7 U.S.C. § 6g — Reporting and recordkeeping

Page 65 TITLE 7—AGRICULTURE § 6g section 12 of this title and notwithstanding any other provision of law, the Commission shall not be compelled to disclose any information re- quired to be reported under this subsection, or any information supplied to the Commission by any domestic or foreign regulatory agency that relates to the financial or operational condition of any affiliated person of a registered futures commission merchant. (11) Nothing in paragraphs (1) through (10) shall be construed to supersede or to limit in any way the authority or powers of the Commis- sion pursuant to any other provision of this chapter or regulations issued under this chapter. (Sept. 21, 1922, ch. 369, § 4f, as added June 15, 1936, ch. 545, § 5, 49 Stat. 1495; amended Pub. L. 90–258, § 7, Feb. 19, 1968, 82 Stat. 28; Pub. L. 93–463, title I, § 103(a), Oct. 23, 1974, 88 Stat. 1392; Pub. L. 95–405, § 5, Sept. 30, 1978, 92 Stat. 869; Pub. L. 97–444, title II, § 208, Jan. 11, 1983, 96 Stat. 2302; Pub. L. 102–546, title II, §§ 207(b)(1), 229, Oct. 28, 1992, 106 Stat. 3604, 3619; Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(6), title II, § 252(b), (c)], Dec. 21, 2000, 114 Stat. 2763, 2763A–407, 2763A–447; Pub. L. 110–234, title XIII, § 13105(b), May 22, 2008, 122 Stat. 1434; Pub. L. 110–246, § 4(a), title XIII, § 13105(b), June 18, 2008, 122 Stat. 1664, 2196.) Editorial Notes REFERENCES IN TEXT Section 9 of the Federal Reserve Act, referred to in subsec. (c)(4)(B)(i), is section 9 of act Dec. 23, 1913, ch. 6, 38 Stat. 251, which is classified generally to sub- chapter VIII (§ 321 et seq.) of chapter 3 of Title 12, Banks and Banking. CODIFICATION Pub. L. 110–234 and Pub. L. 110–246 made identical amendments to this section. The amendments by Pub. L. 110–234 were repealed by section 4(a) of Pub. L. 110–246. AMENDMENTS 2008—Subsec. (c)(4)(B)(i). Pub. L. 110–246, § 13105(b), substituted ‘‘complied’’ for ‘‘compiled’’. 2000—Subsec. (a). Pub. L. 106–554, § 1(a)(5) [title II, § 252(b)], designated existing provisions as par. (1) and added pars. (2) and (3). Subsec. (a)(4). Pub. L. 106–554, § 1(a)(5) [title II, § 252(c)], added par. (4). Subsecs. (b), (c)(3)(B). Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(6)], inserted ‘‘or derivatives transaction execu- tion facility’’ after ‘‘contract market’’ wherever ap- pearing. 1992—Subsec. (a). Pub. L. 102–546, §§ 207(b)(1), 229(1), re- designated par. (1) as subsec. (a) and substituted ‘‘floor broker, or floor trader’’ for ‘‘or floor broker’’. Subsec. (b). Pub. L. 102–546, § 229(1), (2), redesignated par. (2) as subsec. (b) and substituted ‘‘this subsection’’ for ‘‘this paragraph (2)’’. Subsec. (c). Pub. L. 102–546, § 229(3), added subsec. (c). 1983—Par. (1). Pub. L. 97–444, § 208(1), made grammat- ical changes, made registration provisions applicable to introducing brokers, and substituted ‘‘revoked pursu- ant to the provisions of this chapter’’ for ‘‘revoked after notice and hearing as prescribed in this chapter’’. Par. (2). Pub. L. 97–444, § 208(2), made financial re- quirements applicable to introducing brokers. 1978—Par. (1). Pub. L. 95–405 substituted ‘‘Each reg- istration 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’’ for ‘‘All reg- istrations shall expire on the 31st day of December of the year for which issued’’. 1974—Pub. L. 93–463 substituted ‘‘Commission’’ for ‘‘Secretary of Agriculture’’. 1968—Par. (1). Pub. L. 90–258, § 7(a), substituted ‘‘this chapter’’ for ‘‘section 6g of this title’’. Par. (2). Pub. L. 90–258, § 7(b), substituted provisions that prescribed financial requirements for registration as futures commission merchant be met and continued at all times and that such requirements will be consid- ered met by membership in a contract market and compliance with its minimum financial standards and related reporting requirements for former provisions for display of futures commission merchants’ registra- tion certificates. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2008 AMENDMENT Amendment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective May 22, 2008, the date of enactment of Pub. L. 110–234, see section 4 of Pub. L. 110–246, set out as an Effective Date note under section 8701 of this title. EFFECTIVE DATE OF 1992 AMENDMENT Amendment by section 207(b)(1) of Pub. L. 102–546 ef- fective 180 days after Oct. 28, 1992, with Commodity Fu- tures Trading Commission to issue any regulations nec- essary to implement such amendment no later than 180 days after Oct. 28, 1992, see section 207(c) of Pub. L. 102–546, set out as a note under section 6e of this title. 