7 U.S. Code § 2 - Jurisdiction of Commission; liability of principal for act of agent; Commodity Futures Trading Commission; transaction in interstate commerce

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 involvingsection 7 of this title or asection 7b–3 of this title or any other board of trade, exchange, or market, and transactions subject to regulation by thesection 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.

Except as provided in subclause (II), this chapter shall not apply to and the board of trade as a contract market for any transaction whereby any party to such transaction acquires any put, call, or other[1] of title 15 or section 3(a)(10) of the Securities Exchange Act of 1934 [15 U.S.C. 78c(a)(10)] on January 11, 1983 ), including any group or index of such securities, or any interest therein or based on the value thereof.

This chapter shall apply to and the section 7a–2(c) of this title of, a put, call, or othersection 77b(a)(1) of title 15 or section 3(a)(10) of the Securities Exchange Act of 1934 [15 U.S.C. 78c(a)(10)] on January 11, 1983 ), including any group or index of such securities, or any interest therein or based on the value thereof, that is exempted by the Securities and Exchange Commission pursuant to section 36(a)(1) of the Securities Exchange Act of 1934 [15 U.S.C. 78mm(a)(1)] with the condition that the option; provided, however, that nothing in this paragraph shall be construed to affect the jurisdiction and authority of the Securities and Exchange Commission over such put, call, or other option.

(ii) This chapter shall apply to and the “option”, “privilege”, “indemnity”, “bid”, “offer”, “put”, “call”, “advance guaranty”, or “decline guaranty”) and transactions involving, and may designate a board of trade as a contract market in, or register a derivatives transaction execution facility that trades or executes, contracts of sale (or (I)

Settlement of or delivery on such contract (or option on such contract) shall be effected in cash or by means other than the transfer or receipt of any security, except an exempted security under section 77c of title 15 or section 3(a)(12) of the Securities Exchange Act of 1934 [15 U.S.C. 78c(a)(12)] as in effect on January 11, 1983 , (other than any municipal security, as defined in section 3(a)(29) of the Securities Exchange Act of 1934 [15 U.S.C. 78c(a)(29)] on January 11, 1983 );

Trading in such contract (or option on such contract) shall not be readily susceptible to manipulation of the price of such contract (or option on such contract), nor to causing or being used in the manipulation of the price of any underlying security,security or (III)

If, in its discretion, the security futures product), it may, by order, require such contract and anysecurity futures products as defined in section 3(a)(56) of the Securities Exchange Act of 1934 [15 U.S.C. 78c(a)(56)] and section 1a of this title subject to all rules and regulations applicable toSecurities Exchange Act of 1934 [15 U.S.C. 78c(a)(47)].

No contract of sale (or security, or interest therein or based on the value thereof, except an exempted[2] section 3(a)(12) of the Securities Exchange Act of 1934 [15 U.S.C. 78c(a)(12)] as in effect on January 11, 1983 (other than any municipalSecurities Exchange Act of 1934 [15 U.S.C. 78c(a)(29)] on January 11, 1983 ), or except as provided in clause (ii) of this subparagraph or subparagraph (D), any group or index of such securities or any interest therein or based on the value thereof.

Notwithstanding any other provision of this chapter, any contract market in a stock index futures contract (or option thereon) other than a security futures product, or any derivatives transaction execution facility on which such contract orFederal Reserve System any rule establishing or changing the levels of margin (initial and maintenance) for such stock index futures contract (or security futures products.

Subject to such conditions as the option thereon), other than security futures products, under this clause to the Commission.

It shall be unlawful for any futures commission merchant to, directly or indirectly, extend or maintain credit to or for, or collect margin from any customer on any security futures product unless such activities comply with the regulations prescribed pursuant to section 7(c)(2)(B) of the Securities Exchange Act of 1934 [15 U.S.C. 78g(c)(2)(B)].

Nothing in this clause shall supersede or limit the authority granted to the section 12a(9) of this title to direct a contract market or registered derivatives transaction execution facility, on finding an security futures product.

Any action taken by the [3] under this clause directing a contract market to alter or supplement a contract market rule shall be subject to review only in the Court of Appeals where the party seeking review resides or has its principal place of business, or in the United States Court of Appeals for the District of Columbia Circuit. The review shall be based on the examination of all information before the (D) Jurisdiction and authority of Securities and Exchange Commission over security futures; requirements for security futures trading; periodic or special examinations by (i) Notwithstanding any other provision of this chapter, the Securities and Exchange Commission shall have jurisdiction and authority over security futures as defined in section 3(a)(55) of the Securities Exchange Act of 1934 [15 U.S.C. 78c(a)(55)], section 77b(a)(16) of title 15, section 80a–2(a)(52) of title 15, and section 80b–2(a)(27) of title 15, security futures, and security futures and“option”, “privilege”, “indemnity”, “bid”, “offer”, “put”, “call”, “advance guaranty”, or “decline guaranty”), contracts, and transactions involving, and may designate a security futures product as defined in section 1a of this title: Provided, however, That, except as provided in clause (vi) of this subparagraph, no (I)

Except as otherwise provided in a rule, regulation, or order issued pursuant to clause (v) of this subparagraph, any security underlying the security future, including each componentnarrow-based security index, is registered pursuant to section 12 of the Securities Exchange Act of 1934 [15 U.S.C. 78l].

If the security futures product is not cash settled, thesecurity futures product is traded has arrangements in place with a clearing agency registered pursuant to section 17A of the Securities Exchange Act of 1934 [15 U.S.C. 78q–1] for the payment and delivery of the securities underlying the security futures product.

Except as otherwise provided in a rule, regulation, or order issued pursuant to clause (v) of this subparagraph, the security future is based upon common stock and such other equity securities as theSecurities and Exchange Commission jointly determine appropriate.

