Future Exchange Act

Futures Exchange Act - Title I: Furtures Exchange Commission - Expresses the findings of Congress. Declares that the purpose of this Act is to prevent improper restraint of interstate and foreign commerce in the trading of futures contracts. Sets forth the definitions of terms used in this Act.

Establishes, as an independent agency of the United States Government, the Futures Exchange Commission. States that the President shall appoint, by and with the advice and consent of the Senate, a member of the Commission as Chairman. Enumerates the powers of the Chairman. Directs the President to appoint, by and with the advice and consent of the Senate, a General Counsel of the Commission, who is its chief legal officer.

Title II: Registration and Reporting - Makes it unlawful for an exchange to permit futures contracts to be traded upon it unless the exchange is registered with the Commission. States that the Commission shall register an exchange after the exchange files a registration statement with the Commission. Specifies the form and procedure for such registration.

Provides that any exchange, or the Commission if the exchange fails to act, may suspend, expell, or discipline any person who is a member of that exchange, or deny any person access to the exchange.

Requires the registration with the Commission of: (1) any person who acts as a futures commission merchant, floor broker, floor trader, futures contract analyst, futures contract advisor, or futures contract salesman; and (2) any clearinghouse which clears futures contracts traded on an exchange.

Establishes reporting requirements to be met by: (1) every registered exchange, person, and clearinghouse; (2) traders; (3) futures commissions merchants; (4) exporters and importers whose subject matter is futures contracts; (5) Government agencies which have information which may affect the orderly trading of futures contracts; and (6) any person who operates a delivery facility in which goods deliverable in satisfaction of a futures contract are stored.

Title III: Regulation of Trading - Makes it unlawful for a futures commission merchant or futures contract salesman to accept an order and for a futures contract advisor to advise any person to buy or sell a future contract unless he: (1) has reasonable grounds to believe that such person is a suitable buyer or seller; and (2) obtains a signed statement from such person stating that the person understands the speculative nature of futures contract trading, the high probability of loss of initial and later investments in futures contracts, and any other information the Commission prescribes.

Empowers the Commission to limit or suspend trading in any or all futures contracts, modify the terms of such contracts or take similar action in an emergency situation. Enumerates what constitutes an unfair or deceptive act in the trading of futures contracts.

Title IV: Investigation and Adjudicative Proceedings - Provides that if the head of the organizational unit within the Commission to which has been delegated responsibility for enforcement of or compliance with the requirements of this Act, has reason to believe that any person, clearinghouse, or exchange is violating any provision of this Act, or regulation or order, he may cause an investigation to be made, whether or not the subject matter of the investigation is involved in any proceeding before the Commission, a court, or other tribunal or body. States that such investigation shall be a nonadjudicative proceeding.

Provides for the review and enforcement of investigatory subpoenas and orders issued under that title.

Title V: Judicial Proceedings - Provides that final orders of the Commission are reviewable and emergency or short-term orders are not reviewable or subject to stay, except upon a showing that the Commission acted wholly without jurisdiction or engaged in a gross abuse of discretion.

Provides for civil and criminal enforcement of the provisions of this Act. Imposes a civil penalty for disobedience of a final order. Authorizes civil actions for damages by any person injured by a violation of any provision of this Act or regulation or order issued thereunder by the Commission or any exchange.

Title VI: Miscellaneous - Authorizes the Commission to prescribe an annual fee to be charged each exchange to continue its registration and furnish other services provided by the Commission pursuant to this Act.

Provides that upon the completion of an investigation and submission of a report to the Congress by the committee which conducts the investigation, there are authorized to be appropriated to the Commission, for the purpose of carrying out its functions under this Act for the next fiscal year after the submission of such a report, such funds as are necessary for that fiscal year.

Transfers to the Commission those functions carried out by the Commodity Exchange Commission. States that any function carried out by the Attorney General, the Secretary of Agriculture, or the Secretary of Commerce under the Commodity Exchange Act is transferred to the Commission.