source:
  type: regulation
  id: cea-7usc
  authority: Commodity Exchange Act — definition of 'commodity' (7 U.S.C. §1a) and retail commodity transactions
    (§2(c)(2)(D) / 7 U.S.C. §2)
  description: 'The CEA/CFTC backbone behind CFTC v. Ooki DAO: digital commodities fall under the CEA,
    and off-exchange leveraged or margined retail commodity transactions are subject to CFTC jurisdiction.'
obligations:
- id: cea-7usc-a
  canonical_id: cea-7usc-a
  section: 7 U.S.C. §2(a)
  description: '(a): (a) Jurisdiction of Commission; Commodity Futures Trading Commission (1) Jurisdiction
    of Commission (A) In general The Commission shall have exclusive jurisdiction, except to the extent
    otherwise provided in the Wall Street Transparency and Accountability Act of 2010 (including an amendment
    made by …'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 7 U.S.C. §2(c)(2)(D) — CEA retail commodity transactions (CFTC jurisdiction)
    source_class: cea-statute
    source_url: https://www.law.cornell.edu/uscode/text/7/2
    snapshot_id: bc20b5c05454fe70
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:4146a61aac1cb82a32333709ed911a80d445de87bdb88a1b69e28593bfc6be89
    paragraph_quote: (a) Jurisdiction of Commission; Commodity Futures Trading Commission (1) Jurisdiction
      of Commission (A) In general The Commission shall have exclusive jurisdiction, except to the extent
      otherwise provided in the Wall Street Transparency and Accountability Act of 2010 (including an
      amendment made by that Act) and subparagraphs (C), (D), and (I) of this paragraph and subsections
      (c) and (f), with respect to accounts, agreements (including any transaction which is of the character
      of, or is commonly known to the trade as, an “option” , “privilege”, “indemnity”, “bid”, “offer”,
      “put”, “call”, “advance guaranty”, or “decline guaranty”), and transactions involving swaps or contracts
      of sale of a commodity for future delivery (including significant price discovery contracts) , traded
      or executed on a contract market designated pursuant to section 7 of this title or a swap execution
      facility pursuant to section 7b–3 of this title or any other board of trade, exchange, or market,
      and transactions subject to regulation by the Commission pursuant to section 23 of this title .
      Except as hereinabove provided, nothing contained in this section shall (I) supersede or limit the
      jurisdiction at any time conferred on the Securities and Exchange Commission or other regulatory
      authorities under the laws of the United States or of any State, or (II) restrict the Securities
      and Exchange Commission and such other authorities from carrying out their duties and responsibilities
      in accordance with such laws. Nothing in this section shall supersede or limit the jurisdiction
      conferred on courts of the United States or any State. (B) Liability of principal for act of agent
      The act, omission, or failure of any official, agent, or other person acting for any individual,
      association, partnership, corporation, or trust within the scope of his employment or office shall
      be deemed the act, omission, or failure of such individual, association, partnership, corporation,
      or trust, as well as of such official, agent, or other person . (C) Designation of boards of trade
      as contract markets; contracts for future delivery; security futures products; filing with Board
      of Governors of Federal Reserve System ; judicial review Notwithstanding any other provision of
      law—
    drafter_attestation: Verbatim subsection of 7 U.S.C. §2 from Cornell LII snapshot bc20b5c05454fe70;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: cea-7usc-i
  canonical_id: cea-7usc-i
  section: 7 U.S.C. §2(i)
  description: '(i): (i) (I) Except as provided in subclause (II), this chapter shall not apply to and
    the Commission shall have no jurisdiction to designate a board of trade as a contract market for any
    transaction whereby any party to such transaction acquires any put, call, or other option on one or
    more securities (…'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 7 U.S.C. §2(c)(2)(D) — CEA retail commodity transactions (CFTC jurisdiction)
    source_class: cea-statute
    source_url: https://www.law.cornell.edu/uscode/text/7/2
    snapshot_id: bc20b5c05454fe70
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:4146a61aac1cb82a32333709ed911a80d445de87bdb88a1b69e28593bfc6be89
    paragraph_quote: '(i) (I) Except as provided in subclause (II), this chapter shall not apply to and
      the Commission shall have no jurisdiction to designate a board of trade as a contract market for
      any transaction whereby any party to such transaction acquires any put, call, or other option on
      one or more securities (as defined in section 77b(1) [1] of title 15 or section 3(a)(10) of the
      Securities Exchange Act of 1934 [ 15 U.S.C. 78c(a)(10) ] on January 11, 1983 ), including any group
      or index of such securities, or any interest therein or based on the value thereof. (II) This chapter
      shall apply to and the Commission shall have jurisdiction with respect to accounts, agreements,
      and transactions involving, and may permit the listing for trading pursuant to section 7a–2(c) of
      this title of, a put, call, or other option on 1 or more securities (as defined in section 77b(a)(1)
      of title 15 or section 3(a)(10) of the Securities Exchange Act of 1934 [ 15 U.S.C. 78c(a)(10) ]
      on January 11, 1983 ), including any group or index of such securities, or any interest therein
      or based on the value thereof, that is exempted by the Securities and Exchange Commission pursuant
      to section 36(a)(1) of the Securities Exchange Act of 1934 [ 15 U.S.C. 78mm(a)(1) ] with the condition
      that the Commission exercise concurrent jurisdiction over such put, call, or other option; provided,
      however, that nothing in this paragraph shall be construed to affect the jurisdiction and authority
      of the Securities and Exchange Commission over such put, call, or other option. (ii) This chapter
      shall apply to and the Commission shall have exclusive jurisdiction with respect to accounts, agreements
      (including any transaction which is of the character of, or is commonly known to the trade as, an
      “option” , “privilege”, “indemnity”, “bid”, “offer”, “put”, “call”, “advance guaranty”, or “decline
      guaranty”) and transactions involving, and may designate a board of trade as a contract market in,
      or register a derivatives transaction execution facility that trades or executes, contracts of sale
      (or options on such contracts) for future delivery of a group or index of securities (or any interest
      therein or based upon the value thereof): Provided, however , That no board of trade shall be designated
      as a contract market with respect to any such contracts of sale (or options on such contracts) for
      future delivery, and no derivatives transaction execution facility shall trade or execute such contracts
      of sale (or options on such contracts) for future delivery, unless the board of trade or the derivatives
      transaction execution facility, and the applicable contract, meet the following minimum requirements:
      (I) Settlement of or delivery on such contract (or option on such contract) shall be effected in
      cash or by means other than the transfer or receipt of any security , except an exempted security
      under section 77c of title 15 or section 3(a)(12) of the Securities Exchange Act of 1934 [ 15 U.S.C.
      78c(a)(12) ] as in effect on January 11, 1983 , (other than any municipal security, as defined in
      section 3(a)(29) of the Securities Exchange Act of 1934 [ 15 U.S.C. 78c(a)(29) ] on January 11,
      1983 ); (II) Trading in such contract (or option on such contract) shall not be readily susceptible
      to manipulation of the price of such contract (or option on such contract), nor to causing or being
      used in the manipulation of the price of any underlying security , option on such security or option
      on a group or index including such securities; and (III) Such group or index of securities shall
      not constitute a narrow-based security index . (iii) If, in its discretion, the Commission determines
      that a stock index futures contract, notwithstanding its conformance with the requirements in clause
      (ii) of this subparagraph, can reasonably be used as a surrogate for trading a security (including
      a security futures product ), it may, by order, require such contract and any option thereon be
      traded and regulated as security futures products as defined in section 3(a)(56) of the Securities
      Exchange Act of 1934 [ 15 U.S.C. 78c(a)(56) ] and section 1a of this title subject to all rules
      and regulations applicable to security futures products under this chapter and the securities laws
      as defined in section 3(a)(47) of the Securities Exchange Act of 1934 [ 15 U.S.C. 78c(a)(47) ].
      (iv) No person shall offer to enter into, enter into, or confirm the execution of any contract of
      sale (or option on such contract) for future delivery of any security, or interest therein or based
      on the value thereof, except an exempted security under or [2] section 3(a)(12) of the Securities
      Exchange Act of 1934 [ 15 U.S.C. 78c(a)(12) ] as in effect on January 11, 1983 (other than any municipal
      security as defined in section 3(a)(29) of the Securities Exchange Act of 1934 [ 15 U.S.C. 78c(a)(29)
      ] on January 11, 1983 ), or except as provided in clause (ii) of this subparagraph or subparagraph
      (D), any group or index of such securities or any interest therein or based on the value thereof.'
    drafter_attestation: Verbatim subsection of 7 U.S.C. §2 from Cornell LII snapshot bc20b5c05454fe70;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: cea-7usc-v
  canonical_id: cea-7usc-v
  section: 7 U.S.C. §2(v)
  description: '(v): (v) (I) Notwithstanding any other provision of this chapter, any contract market
    in a stock index futures contract (or option thereon) other than a security futures product , or any
    derivatives transaction execution facility on which such contract or option is traded, shall file
    with the Board of Go…'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 7 U.S.C. §2(c)(2)(D) — CEA retail commodity transactions (CFTC jurisdiction)
    source_class: cea-statute
    source_url: https://www.law.cornell.edu/uscode/text/7/2
    snapshot_id: bc20b5c05454fe70
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:4146a61aac1cb82a32333709ed911a80d445de87bdb88a1b69e28593bfc6be89
    paragraph_quote: (v) (I) Notwithstanding any other provision of this chapter, any contract market
      in a stock index futures contract (or option thereon) other than a security futures product , or
      any derivatives transaction execution facility on which such contract or option is traded, shall
      file with the Board of Governors of the Federal Reserve System any rule establishing or changing
      the levels of margin (initial and maintenance) for such stock index futures contract (or option
      thereon) other than security futures products. (II) The Board may at any time request any contract
      market or derivatives transaction execution facility to set the margin for any stock index futures
      contract (or option thereon), other than for any security futures product , at such levels as the
      Board in its judgment determines are appropriate to preserve the financial integrity of the contract
      market or derivatives transaction execution facility, or its clearing system, or to prevent systemic
      risk. If the contract market or derivatives transaction execution facility fails to do so within
      the time specified by the Board in its request, the Board may direct the contract market or derivatives
      transaction execution facility to alter or supplement the rules of the contract market or derivatives
      transaction execution facility as specified in the request. (III) Subject to such conditions as
      the Board may determine, the Board may delegate any or all of its authority, relating to margin
      for any stock index futures contract (or option thereon), other than security futures products ,
      under this clause to the Commission. (IV) It shall be unlawful for any futures commission merchant
      to, directly or indirectly, extend or maintain credit to or for, or collect margin from any customer
      on any security futures product unless such activities comply with the regulations prescribed pursuant
      to section 7(c)(2)(B) of the Securities Exchange Act of 1934 [ 15 U.S.C. 78g(c)(2)(B) ]. (V) Nothing
      in this clause shall supersede or limit the authority granted to the Commission in section 12a(9)
      of this title to direct a contract market or registered derivatives transaction execution facility,
      on finding an emergency to exist, to raise temporary margin levels on any futures contract, or option
      on the contract covered by this clause, or on any security futures product. (VI) Any action taken
      by the Board , or by the Commission acting under the delegation of authority under subclause III,
      [3] under this clause directing a contract market to alter or supplement a contract market rule
      shall be subject to review only in the Court of Appeals where the party seeking review resides or
      has its principal place of business, or in the United States Court of Appeals for the District of
      Columbia Circuit. The review shall be based on the examination of all information before the Board
      or the Commission, as the case may be, at the time the determination was made. The court reviewing
      the action of the Board or the Commission shall not enter a stay or order of mandamus unless the
      court has determined, after notice and a hearing before a panel of the court, that the agency action
      complained of was arbitrary, capricious, an abuse of discretion, or otherwise not in accordance
      with law. (D) Jurisdiction and authority of Securities and Exchange Commission over security futures;
      requirements for security futures trading; periodic or special examinations by Commission representatives
    drafter_attestation: Verbatim subsection of 7 U.S.C. §2 from Cornell LII snapshot bc20b5c05454fe70;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: cea-7usc-i
  canonical_id: cea-7usc-i
  section: 7 U.S.C. §2(i)
  description: '(i): (i) Notwithstanding any other provision of this chapter, the Securities and Exchange
    Commission shall have jurisdiction and authority over security futures as defined in section 3(a)(55)
    of the Securities Exchange Act of 1934 [ 15 U.S.C. 78c(a)(55) ], section 77b(a)(16) of title 15 ,
    section 80a–2(a…'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 7 U.S.C. §2(c)(2)(D) — CEA retail commodity transactions (CFTC jurisdiction)
    source_class: cea-statute
    source_url: https://www.law.cornell.edu/uscode/text/7/2
    snapshot_id: bc20b5c05454fe70
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:4146a61aac1cb82a32333709ed911a80d445de87bdb88a1b69e28593bfc6be89
    paragraph_quote: '(i) Notwithstanding any other provision of this chapter, the Securities and Exchange
      Commission shall have jurisdiction and authority over security futures as defined in section 3(a)(55)
      of the Securities Exchange Act of 1934 [ 15 U.S.C. 78c(a)(55) ], section 77b(a)(16) of title 15
      , section 80a–2(a)(52) of title 15 , and section 80b–2(a)(27) of title 15 , options on security
      futures, and persons effecting transactions in security futures and options thereon, and this chapter
      shall apply to and the Commission shall have jurisdiction with respect to accounts, agreements (including
      any transaction which is of the character of, or is commonly known to the trade as, an “option”
      , “privilege”, “indemnity”, “bid”, “offer”, “put”, “call”, “advance guaranty”, or “decline guaranty”),
      contracts, and transactions involving, and may designate a board of trade as a contract market in,
      or register a derivatives transaction execution facility that trades or executes, a security futures
      product as defined in section 1a of this title : Provided, however, That, except as provided in
      clause (vi) of this subparagraph, no board of trade shall be designated as a contract market with
      respect to, or registered as a derivatives transaction execution facility for, any such contracts
      of sale for future delivery unless the board of trade and the applicable contract meet the following
      criteria: (I) Except as otherwise provided in a rule, regulation, or order issued pursuant to clause
      (v) of this subparagraph, any security underlying the security future , including each component
      security of a narrow-based security index , is registered pursuant to section 12 of the Securities
      Exchange Act of 1934 [ 15 U.S.C. 78 l]. (II) If the security futures product is not cash settled,
      the board of trade on which the security futures product is traded has arrangements in place with
      a clearing agency registered pursuant to section 17A of the Securities Exchange Act of 1934 [ 15
      U.S.C. 78q–1 ] for the payment and delivery of the securities underlying the security futures product.
