Futures Trading Practices Act of 1992

Summary

Commodity Futures Improvements Act of 1991 - Title I: Limitations on Certain Trading Practices - Amends the Commodity Exchange Act to prohibit dual trading by a floor broker in a 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. Requires the CFTC to determine and report to the appropriate congressional committees with regard to whether the public interest would be best served by placing alternative restrictions or prohibitions on broker association trading. Title II: Enhancement of Regulatory and Enforcement Activities - Sets forth audit trail requirements, including one-minute transaction recording. Requires a CFTC compliance report to be filed with the appropriate congressional committees. Requires each futures association to adopt telemarketing fraud disciplinary criteria, which shall include a prohibition on 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 the risk disclosure statement. Continues CFTC authority to conduct undercover enforcement operations. Establishes CFTC contract market disciplinary committees. Provides for outside representation on contract market governing boards. Requires floor trader registration. Authorizes CFTC registration authority. 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. Requires contract markets to monitor hedge exemptions to ensure that position limits are not being exceeded. Increases money penalties for specified violations under such Act. Provides for contract market emergency rules (effective on a temporary basis without prior CFTC approval or without compliance with notice requirements). Requires CFTC approval or disapproval within ten days of notification (or as soon as practicable) and a report to the appropriate congressional committees. Makes insider trading a felony. Sets forth Commissioner qualifications. Requires the CFTC to monitor the margin level on equity index instruments and take appropriate action to ensure that such level is sufficient to: (1) maintain futures market integrity; and (2) protect the public interest. Requires the CFTC to similarly monitor arbitrage trading, including the use of computers. Prohibits voting by financially interested members of a governing board or committee. Directs the Comptroller General to conduct studies and report to the appropriate congressional committees with regard to: (1) agricultural commodity contract delivery points; and (2) transaction assessments. Directs the CTFC to conduct studies and report to the appropriate congressional committees with regard to: (1) competitiveness of boards of trade; and (2) computerized futures trading. Directs the CFTC to establish a pilot program to collect information on and encourage the use of computers and other electronic means to effect futures and options trading. 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; Technical Amendments; Effective Date - Authorizes FY 1992 and 1993 appropriations. Makes technical amendments. Makes the provisions of this Act effective upon enactment.

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Documents

11 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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• Enrolled Bill (text)

  Enrolled Bill · EN

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• Engrossed in House (text)

  Engrossed in House · EN

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• Engrossed Amendment Senate (text)

  Engrossed Amendment Senate · EN

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• Committee Discharged Senate (text)

  Committee Discharged Senate · EN

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• Public Law (PDF)

  Public Law · EN · 29 October 1992

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• Conference report filed in House

  summary · EN · 2 October 1992

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• Passed Senate amended

  summary · EN · 18 April 1991

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• Introduced in House

  summary · EN · 29 January 1991

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