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7 U.S.C. § 7 — Designation of boards of trade as contract markets
Federal law — U.S. Code and appendices · legal_authorities
**(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**(b) Repealed.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
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Source file: Laws/federal/codes/united-states-code/title-7/section-7-designation-of-boards-of-trade-as-contract-markets--7ccf947463.md
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Source location: Title 7, Chapter 1, § 7; chapter-001-commodity-exchanges.md
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**(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 capacity to detect, investigate, and apply appropriate sanctions to any person that violates any rule of the contract market.
(C) *Requirement of rules* — The rules of the contract market shall provide the board of trade with the ability and authority to obtain any necessary information to perform any function described in this subsection, including the capacity to carry out such international information-sharing agreements as the Commission may require.
(3) **Contracts not readily subject to manipulation** — The board of trade shall list on the contract market only contracts that are not readily susceptible to manipulation.
(4) **Prevention of market disruption** — The board of trade shall have the capacity and responsibility to prevent manipulation, price distortion, and disruptions of the delivery or cash-settlement process through market surveillance, compliance, and enforcement practices and procedures, including—
(A) methods for conducting real-time monitoring of trading; and
(B) comprehensive and accurate trade reconstructions.
(5) **Position limitations or accountability**
(A) *In general* — To reduce the potential threat of market manipulation or congestion (especially during trading in the delivery month), the board of trade shall adopt for each contract of the board of trade, as is necessary and appropriate, position limitations or position accountability for speculators.
(B) *Maximum allowable position limitation* — For any contract that is subject to a position limitation established by the Commission pursuant to [section 6a(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section6a/a&num=0&edition=prelim), the board of trade shall set the position limitation of the board of trade at a level not higher than the position limitation established by the Commission.
(6) **Emergency authority** — The board of trade, in consultation or cooperation with the Commission, shall adopt rules to provide for the exercise of emergency authority, as is necessary and appropriate, including the authority—
(A) to liquidate or transfer open positions in any contract;
(B) to suspend or curtail trading in any contract; and
(C) to require market participants in any contract to meet special margin requirements.
(7) **Availability of general information** — The board of trade shall make available to market authorities, market participants, and the public accurate information concerning—
(A) the terms and conditions of the contracts of the contract market; and
(B)
(i) the rules, regulations, and mechanisms for executing transactions on or through the facilities of the contract market; and
(ii) the rules and specifications describing the operation of the contract market’s—
(I) electronic matching platform; or
(II) trade execution facility.
(8) **Daily publication of trading information** — The board of trade shall make public daily information on settlement prices, volume, open interest, and opening and closing ranges for actively traded contracts on the contract market.
(9) **Execution of transactions**
(A) *In general* — The board of trade shall provide a competitive, open, and efficient market and mechanism for executing transactions that protects the price discovery process of trading in the centralized market of the board of trade.
(B) *Rules* — The rules of the board of trade may authorize, for bona fide business purposes—
(i) transfer trades or office trades;
(ii) an exchange of—
(I) futures in connection with a cash commodity transaction;
(II) futures for cash commodities; or
(III) futures for swaps; or
(iii) a futures commission merchant, acting as principal or agent, to enter into or confirm the execution of a contract for the purchase or sale of a commodity for future delivery if the contract is reported, recorded, or cleared in accordance with the rules of the contract market or a derivatives clearing organization.
(10) **Trade information** — The board of trade shall maintain rules and procedures to provide for the recording and safe storage of all identifying trade information in a manner that enables the contract market to use the information—
(A) to assist in the prevention of customer and market abuses; and
(B) to provide evidence of any violations of the rules of the contract market.
(11) **Financial integrity of transactions** — The board of trade shall establish and enforce—
(A) rules and procedures for ensuring the financial integrity of transactions entered into on or through the facilities of the contract market (including the clearance and settlement of the transactions with a derivatives clearing organization); and
(B) rules to ensure—
(i) the financial integrity of any—
(I) futures commission merchant; and
(II) introducing broker; and
(ii) the protection of customer funds.
(12) **Protection of markets and market participants** — The board of trade shall establish and enforce rules—
(A) to protect markets and market participants from abusive practices committed by any party, including abusive practices committed by a party acting as an agent for a participant; and
(B) to promote fair and equitable trading on the contract market.
(13) **Disciplinary procedures** — The board of trade shall establish and enforce disciplinary procedures that authorize the board of trade to discipline, suspend, or expel members or market participants that violate the rules of the board of trade, or similar methods for performing the same functions, including delegation of the functions to third parties.
(14) **Dispute resolution** — The board of trade shall establish and enforce rules regarding, and provide facilities for alternative dispute resolution as appropriate for, market participants and any market intermediaries.
(15) **Governance fitness standards** — The board of trade shall establish and enforce appropriate fitness standards for directors, members of any disciplinary committee, members of the contract market, and any other person with direct access to the facility (including any party affiliated with any person described in this paragraph).
