§ 2. Jurisdiction of Commission; liability of principal for act of agent; Commodity Futures Trading Commission; transaction in interstate commerce
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(a) Jurisdiction of Commission; Commodity Futures Trading Commission (1) Jurisdiction of Commission (A) In general The Commission shall have exclusive jurisdiction, except to the extent otherwise provided in the Wall Street Transparency and Accountability Act of 2010 (including an amendment made by that Act) and subparagraphs (C), (D), and (I) of this paragraph and subsections (c) and (f), with respect to accounts, agreements (including any transaction which is of the character of, or is commonly known to the trade as, an “option”, “privilege”, “indemnity”, “bid”, “offer”, “put”, “call”, “advance guaranty”, or “decline guaranty”), and transactions involving swaps or contracts of sale of a commodity for future delivery (including significant price discovery contracts), traded or executed on a contract market designated pursuant to section 7 of this title or a swap execution facility pursuant to section 7b–3 of this title or any other board of trade, exchange, or market, and transactions subject to regulation by the Commission pursuant to section 23 of this title. Except as hereinabove provided, nothing contained in this section shall (I) supersede or limit the jurisdiction at any time conferred on the Securities and Exchange Commission or other regulatory authorities under the laws of the United States or of any State, or (II) restrict the Securities and Exchange Commission and such other authorities from carrying out their duties and responsibilities in accordance with such laws. Nothing in this section shall supersede or limit the jurisdiction conferred on courts of the United States or any State.
(B) Liability of principal for act of agent The act, omission, or failure of any official, agent, or other person acting for any individual, association, partnership, corporation, or trust within the scope of his employment or office shall be deemed the act, omission, or failure of such individual, association, partnership, corporation, or trust, as well as of such official, agent, or other person.
(C) Designation of boards of trade as contract markets; contracts for future delivery; security futures products; filing with Board of Governors of Federal Reserve System; judicial review Notwithstanding any other provision of law— (i) (I) Except as provided in subclause (II), this chapter shall not apply to and the Commission shall have no jurisdiction to designate a board of trade as a contract market for any transaction whereby any party to such transaction acquires any put, call, or other option on one or more securities (as defined in section 77b(1) of this title or a swap execution facility that is exempt from registration under section 7b–3(f) of this title. (B) Exception The requirements of clauses (i) and (ii) of subparagraph (A) shall not apply if no board of trade or swap execution facility makes the swap available to trade or for swap transactions subject to the clearing exception under paragraph (7).
(i) Applicability The provisions of this chapter relating to swaps that were enacted by the Wall Street Transparency and Accountability Act of 2010 (including any rule prescribed or regulation promulgated under that Act), shall not apply to activities outside the United States unless those activities— (1) have a direct and significant connection with activities in, or effect on, commerce of the United States; or (2) contravene such rules or regulations as the Commission may prescribe or promulgate as are necessary or appropriate to prevent the evasion of any provision of this chapter that was enacted by the Wall Street Transparency and Accountability Act of 2010. (j) Committee approval by Board Exemptions from the requirements of subsection (h)(1) to clear a swap and subsection (h)(8) to execute a swap through a board of trade or swap execution facility shall be available to a counterparty that is an issuer of securities that are registered under section 12 of the Securities Exchange Act of 1934 (15 U.S.C. 78l) or that is required to file reports pursuant to section 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78o[d]) only if an appropriate committee of the issuer’s board or governing body has reviewed and approved its decision to enter into swaps that are subject to such exemptions.
References In Text
The Wall Street Transparency and Accountability Act of 2010, referred to in subsecs. (a)(1)(A), (G)(i), (H) and (i), is title VII of Pub. L. 111–203,
Section 77b(1) of title 15, referred to in subsec. (a)(1)(C)(i)(I), was redesignated section 77b(a)(1) of title 15 by Pub. L. 104–290, title I, § 106(a)(1),
The Securities Exchange Act of 1934, referred to in subsec. (a)(1)(D)(i)(VI), (iii)(II), is act June 6, 1934, ch. 404, 48 Stat. 881, as amended, which is classified principally to chapter 2B (§ 78a et seq.) of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see section 78a of Title 15 and Tables.
