§ 7b. — Suspension or revocation of designation as registered entity.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 7USC7b]
TITLE 7--AGRICULTURE
CHAPTER 1--COMMODITY EXCHANGES
Sec. 7b. Suspension or revocation of designation as registered
entity
The failure of a registered entity to comply with any provision of
this chapter, or any regulation or order of the Commission under this
chapter, shall be cause for the suspension of the registered entity for
a period not to exceed 180 days, or revocation of designation as a
registered entity in accordance with the procedures and subject to the
judicial review provided in section 8(b) of this title.
(Sept. 21, 1922, ch. 369, Sec. 5e, formerly Sec. 5b, as added June 15,
1936, ch. 545, Sec. 7, 49 Stat. 1498; amended Pub. L. 90-258, Sec. 13,
Feb. 19, 1968, 82 Stat. 30; Pub. L. 93-463, title I, Sec. 103(a), (b),
Oct. 23, 1974, 88 Stat. 1392; Pub. L. 102-546, title II, Sec. 209(b)(3),
Oct. 28, 1992, 106 Stat. 3607; renumbered Sec. 5e and amended Pub. L.
106-554, Sec. 1(a)(5) [title I, Secs. 110(1), 115], Dec. 21, 2000, 114
Stat. 2763, 2763A-384, 2763A-402.)
Amendments
2000--Pub. L. 106-554, Sec. 1(a)(5) [title I, Sec. 115], amended
section generally. Prior to amendment, section read as follows: ``The
failure or refusal of any board of trade to comply with any of the
provisions of this chapter, or any of the rules, regulations, or orders
of the Commission or the commission thereunder, shall be cause for
suspending for a period not to exceed six months or revoking the
designation of such board of trade as a `contract market' in accordance
with the procedure and subject to the judicial review provided in
section 8(b) of this title.''
1992--Pub. L. 102-546 substituted reference to section 8(b) of this
title for reference to section 8 of this title.
1974--Pub. L. 93-463, Sec. 103(a), provided for substitution of
``Commission'' for ``Secretary of Agriculture'' except where such words
would be stricken by section 103(b), which directed striking the words
``the Secretary of Agriculture or'' where they appeared in the phrase
``the Secretary of Agriculture or the Commission''. Because the word
``commission'' was not capitalized in the text of this section, section
103(b) did not apply to this section and therefore section 103(a) was
executed, resulting in the substitution of ``the Commission or the
commission'' for ``the Secretary of Agriculture or the commission''.
1968--Pub. L. 90-258 substituted ``rules, regulations, or orders of
the Secretary of Agriculture or the commission'' for ``rules and
regulations of the Secretary of Agriculture''.
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.
Section Referred to in Other Sections
This section is referred to in section 7a-1 of this title.
