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7 U.S.C. § 10a — Cooperative associations and corporations, exclusion from board of trade; rules of board inapplicable to payment of compensation by association
Federal law — U.S. Code and appendices · legal_authorities
**(a)** No board of trade which has been designated or registered as a contract market or a derivatives transaction execution facility exclude 11 So in original. Probably should read “shall exclude”. from membership in, and all privileges on, such board of trade, any association or corporation engaged in cash commodity business having adequate financial responsibility which is organized under the cooperative laws of any State, or which has been recognized as a cooperative association of producers by the United States Government or by any agency thereof, if such association or corporation complies and agrees to comply with such terms and conditions as are or may be imposed lawfully upon other members of such board, and as are or may be imposed lawfully upon a cooperative association of producers engaged in cash commodity business, unless such board of trade is authorized by the commission to exclude such association or corporation from membership and privileges after hearing held upon at least three days’ notice subsequent to the filing of complaint by the board of trade: Provided, however, That if any such association or corporation shall fail to meet its obligations with any established clearing house or clearing agency of any contract market, such association or corporation shall be ipso facto debarred from further trading on such contract market, except such trading as may be necessary to close open trades and to discharge existing contracts in accordance with the rules of such contract market applicable in such cases. Such commission may prescribe that such association or corporation shall have and retain membership and privileges, with or without imposing conditions, or it may permit such board of trade immediately to bar such association or corporation from member
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Source file: Laws/federal/codes/united-states-code/title-7/section-10a-cooperative-associations-and-corporations-exclusion-from-board-of-trade--a99fee4603.md
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Source location: Title 7, Chapter 1, § 10a; chapter-001-commodity-exchanges.md
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**(a)** No board of trade which has been designated or registered as a contract market or a derivatives transaction execution facility exclude 11 So in original. Probably should read “shall exclude”. from membership in, and all privileges on, such board of trade, any association or corporation engaged in cash commodity business having adequate financial responsibility which is organized under the cooperative laws of any State, or which has been recognized as a cooperative association of producers by the United States Government or by any agency thereof, if such association or corporation complies and agrees to comply with such terms and conditions as are or may be imposed lawfully upon other members of such board, and as are or may be imposed lawfully upon a cooperative association of producers engaged in cash commodity business, unless such board of trade is authorized by the commission to exclude such association or corporation from membership and privileges after hearing held upon at least three days’ notice subsequent to the filing of complaint by the board of trade: Provided, however, That if any such association or corporation shall fail to meet its obligations with any established clearing house or clearing agency of any contract market, such association or corporation shall be ipso facto debarred from further trading on such contract market, except such trading as may be necessary to close open trades and to discharge existing contracts in accordance with the rules of such contract market applicable in such cases. Such commission may prescribe that such association or corporation shall have and retain membership and privileges, with or without imposing conditions, or it may permit such board of trade immediately to bar such association or corporation from membership and privileges. Any order of said commission entered hereunder shall be reviewable by the court of appeals for the circuit in which such association or corporation, or such board of trade, has its principal place of business, on written petition either of such association or corporation, or of such board of trade, under the procedure provided in [section 8(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section8/b&num=0&edition=prelim), but such order shall not be stayed by the court pending review.
**(b)** No rule of any board of trade designated or registered as a contract market or a derivatives transaction execution facility shall forbid or be construed to forbid the payment of compensation on a commodity-unit basis, or otherwise, by any federated cooperative association to its regional member-associations for services rendered or to be rendered in connection with any organization work, educational activity, or procurement of patronage, provided no part of any such compensation is returned to patrons (whether members or nonmembers) of such cooperative association, or of its regional or local member-associations, otherwise than as a dividend on capital stock or as a patronage dividend out of the net earnings or surplus of such federated cooperative association.
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Federal law — U.S. Code and appendices · legal_authorities
This chapter may be cited as the “Commodity Exchange Act.”
