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7 U.S.C. § 6p — Standards and examinations
Federal law — U.S. Code and appendices · legal_authorities
**(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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section21&num=0&edition=prelim), 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
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Source file: Laws/federal/codes/united-states-code/title-7/section-6p-standards-and-examinations--2533ad91d2.md
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Source location: Title 7, Chapter 1, § 6p; chapter-001-commodity-exchanges.md
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**(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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section21&num=0&edition=prelim), 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 11 So in original. Probably should be capitalized. law, rule or regulation.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Authority** The Commission shall consider issuing rules or orders which—
(1) prescribe procedures under which each contract market is to provide for orderly delivery, including temporary storage costs, of any agricultural commodity enumerated in [section 1a(9) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1a/9&num=0&edition=prelim) which is the subject of a contract for purchase or sale for future delivery;
(2) increase the ease with which domestic agricultural producers may participate in contract markets, including by addressing cost and margin requirements, so as to better enable the producers to hedge price risk associated with their production;
(3) provide flexibility in the minimum quantities of such agricultural commodities that may be the subject of a contract for purchase or sale for future delivery that is traded on a contract market, to better allow domestic agricultural producers to hedge such price risk; and
(4) encourage contract markets to provide information and otherwise facilitate the participation of domestic agricultural producers in contract markets.
**(b) Report** Within 1 year after December 21, 2000, the Commission shall submit to the Committee on Agriculture of the House of Representatives and the Committee on Agriculture, Nutrition, and Forestry of the Senate a report on the steps it has taken to implement this section and on the activities of contract markets pursuant to this section.
Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 6q
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Federal law — U.S. Code and appendices · legal_authorities
**(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
**(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
**(a) Registration of futures commission merchants, introducing brokers, and floor brokers and traders**
(1) Any person desiring to register as a futures commission merchant, introducing broker, floor broker, or floor trader hereunder shall be registered upon application to the Commission. The application shall be made in such form and manner as prescribed by the Commission, giving such information and facts as the Commission may deem necessary concerning the business in which the applicant is or will be engaged, including in the case of an application of a futures commission merchant or an introducing broker, the names and addresses of the managers of all branch offices, and the names of such officers and partners, if a partnership, and of such officers, directors, and stockholders, if a corporation, as the Commission may direct. Such person, when registered hereunder, shall likewise continue to report and furnish to the Commission the above-mentioned information and such other information pertaining to such person’s business as the Commission may require. Each registration shall expire on December 31 of the year for which issued or at such other time, not less than one year from the date of issuance, as the Commission may by rule, regulation, or order prescribe, and shall be renewed upon application therefor unless the registration has been suspended (and the period of such suspension has not expired) or revoked pursuant to the provisions of this chapter.
(2) Notwithstanding paragraph (1), and except as provided in paragraph (3), any broker or dealer that is registered with the Securities and Exchange Commission shall be registered as a futures commission merchant or introducing broker, as applicable, if—
(A) the broker or dealer limits its solicitation of orders
Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 6f
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Federal law — U.S. Code and appendices · legal_authorities
(1) It shall be unlawful for any person to be associated with a futures commission merchant as a partner, officer, or employee, or to be associated with an introducing broker as a partner, officer, employee, or agent (or any person occupying a similar status or performing similar functions), in any capacity that involves (i) the solicitation or acceptance of customers’ orders (other than in a clerical capacity) or (ii) the supervision of any person or persons so engaged, unless such person is registered with the Commission under this chapter as an associated person of such futures commission merchant or of such introducing broker and such registration shall not have expired, been suspended (and the period of suspension has not expired), or been revoked. It shall be unlawful for a futures commission merchant or introducing broker to permit such a person to become or remain associated with the futures commission merchant or introducing broker in any such capacity if such futures commission merchant or introducing broker knew or should have known that such person was not so registered or that such registration had expired, been suspended (and the period of suspension has not expired), or been revoked. Any individual who is registered as a floor broker, futures commission merchant, or introducing broker (and such registration is not suspended or revoked) need not also register under this paragraph.
(2) It shall be unlawful for any person to be associated with a commodity pool operator as a partner, officer, employee, consultant, or agent (or any person occupying a similar status or performing similar functions), in any capacity that involves (i) the solicitation of funds, securities, or property for a participation in a commodity pool or (ii) the supervision of any person
Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 6k
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Federal law — U.S. Code and appendices · legal_authorities
Page 73
TITLE 7—AGRICULTURE
§ 6p
in the public interest and that such person had been
guilty of certain specified activities. See section 12a(2),
(3), and (4) of this title.
1978—Par. (2). Pub. L. 95–405, § 9(1)–(3), redesignated
par. (3) as (2) and substituted ‘‘Each registration’’ for
‘‘All registrations’’ and inserted ‘‘or at such other
time, not less than one year from the effective date
thereof, as the Commission may rule, regulation, or
order prescribe,’’ after ‘‘June of each year,’’. Former
par. (2), which provided that registration under this
section becomes effective thirty days after the receipt
of such application by the Commission, or within such
shorter period of time as the Commission may deter-
mine, was struck out.
Pars. (3) to (6). Pub. L. 95–405, § 9(1), redesignated pars.
(4) to (7) as (3) to (6), respectively. Former par. (3) re-
designated (2).
Statutory Notes and Related Subsidiaries
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 OF 1978 AMENDMENT
Amendment by Pub. L. 95–405 effective Oct. 1, 1978,
see section 28 of Pub. L. 95–405, 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 Amend-
ment note under section 2 of this title.
§ 6o. Fraud and misrepresentation by commodity
trading advisors, commodity pool operators,
and associated persons
(1) It shall be unlawful for a commodity trad-
ing advisor, associated person of a commodity
trading advisor, commodity pool operator, or as-
sociated person of a commodity pool operator,
by use of the mails or any means or instrum
Source: Supplied 2024 U.S. Code historical extraction · 7 U.S.C. § 6p
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