---
kind: "section"
citation: "7 U.S.C. § 6"
title: "7"
title_heading: "Agriculture"
number: "6"
heading: "Regulation of futures trading and foreign transactions"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/7/6"
units:
  - "Chapter 1 — Commodity Exchanges"
---

# §6. Regulation of futures trading and foreign transactions

- (a) **Restriction on futures trading—** Unless exempted by the [Commission](/usc/7/1a.md?p=8) pursuant to [subsection (c)](#c) or by [subsection (e)](#e), it shall be unlawful for any [person](/usc/7/1a.md?p=38) to [offer](/usc/7/1a.md?p=36) to enter into, to enter into, to execute, to confirm the execution of, or to conduct any office or business anywhere in the United States, its territories or possessions, for the purpose of soliciting or accepting any order for, or otherwise dealing in, any transaction in, or in connection with, a contract for the purchase or sale of a [commodity](/usc/7/1a.md?p=9) for [future delivery](/usc/7/1a.md?p=27) (other than a contract which is made on or subject to the rules of a [board of trade](/usc/7/1a.md?p=6), [exchange](/usc/7/1a.md?p=1-D), or [market](/usc/7/198.md?p=1) located outside the United States, its territories or possessions) unless—
  - (1) such transaction is conducted on or subject to the rules of a [board of trade](/usc/7/1a.md?p=6) which has been designated or registered by the [Commission](/usc/7/1a.md?p=8) as a contract [market](/usc/7/198.md?p=1) or derivatives transaction execution facility for such [commodity](/usc/7/1a.md?p=9);
  - (2) such contract is executed or consummated by or through a contract [market](/usc/7/198.md?p=1); and
  - (3) such contract is evidenced by a record in writing which shows the date, the parties to such contract and their addresses, the property covered and its price, and the terms of delivery: Provided, That each contract [market](/usc/7/198.md?p=1) or derivatives transaction execution facility [member](/usc/7/1a.md?p=34) shall keep such record for a period of three years from the date thereof, or for a longer period if the [Commission](/usc/7/1a.md?p=8) shall so direct, which record shall at all times be open to the inspection of any representative of the [Commission](/usc/7/1a.md?p=8) or the Department of Justice.
- (b) **Regulation of foreign transactions by United States persons—**
  - (1) **Foreign boards of trade—**
    - (A) **Registration—** The [Commission](/usc/7/1a.md?p=8) may adopt rules and regulations requiring registration with the [Commission](/usc/7/1a.md?p=8) for a foreign [board of trade](/usc/7/1a.md?p=6) that provides the [members](/usc/7/1a.md?p=34) of the foreign [board of trade](/usc/7/1a.md?p=6) or other participants located in the United States with direct access to the electronic trading and order matching system of the foreign [board of trade](/usc/7/1a.md?p=6), including rules and regulations prescribing procedures and requirements applicable to the registration of such foreign [boards](/usc/7/1a.md?p=5) of trade. For purposes of this paragraph, “direct access” refers to an explicit grant of authority by a foreign [board of trade](/usc/7/1a.md?p=6) to an identified [member](/usc/7/1a.md?p=34) or other participant located in the United States to enter trades directly into the trade matching system of the foreign [board of trade](/usc/7/1a.md?p=6). In adopting such rules and regulations, the [commission](/usc/7/1a.md?p=8)[^1] shall consider—
      - (i) whether any such foreign [board of trade](/usc/7/1a.md?p=6) is subject to comparable, comprehensive supervision and regulation by the appropriate governmental authorities in the foreign [board of trade](/usc/7/1a.md?p=6)’s home country; and
      - (ii) any previous [commission](/usc/7/1a.md?p=8)[^1] findings that the foreign [board of trade](/usc/7/1a.md?p=6) is subject to comparable comprehensive supervision and regulation by the appropriate government authorities in the foreign [board of trade](/usc/7/1a.md?p=6)’s home country.
    - (B) **Linked contracts—** The [Commission](/usc/7/1a.md?p=8) may not permit a foreign [board of trade](/usc/7/1a.md?p=6) to provide to the [members](/usc/7/1a.md?p=34) of the foreign [board of trade](/usc/7/1a.md?p=6) or other participants located in the United States direct access to the electronic trading and order-matching system of the foreign [board of trade](/usc/7/1a.md?p=6) with respect to an agreement, contract, or transaction that settles against any price (including the daily or final settlement price) of 1 or more contracts listed for trading on a [registered entity](/usc/7/1a.md?p=40), unless the [Commission](/usc/7/1a.md?p=8) determines that—