(16) **Conflicts of interest** — The board of trade shall establish and enforce rules—
(A) to minimize conflicts of interest in the decision-making process of the contract market; and
(B) to establish a process for resolving conflicts of interest described in subparagraph (A).
(17) **Composition of governing boards of contract markets** — The governance arrangements of the board of trade shall be designed to permit consideration of the views of market participants.
(18) **Recordkeeping** — The board of trade shall maintain records of all activities relating to the business of the contract market—
(A) in a form and manner that is acceptable to the Commission; and
(B) for a period of at least 5 years.
(19) **Antitrust considerations** — Unless necessary or appropriate to achieve the purposes of this chapter, the board of trade shall not—
(A) adopt any rule or taking 11 So in original. Probably should be “take”. any action that results in any unreasonable restraint of trade; or
(B) impose any material anticompetitive burden on trading on the contract market.
(20) **System safeguards** — The board of trade shall—
(A) establish and maintain a program of risk analysis and oversight to identify and minimize sources of operational risk, through the development of appropriate controls and procedures, and the development of automated systems, that are reliable, secure, and have adequate scalable capacity;
(B) establish and maintain emergency procedures, backup facilities, and a plan for disaster recovery that allow for the timely recovery and resumption of operations and the fulfillment of the responsibilities and obligations of the board of trade; and
(C) periodically conduct tests to verify that backup resources are sufficient to ensure continued order processing and trade matching, price reporting, market surveillance, and maintenance of a comprehensive and accurate audit trail.
(21) **Financial resources**
(A) *In general* — The board of trade shall have adequate financial, operational, and managerial resources to discharge each responsibility of the board of trade.
(B) *Determination of adequacy* — The financial resources of the board of trade shall be considered to be adequate if the value of the financial resources exceeds the total amount that would enable the contract market to cover the operating costs of the contract market for a 1-year period, as calculated on a rolling basis.
(22) **Diversity of board of directors** — The board of trade, if a publicly traded company, shall endeavor to recruit individuals to serve on the board of directors and the other decision-making bodies (as determined by the Commission) of the board of trade from among, and to have the composition of the bodies reflect, a broad and culturally diverse pool of qualified candidates.
(23) **Securities and Exchange Commission** — The board of trade shall keep any such records relating to swaps defined in [section 1a(47)(A)(v) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1a/47/A/v&num=0&edition=prelim) open to inspection and examination by the Securities and Exchange Commission.
**(e) Current agricultural commodities**
(1) Subject to paragraph (2) of this subsection, a contract for purchase or sale for future delivery of an 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) that is available for trade on a contract market, as of December 21, 2000, may be traded only on a contract market designated under this section.
(2) In order to promote responsible economic or financial innovation and fair competition, the Commission, on application by any person, after notice and public comment and opportunity for hearing, may prescribe rules and regulations to provide for the offer and sale of contracts for future delivery or options on such contracts to be conducted on a derivatives transaction execution facility.
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Federal law — U.S. Code and appendices · legal_authorities
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
**(a) Definitions** When used in this chapter, unless the context otherwise requires—
(1) The term “exchange” means any organization, association, or group of persons, whether incorporated or unincorporated, which constitutes, maintains, or provides a market place or facilities for bringing together purchasers and sellers of securities or for otherwise performing with respect to securities the functions commonly performed by a stock exchange as that term is generally understood, and includes the market place and the market facilities maintained by such exchange.
(2) The term “facility” when used with respect to an exchange includes its premises, tangible or intangible property whether on the premises or not, any right to the use of such premises or property or any service thereof for the purpose of effecting or reporting a transaction on an exchange (including, among other things, any system of communication to or from the exchange, by ticker or otherwise, maintained by or with the consent of the exchange), and any right of the exchange to the use of any property or service.
(3)
(A) The term “member” when used with respect to a national securities exchange means (i) any natural person permitted to effect transactions on the floor of the exchange without the services of another person acting as broker, (ii) any registered broker or dealer with which such a natural person is associated, (iii) any registered broker or dealer permitted to designate as a representative such a natural person, and (iv) any other registered broker or dealer which agrees to be regulated by such exchange and with respect to which the exchange undertakes to enforce compliance with the provisions of this chapter, the rules and regulations thereunder, and its own rules. For purposes of section
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Individual retirement account** For purposes of this section, the term “individual retirement account” means a trust created or organized in the United States for the exclusive benefit of an individual or his beneficiaries, but only if the written governing instrument creating the trust meets the following requirements:
(1) Except in the case of a rollover contribution described in subsection (d)(3) or in section 402(c), 403(a)(4), 403(b)(8), or 457(e)(16), no contribution will be accepted unless it is in cash, and contributions will not be accepted for the taxable year on behalf of any individual in excess of the amount in effect for such taxable year under section 219(b)(1)(A).
(2) The trustee is a bank (as defined in subsection (n)) or such other person who demonstrates to the satisfaction of the Secretary that the manner in which such other person will administer the trust will be consistent with the requirements of this section.
