§ 8. Application for designation as contract market or derivatives transaction execution facility; time; suspension or revocation of designation; hearing; review by court of appeals

Footnotes

1. 1 So in original.

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

   Pub. L. 67–369 § 6(a) · 42 Stat. 998

   Enacted · 7 U.S.C. § 8

   Sept. 21, 1922, ch. 369, § 6(a), (b), formerly § 6(a), 42 Stat. 1001

   Source evidence

   Code source credit
   Sept. 21, 1922, ch. 369, § 6(a), (b), formerly § 6(a), 42 Stat. 1001

   Enacted provision · exact public law section
   (a) A commission composed of the Secretary of Agriculture, the Commission authorized to suspend, etc., boards violating requirements. Secretary of Commerce, and the Attorney General is authorized to suspend for a period not to exceed six months or to revoke the designation of any board of trade as a “contract market” upon a showing that such board of trade has failed or is failing to comply with any of the above requirements or is not enforcing its rules of government made a condition of its designation as set forth in section 5. Such suspension or revocation shall only be after a notice to the officers of the board of trade affected and upon a hearing: Provided, That such Provisos. Action conclusive if noappeal filed in circuit court of appeals to set aside, etc. suspension or revocation shall be final and conclusive unless within fifteen days after such suspension or revocation by the said commission such board of trade appeals to the circuit court of appeals for the circuit in which it has its principal place of business by filing with the clerk of such court a written petition praying that the order of the said commission be set aside or modified in the manner stated in the petition, together with a bond in such sum as the court may determine, conditioned that such board of trade will pay the costs of the proceedings if the court so directs. The clerk of the court Commission to certify records, etc., to court. in which such a petition is filed shall immediately cause a copy thereof to be delivered to the Secretary of Agriculture, chairman of said commission, or any member thereof, and the said commission shall forthwith prepare, certify, and file in the court a full and accurate transcript of the record in such proceedings, including the notice to the board of trade, a copy of the charges, the evidence, and the report and order. The testimony and evidence taken or submitted before Accepted as evidence. the said commission duly certified and filed as aforesaid as a part of the record, shall be considered by the court as the evidence in the case. The proceedings in such cases in the circuit court of appealsshall be made a preferred cause and shall be expedited in every way. Such a court may affirm or set aside the order of the said commission or may direct it to modify its order. No such order of the said Authority to set aside orders, etc., limited. commission shall be modified or set aside by the circuit court of appeals unless it is shown by the board of trade that the order is unsupported by the weight of the evidence or was issued without due notice and a reasonable opportunity having been afforded to such board of trade for a hearing, or infringes the Constitution of the United States, or is beyond the jurisdiction of said commission: Provided further, That Appeal to commission if Secretary refuse to designate board of trade, as contract market. if the Secretary of Agriculture shall refuse to designate as a contract market any board of trade that has made application therefor, then such board of trade may appeal from such refusal to the commission described therein, consisting of the Secretary of Agriculture, the Secretary of Commerce, and the Attorney General of the United States, with the right to appeal as provided for in other cases in this section, the decision on such appeal to be final and binding on all parties Decision finals. interested.

2. 1958

   Pub. L. 85–791 § 7(a) · 72 Stat. 941

   1. Substituted · 7 U.S.C. § 8

      Pub. L. 85–791 substituted “thereupon file in the court the record in such proceedings, as provided in section 2112 of title 28” for “forthwith prepare, certify, and file in the court a full and accurate transcript of the record in such proceedings including the notice to the board of trade, a copy of the charges, the evidence, and the report and order” in third notice

   2. Struck · 7 U.S.C. § 8

      Pub. L. 85–791 struck out “certified and” after “duly” in fourth sentence

   Source evidence

   Code amendment note
   Pub. L. 85–791 substituted “thereupon file in the court the record in such proceedings, as provided in section 2112 of title 28” for “forthwith prepare, certify, and file in the court a full and accurate transcript of the record in such proceedings including the notice to the board of trade, a copy of the charges, the evidence, and the report and order” in third notice, and struck out “certified and” after “duly” in fourth sentence.

