Last Updated on May 10, 2020 by LawEuro
From Title 7-AGRICULTURE
CHAPTER 1-COMMODITY EXCHANGES
§§2a to 4a. Transferred
Codification
Section 2a, act Sept. 21, 1922, ch. 369, §2(a)(1)(C), formerly §2(a)(1)(B), as added Pub. L. 97–444, title I, §101(a)(3), Jan. 11, 1983, 96 Stat. 2294 , as amended and renumbered, which related to designation of boards of trade as contract markets and approval by and jurisdiction of Commodity Futures Trading Commission and Securities and Exchange Commission, was transferred to section 2(a)(1)(C) of this title.
Section 3, act Sept. 21, 1922, ch. 369, §2(b), 42 Stat. 998 , as amended, which related to transactions in interstate commerce, was transferred to section 2(b) of this title.
Section 4, act Sept. 21, 1922, ch. 369, §2(a)(1)(B), formerly §2(a), 42 Stat. 998 , as amended and renumbered, which related to liability of principal for act of agent, was transferred to section 2(a)(1)(B) of this title.
Section 4a, act Sept. 21, 1922, ch. 369, §2(a)(2)–(11), as added Pub. L. 93–463, title I, §101(a)(3), Oct. 23, 1974, 88 Stat. 1389 , as amended, which related to the Commodity Futures Trading Commission, was transferred to section 2(a)(2) to (11) of this title.
§5. Findings and purpose
(a) Findings
The transactions subject to this chapter are entered into regularly in interstate and international commerce and are affected with a national public interest by providing a means for managing and assuming price risks, discovering prices, or disseminating pricing information through trading in liquid, fair and financially secure trading facilities.
(b) Purpose
It is the purpose of this chapter to serve the public interests described in subsection (a) through a system of effective self-regulation of trading facilities, clearing systems, market participants and market professionals under the oversight of the Commission. To foster these public interests, it is further the purpose of this chapter to deter and prevent price manipulation or any other disruptions to market integrity; to ensure the financial integrity of all transactions subject to this chapter and the avoidance of systemic risk; to protect all market participants from fraudulent or other abusive sales practices and misuses of customer assets; and to promote responsible innovation and fair competition among boards of trade, other markets and market participants.
(Sept. 21, 1922, ch. 369, §3, as added Pub. L. 106–554, §1(a)(5) [title I, §108], Dec. 21, 2000, 114 Stat. 2763 , 2763A-383.)
Prior Provisions
A prior section 5, acts Sept. 21, 1922, ch. 369, §3, 42 Stat. 999 ; June 15, 1936, ch. 545, §2, 49 Stat. 1491 ; Pub. L. 97–444, title II, §203, Jan. 11, 1983, 96 Stat. 2298 , stated legislative findings, prior to repeal by Pub. L. 106–554, §1(a)(5) [title I, §108], Dec. 21, 2000, 114 Stat. 2763 , 2763A-383.
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