
sections; and
(D) such rules and regulations as the Commission may prescribe
if necessary to ensure timely dissemination by the electronic
trading facility of price, trading volume, and other trading data to
the extent appropriate, if the Commission determines that the
electronic trading facility performs a significant price discovery
function for transactions in the cash market for the commodity
underlying any agreement, contract, or transaction executed or
traded on the electronic trading facility.
(5) An electronic trading facility relying on the exemption provided
in paragraph (3) shall--
(A) notify the Commission of its intention to operate an
electronic trading facility in reliance on the exemption set forth
in paragraph (3), which notice shall include--
(i) the name and address of the facility and a person
designated to receive communications from the Commission;
(ii) the commodity categories that the facility intends to
list or otherwise make available for trading on the facility in
reliance on the exemption set forth in paragraph (3);
(iii) certifications that--
(I) no executive officer or member of the governing
board of, or any holder of a 10 percent or greater equity
interest in, the facility is a person described in any of
subparagraphs (A) through (H) of section 12a(2) of this
title;
(II) the facility will comply with the conditions for
exemption under this paragraph; and
(III) the facility will notify the Commission of any
material change in the information previously provided by
the facility to the Commission pursuant to this paragraph;
and
(iv) the identity of any derivatives clearing organization
to which the facility transmits or intends to transmit
transaction data for the purpose of facilitating the clearance
and settlement of transactions conducted on the facility in
reliance on the exemption set forth in paragraph (3);
(B)(i)(I) provide the Commission with access to the facility's
trading protocols and electronic access to the facility with respect
to transactions conducted in reliance on the exemption set forth in
paragraph (3); or
(II) provide such reports to the Commission regarding
transactions executed on the facility in reliance on the exemption
set forth in paragraph (3) as the Commission may from time to time
request to enable the Commission to satisfy its obligations under
this chapter;
(ii) maintain for 5 years, and make available for inspection by
the Commission upon request, records of activities related to its
business as an electronic trading facility exempt under paragraph
(3), including--
(I) information relating to data entry and transaction
details sufficient to enable the Commission to reconstruct
trading activity on the facility conducted in reliance on the
exemption set forth in paragraph (3); and
(II) the name and address of each participant on the
facility authorized to enter into transactions in reliance on
the exemption set forth in paragraph (3); and
(iii) upon special call by the Commission, provide to the
Commission, in a form and manner and within the period specified in
the special call, such information related to its business as an
electronic trading facility exempt under paragraph (3), including
information relating to data entry and transaction details in
respect of transactions entered into in reliance on the exemption
set forth in paragraph (3), as the Commission may determine
appropriate--
(I) to enforce the provisions specified in subparagraphs (B)
and (C) of paragraph (4);
(II) to evaluate a systemic market event; or
(III) to obtain information requested by a Federal financial
regulatory authority in order to enable the regulator to fulfill
its regulatory or supervisory responsibilities;
(C)(i) upon receipt of any subpoena issued by or on behalf of
the Commission to any foreign person who the Commission believes is
conducting or has conducted transactions in reliance on the
exemption set forth in paragraph (3) on or through the electronic
trading facility relating to the transactions, promptly notify the
foreign person of, and transmit to the foreign person, the subpoena
in a manner reasonable under the circumstances, or as specified by
the Commission; and
(ii) if the Commission has reason to believe that a person has
not timely complied with a subpoena issued by or on behalf of the
Commission pursuant to clause (i), and the Commission in writing has
directed that a facility relying on the exemption set forth in
paragraph (3) deny or limit further transactions by the person, the
facility shall deny that person further trading access to the
facility or, as applicable, limit that person's access to the
facility for liquidation trading only;
(D) comply with the requirements of this paragraph applicable to
the facility and require that each participant, as a condition of
trading on the facility in reliance on the exemption set forth in
paragraph (3), agree to comply with all applicable law;
(E) have a reasonable basis for believing that participants
authorized to conduct transactions on the facility in reliance on
the exemption set forth in paragraph (3) are eligible commercial
entities; and
(F) not represent to any person that the facility is registered
with, or designated, recognized, licensed, or approved by the
Commission.
(6) A person named in a subpoena referred to in paragraph (5)(C)
that believes the person is or may be adversely affected or aggrieved by
action taken by the Commission under this section, shall have the
opportunity for a prompt hearing after the Commission acts under
procedures that the Commission shall establish by rule, regulation, or
order.