The Federal Advisory Committee Act, referred to in subsec. (a)(15)(E), is Pub. L. 92–463,
The date of the enactment of this clause and such date of enactment, referred to in subsec. (c)(2)(B)(ii), are the date of enactment of Pub. L. 110–246, which was approved
Item (ee) of subsec. (c)(2)(B)(i)(II), referred to in subsec. (c)(2)(B)(iii), (iv)(I), (II)(aa), (C)(i)(I)(aa), (ii)(II)(aa), (iii)(I), (II)(aa), was redesignated item (dd) by Pub. L. 111–203, title VII, § 742(c)(1)(C),
Item (gg) of subsec. (c)(2)(B)(i)(II), referred to in subsec. (c)(2)(B)(iii), (iv)(I), (III), (v), was redesignated item (ff) by Pub. L. 111–203, title VII, § 742(c)(1)(C),
The Commodity Futures Modernization Act of 2000, referred to in subsec. (g)(1)(A), (2), is H.R. 5660, as enacted by Pub. L. 106–554, § 1(a)(5),
For the effective date of this subsection and such effective date, referred to in subsec. (h)(5)(A), (B)(i), see Effective Date of 2010 Amendment note below.
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.
Subsec. (a)(1)(B) of this section was formerly classified to section 4 of this title. Subsec. (a)(1)(C) of this section was formerly classified to section 2a of this title. Subsec. (a)(2) to (11) of this section was formerly classified to section 4a of this title. Subsec. (b) of this section was formerly classified to section 3 of this title.
Amendments
2010—Subsec. (a)(1)(A). Pub. L. 111–203, § 734(b)(1)(A), which directed amendment of subpar. (A) by striking “or 7a”, could not be executed because of prior amendment by Pub. L. 111–203, § 722(a)(1). See below.
Pub. L. 111–203, § 722(a)(1), inserted “the Wall Street Transparency and Accountability Act of 2010 (including an amendment made by that Act) and” after “otherwise provided in” and substituted “(C), (D), and (I)” for “(C) and (D)”, “(c) and (f)” for “(c) through (i) of this section”, “swaps or contracts of sale” for “contracts of sale”, and “pursuant to section 7 of this title or a swap execution facility pursuant to section 7b–3 of this title” for “or derivatives transaction execution facility registered pursuant to section 7 or 7a of this title”.
Subsec. (a)(1)(C)(i). Pub. L. 111–203, § 717(a), designated existing provisions as subcl. (I), substituted “Except as provided in subclause (II), this” for “This”, and added subcl. (II).
Subsec. (a)(1)(G), (H). Pub. L. 111–203, § 722(a)(2), added subpars. (G) and (H).
Subsec. (a)(1)(I). Pub. L. 111–203, § 722(e), added subpar. (I).
Subsec. (a)(13), (14). Pub. L. 111–203, § 727, added pars. (13) and (14).
Subsec. (a)(15). Pub. L. 111–203, § 751, added par. (15).
Subsec. (c)(1). Pub. L. 111–203, § 742(a)(1), substituted “, 7a–1, or 16(e)(2)(B) of this title)” for “7a (to the extent provided in section 7a(g) of this title), 7a–1, 7a–3, or 16(e)(2)(B) of this title)”.
Subsec. (c)(2)(A)(ii), (iii). Pub. L. 111–203, § 722(c), added cl. (ii) and redesignated former cl. (ii) as (iii).
Subsec. (c)(2)(B). Pub. L. 111–203, § 741(b)(8)(A), struck out “(dd),” before “(ee),” wherever appearing.
Subsec. (c)(2)(B)(i)(II)(aa). Pub. L. 111–203, § 742(c)(1)(A), inserted “United States” before “financial institution”.
