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U.S. Code as of:
01/03/05
Section 6k. Registration of associates of futures commission merchants, commodity pool operators, and commodity trading advisors; required disclosure of disqualifications; exemptions for associated persons
(1) It shall be unlawful for any person to be associated with a
futures commission merchant as a partner, officer, or employee, or
to be associated with an introducing broker as a partner, officer,
employee, or agent (or any person occupying a similar status or
performing similar functions), in any capacity that involves (i)
the solicitation or acceptance of customers' orders (other than in
a clerical capacity) or (ii) the supervision of any person or
persons so engaged, unless such person is registered with the
Commission under this chapter as an associated person of such
futures commission merchant or of such introducing broker and such
registration shall not have expired, been suspended (and the period
of suspension has not expired), or been revoked. It shall be
unlawful for a futures commission merchant or introducing broker to
permit such a person to become or remain associated with the
futures commission merchant or introducing broker in any such
capacity if such futures commission merchant or introducing broker
knew or should have known that such person was not so registered or
that such registration had expired, been suspended (and the period
of suspension has not expired), or been revoked. Any individual who
is registered as a floor broker, futures commission merchant, or
introducing broker (and such registration is not suspended or
revoked) need not also register under this paragraph.
(2) It shall be unlawful for any person to be associated with a
commodity pool operator as a partner, officer, employee,
consultant, or agent (or any person occupying a similar status or
performing similar functions), in any capacity that involves (i)
the solicitation of funds, securities, or property for a
participation in a commodity pool or (ii) the supervision of any
person or persons so engaged, unless such person is registered with
the Commission under this chapter as an associated person of such
commodity pool operator and such registration shall not have
expired, been suspended (and the period of suspension has not
expired), or been revoked. It shall be unlawful for a commodity
pool operator to permit such a person to become or remain
associated with the commodity pool operator in any such capacity if
the commodity pool operator knew or should have known that such
person was not so registered or that such registration had expired,
been suspended (and the period of suspension has not expired), or
been revoked. Any individual who is registered as a floor broker,
futures commission merchant, introducing broker, commodity pool
operator, or as an associated person of another category of
registrant under this section (and such registration is not
suspended or revoked) need not also register under this paragraph.
The Commission may exempt any person or class of persons from
having to register under this paragraph by rule, regulation, or
order.
(3) It shall be unlawful for any person to be associated with a
commodity trading advisor as a partner, officer, employee,
consultant, or agent (or any person occupying a similar status or
performing similar functions), in any capacity which involves (i)
the solicitation of a client's or prospective client's
discretionary account or (ii) the supervision of any person or
persons so engaged, unless such person is registered with the
Commission under this chapter as an associated person of such
commodity trading advisor and such registration shall not have
expired, been suspended (and the period of suspension has not
expired), or been revoked. It shall be unlawful for a commodity
trading advisor to permit such a person to become or remain
associated with the commodity trading advisor in any such capacity
if the commodity trading advisor knew or should have known that
such person was not so registered or that such registration had
expired, been suspended (and the period of suspension has not
expired), or been revoked. Any individual who is registered as a
floor broker, futures commission merchant, introducing broker,
commodity trading advisor, or as an associated person of another
category of registrant under this section (and such registration is
not suspended or revoked) need not also register under this
paragraph. The Commission may exempt any person or class of persons
from having to register under this paragraph by rule, regulation,
or order.
(4) Any person desiring to be registered as an associated person
of a futures commission merchant, of an introducing broker, of a
commodity pool operator, or of a commodity trading advisor shall
make application to the Commission in the form and manner
prescribed by the Commission, giving such information and facts as
the Commission may deem necessary concerning the applicant. Such
person, when registered hereunder, shall likewise continue to
report and furnish to the Commission such information as the
Commission may require. Such registration shall expire at such time
as the Commission may by rule, regulation, or order prescribe.
(5) (!1) It shall be unlawful for any registrant to permit a
person to become or remain an associated person of such registrant,
if the registrant knew or should have known of facts regarding such
associated person that are set forth as statutory disqualifications
in section 12a(2) of this title, unless such registrant has
notified the Commission of such facts and the Commission has
determined that such person should be registered or temporarily
licensed.
(5) (!1) Any associated person of a broker or dealer that is
registered with the Securities and Exchange Commission, and who
limits its solicitation of orders, acceptance of orders, or
execution of orders, or placing of orders on behalf of others
involving any contracts of sale of any commodity for future
delivery or any option on such a contract, on or subject to the
rules of any contract market or registered derivatives transaction
execution facility to security futures products, shall be exempt
from the following provisions of this chapter and the rules
thereunder:
(A) Subsections (b), (d), (e), and (g) of section 6c of this
title.
(B) Sections 6d, 6e, and 6h of this title.
(C) Subsections (b) and (c) of section 6f of this title.
(D) Section 6j of this title.
(E) Paragraph (1) of this section.
(F) Section 6p (!2) of this title.
(G) Section 13a-2 of this title.
(H) Subsections (d) and (g) of section 12 of this title.
(I) Section 20 of this title.
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