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 OF 1974 AMENDMENT For effective date of amendment by Pub. L. 93–463, see section 418 of Pub. L. 93–463, set out as a note under section 2 of this title. EFFECTIVE DATE OF 1968 AMENDMENT Amendment by Pub. L. 90–258 effective 120 days after Feb. 19, 1968, see section 28 of Pub. L. 90–258, set out as a note under section 2 of this title. EFFECTIVE DATE For effective date of section, see section 13 of act June 15, 1936, set out as an Effective Date of 1936 Amendment note under section 1 of this title. § 6g. Reporting and recordkeeping (a) In general Every person registered hereunder as futures commission merchant, introducing broker, floor broker, or floor trader shall make such reports as are required by the Commission regarding the transactions and positions of such person, and the transactions and positions of the customer thereof, in commodities for future delivery on any board of trade in the United States or else- where, and in any significant price discovery contract traded or executed on an electronic trading facility or any agreement, contract, or transaction that is treated by a derivatives clearing organization, whether registered or not registered, as fungible with a significant price discovery contract; shall keep books and records pertaining to such transactions and positions in such form and manner and for such period as Page 66 TITLE 7—AGRICULTURE § 6g may be required by the Commission; and shall keep such books and records open to inspection by any representative of the Commission or the United States Department of Justice. (b) Daily trading records: registered entities Every registered entity shall maintain daily trading records. The daily trading records shall include such information as the Commission shall prescribe by rule. (c) Daily trading records: floor brokers, intro- ducing brokers, and futures commission mer- chants Floor brokers, introducing brokers, and fu- tures commission merchants shall maintain daily trading records for each customer in such manner and form as to be identifiable with the trades referred to in subsection (b). (d) Daily trading records: form and reports Daily trading records shall be maintained in a form suitable to the Commission for such period as may be required by the Commission. Reports shall be made from the records maintained at such times and at such places and in such form as the Commission may prescribe by rule, order, or regulation in order to protect the public in- terest and the interest of persons trading in commodity futures. (e) Disclosure of information Before the beginning of trading each day, the exchange shall, insofar as is practicable and under terms and conditions specified by the Commission, make public the volume of trading on each type of contract for the previous day and such other information as the Commission deems necessary in the public interest and pre- scribes by rule, order, or regulation. (f) Authority of Commission to make separate de- terminations unimpaired Nothing contained in this section shall be con- strued to prohibit the Commission from making separate determinations for different registered entities when such determinations are war- ranted in the judgment of the Commission. (Sept. 21, 1922, ch. 369, § 4g, as added June 15, 1936, ch. 545, § 5, 49 Stat. 1496; amended Pub. L. 90–258, § 8, Feb. 19, 1968, 82 Stat. 28; Pub. L. 93–463, title I, § 103(a), (f), title IV, § 415, Oct. 23, 1974, 88 Stat. 1392, 1415; Pub. L. 95–405, § 6, Sept. 30, 1978, 92 Stat. 869; Pub. L. 97–444, title II, § 209, Jan. 11, 1983, 96 Stat. 2302; Pub. L. 102–546, title II, § 207(b)(1), title IV, § 402(5), Oct. 28, 1992, 106 Stat. 3604, 3624; Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(7)], Dec. 21, 2000, 114 Stat. 2763, 2763A–407; Pub. L. 110–234, title XIII, § 13202(a), May 22, 2008, 122 Stat. 1438; Pub. L. 110–246, § 4(a), title XIII, § 13202(a), June 18, 2008, 122 Stat. 1664, 2200.) Editorial Notes CODIFICATION Pub. L. 110–234 and Pub. L. 110–246 made identical amendments to this section. The amendments by Pub. L. 110–234 were repealed by section 4(a) of Pub. L. 110–246. AMENDMENTS 2008—Subsec. (a). Pub. L. 110–246, § 13202(a), inserted ‘‘, and in any significant price discovery contract trad- ed or executed on an electronic trading facility or any agreement, contract, or transaction that is treated by a derivatives clearing organization, whether registered or not registered, as fungible with a significant price discovery contract’’ after ‘‘elsewhere’’. 