7 U.S.C. § 6q — Special procedures to encourage and facili-

Page 74 TITLE 7—AGRICULTURE § 6q 1 So in original. Probably should be capitalized. tect the public interest wherein exception to any written proficiency examination shall be made with respect to individuals who have dem- onstrated, through training and experience, the degree of proficiency and skill necessary to pro- tect 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 peri- odic 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, deriva- tives transaction execution facility, registered futures association, or other self-regulatory or- ganization, or any other applicable Federal or state 1 law, rule or regulation. (Sept. 21, 1922, ch. 369, § 4p, as added Pub. L. 93–463, title II, § 206, Oct. 23, 1974, 88 Stat. 1400; amended Pub. L. 97–444, title II, § 215, Jan. 11, 1983, 96 Stat. 2305; Pub. L. 102–546, title II, § 210(a), Oct. 28, 1992, 106 Stat. 3607; Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(11)], Dec. 21, 2000, 114 Stat. 2763, 2763A–408.) Editorial Notes CODIFICATION Another section 4p of act Sept. 21, 1922, was renum- bered section 4q and is classified to section 6q of this title. AMENDMENTS 2000—Subsec. (a). Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(11)(A)], substituted ‘‘title, contract markets, or derivatives transaction execution facilities’’ for ‘‘title or contract markets’’. Subsec. (b). Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(11)(B)], inserted ‘‘derivatives transaction execu- tion facility,’’ after ‘‘contract market,’’. 1992—Pub. L. 102–546 designated existing provisions as subsec. (a) and added subsec. (b). 1983—Pub. L. 97–444 substituted ‘‘persons required to be registered with the Commission’’ for ‘‘futures com- mission merchants, floor brokers, and those persons as- sociated with futures commission merchants or floor brokers’’ in first sentence, ‘‘customers, clients, pool participants, or other members of the public with whom such individuals deal’’ for ‘‘the customers of fu- tures commission merchants and floor brokers’’ in last sentence, and in second and third sentences struck out ‘‘as futures commission merchants, floor brokers, and those persons associated with futures commission mer- chants or floor brokers,’’ after ‘‘applicants for registra- tion’’. 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 418 of Pub. L. 93–463, set out as an Effective Date of 1974 Amend- ment note under section 2 of this title. REGULATIONS Pub. L. 102–546, title II, § 210(b), Oct. 28, 1992, 106 Stat. 3607, provided that: ‘‘The Commodity Futures Trading Commission shall issue the regulations required by sec- tion 4p(b) of the Commodity Exchange Act [7 U.S.C. 6p(b)], as added by subsection (a), no later than one hundred and eighty days after the date of enactment of this Act [Oct. 28, 1992].’’ § 6q. Special procedures to encourage and facili- tate bona fide hedging by agricultural pro- ducers (a) Authority The Commission shall consider issuing rules or orders which— (1) prescribe procedures under which each contract market is to provide for orderly de- livery, including temporary storage costs, of any agricultural commodity enumerated in section 1a(9) of this title which is the subject of a contract for purchase or sale for future delivery; (2) increase the ease with which domestic ag- ricultural producers may participate in con- tract markets, including by addressing cost and margin requirements, so as to better en- able the producers to hedge price risk associ- ated with their production; (3) provide flexibility in the minimum quan- tities 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 ag- ricultural producers to hedge such price risk; and (4) encourage contract markets to provide information and otherwise facilitate the par- ticipation 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. (Sept. 21, 1922, ch. 369, § 4q, formerly § 4p, as added Pub. L. 106–554, § 1(a)(5) [title I, § 121], Dec. 21, 2000, 114 Stat. 2763, 2763A–404; renumbered § 4q, Pub. L. 110–234, title XIII, § 13105(d), May 22, 2008, 122 Stat. 1434, and Pub. L. 110–246, § 4(a), title XIII, § 13105(d), June 18, 2008, 122 Stat. 1664, 2196; Pub. L. 111–203, title VII, § 721(e)(3), July 21, 2010, 124 Stat. 1671.) Editorial Notes CODIFICATION Pub. L. 110–234 and Pub. L. 110–246 both renumbered this section as section 4q of act Sept. 21, 1922. Pub. L. 110–234 was repealed by section 4(a) of Pub. L. 110–246 ef- fective May 22, 2008, the date of enactment of Pub. L. 110–234. Section was formerly classified to section 6o–1 of this title. AMENDMENTS 2010—Subsec. (a)(1). Pub. L. 