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7 U.S.C. § 6m — Use of mails or other means or instrumentalities of interstate commerce by commodity trading advisors and commodity pool operators; relation to other law

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

7 U.S.C. § 6m — Use of mails or other means or instrumentalities of interstate commerce by commodity trading advisors and commodity pool operators; relation to other law

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Source file: Laws/federal/codes/united-states-code/title-7/section-6m-use-of-mails-or-other-means-or-instrumentalities-of-interstate-commerce--89cfe33181.md
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Source location: Title 7, Chapter 1, § 6m; chapter-001-commodity-exchanges.md

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(1) It shall be unlawful for any commodity trading advisor or commodity pool operator, unless registered under this chapter, to make use of the mails or any means or instrumentality of interstate commerce in connection with his business as such commodity trading advisor or commodity pool operator: Provided, That the provisions of this section shall not apply to any commodity trading advisor who, during the course of the preceding twelve months, has not furnished commodity trading advice to more than fifteen persons and who does not hold himself out generally to the public as a commodity trading advisor. The provisions of this section shall not apply to any commodity trading advisor who is a (1) dealer, processor, broker, or seller in cash market transactions of any commodity specifically set forth in [section 2(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section2/a&num=0&edition=prelim) prior to October 23, 1974, (or products thereof) or (2) nonprofit, voluntary membership, general farm organization, who provides advice on the sale or purchase of any commodity specifically set forth in [section 2(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section2/a&num=0&edition=prelim) prior to October 23, 1974; if the advice by the person described in clause (1) or (2) of this sentence as a commodity trading advisor is solely incidental to the conduct of that person’s business: Provided, That such person shall be subject to proceedings under [section 18 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section18&num=0&edition=prelim). (2) Nothing in this chapter shall relieve any person of any obligation or duty, or affect the availability of any right or remedy available to the Securities and Exchange Commission or any private party arising under the Securities Act of 1933 [[15 U.S.C. 77a](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section77a&num=0&edition=prelim) et seq.] or the Securities Exchange Act of 1934 [[15 U.S.C. 78a](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78a&num=0&edition=prelim) et seq.] governing the issuance, offer, purchase, or sale of securities of a commodity pool, or of persons engaged in transactions with respect to such securities, or reporting by a commodity pool. (3) **Exception.—** (A) *In general.—* — Paragraph (1) shall not apply to any commodity trading advisor that is registered with the Securities and Exchange Commission as an investment adviser whose business does not consist primarily of acting as a commodity trading advisor, as defined in [section 1a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1a&num=0&edition=prelim), and that does not act as a commodity trading advisor to any commodity pool that is engaged primarily in trading commodity interests. (B) *Engaged primarily.—* — For purposes of subparagraph (A), a commodity trading advisor or a commodity pool shall be considered to be “engaged primarily” in the business of being a commodity trading advisor or commodity pool if it is or holds itself out to the public as being engaged primarily, or proposes to engage primarily, in the business of advising on commodity interests or investing, reinvesting, owning, holding, or trading in commodity interests, respectively. (C) *Commodity interests.—* — For purposes of this paragraph, commodity interests shall include contracts of sale of a commodity for future delivery, options on such contracts, security futures, swaps, leverage contracts, foreign exchange, spot and forward contracts on physical commodities, and any monies held in an account used for trading commodity interests.

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

7 U.S.C. § 1a — Definitions

As used in this chapter: (1) **Alternative trading system** — The term “alternative trading system” means an organization, association, or group of persons that— (A) is registered as a broker or dealer pursuant to section 15(b) of the Securities Exchange Act of 1934 [[15 U.S.C. 78](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78&num=0&edition=prelim)o(b)] (except paragraph (11) thereof); (B) performs the functions commonly performed by an exchange (as defined in section 3(a)(1) of the Securities Exchange Act of 1934 [[15 U.S.C. 78c(a)(1)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78c/a/1&num=0&edition=prelim)]); (C) does not— (i) set rules governing the conduct of subscribers other than the conduct of such subscribers’ trading on the alternative trading system; or (ii) discipline subscribers other than by exclusion from trading; and (D) is exempt from the definition of the term “exchange” under such section 3(a)(1) [[15 U.S.C. 78c(a)(1)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78c/a/1&num=0&edition=prelim)] by rule or regulation of the Securities and Exchange Commission on terms that require compliance with regulations of its trading functions. (2) **Appropriate Federal banking agency** — The term “appropriate Federal banking agency”— (A) has the meaning given the term in [section 1813 of title 12](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813&num=0&edition=prelim); (B) means the Board in the case of a noninsured State bank; and (C) is the Farm Credit Administration for farm credit system institutions. (3) **Associated person of a security-based swap dealer or major security-based swap participant** — T

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

15 U.S.C. § 78a — Short title

This chapter may be cited as the “Securities Exchange Act of 1934.”

