7 U.S.C. § 9a — Assessment of money penalties

submitted 104 years ago by Pub. L. 93-463 to r/title-7-AGRICULTURE · 421 words · no verdicts yet

in plain englishAI-generated · not legal advice

When setting a fine under section 9, the Commission must match the fine to how bad the violation was. People who don't pay or appeal in time automatically lose trading privileges. Dodging swap-clearing rules doubles the possible penalty.

(1) When the Commission sets the amount of a money penalty under section 9 of this title, it must consider how the penalty fits the seriousness of the violation. (2) A person fined under section 9 has fifteen days after the payment deadline passes to show the Commission that they either appealed under section 9 or paid the full penalty. If they don't do this, then starting at the end of that fifteen days, and continuing until they show they've paid the penalty plus interest, two things happen automatically: (A) the person is barred from all privileges at every registered entity; and (B) if the person is registered with the Commission, that registration is suspended. (3) If the person appeals and the Commission wins, or the appeal is dismissed, the person has thirty days from the judgment on appeal to show the Commission they've paid the full penalty. If they don't, the same two automatic consequences apply: (A) they lose all privileges at every registered entity; and (B) any Commission registration is suspended. If the person still doesn't pay after the appeal period runs out, or after the penalty is affirmed, the Commission can send the matter to the Attorney General, who then sues to collect the penalty in the appropriate U.S. district court. (4) A designated clearing organization that knowingly or recklessly evades, or helps someone evade, the requirements of section 2(h) of this title must pay a civil penalty twice as large as the penalty normally available for violating section 2(h). (5) The same doubled penalty applies to any swap dealer or major swap participant that knowingly or recklessly evades, or helps someone evade, the requirements of section 2(h).

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

(1)

In determining the amount of the money penalty assessed under section 9 of this title, the Commission shall consider the appropriateness of such penalty to the gravity of the violation.

(2)

Unless the person against whom a money penalty is assessed under section 9 of this title shows to the satisfaction of the Commission within fifteen days from the expiration of the period allowed for payment of such penalty that either an appeal as authorized by section 9 of this title has been taken or payment of the full amount of the penalty then due has been made, at the end of such fifteen-day period and until such person shows to the satisfaction of the Commission that payment of such amount with interest thereon to date of payment has been made—

(A)

such person shall be prohibited automatically from the privileges of all registered entities; and

(B)

if such person is registered with the Commission, such registration shall be suspended automatically.

(3)

If a person against whom a money penalty is assessed under section 9 of this title takes an appeal and if the Commission prevails or the appeal is dismissed, unless such person shows to the satisfaction of the Commission that payment of the full amount of the penalty then due has been made by the end of thirty days from the date of entry of judgment on the appeal—

(A)

such person shall be prohibited automatically from the privileges of all registered entities; and

(B)

if such person is registered with the Commission, such registration shall be suspended automatically.

If the person against whom the money penalty is assessed fails to pay such penalty after the lapse of the period allowed for appeal or after the affirmance of such penalty, the Commission may refer the matter to the Attorney General who shall recover such penalty by action in the appropriate United States district court.

(4)

Any designated clearing organization that knowingly or recklessly evades or participates in or facilitates an evasion of the requirements of section 2(h) of this title shall be liable for a civil money penalty in twice the amount otherwise available for a violation of section 2(h) of this title.

(5)

Any swap dealer or major swap participant that knowingly or recklessly evades or participates in or facilitates an evasion of the requirements of section 2(h) of this title shall be liable for a civil money penalty in twice the amount otherwise available for a violation of section 2(h) of this title.

Source credit: (Sept. 21, 1922, ch. 369, § 6(e), formerly § 6(d), as added Pub. L. 93–463, title II, § 212(a)(3), Oct. 23, 1974, 88 Stat. 1403; renumbered § 6(e) and amended Pub. L. 102–546, title II, § 209(a)(1), (5), Oct. 28, 1992, 106 Stat. 3606; Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(12)(E)], Dec. 21, 2000, 114 Stat. 2763, 2763A–409; Pub. L. 111–203, title VII, § 741(b)(11), July 21, 2010, 124 Stat. 1732.)

history & why it existsrecord from the source credit

1922Enacted · Pub. L. 93-463 · 88 Stat. 1403
1992Amended · Pub. L. 102-546 · 106 Stat. 3606
2000Amended · Pub. L. 106-554 · 114 Stat. 2763, 2763
2010Amended · Pub. L. 111-203 · 124 Stat. 1732

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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