7 U.S.C. § 6f
Registration and financial requirements; risk assessment
Notwithstanding any other provisions of this chapter, no person desiring to register as futures commission merchant or as introducing broker shall be so registered unless he meets such minimum financial requirements as the Commission may by regulation prescribe as necessary to insure his meeting his obligation as a registrant, and each person so registered shall at all times continue to meet such prescribed minimum financial requirements: Provided, That such minimum financial requirements will be considered met if the applicant for registration or registrant is a member of a contract market or derivatives transaction execution facility and conforms to minimum financial standards and related reporting requirements set by such contract market or derivatives transaction execution facility in its bylaws, rules, regulations, or resolutions and approved by the Commission as adequate to effectuate the purposes of this subsection.
Section 9 of the Federal Reserve Act, referred to in subsec. (c)(4)(B)(i), is section 9 of act Dec. 23, 1913, ch. 6, 38 Stat. 251, which is classified generally to subchapter VIII (§ 321 et seq.) of chapter 3 of Title 12, Banks and Banking.
Pub. L. 110–234 and Pub. L. 110–246 made identical amendments to this section. The amendments by Pub. L. 110–234 were repealed by section 4(a) of Pub. L. 110–246.
2008—Subsec. (c)(4)(B)(i). Pub. L. 110–246, § 13105(b), substituted “complied” for “compiled”.
2000—Subsec. (a). Pub. L. 106–554, § 1(a)(5) [title II, § 252(b)], designated existing provisions as par. (1) and added pars. (2) and (3).
Subsec. (a)(4). Pub. L. 106–554, § 1(a)(5) [title II, § 252(c)], added par. (4).
Subsecs. (b), (c)(3)(B). Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(6)], inserted “or derivatives transaction execution facility” after “contract market” wherever appearing.
1992—Subsec. (a). Pub. L. 102–546, §§ 207(b)(1), 229(1), redesignated par. (1) as subsec. (a) and substituted “floor broker, or floor trader” for “or floor broker”.
Subsec. (b). Pub. L. 102–546, § 229(1), (2), redesignated par. (2) as subsec. (b) and substituted “this subsection” for “this paragraph (2)”.
Subsec. (c). Pub. L. 102–546, § 229(3), added subsec. (c).
1983—Par. (1). Pub. L. 97–444, § 208(1), made grammatical changes, made registration provisions applicable to introducing brokers, and substituted “revoked pursuant to the provisions of this chapter” for “revoked after notice and hearing as prescribed in this chapter”.
Par. (2). Pub. L. 97–444, § 208(2), made financial requirements applicable to introducing brokers.
1978—Par. (1). Pub. L. 95–405 substituted “Each registration shall expire on December 31 of the year for which issued or at such other time, not less than one year from the date of issuance, as the Commission may by rule, regulation, or order prescribe” for “All registrations shall expire on the 31st day of December of the year for which issued”.
1974—Pub. L. 93–463 substituted “Commission” for “Secretary of Agriculture”.
1968—Par. (1). Pub. L. 90–258, § 7(a), substituted “this chapter” for “section 6g of this title”.
Par. (2). Pub. L. 90–258, § 7(b), substituted provisions that prescribed financial requirements for registration as futures commission merchant be met and continued at all times and that such requirements will be considered met by membership in a contract market and compliance with its minimum financial standards and related reporting requirements for former provisions for display of futures commission merchants’ registration certificates.
Amendment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective
Amendment by section 207(b)(1) of Pub. L. 102–546 effective 180 days after
Amendment by Pub. L. 97–444 effective
Amendment by Pub. L. 95–405 effective
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.
Amendment by Pub. L. 90–258 effective 120 days after
For effective date of section, see section 13 of act
Notes of Decisions
Cited in 21
cases, 1977–2009 · leading case: First Am. Disc. Corp. v. Commodity Futures Trading Comm'n, 222 F.3d 1008 (1st Cir. 2000).
First Am. Disc. Corp. v. Commodity Futures Trading Comm'n, 222 F.3d 1008 (1st Cir. 2000). “§ la, which creates the category of “introducing brokers,” 2 and amended section 4f(b), 7 U.S.C. § 6f(b), which directs the CFTC to ensure that every introducing broker “meets such minimum financial requirements as the Commission may by regulation prescribe as necessary to…”
Premex, Inc., & Samuel N. Zack v. Commodity Futures Trading Comm'n, 785 F.2d 1403 (9th Cir. 1986). “7 U.S.C. § 6f. As a futures commission merchant, Premex was required to comply with certain financial and reporting requirements of the Commission, including that of maintaining minimum capital requirements.”
