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(2.) Although not enumerated in 7 USC [section] 1a(9) of the Commodity Exchange Act, the trustee did not dispute that electricity is a commodity.
(64.) Dodd-Frank employs the same definition of "swap dealer" as the Commodity Exchange Act. A "swap dealer" is a person who (i) holds itself out as a dealer in swaps, or (ii) makes a market in swaps, or (iii) regularly enters into swaps with counterparties as an ordinary course of business for its own account, or (iv) engages in activity commonly known in the trade as a dealer or market maker in swaps.
the Commodity Exchange Act by inserting [section] 1a(38)(A)).
Amends the Commodity Exchange Act Under current law, the IG is
The AICPA AcSEC issued a proposed statement of position that would amend SOP 95-2, Financial Reporting by Nonpublic Investment Partnerships, to include within its scope a type of investment partnership--known as a commodity pool--formed to trade interests in commodities and regulated under the Commodity Exchange Act of 1974.
The Board continues to believe that such legislation modernizing the Commodity Exchange Act (CEA) is essential.
Historically, as investment opportunities developed, Congress recognized the potential hazards and benefits of OTC Trading.(58) and in 1921 Congress enacted the Future Trading Act,(59) which taxed futures transactions not consummated on a designated market.(60) This statute was held unconstitutional,(61) but in 1922 the provisions were reenacted in the Grain Futures Act(62) and upheld.(63) In 1936, the statute was renamed the Commodity Exchange Act (CEA).(64) As part of the 1974 amendments to the CEA which expanded the coverage of the statute,(65) Congress established the Commodities Futures Trading Commission (CFTC).(66)
So how is it that such private, individually tailored contractual arrangements could run afoul of the Commodity Exchange Act (CEA), the federal law governing the regulation of futures trading?
Trading in futures of coffee and other commodities is regulated by the CFTC, created in 1975 as an independent federal agency to administer and enforce the Commodity Exchange Act. This Act prohibits futures trading except on an exchange that the CFTC has designated as a "contract market."
The Order requires HSBC to pay a civil monetary penalty of $1.6M, to cease and desist from violating the Commodity Exchange Act's prohibition against spoofing, and to take specified steps to implement and strengthen their training, systems, and controls to detect and deter spoofing by HSBC personnel in the futures markets.
2014 also marked the first CFTC award, which paid a whistleblower approximately $240,000 for information about a Commodity Exchange Act violation.
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