Page:United States Statutes at Large Volume 49 Part 1.djvu/1541

 1 496 Re voca tion or sus- pension of regi stration for des ignated causes. Violations of Act ; rules and regulations. Failure to make re- ports, etc. Failure to keep books, etc. not permitting inspect ion. Operating pla ce of business where orders are sol icit ed, etc. Used for hedging, price basis, or delivery of commodity in inter- state commerce. Misrepresentations. Making contract for future delivery, wi th- out reporting same, in excess of pre scr ibe d limits. Record, etc ., of trans. actions to be kept. 74TH C ONGRESS. SESS. II. CH. 545. JUNE 15, 1936. "SE c. 4 g . If any person registered hereunder as futures commis- sion merchant or floor broker shall violate any of the provisions of this Act, or any of the rules or regulations of the Secretary of Agricul ture thereunder, or shall fail or refuse to make any report required by the Secretary of Agriculture regarding the transactions of such person, or the transactions of the customers thereof, in com- modities for future delivery on any board of trade in the United States or elsewhere, or shall fail or refuse to keep the books and records pertaining to such transactions in the form and manner required by the Secretary of Agriculture, or shall fail or refuse to keep such books and records open to inspection by any representative of the United States Department of Agriculture or the United States Departm ent of Justice, the registration of such person may be sus- pended or revoked after notice and hearing in accordance with the procedure and subject to the judicial review provided in paragraph (b) of section 6 of this Act. "SEC. 4 h . It shall be unlawful for any person- "(1) to conduct any office or place of business anywhere in the United States or its territories for the purpose of soliciting or accepting any orders for the purchase or sale of any commodity for future delivery, or for making or offering to make any con- tract s for the pu rchase or s ale of any c ommodity for future deliv ery, or for conducting any dealings in commodit ies for future delivery, that are or may be used for (A) hedging any transaction in interstate commerce in such commodity or t he products or byproducts thereof, or (B) determining the price basis of any such transaction in interstate commerce, or (C) delivering any such commodity sold, shipped, or received in interstate commerce for the fulfillment thereof, if such orders, contracts, or dealings are executed or consummated otherwise than by or through a member of a contract market ; or "(2) falsely to represent such person to be a member of a con tract marke t, or the r epres entat ive or agen t of s uch m ember, or to be a futures commission merchant registered under this Act, or the agent of such registered futures commission merchant, in soliciting or handling any order or contract for the purchase or sale of any commodity in interstate commerce or for future delivery, or falsely to represent in connection with the handling of any such order or contract that the same is to be or has been executed on, or by or through any member of, any contract market . "SEC. 4i. It shall be unlawful for any person to make any contract for the purchase or sale of any commodity for future delivery on or subject to the rules of any contract market unless such person shall report or cause to b e reported to the pr operly des ignated of ficer in accordance with the rules and regulations of the Secretary of Agr icultu re (1 ) when ever such p erson shall dire ctly or ind irect ly make such contracts with respect to any commodity, or any future of such commodity, during any one day in an amount equal to or in excess of such amount as shall be fixed from time to time by the Secretary of Agriculture ; and (2) whenever such person shall directly or indirectly have or obtain a long or short position in any commodity or in any future of such commodity, equal to or in excess of such amount as shall be fixed from time to time by the Secretary of Agriculture. Such person shall also keep books and records of transactions coming within the provisions of (1) and (2) hereof which books and records shall show complete details concerning all such transactions, including the names and addresses of all persons