   Enacted provision · exact public law section
   (a) The third and fourth sentences of paragraph (a) of 7 USC 8. section 6 of the Commodity Exchange Act (42 Stat. 1001), are amended to read as follows: “The clerk of the court in which such a petition is filed shall immediately cause a copy thereof to be delivered to the Secretary of Agriculture, Chairman of said Commission, or any member thereof, and the said Commission shall thereupon file in the court the record in such proceedings, as provided in section 2112 of title 28, United States Code. The testimony and evidence taken or submitted before the said Commission, duly filed as aforesaid as a part of the record, shall be considered by the court as the evidence in the case.”

3. 1968

   Pub. L. 90–258 § 14 · 82 Stat. 26

   Inserted · 7 U.S.C. § 8

   Pub. L. 90–258, § 14, inserted provision affording any board of trade refused a contract market designation a hearing before the Commission with right to appeal in adverse decision to the court of appeals as provided for in par. (a) of this section at end of first par

   Source evidence

   Code amendment note
   Pub. L. 90–258, § 14, inserted provision affording any board of trade refused a contract market designation a hearing before the Commission with right to appeal in adverse decision to the court of appeals as provided for in par. (a) of this section at end of first par.

   Enacted provision · exact public law section
   Sec. 14. Section 6 of the Commodity Exchange Act, as amended (7 U.S.C. 8, 9), is amended by adding at the end of the first paragraph thereof (7 U.S.C. 8) the following sentence: “In the event of a refusal to designate as a ‘contract market’ any board of trade that has made application therefor, such board of trade shall be afforded an opportunity for a hearing before the commission, with the right to appeal an adverse decision after such hearing to the court, of appeals as provided for in other cases in paragraph (a) of this section.”

4. 1968

   Pub. L. 90–258 § 15 · 82 Stat. 26

   1. Amended · 7 U.S.C. § 8(a)

      Pub. L. 90–258, § 15, amended par. (a) generally

   2. Struck · 7 U.S.C. § 8(a)

      Pub. L. 90–258, § 15, striking out such parts both of first sentence and of proviso of last sentence as described the commission as made up of the Secretary of Agriculture, Secretary of Commerce, and Attorney General (covered in definition of “Commission” in section 2 of this title, including representation of such officials by their designees), extending grounds for suspension or revocation of designation to include violations of any provisions of this chapter or rules, regulations, or orders of the Secretary of Agriculture or commission, requiring delivery of appeal petitions to Secretary of Agriculture rather than any member of the commission, who would notify the other members, and filing of commission records of proceedings on appeal by the Secretary of Agriculture and not the commission

   3. Struck · 7 U.S.C. § 8(a)

      Pub. L. 90–258, § 15, striking out provisions describing Secretary of Agriculture as Chairman (now found in section 2 of this title), superseding such part of proviso of seventh sentence as authorized appeals to the commission from Secretary of Agriculture’s refusal of a contract market designation by provisions of first par. of this section

   4. Struck · 7 U.S.C. § 8(a)

      Pub. L. 90–258, § 15, striking out such other part as made decision of court on appeal from commission final and binding on the parties

   Source evidence

   Code amendment note
   Par. (a). Pub. L. 90–258, § 15, amended par. (a) generally, striking out such parts both of first sentence and of proviso of last sentence as described the commission as made up of the Secretary of Agriculture, Secretary of Commerce, and Attorney General (covered in definition of “Commission” in section 2 of this title, including representation of such officials by their designees), extending grounds for suspension or revocation of designation to include violations of any provisions of this chapter or rules, regulations, or orders of the Secretary of Agriculture or commission, requiring delivery of appeal petitions to Secretary of Agriculture rather than any member of the commission, who would notify the other members, and filing of commission records of proceedings on appeal by the Secretary of Agriculture and not the commission, striking out provisions describing Secretary of Agriculture as Chairman (now found in section 2 of this title), superseding such part of proviso of seventh sentence as authorized appeals to the commission from Secretary of Agriculture’s refusal of a contract market designation by provisions of first par. of this section, and striking out such other part as made decision of court on appeal from commission final and binding on the parties.