The security futures product is cleared by a clearing agency that has in place provisions for linked and coordinated clearing with other clearing agencies that clear security futures products, which permits the security futures product to be purchased on a designated contract market, registered derivatives transaction execution facility, national securities exchange registered under section 6(a) of the Securities Exchange Act of 1934 [15 U.S.C. 78f(a)], or national securities association registered pursuant to section 15A(a) of the Securities Exchange Act of 1934 [15 U.S.C. 78o–3(a)] and offset on another designated contract market, registered derivatives transaction execution facility, national securities exchange registered under section 6(a) of the Securities Exchange Act of 1934, or national securities association registered pursuant to section 15A(a) of the Securities Exchange Act of 1934.

Only futures commission merchants, introducing brokers, commodity pool operators or associatedSecurities Exchange Act of 1934 [15 U.S.C. 78o–3(a)] solicit, accept any order for, or otherwise deal in any transaction in or in connection with the security futures product.

The security futures product is subject to a prohibition against dual trading in section 6j of this title and the rules and regulations thereunder or the provisions of section 11(a) of the Securities Exchange Act of 1934 [15 U.S.C. 78k(a)] and the rules and regulations thereunder, except to the extent otherwise permitted under the Securities Exchange Act of 1934 [15 U.S.C. 78a et seq.] and the rules and regulations thereunder.

Trading in the security futures product is not readily susceptible to manipulation of the price of such security futures product, nor to causing or being used in the manipulation of the price of any underlying security, security, or (VIII)

The board of trade on which the security futures product is traded has procedures in place for coordinated surveillance among such board of trade, any market on which anysecurity futures product is traded, and other markets on which any relatedalternative trading system, a national securities association registered pursuant to section 15A(a) of the Securities Exchange Act of 1934 [15 U.S.C. 78o–3(a)] or national securities exchange registered pursuant to section 6(a) of the Securities Exchange Act of 1934 [15 U.S.C. 78f(a)] of which such alternative trading system is a member has in place such procedures.

The board of trade on which the security futures product is traded has in place audit trails necessary or appropriate to facilitate the coordinated surveillance required in subclause (VIII), except that, if thealternative trading system, a national securities association registered pursuant to section 15A(a) of the Securities Exchange Act of 1934 [15 U.S.C. 78o–3(a)] or national securities exchange registered pursuant to section 6(a) of the Securities Exchange Act of 1934 [15 U.S.C. 78f(a)] of which such alternative trading system is a member has rules to require such audit trails.

The board of trade on which the security futures product is traded has in place procedures to coordinate trading halts between suchsecurity futures product is traded and other markets on which any relatedalternative trading system, a national securities association registered pursuant to section 15A(a) of the Securities Exchange Act of 1934 [15 U.S.C. 78o–3(a)] or national securities exchange registered pursuant to section 6(a) of the Securities Exchange Act of 1934 [15 U.S.C. 78f(a)] of which such alternative trading system is a member has rules to require such coordinated trading halts.

The margin requirements for a security futures product comply with the regulations prescribed pursuant to section 7(c)(2)(B) of the Securities Exchange Act of 1934 [15 U.S.C. 78g(c)(2)(B)], except that nothing in this subclause shall be construed to prevent a security futures product when it deems such action to be necessary or appropriate.

(ii) It shall be unlawful for any States, its territories or possessions, for the purpose of soliciting, or accepting any order for, or otherwise dealing in, any transaction in, or in connection with, a security futures product unless—

is a registered derivatives transaction execution facility for the security futures product that has provided a certification with respect to the security futures product pursuant to clause (vii);

the contract is executed or consummated by, through, or with a member of the contract market or registered derivatives transaction execution facility; and

the security futures product is evidenced by a record in writing which shows the date, the parties to such security futures product and their addresses, the property covered, and its price, and each contract market member or registered derivatives transaction execution facility member shall keep the record for a period of 3 years from the date of the transaction, or for a longer period if the Commission.

Except as provided in subclause (II) but notwithstanding any other provision of this chapter, no security future.

After 3 years after December 21, 2000 , theSecurities and Exchange Commission may by order jointly determine to permit trading of security future authorized to be traded under the provisions of this chapter and the Securities Exchange Act of 1934 [15 U.S.C. 78a et seq.].

The Securities and Exchange Commission of any examination conducted of any introducing broker registered pursuant to section 6f(a)(2) of this title, floor broker or floor trader exempt from registration pursuant to section 6f(a)(3) of this title, associatedsection 6k(6) of this title, or security futures product pursuant to section 7b–1 of this title, and, upon request, furnish to the Securities and Exchange Commission any examination report and data supplied to or prepared by the (III)

Before conducting an examination under subclause (I), the futures commission merchant or introducing broker registered pursuant to section 6f(a)(2) of this title, floor broker or floor trader exempt from registration pursuant to section 6f(a)(3) of this title, associatedsection 6k(6) of this title, or security futures product pursuant to section 7b–1 of this title that is made by the Securities and Exchange Commission , a national securities association registered pursuant to section 15A(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78o–3(a)), or a national securities exchange registered pursuant to section 6(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78f(a)).

Any records required under this subsection for a futures commission merchant or introducing broker registered pursuant to section 6f(a)(2) of this title, floor broker or floor trader exempt from registration pursuant to section 6f(a)(3) of this title, associatedsection 6k(6) of this title, or security futures product pursuant to section 7b–1 of this title, shall be limited to records with respect to accounts, agreements, contracts, and transactions involving security futures products.

The Securities and Exchange Commission , by rule, regulation, or order, may jointly modify the criteria specified in subclause (I) or (III) of clause (i), including the trading of security futures based on securities other than equity securities, to the extent such modification fosters the development of fair and orderly markets in security futures products, is necessary or appropriate in the public interest, and is consistent with the protection of investors.

The Securities and Exchange Commission , by order, may jointly exempt any security futures products, is necessary or appropriate in the public interest, and is consistent with the protection of investors.

