The United States district courts shall have exclusive jurisdiction of actions brought under this section. Any such action shall be brought not later than two years after the date the cause of action arises. Any action brought under subsection (a) of this section may be brought in any judicial district wherein the defendant is found, resides, or transacts business, or in the judicial district wherein any act or transaction constituting the violation occurs. Process in such action may be served in any judicial district of which the defendant is an inhabitant or wherever the defendant may be found.
The provisions of this section shall become effective with respect to causes of action accruing on or after the date of enactment of the Futures Trading Act of 1982 [January 11, 1983]: Provided, That the enactment of the Futures Trading Act of 1982 shall not affect any right of any parties which may exist with respect to causes of action accruing prior to such date.
1 So in original. The word "or" probably should not appear.
2 So in original. Probably should be preceded by "a".
3 So in original. Probably should be followed by a comma.
7 U.S.C. § 25
EDITORIAL NOTES
REFERENCES IN TEXTThe Wall Street Transparency and Accountability Act of 2010, referred to in subsec. (a)(5), is title VII of Pub. L. 111-203, 124 Stat. 1641, which enacted chapter 109 (§8301 et seq.) of Title 15, Commerce and Trade, and enacted and amended numerous other sections and notes in the Code. For complete classification of this Act to the Code, see Short Title note set out under section 8301 of Title 15 and Tables.The Futures Trading Act of 1982, referred to in subsec. (d), is Pub. L. 97-444, Jan. 11, 1983, 96 Stat. 2294, which is classified generally to this chapter. For complete classification of this Act to the Code, see Short Title of 1983 Amendment note set out under section 1 of this title and Tables.
CODIFICATION Pub. L. 110-234 and Pub. L. 110-246 made identical amendments to this section. The amendments by Pub. L. 110-234 were repealed by section 4(a) of Pub. L. 110-246.
AMENDMENTS2010-Subsec. (a)(1)(B). Pub. L. 111-203, §749(h)(1)(B), which directed insertion of "or any swap" after "such contract", was executed by making the insertion after "such contract" the second time appearing, to reflect the probable intent of Congress. Pub. L. 111-203, §749(h)(1)(A), inserted "or any swap" after "commodity)". Subsec. (a)(1)(C)(iv). Pub. L. 111-203, §749(h)(2), added cl. (iv).Subsec. (a)(1)(D). Pub. L. 111-203, §753(c), added subpar. (D) and struck out former subpar. (D) which read as follows: "who purchased or sold a contract referred to in subparagraph (B) hereof if the violation constitutes a manipulation of the price of any such contract or the price of the commodity underlying such contract."Subsec. (a)(4), (5). Pub. L. 111-203, §739, added pars. (4) and (5) and struck out former par. (4). Prior to amendment, text of par. (4) read as follows: "No agreement, contract, or transaction between eligible contract participants or persons reasonably believed to be eligible contract participants, and no hybrid instrument sold to any investor, shall be void, voidable, or unenforceable, and no such party shall be entitled to rescind, or recover any payment made with respect to, such an agreement, contract, transaction, or instrument under this section or any other provision of Federal or State law, based solely on the failure of the agreement, contract, transaction, or instrument to comply with the terms or conditions of an exemption or exclusion from any provision of this chapter or regulations of the Commission."Subsec. (a)(6). Pub. L. 111-203, §738(c), added par. (6).Subsec. (b)(1)(A). Pub. L. 111-203, §749(h)(3), substituted "section 7, 7a-1, 7a-2, 7b-3, or 24a of this title" for "section 2(h)(7) of this title or sections 7 through 7a-2 of this title".2008-Subsec. (a)(2). Pub. L. 110-246, §13105(i), substituted "7a-1(c)(2)(H)" for "7a-1(b)(1)(E)". Subsec. (b)(1)(A). Pub. L. 110-246, §13203(n), inserted "section 2(h)(7) of this title or" before "sections 7 through 7a-2". 2000-Subsec. (a)(1). Pub. L. 106-554, §1(a)(5) [title I, §123(a)(25)(A)(i)(I)], substituted "registered entity" for "contract market, clearing organization of a contract market, licensed board of trade," in introductory provisions. Subsec. (a)(1)(C)(i). Pub. L. 106-554, §1(a)(5) [title I, §123(a)(25)(A)(i)(II)], substituted "registered entity" for "contract market".Subsec. (a)(2). Pub. L. 106-554, §1(a)(5) [title I, §123(a)(25)(A)(ii)], substituted "sections 7(d)(13), 7a-1(b)(1)(E)," for "sections 7a(11),".Subsec. (a)(3). Pub. L. 106-554, §1(a)(5) [title I, §123(a)(25)(A)(iii)], substituted "registered entity" for "contract market" in introductory provisions. Subsec. (a)(4). Pub. L. 106-554, §1(a)(5) [title I, §120], added par. (4).Subsec. (b)(1). Pub. L. 106-554, §1(a)(5) [title I, §123(a)(25)(B)(i)], substituted "registered entity that fails" for "contract market or clearing organization of a contract market that fails", "sections 7 through 7a-2 of this title" for "section 7a(8) and section 7a(9) of this title", "registered entity that in" for "contract market, clearing organization of a contract market, or licensed board of trade that in", and "registered entity to the" for "contract market or licensed board of trade to the".Subsec. (b)(3). Pub. L. 106-554, §1(a)(5) [title I, §123(a)(25)(B)(ii)], substituted "employee of registered entity" for "employee of a contract market, clearing organization, licensed board of trade," and "such registered entity" for "such contract market, licensed board of trade".Subsec. (b)(4). Pub. L. 106-554, §1(a)(5) [title I, §123(a)(25)(B)(iii)], substituted "registered entity" for "contract market, licensed board of trade, clearing organization,". Subsec. (b)(5). Pub. L. 106-554, §1(a)(5) [title I, §123(a)(25)(B)(iv)], substituted "registered entity" for "contract market, licensed board of trade, clearing organization,". 1992-Subsec. (a)(1). Pub. L. 102-546, §402(14)(A), substituted "subparagraphs" for "clauses" in introductory provisions and "subparagraph" for "clause" in subpar. (D). Subsec. (a)(2). Pub. L. 102-546, §402(14)(B), made technical amendment to reference to section 21(b)(10) of this title to correct reference to corresponding section of original act.Subsec. (a)(3). Pub. L. 102-546, §222(d), added par. (3).Subsec. (c). Pub. L. 102-546, §211, amended subsec. (c) generally. Prior to amendment, subsec. (c) read as follows: "The United States district courts shall have exclusive jurisdiction of actions brought under this section. Any such action must be brought within two years after the date the cause of action accrued."
STATUTORY NOTES AND RELATED SUBSIDIARIES
EFFECTIVE DATE OF 2010 AMENDMENT Amendment by sections 738(c), 739, and 749(h) of Pub. L. 111-203 effective on the later of 360 days after July 21, 2010, or, to the extent a provision of subtitle A (§§711-754) of title VII of Pub. L. 111-203 requires a rulemaking, not less than 60 days after publication of the final rule or regulation implementing such provision of subtitle A, see section 754 of Pub. L. 111-203 set out as a note under section 1a of this title. Amendment by section 753(c) of Pub. L. 111-203 effective on the date on which the final rule promulgated by the Commodity Futures Trading Commission pursuant to Pub. L. 111-203 takes effect [see 76 F.R. 41398, effective Aug. 15, 2011], see section 753(d) of Pub. L. 111-203 set out as a note under section 9 of this title.
EFFECTIVE DATE OF 2008 AMENDMENT Amendment of this section and repeal of Pub. L. 110-234 by Pub. L. 110-246 effective May 22, 2008, the date of enactment of Pub. L. 110-234 except as otherwise provided, see section 4 of Pub. L. 110-246 set out as an Effective Date note under section 8701 of this title. Amendment by section 13203(n) of Pub. L. 110-246 effective June 18, 2008, see section 13204(a) of Pub. L. 110-246 set out as a note under section 2 of this title.
EFFECTIVE DATESection effective Jan. 11, 1983, see section 239 of Pub. L. 97-444 set out as an Effective Date of 1983 Amendment note under section 2 of this title.
- Commission
- The term "Commission" means the Commodity Futures Trading Commission established under section 2(a)(2) of this title.
- board of trade
- The term "board of trade" means any organized exchange or other trading facility.
- contract of sale
- The term "contract of sale" includes sales, agreements of sale, and agreements to sell.
- hybrid instrument
- The term "hybrid instrument" means a security having one or more payments indexed to the value, level, or rate of, or providing for the delivery of, one or more commodities.
- interstate commerce
- The term "interstate commerce" means commerce-(A) between any State, territory, or possession, or the District of Columbia, and any place outside thereof; or(B) between points within the same State, territory, or possession, or the District of Columbia, but through any place outside thereof, or within any territory or possession, or the District of Columbia.
- option
- The term "option" means an agreement, contract, or transaction that 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".
- registered entity
- The term "registered entity" means-(A) a board of trade designated as a contract market under section 7 of this title;(B) a derivatives clearing organization registered under section 7a-1 of this title;(C) a board of trade designated as a contract market under section 7b-1 of this title;(D) a swap execution facility registered under section 7b-3 of this title;(E) a swap data repository registered under section 24a of this title; and(F) with respect to a contract that the Commission determines is a significant price discovery contract, any electronic trading facility on which the contract is executed or traded.