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Rakhi Vasavada
Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
Satisfied Customers: 3854
Experience:  Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
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What part of USC 7 or act covers reporting false commodity/futures

Customer Question

What part of USC 7 or act covers reporting false commodity/futures compliance data to the commodity futures trade commission currently. Not Dodd Frank ... Thanks
Submitted: 3 years ago via Cornell Legal Info Institute.
Category: Finance
Expert:  Rakhi Vasavada replied 3 years ago.

Dear Friend,

 

Sec 32.9 Covers. I quote "..... Fraud in connection with commodity option transactions. It shall be unlawful for any person directly or indirectly: (a) To cheat or defraud or attempt to cheat or defraud any other person; (b) To make or cause to be made to
any other person any false report or statement thereof or cause to be entered for any person any false record thereof; (c) To deceive or attempt to deceive any other person by any means whatsoever; in or in connection with an offer to enter into, the entry into, or the confirmation of the execution of, any commodity option transaction......"

 

And Sec. 32.12 covers REPORTING as point six says (on page 2) ".......(6) Each person who is offering and selling the option to an option customer (i) is fully in compliance with each and every requirement of this part 32, (ii) includes in the confirmation statement required by § 32.5(d) to be furnished to option customers the transaction identification number provided by the grantor, (iii) makes such reports to the Commission as are provided for in paragraphs (f) and (h) of this section and as the Commission may otherwise require by rule or regulation or order, and (iv) keeps a record in permanent form which shows, for each commodity option account carried

by such person ...."

 

You can have full text from http://www.google.com/url?sa=t&source=web&cd=4&ved=0CCsQFjAD&url=http%3A%2F%2Fedocket.access.gpo.gov%2Fcfr_2011%2Faprqtr%2Fpdf%2F17cfr32.12.pdf&ei=_cMZTtupKuyNmQWtm7ws&usg=AFQjCNEPPF4VurxQUiznjzwK4w8t0ZgxRg

 

or http://docs.google.com/viewer?a=v&q=cache:ZDlNBX41WtgJ:edocket.access.gpo.gov/cfr_2011/aprqtr/pdf/17cfr32.12. pdf+USC+7+or+act+covers+reporting+false+commodity/futures+compliance+data+to+the+commodity+futures+trade+commission&hl=en&gl=us&pid=bl&srcid=ADGEESgrY-er-GzfphoHfC-BxDkM2IvD7nE0XTr_IFwgDeU_y6QaN5-AVAwBE8aoNRghW3s1OzndSJWQNXfUcfXtAZ-oSu21HxnvsJnneaHxNMQeF3pp2lyUxHA3zqdn-ku3y0lA05fo&sig=AHIEtbRNAeTrCwre7soyxv6KEf95N1egqw

 

I am sure this would help...

Warm Regards,

Customer: replied 3 years ago.
What whistle blower law would this be false claims ?
Expert:  Rakhi Vasavada replied 3 years ago.

Dear Friend,

 

In US, Whistle blower Law is firmly in place. There are various different provisions and it depends who you are, i.e. a member of public or a employee of a Government, etc. You may have references from http://www.hg.org/whistleblower.html

 

For general purpose knowledge, the Finance false claims are mostly dealt with sections 3729-3733.

 

I hope this helps...

Warm Regards,

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