7 U.S.C. § 12b — Trading ban violations; prohibition

Page 115 TITLE 7—AGRICULTURE § 12c Par. (7). Pub. L. 90–258, § 23, added par. (7). 1955—Par. (4). Act Aug. 5, 1955, authorized Secretary to fix and establish reasonable fees for registrations and renewals, and struck out provisions which set the fee for each registration and renewal at not more than $10. 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 OF 1992 AMENDMENT Amendment by section 207(b)(3), (4) of Pub. L. 102–546 effective 180 days after Oct. 28, 1992, with Commodity Futures Trading Commission to issue any regulations necessary 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. § 12b. Trading ban violations; prohibition It shall be unlawful for any person, against whom there is outstanding any order of the Commission prohibiting him from trading on or subject to the rules of any registered entity, to make or cause to be made in contravention of such order, any contract for future delivery of any commodity, on or subject to the rules of any registered entity. (Sept. 21, 1922, ch. 369, § 8b, as added Pub. L. 90–258, § 24, Feb. 19, 1968, 82 Stat. 33; amended Pub. L. 93–463, title I, § 103(a), Oct. 23, 1974, 88 Stat. 1392; Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(20)], Dec. 21, 2000, 114 Stat. 2763, 2763A–410.) Editorial Notes AMENDMENTS 2000—Pub. L. 106–554 substituted ‘‘registered entity’’ for ‘‘contract market’’ in two places. 1974—Pub. L. 93–463 substituted ‘‘Commission’’ for ‘‘Secretary of Agriculture’’. Statutory Notes and Related Subsidiaries 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. EFFECTIVE DATE Section effective 120 days after Feb. 19, 1968, see sec- tion 28 of Pub. L. 90–258, set out as an Effective Date of 1968 Amendment note under section 2 of this title. § 12c. Disciplinary actions (a) Action taken; written notice of reasons for ac- tion (1) Any exchange or the Commission if the ex- change fails to act, may suspend, expel, or oth- erwise discipline any person who is a member of that exchange, or deny any person access to the exchange. Any such action shall be taken solely in accordance with the rules of that exchange. (2) Any suspension, expulsion, disciplinary, or access denial procedure established by an ex- change rule shall provide for written notice to the Commission and to the person who is sus- pended, expelled, or disciplined, or denied ac- cess, within thirty days, which includes the rea- sons for the exchange action in the form and manner the Commission prescribes. An exchange shall make public its findings and the reasons for the exchange action in any such proceeding, including the action taken or the penalty im- posed, but shall not disclose the evidence there- for, except to the person who is suspended, ex- pelled, or disciplined, or denied access, and to the Commission. (b) Review by Commission The Commission may, in its discretion and in accordance with such standards and procedures as it deems appropriate, review any decision by an exchange whereby a person is suspended, ex- pelled, otherwise disciplined, or denied access to the exchange. In addition, the Commission may, in its discretion and upon application of any person who is adversely affected by any other exchange action, review such action. (c) Affirmance, modification, set aside, or re- mand of action The Commission may affirm, modify, set aside, or remand any exchange decision it re- views pursuant to subsection (b), after a deter- mination on the record whether the action of the exchange was in accordance with the poli- cies of this chapter. Subject to judicial review, any order of the Commission entered pursuant to subsection (b) shall govern the exchange in its further treatment of the matter. (d) Stay of action The Commission, in its discretion, may order a stay of any action taken pursuant to sub- section (a) pending review thereof. (e) Major disciplinary rule violations (1) The Commission shall issue regulations re- quiring each registered entity to establish and make available to the public a schedule of major violations of any rule within the disciplinary ju- risdiction of such registered entity. (2) The regulations issued by the Commission pursuant to this subsection shall prohibit, for a