(i) Application of commodity futures laws
(1) No provision of this chapter shall be construed as implying or
creating any presumption that--
(A) any agreement, contract, or transaction that is excluded
from this chapter under subsection (c), (d), (e), (f), or (g) of
this section or title IV of the Commodity Futures Modernization Act
of 2000 [7 U.S.C. 27 to 27f], or exempted under subsection (h) of
this section or section 6(c) of this title; or
(B) any agreement, contract, or transaction, not otherwise
subject to this chapter, that is not so excluded or exempted,
is or would otherwise be subject to this chapter.
(2) No provision of, or amendment made by, the Commodity Futures
Modernization Act of 2000 shall be construed as conferring jurisdiction
on the Commission with respect to any such agreement, contract, or
transaction, except as expressly provided in section 7a of this title
(to the extent provided in section 7a(g) of this title), 7a-1 of this
title, or 7a-3 of this title.
(Sept. 21, 1922, ch. 369, Sec. 2, 42 Stat. 998; June 15, 1936, ch. 545,
Secs. 2, 3, 49 Stat. 1491; Apr. 7, 1938, ch. 108, 52 Stat. 205; Oct. 9,
1940, ch. 786, Sec. 1, 54 Stat. 1059; Aug. 28, 1954, ch. 1041, title
VII, Sec. 710(a), 68 Stat. 913; July 26, 1955, ch. 382, Sec. 1, 69 Stat.
375; Pub. L. 90-258, Sec. 1, Feb. 19, 1968, 82 Stat. 26; Pub. L. 90-418,
July 23, 1968, 82 Stat. 413; Pub. L. 93-463, title I, Sec. 101(a), title
II, Secs. 201, 202, Oct. 23, 1974, 88 Stat. 1389, 1395; Pub. L. 95-405,
Sec. 2, Sept. 30, 1978, 92 Stat. 865; Pub. L. 97-444, title I, Sec. 101,
title II, Secs. 201, 202, Jan. 11, 1983, 96 Stat. 2294, 2297, 2298; Pub.
L. 99-641, title I, Sec. 110(1), Nov. 10, 1986, 100 Stat. 3561; Pub. L.
102-546, title II, Secs. 209(b)(1), 215, 226, title IV, Sec. 404(b),
title V, Sec. 501, Oct. 28, 1992, 106 Stat. 3606, 3611, 3618, 3628; Pub.
L. 106-554, Sec. 1(a)(5) [title I, Secs. 102--105(b), 106, 107,
123(a)(2), title II, Sec. 251(a), (b), (i), (j)], Dec. 21, 2000, 114
Stat. 2763, 2763A-376 to 2763A-379, 2763A-382, 2763A-405, 2763A-436,
2763A-441, 2763A-445; Pub. L. 107-171, title X, Sec. 10702(a), May 13,
2002, 116 Stat. 516.)
References in Text
Section 77b(1) of title 15, referred to in subsec. (a)(1)(C)(i), was
redesignated section 77b(a)(1) of title 15 by Pub. L. 104-290, title I,
Sec. 106(a)(1), Oct. 11, 1996, 110 Stat. 3424.
The Securities Exchange Act of 1934, referred to in subsec.
(a)(1)(D)(i)(VI), (iii)(II), is act June 6, 1934, ch. 404, 48 Stat. 881,
as amended, which is classified principally to chapter 2B (Sec. 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 Commodity Futures Modernization Act of 2000, referred to in
subsec. (i)(1)(A), (2), is H.R. 5660, as enacted by Pub. L. 106-554,
Sec. 1(a)(5), Dec. 21, 2000, 114 Stat. 2763, 2763A-365. Title IV of the
Act, known as the Legal Certainty for Bank Products Act of 2000, is
classified to sections 27 to 27f of this title. For complete
classification of this Act to the Code, see Short Title of 2000
Amendment note set out under section 1 of this title, and Tables.
Codification
Subsec. (a)(1)(B) of this section was formerly classified to section
4 of this title. Subsec. (a)(1)(C) of this section was formerly
classified to section 2a of this title. Subsec. (a)(2) to (11) of this
section was formerly classified to section 4a of this title. Subsec. (b)
of this section was formerly classified to section 3 of this title.
Amendments
2002--Subsec. (a)(7) to (12). Pub. L. 107-171 added par. (7) and
redesignated former pars. (7) to (11) as (8) to (12), respectively.
2000--Pub. L. 106-554, Sec. 1(a)(5) [title I, Sec. 123(a)(2)(A)],
inserted section catchline.
