46 U.S.C. § 40504 — Shipping exchange registry
submitted 4 years ago by Pub. L. 117-146 to r/title-46-SHIPPING · 288 words · no verdicts yet
A platform that connects shippers with ocean carriers must register as a shipping exchange. This applies to foreign trade, and the Commission can exempt well-regulated foreign exchanges. New Commission rules on this were due within three years of the law.
(a) In General: No one may run a shipping exchange for ocean transportation in U.S. foreign trade unless it's registered as a national shipping exchange, following this section and its regulations.
(b) Registration: To register, a person must file an application with the Federal Maritime Commission, in whatever form the Commission requires by rule -- including the exchange's own rules and any other information the Commission requires.
(c) Exemption: The Commission may exempt a shipping exchange from registering, with or without conditions, if it finds that a foreign country already regulates and supervises the exchange in a comparable, comprehensive way where it's headquartered.
(d) Regulations: Within 3 years of the Ocean Shipping Reform Act of 2022 becoming law, the Commission must issue regulations setting standards for registered national shipping exchanges. When reviewing a service contract* made through a shipping exchange, the Commission is limited to the minimum essential terms set out in section 40502.
(e) Definition of Shipping Exchange: A "shipping exchange" is any platform -- digital, over-the-counter, or otherwise -- that connects shippers with common carriers so they can make cargo transport agreements or contracts, by vessel* or other transportation.
No person may operate a shipping exchange involving ocean transportation in the foreign commerce of the United States unless the shipping exchange is registered as a national shipping exchange under the terms and conditions provided in this section and the regulations issued pursuant to this section.
A person shall register a shipping exchange by filing with the Federal Maritime Commission an application for registration in such form as the Commission, by rule, may prescribe, containing the rules of the exchange and such other information and documents as the Commission, by rule, may prescribe as necessary or appropriate to complete a shipping exchange’s registration.
The Commission may exempt, conditionally or unconditionally, a shipping exchange from registration under this section if the Commission finds that the shipping exchange is subject to comparable, comprehensive supervision and regulation by the appropriate governmental authorities in a foreign country where the shipping exchange is headquartered.
Not later than 3 years after the date of enactment of the Ocean Shipping Reform Act of 2022, the Commission shall issue regulations pursuant to subsection (a), which shall set standards necessary to carry out subtitle IV of this title for registered national shipping exchanges. For consideration of a service contract* entered into by a shipping exchange, the Commission shall be limited to the minimum essential terms for service contracts established under section 40502 of this title.
In this section, the term “shipping exchange” means a platform (digital, over-the-counter, or otherwise) that connects shippers with common carriers for the purpose of entering into underlying agreements or contracts for the transport of cargo, by vessel* or other modes of transportation.
Source credit: (Added Pub. L. 117–146, § 4(a), June 16, 2022, 136 Stat. 1272.)
- 2022Enacted · Pub. L. 117-146 · 136 Stat. 1272
A history note hasn’t been published yet. The record shows enactment by Pub. L. 117-146 on 2022-06-16.
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