§6g — Title 7 Agriculture | U.S. Code

Summary

Firms and people registered as futures commission merchants, introducing brokers, floor brokers, or floor traders must report their trades and positions and their customers’ trades and positions in futures and in major price-discovery contracts, including contracts that clearing organizations (registered or not) treat as the same. They must keep books and records about those trades in the form and for the time the Commission requires, and let representatives of the Commission or the United States Department of Justice inspect them. All registered exchanges and firms must keep daily trading records with the details the Commission sets. Brokers and futures commission merchants must keep customer-level daily records that match the trades. Records and reports must be kept and provided when, where, and how the Commission orders to protect the public and traders. Before trading starts each day, exchanges should, when practical and under Commission rules, publish the previous day’s volume by contract and any other Commission-required information. The Commission may make different rules for different registered entities when justified.

Title 7, §6g

Agriculture — Source: USLM XML via OLRC

(a)Every person registered hereunder as futures commission merchant, introducing broker, floor broker, or floor trader shall make such reports as are required by the Commission regarding the transactions and positions of such person, and the transactions and positions of the customer thereof, in commodities for future delivery on any board of trade in the United States or elsewhere, and in any significant price discovery contract traded or executed on an electronic trading facility or any agreement, contract, or transaction that is treated by a derivatives clearing organization, whether registered or not registered, as fungible with a significant price discovery contract; shall keep books and records pertaining to such transactions and positions in such form and manner and for such period as may be required by the Commission; and shall keep such books and records open to inspection by any representative of the Commission or the United States Department of Justice.

(b)Every registered entity shall maintain daily trading records. The daily trading records shall include such information as the Commission shall prescribe by rule.

(c)Floor brokers, introducing brokers, and futures commission merchants shall maintain daily trading records for each customer in such manner and form as to be identifiable with the trades referred to in subsection (b).

(d)Daily trading records shall be maintained in a form suitable to the Commission for such period as may be required by the Commission. Reports shall be made from the records maintained at such times and at such places and in such form as the Commission may prescribe by rule, order, or regulation in order to protect the public interest and the interest of persons trading in commodity futures.

(e)Before the beginning of trading each day, the exchange shall, insofar as is practicable and under terms and conditions specified by the Commission, make public the volume of trading on each type of contract for the previous day and such other information as the Commission deems necessary in the public interest and prescribes by rule, order, or regulation.

(f)Nothing contained in this section shall be construed to prohibit the Commission from making separate determinations for different registered entities when such determinations are warranted in the judgment of the Commission.

Notes & Related Subsidiaries

Editorial Notes

Codification Pub. L. 110–234 and Pub. L. 110–246 made identical

Amendments

to this section. The

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by Pub. L. 110–234 were repealed by section 4(a) of Pub. L. 110–246.

Amendments

2008—Subsec. (a). Pub. L. 110–246, § 13202(a), inserted “, and in any significant price discovery contract traded or executed on an electronic trading facility or any agreement, contract, or transaction that is treated by a derivatives clearing organization, whether registered or not registered, as fungible with a significant price discovery contract” after “elsewhere”. 2000—Subsec. (b). Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(7)(A)], substituted “registered entity” for “clearinghouse and contract market”. Subsec. (f). Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(7)(B)], substituted “registered entities” for “clearinghouses, contract markets, and exchanges”. 1992—Subsec. (a). Pub. L. 102–546, §§ 207(b)(1), 402(5)(A), redesignated par. (1) as subsec. (a) and substituted “floor broker, or floor trader” for “or floor broker”. Subsec. (b). Pub. L. 102–546, § 402(5)(A), redesignated par. (2) as subsec. (b). Subsec. (c). Pub. L. 102–546, § 402(5), redesignated par. (3) as subsec. (c) and substituted “subsection (b)” for “paragraph (2)”. Subsecs. (d) to (f). Pub. L. 102–546, § 402(5)(A), redesignated pars. (4) to (6) as subsecs. (d) to (f), respectively. 1983—Par. (1). Pub. L. 97–444, § 209(1), made reporting and recordkeeping requirements applicable to introducing brokers. Par. (2). Pub. L. 97–444, § 209(2), made customer daily trading records requirement applicable to introducing brokers. 1978—Par. (3). Pub. L. 95–405 substituted “Floor brokers” for “Brokers”. 1974—Par. (1). Pub. L. 93–463, §§ 103(a), (f), 415, designated existing provisions as par. (1) and substituted “Commission” for “Secretary of Agriculture” and “United States Department of Agriculture”. Pars. (2) to (6). Pub. L. 93–463, § 415, added pars. (2) to (6). 1968—Pub. L. 90–258 rephrased existing provisions to express reporting and recordkeeping requirements as a positive obligation of futures commission merchants and floor brokers, rather than as a ground for revoking or suspending registration and struck out provisions for revocation or suspension of registration. See section 9 of this title.

Statutory Notes and Related Subsidiaries

Effective Date

of 2008 AmendmentAmendment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective May 22, 2008, the date of enactment of Pub. L. 110–234, except as otherwise provided, see section 4 of Pub. L. 110–246, set out as an

Effective Date

note under section 8701 of this title. Amendment by section 13202(a) of Pub. L. 110–246 effective June 18, 2008, see section 13204(a) of Pub. L. 110–246, set out as a note under section 2 of this title.

Effective Date

of 1992 AmendmentAmendment by section 207(b)(1) of Pub. L. 102–546 effective 180 days after Oct. 28, 1992, with Commodity Futures Trading Commission to issue any

Regulations

necessary to implement such amendment no later than 180 days after Oct. 28, 1992, see section 207(c) of Pub. L. 102–546, set out as a note under section 6e of this title.

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of 1983 AmendmentAmendment 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.

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of 1978 AmendmentAmendment 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.

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of 1974 AmendmentFor

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of amendment by Pub. L. 93–463 see section 418 of Pub. L. 93–463, set out as a note under section 2 of this title.

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of 1968 AmendmentAmendment by Pub. L. 90–258 effective 120 days after Feb. 19, 1968, see section 28 of Pub. L. 90–258, set out as a note under section 2 of this title.

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For

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of section, see section 13 of act June 15, 1936, set out as an

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of 1936 Amendment note under section 1 of this title.

§6g Reporting and recordkeeping

Summary

Title 7, §6g

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