§ 6o. — Fraud and misrepresentation by commodity trading advisors, commodity pool operators, and associated persons.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 7USC6o]
TITLE 7--AGRICULTURE
CHAPTER 1--COMMODITY EXCHANGES
Sec. 6o. Fraud and misrepresentation by commodity trading
advisors, commodity pool operators, and associated persons
(1) It shall be unlawful for a commodity trading advisor, associated
person of a commodity trading advisor, commodity pool operator, or
associated person of a commodity pool operator, by use of the mails or
any means or instrumentality of interstate commerce, directly or
indirectly--
(A) to employ any device, scheme, or artifice to defraud any
client or participant or prospective client or participant; or
(B) to engage in any transaction, practice, or course of
business which operates as a fraud or deceit upon any client or
participant or prospective client or participant.
(2) It shall be unlawful for any commodity trading advisor,
associated person of a commodity trading advisor, commodity pool
operator, or associated person of a commodity pool operator registered
under this chapter to represent or imply in any manner whatsoever that
such person has been sponsored, recommended, or approved, or that such
person's abilities or qualifications have in any respect been passed
upon, by the United States or any agency or officer thereof. This
section shall not be construed to prohibit a statement that a person is
registered under this chapter as a commodity trading advisor, associated
person of a commodity trading advisor, commodity pool operator, or
associated person of a commodity pool operator, if such statement is
true in fact and if the effect of such registration is not
misrepresented.
(Sept. 21, 1922, ch. 369, Sec. 4o, as added Pub. L. 93-463, title II,
Sec. 205(a), Oct. 23, 1974, 88 Stat. 1399; amended Pub. L. 95-405,
Sec. 10, Sept. 30, 1978, 92 Stat. 870; Pub. L. 97-444, title II,
Sec. 214, Jan. 11, 1983, 96 Stat. 2305.)
Amendments
1983--Par. (1). Pub. L. 97-444 made the antifraud prohibition
applicable to an associated person of a commodity trading advisor or a
commodity pool operator.
Par. (2). Pub. L. 97-444 made the misrepresentation prohibition
applicable to an associated person of a commodity training advisor or a
commodity pool operator, authorized registration statements of such
persons, and substituted ``such person'' and ``such person's abilities''
for ``he'' before ``has been sponsored'' and ``his abilities'',
respectively.
1978--Par. (1). Pub. L. 95-405 struck out ``registered under this
chapter'' after ``pool operator''.
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.
Section Referred to in Other Sections
This section is referred to in sections 2, 7a-3, 13 of this title.
