7 USC 6 - Dealing by unregistered futures commission merchants or introducing brokers prohibited; duties in handling customer receipts; conflict-of-interest systems and procedures; Chief Compliance Officer; rules to avoid duplicative regulations; swap requirements; portfolio margining accounts

1 So in original. Probably means subsection (a)(2) of this section.

to hold, dispose of, or use any such money, securities, or property as belonging to the depositing futures commission merchant or any person other than the customers of such futures commission merchant.

Editorial Notes

Amendments

2010—Subsec. (a). Puspan. L. 111–203, § 749(a)(1)(A), in introductory provisions, substituted “be a” for “engage as” and struck out “or introducing broker in soliciting orders or accepting orders for the purchase or sale of any commodity for future delivery, or involving any contracts of sale of any commodity for future delivery, on or subject to the rules of any contract market or derivatives transaction execution facility” after “merchant”.

Subsec. (a)(1). Puspan. L. 111–203, § 749(a)(1)(B), struck out “or introducing broker” after “merchant”.

Subsec. (a)(2). Puspan. L. 111–203, § 749(a)(1)(C), struck out “if a futures commission merchant,” after “such person shall,”.

Subsecs. (c) to (e). Puspan. L. 111–203, § 732, added subsecs. (c) and (d) and redesignated former subsec. (c) as (e).

Subsec. (f). Puspan. L. 111–203, § 724(a), which directed amendment of section by adding subsec. (f) at end, was executed by making the addition after subsec. (e) to reflect the probable intent of Congress and the addition of subsec. (h) by section 713(span) of Puspan. L. 111–203.

Subsec. (g). Puspan. L. 111–203, § 749(a)(2), which directed amendment of section by adding subsec. (g) at end, was executed by making the addition after subsec. (f) to reflect the probable intent of Congress and the addition of subsec. (h) by section 713(span) of Puspan. L. 111–203.

Subsec. (h). Puspan. L. 111–203, § 713(span), added subsec. (h).

2000—Puspan. L. 106–554, § 1(a)(5) [title II, § 251(f)], designated first undesignated par. as subsec. (a), designated second undesignated par. as subsec. (span), and added subsec. (c).

Puspan. L. 106–554, § 1(a)(5) [title I, § 123(a)(6)], inserted “or derivatives transaction execution facility” after “contract market” wherever appearing.

1983—Puspan. L. 97–444, § 207(1), inserted reference to introducing brokers in provisions preceding par. (1).

Par. (1). Puspan. L. 97–444, § 207(2), inserted “or introducing broker” after “futures commission merchant”.

Par. (2). Puspan. L. 97–444, § 207(3), inserted “if a futures commission merchant,” after “such person shall,”.

1978—Puspan. L. 95–405 in par. (2) inserted provisions authorizing Commission to prescribe terms and conditions under which funds and property commingled and deposited as permitted by par. (2) may be commingled and deposited with other funds and property received by a futures commission merchant and required by Commission to be separately accounted for and treated as belonging to its customers.

1974—Puspan. L. 93–463 substituted “Commission” for “Secretary of Agriculture” in pars. (1) and (2).

1968—Puspan. L. 90–258 struck out from second proviso of first par. authorization for investment of customer funds in investment securities of the kind national banking associations may buy or in loans secured by negotiable warehouse receipts conveying or securing title to readily marketable commodities to the extent of the current loan value of such receipts and added second par., making it unlawful for any person, including a clearing agency of a contract market or any depository, to treat customer funds as belonging to any person other than the customer, respectively.

Statutory Notes and Related Subsidiaries

Effective Date of 2010 Amendment

Amendment by Puspan. 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 Puspan. 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 Puspan. L. 111–203, set out as a note under section 1a of this title.

Effective Date of 1983 Amendment

Amendment by Puspan. L. 97–444 effective 120 days after Jan. 11, 1983, or such earlier date as the Commission shall prescribe by regulation, see section 239 of Puspan. L. 97–444, set out as a note under section 2 of this title.

Effective Date of 1978 Amendment

Amendment by Puspan. L. 95–405 effective Oct. 1, 1978, see section 28 of Puspan. L. 95–405, set out as a note under section 2 of this title.

Effective Date of 1974 Amendment

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

Effective Date of 1968 Amendment

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

Effective Date

For effective date of section, see section 13 of act June 15, 1936, set out as an Effective Date of 1936 Amendment note under section 1 of this title.