Commodity Futures Trading Comm'n v. Sterling Trading Grp., Inc., 605 F. Supp. 2d 1245 (S.D. Fla. 2009). “7 U.S.C. § 6f(c)(2)(A). The Defendants argue that the analysis of the exemption ends with the language of § 6f(c)(2)(B).”
New York Currency Rsch. Corp. v. Commodity Futures Trading Comm'n, 180 F.3d 83 (2d Cir. 1999). “§ 6f(b) (formerly 7 U.S.C. § 6f(2)), provides that “each person so registered [as a futures commission merchant] shall at all times” meet prescribed minimum financial requirements.”
Scott v. Prudential Sec., Inc., 141 F.3d 1007 (11th Cir. 1998). “See 7 U.S.C. §§ 6f(a) & 6k(l). For a more complete explanation of the regulatory system, including Congress's delegation of the registration function to the CFTC and NFA, see Pipkin, 64 F.”
R.J. O'Brien & Assoc., Inc. v. Thomas D. Pipkin, 64 F.3d 257 (7th Cir. 1995). “7 U.S.C. §§ 6f(a) and 6k(l). To oversee the regulatory regime, Congress created the Commodity Futures Trading Commission (“CFTC”), an independent agency which is also vested with the authority to register persons under the Act.”
Cremin v. Merrill Lynch Pierce Fenner & Smith, Inc., 957 F. Supp. 1460 (N.D. Ill. 1997). “7 U.S.C. §§ 6f(a), 6k(l). But no federal law mandated registration in the securities industry until 1993, well after Cremin signed the U-4.”
Economou v. Butz, 466 F. Supp. 1351 (S.D.N.Y. 1979). “28 (1968) (current version at 7 U.S.C. § 6f(2) (1976)). 14 . Davis’ affidavit at ¶ 3; Statement pursuant to Rule 9(g) at II 2.”
Commodity Futures Trading Comm'n v. G7 Advisory Servs., LLC, 406 F. Supp. 2d 1289 (S.D. Fla. 2005). “7 U.S.C. § 6f(c)(2)(B). II. DISCUSSION 4 A.”
Koci v. Freehling (In Re Bengal Trading Corp.), 12 B.R. 695 (Bankr. S.D. Florida 1981). “Pursuant to 7 U.S.C. § 6f, as detailed in the Commodity Futures Trading Commission’s regulation, ( 17 C.”
Amadeus Global Travel Distrib., S.A. v. Orbitz, LLC, 302 F. Supp. 2d 329 (D. Del. 2004). “, 7 U.S.C. § 6f(c)(1)(commodity exchanges); 11 U.”
Commodity Futures Trading Comm'n v. Sidoti, 178 F.3d 1132 (11th Cir. 1999). “Trinity and Sidoti with filing a false and misleading registration statement in that they failed to identify Sidoti as a principal and subsequently failed to correct the deficiency, in violation of Sections 4f, 6(c), and 8a(l) of the Act, codified at 7 U.S.C. §§ 6f, 13b, 12a(l),…”
— 7 U.S.C. § 6f(2) — 5 cases
Premex, Inc., & Samuel N. Zack v. Commodity Futures Trading Comm'n, 785 F.2d 1403 (9th Cir. 1986). “7 U.S.C. § 6f. As a futures commission merchant, Premex was required to comply with certain financial and reporting requirements of the Commission, including that of maintaining minimum capital requirements.”
New York Currency Rsch. Corp. v. Commodity Futures Trading Comm'n, 180 F.3d 83 (2d Cir. 1999). “§ 6f(b) (formerly 7 U.S.C. § 6f(2)), provides that “each person so registered [as a futures commission merchant] shall at all times” meet prescribed minimum financial requirements.”
Economou v. Butz, 466 F. Supp. 1351 (S.D.N.Y. 1979). “28 (1968) (current version at 7 U.S.C. § 6f(2) (1976)). 14 . Davis’ affidavit at ¶ 3; Statement pursuant to Rule 9(g) at II 2.”
Commodity Futures Trading Comm'n v. Carter, Rogers & Whitehead & Co., 497 F. Supp. 450 (E.D.N.Y 1980).
Lloyd Carr & Co., Lloyd Carr Fin. Co., James A. Carr & Charles P. Lemieux III v. Commodity Futures Trading Comm'n, 567 F.2d 1193 (2d Cir. 1977).
— 7 U.S.C. § 6f(a) — 4 cases
Scott v. Prudential Sec., Inc., 141 F.3d 1007 (11th Cir. 1998). “See 7 U.S.C. §§ 6f(a) & 6k(l). For a more complete explanation of the regulatory system, including Congress's delegation of the registration function to the CFTC and NFA, see Pipkin, 64 F.”