   Enacted provision · exact public law section
   Sec. 15. Section 6(a) of the Commodity Exchange Act, as amended (7 U.S.C. 8), is amended to read as follows: “(a) The commission is authorized to suspend for a period not to exceed six months or to revoke the designation of any board of trade as a ‘contract market’ upon a showing that such board of trade is not enforcing or has not enforced its rules of government made a condition of its designation as set forth in section 5 of this Act or that such board of trade, or any director, officer, agent, or employee thereof, otherwise is violating or has violated any of the provisions of this Act. or any of the rules, regulations, or orders of the Secretary of Agriculture or the commission thereunder. Such suspension or revocation shall only be after a notice to the officers of the board of trade effected and Filing of petition. upon a hearing: Provided, That such suspension or revocation shall be final and conclusive, unless within fifteen days after such suspension or revocation by the commission such board of trade appeals to the court of appeals for the circuit in which it has its principal place of business, by filing with the clerk of such court a written petition praying that, the order of the commission be set Aside or modified in the manner stated in the petition, together with a bond in such sum as the court may determine, conditioned that such board of trade will pay the costs of the proceedings if the court, so directs. The clerk of the court in which such a petition is filed shall immediately cause a copy thereof to be delivered to the Secretary of Agriculture, who shall thereupon notify the other members of the commission and file in the court the record in such proceedings, as provided in section 2112 of title 28, United States 72 Stat. 941. Code. The testimony and evidence taken or submitted before the commission, duly filed as aforesaid as a part of the record, shall be considered by the court of appeals as the evidence in the case. The proceedings in such cases in the court of appeals shall be. made a preferred cause and shall be expedited in every way. Such a court may affirm or set aside the order of the commission or may direct it to modify its order. No such order of the commission shall be modified or set aside by the court of appeals unless it is shown by the board of trade that the order is unsupported by the weight of the evidence or was issued without due notice and a reasonable opportunity having been afforded to such board of trade for a hearing, or infringes the Constitution of the United States, or is beyond the jurisdiction of the commission.”

5. 1974

   Commodity Futures Trading Commission Act of 1974

   Pub. L. 93–463 § 103(a) · 88 Stat. 1389

   Substituted · 7 U.S.C. § 8

   Pub. L. 93–463, § 103(a), substituted “Commission” for “Secretary of Agriculture” in first par

   Source evidence

   Code amendment note
   Pub. L. 93–463, § 103(a), substituted “Commission” for “Secretary of Agriculture” in first par.

   Enacted provision · exact public law section
   (a) By 7 USC 6, 6a, 6c–6g, 6i, 7, 7a, 8, 9, 11, 12, 12–1, 12a, 12b, 13b, 16. striking the word “Secretary” and the words “Secretary of Agriculture” wherever such words appear therein (except where the words “Secretary of Agriculture” first appear in section 5(a)(7 U.S.C. 7) or where said words would be stricken by subsection (b), (c), or (d) of this section) and by inserting in lieu thereof the word “Commission”.

6. 1974

   Commodity Futures Trading Commission Act of 1974

   Pub. L. 93–463 § 103(c) · 88 Stat. 1389

   Struck · 7 U.S.C. § 8(a)

   Pub. L. 93–463, § 103(c), struck out “the Secretary of Agriculture, who shall thereupon notify the other members of” after “The clerk of the court in which such a petition is filed shall immediately cause a copy thereof to be delivered to”

   Source evidence

   Code amendment note
   Par. (a). Pub. L. 93–463, § 103(c), struck out “the Secretary of Agriculture, who shall thereupon notify the other members of” after “The clerk of the court in which such a petition is filed shall immediately cause a copy thereof to be delivered to”.

   Enacted provision · exact public law section
   (c) By striking the words “the Secretary of Agriculture, who shall thereupon notify the other members of” from section 6(a) thereof (7 U.S.C. 8).

7. 1974

   Commodity Futures Trading Commission Act of 1974

   Pub. L. 93–463 § 103(a) · 88 Stat. 1389

   1. Substituted · 7 U.S.C. § 8(a)

      Pub. L. 93–463, § 103(a), provided for substitution of “Commission” for “Secretary of Agriculture”

   2. Substituted · 7 U.S.C. § 8(a)

      Pub. L. 93–463, § 103(a), provided for substitution of “the Commission or the commission” for “the Secretary of Agriculture or the commission”

   Target inherited from the preceding amendment note.

   Source evidence

   Code amendment note
   Pub. L. 93–463, § 103(a), provided for substitution of “Commission” for “Secretary of Agriculture” except where such words would be stricken by section 103(b), which directed striking the words “the Secretary of Agriculture or” where they appeared in the phrase “the Secretary of Agriculture or the Commission”. Because the word “commission” was not capitalized in that phrase in par. (a), section 103(b) did not apply to par. (a) and therefore section 103(a) was executed, resulting in the substitution of “the Commission or the commission” for “the Secretary of Agriculture or the commission”.