Subsec. (a). Pub. L. 106-554, Sec. 1(a)(5) [title I,
Sec. 123(a)(2)(A)], inserted headings for subsec. (a) and par. (1).
Subsec. (a)(1)(A). Pub. L. 106-554, Sec. 1(a)(5) [title I,
Sec. 123(a)(2)(B)(i)(II)], substituted ``contract market designated or
derivatives transaction execution facility registered pursuant to
section 7 or 7a of this title'' for ``contract market designated
pursuant to section 7 of this title''.
Pub. L. 106-554, Sec. 1(a)(5) [title I, Sec. 123(a)(2)(B)(i)(I)],
which directed substitution of ``subparagraphs (C) and (D) of this
paragraph and subsections (c) through (i) of this section'' for
``subparagraph (B) of this subparagraph'', was executed by making the
substitution for ``subparagraph (B) of this paragraph'' to reflect the
probable intent of Congress.
Pub. L. 106-554, Sec. 1(a)(5) [title I, Sec. 123(a)(2)(A)], inserted
heading and struck out ``(i)'' before ``The Commission shall have''.
Subsec. (a)(1)(A)(ii). Pub. L. 106-554, Sec. 1(a)(5) [title I,
Sec. 123(a)(2)(B)(i)(III)], struck out cl. (ii) which read as follows:
``Nothing in this chapter shall be deemed to govern or in any way be
applicable to transactions in foreign currency, security warrants,
security rights, resales of installment loan contracts, repurchase
options, government securities, or mortgages and mortgage purchase
commitments, unless such transactions involve the sale thereof for
future delivery conducted on a board of trade.''
Subsec. (a)(1)(B). Pub. L. 106-554, Sec. 1(a)(5) [title I,
Sec. 123(a)(2)(B)(i)(IV)], redesignated subsec. (a)(1)(A)(iii) as
subsec. (a)(1)(B) and inserted heading. Former subsec. (a)(1)(B)
redesignated (a)(1)(C).
Subsec. (a)(1)(C). Pub. L. 106-554, Sec. 1(a)(5) [title I,
Sec. 123(a)(2)(B)(ii)(I)], redesignated subpar. (B) as (C).
Subsec. (a)(1)(C)(i). Pub. L. 106-554, Sec. 1(a)(5) [title I,
Sec. 123(a)(2)(B)(ii)(III)], adjusted margins.
Subsec. (a)(1)(C)(ii). Pub. L. 106-554, Sec. 1(a)(5) [title II,
Sec. 251(a)(1)(A)(iii)], substituted ``or the derivatives transaction
execution facility, and the applicable contract, meet'' for ``making
such application demonstrates and the Commission expressly finds that
the specific contract (or option on such contract) with respect to which
the application has been made meets'' in introductory provisions.
Pub. L. 106-554, Sec. 1(a)(5) [title II, Sec. 251(a)(1)(A)(ii)],
which directed insertion of ``, and no derivatives transaction execution
facility shall trade or execute such contracts of sale (or options on
such contracts) for future delivery,'' after ``contracts) for future
delivery'', was executed by making the insertion in the proviso in
introductory provisions to reflect the probable intent of Congress.
Pub. L. 106-554, Sec. 1(a)(5) [title II, Sec. 251(a)(1)(A)(i)],
inserted ``or register a derivatives transaction execution facility that
trades or executes,'' after ``contract market in,'' in introductory
provisions.
Pub. L. 106-554, Sec. 1(a)(5) [title I, Sec. 123(a)(2)(B)(ii)(III)],
adjusted margins.
Subsec. (a)(1)(C)(ii)(III). Pub. L. 106-554, Sec. 1(a)(5) [title II,
Sec. 251(a)(1)(A)(iv)], added subcl. (III) and struck out former subcl.
(III) which read as follows: ``Such group or index of securities shall
be predominately composed of the securities of unaffiliated issuers and
shall be a widely published measure of, and shall reflect, the market
for all publicly traded equity or debt securities or a substantial
segment thereof, or shall be comparable to such measure.''
Subsec. (a)(1)(C)(iii). Pub. L. 106-554, Sec. 1(a)(5) [title II,
Sec. 251(a)(1)(B), (C)], added cl. (iii) and struck out former cl. (iii)
which read as follows: ``Upon application by a board of trade for
designation as a contract market with respect to any contract of sale
(or option on such contract) for future delivery involving a group or
index of securities, the Commission shall provide an opportunity for
public comment on whether such contracts (or options on such contracts)
meet the minimum requirements set forth in clause (ii) of this
subparagraph.''