R.J. O'Brien & Assoc., Inc. v. Thomas D. Pipkin, 64 F.3d 257 (7th Cir. 1995). “7 U.S.C. §§ 6f(a) and 6k(l). To oversee the regulatory regime, Congress created the Commodity Futures Trading Commission (“CFTC”), an independent agency which is also vested with the authority to register persons under the Act.”
Cremin v. Merrill Lynch Pierce Fenner & Smith, Inc., 957 F. Supp. 1460 (N.D. Ill. 1997). “7 U.S.C. §§ 6f(a), 6k(l). But no federal law mandated registration in the securities industry until 1993, well after Cremin signed the U-4.”
Scott v. Prudential Sec., 141 F.3d 1007 (11th Cir. 1998).
— 7 U.S.C. § 6f(b) — 2 cases
First Am. Disc. Corp. v. Commodity Futures Trading Comm'n, 222 F.3d 1008 (1st Cir. 2000). “§ la, which creates the category of “introducing brokers,” 2 and amended section 4f(b), 7 U.S.C. § 6f(b), which directs the CFTC to ensure that every introducing broker “meets such minimum financial requirements as the Commission may by regulation prescribe as necessary to…”
New York Currency Rsch. Corp. v. Commodity Futures Trading Comm'n, 180 F.3d 83 (2d Cir. 1999). “§ 6f(b) (formerly 7 U.S.C. § 6f(2)), provides that “each person so registered [as a futures commission merchant] shall at all times” meet prescribed minimum financial requirements.”
— 7 U.S.C. § 6f(c)(1) — 1 case
Amadeus Global Travel Distrib., S.A. v. Orbitz, LLC, 302 F. Supp. 2d 329 (D. Del. 2004). “, 7 U.S.C. § 6f(c)(1)(commodity exchanges); 11 U.”
— 7 U.S.C. § 6f(c)(2)(A) — 1 case
Commodity Futures Trading Comm'n v. Sterling Trading Grp., Inc., 605 F. Supp. 2d 1245 (S.D. Fla. 2009). “7 U.S.C. § 6f(c)(2)(A). The Defendants argue that the analysis of the exemption ends with the language of § 6f(c)(2)(B).”
— 7 U.S.C. § 6f(c)(2)(B) — 2 cases
Commodity Futures Trading Comm'n v. Sterling Trading Grp., Inc., 605 F. Supp. 2d 1245 (S.D. Fla. 2009). “7 U.S.C. § 6f(c)(2)(A). The Defendants argue that the analysis of the exemption ends with the language of § 6f(c)(2)(B).”
Commodity Futures Trading Comm'n v. G7 Advisory Servs., LLC, 406 F. Supp. 2d 1289 (S.D. Fla. 2005). “7 U.S.C. § 6f(c)(2)(B). II. DISCUSSION 4 A.”
— 7 U.S.C. § 6f(c)(l)(I) — 2 cases
Commodity Futures Trading Comm'n v. Sterling Trading Grp., Inc., 605 F. Supp. 2d 1245 (S.D. Fla. 2009). “7 U.S.C. § 6f(c)(2)(A). The Defendants argue that the analysis of the exemption ends with the language of § 6f(c)(2)(B).”
Commodity Futures Trading Comm'n v. G7 Advisory Servs., LLC, 406 F. Supp. 2d 1289 (S.D. Fla. 2005). “7 U.S.C. § 6f(c)(2)(B). II. DISCUSSION 4 A.”
— 7 U.S.C. § 6f(e)(2)(A) — 1 case
Commodity Futures Trading Comm'n v. G7 Advisory Servs., LLC, 406 F. Supp. 2d 1289 (S.D. Fla. 2005). “7 U.S.C. § 6f(c)(2)(B). II. DISCUSSION 4 A.”
— 7 U.S.C. § 6f(e)(l)(I) — 1 case
Commodity Futures Trading Comm'n v. Sterling Trading Grp., Inc., 605 F. Supp. 2d 1245 (S.D. Fla. 2009). “7 U.S.C. § 6f(c)(2)(A). The Defendants argue that the analysis of the exemption ends with the language of § 6f(c)(2)(B).”
— 7 U.S.C. § 6f(l) — 1 case
Premex, Inc., & Samuel N. Zack v. Commodity Futures Trading Comm'n, 785 F.2d 1403 (9th Cir. 1986). “7 U.S.C. § 6f. As a futures commission merchant, Premex was required to comply with certain financial and reporting requirements of the Commission, including that of maintaining minimum capital requirements.”
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