§ 6m. — Use of mails or other means or instrumentalities of interstate commerce by commodity trading advisors and commodity pool operators; relation to other law.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 7USC6m]
TITLE 7--AGRICULTURE
CHAPTER 1--COMMODITY EXCHANGES
Sec. 6m. Use of mails or other means or instrumentalities of
interstate commerce by commodity trading advisors and commodity
pool operators; relation to other law
(1) It shall be unlawful for any commodity trading advisor or
commodity pool operator, unless registered under this chapter, to make
use of the mails or any means or instrumentality of interstate commerce
in connection with his business as such commodity trading advisor or
commodity pool operator: Provided, That the provisions of this section
shall not apply to any commodity trading advisor who, during the course
of the preceding twelve months, has not furnished commodity trading
advice to more than fifteen persons and who does not hold himself out
generally to the public as a commodity trading advisor. The provisions
of this section shall not apply to any commodity trading advisor who is
a (1) dealer, processor, broker, or seller in cash market transactions
of any commodity specifically set forth in section 2(a) of this title
prior to October 23, 1974, (or products thereof) or (2) nonprofit,
voluntary membership, general farm organization, who provides advice on
the sale or purchase of any commodity specifically set forth in section
2(a) of this title prior to October 23, 1974; if the advice by the
person described in clause (1) or (2) of this sentence as a commodity
trading advisor is solely incidental to the conduct of that person's
business: Provided, That such person shall be subject to proceedings
under section 18 of this title.
(2) Nothing in this chapter shall relieve any person of any
obligation or duty, or affect the availability of any right or remedy
available to the Securities and Exchange Commission or any private party
arising under the Securities Act of 1933 [15 U.S.C. 77a et seq.] or the
Securities Exchange Act of 1934 [15 U.S.C. 78a et seq.] governing the
issuance, offer, purchase, or sale of securities of a commodity pool, or
of persons engaged in transactions with respect to such securities, or
reporting by a commodity pool.
(3) Subsection (1) of this section shall not apply to any commodity
trading advisor that is registered with the Securities and Exchange
Commission as an investment adviser whose business does not consist
primarily of acting as a commodity trading advisor, as defined in
section 1a(6) of this title, and that does not act as a commodity
trading advisor to any investment trust, syndicate, or similar form of
enterprise that is engaged primarily in trading in any commodity for
future delivery on or subject to the rules of any contract market or
registered derivatives transaction execution facility.
(Sept. 21, 1922, ch. 369, Sec. 4m, as added Pub. L. 93-463, title II,
Sec. 205(a), Oct. 23, 1974, 88 Stat. 1398; amended Pub. L. 95-405,
Sec. 8, Sept. 30, 1978, 92 Stat. 870; Pub. L. 97-444, title I, Sec. 103,
Jan. 11, 1983, 96 Stat. 2296; Pub. L. 106-554, Sec. 1(a)(5) [title II,
Sec. 251(d)], Dec. 21, 2000, 114 Stat. 2763, 2763A-443.)
References in Text
The Securities Act of 1933, referred to in par. (2), is title I of
act May 27, 1933, ch. 38, 48 Stat. 74, as amended, which is classified
generally to subchapter I (Sec. 77a et seq.) of chapter 2A of Title 15,
Commerce and Trade. For complete classification of this Act to the Code,
see section 77a of Title 15 and Tables.
The Securities Exchange Act of 1934, referred to in par. (2), is act
June 6, 1934, ch. 404, 48 Stat. 881, as amended, which is classified
principally to chapter 2B (Sec. 78a et seq.) of Title 15. For complete
classification of this Act to the Code, see section 78a of Title 15 and
Tables.
Amendments
2000--Par. (3). Pub. L. 106-554 added par. (3).
1983--Pub. L. 97-444 designated existing provisions as par. (1) and
added par. (2).
1978--Pub. L. 95-405 inserted provisions relating to applicability
of this section to commodity trading advisors who are dealers,
processors, brokers, or sellers in cash market transactions of
specifically listed commodities or nonprofit, voluntary membership,
general farm organizations who provide advice on sale or purchase of
specifically listed commodities if the advice by the person described in
cl. (1) or (2) of this sentence is incidental solely to the conduct to
the person's business and that such person be subject to proceedings
under section 18 of this title.
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 1978 Amendment
Amendment by Pub. L. 95-405 effective Oct. 1, 1978, see section 28
of Pub. L. 95-405, set out as a note under section 2 of this title.
Effective Date
For effective date of section, see section 418 of Pub. L. 93-463,
set out as an Effective Date of 1974 Amendment note under section 2 of
this title.
