Limited Marketing Activities From a United States Location by Certain Firms and Their Employees or Other Representatives Exempted Under Commodity Futures Trading Commission Regulation 30.10, 39226-39227 [E8-15606]
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39226
Federal Register / Vol. 73, No. 132 / Wednesday, July 9, 2008 / Rules and Regulations
must appear conspicuously, in colorcontrasting ink, on the surface of the
package on which printing or a label
normally appears. If the package
contains printing on more than one
surface, the label must appear on the
surface on which the product inside the
package is described. The encircled
capital letter ‘‘E’’ may be printed on the
surface of the package, printed on a
label containing other information,
printed on a separate label, or indelibly
stamped on the surface of the package.
In the case of pallet loads containing
metal halide lamp fixtures, the encircled
capital letter ‘‘E’’ must appear
conspicuously, in color-contrasting ink,
on the plastic sheeting, unless clear
plastic sheeting is used and the
encircled capital letter ‘‘E’’ is legible
underneath this packaging.
8. In paragraph (a)(1) of section
305.19, add the phrase ‘‘metal halide
lamp fixtures,’’ after the phrase
‘‘fluorescent lamp ballasts,’’ and revise
paragraph (a)(2) to read as follows:
I
§ 305.19 Promotional material displayed or
distributed at point of sale.
(a) * * *
(2) Any manufacturer, distributor,
retailer or private labeler who prepares
printed material for display or
distribution at point of sale concerning
a covered product that is a fluorescent
lamp ballast or metal halide lamp
fixture to which standards are
applicable under section 325 of the Act,
shall disclose conspicuously in such
printed material, in each description of
such product, an encircled capital letter
‘‘E’’.
*
*
*
*
*
9. In paragraph (a) of section 305.20,
add the phrase ‘‘metal halide lamp
fixtures,’’ after the phrase ‘‘fluorescent
lamp ballasts,’’ and add paragraph (e) to
read as follows:
I
§ 305.20
Paper catalogs and websites.
dwashington3 on PRODPC61 with RULES
*
*
*
*
*
(e) Any manufacturer, distributor,
retailer, or private labeler who
advertises metal halide lamp fixtures
manufactured on or after January 1,
2009 in a catalog prepared after July 1,
2009, from which they may be
purchased by cash, charge account or
credit terms, shall disclose
conspicuously in such catalog, in each
description of such metal halide lamp
fixture, a capital letter ‘‘E’’ printed
within a circle.
*
*
*
*
*
VerDate Aug<31>2005
16:34 Jul 08, 2008
Jkt 214001
By direction of the Commission.
Richard C. Donohue,
Acting Secretary.
[FR Doc. E8–15243 Filed 7–8–08: 8:45 am]
BILLING CODE 6750–01–S
COMMODITY FUTURES TRADING
COMMISSION
17 CFR Part 30
Limited Marketing Activities From a
United States Location by Certain
Firms and Their Employees or Other
Representatives Exempted Under
Commodity Futures Trading
Commission Regulation 30.10
Commodity Futures Trading
Commission.
ACTION: Order.
AGENCY:
SUMMARY: The Commodity Futures
Trading Commission (‘‘Commission’’) is
confirming that designated members of
the Taiwan Futures Exchange
(‘‘TAIFEX’’) may engage in limited
marketing conduct with respect to
foreign futures or options contracts
within the U.S. through their employees
or representatives consistent with prior
Commission orders. This order is issued
pursuant to Commission Regulation
30.10, which permits persons to file a
petition with the Commission for
exemption from the application of
certain of the Regulations set forth in
Part 30 and authorizes the Commission
to grant such an exemption if such
action would not be otherwise contrary
to the public interest or to the purposes
of the provision from which exemption
is sought.
DATES: Effective Date: July 9, 2008.
FOR FURTHER INFORMATION CONTACT:
Andrew Chapin, Special Counsel,
Division of Clearing and Intermediary
Oversight, at (202) 418–5430
Commodity Futures Trading
Commission, Three Lafayette Centre,
1155 21st Street, NW., Washington, DC
20581. Electronic mail:
achapin@cftc.gov.
SUPPLEMENTARY INFORMATION: The
Commission has issued the following
Order:
Order Issued Pursuant to Regulation
30.10 Confirming That Designated
Members of TAIFEX May Engage in
Limited Marketing Conduct With
Respect to Foreign Futures and Options
Contracts Within the United States
Through Their Employees or Other
Representatives.