111–203 substituted ‘‘sec- tion 1a(9)’’ for ‘‘section 1a(4)’’. Page 75 TITLE 7—AGRICULTURE § 6s Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2010 AMENDMENT Amendment by Pub. L. 111–203 effective on the later of 360 days after July 21, 2010, or, to the extent a provi- sion of subtitle A (§§ 711–754) of title VII of Pub. L. 111–203 requires a rulemaking, not less than 60 days after publication of the final rule or regulation imple- menting such provision of subtitle A, see section 754 of Pub. L. 111–203, set out as a note under section 1a of this title. § 6r. Reporting and recordkeeping for uncleared swaps (a) Required reporting of swaps not accepted by any derivatives clearing organization (1) In general Each swap that is not accepted for clearing by any derivatives clearing organization shall be reported to— (A) a swap data repository described in section 24a of this title; or (B) in the case in which there is no swap data repository that would accept the swap, to the Commission pursuant to this section within such time period as the Commission may by rule or regulation prescribe. (2) Transition rule for preenactment swaps (A) Swaps entered into before July 21, 2010 Each swap entered into before July 21, 2010, the terms of which have not expired as of July 21, 2010, shall be reported to a reg- istered swap data repository or the Commis- sion by a date that is not later than— (i) 30 days after issuance of the interim final rule; or (ii) such other period as the Commission determines to be appropriate. (B) Commission rulemaking The Commission shall promulgate an in- terim final rule within 90 days of July 21, 2010, providing for the reporting of each swap entered into before July 21, 2010. (C) Effective date The reporting provisions described in this section shall be effective upon the enact- ment of this section. (3) Reporting obligations (A) Swaps in which only 1 counterparty is a swap dealer or major swap participant With respect to a swap in which only 1 counterparty is a swap dealer or major swap participant, the swap dealer or major swap participant shall report the swap as required under paragraphs (1) and (2). (B) Swaps in which 1 counterparty is a swap dealer and the other a major swap par- ticipant With respect to a swap in which 1 counterparty is a swap dealer and the other a major swap participant, the swap dealer shall report the swap as required under para- graphs (1) and (2). (C) Other swaps With respect to any other swap not de- scribed in subparagraph (A) or (B), the counterparties to the swap shall select a counterparty to report the swap as required under paragraphs (1) and (2). (b) Duties of certain individuals Any individual or entity that enters into a swap shall meet each requirement described in subsection (c) if the individual or entity did not— (1) clear the swap in accordance with section 2(h)(1) of this title; or (2) have the data regarding the swap accept- ed by a swap data repository in accordance with rules (including timeframes) adopted by the Commission under section 24a of this title. (c) Requirements An individual or entity described in subsection (b) shall— (1) upon written request from the Commis- sion, provide reports regarding the swaps held by the individual or entity to the Commission in such form and in such manner as the Com- mission may request; and (2) maintain books and records pertaining to the swaps held by the individual or entity in such form, in such manner, and for such period as the Commission may require, which shall be open to inspection by— (A) any representative of the Commission; (B) an appropriate prudential regulator; (C) the Securities and Exchange Commis- sion; (D) the Financial Stability Oversight Council; and (E) the Department of Justice. (d) Identical data In prescribing rules under this section, the Commission shall require individuals and enti- ties described in subsection (b) to submit to the Commission a report that contains data that is not less comprehensive than the data required to be collected by swap data repositories under section 24a of this title. (Sept. 21, 1922, ch. 369, § 4r, as added Pub. L. 111–203, title VII, § 729, July 21, 2010, 124 Stat. 1701.) 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. § 6s. Registration and regulation of swap dealers and major swap participants (a) Registration (1) Swap dealers It shall be unlawful for any person to act as a swap dealer unless the person is registered as a swap dealer with the Commission. (2) Major swap participants It shall be unlawful for any person to act as a major swap participant unless the person is