US Code
CHAPTER 1— COMMODITY EXCHANGES
§ 6m. Use of mails or other means or instrumentalities of interstate commerce by commodity trading advisors and commodity pool operators; relation to other law

(1) It shall be unlawful for any commodity trading advisor or commodity pool operator, unless registered under this chapter, to make use of the mails or any means or instrumentality of interstate commerce in connection with his business as such commodity trading advisor or commodity pool operator: Provided, That the provisions of this section shall not apply to any commodity trading advisor who, during the course of the preceding twelve months, has not furnished commodity trading advice to more than fifteen persons and who does not hold himself out generally to the public as a commodity trading advisor. The provisions of this section shall not apply to any commodity trading advisor who is a (1) dealer, processor, broker, or seller in cash market transactions of any commodity specifically set forth in section 2(a) of this title prior to October 23, 1974, (or products thereof) or (2) nonprofit, voluntary membership, general farm organization, who provides advice on the sale or purchase of any commodity specifically set forth in section 2(a) of this title prior to October 23, 1974; if the advice by the person described in clause (1) or (2) of this sentence as a commodity trading advisor is solely incidental to the conduct of that person’s business: Provided, That such person shall be subject to proceedings under section 18 of this title.
(2) Nothing in this chapter shall relieve any person of any obligation or duty, or affect the availability of any right or remedy available to the Securities and Exchange Commission or any private party arising under the Securities Act of 1933 [15 U.S.C. 77a et seq.] or the Securities Exchange Act of 1934 [15 U.S.C. 78a et seq.] governing the issuance, offer, purchase, or sale of securities of a commodity pool, or of persons engaged in transactions with respect to such securities, or reporting by a commodity pool.
(3) Exception.—(A) In general.—Paragraph (1) shall not apply to any commodity trading advisor that is registered with the Securities and Exchange Commission as an investment adviser whose business does not consist primarily of acting as a commodity trading advisor, as defined in section 1a of this title, and that does not act as a commodity trading advisor to any commodity pool that is engaged primarily in trading commodity interests.
(B) Engaged primarily.—For purposes of subparagraph (A), a commodity trading advisor or a commodity pool shall be considered to be “engaged primarily” in the business of being a commodity trading advisor or commodity pool if it is or holds itself out to the public as being engaged primarily, or proposes to engage primarily, in the business of advising on commodity interests or investing, reinvesting, owning, holding, or trading in commodity interests, respectively.
(C) Commodity interests.—For purposes of this paragraph, commodity interests shall include contracts of sale of a commodity for future delivery, options on such contracts, security futures, swaps, leverage contracts, foreign exchange, spot and forward contracts on physical commodities, and any monies held in an account used for trading commodity interests.

Structure US Code

US Code

Title 7— AGRICULTURE

CHAPTER 1— COMMODITY EXCHANGES

§ 1. Short title

§ 1a. Definitions

§ 1b. Requirements of Secretary of the Treasury regarding exemption of foreign exchange swaps and foreign exchange forwards from definition of the term “swap”

§ 2. Jurisdiction of Commission; liability of principal for act of agent; Commodity Futures Trading Commission; transaction in interstate commerce

§§ 2a to 4a. Transferred

§ 5. Findings and purpose

§ 6. Regulation of futures trading and foreign transactions

§ 6a. Excessive speculation

§ 6b. Contracts designed to defraud or mislead

§ 6b–1. Enforcement authority

§ 6c. Prohibited transactions

§ 6d. 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

§ 6e. Dealings by unregistered floor trader or broker prohibited

§ 6f. Registration and financial requirements; risk assessment

§ 6g. Reporting and recordkeeping

§ 6h. False self-representation as registered entity member prohibited

§ 6i. Reports of deals equal to or in excess of trading limits; books and records; cash and controlled transactions

§ 6j. Restrictions on dual trading in security futures products on designated contract markets and registered derivatives transaction execution facilities