Commission regulations governing the
offer and sale of commodity futures and
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Frm 00014
Fmt 4700
Sfmt 4700
option contracts traded on or subject to
the regulations of a foreign board of
trade to customers located in the U.S.
are contained in Part 30 of the
Commission’s regulations.1 These
regulations include requirements for
intermediaries with respect to
registration, disclosure, capital
adequacy, protection of customer funds,
recordkeeping and reporting, and sales
practice and compliance procedures
that are generally comparable to those
applicable to transactions on U.S.
markets.
In formulating a regulatory program to
govern the offer and sale of foreign
futures and option products to
customers located in the U.S., the
Commission, among other things,
considered the desirability of
ameliorating the potential
extraterritorial impact of such a program
and avoiding duplicative regulation of
firms engaged in international business.
Based upon these considerations, the
Commission determined to permit
persons located outside the U.S. and
subject to a comparable regulatory
structure in the jurisdiction in which
they were located to seek an exemption
from certain of the requirements under
Part 30 of the Commission’s regulations
based upon substituted compliance with
the regulatory requirements of the
foreign jurisdiction (‘‘Regulation 30.10
relief’’).
On October 28, 1992, the Commission
issued an order to permit firms that
have obtained confirmation of
Regulation 30.10 relief to engage in
limited marketing conduct with respect
to foreign futures or options contracts
within the U.S. through their employees
or representatives without prior
notification to the Commission.2 The
Commission stated that
the success of the [Regulation] 30.10
program as well as the existence of working
relationships established under that program
with foreign regulatory and self-regulatory
authorities provide assurances that the
conduct of [Regulation] 30.10 exempted firms
through their employees or other
representatives located in the United States,
if of a limited duration and subject to proper
supervisory controls, will not be inconsistent
with the Commission’s obligations under the
[Commodity Exchange Act] to ensure
appropriate customer protection.
1 Commission regulations referred to herein are
found at 17 CFR Ch. I (2007). Appendix A to Part
30, ‘‘Interpretative Statement With Respect to the
Commission’s Exemptive Authority Under § 30.10
of Its Rules’’ generally sets forth the elements the
Commission will evaluate in determining whether
a particular regulatory program may be found to be
comparable for purposes of exemptive relief
pursuant to Regulation 30.10. 52 FR 28990, 29001
(Aug. 5, 1987).
2 57 FR 49644 (Nov. 3, 1992).
E:\FR\FM\09JYR1.SGM
09JYR1
Federal Register / Vol. 73, No. 132 / Wednesday, July 9, 2008 / Rules and Regulations
To provide the appropriate level of
customer protection, the relief was
limited to conduct directed towards
certain institutions and governmental
entities as described in Regulation 4.7.3
In addition, the Commission stated that
any person who established a fixed
location in the U.S. for the solicitation
or acceptance of business, or whose
marketing activities involved long or
repeated periods within the U.S. that
can be characterized as a de facto fixed
presence, would be disqualified from
Regulation 30.10 relief and would be
required to register with the
Commission. On August 4, 1994, the
Commission issued an order expanding
the category of persons to whom
designated firms may direct limited
marketing conduct to include all
‘‘accredited investors,’’ as that term is
defined in section 230.501(a) of
Securities and Exchange Commission
Regulation D issued pursuant to the
Securities Act of 1933.4 The orders
issued by the Commission in 1992 and
1994 are collectively known as the
Limited Marketing Orders.
Pursuant to the terms set forth
therein, a foreign regulatory or selfregulatory organization must obtain a
written confirmation from the
Commission that the Limited Marketing
Orders apply to firms in its jurisdiction
with confirmed Regulation 30.10 relief.
On March 23, 2007, the Commission
issued an order granting relief under
Regulation 30.10 authorizing designated
members of TAIFEX to solicit and
accept orders from customers located in
the U.S. for otherwise permitted
transactions on TAIFEX.5 By letter
dated April 16, 2008, counsel for
TAIFEX petitioned the Commission to
confirm that designated TAIFEX
members may engage in limited
marketing conduct with respect to
foreign futures or options contracts
within the U.S. through their employees
or other representatives, as set forth in
the Limited Marketing Orders.
