Exemption From Registration for Certain Foreign Persons, 63976-63979 [E7-22110]

Agencies

• Commodity Futures Trading Commission

[Federal Register Volume 72, Number 219 (Wednesday, November 14, 2007)]
[Rules and Regulations]
[Pages 63976-63979]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-22110]


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COMMODITY FUTURES TRADING COMMISSION

17 CFR Parts 1, 3, 4, 15, and 166

RIN 3038-AC26


Exemption From Registration for Certain Foreign Persons

AGENCY: Commodity Futures Trading Commission.

ACTION: Final rule.

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SUMMARY: The Commodity Futures Trading Commission (``Commission'') has 
amended Commission Regulation 3.10 concerning the registration of firms 
located outside the U.S. that are engaged in intermediating commodity 
interest transactions on U.S. designated contract markets (``DCMs'') 
and U.S. derivative transaction execution facilities (``DTEFs'').\1\ 
The amended regulation codifies past actions of the Commission or its 
staff to permit certain foreign firms that limit their customers to 
foreign customers, and submit U.S. DCM and DTEF business on behalf of 
those customers for clearing on an omnibus basis through a registered 
futures commission merchant (``FCM''), to be exempt from registration 
as an FCM pursuant to section 4d of the Commodity Exchange Act 
(``Act''). The amended regulation similarly extends the relief from 
registration to those foreign persons acting in the capacity of an 
introducing broker (``IB''), commodity trading advisor (``CTA'') and 
commodity pool operator (``CPO'') solely on behalf of foreign 
customers.
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    \1\ Commission regulations referred to herein are found at 17 
CFR Ch. I (2007). References to trading on U.S. DCMs or DTEFs shall 
include trading that is subject to the rules of such entities as 
well.

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DATES: Effective Date: December 14, 2007.

FOR FURTHER INFORMATION CONTACT: Lawrence B. Patent, Deputy Director, 
or Andrew V. Chapin, Special Counsel, at (202) 418-5430, Division of 
Clearing and Intermediary Oversight, Commodity Futures Trading 
Commission, Three Lafayette Centre, 1155 21st Street, NW., Washington, 
DC 20581. Electronic mail: lpatent@cftc.gov or achapin@cftc.gov.

SUPPLEMENTARY INFORMATION: 

I. Background

    The Commission published for comment on April 2, 2007 proposed 
amendments to Commission Regulation 3.10 (``the Proposal'') \2\ to 
clarify when certain persons located outside the U.S. may conduct 
commodity interest activities with respect to U.S. markets on behalf of 
customers located outside the U.S. without having to register in the 
appropriate capacity with the Commission. In particular, the Commission 
proposed to exempt from registration as an FCM certain foreign firms 
that limit their customers to foreign customers and submit U.S. DCM and 
DTEF business on behalf of those customers for clearing on an omnibus 
basis through a registered FCM. These firms were referred to in the 
Proposal as ``foreign brokers.'' The Commission also proposed to create 
a single definition of ``foreign broker'' and ``commodity interest'' 
consistent with the Proposal.
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    \2\ 72 FR 15637 (April 2, 2007).
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    Part 3 of the Commission's regulations governs the registration of 
intermediaries engaged in the offer and sale of, and providing advice 
concerning, futures and commodity options traded on U.S. markets, 
including both DCMs and DTEFs. In particular, Regulation 3.10 sets 
forth the manner in which FCMs, IBs, CTAs, CPOs, and leverage 
transaction merchants must apply for registration with the Commission. 
Regulation 3.10(c) also provides an exemption from registration for 
certain persons. Currently, the only exemption from registration as an 
FCM is for any person trading solely for proprietary accounts, as 
defined in Regulation 1.3(y).
    As explained in the Proposal, the Commission sought to provide 
clarity to its registration requirements under Part 3 by codifying the 
longstanding Commission policy, known as the ``foreign broker 
exemption,'' regarding the activities of certain foreign intermediaries 
engaged in soliciting or accepting commodity interest transactions 
solely on behalf of customers located outside the U.S. In particular, 
the Commission proposed to exempt from registration as an FCM any 
person that (1) limits its customers to customers located outside the 
U.S., (2) confines its commodity interest activities to areas outside 
the U.S, and (3) submits its trades for clearing on an omnibus basis 
through a registered FCM.