      (III) Except as otherwise provided in a rule, regulation, or order issued pursuant to clause (v)
      of this subparagraph, the security future is based upon common stock and such other equity securities
      as the Commission and the Securities and Exchange Commission jointly determine appropriate. (IV)
      The security futures product is cleared by a clearing agency that has in place provisions for linked
      and coordinated clearing with other clearing agencies that clear security futures products , which
      permits the security futures product to be purchased on a designated contract market, registered
      derivatives transaction execution facility, national securities exchange registered under section
      6(a) of the Securities Exchange Act of 1934 [ 15 U.S.C. 78f(a) ], or national securities association
      registered pursuant to section 15A(a) of the Securities Exchange Act of 1934 [ 15 U.S.C. 78 o–3(a)]
      and offset on another designated contract market, registered derivatives transaction execution facility,
      national securities exchange registered under section 6(a) of the Securities Exchange Act of 1934
      , or national securities association registered pursuant to section 15A(a) of the Securities Exchange
      Act of 1934 . (V) Only futures commission merchants , introducing brokers, commodity trading advisors,
      commodity pool operators or associated persons subject to suitability rules comparable to those
      of a national securities association registered pursuant to section 15A(a) of the Securities Exchange
      Act of 1934 [ 15 U.S.C. 78 o–3(a)] solicit, accept any order for, or otherwise deal in any transaction
      in or in connection with the security futures product. (VI) The security futures product is subject
      to a prohibition against dual trading in section 6j of this title and the rules and regulations
      thereunder or the provisions of section 11(a) of the Securities Exchange Act of 1934 [ 15 U.S.C.
      78k(a) ] and the rules and regulations thereunder, except to the extent otherwise permitted under
      the Securities Exchange Act of 1934 [ 15 U.S.C. 78a et seq.] and the rules and regulations thereunder.
      (VII) Trading in the security futures product is not readily susceptible to manipulation of the
      price of such security futures product , nor to causing or being used in the manipulation of the
      price of any underlying security, option on such security, or option on a group or index including
      such securities; (VIII) The board of trade on which the security futures product is traded has procedures
      in place for coordinated surveillance among such board of trade, any market on which any security
      underlying the security futures product is traded, and other markets on which any related security
      is traded to detect manipulation and insider trading, except that, if the board of trade is an alternative
      trading system , a national securities association registered pursuant to section 15A(a) of the
      Securities Exchange Act of 1934 [ 15 U.S.C. 78 o–3(a)] or national securities exchange registered
      pursuant to section 6(a) of the Securities Exchange Act of 1934 [ 15 U.S.C. 78f(a) ] of which such
      alternative trading system is a member has in place such procedures. (IX) The board of trade on
      which the security futures product is traded has in place audit trails necessary or appropriate
      to facilitate the coordinated surveillance required in subclause (VIII), except that, if the board
      of trade is an alternative trading system , a national securities association registered pursuant
      to section 15A(a) of the Securities Exchange Act of 1934 [ 15 U.S.C. 78 o–3(a)] or national securities
      exchange registered pursuant to section 6(a) of the Securities Exchange Act of 1934 [ 15 U.S.C.
      78f(a) ] of which such alternative trading system is a member has rules to require such audit trails.
      (X) The board of trade on which the security futures product is traded has in place procedures to
      coordinate trading halts between such board of trade and markets on which any security underlying
      the security futures product is traded and other markets on which any related security is traded,
      except that, if the board of trade is an alternative trading system , a national securities association
      registered pursuant to section 15A(a) of the Securities Exchange Act of 1934 [ 15 U.S.C. 78 o–3(a)]
      or national securities exchange registered pursuant to section 6(a) of the Securities Exchange Act
      of 1934 [ 15 U.S.C. 78f(a) ] of which such alternative trading system is a member has rules to require
      such coordinated trading halts. (XI) The margin requirements for a security futures product comply
      with the regulations prescribed pursuant to section 7(c)(2)(B) of the Securities Exchange Act of
      1934 [ 15 U.S.C. 78g(c)(2)(B) ], except that nothing in this subclause shall be construed to prevent
      a board of trade from requiring higher margin levels for a security futures product when it deems
      such action to be necessary or appropriate. (ii) It shall be unlawful for any person to offer, to
      enter into, to execute, to confirm the execution of, or to conduct any office or business anywhere
      in the United States, its territories or possessions, for the purpose of soliciting, or accepting
      any order for, or otherwise dealing in, any transaction in, or in connection with, a security futures
      product unless— (I) the transaction is conducted on or subject to the rules of a board of trade
      that— (aa) has been designated by the Commission as a contract market in such security futures product
      ; or (bb) is a registered derivatives transaction execution facility for the security futures product
      that has provided a certification with respect to the security futures product pursuant to clause
      (vii); (II) the contract is executed or consummated by, through, or with a member of the contract
      market or registered derivatives transaction execution facility; and (III) the security futures
      product is evidenced by a record in writing which shows the date, the parties to such security futures
      product and their addresses, the property covered, and its price, and each contract market member
      or registered derivatives transaction execution facility member shall keep the record for a period
      of 3 years from the date of the transaction, or for a longer period if the Commission so directs,
      which record shall at all times be open to the inspection of any duly authorized representative
      of the Commission. (iii) (I) Except as provided in subclause (II) but notwithstanding any other
      provision of this chapter, no person shall offer to enter into, enter into, or confirm the execution
      of any option on a security future . (II) After 3 years after December 21, 2000 , the Commission
      and the Securities and Exchange Commission may by order jointly determine to permit trading of options
      on any security future authorized to be traded under the provisions of this chapter and the Securities
      Exchange Act of 1934 [ 15 U.S.C. 78a et seq.]. (iv) (I) All relevant records of a futures commission
      merchant or introducing broker registered pursuant to section 6f(a)(2) of this title , floor broker
      or floor trader exempt from registration pursuant to section 6f(a)(3) of this title , associated
      person exempt from registration pursuant to section 6k(6) of this title , or board of trade designated
      as a contract market in a security futures product pursuant to section 7b–1 of this title shall
      be subject to such reasonable periodic or special examinations by representatives of the Commission
      as the Commission deems necessary or appropriate in the public interest, for the protection of investors,
      or otherwise in furtherance of the purposes of this chapter, and the Commission, before conducting
      any such examination, shall give notice to the Securities and Exchange Commission of the proposed
      examination and consult with the Securities and Exchange Commission concerning the feasibility and
      desirability of coordinating the examination with examinations conducted by the Securities and Exchange
      Commission in order to avoid unnecessary regulatory duplication or undue regulatory burdens for
      the registrant or board of trade. (II) The Commission shall notify the Securities and Exchange Commission
      of any examination conducted of any futures commission merchant or introducing broker registered
      pursuant to section 6f(a)(2) of this title , floor broker or floor trader exempt from registration
      pursuant to section 6f(a)(3) of this title , associated person exempt from registration pursuant
      to section 6k(6) of this title , or board of trade designated as a contract market in a security
      futures product pursuant to section 7b–1 of this title , and, upon request, furnish to the Securities
      and Exchange Commission any examination report and data supplied to or prepared by the Commission
      in connection with the examination. (III) Before conducting an examination under subclause (I),
      the Commission shall use the reports of examinations, unless the information sought is unavailable
      in the reports, of any futures commission merchant or introducing broker registered pursuant to
      section 6f(a)(2) of this title , floor broker or floor trader exempt from registration pursuant
      to section 6f(a)(3) of this title , associated person exempt from registration pursuant to section
      6k(6) of this title , or board of trade designated as a contract market in a security futures product
      pursuant to section 7b–1 of this title that is made by the Securities and Exchange Commission ,
      a national securities association registered pursuant to section 15A(a) of the Securities Exchange
      Act of 1934 ( 15 U.S.C. 78 o–3(a)), or a national securities exchange registered pursuant to section
      6(a) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78f(a) ). (IV) Any records required under
      this subsection for a futures commission merchant or introducing broker registered pursuant to section
      6f(a)(2) of this title , floor broker or floor trader exempt from registration pursuant to section
      6f(a)(3) of this title , associated person exempt from registration pursuant to section 6k(6) of
      this title , or board of trade designated as a contract market in a security futures product pursuant
      to section 7b–1 of this title , shall be limited to records with respect to accounts, agreements,
      contracts, and transactions involving security futures products.'
    drafter_attestation: Verbatim subsection of 7 U.S.C. §2 from Cornell LII snapshot bc20b5c05454fe70;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: cea-7usc-v
  canonical_id: cea-7usc-v
  section: 7 U.S.C. §2(v)
  description: '(v): (v) (I) The Commission and the Securities and Exchange Commission , by rule, regulation,
    or order, may jointly modify the criteria specified in subclause (I) or (III) of clause (i), including
    the trading of security futures based on securities other than equity securities, to the extent such
    modific…'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 7 U.S.C. §2(c)(2)(D) — CEA retail commodity transactions (CFTC jurisdiction)
    source_class: cea-statute
    source_url: https://www.law.cornell.edu/uscode/text/7/2
    snapshot_id: bc20b5c05454fe70
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:4146a61aac1cb82a32333709ed911a80d445de87bdb88a1b69e28593bfc6be89
    paragraph_quote: (v) (I) The Commission and the Securities and Exchange Commission , by rule, regulation,
      or order, may jointly modify the criteria specified in subclause (I) or (III) of clause (i), including
      the trading of security futures based on securities other than equity securities, to the extent
      such modification fosters the development of fair and orderly markets in security futures products,
      is necessary or appropriate in the public interest, and is consistent with the protection of investors.
      (II) The Commission and the Securities and Exchange Commission , by order, may jointly exempt any
      person from compliance with the criterion specified in clause (i)(IV) to the extent such exemption
      fosters the development of fair and orderly markets in security futures products, is necessary or
      appropriate in the public interest, and is consistent with the protection of investors. (vi) (I)
      Notwithstanding clauses (i) and (vii), until the compliance date , a board of trade shall not be
      required to meet the criterion specified in clause (i)(IV). (II) The Commission and the Securities
      and Exchange Commission shall jointly publish in the Federal Register a notice of the compliance
      date no later than 165 days before the compliance date. (III) For purposes of this clause, the term
      “ compliance date ” means the later of— (aa) 180 days after the end of the first full calendar month
      period in which the average aggregate comparable share volume for all security futures products
      based on single equity securities traded on all designated contract markets and registered derivatives
      transaction execution facilities equals or exceeds 10 percent of the average aggregate comparable
      share volume of options on single equity securities traded on all national securities exchanges
      registered pursuant to section 6(a) of the Securities Exchange Act of 1934 [ 15 U.S.C. 78f(a) ]
      and any national securities associations registered pursuant to section 15A(a) of such Act [ 15
      U.S.C. 78 o–3(a)]; or (bb) 2 years after the date on which trading in any security futures product
      commences under this chapter. (vii) It shall be unlawful for a board of trade to trade or execute
      a security futures product unless the board of trade has provided the Commission with a certification
      that the specific security futures product and the board of trade, as applicable, meet the criteria
      specified in subclauses (I) through (XI) of clause (i), except as otherwise provided in clause (vi).
      (E) Obligation to address security futures products traded on foreign exchanges
    drafter_attestation: Verbatim subsection of 7 U.S.C. §2 from Cornell LII snapshot bc20b5c05454fe70;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: cea-7usc-i
  canonical_id: cea-7usc-i
  section: 7 U.S.C. §2(i)
  description: '(i): (i) To the extent necessary or appropriate in the public interest, to promote fair
    competition, and consistent with promotion of market efficiency, innovation, and expansion of investment
    opportunities, the protection of investors, and the maintenance of fair and orderly markets, the Commission
    and …'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 7 U.S.C. §2(c)(2)(D) — CEA retail commodity transactions (CFTC jurisdiction)
    source_class: cea-statute
    source_url: https://www.law.cornell.edu/uscode/text/7/2
    snapshot_id: bc20b5c05454fe70
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:4146a61aac1cb82a32333709ed911a80d445de87bdb88a1b69e28593bfc6be89
    paragraph_quote: (i) To the extent necessary or appropriate in the public interest, to promote fair
      competition, and consistent with promotion of market efficiency, innovation, and expansion of investment
      opportunities, the protection of investors, and the maintenance of fair and orderly markets, the
      Commission and the Securities and Exchange Commission shall jointly issue such rules, regulations,
      or orders as are necessary and appropriate to permit the offer and sale of a security futures product
      traded on or subject to the rules of a foreign board of trade to United States persons. (ii) The
      rules, regulations, or orders adopted under clause (i) shall take into account, as appropriate,
      the nature and size of the markets that the securities underlying the security futures product reflects.