2000—Subsec. (b). Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(7)(A)], substituted ‘‘registered entity’’ for ‘‘clearinghouse and contract market’’. Subsec. (f). Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(7)(B)], substituted ‘‘registered entities’’ for ‘‘clearinghouses, contract markets, and exchanges’’. 1992—Subsec. (a). Pub. L. 102–546, §§ 207(b)(1), 402(5)(A), redesignated par. (1) as subsec. (a) and substituted ‘‘floor broker, or floor trader’’ for ‘‘or floor broker’’. Subsec. (b). Pub. L. 102–546, § 402(5)(A), redesignated par. (2) as subsec. (b). Subsec. (c). Pub. L. 102–546, § 402(5), redesignated par. (3) as subsec. (c) and substituted ‘‘subsection (b)’’ for ‘‘paragraph (2)’’. Subsecs. (d) to (f). Pub. L. 102–546, § 402(5)(A), redesig- nated pars. (4) to (6) as subsecs. (d) to (f), respectively. 1983—Par. (1). Pub. L. 97–444, § 209(1), made reporting and recordkeeping requirements applicable to intro- ducing brokers. Par. (2). Pub. L. 97–444, § 209(2), made customer daily trading records requirement applicable to introducing brokers. 1978—Par. (3). Pub. L. 95–405 substituted ‘‘Floor bro- kers’’ for ‘‘Brokers’’. 1974—Par. (1). Pub. L. 93–463, §§ 103(a), (f), 415, des- ignated existing provisions as par. (1) and substituted ‘‘Commission’’ for ‘‘Secretary of Agriculture’’ and ‘‘United States Department of Agriculture’’. Pars. (2) to (6). Pub. L. 93–463, § 415, added pars. (2) to (6). 1968—Pub. L. 90–258 rephrased existing provisions to express reporting and recordkeeping requirements as a positive obligation of futures commission merchants and floor brokers, rather than as a ground for revoking or suspending registration and struck out provisions for revocation or suspension of registration. See sec- tion 9 of this title. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2008 AMENDMENT Amendment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective May 22, 2008, the date of enactment of Pub. L. 110–234, except as other- wise provided, see section 4 of Pub. L. 110–246, set out as an Effective Date note under section 8701 of this title. Amendment by section 13202(a) of Pub. L. 110–246 ef- fective June 18, 2008, see section 13204(a) of Pub. L. 110–246, set out as a note under section 2 of this title. EFFECTIVE DATE OF 1992 AMENDMENT Amendment by section 207(b)(1) of Pub. L. 102–546 ef- fective 180 days after Oct. 28, 1992, with Commodity Fu- tures Trading Commission to issue any regulations nec- essary to implement such amendment no later than 180 days after Oct. 28, 1992, see section 207(c) of Pub. L. 102–546, set out as a note under section 6e of this title. 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 OF 1974 AMENDMENT For effective date of amendment by Pub. L. 93–463 see section 418 of Pub. L. 93–463, set out as a note under sec- tion 2 of this title. Page 67 TITLE 7—AGRICULTURE § 6i EFFECTIVE DATE OF 1968 AMENDMENT Amendment by Pub. L. 90–258 effective 120 days after Feb. 19, 1968, see section 28 of Pub. L. 90–258, set out as a note under section 2 of this title. EFFECTIVE DATE For effective date of section, see section 13 of act June 15, 1936, set out as an Effective Date of 1936 Amendment note under section 1 of this title. § 6h. False self-representation as registered enti- ty member prohibited It shall be unlawful for any person falsely to represent such person to be a member of a reg- istered entity or the representative or agent of such member, or to be a registrant under this chapter or the representative or agent of any registrant, in soliciting or handling any order or contract for the purchase or sale of any com- modity in interstate commerce or for future de- livery, or falsely to represent in connection with the handling of any such order or contract that the same is to be or has been executed on, or by or through a member of, any registered entity. (Sept. 21, 1922, ch. 369, § 4h, as added June 15, 1936, ch. 545, § 5, 49 Stat. 1496; amended Pub. L. 97–444, title II, § 210, Jan. 11, 1983, 96 Stat. 2302; Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(8)], Dec. 21, 2000, 114 Stat. 2763, 2763A–407.) Editorial Notes AMENDMENTS 2000—Pub. L. 106–554 substituted ‘‘registered entity’’ for ‘‘contract market’’ in two places. 