180 days after the end of the first full calendar month period in which the average aggregate comparable share volume for all security futures products based on single equity securities traded on all designated contract markets and registered derivatives transaction execution facilities equals or exceeds 10 percent of the average aggregate comparable share volume ofSecurities Exchange Act of 1934 [15 U.S.C. 78f(a)] and any national securities associations registered pursuant to section 15A(a) of such Act [15 U.S.C. 78o–3(a)]; or

2 years after the date on which trading in any security futures product commences under this chapter.

It shall be unlawful for a board of trade to trade or execute a security futures product unless thesecurity futures product and the board of trade, as applicable, meet the criteria specified in subclauses (I) through (XI) of clause (i), except as otherwise provided in clause (vi).

To the extent necessary or appropriate in the public interest, to promote fair competition, and consistent with promotion of market efficiency, innovation, and expansion of investment opportunities, the protection of investors, and the maintenance of fair and orderly markets, the Securities and Exchange Commission shall jointly issue such rules, regulations, or orders as are necessary and appropriate to permit the offer and sale of a security futures product traded on or subject to the rules of a foreign persons.

The rules, regulations, or orders adopted under clause (i) shall take into account, as appropriate, the nature and size of the markets that the securities underlying the security futures product reflects.

Nothing in this chapter is intended to prohibit any eligible contract participant located in the United States from purchasing or carrying securities futures products traded on or subject to the rules of a foreign board of trade, exchange, or market to the same extent suchboard of trade, exchange, or market so long as any underlyingsecurity futures products is traded principally on, by, or through any exchange or market located outside the United States.

Nothing in this paragraph shall limit the jurisdiction conferred on the Securities and Exchange Commission by the Wall Street Transparency and Accountability Act of 2010 with regard to security-based swap agreements as defined pursuant to section 3(a)(78) of the Securities Exchange Act of 1934 [15 U.S.C. 78c(a)(78)], and security-based swaps.

In addition to the authority of the Securities and Exchange Commission described in clause (i), nothing in this subparagraph shall limit or affect any statutory authority of the (H)

Notwithstanding any other provision of law, the Wall Street Transparency and Accountability Act of 2010 shall not apply to, and the Commodity Futures Trading Commission shall have no jurisdiction under such Act (or any amendments to this chapter made by such Act) with respect to, any security-based swap.

(i) Nothing in this chapter shall limit or affect any statutory authority of the Federal Energy Regulatory Commission or a State regulatory authority (as defined in section 796(21) of title 16) with respect to an agreement, contract, or transaction that is entered into pursuant to a tariff or rate schedule approved by the Federal Energy Regulatory Commission or a State regulatory authority and is—

executed, traded, or cleared on a registered entity or trading facility owned or operated by a regional transmission organization or independent system operator.

(ii) In addition to the authority of the Federal Energy Regulatory Commission or a State regulatory authority described in clause (i), nothing in this subparagraph shall limit or affect—

the jurisdiction of the registered entity or trading facility that is not owned or operated by a regional transmission organization or independent system operator (as defined by sections [4] 796(27) and (28) of title 16).

(A) There is hereby established, as an independent agency of the United States Government, a Commodity Futures Trading Commission . TheSenate . In nominating (i)

select persons who shall each have demonstrated knowledge in futures trading or its regulation, or 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; and

seek to ensure that the demonstrated knowledge of the Commissioners is balanced with respect to such areas.

The President shall appoint, by and with the advice and consent of the Senate , a member of the Commission. At any time, the President may appoint, by and with the advice and consent of the Senate , a different Chairman, and the Commissioner previously appointed as Chairman may complete that Commissioner’s term as a Commissioner.

Except as otherwise provided in this paragraph and in paragraphs (4) and (5) of this subsection, the executive and administrative functions of the (B)

In carrying out any of his functions under the provisions of this paragraph, the Chairman shall be governed by general policies, plans, priorities, and budgets approved by the (C)

Personnel employed regularly and full time in the immediate offices of Commissioners other than the Chairman shall not be affected by the provisions of this paragraph.

The Chairman may from time to time make such provisions as he shall deem appropriate authorizing the performance by any officer, employee, or administrative unit under his jurisdiction of any functions of the Chairman under this paragraph.

Rates of basic pay for all employees of the (C) Comparability

The section 1833b(a) of title 12 or could be provided by such an agency under applicable provisions of law (including rules and regulations).

In setting and adjusting the total amount of compensation and benefits for employees, the section 1833b(a) of title 12.

No Commissioner or employee of the person, exchange, or clearinghouse subject to regulation by the registered entity operations or transactions of a character subject to regulation by the Commission.

(9) Liaison with Department of Agriculture ; communications with Department of the Treasury , Federal Reserve Board, and Securities and Exchange Commission ; application by a (A)

When a board of trade applies for designation or registration as a contract market or derivatives transaction execution facility involving transactions for future delivery of any States or any agency thereof, theDepartment of the Treasury and theFederal Reserve System . Thesection 12a(9) of this title) with respect to such transactions, theDepartment of the Treasury and theFederal Reserve System and shall consider the effect that any such designation, registration, suspension, revocation, or action may have on the debt financing requirements of the United States Government and the continued efficiency and integrity of the underlying market for government securities.

The provisions of this subparagraph shall not create any rights, liabilities, or obligations upon which actions may be brought against the (10) Transmittal of budget requests and legislative recommendations to congressional committees

Whenever the Office of Management and Budget , it shall concurrently transmit copies thereof to the House Committee on Agriculture and the Senate Committee on Agriculture, Nutrition, and Forestry. No officer or agency of the United States shall have any authority to require the States for approval, comments, or review, prior to the submission of such recommendations, testimony, or comments to the Congress . In instances in which the States, theCongress .