Subsec. (c)(2)(B)(i)(II)(cc). Pub. L. 111–203, § 721(e)(1)(A), substituted “section 1a” for “section 1a(20)” in two places.
Subsec. (c)(2)(B)(i)(II)(dd). Pub. L. 111–203, § 742(c)(1)(B)–(D), redesignated item (ee) as (dd), substituted “; or” for semicolon at end, and struck out former item (dd) which read as follows: “an insurance company described in section 1a(18)(A)(ii) of this title, or a regulated subsidiary or affiliate of such an insurance company;”.
Pub. L. 111–203, § 721(e)(1)(B), substituted “section 1a(18)(A)(ii)” for “section 1a(12)(A)(ii)”.
Subsec. (c)(2)(B)(i)(II)(ee) to (gg). Pub. L. 111–203, § 742(c)(1)(B), (C), redesignated items (ee) and (gg) as (dd) and (ff), respectively, and struck out former item (ff) which read as follows: “an investment bank holding company (as defined in section 17(i) of the Securities Exchange Act of 1934 (15 U.S.C. 78q(i))); or”.
Subsec. (c)(2)(B)(iii). Pub. L. 111–203, § 741(b)(8)(B), inserted “, and accounts or pooled investment vehicles described in clause (vi),” before “shall be subject to”.
Subsec. (c)(2)(B)(vi). Pub. L. 111–203, § 741(b)(8)(C), added cl. (vi).
Subsec. (c)(2)(C). Pub. L. 111–203, § 741(b)(9)(A), struck out “(dd),” before “(ee),” wherever appearing.
Subsec. (c)(2)(C)(ii)(I). Pub. L. 111–203, § 741(b)(9)(B), inserted “, and accounts or pooled investment vehicles described in clause (vii),” before “shall be subject to”.
Subsec. (c)(2)(C)(vii). Pub. L. 111–203, § 741(b)(9)(C), added cl. (vii).
Subsec. (c)(2)(D). Pub. L. 111–203, § 742(a)(2), added subpar. (D).
Subsec. (c)(2)(E). Pub. L. 111–203, § 742(c)(2), added subpar. (E).
Subsecs. (d), (e). Pub. L. 111–203, § 723(a)(1)(A), (2), added subsecs. (d) and (e) and struck out former subsecs. (d) and (e) which related to excluded derivative transactions and excluded electronic trading facilities, respectively.
Subsec. (g). Pub. L. 111–203, § 723(a)(1), redesignated subsec. (i) as (g) and struck out former subsec. (g) which related to excluded swap transactions.
Subsec. (g)(2). Pub. L. 111–203, § 734(b)(1)(B), substituted “section 7a–1 of this title” for “section 7a of this title (to the extent provided in section 7a(g) of this title), 7a–1 of this title, or 7a–3 of this title”.
Subsec. (h). Pub. L. 111–203, § 723(a)(1)(A), (3), added subsec. (h) and struck out former subsec. (h) which related to legal certainty for certain transactions in exempt commodities.
Subsec. (i). Pub. L. 111–203, § 723(a)(1)(B), which directed redesignation of subsec. (i) as (g), was executed by redesignating the subsec. (i) added by Pub. L. 106–554, § 1(a)(5) [title I, § 107], relating to application of commodity futures laws, as (g), to reflect the probable intent of Congress. Another subsec. (i), relating to applicability of certain swaps provisions, was added by Pub. L. 111–203, § 722(d). See below.
Pub. L. 111–203, § 722(d), added subsec. (i) relating to applicability of certain swaps provisions.
Subsec. (j). Pub. L. 111–203, § 723(b), added subsec. (j).
2008—Subsec. (a)(1)(A). Pub. L. 110–246, § 13203(c), inserted “(including significant price discovery contracts)” after “future delivery”.
