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U.S. Code as of:
01/03/05
Section 16. Commission operations
(a) Cooperation with other agencies
The Commission may cooperate with any Department or agency of the
Government, any State, territory, district, or possession, or
department, agency, or political subdivision thereof, any foreign
futures authority, any department or agency of a foreign government
or political subdivision thereof, or any person.
(b) Employment of investigators, experts, Administrative Law
Judges, consultants, clerks, and other personnel; contracts
(1) The Commission shall have the authority to employ such
investigators, special experts, Administrative Law Judges, clerks,
and other employees as it may from time to time find necessary for
the proper performance of its duties and as may be from time to
time appropriated for by Congress.
(2) The Commission may employ experts and consultants in
accordance with section 3109 of title 5, and compensate such
persons at rates not in excess of the maximum daily rate prescribed
for GS-18 under section 5332 of title 5.
(3) The Commission shall also have authority to make and enter
into contracts with respect to all matters which in the judgment of
the Commission are necessary and appropriate to effectuate the
purposes and provisions of this chapter, including, but not limited
to, the rental of necessary space at the seat of Government and
elsewhere.
(4) The Commission may request (in accordance with the procedures
set forth in subchapter II of chapter 31 of title 5) and the Office
of Personnel Management shall authorize pursuant to the request,
eight positions in the Senior Executive Service in addition to the
number of such positions authorized for the Commission on October
28, 1992.
(c) Expenses
All of the expenses of the Commissioners, including all necessary
expenses for transportation incurred by them while on official
business of the Commission, shall be allowed and paid on the
presentation of itemized vouchers therefor approved by the
Commission.
(d) Authorization of appropriations
There are authorized to be appropriated such sums as are
necessary to carry out this chapter for each of fiscal years 1995
through 2005.
(e) Relation to other law, departments, or agencies
(1) Nothing in this chapter shall supersede or preempt -
(A) criminal prosecution under any Federal criminal statute;
(B) the application of any Federal or State statute (except as
provided in paragraph (2)), including any rule or regulation
thereunder, to any transaction in or involving any commodity,
product, right, service, or interest -
(i) that is not conducted on or subject to the rules of a
registered entity or exempt board of trade;
(ii) (except as otherwise specified by the Commission by rule
or regulation) that is not conducted on or subject to the rules
of any board of trade, exchange, or market located outside the
United States, its territories or possessions; or
(iii) that is not subject to regulation by the Commission
under section 6c or 23 of this title; or
(C) the application of any Federal or State statute, including
any rule or regulation thereunder, to any person required to be
registered or designated under this chapter who shall fail or
refuse to obtain such registration or designation.
(2) This chapter shall supersede and preempt the application of
any State or local law that prohibits or regulates gaming or the
operation of bucket shops (other than antifraud provisions of
general applicability) in the case of -
(A) an electronic trading facility excluded under section 2(e)
of this title; and
(B) an agreement, contract, or transaction that is excluded
from this chapter under section 2(c), 2(d), 2(f), or 2(g) of this
title or sections 27 to 27f of this title, or exempted under
section 2(h) or 6(c) of this title (regardless of whether any
such agreement, contract, or transaction is otherwise subject to
this chapter).
(f) Investigative assistance to foreign futures authorities
(1) On request from a foreign futures authority, the Commission
may, in its discretion, provide assistance in accordance with this
section if the requesting authority states that the requesting
authority is conducting an investigation which it deems necessary
to determine whether any person has violated, is violating, or is
about to violate any laws, rules or regulations relating to futures
or options matters that the requesting authority administers or
enforces. The Commission may conduct such investigation as the
Commission deems necessary to collect information and evidence
pertinent to the request for assistance. Such assistance may be
provided without regard to whether the facts stated in the request
would also constitute a violation of the laws of the United States.
(2) In deciding whether to provide assistance under this
subsection, the Commission shall consider whether -
(A) the requesting authority has agreed to provide reciprocal
assistance to the Commission in futures and options matters; and
(B) compliance with the request would prejudice the public
interest of the United States.
(3) Notwithstanding any other provision of law, the Commission
may accept payment and reimbursement, in cash or in kind, from a
foreign futures authority, or made on behalf of such authority, for
necessary expenses incurred by the Commission, its members, and
employees in carrying out any investigation, or in providing any
other assistance to a foreign futures authority, pursuant to this
section. Any payment or reimbursement accepted shall be considered
a reimbursement to the appropriated funds of the Commission.
(g) Computerized futures trading
Consistent with its responsibilities under section 22 of this
title, the Commission is directed to facilitate the development and
operation of computerized trading as an adjunct to the open outcry
auction system. The Commission is further directed to cooperate
with the Office of the United States Trade Representative, the
Department of the Treasury, the Department of Commerce, and the
Department of State in order to remove any trade barriers that may
be imposed by a foreign nation on the international use of
electronic trading systems.
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