7-U.S.C.-6P
§6P – Standards and Examinations
Pathway
Title 7 > Chapter 1 > Section 6p
Details
- Reference: Section 6p
- Legend: §6P – Standards and Examinations
- USCode Year: 2013
Provision Content
(a) The Commission may specify by rules and regulations appropriate standards with respect to training, experience, and such other qualifications as the Commission finds necessary or desirable to insure the fitness of persons required to be registered with the Commission. In connection therewith, the Commission may prescribe by rules and regulations the adoption of written proficiency examinations to be given to applicants for registration and the establishment of reasonable fees to be charged to such applicants to cover the administration of such examinations. The Commission may further prescribe by rules and regulations that, in lieu of examinations administered by the Commission, futures associations registered under section 21 of this title, contract markets, or derivatives transaction execution facilities may adopt written proficiency examinations to be given to applicants for registration and charge reasonable fees to such applicants to cover the administration of such examinations. Notwithstanding any other provision of this section, the Commission may specify by rules and regulations such terms and conditions as it deems appropriate to protect the public interest wherein exception to any written proficiency examination shall be made with respect to individuals who have demonstrated, through training and experience, the degree of proficiency and skill necessary to protect the interests of customers, clients, pool participants, or other members of the public with whom such individuals deal.
(b) The Commission shall issue regulations to require new registrants, within six months after receiving such registration, to attend a training session, and all other registrants to attend periodic training sessions, to ensure that registrants understand their responsibilities to the public under this chapter, including responsibilities to observe just and equitable principles of trade, any rule or regulation of the Commission, any rule of any appropriate contract market, derivatives transaction execution facility, registered futures association, or other self-regulatory organization, or any other applicable Federal or state law, rule or regulation.
(Sept. 21, 1922, ch. 369, §4p, as added Pub. L. 93–463, title II, §206, Oct. 23, 1974, 88 Stat. 1400; amended Pub. L. 97–444, title II, §215, Jan. 11, 1983, 96 Stat. 2305; Pub. L. 102–546, title II, §210(a), Oct. 28, 1992, 106 Stat. 3607; Pub. L. 106–554, §1(a)(5) [title I, §123(a)(11)], Dec. 21, 2000, 114 Stat. 2763, 2763A–408.)
Codification
Another section 4p of act Sept. 21, 1922, was renumbered section 4q and is classified to section 6q of this title.
Amendments
2000—Subsec. (a). Pub. L. 106–554, §1(a)(5) [title I, §123(a)(11)(A)], substituted title, contract markets, or derivatives transaction execution facilities” for title or contract markets”.
Subsec. (b). Pub. L. 106–554, §1(a)(5) [title I, §123(a)(11)(B)], inserted derivatives transaction execution facility,” after contract market,”.
1992—Pub. L. 102–546 designated existing provisions as subsec. (a) and added subsec. (b).
1983—Pub. L. 97–444 substituted persons required to be registered with the Commission” for futures commission merchants, floor brokers, and those persons associated with futures commission merchants or floor brokers” in first sentence, customers, clients, pool participants, or other members of the public with whom such individuals deal” for the customers of futures commission merchants and floor brokers” in last sentence, and in second and third sentences struck out as futures commission merchants, floor brokers, and those persons associated with futures commission merchants or floor brokers,” after applicants for registration”.
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
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.
Regulations
Pub. L. 102–546, title II, §210(b), Oct. 28, 1992, 106 Stat. 3607, provided that: The Commodity Futures Trading Commission shall issue the regulations required by section 4p(b) of the Commodity Exchange Act [7 U.S.C. 6p(b)], as added by subsection (a), no later than one hundred and eighty days after the date of enactment of this Act [Oct. 28, 1992].”
U.S. Encyclopedia of Law Coverage
7-U.S.C.-6M in the Legal Encyclopedia: Agriculture
In this entry about 7-U.S.C.-6M, find legal reference material, bibliographies and premiere content related to agriculture in the American Encyclopedia of Law, presenting a comprehensive view of the United States agriculture-specific issues, written by authorities in the field.
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