7 U.S.C. § 7b — Suspension or revocation of designation as

Page 93 TITLE 7—AGRICULTURE § 7b Subsec. (d)(1). Pub. L. 110–246, § 13203(k), which di- rected amendment of par. (1) by inserting ‘‘or 2(h)(7)(C) of this title with respect to a significant price dis- covery contract traded or executed on an electronic trading facility,’’ after ‘‘7a–1(d)(2)’’, was executed by making the insertion after ‘‘7a–1(c)(2)’’ in introductory provisions to reflect the probable intent of Congress and the intervening amendment by Pub. L. 110–246, § 13105(e). See below. Pub. L. 110–246, § 13105(e), substituted ‘‘7a–1(c)(2)’’ for ‘‘7a–1(d)(2)’’ in introductory provisions. Subsec. (f)(1). Pub. L. 110–246, § 13105(f), substituted ‘‘6d(c)’’ for ‘‘6d(3)’’. 2000—Subsec. (f). Pub. L. 106–554, § 1(a)(5) [title II, § 251(h)], added subsec. (f). 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 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, except as other- wise provided, see section 4 of Pub. L. 110–246, set out as an Effective Date note under section 8701 of this title. Amendment by section 13203(i)–(k) of Pub. L. 110–246 effective June 18, 2008, see section 13204(a) of Pub. L. 110–246, set out as a note under section 2 of this title. § 7a–3. Repealed. Pub. L. 111–203, title VII, § 734(a), July 21, 2010, 124 Stat. 1718 Section, act Sept. 21, 1922, ch. 369, § 5d, as added Pub. L. 106–554, § 1(a)(5) [title I, § 114], Dec. 21, 2000, 114 Stat. 2763, 2763A–401, related to exempt boards of trade. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF REPEAL Repeal 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. § 7b. Suspension or revocation of designation as registered entity The failure of a registered entity to comply with any provision of this chapter, or any regu- lation or order of the Commission under this chapter, shall be cause for the suspension of the registered entity for a period not to exceed 180 days, or revocation of designation as a reg- istered entity, in accordance with the proce- dures and subject to the judicial review provided in section 8(b) of this title. (Sept. 21, 1922, ch. 369, § 5e, formerly § 5b, as added June 15, 1936, ch. 545, § 7, 49 Stat. 1498; amended Pub. L. 90–258, § 13, Feb. 19, 1968, 82 Stat. 30; Pub. L. 93–463, title I, § 103(a), (b), Oct. 23, 1974, 88 Stat. 1392; Pub. L. 102–546, title II, § 209(b)(3), Oct. 28, 1992, 106 Stat. 3607; renum- bered § 5e and amended Pub. L. 106–554, § 1(a)(5) [title I, §§ 110(1), 115], Dec. 21, 2000, 114 Stat. 2763, 2763A–384, 2763A–402; Pub. L. 110–234, title XIII, § 13203(l), May 22, 2008, 122 Stat. 1441; Pub. L. 110–246, § 4(a), title XIII, § 13203(l), June 18, 2008, 122 Stat. 1664, 2203; Pub. L. 111–203, title VII, § 749(d), July 21, 2010, 124 Stat. 1747.) Editorial Notes CODIFICATION Pub. L. 110–234 and Pub. L. 110–246 made identical amendments to this section. The amendments by Pub. L. 110–234 were repealed by section 4(a) of Pub. L. 110–246. AMENDMENTS 2010—Pub. L. 111–203 struck out ‘‘or revocation of the right of an electronic trading facility to rely on the ex- emption set forth in section 2(h)(3) of this title with re- spect to a significant price discovery contract,’’ after ‘‘or revocation of designation as a registered entity,’’. 2008—Pub. L. 110–246, § 13203(l), inserted ‘‘, or revoca- tion of the right of an electronic trading facility to rely on the exemption set forth in section 2(h)(3) of this title with respect to a significant price discovery con- tract,’’ after ‘‘designation as a registered entity’’. 2000—Pub. L. 106–554, § 1(a)(5) [title I, § 115], amended section generally. Prior to amendment, section read as follows: ‘‘The failure or refusal of any board of trade to comply with any of the provisions of this chapter, or any of the rules, regulations, or orders of the Commis- sion or the commission thereunder, shall be cause for suspending for a period not to exceed six months or re- voking the designation of such board of trade as a ‘con- tract market’ in accordance with the procedure and subject to the judicial review provided in section 8(b) of this title.’’ 1992—Pub. L. 102–546 substituted reference to section 8(b) of this title for reference to section 8 of this title. 1974—Pub. L. 93–463, § 103(a), provided for substitution of ‘‘Commission’’ for ‘‘Secretary of Agriculture’’ except where such words would be stricken by section 103(b), which directed striking the words ‘‘the Secretary of Agriculture or’’ where they appeared in the phrase ‘‘the Secretary of Agriculture or the Commission’’. Because the word ‘‘commission’’ was not capitalized in the text of this section, section 103(b) did not apply to this sec- tion and therefore section 103(a) was executed, result- ing in the substitution of ‘‘the Commission or the com- mission’’ for ‘‘the Secretary of Agriculture or the com- mission’’. 1968—Pub. L. 90–258 substituted ‘‘rules, regulations, or orders of the Secretary of Agriculture or the com- mission’’ for ‘‘rules and regulations of the Secretary of Agriculture’’. 