      - (i) the foreign [board of trade](/usc/7/1a.md?p=6) makes public daily trading information regarding the agreement, contract, or transaction that is comparable to the daily trading information published by the [registered entity](/usc/7/1a.md?p=40) for the 1 or more contracts against which the agreement, contract, or transaction traded on the foreign [board of trade](/usc/7/1a.md?p=6) settles; and
      - (ii) the foreign [board of trade](/usc/7/1a.md?p=6) (or the [foreign futures authority](/usc/7/1a.md?p=26) that oversees the foreign [board of trade](/usc/7/1a.md?p=6))—
        - (I) adopts position limits (including related hedge exemption provisions) for the agreement, contract, or transaction that are comparable to the position limits (including related hedge exemption provisions) adopted by the [registered entity](/usc/7/1a.md?p=40) for the 1 or more contracts against which the agreement, contract, or transaction traded on the foreign [board of trade](/usc/7/1a.md?p=6) settles;
        - (II) has the authority to require or direct [market](/usc/7/198.md?p=1) participants to limit, reduce, or liquidate any position the foreign [board of trade](/usc/7/1a.md?p=6) (or the [foreign futures authority](/usc/7/1a.md?p=26) that oversees the foreign [board of trade](/usc/7/1a.md?p=6)) determines to be necessary to prevent or reduce the threat of price manipulation, excessive speculation as described in [section 6a of this title](/usc/7/6a.md), price distortion, or disruption of delivery or the cash settlement process;
        - (III) agrees to promptly notify the [Commission](/usc/7/1a.md?p=8), with regard to the agreement, contract, or transaction that settles against any price (including the daily or final settlement price) of 1 or more contracts listed for trading on a [registered entity](/usc/7/1a.md?p=40), of any change regarding—
          - (aa) the information that the foreign [board of trade](/usc/7/1a.md?p=6) will make publicly available;
          - (bb) the position limits that the foreign [board of trade](/usc/7/1a.md?p=6) or [foreign futures authority](/usc/7/1a.md?p=26) will adopt and enforce;
          - (cc) the position reductions required to prevent manipulation, excessive speculation as described in [section 6a of this title](/usc/7/6a.md), price distortion, or disruption of delivery or the cash settlement process; and
          - (dd) any other area of interest expressed by the [Commission](/usc/7/1a.md?p=8) to the foreign [board of trade](/usc/7/1a.md?p=6) or [foreign futures authority](/usc/7/1a.md?p=26);
        - (IV) provides information to the [Commission](/usc/7/1a.md?p=8) regarding large trader positions in the agreement, contract, or transaction that is comparable to the large trader position information collected by the [Commission](/usc/7/1a.md?p=8) for the 1 or more contracts against which the agreement, contract, or transaction traded on the foreign [board of trade](/usc/7/1a.md?p=6) settles; and
        - (V) provides the [Commission](/usc/7/1a.md?p=8) such information as is necessary to publish reports on aggregate trader positions for the agreement, contract, or transaction traded on the foreign [board of trade](/usc/7/1a.md?p=6) that are comparable to such reports on aggregate trader positions for the 1 or more contracts against which the agreement, contract, or transaction traded on the foreign [board of trade](/usc/7/1a.md?p=6) settles.
    - (C) **Existing foreign boards of trade—** Subparagraphs [(A)](#b-1-A) and [(B)](#b-1-B) shall not be effective with respect to any foreign [board of trade](/usc/7/1a.md?p=6) to which, prior to July 21, 2010, the [Commission](/usc/7/1a.md?p=8) granted direct access permission until the date that is 180 days after July 21, 2010.
  - (2) **Persons located in the United States—**
    - (A) **In general—** The [Commission](/usc/7/1a.md?p=8) may adopt rules and regulations proscribing fraud and requiring minimum financial standards, the disclosure of risk, the filing of reports, the keeping of books and records, the safeguarding of [customers](/usc/7/24.md?p=b)’ funds, and registration with the [Commission](/usc/7/1a.md?p=8) by any [person](/usc/7/1a.md?p=38) located in the United States, its territories or possessions, who engages in the [offer](/usc/7/1a.md?p=36) or sale of any [contract of sale](/usc/7/1a.md?p=13) of a [commodity](/usc/7/1a.md?p=9) for [future delivery](/usc/7/1a.md?p=27) that is made or to be made on or subject to the rules of a [board of trade](/usc/7/1a.md?p=6), [exchange](/usc/7/1a.md?p=1-D), or [market](/usc/7/198.md?p=1) located outside the United States, its territories or possessions.
