§ 6p. — Standards and examinations.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 7USC6p]
TITLE 7--AGRICULTURE
CHAPTER 1--COMMODITY EXCHANGES
Sec. 6p. Standards and examinations
(a) The Commission may specify by rules and regulations appropriate
standards with respect to training, experience, and such other
qualifications as the Commission finds necessary or desirable to insure
the fitness of persons required to be registered with the Commission. In
connection therewith, the Commission may prescribe by rules and
regulations the adoption of written proficiency examinations to be given
to applicants for registration and the establishment of reasonable fees
to be charged to such applicants to cover the administration of such
examinations. The Commission may further prescribe by rules and
regulations that, in lieu of examinations administered by the
Commission, futures associations registered under section 21 of this
title, contract markets, or derivatives transaction execution facilities
may adopt written proficiency examinations to be given to applicants for
registration and charge reasonable fees to such applicants to cover the
administration of such examinations. Notwithstanding any other provision
of this section, the Commission may specify by rules and regulations
such terms and conditions as it deems appropriate to protect the public
interest wherein exception to any written proficiency examination shall
be made with respect to individuals who have demonstrated, through
training and experience, the degree of proficiency and skill necessary
to protect the interests of customers, clients, pool participants, or
other members of the public with whom such individuals deal.
(b) The Commission shall issue regulations to require new
registrants, within six months after receiving such registration, to
attend a training session, and all other registrants to attend periodic
training sessions, to ensure that registrants understand their
responsibilities to the public under this chapter, including
responsibilities to observe just and equitable principles of trade, any
rule or regulation of the Commission, any rule of any appropriate
contract market, derivatives transaction execution facility, registered
futures association, or other self-regulatory organization, or any other
applicable Federal or state \1\ law, rule or regulation.
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\1\ So in original. Probably should be capitalized.
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(Sept. 21, 1922, ch. 369, Sec. 4p, as added Pub. L. 93-463, title II,
Sec. 206, Oct. 23, 1974, 88 Stat. 1400; amended Pub. L. 97-444, title
II, Sec. 215, Jan. 11, 1983, 96 Stat. 2305; Pub. L. 102-546, title II,
Sec. 210(a), Oct. 28, 1992, 106 Stat. 3607; Pub. L. 106-554,
Sec. 1(a)(5) [title I, Sec. 123(a)(11)], Dec. 21, 2000, 114 Stat. 2763,
2763A-408.)
Codification
Another section 4p of act Sept. 21, 1922, is classified to section
6o-1 of this title.
Amendments
2000--Subsec. (a). Pub. L. 106-554, Sec. 1(a)(5) [title I,
Sec. 123(a)(11)(A)], substituted ``title, contract markets, or
derivatives transaction execution facilities'' for ``title or contract
markets''.
Subsec. (b). Pub. L. 106-554, Sec. 1(a)(5) [title I,
Sec. 123(a)(11)(B)], inserted ``derivatives transaction execution
facility,'' after ``contract market,''.
1992--Pub. L. 102-546 designated existing provisions as subsec. (a)
and added subsec. (b).
1983--Pub. L. 97-444 substituted ``persons required to be registered
with the Commission'' for ``futures commission merchants, floor brokers,
and those persons associated with futures commission merchants or floor
brokers'' in first sentence, ``customers, clients, pool participants, or
other members of the public with whom such individuals deal'' for ``the
customers of futures commission merchants and floor brokers'' in last
sentence, and in second and third sentences struck out ``as futures
commission merchants, floor brokers, and those persons associated with
futures commission merchants or floor brokers,'' after ``applicants for
registration''.
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
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.
Regulations
Section 210(b) of Pub. L. 102-546 provided that: ``The Commodity
Futures Trading Commission shall issue the regulations required by
section 4p(b) of the Commodity Exchange Act [7 U.S.C. 6p(b)], as added
by subsection (a), no later than one hundred and eighty days after the
date of enactment of this Act [Oct. 28, 1992].''
Section Referred to in Other Sections
This section is referred to in sections 6f, 6k of this title.