      (F) Security futures products traded on foreign boards of trade
    drafter_attestation: Verbatim subsection of 7 U.S.C. §2 from Cornell LII snapshot bc20b5c05454fe70;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: cea-7usc-i
  canonical_id: cea-7usc-i
  section: 7 U.S.C. §2(i)
  description: '(i): (i) Nothing in this chapter is intended to prohibit a futures commission merchant
    from carrying security futures products traded on or subject to the rules of a foreign board of trade
    in the accounts of persons located outside of the United States. (ii) Nothing in this chapter is intended
    to prohibi…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 7 U.S.C. §2(c)(2)(D) — CEA retail commodity transactions (CFTC jurisdiction)
    source_class: cea-statute
    source_url: https://www.law.cornell.edu/uscode/text/7/2
    snapshot_id: bc20b5c05454fe70
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:4146a61aac1cb82a32333709ed911a80d445de87bdb88a1b69e28593bfc6be89
    paragraph_quote: (i) Nothing in this chapter is intended to prohibit a futures commission merchant
      from carrying security futures products traded on or subject to the rules of a foreign board of
      trade in the accounts of persons located outside of the United States. (ii) Nothing in this chapter
      is intended to prohibit any eligible contract participant located in the United States from purchasing
      or carrying securities futures products traded on or subject to the rules of a foreign board of
      trade , exchange, or market to the same extent such person may be authorized to purchase or carry
      other securities traded on a foreign board of trade , exchange, or market so long as any underlying
      security for such security futures products is traded principally on, by, or through any exchange
      or market located outside the United States. (G)
    drafter_attestation: Verbatim subsection of 7 U.S.C. §2 from Cornell LII snapshot bc20b5c05454fe70;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: cea-7usc-i
  canonical_id: cea-7usc-i
  section: 7 U.S.C. §2(i)
  description: '(i): (i) Nothing in this paragraph shall limit the jurisdiction conferred on the Securities
    and Exchange Commission by the Wall Street Transparency and Accountability Act of 2010 with regard
    to security-based swap agreements as defined pursuant to section 3(a)(78) of the Securities Exchange
    Act of 1934 […'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 7 U.S.C. §2(c)(2)(D) — CEA retail commodity transactions (CFTC jurisdiction)
    source_class: cea-statute
    source_url: https://www.law.cornell.edu/uscode/text/7/2
    snapshot_id: bc20b5c05454fe70
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:4146a61aac1cb82a32333709ed911a80d445de87bdb88a1b69e28593bfc6be89
    paragraph_quote: (i) Nothing in this paragraph shall limit the jurisdiction conferred on the Securities
      and Exchange Commission by the Wall Street Transparency and Accountability Act of 2010 with regard
      to security-based swap agreements as defined pursuant to section 3(a)(78) of the Securities Exchange
      Act of 1934 [ 15 U.S.C. 78c(a)(78) ], and security-based swaps. (ii) In addition to the authority
      of the Securities and Exchange Commission described in clause (i), nothing in this subparagraph
      shall limit or affect any statutory authority of the Commission with respect to an agreement, contract,
      or transaction described in clause (i). (H) Notwithstanding any other provision of law, the Wall
      Street Transparency and Accountability Act of 2010 shall not apply to, and the Commodity Futures
      Trading Commission shall have no jurisdiction under such Act (or any amendments to this chapter
      made by such Act) with respect to, any security other than a security-based swap. (I)
    drafter_attestation: Verbatim subsection of 7 U.S.C. §2 from Cornell LII snapshot bc20b5c05454fe70;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: cea-7usc-i
  canonical_id: cea-7usc-i
  section: 7 U.S.C. §2(i)
  description: '(i): (i) Nothing in this chapter shall limit or affect any statutory authority of the
    Federal Energy Regulatory Commission or a State regulatory authority (as defined in section 796(21)
    of title 16 ) with respect to an agreement, contract, or transaction that is entered into pursuant
    to a tariff or rate …'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 7 U.S.C. §2(c)(2)(D) — CEA retail commodity transactions (CFTC jurisdiction)
    source_class: cea-statute
    source_url: https://www.law.cornell.edu/uscode/text/7/2
    snapshot_id: bc20b5c05454fe70
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:4146a61aac1cb82a32333709ed911a80d445de87bdb88a1b69e28593bfc6be89
    paragraph_quote: (i) Nothing in this chapter shall limit or affect any statutory authority of the
      Federal Energy Regulatory Commission or a State regulatory authority (as defined in section 796(21)
      of title 16 ) with respect to an agreement, contract, or transaction that is entered into pursuant
      to a tariff or rate schedule approved by the Federal Energy Regulatory Commission or a State regulatory
      authority and is— (I) not executed, traded, or cleared on a registered entity or trading facility;
      or (II) executed, traded, or cleared on a registered entity or trading facility owned or operated
      by a regional transmission organization or independent system operator. (ii) In addition to the
      authority of the Federal Energy Regulatory Commission or a State regulatory authority described
      in clause (i), nothing in this subparagraph shall limit or affect— (I) any statutory authority of
      the Commission with respect to an agreement, contract, or transaction described in clause (i); or
      (II) the jurisdiction of the Commission under subparagraph (A) with respect to an agreement, contract,
      or transaction that is executed, traded, or cleared on a registered entity or trading facility that
      is not owned or operated by a regional transmission organization or independent system operator
      (as defined by sections [4] 796(27) and (28) of title 16). (2) Establishment of Commodity Futures
      Trading Commission ; composition; terms of Commissioners (A) There is hereby established, as an
      independent agency of the United States Government, a Commodity Futures Trading Commission . The
      Commission shall be composed of five Commissioners who shall be appointed by the President, by and
      with the advice and consent of the Senate . In nominating persons for appointment, the President
      shall—
    drafter_attestation: Verbatim subsection of 7 U.S.C. §2 from Cornell LII snapshot bc20b5c05454fe70;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: cea-7usc-i
  canonical_id: cea-7usc-i
  section: 7 U.S.C. §2(i)
  description: '(i): (i) select persons who shall each have demonstrated knowledge in futures trading
    or its regulation, or the production, merchandising, processing or distribution of one or more of
    the commodities or other goods and articles, services, rights, and interests covered by this chapter;
    and (ii) seek to en…'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 7 U.S.C. §2(c)(2)(D) — CEA retail commodity transactions (CFTC jurisdiction)
    source_class: cea-statute
    source_url: https://www.law.cornell.edu/uscode/text/7/2
    snapshot_id: bc20b5c05454fe70
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:4146a61aac1cb82a32333709ed911a80d445de87bdb88a1b69e28593bfc6be89
    paragraph_quote: (i) select persons who shall each have demonstrated knowledge in futures trading
      or its regulation, or the production, merchandising, processing or distribution of one or more of
      the commodities or other goods and articles, services, rights, and interests covered by this chapter;
      and (ii) seek to ensure that the demonstrated knowledge of the Commissioners is balanced with respect
      to such areas. Not more than three of the members of the Commission shall be members of the same
      political party. Each Commissioner shall hold office for a term of five years and until his successor
      is appointed and has qualified, except that he shall not so continue to serve beyond the expiration
      of the next session of Congress subsequent to the expiration of said fixed term of office, and except
      (i) any Commissioner appointed to fill a vacancy occurring prior to the expiration of the term for
      which his predecessor was appointed shall be appointed for the remainder of such term, and (ii)
      the terms of office of the Commissioners first taking office after the enactment of this paragraph
      shall expire as designated by the President at the time of nomination, one at the end of one year,
      one at the end of two years, one at the end of three years, one at the end of four years, and one
      at the end of five years. (B) The President shall appoint, by and with the advice and consent of
      the Senate , a member of the Commission as Chairman, who shall serve as Chairman at the pleasure
      of the President. An individual may be appointed as Chairman at the same time that person is appointed
      as a Commissioner. The Chairman shall be the chief administrative officer of the Commission and
      shall preside at hearings before the Commission. At any time, the President may appoint, by and
      with the advice and consent of the Senate , a different Chairman, and the Commissioner previously
      appointed as Chairman may complete that Commissioner’s term as a Commissioner. (3) Vacancies A vacancy
      in the Commission shall not impair the right of the remaining Commissioners to exercise all the
      powers of the Commission . (4) General Counsel The Commission shall have a General Counsel, who
      shall be appointed by the Commission and serve at the pleasure of the Commission . The General Counsel
      shall report directly to the Commission and serve as its legal advisor. The Commission shall appoint
      such other attorneys as may be necessary, in the opinion of the Commission , to assist the General
      Counsel, represent the Commission in all disciplinary proceedings pending before it, represent the
      Commission in courts of law whenever appropriate, assist the Department of Justice in handling litigation
      concerning the Commission in courts of law, and perform such other legal duties and functions as
      the Commission may direct. (5) Executive Director The Commission shall have an Executive Director,
      who shall be appointed by the Commission and serve at the pleasure of the Commission . The Executive
      Director shall report directly to the Commission and perform such functions and duties as the Commission
      may prescribe. (6) Powers and Functions of Chairman (A) Except as otherwise provided in this paragraph
      and in paragraphs (4) and (5) of this subsection, the executive and administrative functions of
      the Commission , including functions of the Commission with respect to the appointment and supervision
      of personnel employed under the Commission , the distribution of business among such personnel and
      among administrative units of the Commission , and the use and expenditure of funds, according to
      budget categories, plans, programs, and priorities established and approved by the Commission ,
      shall be exercised solely by the Chairman. (B) In carrying out any of his functions under the provisions
      of this paragraph, the Chairman shall be governed by general policies, plans, priorities, and budgets
      approved by the Commission and by such regulatory decisions, findings, and determination as the
      Commission may by law be authorized to make. (C) The appointment by the Chairman of the heads of
      major administrative units under the Commission shall be subject to the approval of the Commission
      . (D) Personnel employed regularly and full time in the immediate offices of Commissioners other
      than the Chairman shall not be affected by the provisions of this paragraph. (E) There are hereby
      reserved to the Commission its functions with respect to revising budget estimates and with respect
      to determining the distribution of appropriated funds according to major programs and purposes.
      (F) The Chairman may from time to time make such provisions as he shall deem appropriate authorizing
      the performance by any officer, employee, or administrative unit under his jurisdiction of any functions
      of the Chairman under this paragraph. (7) Appointment and compensation (A) In general The Commission
      may appoint and fix the compensation of such officers, attorneys, economists, examiners, and other
      employees as may be necessary for carrying out the functions of the Commission under this chapter.
      (B) Rates of pay Rates of basic pay for all employees of the Commission may be set and adjusted
      by the Commission without regard to chapter 51 or subchapter III of chapter 53 of title 5. (C) Comparability
    drafter_attestation: Verbatim subsection of 7 U.S.C. §2 from Cornell LII snapshot bc20b5c05454fe70;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: cea-7usc-i
  canonical_id: cea-7usc-i
  section: 7 U.S.C. §2(i)
  description: '(i): (i) In general The Commission may provide additional compensation and benefits to
    employees of the Commission if the same type of compensation or benefits are provided by any agency
    referred to in section 1833b(a) of title 12 or could be provided by such an agency under applicable
    provisions of law …'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 7 U.S.C. §2(c)(2)(D) — CEA retail commodity transactions (CFTC jurisdiction)
    source_class: cea-statute
    source_url: https://www.law.cornell.edu/uscode/text/7/2
    snapshot_id: bc20b5c05454fe70
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:4146a61aac1cb82a32333709ed911a80d445de87bdb88a1b69e28593bfc6be89
    paragraph_quote: (i) In general The Commission may provide additional compensation and benefits to
      employees of the Commission if the same type of compensation or benefits are provided by any agency
      referred to in section 1833b(a) of title 12 or could be provided by such an agency under applicable
      provisions of law (including rules and regulations). (ii) Consultation In setting and adjusting
      the total amount of compensation and benefits for employees, the Commission shall consult with,
      and seek to maintain comparability with, the agencies referred to in section 1833b(a) of title 12
      . (8) Conflict of interest No Commissioner or employee of the Commission shall accept employment
      or compensation from any person, exchange, or clearinghouse subject to regulation by the Commission
      under this chapter during his term of office, nor shall he participate, directly or indirectly,
      in any registered entity operations or transactions of a character subject to regulation by the
      Commission. (9) Liaison with Department of Agriculture ; communications with Department of the Treasury
      , Federal Reserve Board, and Securities and Exchange Commission ; application by a board of trade
      for designation as a contract market for future delivery of securities (A) The Commission shall,
      in cooperation with the Secretary of Agriculture, maintain a liaison between the Commission and
      the Department of Agriculture . The Secretary shall take such steps as may be necessary to enable
      the Commission to obtain information and utilize such services and facilities of the Department
      of Agriculture as may be necessary in order to maintain effectively such liaison. In addition, the
      Secretary shall appoint a liaison officer, who shall be an employee of the Office of the Secretary,
      for the purpose of maintaining a liaison between the Department of Agriculture and the Commission.
      The Commission shall furnish such liaison officer appropriate office space within the offices of
      the Commission and shall allow such liaison officer to attend and observe all deliberations and
      proceedings of the Commission. (B)
    drafter_attestation: Verbatim subsection of 7 U.S.C. §2 from Cornell LII snapshot bc20b5c05454fe70;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: cea-7usc-i
  canonical_id: cea-7usc-i
  section: 7 U.S.C. §2(i)
  description: '(i): (i) The Commission shall maintain communications with the Department of the Treasury
    , the Board of Governors of the Federal Reserve System , and the Securities and Exchange Commission
    for the purpose of keeping such agencies fully informed of Commission activities that relate to the
    responsibilitie…'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 7 U.S.C. §2(c)(2)(D) — CEA retail commodity transactions (CFTC jurisdiction)
    source_class: cea-statute
    source_url: https://www.law.cornell.edu/uscode/text/7/2
    snapshot_id: bc20b5c05454fe70
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:4146a61aac1cb82a32333709ed911a80d445de87bdb88a1b69e28593bfc6be89
    paragraph_quote: '(i) The Commission shall maintain communications with the Department of the Treasury
      , the Board of Governors of the Federal Reserve System , and the Securities and Exchange Commission
      for the purpose of keeping such agencies fully informed of Commission activities that relate to
      the responsibilities of those agencies, for the purpose of seeking the views of those agencies on
      such activities, and for considering the relationships between the volume and nature of investment
      and trading in contracts of sale of a commodity for future delivery and in securities and financial
      instruments under the jurisdiction of such agencies. (ii) When a board of trade applies for designation
      or registration as a contract market or derivatives transaction execution facility involving transactions
      for future delivery of any security issued or guaranteed by the United States or any agency thereof,
      the Commission shall promptly deliver a copy of such application to the Department of the Treasury
      and the Board of Governors of the Federal Reserve System . The Commission may not designate or register
      a board of trade as a contract market or derivatives transaction execution facility based on such
      application until forty-five days after the date the Commission delivers the application to such
      agencies or until the Commission receives comments from each of such agencies on the application,
      whichever period is shorter. Any comments received by the Commission from such agencies shall be
      included as part of the public record of the Commission’ s designation proceeding. In designating,
      registering, or refusing, suspending, or revoking the designation or registration of, a board of
      trade as a contract market or derivatives transaction execution facility involving transactions
      for future delivery referred to in this clause or in considering any possible action under this
      chapter (including without limitation emergency action under section 12a(9) of this title ) with
      respect to such transactions, the Commission shall take into consideration all comments it receives
      from the Department of the Treasury and the Board of Governors of the Federal Reserve System and
      shall consider the effect that any such designation, registration, suspension, revocation, or action
      may have on the debt financing requirements of the United States Government and the continued efficiency
      and integrity of the underlying market for government securities. (iii) The provisions of this subparagraph
      shall not create any rights, liabilities, or obligations upon which actions may be brought against
      the Commission . (10) Transmittal of budget requests and legislative recommendations to congressional
      committees (A) Whenever the Commission submits any budget estimate or request to the President or
      the Office of Management and Budget , it shall concurrently transmit copies of that estimate or
      request to the House and Senate Appropriations Committees and the House Committee on Agriculture
      and the Senate Committee on Agriculture, Nutrition, and Forestry. (B) Whenever the Commission transmits
      any legislative recommendations, or testimony, or comments on legislation to the President or the
      Office of Management and Budget , it shall concurrently transmit copies thereof to the House Committee
      on Agriculture and the Senate Committee on Agriculture, Nutrition, and Forestry. No officer or agency
      of the United States shall have any authority to require the Commission to submit its legislative
      recommendations, or testimony, or comments on legislation to any officer or agency of the United
      States for approval, comments, or review, prior to the submission of such recommendations, testimony,
      or comments to the Congress . In instances in which the Commission voluntarily seeks to obtain the
      comments or review of any officer or agency of the United States, the Commission shall include a
      description of such actions in its legislative recommendations, testimony, or comments on legislation
      which it transmits to the Congress . (C) Whenever the Commission issues for official publication
      any opinion, release, rule, order, interpretation, or other determination on a matter, the Commission
      shall provide that any dissenting, concurring, or separate opinion by any Commissioner on the matter
      be published in full along with the Commission opinion, release, rule, order, interpretation, or
      determination. (11) Seal The Commission shall have an official seal, which shall be judicially noticed.
      (12) Rules and regulations The Commission is authorized to promulgate such rules and regulations
      as it deems necessary to govern the operating procedures and conduct of the business of the Commission
      . (13) Public availability of swap transaction data (A) Definition of real-time public reporting
      In this paragraph, the term “ real-time public reporting ” means to report data relating to a swap
      transaction, including price and volume, as soon as technologically practicable after the time at
      which the swap transaction has been executed. (B) Purpose The purpose of this section is to authorize
      the Commission to make swap transaction and pricing data available to the public in such form and
      at such times as the Commission determines appropriate to enhance price discovery. (C) General rule
      The Commission is authorized and required to provide by rule for the public availability of swap
      transaction and pricing data as follows:'
    drafter_attestation: Verbatim subsection of 7 U.S.C. §2 from Cornell LII snapshot bc20b5c05454fe70;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: cea-7usc-i
  canonical_id: cea-7usc-i
  section: 7 U.S.C. §2(i)
  description: '(i): (i) With respect to those swaps that are subject to the mandatory clearing requirement
    described in subsection (h)(1) (including those swaps that are excepted from the requirement pursuant
    to subsection (h)(7)), the Commission shall require real-time public reporting for such transactions.
