7 U.S.C. § 7b
Suspension or revocation of designation as registered entity
The failure of a registered entity to comply with any provision of this chapter, or any regulation or order of the Commission under this chapter, shall be cause for the suspension of the registered entity for a period not to exceed 180 days, or revocation of designation as a registered entity, in accordance with the procedures and subject to the judicial review provided in section 8(b) of this title.
Notes of Decisions
Cited in 8
cases, 1955–1993 · leading case: Commodity Futures Trading Comm'n v. Bd. of Trade of the City of Chicago, & Chicago Mercantile Exch., 701 F.2d 653 (7th Cir. 1983).
Commodity Futures Trading Comm'n v. Bd. of Trade of the City of Chicago, & Chicago Mercantile Exch., 701 F.2d 653 (7th Cir. 1983). “See 7 U.S.C. §§ 7b, 8(a), 13a. If it were the Commission’s intention, on having lost the first round, to moot the district court decision, and with that out of the way bring a new action to prove that the Exchange had acted unlawfully and to punish it for its unlawful act, the…”
Nat'l Super Spuds, Inc. v. New York Mercantile Exch., 470 F. Supp. 1256 (S.D.N.Y. 1979). “7 U.S.C. §§ 7b, 9. 20 . 7 U.S.C. § 13a. 21 .”
Gonzalez v. Paine, Webber, Jackson & Curtis, Inc., 493 F. Supp. 499 (S.D.N.Y. 1980). “The CFTC is empowered to hear and rule on claims for damages, to impose administrative sanctions and to bring actions in district courts to enjoin violations or to compel compliance with the Act and the regulations promulgated thereunder.”
Curran v. Merrill Lynch, Pierce, Fenner & Smith, Inc., 622 F.2d 216 (6th Cir. 1980). “7 U.S.C. §§ 7b, 9. The CFTC is authorized to issue cease and desist orders against contract markets, 7 U.”
Rivers v. Rosenthal & Co., 634 F.2d 774 (5th Cir. 1980). “§§ 6n(6), 9, or contract market, 7 U.S.C. § 7b. Most importantly, the 1974 Act for the first time expressly provided the means for persons injured by violations of the Act to seek redress from those responsible.”
Sam Wong & Son, Inc. v. New York Mercantile Exch., 735 F.2d 653 (2d Cir. 1984). “If an exchange fails to take appropriate action, the CFTC may step in and force its hand pursuant to § 8a(7) or may take more drastic measures such as suspending or revoking the market’s designation under § 5b, 7 U.S.C. § 7b. While an exchange’s responsibility in this respect…”
The United States of Am. v. Charles B. Grady, 225 F.2d 410 (7th Cir. 1955). “1497 , 7 U.S.C.A. § 7b. 9 . See also: Bear & Saxon, Commodity Exchanges and Futures Trading (1949), Hoffman, Future Trading Upon Organized Commodity Markets (1932).”
New York Mercantile Exch. v. Commodity Futures Trading Comm'n, 828 F. Supp. 186 (S.D.N.Y. 1993). “5 As for the second consideration identified in Abbott, NYMEX will suffer hardship if court consideration is withheld because it will be forced to choose between: (1) obeying the Order and reviewing Baker’s application in a manner which appears in conflict with its own rules; or…”
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