7 U.S.C. § 22 — Research and information programs; reports

Page 144 TITLE 7—AGRICULTURE § 22 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 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 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. IMPLEMENTATION Pub. L. 102–546, title II, § 204(b), Oct. 28, 1992, 106 Stat. 3600, provided that: ‘‘The guidelines required under sec- tion 17(p)(4) of the Commodity Exchange Act [7 U.S.C. 21(p)(4)] (as added by subsection (a) of this section) shall be submitted by a futures association registered with the Commodity Futures Trading Commission on the date of enactment of this Act [Oct. 28, 1992] to the Commission for the approval of the Commission not later than one hundred and eighty days after the date of enactment of this Act.’’ STUDY ON COMPUTERIZED FUTURES TRADING Pub. L. 102–546, title II, § 220(b), (c), Oct. 28, 1992, 106 Stat. 3614, required the Commodity Futures Trading Commission to conduct a study related to trading in fu- tures and options subject to the jurisdiction of the Commission under the Commodity Exchange Act through computers or by other electronic means, and also required the Commission, not later than two years after Oct. 28, 1992, to submit to Congress a report con- taining the results of the study and any appropriate recommendations. § 22. Research and information programs; reports to Congress (a) The Commission shall establish and main- tain, as part of its ongoing operations, research and information programs to (1) determine the feasibility of trading by computer, and the ex- panded use of modern information system tech- nology, electronic data processing, and modern communication systems by commodity ex- changes, boards of trade, and by the Commission itself for purposes of improving, strengthening, facilitating, or regulating futures trading oper- ations; (2) assist in the development of edu- cational and other informational materials re- garding futures trading for dissemination and use among producers, market users, and the gen- eral public; and (3) carry out the general pur- poses of this chapter. (b) The Commission shall include in its annual reports to Congress plans and findings with re- spect to implementing this section. (Sept. 21, 1922, ch. 369, § 18, as added Pub. L. 93–463, title IV, § 416, Oct. 23, 1974, 88 Stat. 1415.) Statutory Notes and Related Subsidiaries 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. § 23. Standardized contracts for certain commod- ities (a) Margin accounts or contracts and leverage accounts or contracts prohibited except as authorized Except as authorized under subsection (b), no person shall offer to enter into, enter into, or confirm the execution of, any transaction for the delivery of any commodity under a stand- ardized contract commonly known to the trade as a margin account, margin contract, leverage account, or leverage contract, or under any con- tract, account, arrangement, scheme, or device that the Commission determines serves the same function or functions as such a standard- ized contract, or is marketed or managed in sub- stantially the same manner as such a standard- ized contract. (b) Permission to enter into contracts for deliv- ery of silver or gold bullion, bulk silver or gold coins, or platinum; rules and regula- tions (1) Subject to paragraph (2), no person shall offer to enter into, enter into, or confirm the execution of, any transaction for the delivery of silver bullion, gold bullion, bulk silver coins, bulk gold coins, or platinum under a standard- ized contract described in subsection (a), con- trary to the terms of any rule, regulation, or order that the Commission shall prescribe, which may include terms designed to ensure the financial solvency of the transaction or prevent manipulation or fraud. Such rule, regulation, or order may be made only after notice and oppor- tunity for hearing. The Commission may set dif- ferent terms and conditions for transactions in- volving different commodities. (2) No person may engage in any activity de- scribed in paragraph (1) who is not permitted to engage in such activity, by the rules, regula- tions, and orders of the Commission in effect on November 10, 1986, until the Commission permits such person to engage in such activity in ac- cordance with regulations issued in accordance with subsection (c)(2). (c) Survey of persons interested in engaging in transactions of silver and gold, etc.; assist- ance of futures association; regulations (1)(A) Not later than 2 years after November 10, 1986, the Commission shall— (i) with the assistance of a futures associa- tion registered under this chapter, conduct a survey concerning the persons interested in engaging in the business of offering to enter into, entering into, or confirming the execu- tion of, the transactions described in sub- section (b)(1); and (ii) transmit a report of the results of the survey to the Committee on Agriculture of the House of Representatives and the Committee on Agriculture, Nutrition, and Forestry of the Senate.