    (ii) With…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 7 U.S.C. §2(c)(2)(D) — CEA retail commodity transactions (CFTC jurisdiction)
    source_class: cea-statute
    source_url: https://www.law.cornell.edu/uscode/text/7/2
    snapshot_id: bc20b5c05454fe70
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:4146a61aac1cb82a32333709ed911a80d445de87bdb88a1b69e28593bfc6be89
    paragraph_quote: (i) With respect to those swaps that are subject to the mandatory clearing requirement
      described in subsection (h)(1) (including those swaps that are excepted from the requirement pursuant
      to subsection (h)(7)), the Commission shall require real-time public reporting for such transactions.
      (ii) With respect to those swaps that are not subject to the mandatory clearing requirement described
      in subsection (h)(1), but are cleared at a registered derivatives clearing organization , the Commission
      shall require real-time public reporting for such transactions. (iii) With respect to swaps that
      are not cleared at a registered derivatives clearing organization and which are reported to a swap
      data repository or the Commission under subsection (h)(6), the Commission shall require real-time
      public reporting for such transactions, in a manner that does not disclose the business transactions
      and market positions of any person. (iv) With respect to swaps that are determined to be required
      to be cleared under subsection (h)(2) but are not cleared, the Commission shall require real-time
      public reporting for such transactions. (D) Registered entities and public reporting The Commission
      may require registered entities to publicly disseminate the swap transaction and pricing data required
      to be reported under this paragraph. (E) Rulemaking required With respect to the rule providing
      for the public availability of transaction and pricing data for swaps described in clauses (i) and
      (ii) of subparagraph (C), the rule promulgated by the Commission shall contain provisions—
    drafter_attestation: Verbatim subsection of 7 U.S.C. §2 from Cornell LII snapshot bc20b5c05454fe70;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: cea-7usc-i
  canonical_id: cea-7usc-i
  section: 7 U.S.C. §2(i)
  description: '(i): (i) to ensure such information does not identify the participants; (ii) to specify
    the criteria for determining what constitutes a large notional swap transaction (block trade) for
    particular markets and contracts; (iii) to specify the appropriate time delay for reporting large
    notional swap transac…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 7 U.S.C. §2(c)(2)(D) — CEA retail commodity transactions (CFTC jurisdiction)
    source_class: cea-statute
    source_url: https://www.law.cornell.edu/uscode/text/7/2
    snapshot_id: bc20b5c05454fe70
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:4146a61aac1cb82a32333709ed911a80d445de87bdb88a1b69e28593bfc6be89
    paragraph_quote: (i) to ensure such information does not identify the participants; (ii) to specify
      the criteria for determining what constitutes a large notional swap transaction (block trade) for
      particular markets and contracts; (iii) to specify the appropriate time delay for reporting large
      notional swap transactions (block trades) to the public; and (iv) that take into account whether
      the public disclosure will materially reduce market liquidity. (F) Timeliness of reporting Parties
      to a swap (including agents of the parties to a swap ) shall be responsible for reporting swap transaction
      information to the appropriate registered entity in a timely manner as may be prescribed by the
      Commission. (G) Reporting of swaps to registered swap data repositories Each swap (whether cleared
      or uncleared) shall be reported to a registered swap data repository . (14) Semiannual and annual
      public reporting of aggregate swap data (A) In general In accordance with subparagraph (B), the
      Commission shall issue a written report on a semiannual and annual basis to make available to the
      public information relating to—
    drafter_attestation: Verbatim subsection of 7 U.S.C. §2 from Cornell LII snapshot bc20b5c05454fe70;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: cea-7usc-i
  canonical_id: cea-7usc-i
  section: 7 U.S.C. §2(i)
  description: '(i): (i) the trading and clearing in the major swap categories; and (ii) the market participants
    and developments in new products. (B) Use; consultation In preparing a report under subparagraph (A),
    the Commission shall—'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 7 U.S.C. §2(c)(2)(D) — CEA retail commodity transactions (CFTC jurisdiction)
    source_class: cea-statute
    source_url: https://www.law.cornell.edu/uscode/text/7/2
    snapshot_id: bc20b5c05454fe70
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:4146a61aac1cb82a32333709ed911a80d445de87bdb88a1b69e28593bfc6be89
    paragraph_quote: (i) the trading and clearing in the major swap categories; and (ii) the market participants
      and developments in new products. (B) Use; consultation In preparing a report under subparagraph
      (A), the Commission shall—
    drafter_attestation: Verbatim subsection of 7 U.S.C. §2 from Cornell LII snapshot bc20b5c05454fe70;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: cea-7usc-i
  canonical_id: cea-7usc-i
  section: 7 U.S.C. §2(i)
  description: '(i): (i) use information from swap data repositories and derivatives clearing organizations
    ; and (ii) consult with the Office of the Comptroller of the Currency , the Bank for International
    Settlements, and such other regulatory bodies as may be necessary. (C) Authority of the Commission
    The Commission …'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 7 U.S.C. §2(c)(2)(D) — CEA retail commodity transactions (CFTC jurisdiction)
    source_class: cea-statute
    source_url: https://www.law.cornell.edu/uscode/text/7/2
    snapshot_id: bc20b5c05454fe70
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:4146a61aac1cb82a32333709ed911a80d445de87bdb88a1b69e28593bfc6be89
    paragraph_quote: (i) use information from swap data repositories and derivatives clearing organizations
      ; and (ii) consult with the Office of the Comptroller of the Currency , the Bank for International
      Settlements, and such other regulatory bodies as may be necessary. (C) Authority of the Commission
      The Commission may, by rule, regulation, or order, delegate the public reporting responsibilities
      of the Commission under this paragraph in accordance with such terms and conditions as the Commission
      determines to be appropriate and in the public interest. (15) Energy and Environmental Markets Advisory
      Committee (A) Establishment
    drafter_attestation: Verbatim subsection of 7 U.S.C. §2 from Cornell LII snapshot bc20b5c05454fe70;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: cea-7usc-i
  canonical_id: cea-7usc-i
  section: 7 U.S.C. §2(i)
  description: '(i): (i) In general An Energy and Environmental Markets Advisory Committee is hereby established.
    (ii) Membership The Committee shall have 9 members . (iii) Activities The Committee’s objectives and
    scope of activities shall be— (I) to conduct public meetings; (II) to submit reports and recommendations
    t…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 7 U.S.C. §2(c)(2)(D) — CEA retail commodity transactions (CFTC jurisdiction)
    source_class: cea-statute
    source_url: https://www.law.cornell.edu/uscode/text/7/2
    snapshot_id: bc20b5c05454fe70
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:4146a61aac1cb82a32333709ed911a80d445de87bdb88a1b69e28593bfc6be89
    paragraph_quote: (i) In general An Energy and Environmental Markets Advisory Committee is hereby established.
      (ii) Membership The Committee shall have 9 members . (iii) Activities The Committee’s objectives
      and scope of activities shall be— (I) to conduct public meetings; (II) to submit reports and recommendations
      to the Commission (including dissenting or minority views, if any); and (III) otherwise to serve
      as a vehicle for discussion and communication on matters of concern to exchanges, firms, end users,
      and regulators regarding energy and environmental markets and their regulation by the Commission
      . (B) Requirements
    drafter_attestation: Verbatim subsection of 7 U.S.C. §2 from Cornell LII snapshot bc20b5c05454fe70;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: cea-7usc-i
  canonical_id: cea-7usc-i
  section: 7 U.S.C. §2(i)
  description: '(i): (i) In general The Committee shall hold public meetings at such intervals as are
    necessary to carry out the functions of the Committee, but not less frequently than 2 times per year.
    (ii) Members Members shall be appointed to 3-year terms, but may be removed for cause by vote of the
    Commission . (C)…'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 7 U.S.C. §2(c)(2)(D) — CEA retail commodity transactions (CFTC jurisdiction)
    source_class: cea-statute
    source_url: https://www.law.cornell.edu/uscode/text/7/2
    snapshot_id: bc20b5c05454fe70
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:4146a61aac1cb82a32333709ed911a80d445de87bdb88a1b69e28593bfc6be89
    paragraph_quote: (i) In general The Committee shall hold public meetings at such intervals as are
      necessary to carry out the functions of the Committee, but not less frequently than 2 times per
      year. (ii) Members Members shall be appointed to 3-year terms, but may be removed for cause by vote
      of the Commission . (C) Appointment The Commission shall appoint members with a wide diversity of
      opinion and who represent a broad spectrum of interests, including hedgers and consumers. (D) Reimbursement
      Members shall be entitled to per diem and travel expense reimbursement by the Commission . (E) Chapter
      10 of title 5 The Committee shall not be subject to chapter 10 of title 5.
    drafter_attestation: Verbatim subsection of 7 U.S.C. §2 from Cornell LII snapshot bc20b5c05454fe70;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: cea-7usc-b
  canonical_id: cea-7usc-b
  section: 7 U.S.C. §2(b)
  description: '(b): (b) Transaction in interstate commerce For the purposes of this chapter (but not
    in any wise limiting the foregoing definition of interstate commerce ) a transaction in respect to
    any article shall be considered to be in interstate commerce if such article is part of that current
    of commerce usual i…'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 7 U.S.C. §2(c)(2)(D) — CEA retail commodity transactions (CFTC jurisdiction)
    source_class: cea-statute
    source_url: https://www.law.cornell.edu/uscode/text/7/2
    snapshot_id: bc20b5c05454fe70
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:4146a61aac1cb82a32333709ed911a80d445de87bdb88a1b69e28593bfc6be89
    paragraph_quote: (b) Transaction in interstate commerce For the purposes of this chapter (but not
      in any wise limiting the foregoing definition of interstate commerce ) a transaction in respect
      to any article shall be considered to be in interstate commerce if such article is part of that
      current of commerce usual in the commodity trade whereby commodities and commodity products and
      by-products thereof are sent from one State, with the expectation that they will end their transit,
      after purchase, in another, including in addition to cases within the above general description,
      all cases where purchase or sale is either for shipment to another State, or for manufacture within
      the State and the shipment outside the State of the products resulting from such manufacture. Articles
      normally in such current of commerce shall not be considered out of such commerce through resort
      being had to any means or device intended to remove transactions in respect thereto from the provisions
      of this chapter. For the purpose of this paragraph the word “State” includes Territory, the District
      of Columbia, possession of the United States, and foreign nation.
