Futures Trading Act of 1982

Summary

Futures Trading Act of 1982 - Amends the Commodity Exchange Act to limit the definition of "commodity trading advisor" to persons offering advice on trading in contracts executed on a contract market and on certain option and leverage transactions. Includes persons using electronic media in such definition. Authorizes the Commodity Futures Trading Commission (Commission) to include by regulation other persons within such definition. Limits the jurisdiction of the Commission with respect to securities (and grants it exclusive jurisdiction in this respect) to accounts, agreements, and transactions involving sales contracts for future delivery of a group or index of securities which meet specified criteria. Eliminates the one year post-government employment bar against appearances before the Commission by former Commissioners and senior employees. (Such appearances are also barred by the Ethics in Government Act of 1978.) Authorizes the Commission to regulate the offer and sale by persons in the United States of commodity futures contracts executed on foreign markets. States that the Commission may set speculative limits by rule, regulation, or order. Authorizes the Commission to enforce speculative limits set by contract markets if such limits have been approved by the Commission. Makes it unlawful to violate such limits. States that such Act does not apply to foreign currency option transactions traded on a national securities exchange. Requires agents of a futures commission merchant to register as associated agents. Broadens the prohibition on false representation to include false representation of registration with the Commission in any capacity, not only as a futures commission merchant. Makes the duty of large traders to keep and make books and records available for inspection independent of Commission report-filing requirements. Requires such traders to make certain other trading information available for inspection. Requires any person associated with a commodity pool operator (CPO) or a commodity trading advisor (CTA) who solicits funds or property to register as an associated person of such CPO or CTA. Exempts from registration: (1) persons registered with the Commission in some other capacity; and (2) persons or classes exempted by the Commission. Provides that the registration of an associated person shall expire when the Commission so orders. Makes it unlawful for a registrant to hire an associated person if the registrant knew or should have known of facts about such person that are set forth as statutory disqualifications. States that the Securities and Exchange Commission (SEC) may regulate the commercial activities of a commodity pool. States that private rights under the Securities Act of 1933 or the Securities Exchange Act of 1934 are not affected by the provisions of the Commodity Exchange Act. Extends coverage of antifraud provisions to associated persons of CTAs and CPOs. Extends the Commission's authority regarding proficiency qualifications to all registered persons. Requires a contract market to enforce all rules made by it or the governing board (or committees) which have been approved by the Commission, or which must be enforced pursuant to a Commission rule. Revises arbitration procedures to remove: (1) the $15,000 claim ceiling; and (2) the compulsory awards agreement requirement. Requires contract markets to submit only rules of major economic significance for prior Commission approval. Requires other rules (except those relating to the setting of margin levels) to be submitted for Commission approval, although such rules shall become effective within ten days without specific approval if the Commission waives review. Permits a contract market to request that the Commission review a rule. Directs the Commission to approve contract market rules within 30 days, or if the Commission determines them to be of major economic significance, within 60 days. Requires review of registration denials in the circuit in which the petitioner's principal place of business is located. Authorizes the Commission to seek ex parte court orders prohibiting persons from: (1) destroying records or books; (2) refusing to permit inspections; or (3) withdrawing or disposing of assets, funds, or property. Prohibits the Commission from publicly disclosing data or information concerning an investigation of any person unless the disclosure is made in connection with a congressional proceeding, certain judicial or administrative proceedings, or certain receivership or bankruptcy proceedings. Authorizes the Commission to disclose information to any Federal agency or department (currently limited to the executive branch), including State, local, and foreign enforcement agencies. Prohibits State and local entities from disclosing any confidential information except in a legal proceeding. Authorizes the Commission to register associated persons of CTAs and CPOs. Authorizes the Commission to grant temporary (six-month maximum) licenses. Establishes a system of statutory registration disqualifications. Lists circumstances in which the Commission may refuse or condition a registration without a hearing (usually where a previous registration has been suspended or revoked, or the applicant has been denied trading privileges as the result of legal proceedings). Specifies circumstances in which the Commission may refuse or condition a registration only after granting an opportunity for a hearing (usually where the applicant has been in violation of the Commodity Exchange Act, or has been convicted of felonies or misdemeanors relating to commodities or securities transactions). Permits the Commission to disclose necessary information to a registered futures association or self- regulatory organization (as defined in the Securities Exchange Act of 1934). Permits the Commission to authorize any person to perform any portion of the registration functions subject to rules approved by the Commission. Extends the provisions pertaining to embezzlement, theft, or criminal conversion to all persons and their agents covered by the registration requirements of such Act. Prohibits Commission members and employees from engaging in leverage transactions. Exempts from such prohibition hedging and certain oil and mineral transactions entered into by trustees of trusts established by Commissioners and specified Commission employees. Authorizes Commission members and employees to invest in specified government securities and financial instruments if: (1) such instruments are not regulated by the Commission; and (2) no nonpublic information was used in the transaction. Prohibits Commission members and employees from imparting nonpublic information regarding leverage transactions. Extends authorization of appropriations under such Act. Provides for shared jurisdiction with other Federal agencies and States over transactions involving commodities, services, products, rights, or interests not subject to contract market rules or regulated by the Commission. Authorizes the Commission to refer any matter subject to other Federal or State statutes to the agency or department enforcing such statutes. Extends the aiding and abetting prohibition to all legal proceedings (currently limited to administrative proceedings) arising under such Act. Provides that any person who directly or indirectly controls any person who violates such Act shall be liable as a principal, unless he or she did not know or did not have reason to know of the facts constituting the violation. Restricts the applicability of reparations procedures to registered persons. Eliminates the reparations investigation requirement. Restricts awards to actual damages. Authorizes the Commission to promulgate necessary administrative regulations. Provides for automatic trading prohibition and suspension of registration (within 15 days) for failure to pay a reparations award. Eliminates the $15,000 ceiling on futures association arbitration claims. Amends the provision concerning Commission approval of registered futures association rules changes. Authorizes the Commission to require a registered futures association to perform Commission registration functions. Restricts, until September 30, 1984, those leverage firms that are permitted to do business to those engaged in the bullion or coin leverage business on June 1, 1978, or the non-bullion leverage business on February 2, 1979. Directs the Commission to conduct a study of leverage transactions and report to the congressional agriculture committees within two years. Provides for a system of annual user fees. Directs the Commission to create an advisory committee to report to the appropriate congressional committees regarding such fees. Terminates this advisory committee as of June 30, 1985.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 3 February 1982

