U.S. Code » Title 7 » Chapter CHAPTER 1— COMMODITY EXCHANGES

7 U.S.C. § 6n

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

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(1) Any commodity trading advisor or commodity pool operator, or any person who contemplates becoming a commodity trading advisor or commodity pool operator, may register under this chapter by filing an application with the Commission. Such application shall contain such information, in such form and detail, as the Commission may, by rules and regulations, prescribe as necessary or appropriate in the public interest, including the following:(A) the name and form of organization, including capital structure, under which the applicant engages or intends to engage in business; the name of the State under the laws of which he is organized; the location of his principal business office and branch offices, if any; the names and addresses of all partners, officers, directors, and persons performing similar functions or, if the applicant be an individual, of such individual; and the number of employees;(B) the education, the business affiliations for the past ten years, and the present business affiliations of the applicant and of his partners, officers, directors, and persons performing similar functions and of any controlling person thereof;(C) the nature of the business of the applicant, including the manner of giving advice and rendering of analyses or reports;(D) the nature and scope of the authority of the applicant with respect to clients’ funds and accounts;(E) the basis upon which the applicant is or will be compensated; and(F) such other information as the Commission may require to determine whether the applicant is qualified for registration.(2) Each registration under this section shall expire on the 30th day of June of each year, or at such other time, not less than one year from the effective date thereof, as the Commission may by rule, regulation, or order prescribe, and shall be renewed upon application therefor subject to the same requirements as in the case of an original application.(3)(A) Every commodity trading advisor and commodity pool operator registered under this chapter shall maintain books and records and file such reports in such form and manner as may be prescribed by the Commission. All such books and records shall be kept for a period of at least three years, or longer if the Commission so directs, and shall be open to inspection by any representative of the Commission or the Department of Justice. Upon the request of the Commission, a registered commodity trading advisor or commodity pool operator shall furnish the name and address of each client, subscriber, or participant, and submit samples or copies of all reports, letters, circulars, memorandums, publications, writings, or other literature or advice distributed to clients, subscribers, or participants, or prospective clients, subscribers, or participants.(B) Unless otherwise authorized by the Commission by rule or regulation, all commodity trading advisors and commodity pool operators shall make a full and complete disclosure to their subscribers, clients, or participants of all futures market positions taken or held by the individual principals of their organization.(4) Every commodity pool operator shall regularly furnish statements of account to each participant in his operations. Such statements shall be in such form and manner as may be prescribed by the Commission and shall include complete information as to the current status of all trading accounts in which such participant has an interest.(Sept. 21, 1922, ch. 369, § 4n, as added Pub. L. 93–463, title II, § 205(a), Oct. 23, 1974, 88 Stat. 1398; amended Pub. L. 95–405, § 9, Sept. 30, 1978, 92 Stat. 870; Pub. L. 97–444, title II, § 213, Jan. 11, 1983, 96 Stat. 2305.)Editorial NotesAmendments

1983—Par. (5). Pub. L. 97–444 struck out par. (5) which authorized Commission, without hearing, to deny registration to any person as a commodity trading advisor or commodity pool operator if such person was subject to an outstanding order under this chapter denying to such person trading privileges on any contract market, or suspending or revoking the registration of such person as a commodity trading advisor, commodity pool operator, futures commission merchant, or floor broker, or suspending or expelling such person from membership on any contract market.

Par. (6). Pub. L. 97–444 struck out par. (6) which authorized Commission to deny registration or revoke or suspend the registration of any commodity trading advisor or commodity pool operator if the Commission found that such denial, revocation, or suspension was in the public interest and that such person had been guilty of certain specified activities. See section 12a(2), (3), and (4) of this title.

1978—Par. (2). Pub. L. 95–405, § 9(1)–(3), redesignated par. (3) as (2) and substituted “Each registration” for “All registrations” and inserted “or at such other time, not less than one year from the effective date thereof, as the Commission may rule, regulation, or order prescribe,” after “June of each year,”. Former par. (2), which provided that registration under this section becomes effective thirty days after the receipt of such application by the Commission, or within such shorter period of time as the Commission may determine, was struck out.

Pars. (3) to (6). Pub. L. 95–405, § 9(1), redesignated pars. (4) to (7) as (3) to (6), respectively. Former par. (3) redesignated (2).

Statutory Notes and Related SubsidiariesEffective 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 1978 Amendment

Amendment by Pub. L. 95–405 effective Oct. 1, 1978, see section 28 of Pub. L. 95–405, 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.