Subsec. (c)(2)(B), (C). Pub. L. 110–246, § 13101(a), added subpars. (B) and (C) and struck out former subpars. (B) and (C) which related to: in subpar. (B), applicability of chapter to an agreement, contract, or transaction in foreign currency that was a contract of sale of a commodity for future delivery or an option on such a contract and was offered to, or entered into with, a person who was not an eligible contract participant, unless the counterparty, or the person offering to be the counterparty, of the person was a financial institution, a registered broker or dealer or a registered futures commission merchant, an associated person of a registered broker or dealer or an affiliated person of a registered futures commission merchant, an insurance company or a regulated subsidiary or affiliate of such an insurance company, a financial holding company, or an investment bank holding company; and, in subpar. (C), applicability of sections 6b, 6c(b), 9, 12(a), 13a–1, 13a–2, 13b, and 15 of this title to agreements, contracts, or transactions described in former subpar. (B).
Subsec. (h)(3). Pub. L. 110–246, § 13203(d), substituted “paragraphs (4) and (7)” for “paragraph (4)” in introductory provisions.
Subsec. (h)(4)(B). Pub. L. 110–246, § 13203(e)(1), inserted “and, for a significant price discovery contract, requiring large trader reporting,” after “proscribing fraud”.
Subsec. (h)(4)(D), (E). Pub. L. 110–246, § 13203(e)(2), (3), added subpars. (D) and (E) and struck out former subpar. (D) which read as follows: “such rules and regulations as the Commission may prescribe if necessary to ensure timely dissemination by the electronic trading facility of price, trading volume, and other trading data to the extent appropriate, if the Commission determines that the electronic trading facility performs a significant price discovery function for transactions in the cash market for the commodity underlying any agreement, contract, or transaction executed or traded on the electronic trading facility.”
Subsec. (h)(5)(B)(iii)(I). Pub. L. 110–246, § 13203(f), inserted “or to make the determination described in subparagraph (B) of paragraph (7)” after “paragraph (4)”.
Subsec. (h)(7). Pub. L. 110–246, § 13201(b), added par. (7).
2002—Subsec. (a)(7) to (12). Pub. L. 107–171 added par. (7) and redesignated former pars. (7) to (11) as (8) to (12), respectively.
2000—Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(2)(A)], inserted section catchline.
Subsec. (a). Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(2)(A)], inserted headings for subsec. (a) and par. (1).
Subsec. (a)(1)(A). Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(2)(B)(i)(II)], substituted “contract market designated or derivatives transaction execution facility registered pursuant to section 7 or 7a of this title” for “contract market designated pursuant to section 7 of this title”.
Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(2)(B)(i)(I)], which directed substitution of “subparagraphs (C) and (D) of this paragraph and subsections (c) through (i) of this section” for “subparagraph (B) of this subparagraph”, was executed by making the substitution for “subparagraph (B) of this paragraph” to reflect the probable intent of Congress.
Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(2)(A)], inserted heading and struck out “(i)” before “The Commission shall have”.
Subsec. (a)(1)(A)(ii). Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(2)(B)(i)(III)], struck out cl. (ii) which read as follows: “Nothing in this chapter shall be deemed to govern or in any way be applicable to transactions in foreign currency, security warrants, security rights, resales of installment loan contracts, repurchase options, government securities, or mortgages and mortgage purchase commitments, unless such transactions involve the sale thereof for future delivery conducted on a board of trade.”
Subsec. (a)(1)(B). Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(2)(B)(i)(IV)], redesignated subsec. (a)(1)(A)(iii) as subsec. (a)(1)(B) and inserted heading. Former subsec. (a)(1)(B) redesignated (a)(1)(C).
Subsec. (a)(1)(C). Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(2)(B)(ii)(I)], redesignated subpar. (B) as (C).
Subsec. (a)(1)(C)(i). Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(2)(B)(ii)(III)], adjusted margins.
Subsec. (a)(1)(C)(ii). Pub. L. 106–554, § 1(a)(5) [title II, § 251(a)(1)(A)(iii)], substituted “or the derivatives transaction execution facility, and the applicable contract, meet” for “making such application demonstrates and the Commission expressly finds that the specific contract (or option on such contract) with respect to which the application has been made meets” in introductory provisions.
