7 U.S.C. § 6e — Dealings by unregistered floor trader or

Page 62 TITLE 7—AGRICULTURE § 6e 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. § 6e. Dealings by unregistered floor trader or broker prohibited It shall be unlawful for any person to act as floor trader in executing purchases and sales, or as floor broker in executing any orders for the purchase or sale, of any commodity for future delivery, or involving any contracts of sale of any commodity for future delivery, on or sub- ject to the rules of any contract market or de- rivatives transaction execution facility unless such person shall have registered, under this chapter, with the Commission as such floor trader or floor broker and such registration shall not have expired nor been suspended nor revoked. (Sept. 21, 1922, ch. 369, § 4e, as added June 15, 1936, ch. 545, § 5, 49 Stat. 1495; amended Pub. L. 93–463, title I, § 103(a), Oct. 23, 1974, 88 Stat. 1392; Pub. L. 102–546, title II, § 207(a), Oct. 28, 1992, 106 Stat. 3604; Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(6)], Dec. 21, 2000, 114 Stat. 2763, 2763A–407.) Editorial Notes AMENDMENTS 2000—Pub. L. 106–554 inserted ‘‘or derivatives trans- action execution facility’’ after ‘‘contract market’’. 1992—Pub. L. 102–546 amended section generally. Prior to amendment, section read as follows: ‘‘It shall be un- lawful for any person to act as floor broker in exe- cuting any orders for the purchase or sale of any com- modity for future delivery, or involving any contracts of sale of any commodity for future delivery, on or sub- ject to the rules of any contract market unless such person shall have registered, under this chapter, with the Commission as such floor broker and such registra- tion shall not have expired nor been suspended nor re- voked.’’ 1974—Pub. L. 93–463 substituted ‘‘Commission’’ for ‘‘Secretary of Agriculture’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1992 AMENDMENT Pub. L. 102–546, title II, § 207(c), Oct. 28, 1992, 106 Stat. 3604, provided that: ‘‘The amendments made by this section [amending this section and sections 6f, 6g, 12a, and 13a–2 of this title] shall become effective one hun- dred and eighty days after the date of enactment of this Act [Oct. 28, 1992], and the Commodity Futures Trading Commission shall issue any regulations nec- essary to implement the amendments made by this sec- tion no later than one hundred and eighty days after the date of enactment of this Act.’’ 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 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. § 6f. Registration and financial requirements; risk assessment (a) Registration of futures commission mer- chants, introducing brokers, and floor bro- kers and traders (1) Any person desiring to register as a futures commission merchant, introducing broker, floor broker, or floor trader hereunder shall be reg- istered upon application to the Commission. The application shall be made in such form and man- ner as prescribed by the Commission, giving such information and facts as the Commission may deem necessary concerning the business in which the applicant is or will be engaged, in- cluding in the case of an application of a futures commission merchant or an introducing broker, the names and addresses of the managers of all branch offices, and the names of such officers and partners, if a partnership, and of such offi- cers, directors, and stockholders, if a corpora- tion, as the Commission may direct. Such per- son, when registered hereunder, shall likewise continue to report and furnish to the Commis- sion the above-mentioned information and such other information pertaining to such person’s business as the Commission may require. Each registration 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, and shall be renewed upon appli- cation therefor unless the registration has been suspended (and the period of such suspension has not expired) or revoked pursuant to the provi- sions of this chapter. (2) Notwithstanding paragraph (1), and except as provided in paragraph (3), any broker or deal- er that is registered with the Securities and Ex- change Commission shall be registered as a fu- tures commission merchant or introducing broker, as applicable, if— (A) the broker or dealer limits its solicita- tion of orders, acceptance of orders, or execu- tion of orders, or placing of orders on behalf of others involving any contracts of sale of any commodity for future delivery, on or subject to the rules of any contract market or reg- istered derivatives transaction execution fa- cility to security futures products; (B) the broker or dealer files written notice with the Commission in such form as the Com- mission, 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 in- vestors; (C) the registration of the broker or dealer is not suspended pursuant to an order of the Se- curities and Exchange Commission; and (D) the broker or dealer is a member of a na- tional securities association registered pursu- ant to section 78o–3(a) of title 15. The registration shall be effective contempora- neously with the submission of notice, in writ- ten or electronic form, to the Commission.