   Enacted provision · exact public law section
   (a) By 7 USC 6, 6a, 6c–6g, 6i, 7, 7a, 8, 9, 11, 12, 12–1, 12a, 12b, 13b, 16. striking the word “Secretary” and the words “Secretary of Agriculture” wherever such words appear therein (except where the words “Secretary of Agriculture” first appear in section 5(a)(7 U.S.C. 7) or where said words would be stricken by subsection (b), (c), or (d) of this section) and by inserting in lieu thereof the word “Commission”.

8. 1978

   Futures Trading Act of 1978

   Pub. L. 95–405 § 13(1) · 92 Stat. 865

   Inserted · 7 U.S.C. § 8

   Pub. L. 95–405, § 13(1), in provisions before par. (a) inserted “on the record” after “opportunity for a hearing”

   Source evidence

   Code amendment note
   Pub. L. 95–405, § 13(1), in provisions before par. (a) inserted “on the record” after “opportunity for a hearing”.

   Enacted provision · exact public law section
   (1) inserting in the second sentence “on the record” after “a hearing” (7 U.S.C. 8);

9. 1978

   Futures Trading Act of 1978

   Pub. L. 95–405 § 13(2) · 92 Stat. 865

   Inserted · 7 U.S.C. § 8(a)

   Pub. L. 95–405, § 13(2), inserted “on the record” after “upon a hearing”

   Source evidence

   Code amendment note
   Par. (a). Pub. L. 95–405, § 13(2), inserted “on the record” after “upon a hearing”.

   Enacted provision · exact public law section
   (2) inserting in the second sentence of paragraph (a) “on the record” after “hearing” (7 U.S.C. 8); and

10. 1983

    Futures Trading Act of 1982

    Pub. L. 97–444 title II § 218 · 96 Stat. 2294

    Changed · 7 U.S.C. § 8

    Pub. L. 97–444 required approval or denial of application within one year period of filing of application, stay of such period following notification that application was incomplete and deficient until resubmission of application, minimum period prior to acting upon resubmitted application, and specification of grounds for denial of application

    Source evidence

    Code amendment note
    Pub. L. 97–444 required approval or denial of application within one year period of filing of application, stay of such period following notification that application was incomplete and deficient until resubmission of application, minimum period prior to acting upon resubmitted application, and specification of grounds for denial of application.

    Enacted provision · exact public law section
    Sec. 218. contract market designation procedures Section 6 of the Commodity Exchange Act (7 U.S.C. 8) is amended by inserting immediately after the first sentence the following: “The Commission shall approve or deny an application for designation as a contract market within one year of the filing of the application. If the Commission notifies the board of trade that its application is materially incomplete and specifies the deficiencies in the application, the running of the one-year period shall be stayed from the time of such notification until the application is resubmitted in completed form: Provided, That the Commission shall have not less than sixty days to approve or deny the application from the time the application is resubmitted in completed form. If the Commission denies an application, it shall specify the grounds for the denial.”.

11. 1984

    Pub. L. 98–620 title IV § 402(3) · 98 Stat. 3335

    Struck · 7 U.S.C. § 8(a)

    Pub. L. 98–620 struck out provisions requiring proceedings in such cases in the court of appeals to be made a preferred cause and expedited in every way

    Source evidence

    Code amendment note
    Par. (a). Pub. L. 98–620 struck out provisions requiring proceedings in such cases in the court of appeals to be made a preferred cause and expedited in every way.

    Enacted provision · exact public law section
    (3) Section 6(a) of the Commodity Exchange Act (7 U.S.C. 8(a)) is amended by striking out “The proceedings in such cases in the court of appeals shall be made a preferred cause and shall be expedited in every way.”.

12. 1992

    Futures Trading Practices Act of 1992

    Pub. L. 102–546 § 209(a)(1) · 106 Stat. 3590

    1. Amended · 7 U.S.C. § 8

       Pub. L. 102–546, § 209(a)(1), (2), designated first par. as subsec. (a)

    2. Redesignated · 7 U.S.C. § 8

       Pub. L. 102–546, § 209(a)(1), (2), redesignated former par. (a) as subsec. (b)

    Source evidence

    Code amendment note
    Pub. L. 102–546, § 209(a)(1), (2), designated first par. as subsec. (a) and redesignated former par. (a) as subsec. (b).

