7 U.S.C. no. 6p : US Code – Section 6P: Standards and examinations Chapter 1

(a) The Commission may specify by rules and regulationsappropriate standards with respect to training, experience, andsuch other qualifications as the Commission finds necessary ordesirable to insure the fitness of persons required to beregistered with the Commission. In connection therewith, theCommission may prescribe by rules and regulations the adoption ofwritten proficiency examinations to be given to applicants forregistration and the establishment of reasonable fees to be chargedto such applicants to cover the administration of suchexaminations. The Commission may further prescribe by rules andregulations that, in lieu of examinations administered by theCommission, futures associations registered under section 21 ofthis title, contract markets, or derivatives transaction executionfacilities may adopt written proficiency examinations to be givento applicants for registration and charge reasonable fees to suchapplicants to cover the administration of such examinations.Notwithstanding any other provision of this section, the Commissionmay specify by rules and regulations such terms and conditions asit deems appropriate to protect the public interest whereinexception to any written proficiency examination shall be made withrespect to individuals who have demonstrated, through training andexperience, the degree of proficiency and skill necessary toprotect the interests of customers, clients, pool participants, orother members of the public with whom such individuals deal.(b) The Commission shall issue regulations to require newregistrants, within six months after receiving such registration,to attend a training session, and all other registrants to attendperiodic training sessions, to ensure that registrants understandtheir responsibilities to the public under this chapter, includingresponsibilities to observe just and equitable principles of trade,any rule or regulation of the Commission, any rule of anyappropriate contract market, derivatives transaction executionfacility, registered futures association, or other self-regulatoryorganization, or any other applicable Federal or state (!1) law,rule or regulation.

 

(Sept. 21, 1922, ch. 369, Sec. 4p, as added Pub. L. 93-463, titleII, Sec. 206, Oct. 23, 1974, 88 Stat. 1400; amended Pub. L. 97-444,title II, Sec. 215, Jan. 11, 1983, 96 Stat. 2305; Pub. L. 102-546,title II, Sec. 210(a), Oct. 28, 1992, 106 Stat. 3607; Pub. L. 106-554, Sec. 1(a)(5) [title I, Sec. 123(a)(11)], Dec. 21, 2000, 114Stat. 2763, 2763A-408.)CODIFICATION Another section 4p of act Sept. 21, 1922, is classified tosection 6o-1 of this title.AMENDMENTS 2000 – Subsec. (a). Pub. L. 106-554, Sec. 1(a)(5) [title I, Sec.123(a)(11)(A)], substituted “title, contract markets, orderivatives transaction execution facilities” for “title orcontract markets”.Subsec. (b). Pub. L. 106-554, Sec. 1(a)(5) [title I, Sec.123(a)(11)(B)], inserted “derivatives transaction executionfacility,” after “contract market,”.1992 – Pub. L. 102-546 designated existing provisions as subsec.(a) and added subsec. (b).1983 – Pub. L. 97-444 substituted “persons required to beregistered with the Commission” for “futures commission merchants,floor brokers, and those persons associated with futures commissionmerchants or floor brokers” in first sentence, “customers, clients,pool participants, or other members of the public with whom suchindividuals deal” for “the customers of futures commissionmerchants and floor brokers” in last sentence, and in second andthird sentences struck out “as futures commission merchants, floorbrokers, and those persons associated with futures commissionmerchants or floor brokers,” after “applicants for registration”.EFFECTIVE DATE OF 1983 AMENDMENT Amendment by Pub. L. 97-444 effective Jan. 11, 1983, see section239 of Pub. L. 97-444, set out as a note under section 2 of thistitle.EFFECTIVE DATE For effective date of section, see section 418 of Pub. L. 93-463,set out as an Effective Date of 1974 Amendment note under section 2of this title.REGULATIONS Section 210(b) of Pub. L. 102-546 provided that: “The CommodityFutures Trading Commission shall issue the regulations required bysection 4p(b) of the Commodity Exchange Act [7 U.S.C. 6p(b)], asadded by subsection (a), no later than one hundred and eighty daysafter the date of enactment of this Act [Oct. 28, 1992].”(!1) So in original. Probably should be capitalized.


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