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

7 U.S.C. § 2 — Jurisdiction of Commission; liability of principal for act of agent; Commodity Futures Trading Commission; transaction in interstate commerce

**(a) Jurisdiction of Commission; Commodity Futures Trading Commission** (1) **Jurisdiction of Commission** (A) *In general* — The Commission shall have exclusive jurisdiction, except to the extent otherwise provided in the Wall Street Transparency and Accountability Act of 2010 (including an amendment made by that Act) and subparagraphs (C), (D), and (I) of this paragraph and subsections (c) and (f), with respect to accounts, agreements (including any transaction which is of the character of, or is commonly known to the trade as, an “option”, “privilege”, “indemnity”, “bid”, “offer”, “put”, “call”, “advance guaranty”, or “decline guaranty”), and transactions involving swaps or contracts of sale of a commodity for future delivery (including significant price discovery contracts), traded or executed on a contract market designated pursuant to [section 7 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section7&num=0&edition=prelim) or a swap execution facility pursuant to [section 7b–3 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section7b-3&num=0&edition=prelim) or any other board of trade, exchange, or market, and transactions subject to regulation by the Commission pursuant to [section 23 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section23&num=0&edition=prelim). Except as hereinabove provided, nothing contained in this section shall (I) supersede or limit the jurisdiction at any time conferred on the Securities and Exchange Commission or other regulatory authorities under the laws of the United States or of any State, or (II) restrict the Securities and Exchange Commission and such other authorities from carrying out their duties and responsibilities in

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

15 U.S.C. § 77a — Short title

This subchapter may be cited as the “Securities Act of 1933”.

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

7 U.S.C. § 18 — Complaints against registered persons

**(a) Petition for actual damages** (1) Any person complaining of any violation of any provision of this chapter, or any rule, regulation, or order issued pursuant to this chapter, by any person who is registered under this chapter may, at any time within two years after the cause of action accrues, apply to the Commission for an order awarding— (A) actual damages proximately caused by such violation. If an award of actual damages is made against a floor broker in connection with the execution of a customer order, and the futures commission merchant which selected the floor broker for the execution of the customer order is held to be responsible under [section 2(a)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section2/a/1&num=0&edition=prelim) for the floor broker’s violation, such futures commission merchant may be required to satisfy such award; and (B) in the case of any action arising from a willful and intentional violation in the execution of an order on the floor of a registered entity, punitive or exemplary damages equal to no more than two times the amount of such actual damages. If an award of punitive or exemplary damages is made against a floor broker in connection with the execution of a customer order, and the futures commission merchant which selected the floor broker for the execution of the customer order is held to be responsible under [section 2(a)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section2/a/1&num=0&edition=prelim) for the floor broker’s violation, such futures commission merchant may be required to satisfy such award if the floor broker fails to do so, except that such requirement shall apply to the futures commission merchant only if it willfully and