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 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, except as other- wise provided, see section 4 of Pub. L. 110–246, set out as an Effective Date note under section 8701 of this title. Amendment by section 13203(l) of Pub. L. 110–246 ef- fective June 18, 2008, see section 13204(a) of Pub. L. 110–246, set out as a note under section 2 of this title. Page 94 TITLE 7—AGRICULTURE § 7b–1 1 See References in Text note below. 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. § 7b–1. Designation of securities exchanges and associations as contract markets (a) Any board of trade that is registered with the Securities and Exchange Commission as a national securities exchange, is a national secu- rities association registered pursuant to section 78o–3(a) of title 15, or is an alternative trading system shall be a designated contract market in security futures products if— (1) such national securities exchange, na- tional securities association, or alternative trading system lists or trades no other con- tracts of sale for future delivery, except for se- curity futures products; (2) such national securities exchange, na- tional securities association, or alternative trading system files written notice with the Commission in such form as the Commission, by rule, may prescribe containing such infor- mation as the Commission, by rule, may pre- scribe as necessary or appropriate in the pub- lic interest or for the protection of customers; and (3) the registration of such national securi- ties exchange, national securities association, or alternative trading system is not suspended pursuant to an order by the Securities and Ex- change Commission. Such designation shall be effective contempora- neously with the submission of notice, in writ- ten or electronic form, to the Commission. (b)(1) A national securities exchange, national securities association, or alternative trading system that is designated as a contract market pursuant to this section shall be exempt from the following provisions of this chapter and the rules thereunder: (A) Subsections (c), (e), and (g) of section 6c of this title. (B) Section 6j of this title. (C) Section 7 of this title. (D) Section 7a–2 of this title. (E) Section 10a of this title. (F) Section 12(d) of this title. (G) Section 13(f) 1 of this title. (H) Section 20 of this title. (2) An alternative trading system that is a des- ignated contract market under this section shall be required to be a member of a futures associa- tion registered under section 21 of this title and shall be exempt from any provision of this chap- ter that would require such alternative trading system to— (A) set rules governing the conduct of sub- scribers other than the conduct of such sub- scribers’ trading on such alternative trading system; or (B) discipline subscribers other than by ex- clusion from trading. (3) To the extent that an alternative trading system is exempt from any provision of this chapter pursuant to paragraph (2) of this sub- section, the futures association registered under section 21 of this title of which the alternative trading system is a member shall set rules gov- erning the conduct of subscribers to the alter- native trading system and discipline the sub- scribers. (4)(A) Except as provided in subparagraph (B), but notwithstanding any other provision of this chapter, the Commission, by rule, regulation, or order, may conditionally or unconditionally ex- empt any designated contract market in secu- rity futures subject to the designation require- ment of this section from any provision of this chapter or of any rule or regulation thereunder, to the extent such exemption is necessary or ap- propriate in the public interest and is consistent with the protection of investors. (B) The Commission shall, by rule or regula- tion, determine the procedures under which an exemptive order under this section is granted and may, in its sole discretion, decline to enter- tain any application for an order of exemption under this section. (C) An alternative trading system shall not be deemed to be an exchange for any purpose as a result of the designation of such alternative trading system as a contract market under this section. (Sept. 21, 1922, ch. 369, § 5f, as added Pub. L. 106–554, § 1(a)(5) [title II, § 252(a)], Dec. 21, 2000, 114 Stat. 2763, 2763A–445.) Editorial Notes REFERENCES IN TEXT Subsec. (f) of section 13 of this title, referred to in subsec. (b)(1)(G), was redesignated subsec. (e) by Pub. L. 110–246, title XIII, § 13105(h)(2), June 18, 2008, 122 Stat. 2197. § 7b–2. Privacy (a) Treatment as financial institutions Notwithstanding section 509(3)(B) of the Gramm-Leach-Bliley Act [15 U.S.C. 6809(3)(B)], any futures commission merchant, commodity trading advisor, commodity pool operator, or in- troducing broker that is subject to the jurisdic- tion of the Commission under this chapter with respect to any financial activity shall be treated as a financial institution for purposes of title V of such Act [15 U.S.C. 6801 et seq.] with respect to such financial activity. (b) Treatment of CFTC as Federal functional reg- ulator For purposes of title V of such Act [15 U.S.C. 6801 et seq.], the Commission shall be treated as a Federal functional regulator within the mean- ing of section 509(2) of such Act [15 U.S.C. 6809(2)] and shall prescribe regulations under such title within 6 months after December 21, 2000.