Title 7 — AgricultureRelease 119-73not60
§6o Fraud and Misrepresentation by Commodity Trading Advisors, Commodity Pool Operators, and Associated Persons
Title 7 › Chapter 1— COMMODITY EXCHANGES › § 6o
Summary
People who give advice about commodity trading, the people who work with them, companies that run commodity pools, and the people who work with those companies must not use the mail or any way of doing business across state lines to trick, cheat, or deceive clients or potential clients. They also must not say or imply that the United States or any government agency sponsors, recommends, or approves them. They may say they are registered under the law only if that is true and not misleading about what registration means.
Full Legal Text
Title 7, §6o
Agriculture — Source: USLM XML via OLRC
(1)It shall be unlawful for a commodity trading advisor, associated person of a commodity trading advisor, commodity pool operator, or associated person of a commodity pool operator, by use of the mails or any means or instrumentality of interstate commerce, directly or indirectly—
(A)to employ any device, scheme, or artifice to defraud any client or participant or prospective client or participant; or
(B)to engage in any transaction, practice, or course of business which operates as a fraud or deceit upon any client or participant or prospective client or participant.
(2)It shall be unlawful for any commodity trading advisor, associated person of a commodity trading advisor, commodity pool operator, or associated person of a commodity pool operator registered under this chapter to represent or imply in any manner whatsoever that such person has been sponsored, recommended, or approved, or that such person’s abilities or qualifications have in any respect been passed upon, by the United States or any agency or officer thereof. This section shall not be construed to prohibit a statement that a person is registered under this chapter as a commodity trading advisor, associated person of a commodity trading advisor, commodity pool operator, or associated person of a commodity pool operator, if such statement is true in fact and if the effect of such registration is not misrepresented.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
Amendments
1983—Par. (1). Pub. L. 97–444 made the antifraud prohibition applicable to an associated person of a commodity trading advisor or a commodity pool operator. Par. (2). Pub. L. 97–444 made the misrepresentation prohibition applicable to an associated person of a commodity training advisor or a commodity pool operator, authorized registration statements of such persons, and substituted “such person” and “such person’s abilities” for “he” before “has been sponsored” and “his abilities”, respectively. 1978—Par. (1). Pub. L. 95–405 struck out “registered under this chapter” after “pool operator”.
Statutory Notes and Related Subsidiaries
Effective Date
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.
Effective Date
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.
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.
Reference
Citations & Metadata
Citation
7 U.S.C. § 6o
Title 7 — Agriculture
Last Updated
Apr 3, 2026
Release point: 119-73not60