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7 U.S.C. § 7b–1 — Designation of securities exchanges and associations as contract markets

Federal law — U.S. Code and appendices · legal_authorities

7 U.S.C. § 7b–1 — Designation of securities exchanges and associations as contract markets

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Source file: Laws/federal/codes/united-states-code/title-7/section-7b1-designation-of-securities-exchanges-and-associations-as-contract-markets--0d36a5dd67.md
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Source location: Title 7, Chapter 1, § 7b–1; chapter-001-commodity-exchanges.md

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**(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) [Section 7 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section7&num=0&edition=prelim). (D) [Section 7a–2 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section7a-2&num=0&edition=prelim). (E) [Section 10a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section10a&num=0&edition=prelim). (F) [Section 12(d) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section12/d&num=0&edition=prelim). (G) Section 13(f) 11 See References in Text note below. of this title. (H) [Section 20 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section20&num=0&edition=prelim). (2) An alternative trading system that is a designated contract market under this section shall be required to be a member of a futures association registered under [section 21 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section21&num=0&edition=prelim) and shall be exempt from any provision of this chapter that would require such alternative trading system to— (A) set rules governing the conduct of subscribers other than the conduct of such subscribers’ trading on such alternative trading system; or (B) discipline subscribers other than by exclusion from trading. (3) To the extent that an alternative trading system is exempt from any provision of this chapter pursuant to paragraph (2) of this subsection, the futures association registered under [section 21 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section21&num=0&edition=prelim) of which the alternative trading system is a member shall set rules governing the conduct of subscribers to the alternative trading system and discipline the subscribers. (4) (A) Except as provided in subparagraph (B), but notwithstanding any other provision of this chapter, the Commission, by rule, regulation, or order, may conditionally or unconditionally exempt any designated contract market in security futures subject to the designation requirement of this section from any provision of this chapter or of any rule or regulation thereunder, to the extent such exemption is necessary or appropriate in the public interest and is consistent with the protection of investors. (B) The Commission shall, by rule or regulation, determine the procedures under which an exemptive order under this section is granted and may, in its sole discretion, decline to entertain any application for an order of exemption under this section. (C) An alternative trading system shall not be deemed to be an exchange for any purpose as a result of the designation of such alternative trading system as a contract market under this section.

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Federal law — U.S. Code and appendices · legal_authorities

7 U.S.C. § 21 — Registered futures associations

**(a) Registration statement** Any association of persons may be registered with the Commission as a registered futures association pursuant to subsection (b) of this section, under the terms and conditions hereinafter provided in this section, by filing with the Commission for review and approval a registration statement in such form as the Commission may prescribe, setting forth the information, and accompanied by the documents, below specified: (1) Data as to its organization, membership, and rules of procedure, and such other information as the Commission may by rules and regulations require as necessary or appropriate in the public interest; and (2) Copies of its constitution, charter, or articles of incorporation or association, with all amendments thereto, and of its bylaws, and of any rules or instruments corresponding to the foregoing, whatever the name, hereinafter in this section collectively referred to as the “rules of the association”. **(b) Standards for registration; Commission findings** An applicant association shall not be registered as a futures association unless the Commission finds, under standards established by the Commission, that— (1) such association is in the public interest and that it will be able to comply with the provisions of this section and the rules and regulations thereunder and to carry out the purposes of this section; (2) the rules of the association provide that any person registered under this chapter, registered entity, or any other person designated pursuant to the rules of the Commission as eligible for membership may become a member of such association, except such as are excluded pursuant to paragraph (3) or (4) of this subsection, or a rule of the association permitted under this subparagraph. The rules of the assoc

Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 21

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Federal law — U.S. Code and appendices · legal_authorities

7 U.S.C. § 20 — Market reports

**(a) Information** The Commission may conduct regular investigations of the markets for goods, articles, services, rights, and interests which are the subject of futures contracts, and furnish reports of the findings of these investigations to the public on a regular basis. These market reports shall, where appropriate, include information on the supply, demand, prices, and other conditions in the United States and other countries with respect to such goods, articles, services, rights, interests, and information respecting the futures markets. **(b) Avoidance of duplication** The Commission shall cooperate with the Department of Agriculture and any other Department or Federal agency which makes market investigations to avoid unnecessary duplication of information-gathering activities. **(c) Furnishing of information; confidentiality** The Department of Agriculture and any other Department or Federal agency which has market information sought by the Commission shall furnish it to the Commission upon the request of any authorized employee of the Commission. The Commission shall abide by any rules of confidentiality applying to such information. **(d) Disclosure of business transactions, market positions, trade secrets, or names of customers** The Commission shall not disclose in such reports data and information which would separately disclose the business transactions or market positions of any person and trade secrets or names of customers except as provided in [section 12 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section12&num=0&edition=prelim). **(e) Application** This section shall not apply to investigations involving any security underlying a security futures product.

Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 20

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Federal law — U.S. Code and appendices · legal_authorities

7 U.S.C. § 10a — Cooperative associations and corporations, exclusion from board of trade; rules of board inapplicable to payment of compensation by association

**(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

Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 10a

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Federal law — U.S. Code and appendices · legal_authorities

7 U.S.C. § 6c — Prohibited transactions

**(a) In general** (1) **Prohibition** — It shall be unlawful for any person to offer to enter into, enter into, or confirm the execution of a transaction described in paragraph (2) involving the purchase or sale of any commodity for future delivery (or any option on such a transaction or option on a commodity) or swap if the transaction is used or may be used to— (A) hedge any transaction in interstate commerce in the commodity or the product or byproduct of the commodity; (B) determine the price basis of any such transaction in interstate commerce in the commodity; or (C) deliver any such commodity sold, shipped, or received in interstate commerce for the execution of the transaction. (2) **Transaction** — A transaction referred to in paragraph (1) is a transaction that— (A) (i) is, of the character of, or is commonly known to the trade as, a “wash sale” or “accommodation trade”; or (ii) is a fictitious sale; or (B) is used to cause any price to be reported, registered, or recorded that is not a true and bona fide price. (3) **Contract of sale** — It shall be unlawful for any employee or agent of any department or agency of the Federal Government or any Member of Congress or employee of Congress (as such terms are defined under section 2 of the STOCK Act) or any judicial officer or judicial employee (as such terms are defined, respectively, under section 2 of the STOCK Act) who, by virtue of the employment or position of the Member, officer, employee or agent, acquires information that may affect or tend to affect the price of any commodity in interstate commerce, or for future delivery, or any swap, and which information has not been disseminated by the department or agency of the Federal Government holding or creating the information or b

Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 6c

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Federal law — U.S. Code and appendices · legal_authorities

7 U.S.C. § 6j — Restrictions on dual trading in security futures products on designated contract markets and registered derivatives transaction execution facilities

**(a) Issuance of regulations** The Commission shall issue regulations to prohibit the privilege of dual trading in security futures products on each contract market and registered derivatives transaction execution facility. The regulations issued by the Commission under this section— (1) shall provide that the prohibition of dual trading thereunder shall take effect upon issuance of the regulations; and (2) shall provide exceptions, as the Commission determines appropriate, to ensure fairness and orderly trading in security futures product markets, including— (A) exceptions for spread transactions and the correction of trading errors; (B) allowance for a customer to designate in writing not less than once annually a named floor broker to execute orders for such customer, notwithstanding the regulations to prohibit the privilege of dual trading required under this section; and (C) other measures reasonably designed to accommodate unique or special characteristics of individual boards of trade or contract markets, to address emergency or unusual market conditions, or otherwise to further the public interest consistent with the promotion of market efficiency, innovation, and expansion of investment opportunities, the protection of investors, and with the purposes of this section. **(b) “Dual trading” defined** As used in this section, the term “dual trading” means the execution of customer orders by a floor broker during the same trading session in which the floor broker executes any trade in the same contract market or registered derivatives transaction execution facility for— (1) the account of such floor broker; (2) an account for which such floor broker has trading discretion; or (3) an account controlled by a person with whom such floor broker has a re

Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 6j

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Federal law — U.S. Code and appendices · legal_authorities

7 U.S.C. § 13 — Violations generally; punishment; costs of prosecution

**(a) Felonies generally** It shall be a felony punishable by a fine of not more than $1,000,000 or imprisonment for not more than 10 years, or both, together with the costs of prosecution, for: (1) Any person registered or required to be registered under this chapter, or any employee or agent thereof, to embezzle, steal, purloin, or with criminal intent convert to such person’s use or to the use of another, any money, securities, or property having a value in excess of $100, which was received by such person or any employee or agent thereof to margin, guarantee, or secure the trades or contracts of any customer or accruing to such customer as a result of such trades or contracts or which otherwise was received from any customer, client, or pool participant in connection with the business of such person. The word “value” as used in this paragraph means face, par, or market value, or cost price, either wholesale or retail, whichever is greater. (2) Any person to manipulate or attempt to manipulate the price of any commodity in interstate commerce, or for future delivery on or subject to the rules of any registered entity, or of any swap, or to corner or attempt to corner any such commodity or knowingly to deliver or cause to be delivered for transmission through the mails or interstate commerce by telegraph, telephone, wireless, or other means of communication false or misleading or knowingly inaccurate reports concerning crop or market information or conditions that affect or tend to affect the price of any commodity in interstate commerce, or knowingly to violate the provisions of section 6, section 6b, subsections (a) through (e) of subsection 11 So in original. Probably should be “section”. 6c, section 6h, section 6o(1), or [section 23 of this title](https://uscode

Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 13

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Federal law — U.S. Code and appendices · legal_authorities

7 U.S.C. § 7 — Designation of boards of trade as contract markets

**(a) Applications** A board of trade applying to the Commission for designation as a contract market shall submit an application to the Commission that includes any relevant materials and records the Commission may require consistent with this chapter. **(b) Repealed. Pub. L. 111–203, title VII, § 735(a), July 21, 2010, 124 Stat. 1718** **(c) Existing contract markets** A board of trade that is designated as a contract market on December 21, 2000, shall be considered to be a designated contract market under this section. **(d) Core principles for contract markets** (1) **Designation as contract market** (A) *In general* — To be designated, and maintain a designation, as a contract market, a board of trade shall comply with— (i) any core principle described in this subsection; and (ii) any requirement that the Commission may impose by rule or regulation pursuant to [section 12a(5) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section12a/5&num=0&edition=prelim). (B) *Reasonable discretion of contract market* — Unless otherwise determined by the Commission by rule or regulation, a board of trade described in subparagraph (A) shall have reasonable discretion in establishing the manner in which the board of trade complies with the core principles described in this subsection. (2) **Compliance with rules** (A) *In general* — The board of trade shall establish, monitor, and enforce compliance with the rules of the contract market, including— (i) access requirements; (ii) the terms and conditions of any contracts to be traded on the contract market; and (iii) rules prohibiting abusive trade practices on the contract market. (B) *Capacity of contract market* — The board of trade shall have the capaci

Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 7

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