II. Comments Regarding the Proposal

    The Commission received two comment letters on the Proposal, one 
from the National Futures Association (``NFA'') and one from the 
Futures Industry Association (``FIA''). Both NFA and FIA supported the 
Commission's initiative to codify the foreign broker exemption as a 
means to provide greater legal certainty to futures industry 
participants. However, FIA commented that the effect of the Proposal 
would be to extend the Commission's regulatory requirements over the 
activities of foreign brokers, rather than simply codify the 
Commission's existing policy. In particular, FIA stated that, as 
proposed, amended Regulation 3.10(c)(2)(ii) would subject foreign 
brokers to the full panoply of Commission regulations applicable to 
registered FCMs, such as requirements regarding fitness, customer funds 
segregation, and regulatory capital.\3\ As such, FIA recommended that 
the Commission revise the proposed amendment to Regulation 3.10(c) to 
limit the extent to which the provisions of the Act and Commission 
regulations apply in a manner consistent with the Commission's 
longstanding policy towards foreign brokers. In support of its request, 
FIA noted that the Commission has recognized that a foreign broker 
holding a customer omnibus account with a registered FCM does not 
implicate the same regulatory concerns as a foreign broker that has 
more direct contact with U.S. markets, such as a registered FCM 
clearing on a DCM or DTEF.\4\
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    \3\ Proposed Regulation 3.10(c)(2)(ii) provided that a foreign 
broker acting in accordance with the codified foreign broker 
exemption ``remains subject to all other provisions of the Act and 
of the rules, regulations, and orders thereunder.'' (emphasis 
added).
    \4\ See, e.g., 72 FR at 15639 (April 2, 2007).
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    Additionally, both FIA and NFA recommended that the Commission 
provide greater legal certainty to futures industry participants by 
similarly codifying existing Commission policy with respect to 
registration exemptions for other foreign intermediaries, i.e., IBs, 
CTAs and CPOs, that are not engaged in commodity interest activities on 
behalf of U.S. customers. In support of its request, FIA referred to 
the Federal Register release issued by the Commission promulgating 
final rules establishing the registration requirements and procedures 
for introducing brokers and other futures industry professionals. In 
that release, the Commission stated that:

given this agency's limited resources, it is appropriate at this 
time to focus [the

[[Page 63977]]

Commission's] customer protection activities upon domestic firms and 
upon firms soliciting or accepting orders from domestic users of the 
futures markets and that the protection of foreign customers of 
firms confining their activities to areas outside this country, its 
territories, and possessions may best be for local authorities in 
such areas.\5\
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    \5\ 48 FR 35248, 35261 (August 3, 1983).

    Accordingly, FIA requested that the Commission amend its 
regulations to provide an exemption from registration to any foreign 
person engaged in the activity of an IB solely on behalf of customers 
located outside the U.S.
    Similarly, NFA referred to the no-action position taken by the 
Commission's Office of General Counsel stating that: (1) A person who 
operates a commodity pool outside of the territorial U.S. is not 
required to register as a CPO when such a person confines the pool 
activities to areas outside the territorial U.S., none of the 
participants in the pool is a resident or citizen of the U.S., and none 
of the funds or capital contributed to the pool is from U.S. sources; 
and (2) a trading advisor located outside the territorial U.S. who 
provides advice as to the advisability of trading futures contracts on 
domestic and foreign exchanges is not required to register when such a 
person confines its advisory services to areas outside of the 
territorial U.S., and none of its clients is a citizen or resident of 
the U.S.\6\ Accordingly, NFA requested that the Commission amend its 
regulations to provide an exemption from registration for any foreign 
person acting in the capacity of a CTA or CPO solely on behalf of 
customers located outside the U.S.
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    \6\ CFTC Staff Letter 76-21, [1975-1977 Transfer Binder] Comm. 
Fut. L. Rep. (CCH) ] 20,222 (August 15, 1976).
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    Consistent with this request, NFA further requested that the 
Commission amend Regulation 3.12(h) to create an exemption from 
registration as an associated person for any individual located in the 
branch office of a Commission registrant that does not solicit or 
accept orders from customers located in the U.S.
    The Commission did not receive any comments regarding its proposal 
to revise and reserve certain regulations to provide a single 
definition for ``foreign broker'' and ``commodity interest'' that would 
apply to all of its regulations.

