7 U.S.C. § 6g — Reporting and recordkeeping

submitted 104 years ago by ch. 369 to r/title-7-AGRICULTURE · 404 words · no verdicts yet

in plain englishAI-generated · not legal advice

This law makes registered futures brokers and traders report their own and their customers' trading activity to the Commission. They must keep detailed records open to Commission and Justice Department inspection. Exchanges must maintain daily trading records and publish trading volume information to the public.

(a) In general Every person registered as a futures commission merchant, introducing broker, floor broker, or floor trader must file the reports the Commission asks for about their own trades and positions — and their customers' trades and positions — in commodities for future delivery, wherever those trades happen. This covers significant price discovery contracts on electronic trading facilities too, plus anything a clearing organization treats as interchangeable with one. Registrants must keep books and records about these trades in the form, manner, and time period the Commission requires, and let any Commission or Department of Justice representative inspect them. (b) Daily trading records: registered entities Every registered entity (like an exchange) must keep daily trading records. The Commission decides by rule what information these records must include. (c) Daily trading records: floor brokers, introducing brokers, and futures commission merchants Floor brokers, introducing brokers, and futures commission merchants must each keep their own daily trading records for every customer, organized so each record can be matched to the trades described in subsection (b). (d) Daily trading records: form and reports These daily trading records must be kept in a form the Commission finds acceptable, for as long as the Commission requires. Reports drawn from these records must be filed at the time, place, and in the form the Commission sets by rule, order, or regulation — to protect the public and people who trade commodity futures. (e) Disclosure of information Before trading starts each day, the exchange must — as much as practical, and following Commission rules — publish the previous day's trading volume for each type of contract, plus anything else the Commission decides the public needs to know. (f) Authority of Commission to make separate determinations unimpaired Nothing here stops the Commission from setting different rules for different registered entities when the Commission thinks that's the right call.

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

(a) In general

Every person registered hereunder as futures commission merchant, introducing broker, floor broker, or floor trader shall make such reports as are required by the Commission regarding the transactions and positions of such person, and the transactions and positions of the customer thereof, in commodities for future delivery on any board of trade in the United States or elsewhere, and in any significant price discovery contract traded or executed on an electronic trading facility or any agreement, contract, or transaction that is treated by a derivatives clearing organization, whether registered or not registered, as fungible with a significant price discovery contract; shall keep books and records pertaining to such transactions and positions in such form and manner and for such period as may be required by the Commission; and shall keep such books and records open to inspection by any representative of the Commission or the United States Department of Justice.

(b) Daily trading records: registered entities

Every registered entity shall maintain daily trading records. The daily trading records shall include such information as the Commission shall prescribe by rule.

Floor brokers, introducing brokers, and futures commission merchants shall maintain daily trading records for each customer in such manner and form as to be identifiable with the trades referred to in subsection (b).

(d) Daily trading records: form and reports

Daily trading records shall be maintained in a form suitable to the Commission for such period as may be required by the Commission. Reports shall be made from the records maintained at such times and at such places and in such form as the Commission may prescribe by rule, order, or regulation in order to protect the public interest and the interest of persons trading in commodity futures.

(e) Disclosure of information

Before the beginning of trading each day, the exchange shall, insofar as is practicable and under terms and conditions specified by the Commission, make public the volume of trading on each type of contract for the previous day and such other information as the Commission deems necessary in the public interest and prescribes by rule, order, or regulation.

(f) Authority of Commission to make separate determinations unimpaired

Nothing contained in this section shall be construed to prohibit the Commission from making separate determinations for different registered entities when such determinations are warranted in the judgment of the Commission.

Source credit: (Sept. 21, 1922, ch. 369, § 4g, as added June 15, 1936, ch. 545, § 5, 49 Stat. 1496; amended Pub. L. 90–258, § 8, Feb. 19, 1968, 82 Stat. 28; Pub. L. 93–463, title I, § 103(a), (f), title IV, § 415, Oct. 23, 1974, 88 Stat. 1392, 1415; Pub. L. 95–405, § 6, Sept. 30, 1978, 92 Stat. 869; Pub. L. 97–444, title II, § 209, Jan. 11, 1983, 96 Stat. 2302; Pub. L. 102–546, title II, § 207(b)(1), title IV, § 402(5), Oct. 28, 1992, 106 Stat. 3604, 3624; Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(7)], Dec. 21, 2000, 114 Stat. 2763, 2763A–407; Pub. L. 110–234, title XIII, § 13202(a), May 22, 2008, 122 Stat. 1438; Pub. L. 110–246, § 4(a), title XIII, § 13202(a), June 18, 2008, 122 Stat. 1664, 2200.)

history & why it existsrecord from the source credit

1922Enacted · Act of Sept. 21, 1922, ch. 369 · 49 Stat. 1496
1968Amended · Pub. L. 90-258 · 82 Stat. 28
1974Amended · Pub. L. 93-463 · 88 Stat. 1392, 1415
1978Amended · Pub. L. 95-405 · 92 Stat. 869
1983Amended · Pub. L. 97-444 · 96 Stat. 2302
1992Amended · Pub. L. 102-546 · 106 Stat. 3604, 3624
2000Amended · Pub. L. 106-554 · 114 Stat. 2763, 2763
2008Amended · Pub. L. 110-234 · 122 Stat. 1438
2008Amended · Pub. L. 110-246 · 122 Stat. 1664, 2200

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

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