7 U.S.C. § 6l — Commodity trading advisors and commodity pool operators; Congressional finding

submitted 104 years ago by Pub. L. 93-463 to r/title-7-AGRICULTURE · 137 words · no verdicts yet

in plain englishAI-generated · not legal advice

Congress finds that commodity trading advisors and commodity pool operators affect the national public interest. Their communications and business dealings use the mail and interstate commerce, their advice drives futures trading, and their trading volume substantially affects futures markets.

Congress states, as a finding (not a rule), that commodity trading advisors and commodity pool operators matter to the whole country's public interest, for three reasons: (1) Their advice, publications, and business agreements with clients — contracts, solicitations, subscriptions, and other arrangements — are delivered, negotiated, and carried out using the mail and other tools of interstate commerce. (2) Their advice and their own operations are aimed at, and cause, the buying and selling of commodities for future delivery on contract markets or derivatives transaction execution facilities. (3) The volume of these trades is big enough to substantially affect trading on contract markets or derivatives transaction execution facilities. This finding sets the stage for Congress regulating these advisors and operators in the sections that follow.

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

It is hereby found that the activities of commodity trading advisors and commodity pool operators are affected with a national public interest in that, among other things—

(1)

their advice, counsel, publications, writings, analyses, and reports are furnished and distributed, and their contracts, solicitations, subscriptions, agreements, and other arrangements with clients take place and are negotiated and performed by the use of the mails and other means and instrumentalities of interstate commerce;

(2)

their advice, counsel, publications, writings, analyses, and reports customarily relate to and their operations are directed toward and cause the purchase and sale of commodities for future delivery on or subject to the rules of contract markets or derivatives transaction execution facilities; and

(3)

the foregoing transactions occur in such volume as to affect substantially transactions on contract markets or derivatives transaction execution facilities.

Source credit: (Sept. 21, 1922, ch. 369, § 4l, as added Pub. L. 93–463, title II, § 205(a), Oct. 23, 1974, 88 Stat. 1397; Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(10)], Dec. 21, 2000, 114 Stat. 2763, 2763A–408.)

history & why it existsrecord from the source credit

1922Enacted · Pub. L. 93-463 · 88 Stat. 1397
2000Amended · Pub. L. 106-554 · 114 Stat. 2763, 2763

A history note hasn’t been published yet. The record shows enactment by Pub. L. 93-463 on 1922-09-21.

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