88 STAT. ]
PUBLIC LAW 93-463-OCT. 23, 1974
1411
" (2) The Commission may in writing request any registered futures association to adopt any specified alteration or supplement to its rules with respect to any of the matters hereinafter enumerated. If such association fails to adopt such alteration or supplement within a reasonable time, the Commission is authorized by order to alter or supplement the rules of such association in the manner theretofore req^uested, or with such modifications of such alteration or supplement as it deems necessary if, after appropriate notice and opportunity for ^j^°'j" ^"'^ hearing, it appears to the Commission that such alteration or supple- hearing. ment is necessary or appropriate in the public interest or to effectuate the purposes of this section, with respect to— " (A) the basis for, and procedure in connection with, the denial of membership or the barring from being associated with a member or the disciplining of members or persons associated with members, or the qualifications required for members or natural persons associated with members or any class thereof; " (B) the method for adoption of any change in or addition to the rules of the association; " (C) the method of choosing officers and directors. " (1) The Commission is authorized, if such action appears to it to be necessary or appropriate in the public interest or to carry out the purposes of this section— Notice "(1) after appropriate notice and opportunity for hearing, by hearing. and order to suspend for a period not exceeding twelve months or to revoke the registration of a registered futures association, if the Commission finds that such association has violated any provisions of this title or any rule or regulation thereunder, or has failed to enforce compliance with its own rules, or has engaged in any other activity tending to defeat the purposes of this Act; Notice "(2) after appropriate notice and opportunity for hearing, by hearing. and order to suspend for a period not exceeding twelve months or to expel from a registered futures association any member thereof, or to suspend for a period not exceeding twelve months or to bar any person from being associated with a member thereof, if the Commission finds that such member or person— " (A) has violated any provision of this title or any rule or regulation thereunder, or has effected any transaction for any other person who, he had reason to believe, was violating with respect to such transaction any provision of this title or any rule or regulation thereunder; or " (B) has willfully violated any provision of the Commodity Exchange Act, as amended, or of any rule, regulation, or 7 USC i. order thereunder, or has effected any transaction for any other person who, he had reason to believe, was willfully violating with respect to such transaction any provision of such Act or rule, regulation, or order. Notice "(3) after appropriate notice and opportunity for hearing, by hearing. and order to remove from office any officer or director of a registered futures association who, the Commission finds, has willfully failed to enforce the rules of the association, or has willfully abused his authority. Reports to " (m) The Commission shall include in its annual reports to Congress C o n g r e s s. information concerning any futures associations registered pursuant to this section and the effectiveness of such associations in regulating the practices of the members,"
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