As previously stated, the Commission
believes that certain contacts between
firms with confirmed Regulation 30.10
relief and certain sophisticated
customers located in the U.S., who have
dwashington3 on PRODPC61 with RULES
3 The
order limited the relief to marketing
conduct directed towards persons whose
description in terms of sophistication and assets
was derived generally from the definition of
‘‘qualified eligible participant’’ (‘‘QEP’’), as defined
in Regulation 4.7(a)(1)(ii). In 2000, the Commission
streamlined Regulation 4.7 by combining into a
single definition those persons formerly defined as
QEPs and ‘‘qualified eligible clients’’ (‘‘QECs’’). As
a result of the revision, both QEPs and QECs are
termed ‘‘qualified eligible persons.’’ 65 FR 47848,
47849–50 (Aug. 4, 2000).
4 59 FR 42156 (Aug. 17, 1994).
5 72 FR 14413 (Mar. 28, 2007) (‘‘TAIFEX Order’’).
VerDate Aug<31>2005
15:16 Jul 08, 2008
Jkt 214001
a high degree of sophistication and
financial resources, would not be
contrary to the public interest.
Accordingly, the Commission has
determined to issue this order
permitting designated TAIFEX members
to engage in limited marketing conduct
with respect to foreign futures or option
contracts within the U.S. through their
employees or other representatives, as
set forth in the Limited Marketing
Orders.
Prior to engaging in any marketing
activity in the U.S., a TAIFEX member
must obtain confirmation of Regulation
30.10 relief from the National Futures
Association (‘‘NFA’’).6 Any TAIFEX
member operating pursuant to this order
will remain subject to all of the terms
and conditions set forth in the Limited
Marketing Orders and the TAIFEX
Order. In particular, the Commission
notes that every order granting
Regulation 30.10 relief has required a
firm seeking relief under such an order
to consent to jurisdiction in the U.S.
under the Commodity Exchange Act and
file with NFA a valid and binding
appointment of an agent in the U.S. for
service of process.
Dated: July 3, 2008.
By the Commission
David Stawick,
Secretary of the Commission.
[FR Doc. E8–15606 Filed 7–8–08; 8:45 am]
BILLING CODE 6351–01–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Parts 1 and 602
[TD 9412]
RIN 1545–BF06
Election To Expense Certain Refineries
Internal Revenue Service (IRS),
Treasury.
ACTION: Temporary regulations.
AGENCY:
SUMMARY: This document contains
temporary regulations relating to the
election to expense qualified refinery
property under section 179C of the
Internal Revenue Code, and affects
taxpayers who own refineries located in
the United States. These temporary
6 The Commission has delegated to NFA certain
responsibilities, including the responsibility to
receive requests for confirmation of Regulation
30.10 relief on behalf of particular firms, to verify
such firms’ fitness and compliance with the
conditions of the appropriate Regulation 30.10
Order and to grant exemptive relief from
registration to qualifying firms. 62 FR 47792, 47793
(Sept. 11, 1997).
PO 00000
Frm 00015
Fmt 4700
Sfmt 4700
39227
regulations reflect changes to the law
made by the Energy Policy Act of 2005.
The text of these temporary regulations
also serves as the text of the proposed
regulations set forth in the notice of
proposed rulemaking on this subject in
the Proposed Rules section in this issue
of the Federal Register.
DATES: Effective Date: These regulations
are effective on July 9, 2008.
Applicability Date: For dates of
applicability, see § 1.179C–1T(g).
FOR FURTHER INFORMATION CONTACT:
Philip Tiegerman (202) 622–3110 (not a
toll-free number).
SUPPLEMENTARY INFORMATION:
Paperwork Reduction Act
These temporary regulations are being
issued without prior notice and public
procedure pursuant to the
Administrative Procedure Act (5 U.S.C.
553). For this reason, the collection of
information contained in these
regulations has been reviewed and,
pending receipt and evaluation of
public comments, approved by the
Office of Management and Budget under
control number (1545–2103). Responses
to this collection of information are
mandatory.
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
unless the collection of information
displays a valid OMB control number.
For further information concerning
this collection of information, and
where to submit comments on the
collection of information and the
accuracy of the estimated burden, and
suggestions for reducing this burden,
please refer to the preamble to the crossreferencing notice of proposed
rulemaking published in the Proposed
Rules section in this issue of the Federal
Register.
Books or records relating to a
collection of information must be
retained as long as their contents may
become material in the administration
of any internal revenue law. Generally,
tax returns and tax return information
are confidential, as required by 26
U.S.C. 6103.