Pub. L. 106–554, § 1(a)(5) [title II, § 251(a)(1)(A)(ii)], which directed insertion of “, and no derivatives transaction execution facility shall trade or execute such contracts of sale (or options on such contracts) for future delivery,” after “contracts) for future delivery”, was executed by making the insertion in the proviso in introductory provisions to reflect the probable intent of Congress.
Pub. L. 106–554, § 1(a)(5) [title II, § 251(a)(1)(A)(i)], inserted “or register a derivatives transaction execution facility that trades or executes,” after “contract market in,” in introductory provisions.
Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(2)(B)(ii)(III)], adjusted margins.
Subsec. (a)(1)(C)(ii)(III). Pub. L. 106–554, § 1(a)(5) [title II, § 251(a)(1)(A)(iv)], added subcl. (III) and struck out former subcl. (III) which read as follows: “Such group or index of securities shall be predominately composed of the securities of unaffiliated issuers and shall be a widely published measure of, and shall reflect, the market for all publicly traded equity or debt securities or a substantial segment thereof, or shall be comparable to such measure.”
Subsec. (a)(1)(C)(iii). Pub. L. 106–554, § 1(a)(5) [title II, § 251(a)(1)(B), (C)], added cl. (iii) and struck out former cl. (iii) which read as follows: “Upon application by a board of trade for designation as a contract market with respect to any contract of sale (or option on such contract) for future delivery involving a group or index of securities, the Commission shall provide an opportunity for public comment on whether such contracts (or options on such contracts) meet the minimum requirements set forth in clause (ii) of this subparagraph.”
Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(2)(B)(ii)(III)], adjusted margins.
Subsec. (a)(1)(C)(iv). Pub. L. 106–554, § 1(a)(5) [title II, § 251(a)(1)(C), (D)], redesignated cl. (v) as (iv) and struck out former cl. (iv) which related to consultation by the Commission with, and the authority of, the Securities and Exchange Commission with respect to approval of any application by a Board of Trade for designation as a contract market with respect to any contract of sale (or option of such contract) for future delivery of a group or index of securities.
Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(2)(B)(ii)(III)], adjusted margins.
Subsec. (a)(1)(C)(v). Pub. L. 106–554, § 1(a)(5) [title II, § 251(b)(2)], redesignated cl. (vi) as (v), added subcls. (I) to (V), and struck out former subcls. (I) to (IV) which required any contract market in a stock index futures contract (or option thereon) to file with the Board of Governors of the Federal Reserve System any rule establishing or changing the levels of margin for the stock index futures contract (or option thereon), authorized the Board to request any contract market to set the margins at certain levels, authorized the Board to delegate its authority under this clause to the Commission, and preserved the authority of the Commission to raise temporary emergency margin levels.
Pub. L. 106–554, § 1(a)(5) [title II, § 251(a)(1)(D)], redesignated cl. (v) as (iv).
Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(2)(B)(ii)(II), (III)], struck out “section 77c of title 15” after “exempted security under”, inserted “or subparagraph (D)” after “subparagraph”, and adjusted margins.
Subsec. (a)(1)(C)(vi). Pub. L. 106–554, § 1(a)(5) [title II, § 251(b)(2)], redesignated cl. (vi) as (v).
Pub. L. 106–554, § 1(a)(5) [title II, § 251(b)(1)], redesignated subcl. (V) as (VI).
Subsec. (a)(1)(D). Pub. L. 106–554, § 1(a)(5) [title II, § 251(a)(2)], added subpar. (D).
Subsec. (a)(1)(E). Pub. L. 106–554, § 1(a)(5) [title II, § 251(i)], added subpar. (E).
Subsec. (a)(1)(F). Pub. L. 106–554, § 1(a)(5) [title II, § 251(j)], added subpar. (F).
Subsec. (a)(2) to (6). Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(2)(E)], adjusted margins.
Subsec. (a)(7). Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(2)(C), (E)], substituted “registered entity” for “contract market” and adjusted margins.
