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.

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

Timeline

1. 29 January 1991

   Introduced

   Referred to the House Committee on Agriculture.

   Source: IntroReferral

2. 29 January 1991

   Introduced

   Introduced in House

   Source: IntroReferral

3. 29 January 1991

   Introduced

   Introduced in House

   Source: IntroReferral

4. 31 January 1991

   Committee

   Executive Comment Requested from Commodity Futures Trading Com.

   Source: Committee

5. 7 February 1991

   Referred

   Referred to the Subcommittee on Conservation, Credit, and Rural Development.

   Source: Committee

6. 8 February 1991

   Committee

   Executive Comment Requested from Treasury.

   Source: Committee

7. 19 February 1991

   Committee

   Executive Comment Received from Treasury.

   Source: Committee

8. 19 February 1991

   Committee

   Subcommittee Hearings Held.

   Source: Committee

9. 19 February 1991

   Committee

   Subcommittee Consideration and Mark-up Session Held.

   Source: Committee

10. 19 February 1991

    Committee

    Forwarded by Subcommittee to Full Committee (Amended).

    Source: Committee

11. 26 February 1991

    Committee

    Committee Consideration and Mark-up Session Held.

    Source: Committee

12. 26 February 1991

    Reported

    Ordered to be Reported (Amended).

    Source: Committee

13. 27 February 1991

    Passed

    Mr. de la Garza asked unanimous consent that the Committee on Agriculture have until 6:00 p.m. on March 1 to file a report on H.R. 707. Agreed to without objection.

    Source: Committee

14. 1 March 1991

    Calendars

    Placed on the Union Calendar, Calendar No. 4.

    Source: Calendars

15. 1 March 1991

    Reported

    Reported (Amended) by the Committee on Agriculture. H. Rept. 102-6. Filed late, pursuant to previous special order.

    Source: Committee

16. 1 March 1991

    Reported

    Reported (Amended) by the Committee on Agriculture. H. Rept. 102-6. Filed late, pursuant to previous special order.

    Source: Committee

17. 5 March 1991

    Passed

    Motion to reconsider laid on the table Agreed to without objection.

    Source: Floor

18. 5 March 1991

    Passed

    The title of the measure was amended. Agreed to without objection.

    Source: Floor

19. 5 March 1991

    Vote

    On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays (2/3 required): 395 - 27 (Roll No. 27).

    Source: Floor

20. 5 March 1991

    Vote

    Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays (2/3 required): 395 - 27 (Roll No. 27).

    Source: Floor

21. 5 March 1991

    Floor

    Considered under suspension of the rules.

    Source: Floor

22. 5 March 1991

    Floor

    At the conclusion of debate, the chair put the question on the motion to suspend the rules. Mr. Huckaby objected to the vote on the grounds that a quorum was not present. Further proceedings on the motion were postponed. The point of no quorum was withdrawn.

    Source: Floor

23. 5 March 1991

    Floor

    DEBATE - The House proceeded with forty minutes of debate.

    Source: Floor

24. 5 March 1991

    Floor

    Mr. de la Garza moved to suspend the rules and pass the bill, as amended.

    Source: Floor

25. 7 March 1991

    Introduced

    Received in the Senate and read twice and referred to the Committee on Agriculture.

    Source: IntroReferral

26. 18 April 1991

    ResolvingDifferences

    Senate insisted on its amendments, requested a conference.

    Source: ResolvingDifferences

27. 18 April 1991

    Vote

    Passed/agreed to in Senate: Passed Senate in lieu of S. 207 with an amendment by Yea-Nay Vote. 90-8. Record Vote No: 45.

    Source: Floor

28. 18 April 1991

    Floor

    Measure laid before Senate by unanimous consent.

    Source: Floor

29. 18 April 1991

    Discharge

    Senate Committee on Agriculture discharged by Unanimous Consent.

    Source: Discharge

30. 18 April 1991

    Committee

    Senate Committee on Agriculture discharged by Unanimous Consent.

    Source: Committee

31. 14 May 1991

    ResolvingDifferences

    Senate appointed conferees Leahy; Boren; Heflin; Conrad; Lugar; Dole; Cochran.

    Source: ResolvingDifferences

32. 2 October 1991

    Passed

    On motion that the House disagree to the Senate amendment, and agree to a conference Agreed to without objection.

    Source: ResolvingDifferences

33. 2 October 1991

    Passed

    Motion to reconsider laid on the table Agreed to without objection.

    Source: ResolvingDifferences

34. 2 October 1991

    Floor

    By unanimous consent, the Speaker reserved the right to make additional appointments.

