Page:United States Statutes at Large Volume 96 Part 2.djvu/943

 PUBLIC LAW 97-444—JAN. 11, 1983

96 STAT. 2305

from having to register under this subsection by rule, regulation, or order. "(4) Any person desiring to be registered as an associated person of a futures commission merchant, of an introducing broker, of a commodity pool operator, or of a commodity trading advisor shall make application to the Commission in the form and manner prescribed by the Commission, giving such information and facts as the Commission may deem necessary concerning the applicant. Such person, when registered hereunder, shall likewise continue to report and furnish to the Commission such information as the Commission may require. Such registration shall expire at such time as the Commission may by rule, regulation, or order prescribe. "(5) It shall be unlawful for any registrant to permit a person to become or remain an associated person of such registrant, if the registrant knew or should have known of facts regarding such associated person that are set forth as statutory disqualifications in section 8a(2) of this Act, unless such registrant has notified the Post, p. 2310. Commission of such facts and the Commission has determined that such person should be registered or temporarily licensed.". CONFORMING AMENDMENT

SEC. 213. Section 4n of the Commodity Exchange Act (7 U.S.C. 6n) is amended by striking out subsections (5) and (6). EXTENSION OF ANTIFRAUD PROVISION

SEC. 214. Section 4o of the Commodity Exchange Act (7 U.S.C. 6o) is amended to read as follows: "SEC. 4o. (1) It shall be unlawful for a commodity trading advisor, 7 USC 6o. associated person of a commodity trading advisor, commodity pool operator, or associated person of a commodity pool operator by use of the mails or any means or instrumentality of interstate commerce, directly or indirectly— "(A) to employ any device, scheme, or artifice to defraud any client or participant or prospective client or participant; or "(B) to engage in any transaction, practice, or course of business which operates as a fraud or deceit upon any client or participant or prospective client or participant. "(2) It shall be unlawful for any commoidity trading advisor, associated person of a commodity trading advisor, commodity pool operator, or associated person of a commodity pool operator registered under this Act to represent or imply in any manner whatsoever that such person has been sponsored, recommended, or approved, or that such person's abilities or qualifications have in any respect been passed upon, by the United States or any agency or officer thereof. This section shall not be construed to prohibit a statement that a person is registered under this Act as a commodity trading advisor, associated person of a commodity trading advisor, commodity pool operator, or associated person of a commodity pool operator, if such statement is true in fact and if the effect of such registration is not misrepresented.". EXTENSION OF AUTHORITY REGARDING PROFICIENCY EXAMINATIONS

SEC. 215. Section 4p of the Commodity Exchange Act (7 U.S.C. 6p) is £unended by—

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