Risk Management Exemption From Federal Speculative Position Limits, 32261-32262 [E8-12723]
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Federal Register / Vol. 73, No. 110 / Friday, June 6, 2008 / Proposed Rules
dwashington3 on PRODPC61 with PROPOSALS
facsimile number (202) 418–5507, email mmurray@cftc.gov.
SUPPLEMENTARY INFORMATION: The
Commission has long established and
enforced speculative position limits for
futures contracts on various agricultural
commodities. The Commission
periodically reviews these Federal
speculative position limits, which are
set out in Commission regulation
150.2.2 On November 21, 2007, the
Commission published its proposed
rulemaking to increase Federal
speculative position limits for all singlemonth and all-months-combined
positions in all commodity markets
enumerated in Commission regulation
150.2, except Chicago Board of Trade
(CBT) Oats, based on the formula set out
in Commission regulation 150.5(c). The
rulemaking proposed to increase levels
for single-month and all-monthscombined positions for CBT Corn,
Soybeans, Wheat, Soybean Oil, and
Soybean Meal; Minneapolis Grain
Exchange Hard Red Spring Wheat;
Kansas City Board of Trade Hard Winter
Wheat; and New York Board of Trade 3
Cotton No. 2. In addition, the
rulemaking proposed to require the
aggregation of positions in contracts that
share substantially identical terms with
regulation 150.2-enumerated contracts,
regardless of whether such contracts
were specifically delineated in that
regulation, for the purposes of
ascertaining traders’ compliance with
the Federal speculative position limits.
The Commission requested public
comment by December 21, 2007. On
December 31, 2007, the Commission
extended the initial comment period to
January 21, 2008 to give interested
parties additional opportunity to
comment.4 The Commission received a
total of 40 comment letters in response
to its Federal Register publication.5 Six
letters generally favored the proposed
regulations and 34 letters were generally
opposed to their adoption. An
Agricultural Forum held by the
Commission on April 22, 2008 served as
an additional venue for the presentation
of views with respect to the proposed
rulemaking and a related Commission
proposal to adopt a risk management
2 Commission regulation 150.2 imposes three
types of position limits for each specified contract:
a spot month limit, a single-month limit, and an allmonths-combined limit. The Commission most
recently adopted amendments to levels for Federal
speculative position limits in 2005. See 70 FR
24705 (May 11, 2005).
3 The New York Board of Trade was acquired by
ICE Futures U.S. in January, 2007.
4 72 FR 74213 (December 31, 2007).
5 Federal Register Comment File 07–014,
available at https://www.cftc.gov/lawandregulation/
federalregister/federalregistercomments/2007/07–
014.html.
VerDate Aug<31>2005
11:59 Jun 05, 2008
Jkt 214001
exemption from the Federal speculative
position limits.6
Collectively, the comments received
in response to the proposed rulemaking
and at the Commission’s April 22
Agricultural Forum reflected differing
perspectives on a wide range of issues
of substantive import to the proposed
rulemaking. The issues covered by the
commenters, both in favor and opposed
to the Commission’s proposal to revise
the Federal speculative position limits,
included product margin requirements,
the convergence of cash and futures
transaction prices, the impact of
commodity-linked instruments traded
on national securities exchanges on
CFTC regulated transactions, the degree
of transparency for market participation,
and the quantification of the impact of
speculative trading on market volatility.
In light of the wide range of divergent
positions that have been put forth by
interested parties, the current market
conditions for the contracts that would
be affected by the proposed rulemaking,
and in order to determine whether
further consensus among the affected
parties should be sought, the
Commission has determined to
withdraw the proposed rulemaking
pending further consideration of the
relevant issues.
32261
Commission has determined to
withdraw these proposed rules.
FOR FURTHER INFORMATION CONTACT:
Donald Heitman, Senior Special
Counsel, Division of Market Oversight,
Commodity Futures Trading
Commission, Three Lafayette Centre,
1155 21st Street, NW., Washington, DC
20581, telephone (202) 418–5041,
facsimile number (202) 418–5507,
electronic mail dheitman@cftc.gov; or
John Fenton, Director of Surveillance,
Division of Market Oversight, telephone
(202) 418–5298, facsimile number (202)
418–5507, electronic mail
jfenton@cftc.gov.
