What US Commodity Exchange Act (7 USC ch 1): CFTC Jurisdiction, Contract Markets, Fraud and Manipulation requires
The Commodity Exchange Act (7 U.S.C. ch. 1) is the federal statute regulating the trading of commodity futures, options and swaps in the United States, administered by the Commodity Futures Trading Commission (CFTC). Section 1a supplies the definitions, including the terms commodity, future delivery and swap. Section 2 establishes the jurisdiction of the Commission over commodity-interest transactions, including the swaps jurisdiction added by the Dodd-Frank reforms, and addresses the liability of a principal for the acts of an agent. Section 5 states the findings and purpose. Section 6 governs the regulation of futures trading and foreign transactions, including the requirement that futures be traded on or subject to the rules of a registered entity. Section 6b prohibits contracts and conduct designed to defraud or mislead, and section 6c prohibits specified manipulative and prohibited transactions. Section 7 governs the designation of boards of trade as contract markets and the core principles they must meet. Enforcement is direct: section 9 prohibits manipulation and the delivery of false information and, with section 9a, provides for the assessment of civil money penalties, while section 25 confers private rights of action on persons injured by violations. The Act is the legal foundation of US derivatives market regulation, exchange oversight, and anti-manipulation enforcement.
Pillar: Banking & Global Finance · Authority: US Congress / Commodity Futures Trading Commission (CFTC) · Version: 1.0.0 · Last updated:
Primary source: https://www.govinfo.gov/content/pkg/USCODE-2022-title7/html/USCODE-2022-title7-chap1.htm
SHA-256 integrity: e59a96a60efd89c197c0b6ba6551393f2c51e213e50a8175c85bed84f91a3ca6
Primary Citations — 8 traced to source
- Commodity Exchange Act, 7 U.S.C. 1a - definitions.
- Commodity Exchange Act, 7 U.S.C. 2 - jurisdiction of the Commission; swaps; liability of principal for agent.
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