Title 7 — Agriculture
Chapter 1 — Commodity Exchanges
§ 9a. Assessment of money penalties
Statutory text
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.
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—
such person shall be prohibited automatically from the privileges of all registered entities; and
if such person is registered with the Commission, such registration shall be suspended automatically.
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—
such person shall be prohibited automatically from the privileges of all registered entities; and
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.
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.
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.
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.
Commodity Futures Trading Commission Act of 1974
Pub. L. 93–463 title II § 212(a)(3) · 88 Stat. 1389
Enacted · 7 U.S.C. § 9a
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
Source evidence
Code 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. 1403Enacted provision · exact public law section
(3) By adding after paragraph (c) thereof the following new paragraph: “(d) In determining the amount of the money penalty assessed 7 USC 9a. under paragraph (b) of this section, the Commission shall consider, in the case of a person whose primary business involves the use of the commodity futures market—the appropriateness of such penalty to the size of the business of the person charged, the extent of such person’s ability to continue in business, and the gravity of the violation; and in the case of a person whose primary business does not involve the use of the commodity futures market—the appropriateness of such penalty to the net worth of the person charged, and the gravity of the violation. If the offending person upon whom such penalty is imposed, after the lapse of the period allowed for appeal or after the affirmance of such penalty, shall fail to pay such penalty the Commission shall refer the matter to the Attorney General who shall recover such penalty by action in the appropriate United States district court.”Futures Trading Practices Act of 1992
Pub. L. 102–546 title II § 209(a)(1) · 106 Stat. 3590
Amended · 7 U.S.C. § 9a
Pub. L. 102–546 amended section generally. Prior to amendment, section read as follows: “In determining the amount of the money penalty assessed under sections 9 and 15 of this title, the Commission shall consider, in the case of a person whose primary business involves the use of the commodity futures market—the appropriateness of such penalty to the size of the business of the person charged, the extent of such person’s ability to continue in business, and the gravity of the violation; and in the case of a person whose primary business does not involve the use of the commodity futures market—the appropriateness of such penalty to the net worth of the person charged, and the gravity of the violation. If the offending person upon whom such penalty is imposed, after the lapse of the period allowed for appeal or after the affirmance of such penalty, shall fail to pay such penalty the Commission shall refer the matter to the Attorney General who shall recover such penalty by action in the appropriate United States district court.”
Source evidence
Code amendment note
Pub. L. 102–546 amended section generally. Prior to amendment, section read as follows: “In determining the amount of the money penalty assessed under sections 9 and 15 of this title, the Commission shall consider, in the case of a person whose primary business involves the use of the commodity futures market—the appropriateness of such penalty to the size of the business of the person charged, the extent of such person’s ability to continue in business, and the gravity of the violation; and in the case of a person whose primary business does not involve the use of the commodity futures market—the appropriateness of such penalty to the net worth of the person charged, and the gravity of the violation. If the offending person upon whom such penalty is imposed, after the lapse of the period allowed for appeal or after the affirmance of such penalty, shall fail to pay such penalty the Commission shall refer the matter to the Attorney General who shall recover such penalty by action in the appropriate United States district court.”Enacted provision · exact public law section
(1) by redesignating subsections (a) through (d) as subsections (b) through (e), respectively;Consolidated Appropriations Act, 2001
Pub. L. 106–554 § 1(a)(5)(tI)(s123)(a)(12)(E) · 114 Stat. 2763
Substituted · 7 U.S.C. § 9a(2)(A); 7 U.S.C. § 9a(3)(A)
Pub. L. 106–554 substituted “the privileges of all registered entities” for “trading on all contract markets”
Source evidence
Code amendment note
Pars. (2)(A), (3)(A). Pub. L. 106–554 substituted “the privileges of all registered entities” for “trading on all contract markets”.Enacted provision · exact public law section
(5) H.R. 5660, as introduced on December 14, 2000.Wall Street Transparency and Accountability Act of 2010
Pub. L. 111–203 title VII § 741(b)(11) · 124 Stat. 1376
Added · 7 U.S.C. § 9a(4); 7 U.S.C. § 9a(5)
Pub. L. 111–203 added pars. (4) and (5)
Source evidence
Code amendment note
Pars. (4), (5). Pub. L. 111–203 added pars. (4) and (5).Enacted provision · exact public law section
(11) Section 6(e) of the Commodity Exchange Act (7 U.S.C. 9a) is amended by adding at the end the following: “(4) Any designated clearing organization that knowingly or recklessly evades or participates in or facilitates an evasion of the requirements of section 2(h) shall be liable for a civil money penalty in twice the amount otherwise available for a violation of section 2(h). “(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) shall be liable for a civil money penalty in twice the amount otherwise available for a violation of section 2(h).” .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.
4 of 4 references resolved to an enrolled provision
Editorial Notes
Codification
Section is comprised of subsec. (e) of section 6 of act . Subsecs. (a) and (b) of section 6 are classified to section 8 of this title. Subsec. (c) of section 6 is classified to section 9 of this title. Subsecs. (d), (f), and (g) of section 6 are classified to sections 13b, 9b, and 9c of this title, respectively.
Amendments1992–2010 · 3 rounds
2010
Pars. (4), (5). Pub. L. 111–203 added pars. (4) and (5).
2000
Pars. (2)(A), (3)(A). Pub. L. 106–554 substituted “the privileges of all registered entities” for “trading on all contract markets”.
1992
Pub. L. 102–546 amended section generally. Prior to amendment, section read as follows: “In determining the amount of the money penalty assessed under sections 9 and 15 of this title, the Commission shall consider, in the case of a person whose primary business involves the use of the commodity futures market—the appropriateness of such penalty to the size of the business of the person charged, the extent of such person’s ability to continue in business, and the gravity of the violation; and in the case of a person whose primary business does not involve the use of the commodity futures market—the appropriateness of such penalty to the net worth of the person charged, and the gravity of the violation. If the offending person upon whom such penalty is imposed, after the lapse of the period allowed for appeal or after the affirmance of such penalty, shall fail to pay such penalty the Commission shall refer the matter to the Attorney General who shall recover such penalty by action in the appropriate United States district court.”
Statutory Notes and Related Subsidiaries
Effective Date of 2010 Amendment
Amendment by Pub. L. 111–203 effective on the later of 360 days after , 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.
Effective Date
For effective date of section, see section 418 of Pub. L. 93–463, set out as an Effective Date of 1974 Amendment note under section 2 of this title.
Credits
1922–2010 · 4 acts
- 1922Sept. 21, 1922, ch. 369, § 6(e), formerly § 6(d), as added Pub. L. 93–463, title II, § 212(a)(3), , 88 Stat. 1403
- 1992renumbered § 6(e) and amended Pub. L. 102–546, title II, § 209(a)(1), (5), , 106 Stat. 3606
- 2000Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(12)(E)], , 114 Stat. 2763, 2763A–409
- 2010Pub. L. 111–203, title VII, § 741(b)(11), , 124 Stat. 1732.
Show as published
(Sept. 21, 1922, ch. 369, § 6(e), formerly § 6(d), as added Pub. L. 93–463, title II, § 212(a)(3), , 88 Stat. 1403; renumbered § 6(e) and amended Pub. L. 102–546, title II, § 209(a)(1), (5), , 106 Stat. 3606; Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(12)(E)], , 114 Stat. 2763, 2763A–409; Pub. L. 111–203, title VII, § 741(b)(11), , 124 Stat. 1732.)