   Introduced

   Referred to House Committee on Agriculture.

   Source: IntroReferral

2. 3 February 1982

   Introduced

   Introduced in House

   Source: IntroReferral

3. 3 February 1982

   Introduced

   Introduced in House

   Source: IntroReferral

4. 16 February 1982

   Referred

   Referred to Subcommittee on Conservation Credit and Rural Development.

   Source: Committee

5. 30 March 1982

   Committee

   Subcommittee Consideration and Mark-up Session Held.

   Source: Committee

6. 31 March 1982

   Committee

   Subcommittee Consideration and Mark-up Session Held.

   Source: Committee

7. 1 April 1982

   Committee

   Forwarded by Subcommittee to Full Committee (Amended).

   Source: Committee

8. 1 April 1982

   Committee

   Subcommittee Consideration and Mark-up Session Held.

   Source: Committee

9. 22 April 1982

   Reported

   Ordered to be Reported (Amended).

   Source: Committee

10. 22 April 1982

    Committee

    Committee Consideration and Mark-up Session Held.

    Source: Committee

11. 17 May 1982

    Introduced

    Referred to House Committee on Energy and Commerce Sequentially, for a Period Ending not Later than Jun 18, 82.

    Source: IntroReferral

12. 17 May 1982

    Reported

    Reported to House (Amended) by House Committee on Agriculture. Report No: 97-565 (Part I).

    Source: Committee

13. 17 May 1982

    Reported

    Reported to House (Amended) by House Committee on Agriculture. Report No: 97-565 (Part I).

    Source: Committee

14. 25 May 1982

    Referred

    Referred to Subcommittee on Telecommunications, Consumer Protection and Finance.

    Source: Committee

15. 7 June 1982

    Committee

    Joint Hearings Held By Subcommittee on Telecommunications, Consumer Protection, and Finance and Subcommittee on Oversight and Investigations.

    Source: Committee

16. 10 June 1982

    Committee

    Forwarded by Subcommittee to Full Committee (Amended).

    Source: Committee

17. 10 June 1982

    Committee

    Subcommittee Consideration and Mark-up Session Held.

    Source: Committee

18. 16 June 1982

    Reported

    Ordered to be Reported (Amended).

    Source: Committee

19. 16 June 1982

    Committee

    Committee Consideration and Mark-up Session Held.

    Source: Committee

20. 17 June 1982

    Introduced

    House Committee on Energy and Commerce Granted an Extension for Further Consideration Ending not Later Than June 21, 1982.