    drafter_attestation: Verbatim subsection of 7 U.S.C. §2 from Cornell LII snapshot bc20b5c05454fe70;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: cea-7usc-c
  canonical_id: cea-7usc-c
  section: 7 U.S.C. §2(c)
  description: '(c): (c) Agreements, contracts, and transactions in foreign currency, government securities,
    and certain other commodities (1) In general Except as provided in paragraph (2), nothing in this
    chapter (other than section, [5] 7a–1, [5] or 16(e)(2)(B) of this title) governs or applies to an
    agreement, contr…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 7 U.S.C. §2(c)(2)(D) — CEA retail commodity transactions (CFTC jurisdiction)
    source_class: cea-statute
    source_url: https://www.law.cornell.edu/uscode/text/7/2
    snapshot_id: bc20b5c05454fe70
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:4146a61aac1cb82a32333709ed911a80d445de87bdb88a1b69e28593bfc6be89
    paragraph_quote: (c) Agreements, contracts, and transactions in foreign currency, government securities,
      and certain other commodities (1) In general Except as provided in paragraph (2), nothing in this
      chapter (other than section, [5] 7a–1, [5] or 16(e)(2)(B) of this title) governs or applies to an
      agreement, contract, or transaction in— (A) foreign currency; (B) government securities ; (C) security
      warrants; (D) security rights; (E) resales of installment loan contracts; (F) repurchase transactions
      in an excluded commodity ; or (G) mortgages or mortgage purchase commitments. (2) Commission jurisdiction
      (A) Agreements, contracts, and transactions traded on an organized exchange This chapter applies
      to, and the Commission shall have jurisdiction over, an agreement, contract, or transaction described
      in paragraph (1) that is—
    drafter_attestation: Verbatim subsection of 7 U.S.C. §2 from Cornell LII snapshot bc20b5c05454fe70;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: cea-7usc-i
  canonical_id: cea-7usc-i
  section: 7 U.S.C. §2(i)
  description: '(i): (i) a contract of sale of a commodity for future delivery (or an option on such a
    contract), or an option on a commodity (other than foreign currency or a security or a group or index
    of securities), that is executed or traded on an organized exchange ; (ii) a swap ; or (iii) an option
    on foreign cu…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 7 U.S.C. §2(c)(2)(D) — CEA retail commodity transactions (CFTC jurisdiction)
    source_class: cea-statute
    source_url: https://www.law.cornell.edu/uscode/text/7/2
    snapshot_id: bc20b5c05454fe70
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:4146a61aac1cb82a32333709ed911a80d445de87bdb88a1b69e28593bfc6be89
    paragraph_quote: (i) a contract of sale of a commodity for future delivery (or an option on such a
      contract), or an option on a commodity (other than foreign currency or a security or a group or
      index of securities), that is executed or traded on an organized exchange ; (ii) a swap ; or (iii)
      an option on foreign currency executed or traded on an organized exchange that is not a national
      securities exchange registered pursuant to section 6(a) of the Securities Exchange Act of 1934 [
      15 U.S.C. 78f(a) ]. (B) Agreements, contracts, and transactions in retail foreign currency
    drafter_attestation: Verbatim subsection of 7 U.S.C. §2 from Cornell LII snapshot bc20b5c05454fe70;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: cea-7usc-i
  canonical_id: cea-7usc-i
  section: 7 U.S.C. §2(i)
  description: '(i): (i) This chapter applies to, and the Commission shall have jurisdiction over, an
    agreement, contract, or transaction in foreign currency that— (I) is a contract of sale of a commodity
    for future delivery (or an option on such a contract) or an option (other than an option executed
    or traded on a nat…'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 7 U.S.C. §2(c)(2)(D) — CEA retail commodity transactions (CFTC jurisdiction)
    source_class: cea-statute
    source_url: https://www.law.cornell.edu/uscode/text/7/2
    snapshot_id: bc20b5c05454fe70
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:4146a61aac1cb82a32333709ed911a80d445de87bdb88a1b69e28593bfc6be89
    paragraph_quote: (i) This chapter applies to, and the Commission shall have jurisdiction over, an
      agreement, contract, or transaction in foreign currency that— (I) is a contract of sale of a commodity
      for future delivery (or an option on such a contract) or an option (other than an option executed
      or traded on a national securities exchange registered pursuant to section 6(a) of the Securities
      Exchange Act of 1934 ( 15 U.S.C. 78f(a) )); and (II) is offered to, or entered into with, a person
      that is not an eligible contract participant, unless the counterparty, or the person offering to
      be the counterparty, of the person is— (aa) a United States financial institution ; (bb) (AA) a
      broker or dealer registered under section 15(b) (except paragraph (11) thereof) or 15C of the Securities
      Exchange Act of 1934 ( 15 U.S.C. 78 o(b), 78o–5); or (BB) an associated person of a broker or dealer
      registered under section 15(b) (except paragraph (11) thereof) or 15C of the Securities Exchange
      Act of 1934 ( 15 U.S.C. 78 o(b), 78o–5) concerning the financial or securities activities of which
      the broker or dealer makes and keeps records under section 15C(b) or 17(h) of the Securities Exchange
      Act of 1934 ( 15 U.S.C. 78 o–5(b), 78q(h)); (cc) (AA) a futures commission merchant that is primarily
      or substantially engaged in the business activities described in section 1a of this title , is registered
      under this chapter, is not a person described in item (bb) of this subclause, and maintains adjusted
      net capital equal to or in excess of the dollar amount that applies for purposes of clause (ii)
      of this subparagraph; or (BB) an affiliated person of a futures commission merchant that is primarily
      or substantially engaged in the business activities described in section 1a of this title , is registered
      under this chapter, and is not a person described in item (bb) of this subclause, if the affiliated
      person maintains adjusted net capital equal to or in excess of the dollar amount that applies for
      purposes of clause (ii) of this subparagraph and is not a person described in such item (bb), and
      the futures commission merchant makes and keeps records under section 6f(c)(2)(B) of this title
      concerning the futures and other financial activities of the affiliated person; (dd) a financial
      holding company (as defined in section 1841 of title 12 ); or (ff) [6] a retail foreign exchange
      dealer that maintains adjusted net capital equal to or in excess of the dollar amount that applies
      for purposes of clause (ii) of this subparagraph and is registered in such capacity with the Commission,
      subject to such terms and conditions as the Commission shall prescribe, and is a member of a futures
      association registered under section 21 of this title . (ii) The dollar amount that applies for
      purposes of this clause is— (I) $10,000,000, beginning 120 days after the date of the enactment
      of this clause; (II) $15,000,000, beginning 240 days after such date of enactment; and (III) $20,000,000,
      beginning 360 days after such date of enactment. (iii) Notwithstanding items (cc) and (gg) of clause
      (i)(II) of this subparagraph, agreements, contracts, or transactions described in clause (i) of
      this subparagraph, and accounts or pooled investment vehicles described in clause (vi), shall be
      subject to subsection (a)(1)(B) of this section and sections 6(b) , 6b , 6c(b) , 6o , 9 , and 13b
      of this title (except to the extent that sections 9 and 13b of this title prohibit manipulation
      of the market price of any commodity in interstate commerce, or for future delivery on or subject
      to the rules of any market), 13a–1, 13a–2, 12(a), 13c(a), and 13c(b) of this title if the agreements,
      contracts, or transactions are offered, or entered into, by a person that is registered as a futures
      commission merchant or retail foreign exchange dealer, or an affiliated person of a futures commission
      merchant registered under this chapter that is not also a person described in any of item (aa),
      (bb), (ee), 1 or (ff) of clause (i)(II) of this subparagraph. (iv) (I) Notwithstanding items (cc)
      and (gg) 1 of clause (i)(II), a person, unless registered in such capacity as the Commission by
      rule, regulation, or order shall determine and a member of a futures association registered under
      section 21 of this title , shall not— (aa) solicit or accept orders from any person that is not
      an eligible contract participant in connection with agreements, contracts, or transactions described
      in clause (i) entered into with or to be entered into with a person who is not described in item
      (aa), (bb), (ee), 1 or (ff) of clause (i)(II); (bb) exercise discretionary trading authority or
      obtain written authorization to exercise discretionary trading authority over any account for or
      on behalf of any person that is not an eligible contract participant in connection with agreements,
      contracts, or transactions described in clause (i) entered into with or to be entered into with
      a person who is not described in item (aa), (bb), (ee), 1 or (ff) of clause (i)(II); or (cc) operate
      or solicit funds, securities, or property for any pooled investment vehicle that is not an eligible
      contract participant in connection with agreements, contracts, or transactions described in clause
      (i) entered into with or to be entered into with a person who is not described in item (aa), (bb),
      (ee), 1 or (ff) of clause (i)(II). (II) Subclause (I) of this clause shall not apply to— (aa) any
      person described in any of item (aa), (bb), (ee), 1 or (ff) of clause (i)(II); (bb) any such person
      ’s associated persons ; or (cc) any person who would be exempt from registration if engaging in
      the same activities in connection with transactions conducted on or subject to the rules of a contract
      market or a derivatives transaction execution facility. (III) Notwithstanding items (cc) and (gg)
      1 of clause (i)(II), the Commission may make, promulgate, and enforce such rules and regulations
      as, in the judgment of the Commission, are reasonably necessary to effectuate any of the provisions
      of, or to accomplish any of the purposes of, this chapter in connection with the activities of persons
      subject to subclause (I). (IV) Subclause (III) of this clause shall not apply to— (aa) any person
      described in any of item (aa) through (ff) of clause (i)(II); (bb) any such person ’s associated
      persons ; or (cc) any person who would be exempt from registration if engaging in the same activities
      in connection with transactions conducted on or subject to the rules of a contract market or a derivatives
      transaction execution facility.
    drafter_attestation: Verbatim subsection of 7 U.S.C. §2 from Cornell LII snapshot bc20b5c05454fe70;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: cea-7usc-v
  canonical_id: cea-7usc-v
  section: 7 U.S.C. §2(v)
  description: '(v): (v) Notwithstanding items (cc) and (gg) 1 of clause (i)(II), the Commission may make,
    promulgate, and enforce such rules and regulations as, in the judgment of the Commission, are reasonably
    necessary to effectuate any of the provisions of, or to accomplish any of the purposes of, this chapter
    in co…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 7 U.S.C. §2(c)(2)(D) — CEA retail commodity transactions (CFTC jurisdiction)
    source_class: cea-statute
    source_url: https://www.law.cornell.edu/uscode/text/7/2
    snapshot_id: bc20b5c05454fe70
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:4146a61aac1cb82a32333709ed911a80d445de87bdb88a1b69e28593bfc6be89
    paragraph_quote: (v) Notwithstanding items (cc) and (gg) 1 of clause (i)(II), the Commission may make,
      promulgate, and enforce such rules and regulations as, in the judgment of the Commission, are reasonably
      necessary to effectuate any of the provisions of, or to accomplish any of the purposes of, this
      chapter in connection with agreements, contracts, or transactions described in clause (i) which
      are offered, or entered into, by a person described in item (cc) or (gg) 1 of clause (i)(II). (vi)
      This chapter applies to, and the Commission shall have jurisdiction over, an account or pooled investment
      vehicle that is offered for the purpose of trading, or that trades, any agreement, contract, or
      transaction in foreign currency described in clause (i). (C)
    drafter_attestation: Verbatim subsection of 7 U.S.C. §2 from Cornell LII snapshot bc20b5c05454fe70;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: cea-7usc-i
  canonical_id: cea-7usc-i
  section: 7 U.S.C. §2(i)
  description: '(i): (i) (I) This subparagraph shall apply to any agreement, contract, or transaction
    in foreign currency that is— (aa) offered to, or entered into with, a person that is not an eligible
    contract participant (except that this subparagraph shall not apply if the counterparty, or the person
    offering to be …'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 7 U.S.C. §2(c)(2)(D) — CEA retail commodity transactions (CFTC jurisdiction)
    source_class: cea-statute
    source_url: https://www.law.cornell.edu/uscode/text/7/2
    snapshot_id: bc20b5c05454fe70
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:4146a61aac1cb82a32333709ed911a80d445de87bdb88a1b69e28593bfc6be89
    paragraph_quote: (i) (I) This subparagraph shall apply to any agreement, contract, or transaction
      in foreign currency that is— (aa) offered to, or entered into with, a person that is not an eligible
      contract participant (except that this subparagraph shall not apply if the counterparty, or the
      person offering to be the counterparty, of the person that is not an eligible contract participant
      is a person described in any of item (aa), (bb), (ee), 1 or (ff) of subparagraph (B)(i)(II)); and
      (bb) offered, or entered into, on a leveraged or margined basis, or financed by the offeror, the
      counterparty, or a person acting in concert with the offeror or counterparty on a similar basis.
      (II) Subclause (I) of this clause shall not apply to— (aa) a security that is not a security futures
      product ; or (bb) a contract of sale that— (AA) results in actual delivery within 2 days; or (BB)
      creates an enforceable obligation to deliver between a seller and buyer that have the ability to
      deliver and accept delivery, respectively, in connection with their line of business. (ii) (I) Agreements,
      contracts, or transactions described in clause (i) of this subparagraph, and accounts or pooled
      investment vehicles described in clause (vii), shall be subject to subsection (a)(1)(B) of this
      section and sections 6(b) , 6b , 6c(b) , 6o , 9 , and 13b of this title (except to the extent that
      sections 9 and 13b of this title prohibit manipulation of the market price of any commodity in interstate
      commerce, or for future delivery on or subject to the rules of any market), 13a–1, 13a–2, 12(a),
      13c(a), and 13c(b) of this title. (II) Subclause (I) of this clause shall not apply to— (aa) any
      person described in any of item (aa), (bb), (ee), 1 or (ff) of subparagraph (B)(i)(II); or (bb)
      any such person ’s associated persons . (III) The Commission may make, promulgate, and enforce such
      rules and regulations as, in the judgment of the Commission , are reasonably necessary to effectuate
      any of the provisions of or to accomplish any of the purposes of this chapter in connection with
      agreements, contracts, or transactions described in clause (i) of this subparagraph if the agreements,
      contracts, or transactions are offered, or entered into, by a person that is not described in item
      (aa) through (ff) of subparagraph (B)(i)(II). (iii) (I) A person , unless registered in such capacity
      as the Commission by rule, regulation, or order shall determine and a member of a futures association
      registered under section 21 of this title , shall not— (aa) solicit or accept orders from any person
      that is not an eligible contract participant in connection with agreements, contracts, or transactions
      described in clause (i) of this subparagraph entered into with or to be entered into with a person
      who is not described in item (aa), (bb), (ee), 1 or (ff) of subparagraph (B)(i)(II); (bb) exercise
      discretionary trading authority or obtain written authorization to exercise written trading authority
      over any account for or on behalf of any person that is not an eligible contract participant in
      connection with agreements, contracts, or transactions described in clause (i) of this subparagraph
      entered into with or to be entered into with a person who is not described in item (aa), (bb), (ee),
      1 or (ff) of subparagraph (B)(i)(II); or (cc) operate or solicit funds, securities, or property
      for any pooled investment vehicle that is not an eligible contract participant in connection with
      agreements, contracts, or transactions described in clause (i) of this subparagraph entered into
      with or to be entered into with a person who is not described in item (aa), (bb), (ee), 1 or (ff)
      of subparagraph (B)(i)(II). (II) Subclause (I) of this clause shall not apply to— (aa) any person
      described in item (aa), (bb), (ee), 1 or (ff) of subparagraph (B)(i)(II); (bb) any such person ’s
      associated persons ; or (cc) any person who would be exempt from registration if engaging in the
      same activities in connection with transactions conducted on or subject to the rules of a contract
      market or a derivatives transaction execution facility. (III) The Commission may make, promulgate,
      and enforce such rules and regulations as, in the judgment of the Commission , are reasonably necessary
      to effectuate any of the provisions of, or to accomplish any of the purposes of, this chapter in
      connection with the activities of persons subject to subclause (I). (IV) Subclause (III) of this
      clause shall not apply to— (aa) any person described in item (aa) through (ff) of subparagraph (B)(i)(II);
      (bb) any such person ’s associated persons ; or (cc) any person who would be exempt from registration
      if engaging in the same activities in connection with transactions conducted on or subject to the
      rules of a contract market or a derivatives transaction execution facility. (iv) Sections 6(b) and
      6b of this title shall apply to any agreement, contract, or transaction described in clause (i)
      of this subparagraph as if the agreement, contract, or transaction were a contract of sale of a
      commodity for future delivery.