Subsec. (a)(8). Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(2)(E)], adjusted margins.
Subsec. (a)(8)(B)(ii). Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(2)(D)(iii)], in last sentence, substituted “designating, registering, or refusing, suspending, or revoking the designation or registration of, a board of trade as a contract market or derivatives transaction execution facility involving transactions for future delivery referred to in this clause or in considering any possible action under this chapter (including without limitation emergency action under section 12a(9) of this title)” for “designating, or refusing, suspending, or revoking the designation of, a board of trade as a contract market involving transactions for future delivery referred to in this clause or in considering possible emergency action under section 12a(9) of this title” and “designation, registration, suspension, revocation, or action” for “designation, suspension, revocation, or emergency action”.
Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(2)(D)(ii)], substituted “designate or register a board of trade as a contract market or derivatives transaction execution facility” for “designate a board of trade as a contract market” in second sentence.
Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(2)(D)(i)], substituted “designation or registration as a contract market or derivatives transaction execution facility” for “designation as a contract market” in first sentence.
Subsec. (a)(9). Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(2)(E)], adjusted margins.
Subsec. (c). Pub. L. 106–554, § 1(a)(5) [title I, § 102], added subsec. (c).
Subsec. (d). Pub. L. 106–554, § 1(a)(5) [title I, § 103], added subsec. (d).
Subsec. (e). Pub. L. 106–554, § 1(a)(5) [title I, § 104], added subsec. (e).
Subsec. (f). Pub. L. 106–554, § 1(a)(5) [title I, § 105(a)], added subsec. (f).
Subsec. (g). Pub. L. 106–554, § 1(a)(5) [title I, § 105(b)], added subsec. (g).
Subsec. (h). Pub. L. 106–554, § 1(a)(5) [title I, § 106], added subsec. (h).
Subsec. (i). Pub. L. 106–554, § 1(a)(5) [title I, § 107], added subsec. (i).
1992—Subsec. (a)(1)(A). Pub. L. 102–546, § 404(b)(2)–(7), redesignated cls. (i) and (ii) of former third sentence as subcls. (I) and (II), respectively, designated former fifth sentence as cl. (ii), designated former eighth sentence as cl. (iii), and struck out former sixth, seventh, and ninth through last sentences, which included definitions of “future delivery”, “board of trade”, “interstate commerce”, “cooperative association of producers”, “member of a contract market”, “futures commission merchant”, “introducing broker”, “floor broker”, “the Commission”, “commodity trading advisor”, and “commodity pool operator”. See section 1a of this title.
Pub. L. 102–546, § 404(b)(1), which directed the substitution of “(i) The Commission” for the words “For the purposes” and all that followed through “; Provided, That the Commission”, was executed by making the substitution for the first and second sentences and the third sentence through the words “: Provided, That the Commission”, to reflect the probable intent of Congress. Prior to amendment, the first, second, and third sentences included definitions of “contract of sale”, “person”, and “commodity”. See section 1a of this title.
Subsec. (a)(1)(B)(iv)(I). Pub. L. 102–546, § 209(b)(1)(A), made technical amendment to reference to section 9 of this title appearing in penultimate sentence to reflect change in reference to corresponding section of original act.
Subsec. (a)(1)(B)(iv)(II). Pub. L. 102–546, § 209(b)(1)(B), substituted “section 8(b)” for “section 8”.
Subsec. (a)(1)(B)(vi). Pub. L. 102–546, § 501, added cl. (vi).
Subsec. (a)(2)(A). Pub. L. 102–546, § 215, substituted second and third sentences for “The Commission shall be composed of five Commissioners, who shall be appointed by the President, by and with the advice and consent of the Senate. In nominating persons for appointment, the President shall seek to establish and maintain a balanced Commission, including, but not limited to, persons of demonstrated knowledge in futures trading or its regulation and persons of demonstrated knowledge in the production, merchandising, processing or distribution of one or more of the commodities or other goods and articles, services, rights and interests covered by this chapter.”
