§ 6i. — Reports of deals equal to or in excess of trading limits; books and records; cash and controlled transactions.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 7USC6i]
TITLE 7--AGRICULTURE
CHAPTER 1--COMMODITY EXCHANGES
Sec. 6i. Reports of deals equal to or in excess of trading
limits; books and records; cash and controlled transactions
It shall be unlawful for any person to make any contract for the
purchase or sale of any commodity for future delivery on or subject to
the rules of any contract market or derivatives transaction execution
facility--
(1) if such person shall directly or indirectly make such
contracts with respect to any commodity or any future of such
commodity during any one day in an amount equal to or in excess of
such amount as shall be fixed from time to time by the Commission,
and
(2) if such person shall directly or indirectly have or obtain a
long or short position in any commodity or any future of such
commodity equal to or in excess of such amount as shall be fixed
from time to time by the Commission,
unless such person files or causes to be filed with the properly
designated officer of the Commission such reports regarding any
transactions or positions described in clauses (1) and (2) hereof as the
Commission may by rule or regulation require and unless, in accordance
with rules and regulations of the Commission, such person shall keep
books and records of all such transactions and positions and
transactions and positions in any such commodity traded on or subject to
the rules of any other board of trade, and of cash or spot transactions
in, and inventories and purchase and sale commitments of such commodity.
Such books and records shall show complete details concerning all such
transactions, positions, inventories, and commitments, including the
names and addresses of all persons having any interest therein, and
shall be open at all times to inspection by any representative of the
Commission or the Department of Justice. For the purposes of this
section, the futures and cash or spot transactions and positions of any
person shall include such transactions and positions of any persons
directly or indirectly controlled by such person.
(Sept. 21, 1922, ch. 369, Sec. 4i, as added June 15, 1936, ch. 545,
Sec. 5, 49 Stat. 1496; amended Pub. L. 90-258, Sec. 9, Feb. 19, 1968, 82
Stat. 28; Pub. L. 93-463, title I, Sec. 103(a), (f), Oct. 23, 1974, 88
Stat. 1392; Pub. L. 97-444, title II, Sec. 211, Jan. 11, 1983, 96 Stat.
2303; Pub. L. 106-554, Sec. 1(a)(5) [title I, Sec. 123(a)(9)], Dec. 21,
2000, 114 Stat. 2763, 2763A-407.)
Amendments
2000--Pub. L. 106-554 inserted ``or derivatives transaction
execution facility'' after ``contract market'' in introductory
provisions.
1983--Pub. L. 97-444 amended section generally by substantially
restating provisions and inserting requirement that persons whose
transactions and positions in any cash commodity or commodity future are
equal to or in excess of amounts fixed by the Commission, must keep
books and records of such transactions and positions as well as books
and records of any such commodity traded on or subject to rules of any
other board of trade, whether or not such person is required to file
reports with the Commission concerning such transactions and positions.
1974--Pub. L. 93-463 substituted ``Commission'' for ``Secretary of
Agriculture'' and ``United States Department of Agriculture''.
1968--Pub. L. 90-258 required recordkeeping of positions and of cash
or spot transactions in commodities entered into, and inventories and
purchase and sale commitments of commodities held, in any month in which
reports are required to be kept, including details concerning positions,
inventories, and commitments, and included controlled transactions and
positions in the futures and cash or spot transactions and positions of
any person.
Effective Date of 1983 Amendment
Amendment by Pub. L. 97-444 effective Jan. 11, 1983, see section 239
of Pub. L. 97-444, set out as a note under section 2 of this title.
Effective Date of 1974 Amendment
For effective date of amendment by Pub. L. 93-463, see section 418
of Pub. L. 93-463, set out as a note under section 2 of this title.
Effective Date of 1968 Amendment
Amendment by Pub. L. 90-258 effective 120 days after Feb. 19, 1968,
see section 28 of Pub. L. 90-258, set out as a note under section 2 of
this title.
Effective Date
For effective date of section, see section 13 of act June 15, 1936,
set out as an Effective Date of 1936 Amendment note under section 1 of
this title.
