Us Code § 40504 - Shipping exchange registry

Full text of Us Code United States Code § 40504 — Shipping exchange registry, with citation guidance and answers to common questions.

§ 40504. Shipping exchange registry

(a) In General.—No person may operate a shipping exchange involving ocean transportation in the foreign commerce of the United States unless the shipping exchange is registered as a national shipping exchange under the terms and conditions provided in this section and the regulations issued pursuant to this section.

(b) Registration.—A person shall register a shipping exchange by filing with the Federal Maritime Commission an application for registration in such form as the Commission, by rule, may prescribe, containing the rules of the exchange and such other information and documents as the Commission, by rule, may prescribe as necessary or appropriate to complete a shipping exchange's registration.

(c) Exemption.—The Commission may exempt, conditionally or unconditionally, a shipping exchange from registration under this section if the Commission finds that the shipping exchange is subject to comparable, comprehensive supervision and regulation by the appropriate governmental authorities in a foreign country where the shipping exchange is headquartered.

(d) Regulations.—Not later than 3 years after the date of enactment of the Ocean Shipping Reform Act of 2022, the Commission shall issue regulations pursuant to subsection (a), which shall set standards necessary to carry out subtitle IV of this title for registered national shipping exchanges. For consideration of a service contract entered into by a shipping exchange, the Commission shall be limited to the minimum essential terms for service contracts established under section 40502 of this title.

(e) Definition of Shipping Exchange.—In this section, the term "shipping exchange" means a platform (digital, over-the-counter, or otherwise) that connects shippers with common carriers for the purpose of entering into underlying agreements or contracts for the transport of cargo, by vessel or other modes of transportation.

(Added Pub. L. 117–146, §4(a), June 16, 2022, 136 Stat. 1272.)


Editorial Notes

References in Text

The date of enactment of the Ocean Shipping Reform Act of 2022, referred to in subsec. (d), is the date of enactment of Pub. L. 117–146, which was approved June 16, 2022.


Statutory Notes and Related Subsidiaries

Applicability of Registration Requirement

Pub. L. 117–146, §4(b), June 16, 2022, 136 Stat. 1273, provided that: "The registration requirement under section 40504 of title 46, United States Code (as added by subsection (a)), shall take effect on the date on which the Federal Maritime Commission states the rule is effective in the regulations issued under such section."

CHAPTER 407—CONTROLLED CARRIERS

Sec.
40701.
Rates.
40702.
Rate standards.
40703.
Effective date of rates.
40704.
Commission review.
40705.
Presidential review of Commission orders.
40706.
Exceptions.

        

About This Section

46 U.S.C. § 40504 is part of Title 46 of the United States Code. The United States Code is the official codification of federal statutes maintained by the Office of the Law Revision Counsel of the U.S. House of Representatives. Congress amends the Code through new public laws, which are eventually incorporated into the relevant title.

This section may be cited in legal writing as 46 U.S.C. § 40504. For the most current official text, including any recent amendments, use the official source links below. Do not rely on this page as the sole authority for legal citation or litigation.

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Frequently Asked Questions About Us Code § 40504

What does United States Code § 40504 cover?

Section 40504 ("Shipping exchange registry") is part of the United States Code, the codified statutory law of Us Code. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.

How do I cite Us Code § 40504?

A common citation format is "United States Code § 40504" (Us Code). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.

Is this the official text of Us Code law?

No. This page is for research and education and may not include the most recent amendments. For official current law, check the Us Code official source linked on this page or consult a licensed Us Code attorney.

How does Us Code § 40504 apply to my situation?

Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Us Code can advise on how this section applies to you. Contact your state or local bar association for a referral.

Sources & Verification

Not legal advice. Verify against the official source and consult a licensed attorney in Us Code.