    drafter_attestation: Verbatim subsection of 7 U.S.C. §2 from Cornell LII snapshot bc20b5c05454fe70;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: cea-7usc-v
  canonical_id: cea-7usc-v
  section: 7 U.S.C. §2(v)
  description: '(v): (v) This subparagraph shall not be construed to limit any jurisdiction that the Commission
    may otherwise have under any other provision of this chapter over an agreement, contract, or transaction
    that is a contract of sale of a commodity for future delivery. (vi) This subparagraph shall not be
    const…'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 7 U.S.C. §2(c)(2)(D) — CEA retail commodity transactions (CFTC jurisdiction)
    source_class: cea-statute
    source_url: https://www.law.cornell.edu/uscode/text/7/2
    snapshot_id: bc20b5c05454fe70
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:4146a61aac1cb82a32333709ed911a80d445de87bdb88a1b69e28593bfc6be89
    paragraph_quote: (v) This subparagraph shall not be construed to limit any jurisdiction that the Commission
      may otherwise have under any other provision of this chapter over an agreement, contract, or transaction
      that is a contract of sale of a commodity for future delivery. (vi) This subparagraph shall not
      be construed to limit any jurisdiction that the Commission or the Securities and Exchange Commission
      may otherwise have under any other provision of this chapter with respect to security futures products
      and persons effecting transactions in security futures products. (vii) This chapter applies to,
      and the Commission shall have jurisdiction over, an account or pooled investment vehicle that is
      offered for the purpose of trading, or that trades, any agreement, contract, or transaction in foreign
      currency described in clause (i). (D) Retail commodity transactions
    drafter_attestation: Verbatim subsection of 7 U.S.C. §2 from Cornell LII snapshot bc20b5c05454fe70;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: cea-7usc-i
  canonical_id: cea-7usc-i
  section: 7 U.S.C. §2(i)
  description: '(i): (i) Applicability Except as provided in clause (ii), this subparagraph shall apply
    to any agreement, contract, or transaction in any commodity that is— (I) entered into with, or offered
    to (even if not entered into with), a person that is not an eligible contract participant or eligible
    commercial e…'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 7 U.S.C. §2(c)(2)(D) — CEA retail commodity transactions (CFTC jurisdiction)
    source_class: cea-statute
    source_url: https://www.law.cornell.edu/uscode/text/7/2
    snapshot_id: bc20b5c05454fe70
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:4146a61aac1cb82a32333709ed911a80d445de87bdb88a1b69e28593bfc6be89
    paragraph_quote: (i) Applicability Except as provided in clause (ii), this subparagraph shall apply
      to any agreement, contract, or transaction in any commodity that is— (I) entered into with, or offered
      to (even if not entered into with), a person that is not an eligible contract participant or eligible
      commercial entity ; and (II) entered into, or offered (even if not entered into), on a leveraged
      or margined basis, or financed by the offeror, the counterparty, or a person acting in concert with
      the offeror or counterparty on a similar basis. (ii) Exceptions This subparagraph shall not apply
      to— (I) an agreement, contract, or transaction described in paragraph (1) or subparagraphs [7] (A),
      (B), or (C), including any agreement, contract, or transaction specifically excluded from subparagraph
      (A), (B), or (C); (II) any security ; (III) a contract of sale that— (aa) results in actual delivery
      within 28 days or such other longer period as the Commission may determine by rule or regulation
      based upon the typical commercial practice in cash or spot markets for the commodity involved; or
      (bb) creates an enforceable obligation to deliver between a seller and a buyer that have the ability
      to deliver and accept delivery, respectively, in connection with the line of business of the seller
      and buyer; or (IV) an agreement, contract, or transaction that is listed on a national securities
      exchange registered under section 6(a) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78f(a)
      ); or (V) an identified banking product , as defined in section 27(b) of this title . (iii) Enforcement
      Sections 6(a) , 6(b) , and 6b of this title apply to any agreement, contract, or transaction described
      in clause (i), as if the agreement, contract, or transaction was a contract of sale of a commodity
      for future delivery. (iv) Eligible commercial entity For purposes of this subparagraph, an agricultural
      producer, packer, or handler shall be considered to be an eligible commercial entity for any agreement,
      contract, or transaction for a commodity in connection with the line of business of the agricultural
      producer, packer, or handler. (E) Prohibition
    drafter_attestation: Verbatim subsection of 7 U.S.C. §2 from Cornell LII snapshot bc20b5c05454fe70;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: cea-7usc-i
  canonical_id: cea-7usc-i
  section: 7 U.S.C. §2(i)
  description: '(i): (i) Definition of Federal regulatory agency In this subparagraph, the term “ Federal
    regulatory agency ” means— (I) the Commission ; (II) the Securities and Exchange Commission ; (III)
    an appropriate Federal banking agency ; (IV) the National Credit Union Association; and (V) the Farm
    Credit Adminis…'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 7 U.S.C. §2(c)(2)(D) — CEA retail commodity transactions (CFTC jurisdiction)
    source_class: cea-statute
    source_url: https://www.law.cornell.edu/uscode/text/7/2
    snapshot_id: bc20b5c05454fe70
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:4146a61aac1cb82a32333709ed911a80d445de87bdb88a1b69e28593bfc6be89
    paragraph_quote: (i) Definition of Federal regulatory agency In this subparagraph, the term “ Federal
      regulatory agency ” means— (I) the Commission ; (II) the Securities and Exchange Commission ; (III)
      an appropriate Federal banking agency ; (IV) the National Credit Union Association; and (V) the
      Farm Credit Administration . (ii) Prohibition (I) In general Except as provided in subclause (II),
      a person described in subparagraph (B)(i)(II) for which there is a Federal regulatory agency shall
      not offer to, or enter into with, a person that is not an eligible contract participant, any agreement,
      contract, or transaction in foreign currency described in subparagraph (B)(i)(I) except pursuant
      to a rule or regulation of a Federal regulatory agency allowing the agreement, contract, or transaction
      under such terms and conditions as the Federal regulatory agency shall prescribe. (II) Effective
      date With regard to persons described in subparagraph (B)(i)(II) for which a Federal regulatory
      agency has issued a proposed rule concerning agreements, contracts, or transactions in foreign currency
      described in subparagraph (B)(i)(I) prior to July 21, 2010 , subclause (I) shall take effect 90
      days after July 21, 2010 . (iii) Requirements of rules and regulations (I) In general The rules
      and regulations described in clause (ii) shall prescribe appropriate requirements with respect to—
      (aa) disclosure; (bb) recordkeeping; (cc) capital and margin; (dd) reporting; (ee) business conduct;
      (ff) documentation; and (gg) such other standards or requirements as the Federal regulatory agency
      shall determine to be necessary. (II) Treatment The rules or regulations described in clause (ii)
      shall treat all agreements, contracts, and transactions in foreign currency described in subparagraph
      (B)(i)(I), and all agreements, contracts, and transactions in foreign currency that are functionally
      or economically similar to agreements, contracts, or transactions described in subparagraph (B)(i)(I),
      similarly.
    drafter_attestation: Verbatim subsection of 7 U.S.C. §2 from Cornell LII snapshot bc20b5c05454fe70;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: cea-7usc-d
  canonical_id: cea-7usc-d
  section: 7 U.S.C. §2(d)
  description: '(d): (d) Swaps Nothing in this chapter (other than subparagraphs (A), (B), (C), (D), (G),
    and (H) of subsection (a)(1), subsections (f) and (g), sections 1a , 2(a)(13) , 2(c)(2)(A)(ii) , 2(e)
    , 2(h) , 6(c) , 6a , 6b , and 6b–1 of this title, subsections (a), (b), and (g) of section 6c of this
    title , sec…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 7 U.S.C. §2(c)(2)(D) — CEA retail commodity transactions (CFTC jurisdiction)
    source_class: cea-statute
    source_url: https://www.law.cornell.edu/uscode/text/7/2
    snapshot_id: bc20b5c05454fe70
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:4146a61aac1cb82a32333709ed911a80d445de87bdb88a1b69e28593bfc6be89
    paragraph_quote: (d) Swaps Nothing in this chapter (other than subparagraphs (A), (B), (C), (D), (G),
      and (H) of subsection (a)(1), subsections (f) and (g), sections 1a , 2(a)(13) , 2(c)(2)(A)(ii) ,
      2(e) , 2(h) , 6(c) , 6a , 6b , and 6b–1 of this title, subsections (a), (b), and (g) of section
      6c of this title , sections 6d, 6e, 6f, 6g, 6h, 6i, 6j, 6k, 6l, 6m, 6n, 6o, 6p, 6r, 6s, 6t, 7, 7a–1,
      7a–2, 7b, and 7b–3 of this title, sections 9 and 13b of this title, sections 13a–1, 13a–2, 12, 12a,
      and 13 of this title, subsections (e)(2), (f), and (h) of section 16 of this title , subsections
      (a) and (b) of section 13c of this title , sections 21, 24, 24a, and 25(a)(4) of this title, and
      any other provision of this chapter that is applicable to registered entities or Commission registrants)
      governs or applies to a swap.
    drafter_attestation: Verbatim subsection of 7 U.S.C. §2 from Cornell LII snapshot bc20b5c05454fe70;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: cea-7usc-e
  canonical_id: cea-7usc-e
  section: 7 U.S.C. §2(e)
  description: '(e): (e) Limitation on participation It shall be unlawful for any person , other than
    an eligible contract participant, to enter into a swap unless the swap is entered into on, or subject
    to the rules of, a board of trade designated as a contract market under section 7 of this title .'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 7 U.S.C. §2(c)(2)(D) — CEA retail commodity transactions (CFTC jurisdiction)
    source_class: cea-statute
    source_url: https://www.law.cornell.edu/uscode/text/7/2
    snapshot_id: bc20b5c05454fe70
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:4146a61aac1cb82a32333709ed911a80d445de87bdb88a1b69e28593bfc6be89
    paragraph_quote: (e) Limitation on participation It shall be unlawful for any person , other than
      an eligible contract participant, to enter into a swap unless the swap is entered into on, or subject
      to the rules of, a board of trade designated as a contract market under section 7 of this title
      .
    drafter_attestation: Verbatim subsection of 7 U.S.C. §2 from Cornell LII snapshot bc20b5c05454fe70;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: cea-7usc-f
  canonical_id: cea-7usc-f
  section: 7 U.S.C. §2(f)
  description: '(f): (f) Exclusion for qualifying hybrid instruments (1) In general Nothing in this chapter
    (other than section 16(e)(2)(B) of this title ) governs or is applicable to a hybrid instrument that
    is predominantly a security. (2) Predominance A hybrid instrument shall be considered to be predominantly
    a secu…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 7 U.S.C. §2(c)(2)(D) — CEA retail commodity transactions (CFTC jurisdiction)
    source_class: cea-statute
    source_url: https://www.law.cornell.edu/uscode/text/7/2
    snapshot_id: bc20b5c05454fe70
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:4146a61aac1cb82a32333709ed911a80d445de87bdb88a1b69e28593bfc6be89
    paragraph_quote: (f) Exclusion for qualifying hybrid instruments (1) In general Nothing in this chapter
      (other than section 16(e)(2)(B) of this title ) governs or is applicable to a hybrid instrument
      that is predominantly a security. (2) Predominance A hybrid instrument shall be considered to be
      predominantly a security if— (A) the issuer of the hybrid instrument receives payment in full of
      the purchase price of the hybrid instrument , substantially contemporaneously with delivery of the
      hybrid instrument ; (B) the purchaser or holder of the hybrid instrument is not required to make
      any payment to the issuer in addition to the purchase price paid under subparagraph (A), whether
      as margin, settlement payment, or otherwise, during the life of the hybrid instrument or at maturity;
      (C) the issuer of the hybrid instrument is not subject by the terms of the instrument to mark-to-market
      margining requirements; and (D) the hybrid instrument is not marketed as a contract of sale of a
      commodity for future delivery (or option on such a contract) subject to this chapter. (3) Mark-to-market
      margining requirements For the purposes of paragraph (2)(C), mark-to-market margining requirements
      do not include the obligation of an issuer of a secured debt instrument to increase the amount of
      collateral held in pledge for the benefit of the purchaser of the secured debt instrument to secure
      the repayment obligations of the issuer under the secured debt instrument.
    drafter_attestation: Verbatim subsection of 7 U.S.C. §2 from Cornell LII snapshot bc20b5c05454fe70;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: cea-7usc-g
  canonical_id: cea-7usc-g
  section: 7 U.S.C. §2(g)
  description: '(g): (g) Application of commodity futures laws (1) No provision of this chapter shall
    be construed as implying or creating any presumption that— (A) any agreement, contract, or transaction
    that is excluded from this chapter under subsection (c), (d), (e), (f), or (g) of this section or
    title IV of the Co…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 7 U.S.C. §2(c)(2)(D) — CEA retail commodity transactions (CFTC jurisdiction)
    source_class: cea-statute
    source_url: https://www.law.cornell.edu/uscode/text/7/2
    snapshot_id: bc20b5c05454fe70
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:4146a61aac1cb82a32333709ed911a80d445de87bdb88a1b69e28593bfc6be89
    paragraph_quote: (g) Application of commodity futures laws (1) No provision of this chapter shall
      be construed as implying or creating any presumption that— (A) any agreement, contract, or transaction
      that is excluded from this chapter under subsection (c), (d), (e), (f), or (g) of this section or
      title IV of the Commodity Futures Modernization Act of 2000 [ 7 U.S.C. 27 to 27f], or exempted under
      subsection (h) of this section or section 6(c) of this title ; or (B) any agreement, contract, or
      transaction, not otherwise subject to this chapter, that is not so excluded or exempted, is or would
      otherwise be subject to this chapter. (2) No provision of, or amendment made by, the Commodity Futures
      Modernization Act of 2000 shall be construed as conferring jurisdiction on the Commission with respect
      to any such agreement, contract, or transaction, except as expressly provided in section 7a–1 of
      this title .