    Source: IntroReferral

21. 21 June 1982

    Calendars

    Placed on Union Calendar No: 379.

    Source: Calendars

22. 21 June 1982

    Reported

    Reported to House (Amended) by House Committee on Energy and Commerce. Report No: 97-565 (Part II).

    Source: Committee

23. 21 June 1982

    Reported

    Reported to House (Amended) by House Committee on Energy and Commerce. Report No: 97-565 (Part II).

    Source: Committee

24. 17 August 1982

    Reported

    Rules Committee Resolution H.Res.566 Reported to House.

    Source: Floor

25. 17 August 1982

    Floor

    Rule Granted Providing an Open Rule with 1 1/2 Hours of Debate. Partial Waiver of Points of Order.

    Source: Floor

26. 23 September 1982

    Vote

    Passed House (Amended) by Yea-Nay Vote: 319 - 59 (Record Vote No: 366).

    Source: Floor

27. 23 September 1982

    Vote

    Passed/agreed to in House: Passed House (Amended) by Yea-Nay Vote: 319 - 59 (Record Vote No: 366).

    Source: Floor

28. 23 September 1982

    Passed

    House Agreed to Amendments Adopted by the Committee of the Whole.

    Source: Floor

29. 23 September 1982

    Floor

    Called up by House by Rule.

    Source: Floor

30. 23 September 1982

    Passed

    Rule Passed House.

    Source: Floor

31. 28 September 1982

    Calendars

    Placed on Senate Legislative Calendar under Regular Orders. Calendar No. 873.

    Source: Calendars

32. 28 September 1982

    Introduced

    Received in the Senate, read the first time.

    Source: IntroReferral

33. 1 October 1982

    Floor

    Senate struck all after the Enacting Clause and substituted the language of S. 2109 amended.

    Source: Floor

34. 1 October 1982

    Passed

    Passed/agreed to in Senate: Passed Senate in lieu of S. 2109 with an amendment by Voice Vote.

    Source: Floor

35. 1 December 1982

    Passed

    Senate agreed to request for conference. Appointed conferees. Helms; Dole; Hayakawa; Lugar; Cochran; Huddleston; Pryor; Boren; Heflin.

    Source: ResolvingDifferences

36. 1 December 1982

    Floor

    Senate insists on its amendments by Voice Vote.

    Source: Floor

37. 1 December 1982

    Passed

    Conferees Appointed for Consideration of Title I and Section 237 of H.R.5447 as Passed by the House and Section 3 of the Senate Amendment: Dingell, Wirth and Broyhill.

    Source: ResolvingDifferences

38. 1 December 1982

    Passed

    House Disagreed to Senate Amendments by Unanimous Consent.

    Source: ResolvingDifferences

39. 1 December 1982

    Passed

    Resolving differences -- House actions: House Disagreed to Senate Amendments by Unanimous Consent.

    Source: NotUsed

40. 7 December 1982

    ResolvingDifferences

    Conference held.

    Source: ResolvingDifferences

41. 7 December 1982

    ResolvingDifferences

    Conference committee actions: Conference held.

    Source: ResolvingDifferences

42. 8 December 1982

    ResolvingDifferences

    Conference held.

    Source: ResolvingDifferences

43. 8 December 1982

    ResolvingDifferences

    Conference committee actions: Conference held.

    Source: ResolvingDifferences

44. 9 December 1982

    Passed

    Conferees agreed to file conference report.

    Source: ResolvingDifferences

45. 9 December 1982

    Passed

    Conference committee actions: Conferees agreed to file conference report.

    Source: ResolvingDifferences

46. 13 December 1982

    ResolvingDifferences

    Conference Report 97-964 Filed in House.

    Source: ResolvingDifferences

47. 13 December 1982

    ResolvingDifferences

    Conference report filed: Conference Report 97-964 Filed in House.

    Source: ResolvingDifferences

48. 15 December 1982

    Passed

    Conference report agreed to in Senate: Senate agreed to conference report by Voice Vote.

    Source: ResolvingDifferences

49. 15 December 1982

    ResolvingDifferences

    Conference report considered in Senate.

    Source: ResolvingDifferences

50. 16 December 1982

    Passed

    House Agreed to Conference Report by Voice Vote.

    Source: ResolvingDifferences

51. 16 December 1982

    Passed

    Conference report agreed to in House: House Agreed to Conference Report by Voice Vote.