    - (B) **Different requirements—** Rules and regulations described in [subparagraph (A)](#b-2-A) may impose different requirements for such [persons](/usc/7/1a.md?p=38) depending upon the particular foreign [board of trade](/usc/7/1a.md?p=6), [exchange](/usc/7/1a.md?p=1-D), or [market](/usc/7/198.md?p=1) involved.
    - (C) **Prohibition—** Except as provided in paragraphs [(1)](#b-1) and [(2)](#b-2), no rule or regulation may be adopted by the [Commission](/usc/7/1a.md?p=8) under this subsection that—
      - (i) requires [Commission](/usc/7/1a.md?p=8) approval of any contract, rule, regulation, or action of any foreign [board of trade](/usc/7/1a.md?p=6), [exchange](/usc/7/1a.md?p=1-D), or [market](/usc/7/198.md?p=1), or clearinghouse for such [board of trade](/usc/7/1a.md?p=6), [exchange](/usc/7/1a.md?p=1-D), or [market](/usc/7/198.md?p=1); or
      - (ii) governs in any way any rule or contract term or action of any foreign [board of trade](/usc/7/1a.md?p=6), [exchange](/usc/7/1a.md?p=1-D), or [market](/usc/7/198.md?p=1), or clearinghouse for such [board of trade](/usc/7/1a.md?p=6), [exchange](/usc/7/1a.md?p=1-D), or [market](/usc/7/198.md?p=1).
- (c) **Public interest exemptions—**
  - (1) In order to promote responsible economic or financial innovation and fair competition, the [Commission](/usc/7/1a.md?p=8) by rule, regulation, or order, after notice and opportunity for hearing, may (on its own initiative or on application of any [person](/usc/7/1a.md?p=38), including any [board of trade](/usc/7/1a.md?p=6) designated or registered as a contract [market](/usc/7/198.md?p=1) or derivatives transaction execution facility for transactions for [future delivery](/usc/7/1a.md?p=27) in any [commodity](/usc/7/1a.md?p=9) under [section 7 of this title](/usc/7/7.md)) exempt any agreement, contract, or transaction (or class thereof) that is otherwise subject to [subsection (a)](#a) (including any [person](/usc/7/1a.md?p=38) or class of [persons](/usc/7/1a.md?p=38) offering, entering into, rendering advice or rendering other services with respect to, the agreement, contract, or transaction), either unconditionally or on stated terms or conditions or for stated periods and either retroactively or prospectively, or both, from any of the requirements of [subsection (a)](#a), or from any other provision of this chapter (except subparagraphs (C)(ii) and (D) of [section 2(a)(1) of this title](/usc/7/2.md?p=a-1),[^2] except that—
    - (A) unless the [Commission](/usc/7/1a.md?p=8) is expressly authorized by any provision described in this subparagraph to grant exemptions, with respect to amendments made by subtitle A of the Wall Street Transparency and Accountability Act of 2010—
      - (i) with respect to—
        - (I) paragraphs [(2)](#c-2), [(3)](#c-3), [(4)](#c-4), [(5)](#c-5), and (7), paragraph (18)(A)(vii)(III), paragraphs (23), (24), (31), (32), (38), (39), (41), (42), (46), (47), (48), and (49) of [section 1a of this title](/usc/7/1a.md), and sections 2(a)(13), 2(c)(1)(D), 6a(a), 6a(b), 6d(c), 6d(d), 6r, 6s, 7a–1(a), 7a–1(b), 7(d), 7(g), 7(h),[^3] 7a–1(c), 7a–1(i), 12(e),[^4] and [24a](/usc/7/24a.md) of this title; and
        - (II) [section 206(e)](/usc/7/206.md)[^5] of the Gramm-Leach-Bliley Act (Public Law 106–102; [15 U.S.C. 78c](/usc/15/78c.md) note); and
      - (ii) in sections 721(c) and 742 of the Dodd-Frank Wall Street Reform and Consumer Protection Act; and
    - (B) the [Commission](/usc/7/1a.md?p=8) and the [Securities](/usc/7/1a.md?p=41) and [Exchange](/usc/7/1a.md?p=1-D) [Commission](/usc/7/1a.md?p=8) may by rule, regulation, or order jointly exclude any agreement, contract, or transaction from [section 2(a)(1)(D) of this title](/usc/7/2.md?p=a-1-D))[^6] if the [Commissions](/usc/7/1a.md?p=8) determine that the exemption would be consistent with the public interest.
  - (2) The [Commission](/usc/7/1a.md?p=8) shall not grant any exemption under [paragraph (1)](#c-1) from any of the requirements of [subsection (a)](#a) unless the [Commission](/usc/7/1a.md?p=8) determines that—
    - (A) the requirement should not be applied to the agreement, contract, or transaction for which the exemption is sought and that the exemption would be consistent with the public interest and the purposes of this chapter; and