    drafter_attestation: Verbatim subsection of 7 U.S.C. §2 from Cornell LII snapshot bc20b5c05454fe70;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: cea-7usc-h
  canonical_id: cea-7usc-h
  section: 7 U.S.C. §2(h)
  description: '(h): (h) Clearing requirement (1) In general (A) Standard for clearing It shall be unlawful
    for any person to engage in a swap unless that person submits such swap for clearing to a derivatives
    clearing organization that is registered under this chapter or a derivatives clearing organization
    that is exem…'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 7 U.S.C. §2(c)(2)(D) — CEA retail commodity transactions (CFTC jurisdiction)
    source_class: cea-statute
    source_url: https://www.law.cornell.edu/uscode/text/7/2
    snapshot_id: bc20b5c05454fe70
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:4146a61aac1cb82a32333709ed911a80d445de87bdb88a1b69e28593bfc6be89
    paragraph_quote: (h) Clearing requirement (1) In general (A) Standard for clearing It shall be unlawful
      for any person to engage in a swap unless that person submits such swap for clearing to a derivatives
      clearing organization that is registered under this chapter or a derivatives clearing organization
      that is exempt from registration under this chapter if the swap is required to be cleared. (B) Open
      access The rules of a derivatives clearing organization described in subparagraph (A) shall—
    drafter_attestation: Verbatim subsection of 7 U.S.C. §2 from Cornell LII snapshot bc20b5c05454fe70;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: cea-7usc-i
  canonical_id: cea-7usc-i
  section: 7 U.S.C. §2(i)
  description: '(i): (i) prescribe that all swaps (but not contracts of sale of a commodity for future
    delivery or options on such contracts) submitted to the derivatives clearing organization with the
    same terms and conditions are economically equivalent within the derivatives clearing organization
    and may be offset wi…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 7 U.S.C. §2(c)(2)(D) — CEA retail commodity transactions (CFTC jurisdiction)
    source_class: cea-statute
    source_url: https://www.law.cornell.edu/uscode/text/7/2
    snapshot_id: bc20b5c05454fe70
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:4146a61aac1cb82a32333709ed911a80d445de87bdb88a1b69e28593bfc6be89
    paragraph_quote: (i) prescribe that all swaps (but not contracts of sale of a commodity for future
      delivery or options on such contracts) submitted to the derivatives clearing organization with the
      same terms and conditions are economically equivalent within the derivatives clearing organization
      and may be offset with each other within the derivatives clearing organization ; and (ii) provide
      for non-discriminatory clearing of a swap (but not a contract of sale of a commodity for future
      delivery or option on such contract) executed bilaterally or on or through the rules of an unaffiliated
      designated contract market or swap execution facility . (2) Commission review (A) Commission-initiated
      review
    drafter_attestation: Verbatim subsection of 7 U.S.C. §2 from Cornell LII snapshot bc20b5c05454fe70;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: cea-7usc-i
  canonical_id: cea-7usc-i
  section: 7 U.S.C. §2(i)
  description: '(i): (i) The Commission on an ongoing basis shall review each swap, or any group, category,
    type, or class of swaps to make a determination as to whether the swap or group, category, type, or
    class of swaps should be required to be cleared. (ii) The Commission shall provide at least a 30-day
    public comme…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 7 U.S.C. §2(c)(2)(D) — CEA retail commodity transactions (CFTC jurisdiction)
    source_class: cea-statute
    source_url: https://www.law.cornell.edu/uscode/text/7/2
    snapshot_id: bc20b5c05454fe70
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:4146a61aac1cb82a32333709ed911a80d445de87bdb88a1b69e28593bfc6be89
    paragraph_quote: (i) The Commission on an ongoing basis shall review each swap, or any group, category,
      type, or class of swaps to make a determination as to whether the swap or group, category, type,
      or class of swaps should be required to be cleared. (ii) The Commission shall provide at least a
      30-day public comment period regarding any determination made under clause (i). (B) Swap submissions
    drafter_attestation: Verbatim subsection of 7 U.S.C. §2 from Cornell LII snapshot bc20b5c05454fe70;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: cea-7usc-i
  canonical_id: cea-7usc-i
  section: 7 U.S.C. §2(i)
  description: '(i): (i) A derivatives clearing organization shall submit to the Commission each swap,
    or any group, category, type, or class of swaps that it plans to accept for clearing, and provide
    notice to its members (in a manner to be determined by the Commission) of the submission. (ii) Any
    swap or group, catego…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 7 U.S.C. §2(c)(2)(D) — CEA retail commodity transactions (CFTC jurisdiction)
    source_class: cea-statute
    source_url: https://www.law.cornell.edu/uscode/text/7/2
    snapshot_id: bc20b5c05454fe70
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:4146a61aac1cb82a32333709ed911a80d445de87bdb88a1b69e28593bfc6be89
    paragraph_quote: (i) A derivatives clearing organization shall submit to the Commission each swap,
      or any group, category, type, or class of swaps that it plans to accept for clearing, and provide
      notice to its members (in a manner to be determined by the Commission) of the submission. (ii) Any
      swap or group, category, type, or class of swaps listed for clearing by a derivative clearing organization
      as of July 21, 2010 , shall be considered submitted to the Commission. (iii) The Commission shall—
      (I) make available to the public submissions received under clauses (i) and (ii); (II) review each
      submission made under clauses (i) and (ii), and determine whether the swap , or group, category,
      type, or class of swaps described in the submission is required to be cleared; and (III) provide
      at least a 30-day public comment period regarding its determination as to whether the clearing requirement
      under paragraph (1)(A) shall apply to the submission. (C) Deadline The Commission shall make its
      determination under subparagraph (B)(iii) not later than 90 days after receiving a submission made
      under subparagraphs (B)(i) and (B)(ii), unless the submitting derivatives clearing organization
      agrees to an extension for the time limitation established under this subparagraph. (D) Determination
    drafter_attestation: Verbatim subsection of 7 U.S.C. §2 from Cornell LII snapshot bc20b5c05454fe70;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: cea-7usc-i
  canonical_id: cea-7usc-i
  section: 7 U.S.C. §2(i)
  description: '(i): (i) In reviewing a submission made under subparagraph (B), the Commission shall review
    whether the submission is consistent with section 7a–1(c)(2) of this title . (ii) In reviewing a swap
    , group of swaps , or class of swaps pursuant to subparagraph (A) or a submission made under subparagraph
    (B), …'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 7 U.S.C. §2(c)(2)(D) — CEA retail commodity transactions (CFTC jurisdiction)
    source_class: cea-statute
    source_url: https://www.law.cornell.edu/uscode/text/7/2
    snapshot_id: bc20b5c05454fe70
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:4146a61aac1cb82a32333709ed911a80d445de87bdb88a1b69e28593bfc6be89
    paragraph_quote: '(i) In reviewing a submission made under subparagraph (B), the Commission shall
      review whether the submission is consistent with section 7a–1(c)(2) of this title . (ii) In reviewing
      a swap , group of swaps , or class of swaps pursuant to subparagraph (A) or a submission made under
      subparagraph (B), the Commission shall take into account the following factors: (I) The existence
      of significant outstanding notional exposures, trading liquidity, and adequate pricing data. (II)
      The availability of rule framework, capacity, operational expertise and resources, and credit support
      infrastructure to clear the contract on terms that are consistent with the material terms and trading
      conventions on which the contract is then traded. (III) The effect on the mitigation of systemic
      risk, taking into account the size of the market for such contract and the resources of the derivatives
      clearing organization available to clear the contract. (IV) The effect on competition, including
      appropriate fees and charges applied to clearing. (V) The existence of reasonable legal certainty
      in the event of the insolvency of the relevant derivatives clearing organization or 1 or more of
      its clearing members with regard to the treatment of customer and swap counterparty positions, funds,
      and property. (iii) In making a determination under subparagraph (A) or (B)(iii) that the clearing
      requirement shall apply, the Commission may require such terms and conditions to the requirement
      as the Commission determines to be appropriate. (E) Rules Not later than 1 year after July 21, 2010
      , the Commission shall adopt rules for a derivatives clearing organization’ s submission for review,
      pursuant to this paragraph, of a swap, or a group, category, type, or class of swaps, that it seeks
      to accept for clearing. Nothing in this subparagraph limits the Commission from making a determination
      under subparagraph (B)(iii) for swaps described in subparagraph (B)(ii). (3) Stay of clearing requirement
      (A) In general After making a determination pursuant to paragraph (2)(B), the Commission , on application
      of a counterparty to a swap or on its own initiative, may stay the clearing requirement of paragraph
      (1) until the Commission completes a review of the terms of the swap (or the group, category, type,
      or class of swaps) and the clearing arrangement. (B) Deadline The Commission shall complete a review
      undertaken pursuant to subparagraph (A) not later than 90 days after issuance of the stay, unless
      the derivatives clearing organization that clears the swap, or group, category, type, or class of
      swaps agrees to an extension of the time limitation established under this subparagraph. (C) Determination
      Upon completion of the review undertaken pursuant to subparagraph (A), the Commission may—'
    drafter_attestation: Verbatim subsection of 7 U.S.C. §2 from Cornell LII snapshot bc20b5c05454fe70;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: cea-7usc-i
  canonical_id: cea-7usc-i
  section: 7 U.S.C. §2(i)
  description: '(i): (i) determine, unconditionally or subject to such terms and conditions as the Commission
    determines to be appropriate, that the swap, or group, category, type, or class of swaps must be cleared
    pursuant to this subsection if it finds that such clearing is consistent with paragraph (2)(D); or
    (ii) de…'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 7 U.S.C. §2(c)(2)(D) — CEA retail commodity transactions (CFTC jurisdiction)
    source_class: cea-statute
    source_url: https://www.law.cornell.edu/uscode/text/7/2
    snapshot_id: bc20b5c05454fe70
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:4146a61aac1cb82a32333709ed911a80d445de87bdb88a1b69e28593bfc6be89
    paragraph_quote: (i) determine, unconditionally or subject to such terms and conditions as the Commission
      determines to be appropriate, that the swap, or group, category, type, or class of swaps must be
      cleared pursuant to this subsection if it finds that such clearing is consistent with paragraph
      (2)(D); or (ii) determine that the clearing requirement of paragraph (1) shall not apply to the
      swap , or group, category, type, or class of swaps . (D) Rules Not later than 1 year after July
      21, 2010 , the Commission shall adopt rules for reviewing, pursuant to this paragraph, a derivatives
      clearing organization’ s clearing of a swap, or a group, category, type, or class of swaps, that
      it has accepted for clearing. (4) Prevention of evasion (A) In general The Commission shall prescribe
      rules under this subsection (and issue interpretations of rules prescribed under this subsection)
      as determined by the Commission to be necessary to prevent evasions of the mandatory clearing requirements
      under this chapter. (B) Duty of Commission to investigate and take certain actions To the extent
      the Commission finds that a particular swap, group, category, type, or class of swaps would otherwise
      be subject to mandatory clearing but no derivatives clearing organization has listed the swap, group,
      category, type, or class of swaps for clearing, the Commission shall—
    drafter_attestation: Verbatim subsection of 7 U.S.C. §2 from Cornell LII snapshot bc20b5c05454fe70;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: cea-7usc-i
  canonical_id: cea-7usc-i
  section: 7 U.S.C. §2(i)
  description: '(i): (i) investigate the relevant facts and circumstances; (ii) within 30 days issue a
    public report containing the results of the investigation; and (iii) take such actions as the Commission
    determines to be necessary and in the public interest, which may include requiring the retaining of
    adequate marg…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 7 U.S.C. §2(c)(2)(D) — CEA retail commodity transactions (CFTC jurisdiction)
    source_class: cea-statute
    source_url: https://www.law.cornell.edu/uscode/text/7/2
    snapshot_id: bc20b5c05454fe70
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:4146a61aac1cb82a32333709ed911a80d445de87bdb88a1b69e28593bfc6be89
    paragraph_quote: (i) investigate the relevant facts and circumstances; (ii) within 30 days issue a
      public report containing the results of the investigation; and (iii) take such actions as the Commission
      determines to be necessary and in the public interest, which may include requiring the retaining
      of adequate margin or capital by parties to the swap, group, category, type, or class of swaps.
      (C) Effect on authority Nothing in this paragraph—
    drafter_attestation: Verbatim subsection of 7 U.S.C. §2 from Cornell LII snapshot bc20b5c05454fe70;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: cea-7usc-i
  canonical_id: cea-7usc-i
  section: 7 U.S.C. §2(i)
  description: '(i): (i) authorizes the Commission to adopt rules requiring a derivatives clearing organization
    to list for clearing a swap, group, category, type, or class of swaps if the clearing of the swap,
    group, category, type, or class of swaps would threaten the financial integrity of the derivatives
    clearing or…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 7 U.S.C. §2(c)(2)(D) — CEA retail commodity transactions (CFTC jurisdiction)
    source_class: cea-statute
    source_url: https://www.law.cornell.edu/uscode/text/7/2
    snapshot_id: bc20b5c05454fe70
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:4146a61aac1cb82a32333709ed911a80d445de87bdb88a1b69e28593bfc6be89
    paragraph_quote: '(i) authorizes the Commission to adopt rules requiring a derivatives clearing organization
      to list for clearing a swap, group, category, type, or class of swaps if the clearing of the swap,
      group, category, type, or class of swaps would threaten the financial integrity of the derivatives
      clearing organization ; and (ii) affects the authority of the Commission to enforce the open access
      provisions of paragraph (1)(B) with respect to a swap, group, category, type, or class of swaps
      that is listed for clearing by a derivatives clearing organization . (5) Reporting transition rules
      Rules adopted by the Commission under this section shall provide for the reporting of data, as follows:
      (A) Swaps entered into before July 21, 2010 , shall be reported to a registered swap data repository
      or the Commission no later than 180 days after the effective date of this subsection. (B) Swaps
      entered into on or after July 21, 2010 , shall be reported to a registered swap data repository
      or the Commission no later than the later of—'
    drafter_attestation: Verbatim subsection of 7 U.S.C. §2 from Cornell LII snapshot bc20b5c05454fe70;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: cea-7usc-i
  canonical_id: cea-7usc-i
  section: 7 U.S.C. §2(i)
  description: '(i): (i) 90 days after such effective date; or (ii) such other time after entering into
    the swap as the Commission may prescribe by rule or regulation. (6) Clearing transition rules (A)
    Swaps entered into before July 21, 2010 , are exempt from the clearing requirements of this subsection
    if reported purs…'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 7 U.S.C. §2(c)(2)(D) — CEA retail commodity transactions (CFTC jurisdiction)
    source_class: cea-statute
    source_url: https://www.law.cornell.edu/uscode/text/7/2
    snapshot_id: bc20b5c05454fe70
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:4146a61aac1cb82a32333709ed911a80d445de87bdb88a1b69e28593bfc6be89
    paragraph_quote: (i) 90 days after such effective date; or (ii) such other time after entering into
      the swap as the Commission may prescribe by rule or regulation. (6) Clearing transition rules (A)
      Swaps entered into before July 21, 2010 , are exempt from the clearing requirements of this subsection
      if reported pursuant to paragraph (5)(A). (B) Swaps entered into before application of the clearing
      requirement pursuant to this subsection are exempt from the clearing requirements of this subsection
      if reported pursuant to paragraph (5)(B). (7) Exceptions (A) In general The requirements of paragraph
      (1)(A) shall not apply to a swap if 1 of the counterparties to the swap —
    drafter_attestation: Verbatim subsection of 7 U.S.C. §2 from Cornell LII snapshot bc20b5c05454fe70;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: cea-7usc-i
  canonical_id: cea-7usc-i
  section: 7 U.S.C. §2(i)
  description: '(i): (i) is not a financial entity ; (ii) is using swaps to hedge or mitigate commercial
    risk; and (iii) notifies the Commission , in a manner set forth by the Commission , how it generally
    meets its financial obligations associated with entering into non- cleared swaps . (B) Option to clear
    The applicat…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 7 U.S.C. §2(c)(2)(D) — CEA retail commodity transactions (CFTC jurisdiction)
    source_class: cea-statute
    source_url: https://www.law.cornell.edu/uscode/text/7/2
    snapshot_id: bc20b5c05454fe70
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:4146a61aac1cb82a32333709ed911a80d445de87bdb88a1b69e28593bfc6be89
    paragraph_quote: (i) is not a financial entity ; (ii) is using swaps to hedge or mitigate commercial
      risk; and (iii) notifies the Commission , in a manner set forth by the Commission , how it generally
      meets its financial obligations associated with entering into non- cleared swaps . (B) Option to
      clear The application of the clearing exception in subparagraph (A) is solely at the discretion
      of the counterparty to the swap that meets the conditions of clauses (i) through (iii) of subparagraph
      (A). (C) Financial entity definition
    drafter_attestation: Verbatim subsection of 7 U.S.C. §2 from Cornell LII snapshot bc20b5c05454fe70;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: cea-7usc-i
  canonical_id: cea-7usc-i
  section: 7 U.S.C. §2(i)
  description: '(i): (i) In general For the purposes of this paragraph, the term “ financial entity ”
    means— (I) a swap dealer ; (II) a security-based swap dealer ; (III) a major swap participant ; (IV)
    a major security-based swap participant ; (V) a commodity pool ; (VI) a private fund as defined in
    section 80b–2(a) of…'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 7 U.S.C. §2(c)(2)(D) — CEA retail commodity transactions (CFTC jurisdiction)
    source_class: cea-statute
    source_url: https://www.law.cornell.edu/uscode/text/7/2
    snapshot_id: bc20b5c05454fe70
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:4146a61aac1cb82a32333709ed911a80d445de87bdb88a1b69e28593bfc6be89
    paragraph_quote: (i) In general For the purposes of this paragraph, the term “ financial entity ”
      means— (I) a swap dealer ; (II) a security-based swap dealer ; (III) a major swap participant ;
      (IV) a major security-based swap participant ; (V) a commodity pool ; (VI) a private fund as defined
      in section 80b–2(a) of title 15 ; (VII) an employee benefit plan as defined in paragraphs (3) and
      (32) of section 1002 of title 29 ; (VIII) a person predominantly engaged in activities that are
      in the business of banking, or in activities that are financial in nature, as defined in section
      1843(k) of title 12 . (ii) Exclusion The Commission shall consider whether to exempt small banks,
      savings associations, farm credit system institutions, and credit unions, including— (I) depository
      institutions with total assets of $10,000,000,000 or less; (II) farm credit system institutions
      with total assets of $10,000,000,000 or less; or (III) credit unions with total assets of $10,000,000,000
      or less. (iii) Limitation Such definition shall not include an entity whose primary business is
      providing financing, and uses derivatives for the purpose of hedging underlying commercial risks
      related to interest rate and foreign currency exposures, 90 percent or more of which arise from
      financing that facilitates the purchase or lease of products, 90 percent or more of which are manufactured
      by the parent company or another subsidiary of the parent company. (D) Treatment of affiliates
    drafter_attestation: Verbatim subsection of 7 U.S.C. §2 from Cornell LII snapshot bc20b5c05454fe70;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: cea-7usc-i
  canonical_id: cea-7usc-i
  section: 7 U.S.C. §2(i)
  description: '(i): (i) In general An affiliate of a person that qualifies for an exception under subparagraph
    (A) (including affiliate entities predominantly engaged in providing financing for the purchase of
    the merchandise or manufactured goods of the person ) may qualify for the exception only if the affiliate—
    (I)…'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 7 U.S.C. §2(c)(2)(D) — CEA retail commodity transactions (CFTC jurisdiction)
    source_class: cea-statute
    source_url: https://www.law.cornell.edu/uscode/text/7/2
    snapshot_id: bc20b5c05454fe70
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:4146a61aac1cb82a32333709ed911a80d445de87bdb88a1b69e28593bfc6be89
    paragraph_quote: (i) In general An affiliate of a person that qualifies for an exception under subparagraph
      (A) (including affiliate entities predominantly engaged in providing financing for the purchase
      of the merchandise or manufactured goods of the person ) may qualify for the exception only if the
      affiliate— (I) enters into the swap to hedge or mitigate the commercial risk of the person or other
      affiliate of the person that is not a financial entity , and the commercial risk that the affiliate
      is hedging or mitigating has been transferred to the affiliate; (II) is directly and wholly-owned
      by another affiliate qualified for the exception under this subparagraph or an entity that is not
      a financial entity ; (III) is not indirectly majority-owned by a financial entity ; (IV) is not
      ultimately owned by a parent company that is a financial entity ; and (V) does not provide any services,
      financial or otherwise, to any affiliate that is a nonbank financial company supervised by the Board
      of Governors (as defined under section 5311 of title 12 ). (ii) Limitation on qualifying affiliates
      The exception in clause (i) shall not apply if the affiliate is— (I) a swap dealer ; (II) a security-based
      swap dealer ; (III) a major swap participant ; (IV) a major security-based swap participant ; (V)
      a commodity pool ; (VI) a bank holding company; (VII) a private fund, as defined in section 80b–2(a)
      of title 15 ; (VIII) an employee benefit plan or government [8] plan, as defined in paragraphs (3)
      and (32) of section 1002 of title 29 ; (IX) an insured depository institution; (X) a farm credit
      system institution; (XI) a credit union; (XII) a nonbank financial company supervised by the Board
      of Governors (as defined under section 5311 of title 12 ); or (XIII) an entity engaged in the business
      of insurance and subject to capital requirements established by an insurance governmental authority
      of a State , a territory of the United States , the District of Columbia, a country other than the
      United States , or a political subdivision of a country other than the United States that is engaged
      in the supervision of insurance companies under insurance law. (iii) Limitation on affiliates’ affiliates
      Unless the Commission determines, by order, rule, or regulation, that it is in the public interest,
      the exception in clause (i) shall not apply with respect to an affiliate if the affiliate is itself
      affiliated with— (I) a major security-based swap participant ; (II) a security-based swap dealer
      ; (III) a major swap participant ; or (IV) a swap dealer . (iv) Conditions on transactions With
      respect to an affiliate that qualifies for the exception in clause (i)— (I) the affiliate may not
      enter into any swap other than for the purpose of hedging or mitigating commercial risk; and (II)
      neither the affiliate nor any person affiliated with the affiliate that is not a financial entity
      may enter into a swap with or on behalf of any affiliate that is a financial entity or otherwise
      assume, net, combine, or consolidate the risk of swaps entered into by any such financial entity
      , except one that is an affiliate that qualifies for the exception under clause (i).