Pub. L. 106-554, Sec. 1(a)(5) [title I, Sec. 123(a)(2)(B)(ii)(III)],
adjusted margins.
Subsec. (a)(1)(C)(iv). Pub. L. 106-554, Sec. 1(a)(5) [title II,
Sec. 251(a)(1)(C), (D)], redesignated cl. (v) as (iv) and struck out
former cl. (iv) which related to consultation by the Commission with,
and the authority of, the Securities and Exchange Commission with
respect to approval of any application by a Board of Trade for
designation as a contract market with respect to any contract of sale
(or option of such contract) for future delivery of a group or index of
securities.
Pub. L. 106-554, Sec. 1(a)(5) [title I, Sec. 123(a)(2)(B)(ii)(III)],
adjusted margins.
Subsec. (a)(1)(C)(v). Pub. L. 106-554, Sec. 1(a)(5) [title II,
Sec. 251(b)(2)], redesignated cl. (vi) as (v), added subcls. (I) to (V),
and struck out former subcls. (I) to (IV) which required any contract
market in a stock index futures contract (or option thereon) to file
with the Board of Governors of the Federal Reserve System any rule
establishing or changing the levels of margin for the stock index
futures contract (or option thereon), authorized the Board to request
any contract market to set the margins at certain levels, authorized the
Board to delegate its authority under this clause to the Commission, and
preserved the authority of the Commission to raise temporary emergency
margin levels.
Pub. L. 106-554, Sec. 1(a)(5) [title II, Sec. 251(a)(1)(D)],
redesignated cl. (v) as (iv).
Pub. L. 106-554, Sec. 1(a)(5) [title I, Sec. 123(a)(2)(B)(ii)(II),
(III)], struck out ``section 77c of title 15'' after ``exempted security
under'', inserted ``or subparagraph (D)'' after ``subparagraph'', and
adjusted margins.
Subsec. (a)(1)(C)(vi). Pub. L. 106-554, Sec. 1(a)(5) [title II,
Sec. 251(b)(2)], redesignated cl. (vi) as (v).
Pub. L. 106-554, Sec. 1(a)(5) [title II, Sec. 251(b)(1)],
redesignated subcl. (V) as (VI).
Subsec. (a)(1)(D). Pub. L. 106-554, Sec. 1(a)(5) [title II,
Sec. 251(a)(2)], added subpar. (D).
Subsec. (a)(1)(E). Pub. L. 106-554, Sec. 1(a)(5) [title II,
Sec. 251(i)], added subpar. (E).
Subsec. (a)(1)(F). Pub. L. 106-554, Sec. 1(a)(5) [title II,
Sec. 251(j)], added subpar. (F).
Subsec. (a)(2) to (6). Pub. L. 106-554, Sec. 1(a)(5) [title I,
Sec. 123(a)(2)(E)], adjusted margins.
Subsec. (a)(7). Pub. L. 106-554, Sec. 1(a)(5) [title I,
Sec. 123(a)(2)(C), (E)], substituted ``registered entity'' for
``contract market'' and adjusted margins.
Subsec. (a)(8). Pub. L. 106-554, Sec. 1(a)(5) [title I,
Sec. 123(a)(2)(E)], adjusted margins.
Subsec. (a)(8)(B)(ii). Pub. L. 106-554, Sec. 1(a)(5) [title I,
Sec. 123(a)(2)(D)(iii)], in last sentence, substituted ``designating,
registering, or refusing, suspending, or revoking the designation or
registration of, a board of trade as a contract market or derivatives
transaction execution facility involving transactions for future
delivery referred to in this clause or in considering any possible
action under this chapter (including without limitation emergency action
under section 12a(9) of this title)'' for ``designating, or refusing,
suspending, or revoking the designation of, a board of trade as a
contract market involving transactions for future delivery referred to
in this clause or in considering possible emergency action under section
12a(9) of this title'' and ``designation, registration, suspension,
revocation, or action'' for ``designation, suspension, revocation, or
emergency action''.
Pub. L. 106-554, Sec. 1(a)(5) [title I, Sec. 123(a)(2)(D)(ii)],
substituted ``designate or register a board of trade as a contract
market or derivatives transaction execution facility'' for ``designate a
board of trade as a contract market'' in second sentence.
Pub. L. 106-554, Sec. 1(a)(5) [title I, Sec. 123(a)(2)(D)(i)],
substituted ``designation or registration as a contract market or
derivatives transaction execution facility'' for ``designation as a
contract market'' in first sentence.