    - (B) the agreement, contract, or transaction—
      - (i) will be entered into solely between appropriate [persons](/usc/7/1a.md?p=38); and
      - (ii) will not have a material adverse effect on the ability of the [Commission](/usc/7/1a.md?p=8) or any contract [market](/usc/7/198.md?p=1) or derivatives transaction execution facility to discharge its regulatory or self-regulatory duties under this chapter.
  - (3) For purposes of this subsection, the term “appropriate [person](/usc/7/1a.md?p=38)” shall be limited to the following [persons](/usc/7/1a.md?p=38) or classes thereof:
    - (A) A [bank](/usc/7/27.md?p=a) or trust company (acting in an individual or fiduciary capacity).
    - (B) A savings association.
    - (C) An insurance company.
    - (D) An investment company subject to regulation under the Investment Company Act of 1940 ([15 U.S.C. 80a–1](/usc/15/80a–1.md) et seq.).
    - (E) A [commodity pool](/usc/7/1a.md?p=10-A) formed or operated by a [person](/usc/7/1a.md?p=38) subject to regulation under this chapter.
    - (F) A corporation, partnership, proprietorship, organization, trust, or other business entity with a net worth exceeding $1,000,000 or total assets exceeding $5,000,000, or the obligations of which under the agreement, contract or transaction are guaranteed or otherwise supported by a letter of credit or keepwell, support, or other agreement by any such entity or by an entity referred to in subparagraph (A), (B), (C), (H), (I), or (K) of this paragraph.
    - (G) An employee benefit plan with assets exceeding $1,000,000, or whose investment decisions are made by a [bank](/usc/7/27.md?p=a), trust company, insurance company, investment adviser registered under the Investment Advisers Act of 1940 [[15 U.S.C. 80b–1](/usc/15/80b–1.md) et seq.], or a [commodity trading advisor](/usc/7/1a.md?p=12-A) subject to regulation under this chapter.
    - (H) Any governmental entity (including the United States, any [state](/usc/7/198.md?p=5),[^7] or any foreign government) or political subdivision thereof, or any multinational or supranational entity or any instrumentality, agency, or department of any of the foregoing.
    - (I) A [broker](/usc/7/499a.md?p=b-7)-[dealer](/usc/7/499a.md?p=b-6) subject to regulation under the [Securities](/usc/7/1a.md?p=41) Exchange Act of 1934 ([15 U.S.C. 78a](/usc/15/78a.md) et seq.) acting on its own behalf or on behalf of another appropriate [person](/usc/7/1a.md?p=38).
    - (J) A [futures commission merchant](/usc/7/1a.md?p=28-A), [floor broker](/usc/7/1a.md?p=22-A), or [floor trader](/usc/7/1a.md?p=23-A) subject to regulation under this chapter acting on its own behalf or on behalf of another appropriate [person](/usc/7/1a.md?p=38).
    - (K) Such other [persons](/usc/7/1a.md?p=38) that the [Commission](/usc/7/1a.md?p=8) determines to be appropriate in light of their financial or other qualifications, or the applicability of appropriate regulatory protections.
  - (4) During the pendency of an application for an order granting an exemption under [paragraph (1)](#c-1), the [Commission](/usc/7/1a.md?p=8) may limit the public availability of any information received from the applicant if the applicant submits a written request to limit disclosure contemporaneous with the application, and the [Commission](/usc/7/1a.md?p=8) determines that—
    - (A) the information sought to be restricted constitutes a trade secret; or
    - (B) public disclosure of the information would result in material competitive harm to the applicant.
  - (5) The [Commission](/usc/7/1a.md?p=8) may—
    - (A) promptly following October 28, 1992, or upon application by any [person](/usc/7/1a.md?p=38), exercise the exemptive authority granted under [paragraph (1)](#c-1) with respect to classes of [hybrid instruments](/usc/7/1a.md?p=29) that are predominantly [securities](/usc/7/1a.md?p=41) or depository instruments, to the extent that such instruments may be regarded as subject to the provisions of this chapter; or
    - (B) promptly following October 28, 1992, or upon application by any [person](/usc/7/1a.md?p=38), exercise the exemptive authority granted under [paragraph (1)](#c-1) effective as of October 23, 1974, with respect to classes of [swap](/usc/7/1a.md?p=47-A) agreements (as defined in [section 101 of title 11](/usc/11/101.md)) that are not part of a fungible class of agreements that are standardized as to their material economic terms, to the extent that such agreements may be regarded as subject to the provisions of this chapter.

