§ 6p. Standards and examinations

Footnotes

1. 1 So in original. Probably should be capitalized.

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1922

   Commodity Futures Trading Commission Act of 1974

   Pub. L. 93–463 title II § 206 · 88 Stat. 1389

   Enacted · 7 U.S.C. § 6p

   Sept. 21, 1922, ch. 369, § 4p, as added Pub. L. 93–463, title II, § 206, Oct. 23, 1974, 88 Stat. 1400

   Source evidence

   Code source credit
   Sept. 21, 1922, ch. 369, § 4p, as added Pub. L. 93–463, title II, § 206, Oct. 23, 1974, 88 Stat. 1400

   Enacted provision · exact public law section
   Sec. 206. The Standards and examinations. Commodity Exchange Act, as amended, is amended by adding the following new section: “Sec. 4p. The 7 USC 6p. Commission may specify by rules and regulations appropriate standards with respect to training, experience, and such other qualifications as the Commission finds necessary or desirable to insure the fitness of futures commission merchants, floor brokers, and those persons associated with futures commission merchants or floor brokers. In connection therewith, the Commission may prescribe by rules and regulations the adoption of written proficiency examinations to be given to applicants for registration as futures commission merchants, floor brokers, and those persons associated with futures commission merchants or floor brokers, and the establishment of reasonable fees to be charged to such applicants to cover the administration of such examinations. The Commission may further prescribe by rules and regulations that, in lieu of examinations administered by the Commission, Post, p. 1406. futures associations registered under section 17 of this Act or contract markets may adopt written proficiency examinations to be given to applicants for registration as futures commission merchants, floor brokers, and those persons associated with futures commission merchants or floor brokers, and charge reasonable fees to such applicants to cover the administration of such examinations. Notwithstanding any other provision of this section, the Commission may specify by rules and regulations such terms and conditions as it deems appropriate to protect the public interest wherein exception to any written proficiency examination shall be made with respect to individuals who have demonstrated, through training and experience, the degree of proficiency and skill necessary to protect the interests of the customers of futures commission merchants and floor brokers.”

2. 1983

   Futures Trading Act of 1982

   Pub. L. 97–444 title II § 215 · 96 Stat. 2294

   1. Substituted · 7 U.S.C. § 6p

      Pub. L. 97–444 substituted “persons required to be registered with the Commission” for “futures commission merchants, floor brokers, and those persons associated with futures commission merchants or floor brokers” in last sentence, and in second and third sentences struck out “as futures commission merchants, floor brokers, and those persons associated with futures commission merchants or floor brokers,” after “applicants for registration”

   2. Substituted · 7 U.S.C. § 6p

      Pub. L. 97–444 substituted “customers, clients, pool participants, or other members of the public with whom such individuals deal” for “the customers of futures commission merchants and floor brokers” in last sentence, and in second and third sentences struck out “as futures commission merchants, floor brokers, and those persons associated with futures commission merchants or floor brokers,” after “applicants for registration”

   Source evidence

   Code amendment note
   Pub. L. 97–444 substituted “persons required to be registered with the Commission” for “futures commission merchants, floor brokers, and those persons associated with futures commission merchants or floor brokers” in first sentence, “customers, clients, pool participants, or other members of the public with whom such individuals deal” for “the customers of futures commission merchants and floor brokers” in last sentence, and in second and third sentences struck out “as futures commission merchants, floor brokers, and those persons associated with futures commission merchants or floor brokers,” after “applicants for registration”.

   Enacted provision · exact public law section
   Sec. 215. extension of authority regarding proficiency examinations Section 4p of the Commodity Exchange Act (7 U.S.C. 6p) is amended by— (1) striking out in the first sentence “futures commission merchants, floor brokers, and those persons associated with futures commission merchants or floor brokers” and inserting in lieu thereof “persons required to be registered with the Commission”; (2) striking out in the second and third sentences “as futures commission merchants, floor brokers, and those persons associated with futures commission merchants or floor brokers,”; and (3) striking out in the last sentence “the customers of futures commission merchants and floor brokers” and inserting in lieu thereof “customers, clients, pool participants, or other members of the public with whom such individuals deal”.

   Effective date note
   Amendment by Pub. L. 97–444 effective Jan. 11, 1983, see section 239 of Pub. L. 97–444, set out as a note under section 2 of this title.

3. 1992

   Futures Trading Practices Act of 1992

   Pub. L. 102–546 title II § 210(a) · 106 Stat. 3590

   1. Amended · 7 U.S.C. § 6p

      Pub. L. 102–546 designated existing provisions as subsec. (a)

   2. Added · 7 U.S.C. § 6p

      Pub. L. 102–546 added subsec. (b)

   Source evidence

   Code amendment note
   Pub. L. 102–546 designated existing provisions as subsec. (a) and added subsec. (b).

   Enacted provision · exact public law section
   (a) Mandatory Training for Registrants.— Section 4p (7 U.S.C. 6p) is amended by— (1) inserting “(a)” after “Sec. 4p.”; and (2) adding at the end the following: “(b) The Commission shall issue regulations to require new registrants, within six months after receiving such registration, to attend a training session, and all other registrants to attend periodic training sessions, to ensure that registrants understand their responsibilities to the public under this Act, including responsibilities to observe just and equitable principles of trade, any rule or regulation of the Commission, any rule of any appropriate contract market, registered futures association, or other self-regulatory organization, or any other applicable Federal or state law, rule or regulation.”.

4. 2000

   Consolidated Appropriations Act, 2001

   Pub. L. 106–554 § 1(a)(5)(tI)(s123)(a)(11)(A) · 114 Stat. 2763

   Substituted · 7 U.S.C. § 6p(a)

   Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(11)(A)], substituted “title, contract markets, or derivatives transaction execution facilities” for “title or contract markets”

   Source evidence

   Code amendment note
   Subsec. (a). Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(11)(A)], substituted “title, contract markets, or derivatives transaction execution facilities” for “title or contract markets”.

   Enacted provision · exact public law section
   (5) H.R. 5660, as introduced on December 14, 2000.

5. 2000

   Consolidated Appropriations Act, 2001

   Pub. L. 106–554 § 1(a)(5)(tI)(s123)(a)(11)(B) · 114 Stat. 2763

   Inserted · 7 U.S.C. § 6p(b)

   Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(11)(B)], inserted “derivatives transaction execution facility,” after “contract market,”

   Source evidence

   Code amendment note
   Subsec. (b). Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(11)(B)], inserted “derivatives transaction execution facility,” after “contract market,”.

   Enacted provision · exact public law section
   (5) H.R. 5660, as introduced on December 14, 2000.

7 of 7 references resolved to an enrolled provision