7 U.S.C. § 6m : US Code - Section 6M: Use of mails or other means or instrumentalities of interstate commerce by commodity trading advisors and commodity pool operators; relation to other law

Search 7 U.S.C. § 6m : US Code - Section 6M: Use of mails or other means or instrumentalities of interstate commerce by commodity trading advisors and commodity pool operators; relation to other law

(1) It shall be unlawful for any commodity trading advisor or
commodity pool operator, unless registered under this chapter, to
make use of the mails or any means or instrumentality of interstate
commerce in connection with his business as such commodity trading
advisor or commodity pool operator: Provided, That the provisions
of this section shall not apply to any commodity trading advisor
who, during the course of the preceding twelve months, has not
furnished commodity trading advice to more than fifteen persons and
who does not hold himself out generally to the public as a
commodity trading advisor. The provisions of this section shall not
apply to any commodity trading advisor who is a (1) dealer,
processor, broker, or seller in cash market transactions of any
commodity specifically set forth in section 2(a) of this title
prior to October 23, 1974, (or products thereof) or (2) nonprofit,
voluntary membership, general farm organization, who provides
advice on the sale or purchase of any commodity specifically set
forth in section 2(a) of this title prior to October 23, 1974; if
the advice by the person described in clause (1) or (2) of this
sentence as a commodity trading advisor is solely incidental to the
conduct of that person's business: Provided, That such person shall
be subject to proceedings under section 18 of this title.
(2) Nothing in this chapter shall relieve any person of any
obligation or duty, or affect the availability of any right or
remedy available to the Securities and Exchange Commission or any
private party arising under the Securities Act of 1933 [15 U.S.C.
77a et seq.] or the Securities Exchange Act of 1934 [15 U.S.C. 78a
et seq.] governing the issuance, offer, purchase, or sale of
securities of a commodity pool, or of persons engaged in
transactions with respect to such securities, or reporting by a
commodity pool.
(3) Subsection (1) of this section shall not apply to any
commodity trading advisor that is registered with the Securities
and Exchange Commission as an investment adviser whose business
does not consist primarily of acting as a commodity trading
advisor, as defined in section 1a(6) of this title, and that does
not act as a commodity trading advisor to any investment trust,
syndicate, or similar form of enterprise that is engaged primarily
in trading in any commodity for future delivery on or subject to
the rules of any contract market or registered derivatives
transaction execution facility.