1983—Pub. L. 97–444 struck out provisions formerly designated as par. (1) relating to conduct of offices or places of business anywhere in the United States or its territories that were used for dealing in commodities for future delivery unless such dealings were executed or consummated by or through a member of a contract market, which provisions were transferred to section 6(a) of this title, and broadened remaining provisions, formerly designated as par. (2), to prohibit false rep- resentations that a person is registered with the Com- mission in any capacity, and not only as a futures com- mission merchant, as previously provided. 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 For effective date of section, see section 13 of act June 15, 1936, set out as an Effective Date of 1936 Amendment note under section 1 of this title. § 6i. Reports of deals equal to or in excess of trading limits; books and records; cash and controlled transactions It shall be unlawful for any person to make any contract for the purchase or sale of any commodity for future delivery on or subject to the rules of any contract market or derivatives transaction execution facility, or any signifi- cant price discovery contract traded or executed on an electronic trading facility or any agree- ment, contract, or transaction that is treated by a derivatives clearing organization, whether reg- istered or not registered, as fungible with a sig- nificant price discovery contract— (1) if such person shall directly or indirectly make such contracts with respect to any com- modity or any future of such commodity dur- ing any one day in an amount equal to or in excess of such amount as shall be fixed from time to time by the Commission, and (2) if such person shall directly or indirectly have or obtain a long or short position in any commodity or any future of such commodity equal to or in excess of such amount as shall be fixed from time to time by the Commission, unless such person files or causes to be filed with the properly designated officer of the Com- mission such reports regarding any transactions or positions described in clauses (1) and (2) here- of as the Commission may by rule or regulation require and unless, in accordance with rules and regulations of the Commission, such person shall keep books and records of all such trans- actions and positions and transactions and posi- tions in any such commodity traded on or sub- ject to the rules of any other board of trade or electronic trading facility, and of cash or spot transactions in, and inventories and purchase and sale commitments of such commodity. Such books and records shall show complete details concerning all such transactions, positions, in- ventories, and commitments, including the names and addresses of all persons having any interest therein, and shall be open at all times to inspection by any representative of the Com- mission or the Department of Justice. For the purposes of this section, the futures and cash or spot transactions and positions of any person shall include such transactions and positions of any persons directly or indirectly controlled by such person. (Sept. 21, 1922, ch. 369, § 4i, as added June 15, 1936, ch. 545, § 5, 49 Stat. 1496; amended Pub. L. 90–258, § 9, Feb. 19, 1968, 82 Stat. 28; Pub. L. 93–463, title I, § 103(a), (f), Oct. 23, 1974, 88 Stat. 1392; Pub. L. 97–444, title II, § 211, Jan. 11, 1983, 96 Stat. 2303; Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(9)], Dec. 21, 2000, 114 Stat. 2763, 2763A–407; Pub. L. 110–234, title XIII, § 13202(b), May 22, 2008, 122 Stat. 1439; Pub. L. 110–246, § 4(a), title XIII, § 13202(b), June 18, 2008, 122 Stat. 1664, 2201.) Editorial Notes CODIFICATION Pub. L. 110–234 and Pub. L. 110–246 made identical amendments to this section. The amendments by Pub. L. 110–234 were repealed by section 4(a) of Pub. L. 110–246. AMENDMENTS 2008—Pub. L. 110–246, § 13202(b), in introductory provi- sions, inserted ‘‘, or any significant price discovery contract traded or executed on an electronic trading fa- cility or any agreement, contract, or transaction that is treated by a derivatives clearing organization, whether registered or not registered, as fungible with a significant price discovery contract’’ after ‘‘derivatives transaction execution facility’’ and, in concluding pro- visions, inserted ‘‘or electronic trading facility’’ after ‘‘board of trade’’. 2000—Pub. L. 106–554 inserted ‘‘or derivatives trans- action execution facility’’ after ‘‘contract market’’ in introductory provisions.