(3) No part of the trust funds will be invested in life insurance contracts.
(4) The interest of an individual in the balance in his account is nonforfeitable.
(5) The assets of the trust will not be commingled with other property except in a common trust fund or common investment fund.
(6) Under regulations prescribed by the Secretary, rules similar to the rules of section 401(a)(9) and the incidental death benefit requirements of section 401(a) shall apply to the distribution of the entire interest of an individual for whose benefit the trust is maintained.
**(b) Individual retirement annuity** For purposes of this section, the term “individual retirement annuity” means an annuity contract, or an endowment contract (as determined under regulations prescribed by the Secretary), issued by an insurance company which meets the fo
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Federal law — U.S. Code and appendices · legal_authorities
If any registered entity is not enforcing or has not enforced its rules of government made a condition of its designation or registration as set forth in sections 7 through 7a–2 of this title, or if any registered entity, or any director, officer, agent, or employee of any registered entity otherwise is violating or has violated any of the provisions of this chapter or any of the rules, regulations, or orders of the Commission thereunder, the Commission may, upon notice and hearing on the record and subject to appeal as in other cases provided for in [section 8(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section8/b&num=0&edition=prelim), make and enter an order directing that such registered entity, director, officer, agent, or employee shall cease and desist from such violation, and assess a civil penalty of not more than $500,000 for each such violation, or, in any case of manipulation or attempted manipulation in violation of section 9, 15, 13b, or 13(a)(2) of this title, a civil penalty of not more than $1,000,000 for each such violation. If such registered entity, director, officer, agent, or employee, after the entry of such a cease and desist order and the lapse of the period allowed for appeal of such order or after the affirmance of such order, shall fail or refuse to obey or comply with such order, such registered entity, director, officer, agent, or employee shall be guilty of a misdemeanor and, upon conviction thereof, shall be fined not more than $500,000 or imprisoned for not less than six months nor more than one year, or both, except that if the failure or refusal to obey or comply with the order involved any offense under [section 13(a)(2) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prel
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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) Restriction on futures trading** Unless exempted by the Commission pursuant to subsection (c) or by subsection (e), it shall be unlawful for any person to offer to enter into, to enter into, to execute, to confirm the execution of, or to conduct any office or business anywhere in the United States, its territories or possessions, for the purpose of soliciting or accepting any order for, or otherwise dealing in, any transaction in, or in connection with, a contract for the purchase or sale of a commodity for future delivery (other than a contract which is made on or subject to the rules of a board of trade, exchange, or market located outside the United States, its territories or possessions) unless—
(1) such transaction is conducted on or subject to the rules of a board of trade which has been designated or registered by the Commission as a contract market or derivatives transaction execution facility for such commodity;
(2) such contract is executed or consummated by or through a contract market; and
(3) such contract is evidenced by a record in writing which shows the date, the parties to such contract and their addresses, the property covered and its price, and the terms of delivery: Provided, That each contract market or derivatives transaction execution facility member shall keep such record for a period of three years from the date thereof, or for a longer period if the Commission shall so direct, which record shall at all times be open to the inspection of any representative of the Commission or the Department of Justice.
**(b) Regulation of foreign transactions by United States persons**
(1) **Foreign boards of trade**
(A) *Registration* — The Commission may adopt rules and regulations requiring registration with the Commission for a foreign board
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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
**(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
Page 82
TITLE 7—AGRICULTURE
§ 7
that term is defined in section 1a(47)(A)(v) of
this title), and consistent with the confiden-
tiality and disclosure requirements of sec-
tion 12 of this title.
(2) Jurisdiction
Nothing in paragraph (1) shall affect the ex-
clusive jurisdiction of the Commission to pre-
scribe recordkeeping and reporting require-
ments for large swap traders under this sec-
tion.
(c) Applicability
For purposes of this section, the swaps, fu-
tures, and cash or spot transactions and posi-
tions of any person shall include the swaps, fu-
tures, and cash or spot transactions and posi-
tions of any persons directly or indirectly con-
trolled by the person.
(d) Significant price discovery function
In making a determination as to whether a
swap performs or affects a significant price dis-
covery function with respect to registered enti-
ties, the Commission shall consider the factors
described in section 6a(a)(3) of this title.
(Sept. 21, 1922, ch. 369, § 4t, as added Pub. L.
111–203, title VII, § 730, July 21, 2010, 124 Stat.
1702.)
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE
Section effective on the later of 360 days after July
21, 2010, or, to the extent a provision of subtitle A
(§§ 711–754) of title VII of Pub. L. 111–203 requires a rule-
making, not less than 60 days after publication of the
final rule or regulation implementing such provision of
subtitle A, see section 754 of Pub. L. 111–203, set out as
an Effective Date of 2010 Amendment note under sec-
tion 1a of this title.
§ 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 sub-
mit an application to the Commission that in-
cludes any relevant materials and
Source: Supplied 2024 U.S. Code historical extraction · 7 U.S.C. § 7
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