In this paragraph, the term “real-time public reporting” means to report data relating to a (B) Purpose

The purpose of this section is to authorize the (C) General rule The (i)

With respect to those swaps that are subject to the mandatory clearing requirement described in subsection (h)(1) (including those swaps that are excepted from the requirement pursuant to subsection (h)(7)), the real-time public reporting for such transactions.

With respect to those swaps that are not subject to the mandatory clearing requirement described in subsection (h)(1), but are cleared at a registered derivatives clearing organization, thereal-time public reporting for such transactions.

With respect to swaps that are not cleared at a registered derivatives clearing organization and which are reported to a swap data repository or thereal-time public reporting for such transactions, in a manner that does not disclose the business transactions and market positions of any person.

With respect to swaps that are determined to be required to be cleared under subsection (h)(2) but are not cleared, the real-time public reporting for such transactions.

Parties to a registered entity in a timely manner as may be prescribed by the Commission.

consult with the Office of the Comptroller of the Currency , the Bank for International Settlements, and such other regulatory bodies as may be necessary.

An Energy and Environmental Markets Advisory Committee is hereby established.

The Committee shall have 9 members.

otherwise to serve as a vehicle for discussion and communication on matters of concern to exchanges, firms, end users, and regulators regarding energy and environmental markets and their regulation by the (B) Requirements

The Committee shall hold public meetings at such intervals as are necessary to carry out the functions of the Committee, but not less frequently than 2 times per year.

Members shall be appointed to 3-year terms, but may be removed for cause by vote of the (C) Appointment

Members shall be entitled to per diem and travel expense reimbursement by the (E) Chapter 10 of title 5

The Committee shall not be subject to chapter 10 of title 5.

For the purposes of this chapter (but not in any wise limiting the foregoing definition of interstate commerce) a transaction in respect to any article shall be considered to be in interstate commerce if such article is part of that current of commerce usual in the State, with the expectation that they will end their transit, after purchase, in another, including in addition to cases within the above general description, all cases where purchase or sale is either for shipment to another State, or for manufacture within the State and the shipment outside the State of the products resulting from such manufacture. Articles normally in such current of commerce shall not be considered out of such commerce through resort being had to any means or device intended to remove transactions in respect thereto from the provisions of this chapter. For the purpose of this paragraph the word “State” includes Territory, the District of Columbia, possession of the United States, and foreign nation.

(c) Agreements, contracts, and transactions in foreign currency, government securities, and certain other commodities

(1) In general Except as provided in paragraph (2), nothing in this chapter (other than section,[5] 7a–1,[5] or 16(e)(2)(B) of this title) governs or applies to an agreement, contract, or transaction in—

(A) Agreements, contracts, and transactions traded on an organized exchange This chapter applies to, and the (i)

an option on foreign currency executed or traded on an organized exchange that is not a national securities exchange registered pursuant to section 6(a) of the Securities Exchange Act of 1934 [15 U.S.C. 78f(a)].

a broker or dealer registered under section 15(b) (except paragraph (11) thereof) or 15C of the Securities Exchange Act of 1934 (15 U.S.C. 78o(b), 78o–5); or

an associated Securities Exchange Act of 1934 (15 U.S.C. 78o(b), 78o–5) concerning the financial or securities activities of which the broker or dealer makes and keeps records under section 15C(b) or 17(h) of the Securities Exchange Act of 1934 (15 U.S.C. 78o–5(b), 78q(h));

a futures commission merchant that is primarily or substantially engaged in the business activities described in section 1a of this title, is registered under this chapter, is not a (BB)

an affiliated futures commission merchant that is primarily or substantially engaged in the business activities described in section 1a of this title, is registered under this chapter, and is not asection 6f(c)(2)(B) of this title concerning the futures and other financial activities of the affiliated person;

[6] a retail foreign exchange dealer that maintains adjusted net capital equal to or in excess of the dollar amount that applies for purposes of clause (ii) of this subparagraph and is registered in such capacity with the member of a futures association registered under section 21 of this title.

Notwithstanding items (cc) and (gg) of clause (i)(II) of this subparagraph, agreements, contracts, or transactions described in clause (i) of this subparagraph, and accounts or pooled investment vehicles described in clause (vi), shall be subject to subsection (a)(1)(B) of this section and sections 6(b), 6b, 6c(b), 6o, 9, and 13b of this title (except to the extent that sections 9 and 13b of this title prohibit manipulation of the market price of any interstate commerce, or for future delivery on or subject to the rules of any market), 13a–1, 13a–2, 12(a), 13c(a), and 13c(b) of this title if the agreements, contracts, or transactions are offered, or entered into, by a (iv)

(I) Notwithstanding items (cc) and (gg) 1 of clause (i)(II), a person, unless registered in such capacity as the member of a futures association registered under section 21 of this title, shall not—

exercise discretionary trading authority or obtain written authorization to exercise discretionary trading authority over any account for or on behalf of any (cc)

operate or solicit funds, securities, or property for any pooled investment vehicle that is not an eligible contract participant in connection with agreements, contracts, or transactions described in clause (i) entered into with or to be entered into with a (II) Subclause (I) of this clause shall not apply to—

(I) This subparagraph shall apply to any agreement, contract, or transaction in foreign currency that is—

offered, or entered into, on a leveraged or margined basis, or financed by the offeror, the counterparty, or a (II) Subclause (I) of this clause shall not apply to—

creates an enforceable obligation to deliver between a seller and buyer that have the ability to deliver and accept delivery, respectively, in connection with their line of business.