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

15 U.S.C. § 77a — Short title

Page 119 TITLE 15—COMMERCE AND TRADE § 77b 7025, set out as a note under section 301 of Title 3, The President. CHAPTER 2A—SECURITIES AND TRUST INDENTURES SUBCHAPTER I—DOMESTIC SECURITIES Sec. 77a. Short title. 77b. Definitions; promotion of efficiency, competi- tion, and capital formation. 77b–1. Swap agreements. 77c. Classes of securities under this subchapter. 77d. Exempted transactions. 77d–1. Requirements with respect to certain small transactions. 77e. Prohibitions relating to interstate commerce and the mails. 77f. Registration of securities. 77g. Information required in registration state- ment. 77h. Taking effect of registration statements and amendments thereto. 77h–1. Cease-and-desist proceedings. 77i. Court review of orders. 77j. Information required in prospectus. 77k. Civil liabilities on account of false registra- tion statement. 77l. Civil liabilities arising in connection with prospectuses and communications. 77m. Limitation of actions. 77n. Contrary stipulations void. 77o. Liability of controlling persons. 77p. Additional remedies; limitation on remedies. 77q. Fraudulent interstate transactions. 77r. Exemption from State regulation of securi- ties offerings. 77r–1. Preemption of State law. 77s. Special powers of Commission. 77t. Injunctions and prosecution of offenses. 77u. Hearings by Commission. 77v. Jurisdiction of offenses and suits. 77w. Unlawful representations. 77x. Penalties. 77y. Jurisdiction of other Government agencies over securities. 77z. Separability. 77z–1. Private securities litigation. 77z–2. Application of safe harbor for forward-look- ing statements. 77z–2a. Conflicts of interest relating to certain securitizations. 77z–3. General exemptive authority. 77z

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

15 U.S.C. § 78a — Short title

Page 202 TITLE 15—COMMERCE AND TRADE § 78a Sec. 78m. Periodical and other reports. 78m–1. Reporting and recordkeeping for certain secu- rity-based swaps. 78m–2. Reporting requirements regarding coal or other mine safety. 78n. Proxies. 78n–1. Shareholder approval of executive compensa- tion. 78n–2. Corporate governance. 78o. Registration and regulation of brokers and dealers. 78o–1. Brokers deemed to be registered. 78o–2. Liabilities arising prior to amendment unaf- fected. 78o–3. Registered securities associations. 78o–4. Municipal securities. 78o–4a. Commission Office of Municipal Securities. 78o–5. Government securities brokers and dealers. 78o–6. Securities analysts and research reports. 78o–7. Registration of nationally recognized statis- tical rating organizations. 78o–8. Universal ratings symbols. 78o–9. Study and rulemaking on assigned credit rat- ings. 78o–10. Registration and regulation of security-based swap dealers and major security-based swap participants. 78o–11. Credit risk retention. 78p. Directors, officers, and principal stock- holders. 78q. Records and reports. 78q–1. National system for clearance and settlement of securities transactions. 78q–2. Automated quotation systems for penny stocks. 78r. Liability for misleading statements. 78s. Registration, responsibilities, and oversight of self-regulatory organizations. 78t. Liability of controlling persons and persons who aid and abet violations. 78t–1. Liability to contemporaneous traders for in- sider trading. 78u. Investigations and actions. 78u–1. Civil penalties for insider trading. 78u–2. Civil remedies in administrative proceedings. 78u–3. Cease-and-desist proceedings. 78u–4. Private securities litigation. 78u–5. Applic

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

7 U.S.C. § 6m — Use of mails or other means or instrumen-

Page 71 TITLE 7—AGRICULTURE § 6m (2) their advice, counsel, publications, writings, analyses, and reports customarily re- late to and their operations are directed to- ward and cause the purchase and sale of com- modities for future delivery on or subject to the rules of contract markets or derivatives transaction execution facilities; and (3) the foregoing transactions occur in such volume as to affect substantially transactions on contract markets or derivatives trans- action execution facilities. (Sept. 21, 1922, ch. 369, § 4l, as added Pub. L. 93–463, title II, § 205(a), Oct. 23, 1974, 88 Stat. 1397; Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(10)], Dec. 21, 2000, 114 Stat. 2763, 2763A–408.) Editorial Notes AMENDMENTS 2000—Pars. (2), (3). Pub. L. 106–554 inserted ‘‘or deriva- tives transaction execution facilities’’ after ‘‘contract markets’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE For effective date of section, see section 418 of Pub. L. 93–463, set out as an Effective Date of 1974 Amend- ment note under section 2 of this title. § 6m. Use of mails or other means or instrumen- talities of interstate commerce by commodity trading advisors and commodity pool opera- tors; relation to other law (1) It shall be unlawful for any commodity trading advisor or commodity pool operator, un- less registered under this chapter, to make use of the mails or any means or instrumentality of interstate commerce in connection with his business as such commodity trading advisor or commodity pool operator: Provided, That the provisions of this section shall not apply to any commodity trading advisor who, during the course of the preceding twelve months, has not furnished commodity trading advice to more than fifteen persons and who do

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