III. Final Regulations

    As set forth in the Proposal, the Commission believes it is 
appropriate to amend its regulations to provide greater legal certainty 
with respect to the commodity interest activities on behalf of non-U.S. 
customers that are undertaken on U.S. markets by persons located 
outside the U.S. It was the Commission's intent to codify its 
longstanding policy, and not to extend the scope of its regulations 
with respect to foreign brokers or other foreign intermediaries. As one 
of the commenters noted, transactions solicited or accepted by foreign 
brokers on behalf of non-U.S. customers for trading on U.S. markets 
directly implicate the pricing and hedging functions of the domestic 
markets, as would be the case for an entirely domestic transaction.\7\ 
The Commission believes that the presence of a registered FCM in the 
clearing process obviates the need for a foreign broker to comply with 
the full panoply of Commission regulations applicable to registered 
FCMs. A registered FCM clearing a transaction on a DCM or DTEF, among 
other requirements, must satisfy the fitness standards administered by 
NFA and the minimum capital requirements set forth in Commission 
Regulation 1.17, as well as comply with the requirements regarding the 
segregation of customer funds set forth in section 4d of the Act.
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    \7\ See Tamari v. Bache & Co., 730 F.2d 1103, 1108 (7th Cir. 
1984), cert. denied, 469 U.S. 871 (1984) (holding that a U.S. 
federal district court had subject matter jurisdiction under the Act 
over a cause of action arising from trading on U.S. exchanges, even 
though the parties were located outside the U.S. and contacts 
between them occurred in a foreign country).
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    In light of the comments received and its own reconsideration of 
the issues involved, the Commission has determined to amend Regulation 
3.10 with certain revisions to the Proposal. As amended, Regulation 
3.10 will specify that a foreign broker is not required to register as 
an FCM if it: (1) Limits its customers to customers located outside the 
U.S., (2) confines its commodity interest activities to areas outside 
the U.S, and (3) submits its trades for clearing on an omnibus basis 
through a registered FCM. A foreign broker will remain subject to 
existing provisions applicable to the activities of a foreign broker, 
including Parts 15 to 21 of the Commission's regulations regarding 
large trader reporting,\8\ and Regulation 1.58 regarding gross 
collection of exchange-set margin. Conversely, a foreign broker will 
not be subject to any provisions of the Act or Commission rules, 
regulations and orders thereunder applicable solely to a registered FCM 
or to any person required to be so registered. For example, a foreign 
broker will not be required to comply with the minimum financial 
requirements or requirements regarding the segregation of customer 
funds, reporting or disclosure to customers, and related recordkeeping 
pertaining to the foregoing requirements. However, the provisions of 
the Act and Commission regulations applicable to ``any person'' will 
apply to a foreign broker, such as those prohibiting fraud or 
manipulation by a foreign broker trading for its own account.
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    \8\ See, e.g., Regulation 15.05, which states that, absent an 
existing agency agreement between a foreign broker and another U.S. 
person, an FCM is designated as the agent of a foreign broker for 
purposes of accepting delivery and service issued to the foreign 
broker by the Commission. The agency requirement similarly applies 
to any IB who introduces such an account to an FCM.
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    The Commission also has determined to adopt new Regulation 
3.10(c)(3) to provide an exemption from registration to other foreign 
intermediaries acting solely on behalf of customers located outside the 
U.S. In particular, the Commission is adopting new Regulation 
3.10(c)(3)(i) to provide an exemption from registration for any foreign 
person acting in the capacity of an IB, CTA or CPO solely with the 
respect to customers located outside the U.S., provided that all 
commodity interest transactions are submitted for clearing to a 
registered FCM. A foreign person acting in the capacity of a CTA or CPO 
will remain subject to the antifraud prohibition of section 4o of the 
Act. Otherwise, consistent with the revised regulation applicable to 
foreign brokers, new Regulation 3.10(c)(3)(ii) states that any foreign 
person acting in accordance with this registration exemption is not 
required to comply with those provisions of the Act and of the rules, 
regulations and orders thereunder applicable solely to any person 
registered in such capacity, or any person required to be so 
registered.
    Consistent with the amendments applicable to foreign 
intermediaries, the Commission also has determined to amend Regulation 
3.12 to provide an exemption from AP registration for any foreign 
individual located in the foreign branch office of a Commission 
registrant that engages in any activity as an AP, as defined in 
Regulation 1.3(aa), solely on behalf of customers located outside the 
U.S.\9\ A person exempt from AP registration pursuant to this provision 
may not supervise other individuals engaged in the solicitation of 
customers located in the U.S. for trading on a DCM or DTEF.
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    \9\ Supra, n. 5. Regulation 1.3(aa) defines ``associated 
person'' to mean a natural person engaged in the solicitation or 
acceptance of customer orders, or the supervision of any person or 
persons so engaged.
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    Any person seeking to act in accordance with any of the foregoing 
exemptions from registration should

