7 USC 6b-1 - Enforcement authority

U.S Code last checked for updates: Nov 22, 2024

§ 6b–1.

Enforcement authority

(a)

Commodity Futures Trading Commission

(b)

Prudential regulators

(c)

Referrals

(1)

Prudential regulators

If the prudential regulator for a swap dealer or major swap participant has cause to believe that the swap dealer or major swap participant, or any affiliate or division of the swap dealer or major swap participant, may have engaged in conduct that constitutes a violation of the nonprudential requirements of this chapter (including section 6s of this title or rules adopted by the Commission under that section), the prudential regulator may promptly notify the Commission in a written report that includes—

(A)

a request that the Commission initiate an enforcement proceeding under this chapter; and

(B)

an explanation of the facts and circumstances that led to the preparation of the written report.

(2)

Commission

If the Commission has cause to believe that a swap dealer or major swap participant that has a prudential regulator may have engaged in conduct that constitutes a violation of any prudential requirement of section 6s of this title or rules adopted by the Commission under that section, the Commission may notify the prudential regulator of the conduct in a written report that includes—

(A)

a request that the prudential regulator initiate an enforcement proceeding under this chapter or any other Federal law (including regulations); and

(B)

an explanation of the concerns of the Commission, and a description of the facts and circumstances, that led to the preparation of the written report.

(d)

Backstop enforcement authority

(1)

Initiation of enforcement proceeding by prudential regulator

(2)

Initiation of enforcement proceeding by Commission

(Sept. 21, 1922, ch. 369, § 4b–1, as added Pub. L. 111–203, title VII, § 741(a), July 21, 2010, 124 Stat. 1729.)

cite as: 7 USC 6b-1