Notes of Decisions
Cited in 24 cases, 1976–2012 · leading case: Merrill Lynch, Pierce, Fenner & Smith, Inc. v. Curran, 456 U.S. 353 (1982).
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Merrill Lynch, Pierce, Fenner & Smith, Inc. v. Curran, 456 U.S. 353 (1982). · cites it 2× “…88 Stat. 1398 -1400, 1414 (adding §§ 4n, 4 o, and amending § 9(c) of the CEA, codified as subsequently amended, 7 U. S. C. §§ 6n, 6 o, 13 (1976 ed. and Supp. IV)). [35] § 209 of the 1974 amendments, 88 Stat. 1401 (adding § 5a(11) of the CEA, codified as subsequently…”
Lake Shore Asset Mgmt. Ltd. v. Commodity Futures Trading Comm'n, 511 F.3d 762 (7th Cir. 2007). · cites it 3× “law, doubtless thinking that submitting to regulation in this nation would make its promises credible.”
Commodity Futures Trading Comm'n v. British Am. Commodity Options Corp., 560 F.2d 135 (2d Cir. 1977). · cites it 3× “7 U.S.C. § 6n(2) provides: “Except as hereinafter provided, such registration shall become effective thirty days after the receipt of such application by the Commission, or within such shorter period of time as the Commission may determine.”
Commodity Futures Trading Comm'n v. Jack W. Savage, 611 F.2d 270 (9th Cir. 1980). “If AITC had operated a commodity trading pool, appellant’s relationship to the pool would have been disclosed in the pool’s registration.”
Commodity Futures Trading Comm'n v. British Am. Commodity Options Corp., 422 F. Supp. 662 (S.D.N.Y. 1976). · cites it 7× “7 U.S.C. § 6n (7) The Commission after hearing may by order deny registration, revoke or suspend the registration of any commodity trading advisor or commodity pool operator if the Commission finds that such denial, revocation, or suspension is in the public interest and that—…”
United States v. Steven Sawyer, Harvey M. Bloch, Allen C. Leavitt, 799 F.2d 1494 (11th Cir. 1986). “SMC was registered with the Commodity Futures Trading Commission (CFTC) as a commodity pool operator and commodity trading advisor pursuant to the Commodity Exchange Act, 7 U.S.C. § 6n (1982). 4 . A long-term futures pool traded in a single commodity.”
New York Currency Rsch. Corp. v. Commodity Futures Trading Comm'n, 180 F.3d 83 (2d Cir. 1999). · cites it 2× “Hearing and ALJ Initial Decision Nearly three months later, on December 17, 1997, the Division filed a single count complaint alleging that the failure to produce the documents violated § 4n(3)(A) of the Commodity Exchange Act (Act), codified at 7 U.S.C. § 6n(3)(A), and CFTC…”
United States Commodity Futures Trading Comm'n v. Driver, 877 F. Supp. 2d 968 (C.D. Cal. 2012). “Section 4n of the Act, 7 U.S.C. § 6n(3)(A), and CFTC Regulation 1.”
Commodity Futures Trading Comm'n v. White Pine Trust Corp., 574 F.3d 1219 (9th Cir. 2009). “12, 2001); cf. 7 U.S.C. § la(6) (defining "Commodity Trading Advisor”).”
Commodity Futures Trading Comm'n v. Skorupskas, 605 F. Supp. 923 (E.D. Mich. 1985). “Finally, Skorupskas violated section 4n(3) of the Act, 7 U.S.C. § 6n(3), and Commission regulations 1.”
Jack W. Savage v. Commodity Futures Trading Comm'n, 548 F.2d 192 (7th Cir. 1977). “7 U.S.C. § 6n (Supp. V 1975). 4 On March 7, 1975, he made his application to be registered; and on July 25, 1975, the Commission ordered a public hearing pursuant to Section 8a of the Act, 7 U.”
Commodity Futures Trading Comm'n v. Lake Shore Asset Mgmt. Ltd., 496 F.3d 769 (7th Cir. 2007). “The Commodity Futures Trading Commission believes that Lake Shore Asset Management, a commodity-pool operator and adviser in the derivatives business, has failed to produce on demand the records required by 7 U.S.C. § 6n(3)(A) and the corresponding regulations, 17 C.”
Show all 24 citing cases →
— 7 U.S.C. § 6n(1)(A) — 1 case
Commodity Futures Trading Comm'n v. Jack W. Savage, 611 F.2d 270 (9th Cir. 1980). “If AITC had operated a commodity trading pool, appellant’s relationship to the pool would have been disclosed in the pool’s registration.”
— 7 U.S.C. § 6n(2) — 2 cases