[[Page 63978]]

note that the prohibition on contact with U.S. customers applies to 
solicitation as well as acceptance of orders. If a person located 
outside the U.S. were to solicit prospective customers located in the 
U.S. as well as outside of the U.S., these exemptions would not be 
available, even if the only customers resulting from the efforts were 
located outside the U.S.\10\
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    \10\ A person wishing to act as an intermediary for security 
futures transactions on a U.S. DCM or DTEF may notice register as a 
securities broker-dealer (``BD'') if it is registered as an FCM or 
IB and is a member of NFA. See Section 15(b)(11) of the Securities 
Exchange Act (15 U.S.C. 78o(b)(11)) and 17 CFR 240.15b11-1. Foreign 
brokers taking advantage of the exemption from registration under 
the Act discussed herein would not qualify for notice registration 
as BDs. Accordingly, if such foreign brokers want to solicit or 
accept orders for security futures products traded on U.S. DCMs or 
DTEFs, they must fully register as BDs in accordance with Section 
15(b)(1) of the Securities Exchange Act and regulations thereunder, 
unless other relief from such registration is available. Foreign 
brokers may wish to consult the U.S. Securities and Exchange 
Commission (``SEC'') and/or private counsel regarding how taking 
advantage of this relief might affect their registration status with 
the SEC.
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    The Commission's adoption of these rule amendments supersedes prior 
staff positions on these subjects. Because the rule amendments contain 
no substantive changes to prior staff letters, no party should be 
disadvantaged. The new regulations will make these staff positions more 
accessible and widely understood and obviate the need for individual 
relief.

IV. Related Matters

A. Administrative Procedure Act

    The Administrative Procedure Act generally requires that, before an 
agency adopts a rule, the agency provide an opportunity for notice and 
comment thereon. That opportunity is not required, however, when the 
agency for good cause finds such procedure unnecessary. The Commission 
has determined to amend Regulation 1.55(f) without opportunity for 
notice or comment. Notice and comment is unnecessary in this instance 
because the amendment to Regulation 1.55(f) solely corrects the 
reference to the citation for ``institutional customer'' in Regulation 
1.3.