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** Any person desiring to be designated or registered as a contract market or derivatives transaction execution facility shall make application to the Commission for the designation or registration and accompany the same with a showing that it complies with the conditions set forth in this chapter, and with a sufficient assurance that it will continue to comply with the the 11 So in original. requirements of this chapter. The Commission shall approve or deny an application for designation or registration as a contract market or derivatives transaction execution facility within 180 days of the filing of the application. If the Commission notifies the person that its application is materially incomplete and specifies the deficiencies in the application, the running of the 180-day period shall be stayed from the time of such notification until the application is resubmitted in completed form: Provided, That the Commission shall have not less than sixty days to approve or deny the application from the time the application is resubmitted in completed form. If the Commission denies an application, it shall specify the grounds for the denial. In the event of a refusal to designate or register as a contract market or derivatives transaction execution facility any person that has made application therefor, the person shall be afforded an opportunity for a hearing on the record before the Commission, with the right to appeal an adverse decision after such hearing to the court of appeals as provided for in other cases in subsection (b) of this section.
**(b)** The Commission is authorized to suspend for a period not to exceed 6 months or to revoke the designation or registration of any contract market or derivatives transaction execution facility on a showing that the contra
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** Any board of trade that is registered with the Securities and Exchange Commission as a national securities exchange, is a national securities association registered pursuant to section 78o–3(a) of title 15, or is an alternative trading system shall be a designated contract market in security futures products if—
(1) such national securities exchange, national securities association, or alternative trading system lists or trades no other contracts of sale for future delivery, except for security futures products;
(2) such national securities exchange, national securities association, or alternative trading system files written notice with the Commission in such form as the Commission, by rule, may prescribe containing such information as the Commission, by rule, may prescribe as necessary or appropriate in the public interest or for the protection of customers; and
(3) the registration of such national securities exchange, national securities association, or alternative trading system is not suspended pursuant to an order by the Securities and Exchange Commission.
Such designation shall be effective contemporaneously with the submission of notice, in written or electronic form, to the Commission.
**(b)**
(1) A national securities exchange, national securities association, or alternative trading system that is designated as a contract market pursuant to this section shall be exempt from the following provisions of this chapter and the rules thereunder:
(A) Subsections (c), (e), and (g) of [section 6c of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section6c&num=0&edition=prelim).
(B) [Section 6j of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section6j&num=0&edition=prelim).
(C) [S
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Federal law — U.S. Code and appendices · legal_authorities
Page 104
TITLE 7—AGRICULTURE
§ 9b
1 So in original. Probably should read ‘‘shall exclude’’.
AMENDMENTS
2010—Pars. (4), (5). Pub. L. 111–203 added pars. (4) and
(5).
2000—Pars. (2)(A), (3)(A). Pub. L. 106–554 substituted
‘‘the privileges of all registered entities’’ for ‘‘trading
on all contract markets’’.
1992—Pub. L. 102–546 amended section generally. Prior
to amendment, section read as follows: ‘‘In determining
the amount of the money penalty assessed under sec-
tions 9 and 15 of this title, the Commission shall con-
sider, in the case of a person whose primary business
involves the use of the commodity futures market—the
appropriateness of such penalty to the size of the busi-
ness of the person charged, the extent of such person’s
ability to continue in business, and the gravity of the
violation; and in the case of a person whose primary
business does not involve the use of the commodity fu-
tures market—the appropriateness of such penalty to
the net worth of the person charged, and the gravity of
the violation. If the offending person upon whom such
penalty is imposed, after the lapse of the period al-
lowed for appeal or after the affirmance of such pen-
alty, shall fail to pay such penalty the Commission
shall refer the matter to the Attorney General who
shall recover such penalty by action in the appropriate
United States district court.’’
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 2010 AMENDMENT
Amendment by Pub. L. 111–203 effective on the later
of 360 days after July 21, 2010, or, to the extent a provi-
sion of subtitle A (§§ 711–754) of title VII of Pub. L.
111–203 requires a rulemaking, not less than 60 days
after publication of the final rule or regulation imple-
menting such provision of subtitle A, see section 75
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