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7 U.S.C. § 6e — Dealings by unregistered floor trader or broker prohibited

submitted 104 years ago by ch. 369 to r/title-7-AGRICULTURE · 94 words · no verdicts yet

in plain englishAI-generated · not legal advice

It's illegal to act as a floor trader or floor broker in futures markets without registering. This applies to anyone executing commodity futures purchases and sales on a contract market. Their Commission registration must be active, not expired, suspended, or revoked.

It's illegal for anyone to act as a floor trader — executing purchases and sales — or as a floor broker — executing customer orders to buy or sell — involving futures contracts on or subject to the rules of a contract market or derivatives transaction execution facility, unless that person has registered with the Commission as a floor trader or floor broker under this chapter, and that registration is currently active — meaning it hasn't expired, been suspended, or been revoked.
the actual law source: uscode.house.gov ↗public domain

It shall be unlawful for any person to act as floor trader in executing purchases and sales, or as floor broker in executing any orders for the purchase or sale, of any commodity for future delivery, or involving any contracts of sale of any commodity for future delivery, on or subject to the rules of any contract market or derivatives transaction execution facility unless such person shall have registered, under this chapter, with the Commission as such floor trader or floor broker and such registration shall not have expired nor been suspended nor revoked.

Source credit: (Sept. 21, 1922, ch. 369, § 4e, as added June 15, 1936, ch. 545, § 5, 49 Stat. 1495; amended Pub. L. 93–463, title I, § 103(a), Oct. 23, 1974, 88 Stat. 1392; Pub. L. 102–546, title II, § 207(a), Oct. 28, 1992, 106 Stat. 3604; Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(6)], Dec. 21, 2000, 114 Stat. 2763, 2763A–407.)

history & why it existsrecord from the source credit
  • 1922Enacted · Act of Sept. 21, 1922, ch. 369 · 49 Stat. 1495
  • 1974Amended · Pub. L. 93-463 · 88 Stat. 1392
  • 1992Amended · Pub. L. 102-546 · 106 Stat. 3604
  • 2000Amended · Pub. L. 106-554 · 114 Stat. 2763, 2763

A history note hasn’t been published yet. The record shows enactment by ch. 369 on 1922-09-21.

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