    Enacted provision · exact public law section
    (1) by redesignating subsections (a) through (d) as subsections (b) through (e), respectively;

13. 1992

    Futures Trading Practices Act of 1992

    Pub. L. 102–546 § 209(a)(3) · 106 Stat. 3590

    Substituted · 7 U.S.C. § 8(a)

    Pub. L. 102–546, § 209(a)(3), substituted “subsection (b)” for “paragraph (a)”

    Source evidence

    Code amendment note
    Subsec. (a). Pub. L. 102–546, § 209(a)(3), substituted “subsection (b)” for “paragraph (a)”.

    Enacted provision · exact public law section
    (3) in subsection (a), as so redesignated, by striking “paragraph (a)” and inserting “subsection (b)”;

14. 1992

    Futures Trading Practices Act of 1992

    Pub. L. 102–546 § 402(9)(A) · 106 Stat. 3590

    Struck · 7 U.S.C. § 8(b)

    Pub. L. 102–546, § 402(9)(A), which directed amendment of first sentence by striking “the Secretary of Agriculture or”, could not be executed because of amendment by Pub. L. 93–463, § 103(a). See 1974 Amendment note below

    Source evidence

    Code amendment note
    Subsec. (b). Pub. L. 102–546, § 402(9)(A), which directed amendment of first sentence by striking “the Secretary of Agriculture or”, could not be executed because of amendment by Pub. L. 93–463, § 103(a). See 1974 Amendment note below.

    Enacted provision · exact public law section
    (A) in the first sentence of section 6(b), as so redesignated 7 USC 8. by section 209(a)(1);

15. 1992

    Futures Trading Practices Act of 1992

    Pub. L. 102–546 § 402(1)(B) · 106 Stat. 3590

    Substituted · 7 U.S.C. § 8(b)

    Pub. L. 102–546, § 402(1)(B), substituted “Commission” for “commission” wherever appearing

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 102–546, § 402(1)(B), substituted “Commission” for “commission” wherever appearing.

    Enacted provision · exact public law section
    (B) section 6(b), as so redesignated by section 209(a)(1), each place it appears;

16. 2000

    Consolidated Appropriations Act, 2001

    Pub. L. 106–554 § 1(a)(5)(tI)(s123)(a)(12)(A)(iv) · 114 Stat. 2763

    Substituted · 7 U.S.C. § 8(a)

    Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(12)(A)(iv)], substituted “designate or register as a contract market or derivatives transaction execution facility any person that has made application therefor, the person” for “designate as a ‘contract market’ any board of trade that has made application therefor, such board of trade” in last sentence

    Source evidence

    Code amendment note
    Subsec. (a). Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(12)(A)(iv)], substituted “designate or register as a contract market or derivatives transaction execution facility any person that has made application therefor, the person” for “designate as a ‘contract market’ any board of trade that has made application therefor, such board of trade” in last sentence.

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

17. 2000

    Consolidated Appropriations Act, 2001

    Pub. L. 106–554 § 1(a)(5)(tI)(s123)(a)(12)(A)(iii) · 114 Stat. 2763

    1. Substituted · 7 U.S.C. § 8(a)

       Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(12)(A)(iii)], in third sentence, substituted “person” for “board of trade”

    2. Substituted · 7 U.S.C. § 8(a)

       Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(12)(A)(iii)], in third sentence, substituted “180-day period” for “one-year period”

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(12)(A)(iii)], in third sentence, substituted “person” for “board of trade” and “180-day period” for “one-year period”.

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

18. 2000

    Consolidated Appropriations Act, 2001

    Pub. L. 106–554 § 1(a)(5)(tI)(s123)(a)(12)(A)(ii) · 114 Stat. 2763

    Substituted · 7 U.S.C. § 8(a)

    Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(12)(A)(ii)], substituted “designation or registration as a contract market or derivatives transaction execution facility within 180 days” for “designation as a contract market within one year” in second sentence

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(12)(A)(ii)], substituted “designation or registration as a contract market or derivatives transaction execution facility within 180 days” for “designation as a contract market within one year” in second sentence.