    Any exemption pursuant to this paragraph shall be subject to such terms and conditions as the [Commission](/usc/7/1a.md?p=8) shall determine to be appropriate pursuant to [paragraph (1)](#c-1).

  - (6) If the [Commission](/usc/7/1a.md?p=8) determines that the exemption would be consistent with the public interest and the purposes of this chapter, the [Commission](/usc/7/1a.md?p=8) shall, in accordance with paragraphs [(1)](#c-1) and [(2)](#c-2), exempt from the requirements of this chapter an agreement, contract, or transaction that is entered into—
    - (A) pursuant to a tariff or rate schedule approved or permitted to take effect by the Federal Energy Regulatory [Commission](/usc/7/1a.md?p=8);
    - (B) pursuant to a tariff or rate schedule establishing rates or charges for, or protocols governing, the sale of electric energy approved or permitted to take effect by the regulatory authority of the [State](/usc/7/198.md?p=5) or municipality having jurisdiction to regulate rates and charges for the sale of electric energy within the [State](/usc/7/198.md?p=5) or municipality; or
    - (C) between entities described in [section 824(f) of title 16](/usc/16/824.md?p=f).
- (d) **Effect of exemption on investigative authority of Commission—** The granting of an exemption under this section shall not affect the authority of the [Commission](/usc/7/1a.md?p=8) under any other provision of this chapter to conduct investigations in order to determine compliance with the requirements or conditions of such exemption or to take enforcement action for any violation of any provision of this chapter or any rule, regulation or order thereunder caused by the failure to comply with or satisfy such conditions or requirements.
- (e) **Liability of registered persons trading on a foreign board of trade—**
  - (1) **In general—** A [person](/usc/7/1a.md?p=38) registered with the [Commission](/usc/7/1a.md?p=8), or exempt from registration by the [Commission](/usc/7/1a.md?p=8), under this chapter may not be found to have violated [subsection (a)](#a) with respect to a transaction in, or in connection with, a [contract of sale](/usc/7/1a.md?p=13) of a [commodity](/usc/7/1a.md?p=9) for [future delivery](/usc/7/1a.md?p=27) if the [person](/usc/7/1a.md?p=38)—
    - (A) has reason to believe that the transaction and the contract is made on or subject to the rules of a foreign [board of trade](/usc/7/1a.md?p=6) that is—
      - (i) legally organized under the laws of a foreign country;
      - (ii) authorized to act as a [board of trade](/usc/7/1a.md?p=6) by a [foreign futures authority](/usc/7/1a.md?p=26); and
      - (iii) subject to regulation by the [foreign futures authority](/usc/7/1a.md?p=26); and
    - (B) has not been determined by the [Commission](/usc/7/1a.md?p=8) to be operating in violation of [subsection (a)](#a).
  - (2) **Rule of construction—** Nothing in this subsection shall be construed as implying or creating any presumption that a [board of trade](/usc/7/1a.md?p=6), [exchange](/usc/7/1a.md?p=1-D), or [market](/usc/7/198.md?p=1) is located outside the United States, or its territories or possessions, for purposes of [subsection (a)](#a).