Subsec. (a)(9)(C). Pub. L. 102–546, § 226, added subpar. (C).
1986—Subsec. (a)(1)(B)(iv)(I). Pub. L. 99–641 substituted “Securities and Exchange Commission” for “Securities Exchange Commission” before “otherwise agree”.
1983—Subsec. (a)(1). Pub. L. 97–444, § 101, designated existing provisions as subpar. (A), inserted in third sentence, first proviso, “, except to the extent otherwise provided in subparagraph (B) of this paragraph,” after “exclusive jurisdiction”, and added subpar. (B).
Subsec. (a)(1)(A). Pub. L. 97–444, § 201, inserted definition of “introducing broker” and, in revising definition of “commodity training advisor”, included any person advising others through electronic media; substituted provision respecting advising others “as to the value of or the advisability of trading in any contract of sale of a commodity for future delivery made or to be made on or subject to the rules of a contract market, any commodity option authorized under section 6c of this title, or any leverage transaction authorized under section 23 of this title, or who, for compensation or profit, and as part of a regular business, issues or promulgates analyses or reports concerning any of the foregoing” for provision respecting advising others “as to the value of commodities or as to the advisability of trading in any commodity for future delivery on or subject to the rules of any market, or who for compensation or profit, and as part of a regular business, issues or promulgates analyses or reports concerning commodities”; excluded in item (i) any person acting as an employee of any bank or trust company; substituted in cl. (ii) “news reporter, news columnist, or news editor of the print or electronic media” for “newspaper reporter, newspaper columnist, newspaper editor”; substituted in cl. (iv) “the publisher or producer of any print or electronic data of general and regular dissemination, including its employees” for “the publisher of any bona fide newspaper magazine, or business or financial publication of general and regular circulation including their employees”; inserted item (v); redesignated as items (vi) and (vii) former items (v) and (vi); and authorized Commission to effectuate purposes of definition by rule or regulation by including within definition any person advising as to the value of commodities or issuing reports or analyses concerning commodities.
Subsec. (a)(7). Pub. L. 97–444, § 202, struck out “(A)” after “(7)” and struck out subpar. (B) which prohibited any representative activities before the Commission for a one year period upon termination of employment occurring on a day more than four months after
1978—Subsec. (a)(1). Pub. L. 95–405, § 2(1), substituted “section 23 of this title” for “section 15a of this title”.
Subsec. (a)(2). Pub. L. 95–405, § 2(2)–(5), designated existing provisions as subpar. (A) and substituted “five Commissioners” for “a chairman and four other Commissioners”, “(i)” for “(A)”, and “(ii)” for “(B)”, and added subpar. (B).
Subsec. (a)(5). Pub. L. 95–405, § 2(6), struck out “, by and with the advice and consent of the Senate,” after “by the Commission”.
Subsec. (a)(6)(A). Pub. L. 95–405, § 2(7), inserted “according to budget categories, plans, programs, and priorities established and approved by the Commission,” after “expenditure of funds,”.
Subsec. (a)(6)(B). Pub. L. 95–405, § 2(8), substituted “, plans, priorities, and budgets approved by the Commission” for “of the Commission”.
Subsec. (a)(7). Pub. L. 95–405, § 2(9), (10), designated existing provisions as subpar. (A) and added subpar. (B).
Subsec. (a)(8). Pub. L. 95–405, § 2(11)–(13), designated existing provisions as subpar. (A), substituted “maintain” for “establish a separate office within the Department of Agriculture to be staffed with employees of the Commission for the purpose of maintaining”, and added subpar. (B).
Subsec. (a)(9)(A), (B). Pub. L. 95–405, § 2(14), (15), substituted “Senate Committee on Agriculture, Nutrition, and Forestry” for “Senate Committee on Agriculture and Forestry”.