Agreements, contracts, or transactions described in clause (i) of this subparagraph, and accounts or pooled investment vehicles described in clause (vii), shall be subject to subsection (a)(1)(B) of this section and sections 6(b), 6b, 6c(b), 6o, 9, and 13b of this title (except to the extent that sections 9 and 13b of this title prohibit manipulation of the market price of any interstate commerce, or for future delivery on or subject to the rules of any market), 13a–1, 13a–2, 12(a), 13c(a), and 13c(b) of this title.

exercise discretionary trading authority or obtain written authorization to exercise written trading authority over any account for or on behalf of any (cc)

operate or solicit funds, securities, or property for any pooled investment vehicle that is not an eligible contract participant in connection with agreements, contracts, or transactions described in clause (i) of this subparagraph entered into with or to be entered into with a (II) Subclause (I) of this clause shall not apply to—

Sections 6(b) and 6b of this title shall apply to any agreement, contract, or transaction described in clause (i) of this subparagraph as if the agreement, contract, or transaction were a (v)

This subparagraph shall not be construed to limit any jurisdiction that the contract of sale of a (vi)

(i) Applicability Except as provided in clause (ii), this subparagraph shall apply to any agreement, contract, or transaction in any (I)

entered into, or offered (even if not entered into), on a leveraged or margined basis, or financed by the offeror, the counterparty, or a (ii) Exceptions This subparagraph shall not apply to—

an agreement, contract, or transaction described in paragraph (1) or subparagraphs [7] (A), (B), or (C), including any agreement, contract, or transaction specifically excluded from subparagraph (A), (B), or (C);

creates an enforceable obligation to deliver between a seller and a buyer that have the ability to deliver and accept delivery, respectively, in connection with the line of business of the seller and buyer; or

an agreement, contract, or transaction that is listed on a national securities exchange registered under section 6(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78f(a)); or

Sections 6(a), 6(b), and 6b of this title apply to any agreement, contract, or transaction described in clause (i), as if the agreement, contract, or transaction was a (iv) Eligible commercial entity

For purposes of this subparagraph, an agricultural producer, packer, or handler shall be considered to be an eligible commercial entity for any agreement, contract, or transaction for a (E) Prohibition

(i) Definition of Federal regulatory agency In this subparagraph, the term “Federal regulatory agency” means—

Except as provided in subclause (II), a Federal regulatory agency shall not offer to, or enter into with, aFederal regulatory agency allowing the agreement, contract, or transaction under such terms and conditions as the Federal regulatory agency shall prescribe.

With regard to persons described in subparagraph (B)(i)(II) for which a Federal regulatory agency has issued a proposed rule concerning agreements, contracts, or transactions in foreign currency described in subparagraph (B)(i)(I) prior to July 21, 2010 , subclause (I) shall take effect 90 days after July 21, 2010 .

(I) In general The rules and regulations described in clause (ii) shall prescribe appropriate requirements with respect to—

such other standards or requirements as the Federal regulatory agency shall determine to be necessary.

The rules or regulations described in clause (ii) shall treat all agreements, contracts, and transactions in foreign currency described in subparagraph (B)(i)(I), and all agreements, contracts, and transactions in foreign currency that are functionally or economically similar to agreements, contracts, or transactions described in subparagraph (B)(i)(I), similarly.

Nothing in this chapter (other than subparagraphs (A), (B), (C), (D), (G), and (H) of subsection (a)(1), subsections (f) and (g), sections 1a, 2(a)(13), 2(c)(2)(A)(ii), 2(e), 2(h), 6(c), 6a, 6b, and 6b–1 of this title, subsections (a), (b), and (g) of section 6c of this title, sections 6d, 6e, 6f, 6g, 6h, 6i, 6j, 6k, 6l, 6m, 6n, 6o, 6p, 6r, 6s, 6t, 7, 7a–1, 7a–2, 7b, and 7b–3 of this title, sections 9 and 13b of this title, sections 13a–1, 13a–2, 12, 12a, and 13 of this title, subsections (e)(2), (f), and (h) of section 16 of this title, subsections (a) and (b) of section 13c of this title, sections 21, 24, 24a, and 25(a)(4) of this title, and any other provision of this chapter that is applicable to registered entities or swap.

It shall be unlawful for any board of trade designated as a contract market under section 7 of this title.

Nothing in this chapter (other than section 16(e)(2)(B) of this title) governs or is applicable to a hybrid instrument that is predominantly a security.

the issuer of the hybrid instrument receives payment in full of the purchase price of the hybrid instrument, substantially contemporaneously with delivery of the hybrid instrument;

the purchaser or holder of the hybrid instrument is not required to make any payment to the issuer in addition to the purchase price paid under subparagraph (A), whether as margin, settlement payment, or otherwise, during the life of the hybrid instrument or at maturity;

the issuer of the hybrid instrument is not subject by the terms of the instrument to mark-to-market margining requirements; and

For the purposes of paragraph (2)(C), mark-to-market margining requirements do not include the obligation of an issuer of a secured debt instrument to increase the amount of collateral held in pledge for the benefit of the purchaser of the secured debt instrument to secure the repayment obligations of the issuer under the secured debt instrument.

any agreement, contract, or transaction that is excluded from this chapter under subsection (c), (d), (e), (f), or (g) of this section or title IV of the Commodity Futures Modernization Act of 2000 [7 U.S.C. 27 to 27f], or exempted under subsection (h) of this section or section 6(c) of this title; or

any agreement, contract, or transaction, not otherwise subject to this chapter, that is not so excluded or exempted,

No provision of, or amendment made by, the Commodity Futures Modernization Act of 2000 shall be construed as conferring jurisdiction on thesection 7a–1 of this title.

It shall be unlawful for any derivatives clearing organization that is registered under this chapter or a derivatives clearing organization that is exempt from registration under this chapter if the (B) Open access The rules of a derivatives clearing organization described in subparagraph (A) shall—

prescribe that all swaps (but not contracts of sale of a derivatives clearing organization with the same terms and conditions are economically equivalent within the derivatives clearing organization and may be offset with each other within the derivatives clearing organization; and

A derivatives clearing organization shall submit to the swap, or any group, category, type, or class of Commission) of the submission.

