A bill to amend the Commodity Exchange Act, to reduce fraud and improve the administration of such Act, and for other purposes.
Commodity Exchange Act Fraud Amendments of 1982 - Amends the Commodity Exchange Act to specify areas of exclusive Commodity Futures Trading Commission (Commission) jurisdiction, and to permit States to exercise jurisdiction over specified off-exchange transactions, including dealer options and leverage transactions.
Requires registration of persons associated with commodity pool operators (CPOs) and commodity trading advisors (CTAs).
Requires that the States be notified of any Commission registration application. Permits States to petition the Commission to suspend or revoke such applications.
Eliminates the requirement that the Commission give notice before seeking a temporary restraining order.
Authorizes State enforcement of State antifraud or commodity and security antifraud statutes, except against contract markets, clearinghouses, or floor brokers.
Provides for information sharing with the States to facilitate enforcement proceedings.
Makes specified criminal penalties applicable to all registrants.
Provides for a private right of action under such Act in the United States district courts.
Increases damages for failure to comply with a Commission reparation order.
Introduced in Senate
Read twice and referred to the Committee on Agriculture.
Referred to Subcommittee on Agricultural Research.
Committee on Agriculture requested executive comment from Agriculture Department.
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