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7 U.S.C. § 9bRules prohibiting deceptive and other abusive telemarketing acts or practices

submitted 104 years ago by Pub. L. 103-297 to r/title-7-AGRICULTURE · 234 words · no verdicts yet

in plain englishAI-generated · not legal advice

The Commission must write rules against deceptive telemarketing in the futures industry. These rules must match FTC telemarketing rules. The Commission can skip this if its existing rules already do the job, or a new rule wouldn't help.

(1) Unless subsection (2) applies, the Commission must create rules -- or require each registered futures association to create rules -- that closely match the Federal Trade Commission's telemarketing rules issued under section 6102(a) of title 15. These rules must ban deceptive and other abusive telemarketing by anyone registered or exempt from registration under this chapter, when they act as a futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator, leverage transaction merchant, floor broker, floor trader, or an associated person of any of those. The Commission has six months after the FTC's rules take effect to do this. (2) The Commission doesn't have to create these rules if it determines either: (A) that rules it has already adopted under this chapter give protection from deceptive and abusive telemarketing that is substantially similar to the FTC's rules; or (B) that such a rule is not necessary or appropriate for the public interest, for protecting customers in the futures and options markets, or would conflict with keeping those markets fair and orderly. If the Commission decides that either exception applies, it must publish that determination, along with its reasons, in the Federal Register.
the actual law source: uscode.house.gov ↗public domain
(1)

Except as provided in paragraph (2), not later than six months after the effective date of rules promulgated by the Federal Trade Commission under section 6102(a) of title 15, the Commission shall promulgate, or require each registered futures association to promulgate, rules substantially similar to such rules to prohibit deceptive and other abusive telemarketing acts or practices by any person registered or exempt from registration under this chapter in connection with such person’s business as a futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator, leverage transaction merchant, floor broker, or floor trader, or a person associated with any such person.

(2)

The Commission is not required to promulgate rules under paragraph (1) if it determines that—

(A)

rules adopted by the Commission under this chapter provide protection from deceptive and abusive telemarketing by persons described under paragraph (1) substantially similar to that provided by rules promulgated by the Federal Trade Commission under section 6102(a) of title 15; or

(B)

such a rule promulgated by the Commission is not necessary or appropriate in the public interest, or for the protection of customers in the futures and options markets, or would be inconsistent with the maintenance of fair and orderly markets.

If the Commission determines that an exception described in subparagraph (A) or (B) applies, the Commission shall publish in the Federal Register its determination with the reasons for it.

Source credit: (Sept. 21, 1922, ch. 369, § 6(f), as added Pub. L. 103–297, § 3(e)(2), Aug. 16, 1994, 108 Stat. 1547.)

history & why it existsrecord from the source credit
  • 1922Enacted · Pub. L. 103-297 · 108 Stat. 1547

A history note hasn’t been published yet. The record shows enactment by Pub. L. 103-297 on 1922-09-21.

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