Any swaps listed for clearing by a derivative clearing organization as of July 21, 2010 , shall be considered submitted to the Commission.

review each submission made under clauses (i) and (ii), and determine whether the swaps described in the submission is required to be cleared; and

provide at least a 30-day public comment period regarding its determination as to whether the clearing requirement under paragraph (1)(A) shall apply to the submission.

The derivatives clearing organization agrees to an extension for the time limitation established under this subparagraph.

(ii) In reviewing a swaps, or class of swaps pursuant to subparagraph (A) or a submission made under subparagraph (B), the (I)

The existence of significant outstanding notional exposures, trading liquidity, and adequate pricing data.

The availability of rule framework, capacity, operational expertise and resources, and credit support infrastructure to clear the contract on terms that are consistent with the material terms and trading conventions on which the contract is then traded.

The effect on the mitigation of systemic risk, taking into account the size of the market for such contract and the resources of the derivatives clearing organization available to clear the contract.

The existence of reasonable legal certainty in the event of the insolvency of the relevant derivatives clearing organization or 1 or more of its clearing (iii)

In making a determination under subparagraph (A) or (B)(iii) that the clearing requirement shall apply, the (E) Rules

Not later than 1 year after July 21, 2010 , the derivatives clearing organization’s submission for review, pursuant to this paragraph, of a swap, or a group, category, type, or class of swaps, that it seeks to accept for clearing. Nothing in this subparagraph limits the (3) Stay of clearing requirement

After making a determination pursuant to paragraph (2)(B), the swaps) and the clearing arrangement.

determine, unconditionally or subject to such terms and conditions as the swap, or group, category, type, or class of (ii)

Not later than 1 year after July 21, 2010 , the derivatives clearing organization’s clearing of a swap, or a group, category, type, or class of swaps, that it has accepted for clearing.

authorizes the derivatives clearing organization to list for clearing a swap, group, category, type, or class of swap, group, category, type, or class ofderivatives clearing organization; and

affects the authority of the swap, group, category, type, or class ofderivatives clearing organization.

Swaps entered into before July 21, 2010 , shall be reported to a registered swap data repository or the (B) Swaps entered into on or after July 21, 2010 , shall be reported to a registered swap data repository or the (i)

Swaps entered into before July 21, 2010 , are exempt from the clearing requirements of this subsection if reported pursuant to paragraph (5)(A).

Swaps entered into before application of the clearing requirement pursuant to this subsection are exempt from the clearing requirements of this subsection if reported pursuant to paragraph (5)(B).

The application of the clearing exception in subparagraph (A) is solely at the discretion of the counterparty to the (C) Financial entity definition

(ii) Exclusion The banks, savings associations, farm credit system institutions, and credit unions, including—

Such definition shall not include an entity whose primary business is providing financing, and uses derivatives for the purpose of hedging underlying commercial risks related to interest rate and foreign currency exposures, 90 percent or more of which arise from financing that facilitates the purchase or lease of products, 90 percent or more of which are manufactured by the parent company or another subsidiary of the parent company.

enters into the financial entity, and the commercial risk that the affiliate is hedging or mitigating has been transferred to the affiliate;

is directly and wholly-owned by another affiliate qualified for the exception under this subparagraph or an entity that is not a financial entity;

does not provide any services, financial or otherwise, to any affiliate that is a nonbank financial company supervised by the section 5311 of title 12).

(ii) Limitation on qualifying affiliates The exception in clause (i) shall not apply if the affiliate is—

an employee benefit plan or government [8] plan, as defined in paragraphs (3) and (32) of section 1002 of title 29;

an entity engaged in the business of insurance and subject to capital requirements established by an insurance governmental authority of a State, a territory of the United States, the District of Columbia, a country other than the United States, or a political subdivision of a country other than the United States that is engaged in the supervision of insurance companies under insurance law.

(iv) Conditions on transactions With respect to an affiliate that qualifies for the exception in clause (i)—

neither the affiliate nor any financial entity may enter into afinancial entity or otherwise assume, net, combine, or consolidate the risk offinancial entity, except one that is an affiliate that qualifies for the exception under clause (i).

An affiliate, subsidiary, or a wholly owned entity of a section 6s(e) of this title and the clearing requirement described in paragraph (1) with regard toJuly 21, 2010 .

shall have the sole right to select the derivatives clearing organization at which the (F) Abuse of exception

(A) In general With respect to transactions involving swaps subject to the clearing requirement of paragraph (1), counterparties shall—

execute the transaction on a board of trade designated as a contract market under section 7 of this title; or

execute the transaction on a swap execution facility registered under 7b–3 [9] of this title or asection 7b–3(f) of this title.

The requirements of clauses (i) and (ii) of subparagraph (A) shall not apply if no board of trade or swap execution facility makes the (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—

have a direct and significant connection with activities in, or effect on, commerce of the United States; or