    Source: ResolvingDifferences

52. 3 January 1983

    Floor

    Presented to President.

    Source: Floor

53. 3 January 1983

    President

    Presented to President.

    Source: President

54. 3 January 1983

    Floor

    Measure Signed in Senate.

    Source: Floor

55. 11 January 1983

    Became law

    Became Public Law No: 97-444.

    Source: President

56. 11 January 1983

    Became law

    Signed by President.

    Source: BecameLaw

57. 11 January 1983

    President

    Signed by President.

    Source: President

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

7 official files

• Public Law (PDF)

  Public Law · EN · 12 January 1983

  ViewDownloadOpen at official source

• Conference report filed in House

  summary · EN · 13 December 1982

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• Passed Senate amended

  summary · EN · 1 October 1982

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• Passed House amended

  summary · EN · 23 September 1982

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• Reported to House amended, Part II

  summary · EN · 21 June 1982

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• Reported to House amended, Part I

  summary · EN · 17 May 1982

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• Introduced in House

  summary · EN · 3 February 1982

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Sponsors

• Rep. Jones, Ed [D-TN-8] · D · Sponsor
• Sen. Jeffords, James M. [I-VT] · R · Sponsor
• · hsif00 · Standing
• · hsag00 · Standing

Related records

• related to → A bill to impose a moratorium on the establishment of markets in futures and options based on stock indices.
• related to → A resolution providing for the consideration of the bill (H.R. 5447) to extend the Commodity Exchange Act, and for other purposes.
• related to ← Futures Trading Act of 1982
• amends ← An amendment to the Energy and Commerce Committee amendment to define options as including "options on commodities, options on contracts of sale of commodities for future deliveries, and options on securities, including options on exempted securities or any group or index of securities." The bill simply states "options". The amendment also adds "investors" to those who are to be studied, not only "speculators, arbitrageurs, and hedgers" as stated in the bill.
• amends ← CLERK read an amendment of the Committee on Energy and Commerce to Title I. The amendment would require the Commodity Futures Trading Commission to transmit the Securities and Exchange Commission copies of contract market trading applications. The applications cannot be approved unless the SEC determines that the application meets the standards set out in the bill for jurisdiction. The SEC has 45 days from the end of the public comment period on the application to make its determination.
• amends ← An amendment to require the Commission to approve or institute disapproval proceedings regarding any rule within 180 days of the rules receipt. A longer time may be granted if the Futures Associations agrees. The disapproval proceedings must conclude within one year of the rule unless the Futures Associations agrees to a longer time. If these time limitations are not met the rule is to go into effect and remain in effect until the Commission disapproves it.
• amends ← An amendment to fund CFTC operations by fees: $.12 for transactions executed by nonmembers, $.06 by members, and a fee of $3.00 for each option granted or leverage contracts, entered into. The fees are to be paid to the U.S. Treasury and are not to exceed in any fiscal year the funds appropriated by Congress for the Commission's activities. The Commission may waive the fees if a need is established. The Commission is to create an advisory committee comprised of persons affected by the fees for consultation and to prepare a report of their effects for the appropriate congressional committees. The amendment strikes section 238 of the bill which requires a study of the cost saving effectiveness of the National Futures Association's activities and permits a study to implement transaction fees or taxes.
• amends ← CLERK read an amendment to the Committee on Energy and Commerce. The amendment would require the Federal Reserve to conduct a study of the structure, participation, uses, and effects of trading in contracts of the sale of commodities for future delivery on the economy. The Reserve is to present to Congress a preliminary report by 3/31/84 and a final report by 9/30/84. All futures trading boards may be required to participate in a pilot study by the effect of futures trading on the underlying securities and on capital formation. If the Reserve determines that such trading should not be permitted or modified in any way, such findings are to be reported to Congress by 9/30/84. The bill had the CFTC conduct the entire study with the assistance of the Reserve.
• amends ← An amendment to stop all futures trading of cattle or beef parts/products after January 1985, unless the Secretary of Agriculture determines that a majority of cattle or beef producers favor such futures trading.
• amends ← An amendment to remove the requirements that registration functions under the act be in accord with approved rules of the Commission and permit them if the rules have been submitted for approval. Any other provision of the law is not to permit such registration. The amendment also permits the Commission to require Futures Associations to perform any part of the registration functions (other than a contract member) it designates. In this respect, a Futures Associations may refuse to, or conditionally register a person. An appeal process is set out in the amendment. Approvals of registration are not enforced for 15 days in which the Commission may review the registration.

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