## Footnotes

[^1]: So in original. Probably should be “Commission”.
[^2]: So in original. A closing parenthesis probably should precede the comma.
[^3]: So in original. Section 7 of this title does not contain subsecs. (g) and (h).
[^4]: See References in Text note below.
[^5]: So in original. Section 206 of the Act does not contain a subsec. (e).
[^6]: So in original. The closing parenthesis probably should not appear.
[^7]: So in original. Probably should be capitalized.

## Source credit

(Sept. 21, 1922, ch. 369, § 4, 42 Stat. 999; June 15, 1936, ch. 545, §§ 2, 4, 49 Stat. 1491, 1492; Pub. L. 93–463, title I, § 103(a), (f), Oct. 23, 1974, 88 Stat. 1392; Pub. L. 97–444, title II, § 204, Jan. 11, 1983, 96 Stat. 2299; Pub. L. 102–546, title V, § 502(a), Oct. 28, 1992, 106 Stat. 3629; Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(3)], Dec. 21, 2000, 114 Stat. 2763, 2763A–406; Pub. L. 111–203, title VII, §§ 721(d), 722(f), 738(a), (b), July 21, 2010, 124 Stat. 1671, 1674, 1726, 1728.)

## Notes

### Editorial Notes

### References in Text

Subtitle A of the Wall Street Transparency and Accountability Act of 2010, referred to in subsec. (c)(1)(A), is subtitle A (§§ 721–754) of title VII of Pub. L. 111–203, July 21, 2010, 124 Stat. 1641. For complete classification of subtitle A to the Code, see Tables.

Section 12(e) of this title, referred to in subsec. (c)(1)(A)(i)(I), was in the original a reference to section “8e” and has been translated as if the reference had been to section “8(e)” to reflect the probable intent of Congress. Section 8e of act Sept. 21, 1922, which was formerly classified to section 12e of this title, was repealed by Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(21)], Dec. 21, 2000, 114 Stat. 2763, 2763A–410.

The Dodd-Frank Wall Street Reform and Consumer Protection Act, referred to in subsec. (c)(1)(A)(ii), is Pub. L. 111–203, July 21, 2010, 124 Stat. 1376. Section 721(c) of the Act is classified to section 8321(b) of Title 15, Commerce and Trade. Section 742 of the Act amended section 2 of this title and provisions set out as a note under section 78c of Title 15. For complete classification of this Act to the Code, see Short Title note set out under section 5301 of Title 12, Banks and Banking, and Tables.

The Investment Company Act of 1940, referred to in subsec. (c)(3)(D), is title I of act Aug. 22, 1940, ch. 686, 54 Stat. 789, which is classified generally to subchapter I (§ 80a–1 et seq.) of chapter 2D of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see section 80a–51 of Title 15 and Tables.

The Investment Advisers Act of 1940, referred to in subsec. (c)(3)(G), is title II of act Aug. 22, 1940, ch. 686, 54 Stat. 847, which is classified generally to subchapter II (§ 80b–1 et seq.) of chapter 2D of Title 15. For complete classification of this Act to the Code, see section 80b–20 of Title 15 and Tables.