SUPPLEMENTARY INFORMATION:
SUMMARY: On November 27, 2007, the
Commodity Futures Trading
Commission (Commission or CFTC)
published proposed rules to create a
‘‘risk management exemption’’ from
Federal speculative position limits—the
limits on the size of speculative
positions that traders may hold or
control in futures and futures equivalent
option contracts on certain designated
agricultural commodities. The
Commission regulation 150.2 imposes
limits on the size of speculative
positions that traders may hold or
control in futures and futures equivalent
option contracts on certain designated
agricultural commodities named
therein. Commission regulation 150.3
lists certain types of positions that may
be exempted from these Federal
speculative position limits.
On November 27, 2007, the
Commission published proposed
amendments that would provide an
additional exemption from Federal
speculative position limits for ‘‘risk
management positions’’ (proposed
rulemaking).1 The proposal defined a
risk management position as a futures or
futures equivalent position, held as part
of a broadly diversified portfolio of
long-only or short-only futures or
futures equivalent positions, that is
based upon either: (1) A fiduciary
obligation to match or track the results
of a broadly diversified index that
includes the same commodity markets
in fundamentally the same proportions
as the futures or futures equivalent
position; or (2) a portfolio
diversification plan that has, among
other substantial asset classes, an
exposure to a broadly diversified index
that includes the same commodity
markets in fundamentally the same
proportions as the futures or futures
equivalent position. The exemption, as
proposed, would have been subject to
certain conditions, including that the
positions be passively managed,
unleveraged, and not carried into the
spot month.
The Commission requested public
comment by January 28, 2008. The
Commission received a total of 10
comment letters in response to its
6 Risk Management Exemption from Federal
Speculative Position Limits, 72 FR 66097
(November 27, 2007) (to be withdrawn).
1 Risk Management Exemption from Federal
Speculative Position Limits, 72 FR 66097
(November 27, 2007).
Issued by the Commission this June 2,
2008, in Washington, DC.
David Stawick,
Secretary of the Commission.
[FR Doc. E8–12728 Filed 6–5–08; 8:45 am]
BILLING CODE 6351–01–P
COMMODITY FUTURES TRADING
COMMISSION
17 CFR Part 150
RIN 3038–AC40
Risk Management Exemption From
Federal Speculative Position Limits
Commodity Futures Trading
Commission.
ACTION: Proposed rules; withdrawal.
AGENCY:
PO 00000
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Fmt 4702
Sfmt 4702
E:\FR\FM\06JNP1.SGM
06JNP1
32262
Federal Register / Vol. 73, No. 110 / Friday, June 6, 2008 / Proposed Rules
Federal Register publication.2 Three
letters generally favored the proposed
regulations and seven letters were
generally opposed to their adoption. An
Agricultural Forum held by the
Commission on April 22, 2008 served as
an additional venue for the presentation
of views with respect to the proposed
rulemaking and a related Commission
proposal to revise the Federal
speculative position limits delineated in
Commission regulation 150.2.3
Collectively, the comments received
in response to the proposed rulemaking
and at the Commission’s April 22
Agricultural Forum reflected differing
perspectives on a wide range of issues
of substantive import to the proposed
rulemaking. The issues covered by the
commenters, both in favor and opposed
to the Commission’s proposal to adopt
a risk management exemption from the
Federal speculative position limits,
included product margin requirements,
the convergence of cash and futures
transaction prices, the impact of
commodity-linked instruments traded
on national securities exchanges on
CFTC regulated transactions, the degree
of transparency for market participation,
and the quantification of the impact of
speculative trading on market volatility.
In light of the wide range of divergent
positions that have been put forth by
interested parties, the current market
conditions for the contracts that would
be affected by the proposed rulemaking,
and in order to determine whether
further consensus among the affected
parties should be sought, the
Commission has determined to
withdraw the proposed rulemaking
pending further consideration of the
relevant issues.
Issued by the Commission June 2, 2008, in
Washington, DC.
David Stawick,
Secretary of the Commission.
[FR Doc. E8–12723 Filed 6–5–08; 8:45 am]
dwashington3 on PRODPC61 with PROPOSALS
BILLING CODE 6351–01–P
2 Federal Register Comment File 07–015,
available at https://www.cftc.gov/lawandregulation/
federalregister/federalregistercomments/2007/07–
015.html.
3 Revision of Federal Speculative Position Limits,
72 FR 65483 (November 21, 2007) (to be
withdrawn).