Background
This document contains proposed
amendments to 26 CFR part 1 to provide
regulations under section 179C of the
Internal Revenue Code (Code). Section
179C was added to the Code by section
1323(a) of the Energy Policy Act of
2005, Public Law 109–58 (119 Stat. 594)
to encourage the construction of new
refineries and the expansion of existing
refineries to enhance the nation’s
refinery capacity.
E:\FR\FM\09JYR1.SGM
09JYR1
Agencies
[Federal Register Volume 73, Number 132 (Wednesday, July 9, 2008)]
[Rules and Regulations]
[Pages 39226-39227]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-15606]
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COMMODITY FUTURES TRADING COMMISSION
17 CFR Part 30
Limited Marketing Activities From a United States Location by
Certain Firms and Their Employees or Other Representatives Exempted
Under Commodity Futures Trading Commission Regulation 30.10
AGENCY: Commodity Futures Trading Commission.
ACTION: Order.
-----------------------------------------------------------------------
SUMMARY: The Commodity Futures Trading Commission (``Commission'') is
confirming that designated members of the Taiwan Futures Exchange
(``TAIFEX'') may engage in limited marketing conduct with respect to
foreign futures or options contracts within the U.S. through their
employees or representatives consistent with prior Commission orders.
This order is issued pursuant to Commission Regulation 30.10, which
permits persons to file a petition with the Commission for exemption
from the application of certain of the Regulations set forth in Part 30
and authorizes the Commission to grant such an exemption if such action
would not be otherwise contrary to the public interest or to the
purposes of the provision from which exemption is sought.
DATES: Effective Date: July 9, 2008.
FOR FURTHER INFORMATION CONTACT: Andrew Chapin, Special Counsel,
Division of Clearing and Intermediary Oversight, at (202) 418-5430
Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st
Street, NW., Washington, DC 20581. Electronic mail: achapin@cftc.gov.
SUPPLEMENTARY INFORMATION: The Commission has issued the following
Order:
Order Issued Pursuant to Regulation 30.10 Confirming That Designated
Members of TAIFEX May Engage in Limited Marketing Conduct With Respect
to Foreign Futures and Options Contracts Within the United States
Through Their Employees or Other Representatives.
Commission regulations governing the offer and sale of commodity
futures and option contracts traded on or subject to the regulations of
a foreign board of trade to customers located in the U.S. are contained
in Part 30 of the Commission's regulations.\1\ These regulations
include requirements for intermediaries with respect to registration,
disclosure, capital adequacy, protection of customer funds,
recordkeeping and reporting, and sales practice and compliance
procedures that are generally comparable to those applicable to
transactions on U.S. markets.
---------------------------------------------------------------------------
\1\ Commission regulations referred to herein are found at 17
CFR Ch. I (2007). Appendix A to Part 30, ``Interpretative Statement
With Respect to the Commission's Exemptive Authority Under Sec.
30.10 of Its Rules'' generally sets forth the elements the
Commission will evaluate in determining whether a particular
regulatory program may be found to be comparable for purposes of
exemptive relief pursuant to Regulation 30.10. 52 FR 28990, 29001
(Aug. 5, 1987).
---------------------------------------------------------------------------
In formulating a regulatory program to govern the offer and sale of
foreign futures and option products to customers located in the U.S.,
the Commission, among other things, considered the desirability of
ameliorating the potential extraterritorial impact of such a program
and avoiding duplicative regulation of firms engaged in international
business. Based upon these considerations, the Commission determined to
permit persons located outside the U.S. and subject to a comparable
regulatory structure in the jurisdiction in which they were located to
seek an exemption from certain of the requirements under Part 30 of the
Commission's regulations based upon substituted compliance with the
regulatory requirements of the foreign jurisdiction (``Regulation 30.10
relief'').
On October 28, 1992, the Commission issued an order to permit firms
that have obtained confirmation of Regulation 30.10 relief to engage in
limited marketing conduct with respect to foreign futures or options
contracts within the U.S. through their employees or representatives
without prior notification to the Commission.\2\ The Commission stated
that
---------------------------------------------------------------------------
\2\ 57 FR 49644 (Nov. 3, 1992).
the success of the [Regulation] 30.10 program as well as the
existence of working relationships established under that program
with foreign regulatory and self-regulatory authorities provide
assurances that the conduct of [Regulation] 30.10 exempted firms
through their employees or other representatives located in the
United States, if of a limited duration and subject to proper
supervisory controls, will not be inconsistent with the Commission's
obligations under the [Commodity Exchange Act] to ensure appropriate
---------------------------------------------------------------------------
customer protection.