B. Regulatory Flexibility Act

    The Regulatory Flexibility Act (``RFA''), 5 U.S.C. 601-611, 
requires that agencies, in proposing regulations, consider the impact 
of those regulations on small businesses. The Commission has previously 
established certain definitions of ``small entities'' to be used by the 
Commission in evaluating the impact of its regulations on such entities 
in accordance with the RFA.\11\ The Commission previously has 
determined that registered FCMs are not small entities for the purpose 
of the RFA because each FCM has an underlying fiduciary relationship 
with its customers, regardless of the size of the FCM.\12\ The 
Commission notes that certain foreign persons affected by the changes 
to the Commission's regulations would be registered as FCMs if not for 
the exemption provided therein and, as such, would maintain a fiduciary 
relationship with customers similar to the relationship maintained by 
each registered FCM. The Commission also previously has determined that 
registered CPOs are not small entities for the purpose of the RFA.\13\
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    \11\ 47 FR 18618-18621 (April 30, 1982).
    \12\ 47 FR 18619-18620.
    \13\ 47 FR 18619-18620.
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    Other foreign persons affected by the changes would be registered 
as IBs and CTAs if not for the exemption provided therein. The 
Commission has stated that it would evaluate within the context of a 
particular rule whether all or some affected IBs and CTAs would be 
considered to be small entities and, if so, the economic impact on them 
of any rule.\14\ Although certain foreign IBs and CTAs might be small 
entities for purposes of the rule, the amended rules will reduce the 
regulatory burden on all foreign IBs and CTAs.
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    \14\ 47 FR 18618-18620; see also 48 FR at 35276 (August 3, 
1983).
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    Therefore, the Acting Chairman, on behalf of the Commission, hereby 
certifies, pursuant to 5 U.S.C. 605(b), that these regulations will not 
have a significant economic impact on a substantial number of small 
entities. No comment was received regarding the impact of these 
amendments on small businesses.

C. Paperwork Reduction Act

    As required by the Paperwork Reduction Act of 1995,\15\ the 
Commission submitted a copy of the proposed rule amendments to the 
Office of Management and Budget for its review. The Commission did not 
receive any public comments relative to its analysis of paperwork 
burdens associated with this rulemaking.
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    \15\ Pub. L. 104-13 (May 13, 1995).
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D. Costs and Benefits Analysis

    Section 15(a) of the Act requires the Commission to consider the 
costs and benefits of its actions before issuing new regulations under 
the Act. By its terms, Section 15(a) does not require the Commission to 
quantify the costs and benefits of new regulations or to determine 
whether the benefits of the regulations outweigh their costs. Rather, 
Section 15(a) requires the Commission to ``consider the cost and 
benefits'' of the subject regulations.
    The Commission published an analysis of costs and benefits when it 
proposed the rule amendments that it is now adopting.\16\ It did not 
receive any public comments pertaining to the analysis.
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    \16\ 72 FR at 15640 (April 2, 2007).
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List of Subjects

17 CFR Part 1

    Definitions, Registration, Minimum financial and reported 
requirements, Prohibited transactions in commodity options, Customers' 
money, securities and property, Miscellaneous.

17 CFR Part 3

    Definitions, Foreign futures, Consumer protection, Foreign options, 
Registration requirements.

17 CFR Part 4

    Advertising, Commodity futures, Consumer protection, Recordkeeping 
and reporting requirements.

17 CFR Part 15

    Brokers, Reporting and recordkeeping requirements.

17 CFR Part 166

    Authorization to trade, Customer protection.