VerDate Aug<31>2005
11:59 Jun 05, 2008
Jkt 214001
DEPARTMENT OF JUSTICE
28 CFR Part 75
[Docket No. CRM 105; AG Order No. 2966–
2008]
RIN 1105–AB19
Inspection of Records Relating to
Depiction of Simulated Sexually
Explicit Performances
Department of Justice.
Proposed rule.
AGENCY:
ACTION:
SUMMARY: This rule proposes to amend
record-keeping, labeling, and inspection
requirements to implement provisions
of the Adam Walsh Child Protection and
Safety Act of 2006 that require
producers of depictions of simulated
sexually explicit conduct to maintain
records documenting that performers in
those depictions are at least 18 years of
age. The rule also implements
provisions of the Adam Walsh Act that
create a certification regime for the
exemption of producers, in certain
circumstances, from those requirements
and from similar requirements for
producers of visual depictions of the
lascivious exhibition of the genitals or
pubic area of a person.
DATES: Written comments must be
received by August 5, 2008.
ADDRESSES: Written comments may be
submitted to: Andrew Oosterbaan,
Chief, Child Exploitation and Obscenity
Section, Criminal Division, United
States Department of Justice,
Washington, DC 20530; Attn: ‘‘Docket
No. CRM 105.’’
Comments may be submitted
electronically to www.regulations.gov by
using the electronic comment form
provided on that site. Comments
submitted electronically must include
‘‘Docket No. CRM 105’’ in the subject
box. You may also view an electronic
version of this rule at the
www.regulations.gov site.
Facsimile comments may be
submitted to: (202) 514–1793. This is
not a toll-free number. Comments
submitted by facsimile must include
‘‘Docket No. CRM 105’’ on the cover
sheet.
FOR FURTHER INFORMATION CONTACT:
Andrew Oosterbaan, Chief, Child
Exploitation and Obscenity Section,
Criminal Division, United States
Department of Justice, Washington, DC
20530; (202) 514–5780. This is not a
toll-free number.
SUPPLEMENTARY INFORMATION:
Public Comments
Please note that because the
Department of Justice is now fully
PO 00000
Frm 00020
Fmt 4702
Sfmt 4702
operational using the
www.regulations.gov site, the Child
Exploitation and Obscenity Section,
Criminal Division has deactivated the
e-mail address for electronic comments
that it published in rulemakings before
the Department started using
www.regulations.gov. In order to ensure
that electronic comments are received
by the Department, commenters
submitting electronic comments must
use the electronic comment form
provided on the www.regulations.gov
site.
Please also note that all comments
received are considered part of the
public record and made available for
public inspection online at
www.regulations.gov. Such information
includes personal identifying
information (such as your name,
address, etc.) voluntarily submitted by
the commenter.
If you want to submit personal
identifying information (such as your
name, address, etc.) as part of your
comment, but do not want it to be
posted online, you must include the
phrase ‘‘PERSONAL IDENTIFYING
INFORMATION’’ in the first paragraph
of your comment. You also must locate
all the personal identifying information
you do not want posted online in the
first paragraph of your comment and
identify in that paragraph what
information you want redacted.
If you want to submit confidential
business information as part of your
comment but do not want it to be posted
online, you must include the phrase
‘‘CONFIDENTIAL BUSINESS
INFORMATION’’ in the first paragraph
of your comment. You also must
identify prominently any confidential
business information to be redacted
within the comment. If a comment has
so much confidential business
information that it cannot be effectively
redacted, all or part of that comment
might not be posted on
www.regulations.gov.
Personal identifying information
identified and located as set forth above
will be placed in the agency’s public
docket file, but not posted online.
Confidential business information
identified and located as set forth above
will not be placed in the public docket
file. If you wish to inspect the agency’s
public docket file in person by
appointment, please see the ‘‘For
Additional Information’’ paragraph.
Discussion
On July 27, 2006, President George W.
Bush signed into law the Adam Walsh
Child Protection and Safety Act of 2006,
Public Law 109–248 (‘‘the Act’’). As
described in more detail below, section
E:\FR\FM\06JNP1.SGM
06JNP1
Agencies
[Federal Register Volume 73, Number 110 (Friday, June 6, 2008)]
[Proposed Rules]
[Pages 32261-32262]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-12723]
-----------------------------------------------------------------------
COMMODITY FUTURES TRADING COMMISSION
17 CFR Part 150
RIN 3038-AC40
Risk Management Exemption From Federal Speculative Position
Limits
AGENCY: Commodity Futures Trading Commission.