Exemptions from the requirements of subsection (h)(1) to clear 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(Sept. 21, 1922, ch. 369, § 2, 42 Stat. 998; June 15, 1936, ch. 545, §§ 2, 3, 49 Stat. 1491; Apr. 7, 1938, ch. 108, 52 Stat. 205; Oct. 9, 1940, ch. 786, § 1, 54 Stat. 1059; Aug. 28, 1954, ch. 1041, title VII, § 710(a), 68 Stat. 913; July 26, 1955, ch. 382, § 1, 69 Stat. 375; Pub. L. 90–258, § 1, Feb. 19, 1968 , 82 Stat. 26; Pub. L. 90–418, July 23, 1968 , 82 Stat. 413; Pub. L. 93–463, title I, § 101(a), title II, §§ 201, 202, Oct. 23, 1974 , 88 Stat. 1389, 1395; Pub. L. 95–405, § 2, Sept. 30, 1978 , 92 Stat. 865; Pub. L. 97–444, title I, § 101, title II, §§ 201, 202, Jan. 11, 1983 , 96 Stat. 2294, 2297, 2298; Pub. L. 99–641, title I, § 110(1), Nov. 10, 1986 , 100 Stat. 3561; Pub. L. 102–546, title II, §§ 209(b)(1), 215, 226, title IV, § 404(b), title V, § 501, Oct. 28, 1992 , 106 Stat. 3606, 3611, 3618, 3628; Pub. L. 106–554, § 1(a)(5) [title I, §§ 102—105(b), 106, 107, 123(a)(2), title II, § 251(a), (b), (i), (j)], Dec. 21, 2000 , 114 Stat. 2763, 2763A–376 to 2763A–379, 2763A–382, 2763A–405, 2763A–436, 2763A–441, 2763A–445; Pub. L. 107–171, title X, § 10702(a), May 13, 2002 , 116 Stat. 516; Pub. L. 110–234, title XIII, §§ 13101(a), 13201(b), 13203(c)–(f), May 22, 2008 , 122 Stat. 1427, 1436, 1439; Pub. L. 110–246, § 4(a), title XIII, §§ 13101(a), 13201(b), 13203(c)–(f), June 18, 2008 , 122 Stat. 1664, 2189, 2198, 2201; Pub. L. 111–203, title VII, §§ 717(a), 721(e)(1), 722(a), (c)–(e), 723(a), (b), 727, 734(b)(1), 741(b)(8), (9), 742(a), (c), 751, July 21, 2010 , 124 Stat. 1651, 1671–1673, 1675, 1681, 1696, 1718, 1731–1733, 1749; Pub. L. 114–113, div. O, title VII, § 705(a), Dec. 18, 2015 , 129 Stat. 3025; Pub. L. 117–286, § 4(a)(19), Dec. 27, 2022 , 136 Stat. 4307.)

[1] See References in Text note below.

[2] So in original. The word “or” probably should not appear.

[3] So in original. Probably should be subclause “(III)”.

[4] So in original. Probably should be “section”.

[6] So in original. No item (ee) has been enacted.

[7] So in original. Probably should be “subparagraph”.

[8] So in original. Probably should be “governmental”.

[9] So in original. Probably should be preceded by “section”.

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, July 21, 2010 , 124 Stat. 1641, which enacted chapter 109 (§ 8301 et seq.) of Title 15, Commerce and Trade, and enacted and amended numerous other sections and notes in the Code. For complete classification of this Act to the Code, see Short Title note set out under section 8301 of Title 15 and Tables.

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 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 June 18, 2008 .

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), July 21, 2010 , 124 Stat. 1733.

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), July 21, 2010 , 124 Stat. 1733.

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), Dec. 21, 2000 , 114 Stat. 2763, 2763A–365. Title IV of the Act, known as the Legal Certainty for Bank Products Act of 2000, is classified to sections 27 to 27f of this title. For complete classification of this Act to the Code, see Short Title of 2000 Amendment note set out under section 1 of this title, and Tables.

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.

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.

2022—Subsec. (a)(15)(E). Pub. L. 117–286 substituted “Chapter 10 of title 5” for “FACA” in heading and “chapter 10 of title 5.” for “the Federal Advisory Committee Act (5 U.S.C. App.).” in text.

2015—Subsec. (h)(7)(D). Pub. L. 114–113 added cls. (i) to (iv) and (vi), redesignated former cl. (iii) as (v), and struck out former cls. (i) and (ii) which related to application of exception to affiliates and prohibition relating to certain affiliates, respectively.

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”, section 7 of this title or asection 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)(13), (14). Pub. L. 111–203, § 727, added pars. (13) and (14).

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 “UnitedPub. 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 investmentSecurities 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)(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”.

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 excludedPub. 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 ofCongress . Another subsec. (i), relating to applicability of certainPub. L. 111–203, § 722(d). See below.

Pub. L. 111–203, § 722(d), added subsec. (i) relating to applicability of certainPub. L. 111–203, § 723(b), added subsec. (j).

2008—Subsec. (a)(1)(A). Pub. L. 110–246, § 13203(c), inserted “(includingPub. 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 aPub. 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 aPub. 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 thePub. L. 110–246, § 13203(f), inserted “or to make the determination described in subparagraph (B) of paragraph (7)” after “paragraph (4)”.

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.

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 “ThePub. 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,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)(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 thePub. 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 (orCongress .

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.

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 aPub. L. 106–554, § 1(a)(5) [title I, § 123(a)(2)(B)(ii)(III)], 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, asection 12a(9) of this title)” for “designating, or refusing, suspending, or revoking the designation of, asection 12a(9) of this title” and “designation, registration, suspension, revocation, or action” for “designation, suspension, revocation, orPub. L. 106–554, § 1(a)(5) [title I, § 123(a)(2)(D)(ii)], substituted “designate or register aPub. 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.

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”, 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)(2)(A). Pub. L. 102–546, § 215, substituted second and third sentences for “TheSenate . In nominatingPub. 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 ExchangePub. 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 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 anyPub. L. 97–444, § 202, struck out “(A)” after “(7)” and struck out subpar. (B) which prohibited any representative activities before theSept. 30, 1978 , of any Commissioner or employee of thePub. 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 thePub. L. 95–405, § 2(7), inserted “according to budget categories, plans, programs, and priorities established and approved by thePub. L. 95–405, § 2(8), substituted “, plans, priorities, and budgets approved by thePub. 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 thePub. L. 95–405, § 2(14), (15), substituted “ Senate Committee on Agriculture, Nutrition, and Forestry” for “ Senate Committee on Agriculture and Forestry”.

Subsec. (a)(1). Pub. L. 93–463, §§ 201, 202, struck out “onions,” after “eggs,” in definition of 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 Pub. L. 90–418 extended definition of Pub. L. 90–258, § 1(c), provided in last sentence for representation on theSecretary 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.