Commodity Futures Trading Comm'n v. British Am. Commodity Options Corp., 560 F.2d 135 (2d Cir. 1977). “7 U.S.C. § 6n(2) provides: “Except as hereinafter provided, such registration shall become effective thirty days after the receipt of such application by the Commission, or within such shorter period of time as the Commission may determine.”
Commodity Futures Trading Comm'n v. British Am. Commodity Options Corp., 422 F. Supp. 662 (S.D.N.Y. 1976). “7 U.S.C. § 6n (7) The Commission after hearing may by order deny registration, revoke or suspend the registration of any commodity trading advisor or commodity pool operator if the Commission finds that such denial, revocation, or suspension is in the public interest and that—…”
— 7 U.S.C. § 6n(3) — 1 case
Commodity Futures Trading Comm'n v. Skorupskas, 605 F. Supp. 923 (E.D. Mich. 1985). “Finally, Skorupskas violated section 4n(3) of the Act, 7 U.S.C. § 6n(3), and Commission regulations 1.”
— 7 U.S.C. § 6n(3)(A) — 9 cases
Lake Shore Asset Mgmt. Ltd. v. Commodity Futures Trading Comm'n, 511 F.3d 762 (7th Cir. 2007). “law, doubtless thinking that submitting to regulation in this nation would make its promises credible.”
New York Currency Rsch. Corp. v. Commodity Futures Trading Comm'n, 180 F.3d 83 (2d Cir. 1999). “Hearing and ALJ Initial Decision Nearly three months later, on December 17, 1997, the Division filed a single count complaint alleging that the failure to produce the documents violated § 4n(3)(A) of the Commodity Exchange Act (Act), codified at 7 U.S.C. § 6n(3)(A), and CFTC…”
United States Commodity Futures Trading Comm'n v. Driver, 877 F. Supp. 2d 968 (C.D. Cal. 2012). “Section 4n of the Act, 7 U.S.C. § 6n(3)(A), and CFTC Regulation 1.”
Commodity Futures Trading Comm'n v. Lake Shore Asset Mgmt. Ltd., 496 F.3d 769 (7th Cir. 2007). “The Commodity Futures Trading Commission believes that Lake Shore Asset Management, a commodity-pool operator and adviser in the derivatives business, has failed to produce on demand the records required by 7 U.S.C. § 6n(3)(A) and the corresponding regulations, 17 C.”
Commodity Trend Serv., Inc. v. Commodity Futures Trading Comm'n, 233 F.3d 981 (7th Cir. 2000).
— 7 U.S.C. § 6n(4) — 1 case
U.S. Commodity Futures Trading Comm'n v. States, 673 F. Supp. 2d 1320 (S.D. Fla. 2009).
— 7 U.S.C. § 6n(6) — 2 cases
Commodity Futures Trading Comm'n v. British Am. Commodity Options Corp., 422 F. Supp. 662 (S.D.N.Y. 1976). “7 U.S.C. § 6n (7) The Commission after hearing may by order deny registration, revoke or suspend the registration of any commodity trading advisor or commodity pool operator if the Commission finds that such denial, revocation, or suspension is in the public interest and that—…”
Rivers v. Rosenthal & Co., 634 F.2d 774 (5th Cir. 1980).
— 7 U.S.C. § 6n(7) — 2 cases
Commodity Futures Trading Comm'n v. British Am. Commodity Options Corp., 560 F.2d 135 (2d Cir. 1977). “7 U.S.C. § 6n(2) provides: “Except as hereinafter provided, such registration shall become effective thirty days after the receipt of such application by the Commission, or within such shorter period of time as the Commission may determine.”
Commodity Futures Trading Comm'n v. British Am. Commodity Options Corp., 422 F. Supp. 662 (S.D.N.Y. 1976). “7 U.S.C. § 6n (7) The Commission after hearing may by order deny registration, revoke or suspend the registration of any commodity trading advisor or commodity pool operator if the Commission finds that such denial, revocation, or suspension is in the public interest and that—…”
— 7 U.S.C. § 6n(l) — 1 case
Commodity Futures Trading Comm'n v. British Am. Commodity Options Corp., 560 F.2d 135 (2d Cir. 1977). “7 U.S.C. § 6n(2) provides: “Except as hereinafter provided, such registration shall become effective thirty days after the receipt of such application by the Commission, or within such shorter period of time as the Commission may determine.”
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