    drafter_attestation: Verbatim subsection of 7 U.S.C. §2 from Cornell LII snapshot bc20b5c05454fe70;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: cea-7usc-v
  canonical_id: cea-7usc-v
  section: 7 U.S.C. §2(v)
  description: '(v): (v) Transition rule for affiliates An affiliate, subsidiary, or a wholly owned entity
    of a person that qualifies for an exception under subparagraph (A) and is predominantly engaged in
    providing financing for the purchase or lease of merchandise or manufactured goods of the person shall
    be exempt fr…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 7 U.S.C. §2(c)(2)(D) — CEA retail commodity transactions (CFTC jurisdiction)
    source_class: cea-statute
    source_url: https://www.law.cornell.edu/uscode/text/7/2
    snapshot_id: bc20b5c05454fe70
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:4146a61aac1cb82a32333709ed911a80d445de87bdb88a1b69e28593bfc6be89
    paragraph_quote: (v) Transition rule for affiliates An affiliate, subsidiary, or a wholly owned entity
      of a person that qualifies for an exception under subparagraph (A) and is predominantly engaged
      in providing financing for the purchase or lease of merchandise or manufactured goods of the person
      shall be exempt from the margin requirement described in section 6s(e) of this title and the clearing
      requirement described in paragraph (1) with regard to swaps entered into to mitigate the risk of
      the financing activities for not less than a 2-year period beginning on July 21, 2010 . (vi) Risk
      management program Any swap entered into by an affiliate that qualifies for the exception in clause
      (i) shall be subject to a centralized risk management program of the affiliate, which is reasonably
      designed both to monitor and manage the risks associated with the swap and to identify each of the
      affiliates on whose behalf a swap was entered into. (E) Election of counterparty
    drafter_attestation: Verbatim subsection of 7 U.S.C. §2 from Cornell LII snapshot bc20b5c05454fe70;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: cea-7usc-i
  canonical_id: cea-7usc-i
  section: 7 U.S.C. §2(i)
  description: '(i): (i) Swaps required to be cleared With respect to any swap that is subject to the
    mandatory clearing requirement under this subsection and entered into by a swap dealer or a major
    swap participant with a counterparty that is not a swap dealer, major swap participant , security-based
    swap dealer , or …'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 7 U.S.C. §2(c)(2)(D) — CEA retail commodity transactions (CFTC jurisdiction)
    source_class: cea-statute
    source_url: https://www.law.cornell.edu/uscode/text/7/2
    snapshot_id: bc20b5c05454fe70
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:4146a61aac1cb82a32333709ed911a80d445de87bdb88a1b69e28593bfc6be89
    paragraph_quote: (i) Swaps required to be cleared With respect to any swap that is subject to the
      mandatory clearing requirement under this subsection and entered into by a swap dealer or a major
      swap participant with a counterparty that is not a swap dealer, major swap participant , security-based
      swap dealer , or major security-based swap participant , the counterparty shall have the sole right
      to select the derivatives clearing organization at which the swap will be cleared. (ii) Swaps not
      required to be cleared With respect to any swap that is not subject to the mandatory clearing requirement
      under this subsection and entered into by a swap dealer or a major swap participant with a counterparty
      that is not a swap dealer, major swap participant , security-based swap dealer , or major security-based
      swap participant , the counterparty— (I) may elect to require clearing of the swap ; and (II) shall
      have the sole right to select the derivatives clearing organization at which the swap will be cleared.
      (F) Abuse of exception The Commission may prescribe such rules or issue interpretations of the rules
      as the Commission determines to be necessary to prevent abuse of the exceptions described in this
      paragraph. The Commission may also request information from those persons claiming the clearing
      exception as necessary to prevent abuse of the exceptions described in this paragraph. (8) Trade
      execution (A) In general With respect to transactions involving swaps subject to the clearing requirement
      of paragraph (1), counterparties shall—
    drafter_attestation: Verbatim subsection of 7 U.S.C. §2 from Cornell LII snapshot bc20b5c05454fe70;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: cea-7usc-i
  canonical_id: cea-7usc-i
  section: 7 U.S.C. §2(i)
  description: '(i): (i) execute the transaction on a board of trade designated as a contract market under
    section 7 of this title ; or (ii) execute the transaction on a swap execution facility registered
    under 7b–3 [9] of this title or a swap execution facility that is exempt from registration under section
    7b–3(f) of …'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 7 U.S.C. §2(c)(2)(D) — CEA retail commodity transactions (CFTC jurisdiction)
    source_class: cea-statute
    source_url: https://www.law.cornell.edu/uscode/text/7/2
    snapshot_id: bc20b5c05454fe70
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:4146a61aac1cb82a32333709ed911a80d445de87bdb88a1b69e28593bfc6be89
    paragraph_quote: (i) execute the transaction on a board of trade designated as a contract market under
      section 7 of this title ; or (ii) execute the transaction on a swap execution facility registered
      under 7b–3 [9] of this title or a swap execution facility that is exempt from registration under
      section 7b–3(f) of this title . (B) Exception The requirements of clauses (i) and (ii) of subparagraph
      (A) shall not apply if no board of trade or swap execution facility makes the swap available to
      trade or for swap transactions subject to the clearing exception under paragraph (7).
    drafter_attestation: Verbatim subsection of 7 U.S.C. §2 from Cornell LII snapshot bc20b5c05454fe70;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: cea-7usc-i
  canonical_id: cea-7usc-i
  section: 7 U.S.C. §2(i)
  description: '(i): (i) Applicability The provisions of this chapter relating to swaps that were enacted
    by the Wall Street Transparency and Accountability Act of 2010 (including any rule prescribed or regulation
    promulgated under that Act), shall not apply to activities outside the United States unless those
    activitie…'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 7 U.S.C. §2(c)(2)(D) — CEA retail commodity transactions (CFTC jurisdiction)
    source_class: cea-statute
    source_url: https://www.law.cornell.edu/uscode/text/7/2
    snapshot_id: bc20b5c05454fe70
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:4146a61aac1cb82a32333709ed911a80d445de87bdb88a1b69e28593bfc6be89
    paragraph_quote: (i) Applicability The provisions of this chapter relating to swaps that were enacted
      by the Wall Street Transparency and Accountability Act of 2010 (including any rule prescribed or
      regulation promulgated under that Act), shall not apply to activities outside the United States
      unless those activities— (1) have a direct and significant connection with activities in, or effect
      on, commerce of the United States ; or (2) contravene such rules or regulations as the Commission
      may prescribe or promulgate as are necessary or appropriate to prevent the evasion of any provision
      of this chapter that was enacted by the Wall Street Transparency and Accountability Act of 2010
      .
    drafter_attestation: Verbatim subsection of 7 U.S.C. §2 from Cornell LII snapshot bc20b5c05454fe70;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: cea-7usc-j
  canonical_id: cea-7usc-j
  section: 7 U.S.C. §2(j)
  description: '(j): (j) Committee approval by Board Exemptions from the requirements of subsection (h)(1)
    to clear a swap and subsection (h)(8) to execute a swap through a board of trade or swap execution
    facility shall be available to a counterparty that is an issuer of securities that are registered
    under section 12 …'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 7 U.S.C. §2(c)(2)(D) — CEA retail commodity transactions (CFTC jurisdiction)
    source_class: cea-statute
    source_url: https://www.law.cornell.edu/uscode/text/7/2
    snapshot_id: bc20b5c05454fe70
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:4146a61aac1cb82a32333709ed911a80d445de87bdb88a1b69e28593bfc6be89
    paragraph_quote: (j) Committee approval by Board Exemptions from the requirements of subsection (h)(1)
      to clear a swap and subsection (h)(8) to execute a swap through a board of trade or swap execution
      facility shall be available to a counterparty that is an issuer of securities that are registered
      under section 12 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78 l) or that is required to
      file reports pursuant to section 15(d) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78 o[d])
      only if an appropriate committee of the issuer’s board or governing body has reviewed and approved
      its decision to enter into swaps that are subject to such exemptions. (Sept. 21, 1922, ch. 369,
      § 2, 42 Stat. 998 ; June 15, 1936, ch. 545, §§ 2, 3, 49 Stat. 1491 ; Apr. 7, 1938, ch. 108, 52 Stat.
      205 ; Oct. 9, 1940, ch. 786, § 1, 54 Stat. 1059 ; Aug. 28, 1954, ch. 1041, title VII, § 710(a),
      68 Stat. 913 ; July 26, 1955, ch. 382, § 1, 69 Stat. 375 ; Pub. L. 90–258, § 1 , Feb. 19, 1968 ,
      82 Stat. 26 ; Pub. L. 90–418 , July 23, 1968 , 82 Stat. 413 ; Pub. L. 93–463, title I, § 101(a)
      , title II, §§ 201, 202, Oct. 23, 1974 , 88 Stat. 1389 , 1395; Pub. L. 95–405, § 2 , Sept. 30, 1978
      , 92 Stat. 865 ; Pub. L. 97–444, title I, § 101 , title II, §§ 201, 202, Jan. 11, 1983 , 96 Stat.
      2294 , 2297, 2298; Pub. L. 99–641, title I, § 110(1) , Nov. 10, 1986 , 100 Stat. 3561 ; Pub. L.
      102–546, title II , §§ 209(b)(1), 215, 226, title IV, § 404(b), title V, § 501, Oct. 28, 1992 ,
      106 Stat. 3606 , 3611, 3618, 3628; Pub. L. 106–554, § 1(a)(5) [title I, §§ 102—105(b), 106, 107,
      123(a)(2), title II, § 251(a), (b), (i), (j)] , Dec. 21, 2000 , 114 Stat. 2763 , 2763A–376 to 2763A–379,
      2763A–382, 2763A–405, 2763A–436, 2763A–441, 2763A–445; Pub. L. 107–171, title X, § 10702(a) , May
      13, 2002 , 116 Stat. 516 ; Pub. L. 110–234, title XIII , §§ 13101(a), 13201(b), 13203(c)–(f), May
      22, 2008 , 122 Stat. 1427 , 1436, 1439; Pub. L. 110–246, § 4(a) , title XIII, §§ 13101(a), 13201(b),
      13203(c)–(f), June 18, 2008 , 122 Stat. 1664 , 2189, 2198, 2201; Pub. L. 111–203, title VII , §§
      717(a), 721(e)(1), 722(a), (c)–(e), 723(a), (b), 727, 734(b)(1), 741(b)(8), (9), 742(a), (c), 751,
      July 21, 2010 , 124 Stat. 1651 , 1671–1673, 1675, 1681, 1696, 1718, 1731–1733, 1749; Pub. L. 114–113,
      div. O, title VII, § 705(a) , Dec. 18, 2015 , 129 Stat. 3025 ; Pub. L. 117–286, § 4(a)(19) , Dec.
      27, 2022 , 136 Stat. 4307 .) [1] See References in Text note below. [2] So in original. The word
      “or” probably should not appear. [3] So in original. Probably should be subclause “(III)”. [4] So
      in original. Probably should be “section”. [5] So in original. [6] So in original. No item (ee)
      has been enacted. [7] So in original. Probably should be “subparagraph”. [8] So in original. Probably
      should be “governmental”. [9] So in original. Probably should be preceded by “section”.
    drafter_attestation: Verbatim subsection of 7 U.S.C. §2 from Cornell LII snapshot bc20b5c05454fe70;
      body isolated between nav and notes; substring-verified.
  judgment: false
