7 U.S.C. § 6p : US Code - Section 6P: Standards and examinations

Search 7 U.S.C. § 6p : US Code - Section 6P: Standards and examinations

(a) The Commission may specify by rules and regulations
appropriate standards with respect to training, experience, and
such other qualifications as the Commission finds necessary or
desirable to insure the fitness of persons required to be
registered with the Commission. In connection therewith, the
Commission may prescribe by rules and regulations the adoption of
written proficiency examinations to be given to applicants for
registration and the establishment of reasonable fees to be charged
to such applicants to cover the administration of such
examinations. The Commission may further prescribe by rules and
regulations that, in lieu of examinations administered by the
Commission, futures associations registered under section 21 of
this title, contract markets, or derivatives transaction execution
facilities may adopt written proficiency examinations to be given
to applicants for registration and charge reasonable fees to such
applicants to cover the administration of such examinations.
Notwithstanding any other provision of this section, the Commission
may specify by rules and regulations such terms and conditions as
it deems appropriate to protect the public interest wherein
exception to any written proficiency examination shall be made with
respect to individuals who have demonstrated, through training and
experience, the degree of proficiency and skill necessary to
protect the interests of customers, clients, pool participants, or
other members of the public with whom such individuals deal.
(b) The Commission shall issue regulations to require new
registrants, within six months after receiving such registration,
to attend a training session, and all other registrants to attend
periodic training sessions, to ensure that registrants understand
their responsibilities to the public under this chapter, including
responsibilities to observe just and equitable principles of trade,
any rule or regulation of the Commission, any rule of any
appropriate contract market, derivatives transaction execution
facility, registered futures association, or other self-regulatory
organization, or any other applicable Federal or state (!1) law,
rule or regulation.