Commodity Futures Trading Commission Act

Commodity Futures Trading Commission Act - Title I: Commodity Futures Trading Commission - Establishes a Commodity Futures Trading Commission, under the Commodity Exchange Act, to be composed of five Commissioners consisting of the Secretary of Agriculture or his designee from the Department of Agriculture and four members of the general public, to be appointed by the President with Senate approval. Prescribes staffing requirements and administrative operations of the Commission.

Transfers to the Commission the duties of the Secretary of Agriculture in the administration of the Commodity Exchange Act.

Authorizes the Commission to make such investigations as it may deem necessary to ascertain the facts regarding the operations of boards of trade and other persons subject to this Act.

Prescribes a system for handling of complaints of violation of this Act on the part of any person registered under this Act. Prescribes a system of judicial review of the decisions of the Commission in regard to alleged violations of the Commodity Exchange Act.

Provides that a contract market, registered futures association established pursuant to this Act, or person registered under this Act who is acting pursuant to an order, or by the approval, of the Commission, shall be exempt from the antitrust laws of the United States.

Title II: Regulation of Trading and Exchange Activities - Provides that the Commission shall promulgate by regulation the terms and conditions under which a floor broker may trade for his own account or any account in which such broker has trading discretion, and also execute a customer's order for future delivery on the same business day. Provides that the Commission shall promulgate by regulation the terms and conditions under which a futures commission merchant may trade for his own account or for any proprietary account.

Requires all persons associated with any futures commission merchant or with any agent of a futures commission merchant in any capacity which involves: (1) the solicitation or acceptance of customer's orders; or (2) the supervision of any person or persons so engaged, to be registered with the Commission under this Act. Prescribes the method and manner of application for registration under this Act, including such method and manner of application for commodity trading advisors and commodity pool operators.

Authorizes the Commission to specify, by regulations, appropriate standards with respect to training, experience and other qualifications to insure the fitness of futures commission merchants, floor brokers, and those persons associated with futures commission merchants or floor brokers. Authorizes the Commission to prescribe written proficiency examinations to be given to applicants for registration as futures commission merchants, floor brokers, and their associates.

Provides that whenever it shall appear to the Commission that any contract market or other person has engaged or is about to engage in any practice constituting a violation of this Act or is in a position to otherwise restrain trading in any commodity for future delivery, the Commission may notify the Attorney General, who may bring an action in the proper United States district court to enjoin such practice or enjoin continued maintenance of such position, or to enforce compliance with this Act.

Sets forth penalties for violation of this Act.

Title III: Federal Commodity Account Insurance Corporation - Creates a Federal Commodity Account Insurance Corporation which shall insure the customer accounts and customer related liabilities of futures commission merchants which are entitled to the benefits of insurance under this Act.

Prescribes the staffing and duties of the Board of Directors of the Federal Commodity Account Insurance Corportation.

Provides that each insured futures commission merchant shall pay an annual assessment (to be established by the Board of Directors) to the Corporation to provide adequate funds for: (1) the Corporation's operating expenses; (2) additions to reserves to provide for insurance losses; (3) insurance losses from any preceding years in excess of such reserves; (4) the retirement of capital stock; and (5) the liquidation of indebtedness incurred under this title.

Provides that whenever an insured futures commission merchant is closed, the Corporation shall make payment, as provided in this Act, to holders of insured customer accounts and customer related liabilities. Sets forth subrogation rights of the Corporation in regard to such payment.

Provides that money of the Corporation not otherwise employed shall be invested in obligations of the United States or in obligations fully guaranteed as to principal and interest by the United States, subject to the Government Corporation Control Act.

Exempts the Corporation from all Federal, State and local income taxes, except that any real property of the Corporation shall be subject to State or local taxation.

Title IV: Enabling Authority for Creation of National Futures Associations - Provides that any association of persons may be registered with the Commission as a registered futures association pursuant to this Act by filing with the Commission for review and approval a registration statement. Prescribes documents to be filed with such registration statement. Enumerates criteria for approval of such registration.

Vests in the Commission the power to review, and subsequently cancel or modify, any disciplinary action taken by a registered futures association against any member thereof or any person associated with such a member. Vests in the Commission the power to review the denial of membership in a registered futures association by such association or the barring of any person from being associated with a member of the association.

Title V: Miscellaneous Provisions - Transfers all operations of the Commodity Exchange Commission and of the Secretary of Agriculture under the Commodity Exchange Act, including all pending administrative proceedings, to the Commodity Futures Trading Commission.