Amendment by Pub. L. 111–203 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 rulemaking, 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 a note under section 1a of this title.

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 otherwise provided, see section 4 of Pub. L. 110–246, set out as an Effective Date note under section 8701 of this title.

“The following provisions of the Commodity Exchange Act [7 U.S.C. 1 et seq.], as amended by subsection (a) of this section [amending this section], shall be effective 120 days after the date of the enactment of this Act [ June 18, 2008 ] or at such other time as the Commodity Futures Trading Commission shall determine:

The provisions of section 2(c)(2)(B)(i)(II)(cc) [7 U.S.C. 2(c)(2)(B)(i)(II)(cc)] that set forth adjusted net capital requirements, and the provisions of such section that require aPub. 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.]

Except as provided in this section, this subtitle [subtitle B (§§ 13201–13204) of title XIII of Pub. L. 110–246, amending this section and sections 1a, 6a, 6g, 6i, 7a, 7a–2, 7b, 8, and 25 of this title] shall become effective on the date of enactment of this Act [ June 18, 2008 ].

not later than 180 days after the date of the enactment of this Act [ June 18, 2008 ], issue a proposed rule regarding the implementation of section 2(h)(7) of the Commodity Exchange Act [7 U.S.C. 2(h)(7)]; and

not later than 270 days after the date of enactment of this Act [ June 18, 2008 ], issue a final rule regarding the implementation.

In its rulemaking pursuant to paragraph (1) of this subsection, the Commodity Exchange Act [7 U.S.C. 2(h)(3)] may perform a price discovery function.

With respect to any 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.]

“This Act [see Short Title of 1983 Amendment note set out under section 1 of this title] shall be effective upon the date of enactment of this Act [ Jan. 11, 1983 ], except that sections 207, 212, and 231 of this Act [amending sections 6d, 6k, and 18 of this title] shall be effective one hundred and twenty days after the date of enactment of this Act, or such earlier date as the Commodity Futures Trading Commission shall prescribe by regulation.”

“Except as otherwise provided in this Act, the provisions of this Act [see Short Title of 1978 Amendment note set out under section 1 of this title] shall become effective October 1, 1978 .”

Funds appropriated for the administration of the Commodity Exchange Act, as amended [7 U.S.C. 1 et seq.], may be used to implement this Act immediately after the date of enactment of this Act [ Oct. 23, 1974 ].”

“This Act [enacting sections 12b, 13b, 13c, and 17b of this title and amending this section and sections 6a, 6b, 6d, 6f, 6g, 6i, 7, 7a, 7b, 8, 9, 12, 12–1, 12a, 13, and 13a of this title] shall become effective one hundred and twenty days after enactment [ Feb. 19, 1968 ].”

Act July 26, 1955, ch. 382, § 2, 69 Stat. 375, provided that:

“This Act [amending this section] shall take effect sixty days after the date of its enactment [ July 26, 1955 ].”

Act Aug. 28, 1954, ch. 1041, title VII, § 710(b), 68 Stat. 913, which provided that the amendment of this section by act Aug. 28, 1954 , was effective 60 days after Aug. 28, 1954 , was repealed by Pub. L. 103–130, § 3(a), Nov. 1, 1993 , 107 Stat. 1369, eff. Dec. 31, 1995 .

Act Oct. 9, 1940, ch. 786, § 2, 54 Stat. 1059, provided that:

“This Act [amending this section] shall take effect sixty days after the date of its enactment [ Oct. 9, 1940 ].”

Amendment by act June 15, 1936 , effective 90 days after June 15, 1936 , see section 13 of that act, set out as a note under section 1 of this title.

“If any provision of this Act [see Short Title of 1974 Amendment note set out under section 1 of this title] or the application thereof to any Grandfather Provisions

Not later than 60 days after the date of enactment of this Act [ July 21, 2010 ], aCommodity Futures Trading Commission a petition to remain subject to section 2(h) of the Commodity Exchange Act (7 U.S.C. 2(h)) (as in effect on the day before the date of enactment of this Act).

“(2) Consideration; authority of commodity futures trading commission.— The Commodity Futures Trading Commission —

may allow a Commodity Exchange Act (7 U.S.C. 2(h)) (as in effect on the day before the date of enactment of this Act) for not longer than a 1-year period.

Notwithstanding subparagraph (A), a Commodity Exchange Act (7 U.S.C. 6(c)) or any rule, regulation, or order issued thereunder (including any rule, regulation, or order in effect as of the date of enactment of this Act) by the Commodity Futures Trading Commission to allow “(4) Required reporting.—

If the exception described in section 2(h)(8)(B) of the Commodity Exchange Act [7 U.S.C. 2(h)(8)(B)] applies, the counterparties shall comply with any recordkeeping and transaction reporting requirements that may be prescribed by theCommodity Exchange Act.”

“(b) The SEC, the CFTC, or both, as appropriate, shall take action under their existing authorities to permit—

by September 30, 2009 , risk-based portfolio margining forCommodity Exchange Act [7 U.S.C. 1a(32), now 1a(45)]); and

by June 30, 2009 , the trading of futures on certainPub. 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.]

“That for fiscal year 2000 and thereafter, the Commodity Futures Trading Commission ] is authorized to charge reasonable fees to attendees of31 U.S.C. 3302, said fees shall be credited to this account, to be available without further appropriation.”

Similar provisions were contained in the following prior appropriations acts:

“Pending proceedings under existing law shall not be abated by reason of any provision of this Act [see Short Title of 1974 Amendment note set out under section 1 of this title] but shall be disposed of pursuant to the applicable provisions of the Commodity Exchange Act, as amended [7 U.S.C. 1 et seq.], in effect prior to the effective date of this Act [see Effective Date of 1974 Amendment note above].”