0
In consideration of the foregoing, and pursuant to the authority 
contained in the Commodity Exchange Act and, in particular, Sections 
2(a)(1), 4(b), 4c and 8a thereof, 7 U.S.C. 2, 6(b), 6c and 12a (1982), 
and pursuant to the authority contained in 5 U.S.C. 552 and 552b 
(1982), the Commission hereby amends Chapter I of Title 17 of the Code 
of Federal Regulations as follows:

PART 1--GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT

0
1. The authority citation for part 1 continues to read as follows:

    Authority: 7 U.S.C. 1a, 2, 5, 6, 6a, 6b, 6c, 6d, 6e, 6f, 6g, 6h, 
6i, 6j, 6k, 6l, 6m, 6n, 6o, 6p, 7, 7a, 7b, 8, 9, 12, 12a, 12c, 13a, 
13a-1, 16, 16a, 19, 21, 23, and 24, unless otherwise noted.


0
2. Section 1.3 is amended by adding paragraphs (xx) and (yy) to read as 
follows:


Sec.  1.3  Definitions.

* * * * *
    (xx) Foreign Broker. This term means any person located outside the 
United States, its territories or possessions who

[[Page 63979]]

is engaged in soliciting or in accepting orders only from persons 
located outside the United States, its territories or possessions for 
the purchase or sale of any commodity interest transaction on or 
subject to the rules of any designated contract market or derivatives 
transaction execution facility and that, in or in connection with such 
solicitation or acceptance of orders, accepts any money, securities or 
property (or extends credit in lieu thereof) to margin, guarantee, or 
secure any trades or contracts that result or may result therefrom.
    (yy) Commodity Interest. This term means:
    (1) Any contract for the purchase or sale of a commodity for future 
delivery; and
    (2) Any contract, agreement or transaction subject to Commission 
regulation under section 4c or 19 of the Act.

0
3. Section 1.55 is amended by revising paragraph (f) to read as 
follows:


Sec.  1.55  Distribution of ``Risk Disclosure Statement'' by futures 
commission merchants and introducing brokers.

* * * * *
    (f) A futures commission merchant or, in the case of an introduced 
account, an introducing broker, may open a commodity futures account 
for an ``institutional customer'' as defined in Sec.  1.3(g) without 
furnishing such institutional customer the disclosure statements or 
obtaining the acknowledgments required under paragraph (a) of this 
section Sec. Sec.  1.33(g) and 1.65(a)(3), and Sec. Sec.  30.6(a), 
33.7(a), 155.3(b)(2), 155.4(b)(2) and 190.10(c) of this chapter.
* * * * *


Sec.  1.56  [Amended]

0
4. Section 1.56 is amended by removing and reserving paragraph (a).

PART 3--REGISTRATION

0
5. The authority citation for part 3 continues to read as follows:

    Authority: 5 U.S.C. 522, 522b; 7 U.S.C. 1a, 2, 4, 6, 6a, 6b, 6c, 
6d, 6e, 6f, 6g, 6h, 6i, 6k, 6m, 6n, 6o, 6p, 8, 9, 9a, 12, 12a, 13b, 
13c, 16a, 18, 19, 21, 23, unless otherwise noted.


Sec.  3.1  [Amended]

0
6. Section 3.1 is amended by removing and reserving paragraph (f).

0
7. Section 3.10 is amended by revising paragraph (c) to read as 
follows:


Sec.  3.10  Registration of futures commission merchants, introducing 
brokers, commodity trading advisors, commodity pool operators and 
leverage transaction merchants.