Subsec. (a)(9). Pub. L. 106-554, Sec. 1(a)(5) [title I,
Sec. 123(a)(2)(E)], adjusted margins.
Subsec. (c). Pub. L. 106-554, Sec. 1(a)(5) [title I, Sec. 102],
added subsec. (c).
Subsec. (d). Pub. L. 106-554, Sec. 1(a)(5) [title I, Sec. 103],
added subsec. (d).
Subsec. (e). Pub. L. 106-554, Sec. 1(a)(5) [title I, Sec. 104],
added subsec. (e).
Subsec. (f). Pub. L. 106-554, Sec. 1(a)(5) [title I, Sec. 105(a)],
added subsec. (f).
Subsec. (g). Pub. L. 106-554, Sec. 1(a)(5) [title I, Sec. 105(b)],
added subsec. (g).
Subsec. (h). Pub. L. 106-554, Sec. 1(a)(5) [title I, Sec. 106],
added subsec. (h).
Subsec. (i). Pub. L. 106-554, Sec. 1(a)(5) [title I, Sec. 107],
added subsec. (i).
1992--Subsec. (a)(1)(A). Pub. L. 102-546, Sec. 404(b)(2)-(7),
redesignated cls. (i) and (ii) of former third sentence as subcls. (I)
and (II), respectively, designated former fifth sentence as cl. (ii),
designated former eighth sentence as cl. (iii), and struck out former
sixth, seventh, and ninth through last sentences, which included
definitions of ``future delivery'', ``board of trade'', ``interstate
commerce'', ``cooperative association of producers'', ``member of a
contract market'', ``futures commission merchant'', ``introducing
broker'', ``floor broker'', ``the Commission'', ``commodity trading
advisor'', and ``commodity pool operator''. See section 1a of this
title.
Pub. L. 102-546, Sec. 404(b)(1), which directed the substitution of
``(i) The Commission'' for the words ``For the purposes'' and all that
followed through ``; Provided, That the Commission'', was executed by
making the substitution for the first and second sentences and the third
sentence through the words ``: Provided, That the Commission'', to
reflect the probable intent of Congress. Prior to amendment, the first,
second, and third sentences included definitions of ``contract of
sale'', ``person'', and ``commodity''. See section 1a of this title.
Subsec. (a)(1)(B)(iv)(I). Pub. L. 102-546, Sec. 209(b)(1)(A), made
technical amendment to reference to section 9 of this title appearing in
penultimate sentence to reflect change in reference to corresponding
section of original act.
Subsec. (a)(1)(B)(iv)(II). Pub. L. 102-546, Sec. 209(b)(1)(B),
substituted ``section 8(b)'' for ``section 8''.
Subsec. (a)(1)(B)(vi). Pub. L. 102-546, Sec. 501, added cl. (vi).
Subsec. (a)(2)(A). Pub. L. 102-546, Sec. 215, substituted second and
third sentences for ``The Commission shall be composed of five
Commissioners, who shall be appointed by the President, by and with the
advice and consent of the Senate. In nominating persons for appointment,
the President shall seek to establish and maintain a balanced
Commission, including, but not limited to, persons of demonstrated
knowledge in futures trading or its regulation and persons of
demonstrated knowledge in the production, merchandising, processing or
distribution of one or more of the commodities or other goods and
articles, services, rights and interests covered by this chapter.''
Subsec. (a)(9)(C). Pub. L. 102-546, Sec. 226, added subpar. (C).
1986--Subsec. (a)(1)(B)(iv)(I). Pub. L. 99-641 substituted
``Securities and Exchange Commission'' for ``Securities Exchange
Commission'' before ``otherwise agree''.
1983--Subsec. (a)(1). Pub. L. 97-444, Sec. 101, designated existing
provisions as subpar. (A), inserted in third sentence, first proviso,
``, except to the extent otherwise provided in subparagraph (B) of this
paragraph,'' after ``exclusive jurisdiction'', and added subpar. (B).
