Page:United States Statutes at Large Volume 92 Part 1.djvu/924

 92 STAT. 870 7 USC 9.

PUBLIC LAW 95-405—SEPT. 30, 1978 period of such suspension has not expired) or revoked after notice and hearing as prescribed in section 6(b) of this Act: Provided, That upon initial registration, unless the Commission otherwise prescribes by rule, regulation, or order, the effective period of such registration shall be not more than two years nor less than one year from the effective date thereof."; and (2) adding at the end thereof a new subsection (3) as follows: "(3) The Commission may authorize a registered futures association to perform any portion of the registration functions under this section, in accordance with rules approved by the Commission, and subject to the provisions of this Act applicable to registrations granted by the Commission.". REGISTRATION OF COMMODITY TRADING ADVISORS

Ante, p. 865. 7 USC 1 note.

7 USC 18.

SEC. 8. Section 4m of the Commodity Exchange Act (7 U.S.C. 6m) is amended by adding at the end thereof a new sentence as follows: "The provisions of this section shall not apply to any commodity trading advisor who is a (1) dealer, processor, broker, or seller in cash market transactions of any commodity specifically set forth in section 2(a) of this Act prior to the enactment of the Commodity Futures Trading Commission Act of 1974 (or products thereof) or (2) nonprofit, voluntary membership, general farm organization, who provides advice on the sale or purchase of any commodity specifically set forth in section 2(a) of this Act prior to the enactment of the Commodity Futures Trading Commission Act of 1974; if the advice by the person described in clause (1) or (2) of this sentence as a commodity trading advisor is solely incidental to the conduct of that person's business: Provided, That such person shall be subject to proceedings under section 14 of this Act.". REGISTRATION OF COMMODITY TRAINING ADVISORS AND COMMODITY POOL OPERATORS

SEC. 9. Section 4n of the Commodity Exchange Act (7 U.S.C. 6n) is amended by— (1) striking out subsection (2) and redesignating subsections (3), (4), (5), (6), and (7) as subsections (2), (3), (4), (5), and (6), respectively; (2) striking out in subsection (2), as redesignated by clause (1) of this section, "All registrations" and inserting in lieu thereof "Each registration"; and (3) inserting in subsection (2), as redesignated by clause (1) of this section, after "year," the following: "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,". PROHIBITION

7 USC do.

ON FRAUDULENT TRANSACTIONS BY COMMODITY ADVISORS AND COMMODITY POOL OPERATORS

TRADING

SEC, 10. Section 4o(l) of the Commodity Exchange Act (7 U.S.C. 6o(l)) is amended by striking out "registered under this Act". ARBITRATION BY REGISTERED FUTURES ASSOCIATION

SEC. 11. Section 5a(11) of the Commodity Exchange Act (7 U.S.C. 7a(11)) is amended by inserting after "otherwise" the following: "(such as by delegation to a registered futures association having rules providing for such procedures) ".

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