* * * * *
    (c) Exemption from registration for certain persons. (1) A person 
trading solely for proprietary accounts, as defined in Sec.  1.3(y) of 
this chapter, is not required to register as a futures commission 
merchant: Provided, that such person remains subject to all other 
provisions of the Act and of the rules, regulations and orders 
thereunder.
    (2)(i) A foreign broker, as defined in Sec.  1.3(xx) of this 
chapter, is not required to register as a futures commission merchant 
if it submits any commodity interest transactions executed on or 
subject to the rules of designated contract market or derivatives 
transaction execution facility for clearing on an omnibus basis through 
a futures commission merchant registered in accordance with section 4d 
of the Act.
    (ii) A foreign broker acting in accordance with paragraph (c)(2)(i) 
of this section is not required to comply with those provisions of the 
Act and of the rules, regulations and orders thereunder applicable 
solely to any registered futures commission merchant or any person 
required to be so registered.
    (3)(i) A person located outside the United States, its territories 
or possessions engaged in the activity of: An introducing broker, as 
defined in Sec.  1.3(mm) of this chapter; a commodity trading advisor, 
as defined in Sec.  1.3(bb) of this chapter; or a commodity pool 
operator, as defined in Sec.  1.3(nn) of this chapter, in connection 
with any commodity interest transaction made on or subject to the rules 
of any designated contract market or derivatives transaction execution 
facility only on behalf of persons located outside the United States, 
its territories or possessions, is not required to register in such 
capacity: Provided, that any such commodity interest transaction 
executed on or subject to the rules of designated contract market or 
derivatives transaction execution facility is submitted for clearing 
through a futures commission merchant registered in accordance with 
section 4d of the Act.
    (ii) A person acting in accordance with paragraph (c)(3)(i) of this 
section remains subject to section 4o of the Act, but otherwise is not 
required to comply with those provisions of the Act and of the rules, 
regulations and orders thereunder applicable solely to any person 
registered in such capacity, or any person required to be so 
registered.
* * * * *

0
8. Section 3.12 is amended by removing ``or'' at the end of paragraph 
(h)(1)(ii), removing the period and adding a semi-colon and ``or'' at 
the end of paragraph (h)(1)(iii)(D), and adding paragraph (h)(1)(iv) to 
read as follows:


Sec.  3.12  Regulation of associated persons of futures commission 
merchants, introducing brokers, commodity trading advisors, commodity 
pool operators and leverage transaction merchants.

* * * * *
    (h) * * *
    (1) * * *
    (iv) Engaged in any activity as an associated person, as defined in 
Sec.  1.3(aa) of this chapter, from a location outside the United 
States, its territories or possessions, and limits such activities to 
customers located outside the United States, its territories or 
possessions.
* * * * *

PART 4--COMMODITY POOL OPERATORS AND COMMODITY TRADING ADVISORS

0
9. The authority citation for part 4 continues to read as follows:

    Authority: 7 U.S.C. 1a, 2, 4, 6(c), 6b, 6c, 6l, 6m, 6n, 6o, 12a 
and 23.


Sec.  4.10  [Amended]

0
10. Section 4.10 is amended by removing and reserving paragraph (a).

PART 15--REPORTS--GENERAL PROVISIONS

0
11. The authority citation for part 15 continues to read as follows:

    Authority: 7 U.S.C. 2, 5, 6(c), 6a, 6c(a)-(d), 6f, 6g, 6i, 6k, 
6m, 6n, 7, 9, 12a, 19 and 21, as amended by the Commodity Futures 
Modernization Act of 2000, Appendix E of Pub. L. 106-554, 114 Stat. 
2763 (2000).


Sec.  15.00  [Amended]

0
12. Section 15.00 is amended by removing and reserving paragraph (g).

PART 166--CUSTOMER PROTECTION RULES

0
13. The authority citation for part 166 continues to read as follows:

    Authority: 7 U.S.C. 1a, 2, 6b, 6c, 6d, 6g, 6h, 6k, 6l, 6o, 7, 
12a, 21, and 23, as amended by the Commodity Futures Modernization 
Act of 2000, Appendix E of Pub. L. 106-554, 114 Stat. 2763 (2000).


Sec.  166.1  [Amended]

0
14. Section 166.1 is amended by removing and reserving paragraph (b).

    Dated: November 7, 2007.

    By the Commission.
David Stawick,
Secretary of the Commission.
[FR Doc. E7-22110 Filed 11-13-07; 8:45 am]
BILLING CODE 6351-01-P