§ 6k. Registration of associates of futures commission merchants, commodity pool operators, and commodity trading advisors; required disclosure of disqualifications; exemptions for associated persons

§ 6l. Commodity trading advisors and commodity pool operators; Congressional finding

§ 6m. Use of mails or other means or instrumentalities of interstate commerce by commodity trading advisors and commodity pool operators; relation to other law

§ 6n. Registration of commodity trading advisors and commodity pool operators; application; expiration and renewal; record keeping and reports; disclosure; statements of account

§ 6o. Fraud and misrepresentation by commodity trading advisors, commodity pool operators, and associated persons

§ 6o–1. Transferred

§ 6p. Standards and examinations

§ 6q. Special procedures to encourage and facilitate bona fide hedging by agricultural producers

§ 6r. Reporting and recordkeeping for uncleared swaps

§ 6s. Registration and regulation of swap dealers and major swap participants

§ 6t. Large swap trader reporting

§ 7. Designation of boards of trade as contract markets

§ 7a. Repealed. , ,

§ 7a–1. Derivatives clearing organizations

§ 7a–2. Common provisions applicable to registered entities

§ 7a–3. Repealed. , ,

§ 7b. Suspension or revocation of designation as registered entity

§ 7b–1. Designation of securities exchanges and associations as contract markets

§ 7b–2. Privacy

§ 7b–3. Swap execution facilities

§ 8. Application for designation as contract market or derivatives transaction execution facility; time; suspension or revocation of designation; hearing; review by court of appeals

§ 9. Prohibition regarding manipulation and false information

§ 9a. Assessment of money penalties

§ 9b. Rules prohibiting deceptive and other abusive telemarketing acts or practices

§ 9c. Notice of investigations and enforcement actions

§ 10. Repealed. , , eff.

§ 10a. Cooperative associations and corporations, exclusion from board of trade; rules of board inapplicable to payment of compensation by association

§ 11. Vacation on request of designation or registration as “registered entity”; redesignation or reregistration

§ 12. Public disclosure

§§ 12–1 to 12–3. Omitted

§ 12a. Registration of commodity dealers and associated persons; regulation of registered entities

§ 12b. Trading ban violations; prohibition

§ 12c. Disciplinary actions

§ 12d. Commission action for noncompliance with export sales reporting requirements

§ 12e. Repealed. , , , 2763A–410

§ 13. Violations generally; punishment; costs of prosecution

§ 13–1. Violations, prohibition against dealings in motion picture box office receipts or onion futures; punishment

§ 13a. Nonenforcement of rules of government or other violations; cease and desist orders; fines and penalties; imprisonment; misdemeanor; separate offenses

§ 13a–1. Enjoining or restraining violations

§ 13a–2. Jurisdiction of States

§ 13b. Manipulations or other violations; cease and desist orders against persons other than registered entities; punishment

§ 13c. Responsibility as principal; minor violations

§ 14. Repealed. , ,

§ 15. Omitted

§ 15a. Repealed. , ,

§ 15b. Cotton futures contracts

§ 16. Commission operations

§ 16a. Service fees and National Futures Association study

§ 17. Separability

§ 17a. Separability of 1936 amendment

§ 17b. Separability of 1968 amendment

§ 18. Complaints against registered persons

§ 19. Consideration of costs and benefits and antitrust laws

§ 20. Market reports

§ 21. Registered futures associations

§ 22. Research and information programs; reports to Congress

§ 23. Standardized contracts for certain commodities

§ 24. Customer property with respect to commodity broker debtors; definitions

§ 24a. Swap data repositories

§ 25. Private rights of action

§ 26. Commodity whistleblower incentives and protection

§ 27. Definitions

§ 27a. Exclusion of identified banking product

§ 27b. Repealed. , ,

§ 27c. Exclusion of certain other identified banking products

§ 27d. Administration of the predominance test

§ 27e. Repealed. , ,

§ 27f. Contract enforcement