Commodity Futures Improvements Act of 1989

Summary

Commodity Futures Improvements Act of 1989 - Title I: Limitations on Certain Trading Practices - Amends the Commodity Exchange Act to prohibit dual trading by a floor broker in any contract market in which the Commodity Futures Trading Commission (CFTC) has determined the average daily trading volume to equal or exceed a threshold trading level. Exempts a board of trade from such prohibition if it can show adequate trading violation surveillance (audit trails). Limits trading among members of broker associations. Title II: Enhancement of Regulatory and Enforcement Activities - Sets forth audit trail requirements, including one-minute transaction recording. Prohibits a person who has solicited a new account by telephone from entering any orders for such account for three days after the customer has signed any contract and a risk disclosure statement. Continues CFTC authority to conduct undercover enforcement operations. Establishes CFTC contract market disciplinary committees. Provides for public representation on contract market governing boards. Requires floor trader registration. Revises provisions regarding: (1) registration; and (2) enforcement of money penalties. Requires ethics training for new registrants. Provides for nationwide service of process and venue in U.S. district courts. Title III: Assistance to Foreign Futures Authorities - Provides for cooperation with foreign futures authorities (as defined by this Act) with regard to: (1) subpoena authority; (2) investigative assistance; and (3) information disclosure and receipt. Title IV: Authorization of Appropriations; Effective Date - Authorizes FY 1990 and 1991 appropriations. Makes the provisions of this Act effective upon enactment.

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Documents

6 official files

• Reported in House (text)

  Reported in House · EN

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• Referred in Senate (text)

  Referred in Senate · EN

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• Introduced in House (text)

  Introduced in House · EN

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• Engrossed in House (text)

  Engrossed in House · EN

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• Passed House amended

  summary · EN · 13 September 1989

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• Introduced in House

  summary · EN · 12 July 1989

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