    Source: Floor

35. 2 October 1991

    ResolvingDifferences

    The Chair appointed conferees - from the Committee on Agriculture for consideration of the House bill, and the Senate amendment, and modifications committed to conference: de la Garza, English, Staggers, Stallings, Nagle, Sarpalius, Johnson (SD), Huckaby, Glickman, Penny, Espy, Long, Stenholm, Tallon, Coleman (MO), Smith (OR), Gunderson, Combest, Allard, Barrett, Nussle, Boehner, and Roberts.

    Source: ResolvingDifferences

36. 2 October 1991

    ResolvingDifferences

    Mr. de la Garza asked unanimous consent that the House disagree to the Senate amendment, and agree to a conference.

    Source: ResolvingDifferences

37. 6 November 1991

    ResolvingDifferences

    Conference held.

    Source: ResolvingDifferences

38. 6 November 1991

    ResolvingDifferences

    Conference committee actions: Conference held.

    Source: ResolvingDifferences

39. 23 July 1992

    ResolvingDifferences

    Conference held.

    Source: ResolvingDifferences

40. 23 July 1992

    ResolvingDifferences

    Conference committee actions: Conference held.

    Source: ResolvingDifferences

41. 29 July 1992

    ResolvingDifferences

    Conference held.

    Source: ResolvingDifferences

42. 29 July 1992

    ResolvingDifferences

    Conference committee actions: Conference held.

    Source: ResolvingDifferences

43. 4 August 1992

    ResolvingDifferences

    Conference held.

    Source: ResolvingDifferences

44. 4 August 1992

    ResolvingDifferences

    Conference committee actions: Conference held.

    Source: ResolvingDifferences

45. 11 August 1992

    ResolvingDifferences

    Conference held.

    Source: ResolvingDifferences

46. 11 August 1992

    ResolvingDifferences

    Conference committee actions: Conference held.

    Source: ResolvingDifferences

47. 24 September 1992

    Passed

    Conferees agreed to file conference report.

    Source: ResolvingDifferences

48. 24 September 1992

    Passed

    Conference committee actions: Conferees agreed to file conference report.

    Source: ResolvingDifferences

49. 2 October 1992

    Passed

    On agreeing to the conference report Agreed to by voice vote.

    Source: ResolvingDifferences

50. 2 October 1992

    Passed

    Motions to reconsider laid on the table Agreed to without objection.

    Source: ResolvingDifferences

51. 2 October 1992

    Passed

    Conference report agreed to in House: On agreeing to the conference report Agreed to by voice vote.

    Source: ResolvingDifferences

52. 2 October 1992

    ResolvingDifferences

    The previous question was ordered without objection.

    Source: ResolvingDifferences

53. 2 October 1992

    Floor

    DEBATE - The House proceeded with one hour of debate on the conference report.

    Source: Floor

54. 2 October 1992

    Passed

    Mr. de la Garza brought up conference report H. Rept. 102-978 by previously agreed to special order.

    Source: ResolvingDifferences

55. 2 October 1992

    ResolvingDifferences

    Conference report H. Rept. 102-978 filed.

    Source: ResolvingDifferences

56. 2 October 1992

    ResolvingDifferences

    Conference report filed: Conference report H. Rept. 102-978 filed.

    Source: ResolvingDifferences

57. 3 October 1992

    ResolvingDifferences

    Conference papers: message on House action held at the desk in Senate.

    Source: ResolvingDifferences

58. 5 October 1992

    ResolvingDifferences

    Conference papers: Senate report and managers' statement held at the desk in Senate.

    Source: ResolvingDifferences

59. 8 October 1992

    Passed

    Senate agreed to conference report by Voice Vote.

    Source: ResolvingDifferences

60. 8 October 1992

    Passed

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

    Source: ResolvingDifferences

61. 19 October 1992

    Floor

    Presented to President.

    Source: Floor

62. 19 October 1992

    President

    Presented to President.

    Source: President

63. 28 October 1992

    Became law

    Became Public Law No: 102-546.

    Source: President

64. 28 October 1992

    Became law

    Signed by President.

    Source: BecameLaw

65. 28 October 1992

    President

    Signed by President.

    Source: President

Votes

Versions

• Committee Discharged Senate · — · Download file
• Engrossed Amendment Senate · — · Download file
• Engrossed in House · — · Download file
• Enrolled Bill · — · Download file
• Introduced in House · — · Download file
• Referred in Senate · — · Download file
• Reported in House · — · Download file

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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  Vertaal document

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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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  Vertaal document

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• Introduced in House

  summary · EN · 29 January 1991

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  Vertaal document

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Sponsors

• Rep. English, Glenn [D-OK-6] · D · Sponsor
• Rep. de la Garza, E. [D-TX-15] · D · Sponsor
• Rep. Coleman, E. Thomas [R-MO-6] · R · Sponsor
• Rep. Long, Jill L. [D-IN-4] · D · Cosponsor
• · ssaf00 · Standing
• · hsag00 · Standing

Related records

• related to ← Futures Trading Practices Act of 1991

Related across the Repo ecosystem

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