Subsec. (a)(1)(A). Pub. L. 97-444, Sec. 201, inserted definition of
``introducing broker'' and, in revising definition of ``commodity
training advisor'', included any person advising others through
electronic media; substituted provision respecting advising others ``as
to the value of or the advisability of trading in any contract of sale
of a commodity for future delivery made or to be made on or subject to
the rules of a contract market, any commodity option authorized under
section 6c of this title, or any leverage transaction authorized under
section 23 of this title, or who, for compensation or profit, and as
part of a regular business, issues or promulgates analyses or reports
concerning any of the foregoing'' for provision respecting advising
others ``as to the value of commodities or as to the advisability of
trading in any commodity for future delivery on or subject to the rules
of any market, or who for compensation or profit, and as part of a
regular business, issues or promulgates analyses or reports concerning
commodities''; excluded in item (i) any person acting as an employee of
any bank or trust company; substituted in cl. (ii) ``news reporter, news
columnist, or news editor of the print or electronic media'' for
``newspaper reporter, newspaper columnist, newspaper editor'';
substituted in cl. (iv) ``the publisher or producer of any print or
electronic data of general and regular dissemination, including its
employees'' for ``the publisher of any bona fide newspaper magazine, or
business or financial publication of general and regular circulation
including their employees''; inserted item (v); redesignated as items
(vi) and (vii) former items (v) and (vi); and authorized Commission to
effectuate purposes of definition by rule or regulation by including
within definition any person advising as to the value of commodities or
issuing reports or analyses concerning commodities.
Subsec. (a)(7). Pub. L. 97-444, Sec. 202, struck out ``(A)'' after
``(7)'' and struck out subpar. (B) which prohibited any representative
activities before the Commission for a one year period upon termination
of employment occurring on a day more than four months after Sept. 30,
1978, of any Commissioner or employee of the Commission having a GS-16
or higher classified position excepted from the competitive service
because of its confidential or policymaking character.
1978--Subsec. (a)(1). Pub. L. 95-405, Sec. 2(1), substituted
``section 23 of this title'' for ``section 15a of this title''.
Subsec. (a)(2). Pub. L. 95-405, Sec. 2(2)-(5), designated existing
provisions as subpar. (A) and substituted ``five Commissioners'' for ``a
chairman and four other Commissioners'', ``(i)'' for ``(A)'', and
``(ii)'' for ``(B)'', and added subpar. (B).
Subsec. (a)(5). Pub. L. 95-405, Sec. 2(6), struck out ``, by and
with the advice and consent of the Senate,'' after ``by the
Commission''.
Subsec. (a)(6)(A). Pub. L. 95-405, Sec. 2(7), inserted ``according
to budget categories, plans, programs, and priorities established and
approved by the Commission,'' after ``expenditure of funds,''.
Subsec. (a)(6)(B). Pub. L. 95-405, Sec. 2(8), substituted ``, plans,
priorities, and budgets approved by the Commission'' for ``of the
Commission''.
Subsec. (a)(7). Pub. L. 95-405, Sec. 2(9), (10), designated existing
provisions as subpar. (A) and added subpar. (B).
Subsec. (a)(8). Pub. L. 95-405, Sec. 2(11)-(13), designated existing
provisions as subpar. (A), substituted ``maintain'' for ``establish a
separate office within the Department of Agriculture to be staffed with
employees of the Commission for the purpose of maintaining'', and added
subpar. (B).
Subsec. (a)(9)(A), (B). Pub. L. 95-405, Sec. 2(14), (15),
substituted ``Senate Committee on Agriculture, Nutrition, and Forestry''
for ``Senate Committee on Agriculture and Forestry''.
1974--Subsec. (a). Pub. L. 93-463, Sec. 101(a), designated existing
provisions as par. (1), substituted ``Commodity Futures Trading
Commission established under paragraph (2) of this subsection'' for
``Commodity Exchange Commission, consisting of the Secretary of
Agriculture, the Secretary of Commerce, and the Attorney General, or an
official or employee of each of the executive departments concerned,
designated by the Secretary of Agriculture, the Secretary of Commerce,
and the Attorney General, respectively; and the Secretary of Agriculture
or his designee shall serve as Chairman'', and added pars. (2) to (11).
Subsec. (a)(1). Pub. L. 93-463, Secs. 201, 202, struck out
``onions,'' after ``eggs,'' in definition of ``commodity'' and inserted
provisions to that definition to include as commodities all other goods
and articles, except onions as provided in section 13-1 of this title,
and all services, rights, and interests in which contracts for the
future delivery are presently or in the future dealt in, and inserted
definitions for ``commodity trading advisor'' and ``commodity pool
operator''.
1968--Subsec. (a). Pub. L. 90-418 extended definition of
``commodity'' in third sentence to include frozen concentrated orange
juice.