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

19. 2000

    Consolidated Appropriations Act, 2001

    Pub. L. 106–554 § 1(a)(5)(tI)(s123)(a)(12)(A)(i) · 114 Stat. 2763

    1. Substituted · 7 U.S.C. § 8(a)

       Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(12)(A)(i)], in first sentence, substituted “person desiring to be designated or registered as a contract market or derivatives transaction execution facility shall make application to the Commission for the designation or registration” for “board of trade desiring to be designated a ‘contract market’ shall make application to the Commission for such designation”

    2. Substituted · 7 U.S.C. § 8(a)

       Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(12)(A)(i)], in first sentence, substituted “conditions set forth in this chapter” for “above conditions”

    3. Substituted · 7 U.S.C. § 8(a)

       Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(12)(A)(i)], in first sentence, substituted “the requirements of this chapter” for “above requirements”

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(12)(A)(i)], in first sentence, substituted “person desiring to be designated or registered as a contract market or derivatives transaction execution facility shall make application to the Commission for the designation or registration” for “board of trade desiring to be designated a ‘contract market’ shall make application to the Commission for such designation”, “conditions set forth in this chapter” for “above conditions”, and “the requirements of this chapter” for “above requirements”.

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

20. 2000

    Consolidated Appropriations Act, 2001

    Pub. L. 106–554 § 1(a)(5)(tI)(s123)(a)(12)(B)(iii) · 114 Stat. 2763

    Substituted · 7 U.S.C. § 8(b)

    Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(12)(B)(iii)], substituted “person” for “board of trade” in two places in last sentence

    Source evidence

    Code amendment note
    Subsec. (b). Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(12)(B)(iii)], substituted “person” for “board of trade” in two places in last sentence.

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

21. 2000

    Consolidated Appropriations Act, 2001

    Pub. L. 106–554 § 1(a)(5)(tI)(s123)(a)(12)(B)(ii) · 114 Stat. 2763

    1. Substituted · 7 U.S.C. § 8(b)

       Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(12)(B)(ii)], in second sentence, substituted “contract market or derivatives transaction execution facility affected” for “board of trade affected”

    2. Substituted · 7 U.S.C. § 8(b)

       Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(12)(B)(ii)], in second sentence, substituted “person appeals” for “board of trade appeals”

    3. Substituted · 7 U.S.C. § 8(b)

       Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(12)(B)(ii)], in second sentence, substituted “person will” for “board of trade will”

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(12)(B)(ii)], in second sentence, substituted “contract market or derivatives transaction execution facility affected” for “board of trade affected”, “person appeals” for “board of trade appeals” and “person will” for “board of trade will”.

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

22. 2000

    Consolidated Appropriations Act, 2001

    Pub. L. 106–554 § 1(a)(5)(tI)(s123)(a)(12)(B)(i) · 114 Stat. 2763

    1. Substituted · 7 U.S.C. § 8(b)

       Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(12)(B)(i)], in first sentence, substituted “designation or registration of any contract market or derivatives transaction execution facility on” for “designation of any board of trade as a ‘contract market’ upon”

    2. Substituted · 7 U.S.C. § 8(b)

       Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(12)(B)(i)], in first sentence, substituted “contract market or derivatives transaction execution facility” for “board of trade”

    3. Substituted · 7 U.S.C. § 8(b)

       Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(12)(B)(i)], in first sentence, substituted “designation or registration as set forth in sections 7 through 7a–1 of this title or section 7b–1 of this title” for “designation as set forth in section 7 of this title”

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(12)(B)(i)], in first sentence, substituted “designation or registration of any contract market or derivatives transaction execution facility on” for “designation of any board of trade as a ‘contract market’ upon”, “contract market or derivatives transaction execution facility” for “board of trade” in two places, and “designation or registration as set forth in sections 7 through 7a–1 of this title or section 7b–1 of this title” for “designation as set forth in section 7 of this title”.

