Application for designation as contract market or derivatives transaction execution facility; time; suspension or revocation of designation; hearing; review by court of appeals

Any person desiring to be designated or registered as a contract market or derivatives transaction execution facility shall make application to the Commission for the designation or registration and accompany the same with a showing that it complies with the conditions set forth in this chapter, and with a sufficient assurance that it will continue to comply with the the  1 1

So in original. requirements of this chapter. The Commission shall approve or deny an application for designation or registration as a contract market or derivatives transaction execution facility within 180 days of the filing of the application. If the Commission notifies the person that its application is materially incomplete and specifies the deficiencies in the application, the running of the 180-day period shall be stayed from the time of such notification until the application is resubmitted in completed form: Provided , That the Commission shall have not less than sixty days to approve or deny the application from the time the application is resubmitted in completed form. If the Commission denies an application, it shall specify the grounds for the denial. In the event of a refusal to designate or register as a contract market or derivatives transaction execution facility any person that has made application therefor, the person shall be afforded an opportunity for a hearing on the record before the Commission, with the right to appeal an adverse decision after such hearing to the court of appeals as provided for in other cases in subsection (b) of this section.

( Sept. 21, 1922, ch. 369, § 6(a) , (b), formerly § 6(a), 42 Stat. 1001 ; June 25, 1948, ch. 646, § 32(a) , 62 Stat. 991 ; May 24, 1949, ch. 139, § 127 , 63 Stat. 107 ; Pub. L. 85–791, § 7(a) , Aug. 28, 1958 , 72 Stat. 944 ; Pub. L. 90–258 , §§ 14, 15, Feb. 19, 1968 , 82 Stat. 30 ; Pub. L. 93–463, title I, § 103(a) –(c), Oct. 23, 1974 , 88 Stat. 1392 ; Pub. L. 95–405, § 13(1) , (2), Sept. 30, 1978 , 92 Stat. 871 ; Pub. L. 97–444, title II, § 218 , Jan. 11, 1983 , 96 Stat. 2308 ; Pub. L. 98–620, title IV, § 402(3) , Nov. 8, 1984 , 98 Stat. 3357 ; renumbered § 6(a), (b) and amended Pub. L. 102–546, title II, § 209(a)(1) –(3), title IV, § 402(1)(B), (9)(A), Oct. 28, 1992 , 106 Stat. 3606 , 3624, 3625; Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(12)(A), (B)] , Dec. 21, 2000 , 114 Stat. 2763 , 2763A–408; Pub. L. 110–234, title XIII, § 13203(m) , May 22, 2008 , 122 Stat. 1441 ; Pub. L. 110–246, § 4(a) , title XIII, § 13203(m), June 18, 2008 , 122 Stat. 1664 , 2203; Pub. L. 111–203, title VII, § 749(e) , July 21, 2010 , 124 Stat. 1747 .)