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

submitted 104 years ago by Pub. L. 90-258 to r/title-7-AGRICULTURE · 61 words · no verdicts yet

in plain englishAI-generated · not legal advice

If the Commission has banned someone from trading on a registered exchange, that person cannot make a futures contract there anyway. Doing so breaks the law.

This section makes it illegal to defy a Commission trading ban. If the Commission has issued an order stopping a person from trading on, or under the rules of, a registered entity such as an exchange, that person cannot make — or have someone else make for them — a contract for future delivery of a commodity on or subject to that entity's rules while the ban is in effect. Doing so is unlawful.

the actual law source: uscode.house.gov ↗public domain

It shall be unlawful for any person, against whom there is outstanding any order of the Commission prohibiting him from trading on or subject to the rules of any registered entity, to make or cause to be made in contravention of such order, any contract for future delivery of any commodity, on or subject to the rules of any registered entity.

Source credit: (Sept. 21, 1922, ch. 369, § 8b, as added Pub. L. 90–258, § 24, Feb. 19, 1968, 82 Stat. 33; amended Pub. L. 93–463, title I, § 103(a), Oct. 23, 1974, 88 Stat. 1392; Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(20)], Dec. 21, 2000, 114 Stat. 2763, 2763A–410.)

history & why it existsrecord from the source credit

1922Enacted · Pub. L. 90-258 · 82 Stat. 33
1974Amended · Pub. L. 93-463 · 88 Stat. 1392
2000Amended · Pub. L. 106-554 · 114 Stat. 2763, 2763

A history note hasn’t been published yet. The record shows enactment by Pub. L. 90-258 on 1922-09-21.

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