7 U.S.C. § 9b — Rules prohibiting deceptive and other abu-

Page 104 TITLE 7—AGRICULTURE § 9b 1 So in original. Probably should read ‘‘shall exclude’’. AMENDMENTS 2010—Pars. (4), (5). Pub. L. 111–203 added pars. (4) and (5). 2000—Pars. (2)(A), (3)(A). Pub. L. 106–554 substituted ‘‘the privileges of all registered entities’’ for ‘‘trading on all contract markets’’. 1992—Pub. L. 102–546 amended section generally. Prior to amendment, section read as follows: ‘‘In determining the amount of the money penalty assessed under sec- tions 9 and 15 of this title, the Commission shall con- sider, in the case of a person whose primary business involves the use of the commodity futures market—the appropriateness of such penalty to the size of the busi- ness of the person charged, the extent of such person’s ability to continue in business, and the gravity of the violation; and in the case of a person whose primary business does not involve the use of the commodity fu- tures market—the appropriateness of such penalty to the net worth of the person charged, and the gravity of the violation. If the offending person upon whom such penalty is imposed, after the lapse of the period al- lowed for appeal or after the affirmance of such pen- alty, shall fail to pay such penalty the Commission shall refer the matter to the Attorney General who shall recover such penalty by action in the appropriate United States district court.’’ 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. 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. § 9b. Rules prohibiting deceptive and other abu- sive telemarketing acts or practices (1) Except as provided in paragraph (2), not later than six months after the effective date of rules promulgated by the Federal Trade Com- mission under section 6102(a) of title 15, the Commission shall promulgate, or require each registered futures association to promulgate, rules substantially similar to such rules to pro- hibit deceptive and other abusive telemarketing acts or practices by any person registered or ex- empt from registration under this chapter in connection with such person’s business as a fu- tures commission merchant, introducing broker, commodity trading advisor, commodity pool op- erator, leverage transaction merchant, floor broker, or floor trader, or a person associated with any such person. (2) The Commission is not required to promul- gate rules under paragraph (1) if it determines that— (A) rules adopted by the Commission under this chapter provide protection from deceptive and abusive telemarketing by persons de- scribed under paragraph (1) substantially simi- lar to that provided by rules promulgated by the Federal Trade Commission under section 6102(a) of title 15; or (B) such a rule promulgated by the Commis- sion is not necessary or appropriate in the public interest, or for the protection of cus- tomers in the futures and options markets, or would be inconsistent with the maintenance of fair and orderly markets. If the Commission determines that an exception described in subparagraph (A) or (B) applies, the Commission shall publish in the Federal Reg- ister its determination with the reasons for it. (Sept. 21, 1922, ch. 369, § 6(f), as added Pub. L. 103–297, § 3(e)(2), Aug. 16, 1994, 108 Stat. 1547.) Editorial Notes CODIFICATION Section is comprised of subsec. (f) of section 6 of act Sept. 21, 1922. Subsecs. (a) and (b) of section 6 are classi- fied to section 8 of this title. Subsec. (c) of section 6 is classified to section 9 of this title. Subsecs. (d), (e), and (g) of section 6 are classified to sections 13b, 9a, and 9c of this title, respectively. § 9c. Notice of investigations and enforcement ac- tions The Commission shall provide the Securities and Exchange Commission with notice of the commencement of any proceeding and a copy of any order entered by the Commission pursuant to section 9 and 13b of this title against any fu- tures commission merchant or introducing broker registered pursuant to section 6f(a)(2) of this title, any floor broker or floor trader ex- empt from registration pursuant to section 6f(a)(3) of this title, any associated person ex- empt from registration pursuant to section 6k(6) of this title, or any board of trade designated as a contract market pursuant to section 7b–1 of this title. (Sept. 21, 1922, ch. 369, § 6(g), as added Pub. L. 106–554, § 1(a)(5) [title II, § 253(b)], Dec. 21, 2000, 114 Stat. 2763, 2763A–449.) Editorial Notes CODIFICATION Section is comprised of subsec. (g) of section 6 of act Sept. 21, 1922. Subsecs. (a) and (b) of section 6 are classi- fied to section 8 of this title. Subsec. (c) of section 6 is classified to section 9 of this title. Subsecs. (d), (e), and (f) of section 6 are classified to sections 13b, 9a, and 9b of this title, respectively. § 10. Repealed. June 25, 1948, ch. 646, § 39, 62 Stat. 992, eff. Sept. 1, 1948 Section, acts Sept. 21, 1922, ch. 369, § 6(b), 42 Stat. 1001; June 15, 1936, ch. 545, § 8(k), 49 Stat. 1499, related to re- view by Supreme Court on certiorari. See section 1254 of Title 28, Judiciary and Judicial Procedure. § 10a. Cooperative associations and corporations, exclusion from board of trade; rules of board inapplicable to payment of compensation by association (a) No board of trade which has been des- ignated or registered as a contract market or a derivatives transaction execution facility ex- clude 1 from membership in, and all privileges on, such board of trade, any association or cor- poration engaged in cash commodity business