Pub. L. 90-258, Sec. 1(c), provided in last sentence for
representation on the Commission of Secretary of Agriculture, Secretary
of Commerce, and Attorney General by an official or employee designated
from executive department concerned and for service of Secretary of
Agriculture or his designee as Chairman.
Pub. L. 90-258, Sec. 1(b), substituted in definition of ``floor
broker'' in penultimate sentence ``purchase or sell for any other
person'' for ``engage in executing for others any order for the purchase
or sale of'' and struck out provision for receipt or acceptance of any
commission or other compensation for services as a floor broker.
Pub. L. 90-258, Sec. 1(a), extended definition of ``commodity'' in
third sentence to include livestock and livestock products.
1955--Subsec. (a). Act July 26, 1955, extended ``commodity'' to
onions.
1954--Subsec. (a). Act Aug. 28, 1954, extended ``commodity'' to
wool.
1940--Subsec. (a). Act Oct. 9, 1940, extended ``commodity'' to fats
and oils (including lard, tallow, cottonseed oil, peanut oil, soybean
oil, and all other fats and oils), cottonseed meal, cottonseed, peanuts,
soybeans and soybean meal.
1938--Subsec. (a). Act Apr. 7, 1938, extended ``commodity'' to wool
tops.
1936--Subsec. (a). Act June 15, 1936, substituted ``commodity'',
``any commodity'', or ``commodities'', as the case may require, for
``grain'' wherever appearing, and ``any cash commodity'' for ``cash
grain'', substituted sentence defining ``commodity'' for sentence
defining ``grain'', and inserted definitions of ``cooperative
association of producers,'', ``member of a contract market'', ``futures
commission merchant'', ``floor broker'', and ``the commission.''
Subsec. (b). Act June 15, 1936, Sec. 2, substituted ``commodity''
and ``commodities'', as the case may require, for ``grain'' wherever
appearing.
Effective Date of 1983 Amendment
Section 239 of Pub. L. 97-444 provided that: ``This Act [see Short
Title of 1983 Amendment note set out under section 1 of this title]
shall be effective upon the date of enactment of this Act [Jan. 11,
1983], except that sections 207, 212, and 231 of this Act [amending
sections 6d, 6k, and 18 of this title] shall be effective one hundred
and twenty days after the date of enactment of this Act, or such earlier
date as the Commodity Futures Trading Commission shall prescribe by
regulation.''
Effective Date of 1978 Amendment
Section 28 of Pub. L. 95-405 provided that: ``Except as otherwise
provided in this Act, the provisions of this Act [see Short Title of
1978 Amendment note set out under section 1 of this title] shall become
effective October 1, 1978.''
Effective Date of 1974 Amendment
Pub. L. 93-463, title IV, Sec. 418, Oct. 23, 1974, 88 Stat. 1415,
provided that:
``(a) Except as otherwise provided specifically in this Act [see
Short Title of 1974 Amendment note set out under section 1 of this
title], the effective date of this Act shall be the 180th day after
enactment [Oct. 23, 1974]. The Commission referred to in section 101
[Commodity Futures Trading Commission] is hereby established effective
immediately on enactment of this Act. Sections 102 and 410 [amending
sections 5108, 5314, 5315, and 5316 of Title 5, Government Organization
and Employees] shall be effective immediately on enactment of this Act.
Activities necessary to implement the changes effected by this Act may
be carried out after the date of enactment and before as well as after
the 180th day thereafter. Activities to be carried out after the date of
enactment and before the 180th day thereafter may include, but are not
limited to the following: Designation of boards of trade as contract
markets, registration of futures commission merchants, floor brokers,
and other persons required to be registered under the Act [this
chapter], approval or modification of bylaws, rules, regulations, and
resolutions of contract markets, and issuance of regulations, effective
on or after the 180th day after enactment; appointment and compensation
of the members of the Commission; hiring and compensation of staff; and
conducting of investigations and hearings. Nothing in this Act shall
limit the authority of the Secretary of Agriculture or the Commodity
Exchange Commission under the Commodity Exchange Act [7 U.S.C. 1 et
seq.], as amended, prior to the 180th day after enactment of this Act.
``(b) Funds appropriated for the administration of the Commodity
Exchange Act, as amended [7 U.S.C. 1 et seq.], may be used to implement
this Act immediately after the date of enactment of this Act [Oct. 23,
1974].''
Effective Date of 1968 Amendment
Section 28 of Pub. L. 90-258 provided that: ``This Act [enacting
sections 12b, 13b, 13c, and 17b, and amending this section and sections
6a, 6b, 6d, 6f, 6g, 6i, 7, 7a, 7b, 8, 9, 12, 12-1, 12a, 13, and 13a of
this title] shall become effective one hundred and twenty days after
enactment [Feb. 19, 1968].''
