Page:United States Statutes at Large Volume 96 Part 2.djvu/957

 PUBLIC LAW 97-444—JAN. 11, 1983

96 STAT. 2319

AIDING AND ABETTING; CONTROLLING PERSON

SEC. 230. Section 13 of the Commodity Exchange Act (7 U.S.C. 13c) is amended by— (1) striking out "in administrative proceedings under this Act" in subsection (a); (2) redesignating subsection (b) as subsection (c); and (3) inserting a new subsection (b) to read as follows: "(b) Any person who, directly or indirectly, controls any person who has violated any provision of this Act or any of the rules, regulations, or orders issued pursuant to this Act may be held liable for such violation in any action brought by the Commission to the same extent as such controlled person. In such action, the Commission has the burden of proving that the controlling person did not act in good faith or knowingly induced, directly or indirectly, the act or acts constituting the violation.". REPARATIONS PROCEDURE

SEC. 231. Section 14 of the Commodity Exchange Act (7 U.S.C. 18) is amended by— (1) amending subsection (a) to read as follows: "(a) Any person complaining of any violation of any provision of this Act, or any rule, regulation, or order issued pursuant to this Act, by any person who is registered under this Act may, at any time within two years after the cause of action accrues, apply to the Commission for an order awarding actual damages proximately caused by such violation."; (2) amending subsection (b) to read as follows: "(b) The Commission may promulgate such rules, regulations, and orders as it deems necessary or appropriate for the efficient and expeditious administration of this section. Notwithstanding any other provision of law, such rules, regulations, and orders may prescribe, or otherwise condition, without limitation, the form, filing, and service of pleadings or orders, the nature and scope of discovery, counterclaims, motion practice (including the grounds for dismissal of any claim or counterclaim), hearings (including the waiver thereof, which may relate to the amount in controversy), rights of appeal, if any, and all other matters governing proceedings before the Commission under this section."; (3) striking out subsections (c) and (e); (4) redesignating subsections (d), (f), (g), (h), and (i) as (c), (d), (e), (f), and (g), respectively; (5) striking out 'subsection (g)" in subsection (d), as so redesignated, and inserting in lieu thereof "subsection (e)"; and (6) amending subsection (f), as so redesignated, to read as follows: "(f) Unless the party against whom a reparation order has been issued shows to the satisfaction of the Commission within fifteen days from the expiration of the period allowed for compliance with such order that either an appeal as herein authorized has been taken or payment of the full amount of the order (or any agreed settlement thereof) has been made, such party shall be prohibited automatically from trading on all contract markets and, if the party is registered with the Commission, such registration shall be suspended automatically at the expiration of such fifteen-day period until such party shows to the satisfaction of the Commission that

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