Source: https://casetext.com/statute/united-states-code/title-7-agriculture/chapter-1-commodity-exchanges/section-6d-dealing-by-unregistered-futures-commission-merchants-or-introducing-brokers-prohibited-duties-in-handling-customer-receipts-conflict-of-interest-systems-and-procedures-chief-compliance-officer-rules-to-avoid-duplicative-regulations-swap-requirements-portfolio-margining-accounts?ref=Sjd!SzTz0e
Timestamp: 2019-09-15 14:45:35
Document Index: 6783225

Matched Legal Cases: ['§ 6', '§ 6', '§4', '§5', '§6', '§103', '§4', '§207', '§1', '§123', '§251', '§713', '§749', '§749', '§749', '§732', '§724', '§749', '§713', '§1', '§251', '§1', '§123', '§207', '§207', '§207']

Section 6d - Dealing by unregistered futures commission merchants or introducing brokers prohibited; duties in handling customer receipts; conflict-of-interest systems and procedures; Chief Compliance Officer; rules to avoid duplicative regulations; swap requirements; portfolio margining accounts, 7 U.S.C. § 6d | Casetext
7 U.S.C. § 6d
Section 6d - Dealing by unregistered futures commission merchants or introducing brokers prohibited; duties in handling customer receipts; conflict-of-interest systems and procedures; Chief Compliance Officer; rules to avoid duplicative regulations; swap requirements; portfolio margining accounts
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(1) section 78h, section 78o(c)(3),and section 78q of title 15 and the rules and regulations thereunder related to the treatment of customer funds, securities, or property, maintenance of books and records, financial reporting or other financial responsibility rules (as defined in section 78c(a)(40) of title 15), involving security futures products; and
Sept. 21, 1922, ch. 369, §4d, as added June 15, 1936, ch. 545, §5, 49 Stat. 1494; amended Pub. L. 90-258, §6, Feb. 19, 1968, 82 Stat. 27; Pub. L. 93-463, title I, §103(a), Oct. 23, 1974, 88 Stat. 1392; Pub. L. 95-405, §4, Sept. 30, 1978, 92 Stat. 869; Pub. L. 97-444, title II, §207, Jan. 11, 1983, 96 Stat. 2302; Pub. L. 106-554, §1(a)(5) [title I, §123(a)(6), title II, §251(f)], Dec. 21, 2000, 114 Stat. 2763, 2763A-407, 2763A-443; Pub. L. 111-203, title VII, §§713(b), 724(a), 732, 749(a), July 21, 2010, 124 Stat. 1646, 1682, 1712, 1746.
AMENDMENTS 2010-Subsec. (a). Pub. L. 111-203, §749(a)(1)(A), in introductory provisions, substituted "be a" for "engage as" and struck out "or introducing broker in soliciting orders or accepting 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" after "merchant". Subsec. (a)(1). Pub. L. 111-203, §749(a)(1)(B), struck out "or introducing broker" after "merchant".Subsec. (a)(2). Pub. L. 111-203, §749(a)(1)(C), struck out "if a futures commission merchant," after "such person shall,".Subsecs. (c) to (e). Pub. L. 111-203, §732, added subsecs. (c) and (d) and redesignated former subsec. (c) as (e).Subsec. (f). Pub. L. 111-203, §724(a), which directed amendment of section by adding subsec. (f) at end, was executed by making the addition after subsec. (e) to reflect the probable intent of Congress and the addition of subsec. (h) by section 713(b) of Pub. L. 111-203.Subsec. (g). Pub. L. 111-203, §749(a)(2), which directed amendment of section by adding subsec. (g) at end, was executed by making the addition after subsec. (f) to reflect the probable intent of Congress and the addition of subsec. (h) by section 713(b) of Pub. L. 111-203.Subsec. (h). Pub. L. 111-203, §713(b), added subsec. (h).2000-Pub. L. 106-554, §1(a)(5) [title II, §251(f)], designated first undesignated par. as subsec. (a), designated second undesignated par. as subsec. (b), and added subsec. (c).Pub. L. 106-554, §1(a)(5) [title I, §123(a)(6)], inserted "or derivatives transaction execution facility" after "contract market" wherever appearing. 1983-Pub. L. 97-444, §207(1), inserted reference to introducing brokers in provisions preceding par. (1).Par. (1). Pub. L. 97-444, §207(2), inserted "or introducing broker" after "futures commission merchant".Par. (2). Pub. L. 97-444, §207(3), inserted "if a futures commission merchant," after "such person shall,".1978-Pub. L. 95-405 in par. (2) inserted provisions authorizing Commission to prescribe terms and conditions under which funds and property commingled and deposited as permitted by par. (2) may be commingled and deposited with other funds and property received by a futures commission merchant and required by Commission to be separately accounted for and treated as belonging to its customers. 1974-Pub. L. 93-463 substituted "Commission" for "Secretary of Agriculture" in pars. (1) and (2). 1968-Pub. L. 90-258 struck out from second proviso of first par. authorization for investment of customer funds in investment securities of the kind national banking associations may buy or in loans secured by negotiable warehouse receipts conveying or securing title to readily marketable commodities to the extent of the current loan value of such receipts and added second par., making it unlawful for any person, including a clearing agency of a contract market or any depository, to treat customer funds as belonging to any person other than the customer, respectively.
EFFECTIVE DATE OF 1983 AMENDMENT Amendment by Pub. L. 97-444 effective 120 days after Jan. 11, 1983, or such earlier date as the Commission shall prescribe by regulation, see section 239 of Pub. L. 97-444, set out as a note under section 2 of this title.
EFFECTIVE DATE OF 1978 AMENDMENT Amendment by Pub. L. 95-405 effective Oct. 1, 1978, see section 28 of Pub. L. 95-405, set out as a note under section 2 of this title.
The term "cleared swap" means any swap that is, directly or indirectly, submitted to and cleared by a derivatives clearing organization registered with the Commission.
The term "security" means a security as defined in section 2(a)(1) of the Securities Act of 1933 ( 15 U.S.C. 77b(a)(1) ) or section 3(a)(10) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c(a)(10) ).
Section 6c - Prohibited transactions
Section 6e - Dealings by unregistered floor trader or broker prohibited