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

23. 2008

    CFTC Reauthorization Act of 2008

    Pub. L. 110–246 § 13203(m) · 122 Stat. 1651

    1. Substituted · 7 U.S.C. § 8(b)

       Pub. L. 110–246, § 13203(m), added first sentence, in second sentence substituted “Such suspension or revocation shall only be made after a notice to the officers of the contract market or derivatives transaction execution facility or electronic trading facility affected and upon a hearing on the record” for “Such suspension or revocation shall only be after a notice to the officers of the contract market or derivatives transaction execution facility affected and upon a hearing on the record”

    2. Struck · 7 U.S.C. § 8(b)

       Pub. L. 110–246, § 13203(m), struck out former first sentence which read as follows: “The Commission is authorized to suspend for a period not to exceed six months or to revoke the designation or registration of any contract market or derivatives transaction execution facility on a showing that such contract market or derivatives transaction execution facility is not enforcing or has not enforced its rules of government made a condition of its designation or registration as set forth in sections 7 through 7a–1 of this title or section 7b–1 of this title or that such contract market or derivatives transaction execution facility, or any director, officer, agent, or employee thereof, otherwise is violating or has violated any of the provisions of this chapter or any of the rules, regulations, or orders of the Commission or the Commission thereunder.”

    Source evidence

    Code amendment note
    Subsec. (b). Pub. L. 110–246, § 13203(m), added first sentence, in second sentence substituted “Such suspension or revocation shall only be made after a notice to the officers of the contract market or derivatives transaction execution facility or electronic trading facility affected and upon a hearing on the record” for “Such suspension or revocation shall only be after a notice to the officers of the contract market or derivatives transaction execution facility affected and upon a hearing on the record”, and struck out former first sentence which read as follows: “The Commission is authorized to suspend for a period not to exceed six months or to revoke the designation or registration of any contract market or derivatives transaction execution facility on a showing that such contract market or derivatives transaction execution facility is not enforcing or has not enforced its rules of government made a condition of its designation or registration as set forth in sections 7 through 7a–1 of this title or section 7b–1 of this title or that such contract market or derivatives transaction execution facility, or any director, officer, agent, or employee thereof, otherwise is violating or has violated any of the provisions of this chapter or any of the rules, regulations, or orders of the Commission or the Commission thereunder.”

    Enacted provision · exact public law section
    (m) Section 6(b) of the Commodity Exchange Act (7 U.S.C. 8(b)) is amended by striking the first sentence and all that follows through “hearing on the record: Provided,” and inserting the following:   “The Contracts. Commission is authorized to suspend for a period not to exceed 6 months or to revoke the designation or registration of any contract market or derivatives transaction execution facility, or to revoke the right of an electronic trading facility to rely on the exemption set forth in section 2(h)(3) with respect to a significant price discovery contract, on a showing that the contract market or derivatives transaction execution facility is not enforcing or has not enforced its rules of government, made a condition of its designation or registration as set forth in sections 5 through 5b or section 5f, or that the contract market or derivatives transaction execution facility or electronic trading facility, or any director, officer, agent, or employee thereof, otherwise is violating or has violated any of the provisions of this Act or any of the rules, regulations, or orders of the Commission thereunder. Notice. Such suspension or revocation shall only be made after a notice to the officers of the contract market or derivatives transaction execution facility or electronic trading facility affected and upon a hearing on the record: Provided,” .

24. 2010

    Wall Street Transparency and Accountability Act of 2010

    Pub. L. 111–203 title VII § 749(e) · 124 Stat. 1376

    Struck · 7 U.S.C. § 8(b)

    Pub. L. 111–203 struck out “, or to revoke the right of an electronic trading facility to rely on the exemption set forth in section 2(h)(3) of this title with respect to a significant price discovery contract,” before “on a showing”

    Source evidence

    Code amendment note
    Subsec. (b). Pub. L. 111–203 struck out “, or to revoke the right of an electronic trading facility to rely on the exemption set forth in section 2(h)(3) of this title with respect to a significant price discovery contract,” before “on a showing”.

    Enacted provision · exact public law section
    (e) Section 6(b) of the Commodity Exchange Act (7 U.S.C. 8(b)) is amended in the first sentence by striking “, or to revoke the right of an electronic trading facility to rely on the exemption set forth in section 2(h)(3) with respect to a significant price discovery contract,”.

    Effective date note
    Amendment by Pub. L. 111–203 effective on the later of 360 days after July 21, 2010, or, to the extent a provision of subtitle A (§§ 711–754) of title VII of Pub. L. 111–203 requires a rulemaking, not less than 60 days after publication of the final rule or regulation implementing such provision of subtitle A, see section 754 of Pub. L. 111–203, set out as a note under section 1a of this title.

38 of 38 references resolved to an enrolled provision