Effective Date of 1955 Amendment
Section 2 of act July 26, 1955, provided that: ``This Act [amending
this section] shall take effect sixty days after the date of its
enactment [July 26, 1955].''
Effective Date of 1954 Amendment
Section 710(b) of act Aug. 28, 1954, which provided that the
amendment of this section by act Aug. 28, 1954, was effective 60 days
after Aug. 28, 1954, was repealed by Pub. L. 103-130, Sec. 3(a), Nov. 1,
1993, 107 Stat. 1369, eff. Dec. 31, 1995.
Effective Date of 1940 Amendment
Section 2 of act Oct. 9, 1940, provided that: ``This Act [amending
this section] shall take effect sixty days after the date of its
enactment [Oct. 9, 1940].''
Effective Date of 1936 Amendment
Amendment 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.
Separability of 1974 Amendment
Pub. L. 93-463, title IV, Sec. 413, Oct. 23, 1974, 88 Stat. 1414,
provided that: ``If any provision of this Act [see Short Title of 1974
Amendment note set out under section 1 of this title] 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 provisions to other
persons or circumstances shall not be affected thereby.''
Study Regarding Retail Swaps
Pub. L. 106-554, Sec. 1(a)(5) [title I, Sec. 105(c)], Dec. 21, 2000,
114 Stat. 2763, 2763A-379, provided that:
``(1) In general.--The Board of Governors of the Federal Reserve
System, the Secretary of the Treasury, the Commodity Futures Trading
Commission, and the Securities and Exchange Commission shall conduct a
study of issues involving the offering of swap agreements to persons
other than eligible contract participants (as defined in section 1a of
the Commodity Exchange Act [7 U.S.C. 1a]).
``(2) Matters to be addressed.--The study shall address--
``(A) the potential uses of swap agreements by persons other
than eligible contract participants;
``(B) the extent to which financial institutions are willing to
offer swap agreements to persons other than eligible contract
participants;
``(C) the appropriate regulatory structure to address customer
protection issues that may arise in connection with the offer of
swap agreements to persons other than eligible contract
participants; and
``(D) such other relevant matters deemed necessary or
appropriate to address.
``(3) Report.--Before the end of the 1-year period beginning on the
date of the enactment of this Act [Dec. 21, 2000], a report on the
findings and conclusions of the study required by paragraph (1) shall be
submitted to Congress, together with such recommendations for
legislative action as are deemed necessary and appropriate.''
Educational Events and Symposia
Pub. L. 106-78, title VI, Oct. 22, 1999, 113 Stat. 1160, provided in
part: ``That for fiscal year 2000 and thereafter, the Commission
[Commodity Futures Trading Commission] is authorized to charge
reasonable fees to attendees of Commission sponsored educational events
and symposia to cover the Commission's costs of providing those events
and symposia, and notwithstanding 31 U.S.C. 3302, said fees shall be
credited to this account, to be available without further
appropriation.''
Similar provisions were contained in the following prior
appropriations acts:
Pub. L. 105-277, div. A, Sec. 101(a) [title VI], Oct. 21, 1998, 112
Stat. 2681, 2681-24.
Pub. L. 105-86, title VI, Nov. 18, 1997, 111 Stat. 2104.
Pub. L. 104-180, title VI, Aug. 6, 1996, 110 Stat. 1596.
Pub. L. 104-37, title VI, Oct. 21, 1995, 109 Stat. 327.
Pub. L. 103-330, title VI, Sept. 30, 1994, 108 Stat. 2466.
Non-Abatement of Pending Proceedings
Pub. L. 93-463, title IV, Sec. 412, Oct. 23, 1974, 88 Stat. 1414,
provided that: ``Pending proceedings under existing law shall not be
abated by reason of any provision of this Act [see Short Title of 1974
Amendment note set out under section 1 of this title] but shall be
disposed of pursuant to the applicable provisions of the Commodity
Exchange Act, as amended [7 U.S.C. 1 et seq.], in effect prior to the
effective date of this Act [see Effective Date of 1974 Amendment note
above].''
Section Referred to in Other Sections
This section is referred to in sections 1a, 6, 6c, 6m, 7a, 7a-1, 7a-
3, 16, 18, 21, 25 of this title; title 5 section 5373; title 12 section
4421; title 15 sections 78c, 78f.