The Securities Exchange Act of 1934, referred to in subsec. (c)(3)(I), is act June 6, 1934, ch. 404, 48 Stat. 881, which is classified principally to chapter 2B (§ 78a et seq.) of Title 15. For complete classification of this Act to the Code, see section 78a of Title 15 and Tables.

### Amendments

2010—Subsec. (a). Pub. L. 111–203, § 738(b)(1), inserted “or by subsection (e)” after “Unless exempted by the Commission pursuant to subsection (c)” in introductory provisions.

Subsec. (b). Pub. L. 111–203, § 738(a)(1)–(3), designated existing provisions as par. (2), designated the first to third sentences as subpars. (A) to (C), respectively, redesignated former pars. (1) and (2) as cls. (i) and (ii), respectively, of subpar. (C), inserted headings, in subpar. (B), substituted “Rules and regulations described in subparagraph (A)” for “Such rules and regulations”, in the introductory provisions of subpar. (C), substituted “Except as provided in paragraphs (1) and (2), no rule or regulation” for “No rule or regulation” and “that—” for “that”, and, in subpar. (C)(i), substituted “market; or” for “market, or”.

Subsec. (b)(1). Pub. L. 111–203, § 738(a)(4), added par. (1).

Subsec. (c)(1). Pub. L. 111–203, § 721(d), substituted “except that—” for “except that the Commission and the Securities and Exchange Commission may by rule, regulation, or order jointly exclude any agreement, contract, or transaction from section 2(a)(1)(D) of this title), if the Commission determines that the exemption would be consistent with the public interest.” and added subpars. (A) and (B).

Subsec. (c)(6). Pub. L. 111–203, § 722(f), added par. (6).

Subsec. (e). Pub. L. 111–203, § 738(b)(2), added subsec. (e).

2000—Subsec. (a)(1). Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(3)(A)(i)], substituted “designated or registered by the Commission as a contract market or derivatives transaction execution facility for” for “designated by the Commission as a ‘contract market’ for”.

Subsec. (a)(2). Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(3)(A)(ii)], struck out “member of such” after “by or through a”.

Subsec. (a)(3). Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(3)(A)(iii)], inserted “or derivatives transaction execution facility” after “contract market”.

Subsec. (c)(1). Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(3)(B)(i)], substituted “designated or registered as a contract market or derivatives transaction execution facility” for “designated as a contract market” and “subparagraphs (C)(ii) and (D) of section 2(a)(1) of this title, except that the Commission and the Securities and Exchange Commission may by rule, regulation, or order jointly exclude any agreement, contract, or transaction from section 2(a)(1)(D) of this title” for “section 2a of this title”.

Subsec. (c)(2)(B)(ii). Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(3)(B)(ii)], inserted “or derivatives transaction execution facility” after “contract market”.

1992—Subsec. (a). Pub. L. 102–546, § 502(a)(1), substituted “Unless exempted by the Commission pursuant to subsection (c) of this section, it shall be unlawful” for “It shall be unlawful”.

Subsecs. (c), (d). Pub. L. 102–546, § 502(a)(2), added subsecs. (c) and (d).

1983—Pub. L. 97–444 amended section generally, combining into subsec. (a) existing provisions of this section together with provisions formerly contained in section 6h(1) of this title, relating to the conduct of offices or places of business anywhere in the United States or its territories that are used for dealing in commodities for future delivery unless such dealings are executed or consummated by or through a member of a contract market, and adding subsec. (b).

1974—Pub. L. 93–463 substituted “Commission” for “Secretary of Agriculture” and “United States Department of Agriculture”.

1936—Act June 15, 1936, § 2, substituted “commodity” for “grain” wherever appearing.

Act June 15, 1936, § 4, struck out par. (a) and combined par. (b) with first par.

### Statutory Notes and Related Subsidiaries

### Effective Date of 2010 Amendment

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.

### Effective Date of 1983 Amendment

Amendment 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 1974 Amendment

For effective date 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.

### Effective Date of 1936 Amendment

Amendment by act June 15, 1936, effective 90 days after June 15, 1936, see section 13 of that act, set out as a note under section 1 of this title.