[[Page 39227]]
To provide the appropriate level of customer protection, the relief was
limited to conduct directed towards certain institutions and
governmental entities as described in Regulation 4.7.\3\ In addition,
the Commission stated that any person who established a fixed location
in the U.S. for the solicitation or acceptance of business, or whose
marketing activities involved long or repeated periods within the U.S.
that can be characterized as a de facto fixed presence, would be
disqualified from Regulation 30.10 relief and would be required to
register with the Commission. On August 4, 1994, the Commission issued
an order expanding the category of persons to whom designated firms may
direct limited marketing conduct to include all ``accredited
investors,'' as that term is defined in section 230.501(a) of
Securities and Exchange Commission Regulation D issued pursuant to the
Securities Act of 1933.\4\ The orders issued by the Commission in 1992
and 1994 are collectively known as the Limited Marketing Orders.
---------------------------------------------------------------------------
\3\ The order limited the relief to marketing conduct directed
towards persons whose description in terms of sophistication and
assets was derived generally from the definition of ``qualified
eligible participant'' (``QEP''), as defined in Regulation
4.7(a)(1)(ii). In 2000, the Commission streamlined Regulation 4.7 by
combining into a single definition those persons formerly defined as
QEPs and ``qualified eligible clients'' (``QECs''). As a result of
the revision, both QEPs and QECs are termed ``qualified eligible
persons.'' 65 FR 47848, 47849-50 (Aug. 4, 2000).
\4\ 59 FR 42156 (Aug. 17, 1994).
---------------------------------------------------------------------------
Pursuant to the terms set forth therein, a foreign regulatory or
self-regulatory organization must obtain a written confirmation from
the Commission that the Limited Marketing Orders apply to firms in its
jurisdiction with confirmed Regulation 30.10 relief. On March 23, 2007,
the Commission issued an order granting relief under Regulation 30.10
authorizing designated members of TAIFEX to solicit and accept orders
from customers located in the U.S. for otherwise permitted transactions
on TAIFEX.\5\ By letter dated April 16, 2008, counsel for TAIFEX
petitioned the Commission to confirm that designated TAIFEX members may
engage in limited marketing conduct with respect to foreign futures or
options contracts within the U.S. through their employees or other
representatives, as set forth in the Limited Marketing Orders.
---------------------------------------------------------------------------
\5\ 72 FR 14413 (Mar. 28, 2007) (``TAIFEX Order'').
---------------------------------------------------------------------------
As previously stated, the Commission believes that certain contacts
between firms with confirmed Regulation 30.10 relief and certain
sophisticated customers located in the U.S., who have a high degree of
sophistication and financial resources, would not be contrary to the
public interest. Accordingly, the Commission has determined to issue
this order permitting designated TAIFEX members to engage in limited
marketing conduct with respect to foreign futures or option contracts
within the U.S. through their employees or other representatives, as
set forth in the Limited Marketing Orders.
Prior to engaging in any marketing activity in the U.S., a TAIFEX
member must obtain confirmation of Regulation 30.10 relief from the
National Futures Association (``NFA'').\6\ Any TAIFEX member operating
pursuant to this order will remain subject to all of the terms and
conditions set forth in the Limited Marketing Orders and the TAIFEX
Order. In particular, the Commission notes that every order granting
Regulation 30.10 relief has required a firm seeking relief under such
an order to consent to jurisdiction in the U.S. under the Commodity
Exchange Act and file with NFA a valid and binding appointment of an
agent in the U.S. for service of process.
---------------------------------------------------------------------------
\6\ The Commission has delegated to NFA certain
responsibilities, including the responsibility to receive requests
for confirmation of Regulation 30.10 relief on behalf of particular
firms, to verify such firms' fitness and compliance with the
conditions of the appropriate Regulation 30.10 Order and to grant
exemptive relief from registration to qualifying firms. 62 FR 47792,
47793 (Sept. 11, 1997).
---------------------------------------------------------------------------
Dated: July 3, 2008.
By the Commission
David Stawick,
Secretary of the Commission.
[FR Doc. E8-15606 Filed 7-8-08; 8:45 am]
BILLING CODE 6351-01-P