1974—Subsec. (a). Pub. L. 93–463, § 101(a), designated existing provisions as par. (1), substituted “Commodity Futures Trading Commission established under paragraph (2) of this subsection” for “Commodity Exchange Commission, consisting of the Secretary of Agriculture, the Secretary of Commerce, and the Attorney General, or an official or employee of each of the executive departments concerned, designated by the Secretary of Agriculture, the Secretary of Commerce, and the Attorney General, respectively; and the Secretary of Agriculture or his designee shall serve as Chairman”, and added pars. (2) to (11).
Subsec. (a)(1). Pub. L. 93–463, §§ 201, 202, struck out “onions,” after “eggs,” in definition of “commodity” and inserted provisions to that definition to include as commodities all other goods and articles, except onions as provided in section 13–1 of this title, and all services, rights, and interests in which contracts for the future delivery are presently or in the future dealt in, and inserted definitions for “commodity trading advisor” and “commodity pool operator”.
1968—Subsec. (a). Pub. L. 90–418 extended definition of “commodity” in third sentence to include frozen concentrated orange juice.
Pub. L. 90–258, § 1(c), provided in last sentence for representation on the Commission of Secretary of Agriculture, Secretary of Commerce, and Attorney General by an official or employee designated from executive department concerned and for service of Secretary of Agriculture or his designee as Chairman.
Pub. L. 90–258, § 1(b), substituted in definition of “floor broker” in penultimate sentence “purchase or sell for any other person” for “engage in executing for others any order for the purchase or sale of” and struck out provision for receipt or acceptance of any commission or other compensation for services as a floor broker.
Pub. L. 90–258, § 1(a), extended definition of “commodity” in third sentence to include livestock and livestock products.
1955—Subsec. (a). Act
1954—Subsec. (a). Act
1940—Subsec. (a). Act
1938—Subsec. (a). Act
1936—Subsec. (a). Act
Subsec. (b). Act
Effective Date Of Amendment
Amendment by Pub. L. 111–203 effective on the later of 360 days after
Amendment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective
Pub. L. 110–234, title XIII, § 13101(b),
[Pub. L. 110–234 and Pub. L. 110–246 enacted identical provisions. Pub. L. 110–234 was repealed by section 4(a) of Pub. L. 110–246, set out as a note under section 8701 of this title.]
Pub. L. 110–234, title XIII, § 13204,
[Pub. L. 110–234 and Pub. L. 110–246 enacted identical provisions. Pub. L. 110–234 was repealed by section 4(a) of Pub. L. 110–246, set out as a note under section 8701 of this title.]
Pub. L. 97–444, title II, § 239,
Pub. L. 95–405, § 28,
Pub. L. 93–463, title IV, § 418,
Pub. L. 90–258, § 28,
Act July 26, 1955, ch. 382, § 2, 69 Stat. 375, provided that:
Act Aug. 28, 1954, ch. 1041, title VII, § 710(b), 68 Stat. 913, which provided that the amendment of this section by act
Act Oct. 9, 1940, ch. 786, § 2, 54 Stat. 1059, provided that:
Amendment by act
Separability
Pub. L. 93–463, title IV, § 413,
Miscellaneous
Pub. L. 111–203, title VII, § 723(c),
[For definition of “swap” as used in section 723(c) of Pub. L. 111–203, set out above, see section 5301 of Title 12, Banks and Banking.]
Pub. L. 110–234, title XIII, § 13106,
[Pub. L. 110–234 and Pub. L. 110–246 enacted identical provisions. Pub. L. 110–234 was repealed by section 4(a) of Pub. L. 110–246, set out as a note under section 8701 of this title.]
Pub. L. 106–554, § 1(a)(5) [title I, § 105(c)],
Pub. L. 106–78, title VI,
Similar provisions were contained in the following prior appropriations acts:
Pub. L. 105–277, div. A, § 101(a) [title VI],
Pub. L. 105–86, title VI,
Pub. L. 104–180, title VI,
Pub. L. 104–37, title VI,
Pub. L. 103–330, title VI,
Pub. L. 93–463, title IV, § 412,