ACTION: Proposed rules; withdrawal.
-----------------------------------------------------------------------
SUMMARY: On November 27, 2007, the Commodity Futures Trading Commission
(Commission or CFTC) published proposed rules to create a ``risk
management exemption'' from Federal speculative position limits--the
limits on the size of speculative positions that traders may hold or
control in futures and futures equivalent option contracts on certain
designated agricultural commodities. The Commission has determined to
withdraw these proposed rules.
FOR FURTHER INFORMATION CONTACT: Donald Heitman, Senior Special
Counsel, Division of Market Oversight, Commodity Futures Trading
Commission, Three Lafayette Centre, 1155 21st Street, NW., Washington,
DC 20581, telephone (202) 418-5041, facsimile number (202) 418-5507,
electronic mail dheitman@cftc.gov; or John Fenton, Director of
Surveillance, Division of Market Oversight, telephone (202) 418-5298,
facsimile number (202) 418-5507, electronic mail jfenton@cftc.gov.
SUPPLEMENTARY INFORMATION: Commission regulation 150.2 imposes limits
on the size of speculative positions that traders may hold or control
in futures and futures equivalent option contracts on certain
designated agricultural commodities named therein. Commission
regulation 150.3 lists certain types of positions that may be exempted
from these Federal speculative position limits.
On November 27, 2007, the Commission published proposed amendments
that would provide an additional exemption from Federal speculative
position limits for ``risk management positions'' (proposed
rulemaking).\1\ The proposal defined a risk management position as a
futures or futures equivalent position, held as part of a broadly
diversified portfolio of long-only or short-only futures or futures
equivalent positions, that is based upon either: (1) A fiduciary
obligation to match or track the results of a broadly diversified index
that includes the same commodity markets in fundamentally the same
proportions as the futures or futures equivalent position; or (2) a
portfolio diversification plan that has, among other substantial asset
classes, an exposure to a broadly diversified index that includes the
same commodity markets in fundamentally the same proportions as the
futures or futures equivalent position. The exemption, as proposed,
would have been subject to certain conditions, including that the
positions be passively managed, unleveraged, and not carried into the
spot month.
---------------------------------------------------------------------------
\1\ Risk Management Exemption from Federal Speculative Position
Limits, 72 FR 66097 (November 27, 2007).
---------------------------------------------------------------------------
The Commission requested public comment by January 28, 2008. The
Commission received a total of 10 comment letters in response to its
[[Page 32262]]
Federal Register publication.\2\ Three letters generally favored the
proposed regulations and seven letters were generally opposed to their
adoption. An Agricultural Forum held by the Commission on April 22,
2008 served as an additional venue for the presentation of views with
respect to the proposed rulemaking and a related Commission proposal to
revise the Federal speculative position limits delineated in Commission
regulation 150.2.\3\
---------------------------------------------------------------------------
\2\ Federal Register Comment File 07-015, available at https://
www.cftc.gov/lawandregulation/federalregister/
federalregistercomments/2007/07-015.html.
\3\ Revision of Federal Speculative Position Limits, 72 FR 65483
(November 21, 2007) (to be withdrawn).
---------------------------------------------------------------------------
Collectively, the comments received in response to the proposed
rulemaking and at the Commission's April 22 Agricultural Forum
reflected differing perspectives on a wide range of issues of
substantive import to the proposed rulemaking. The issues covered by
the commenters, both in favor and opposed to the Commission's proposal
to adopt a risk management exemption from the Federal speculative
position limits, included product margin requirements, the convergence
of cash and futures transaction prices, the impact of commodity-linked
instruments traded on national securities exchanges on CFTC regulated
transactions, the degree of transparency for market participation, and
the quantification of the impact of speculative trading on market
volatility. In light of the wide range of divergent positions that have
been put forth by interested parties, the current market conditions for
the contracts that would be affected by the proposed rulemaking, and in
order to determine whether further consensus among the affected parties
should be sought, the Commission has determined to withdraw the
proposed rulemaking pending further consideration of the relevant
issues.
Issued by the Commission June 2, 2008, in Washington, DC.
David Stawick,
Secretary of the Commission.
[FR Doc. E8-12723 Filed 6-5-08; 8:45 am]
BILLING CODE 6351-01-P