Adjustment of Civil Monetary Penalties for Inflation, 57512-57515 [E8-23417]
Download as PDF
<![CDATA[
57512
Federal Register / Vol. 73, No. 193 / Friday, October 3, 2008 / Rules and Regulations
Telecommunications and ‘‘Information
Security’’, Part 2 Information Security,
Export Control Classification Number
(ECCN) 5E992 is amended by revising
the License Requirements section and
the List of Items Controlled section, to
read as follows:
5E992 ‘‘Information Security’’
‘‘technology’’, not controlled by 5E002.
License Requirements
*
*
*
*
*
Control(s)
Country chart
AT applies to entire entry ..
*
*
*
*
AT Column 1.
*
List of Items Controlled
*
*
*
*
*
Items:
a. ‘‘Technology’’ n.e.s., for the
‘‘development’’, ‘‘production’’ or ‘‘use’’ of
equipment controlled by 5A992.a,
‘‘information security’’or cryptologic
equipment controlled by 5A992.b or
‘‘software’’ controlled by 5D992.a or b.
b. ‘‘Technology’’, n.e.s., for the ‘‘use’’ of
mass market commodities controlled by
5A992.c or mass market ‘‘software’’
controlled by 5D992.c.
Dated: September 26, 2008.
Christopher R. Wall,
Assistant Secretary for Export
Administration.
[FR Doc. E8–23201 Filed 10–2–08; 8:45 am]
BILLING CODE 3510–33–P
COMMODITY FUTURES TRADING
COMMISSION
17 CFR Part 143
RIN 3038–AC13
Adjustment of Civil Monetary Penalties
for Inflation
Commodity Futures Trading
Commission.
ACTION: Final rule.
jlentini on PROD1PC65 with RULES
AGENCY:
SUMMARY: The Commodity Futures
Trading Commission (Commission) is
amending its rule which governs the
maximum amount of civil monetary
penalties, to adjust for inflation. This
rule sets forth the maximum, inflationadjusted dollar amount for civil
monetary penalties (CMPs) assessable
for violations of the Commodity
Exchange Act (Act) and Commission
rules and orders thereunder. The rule,
as amended, implements the Federal
Civil Penalties Inflation Adjustment Act
of 1990, as amended by the Debt
Collection Improvement Act of 1996.
The rules also reflect the higher
VerDate Aug<31>2005
17:58 Oct 02, 2008
Jkt 217001
penalties enacted this year by Congress
for violations of the Act prohibiting
manipulation and attempted
manipulation.
DATES: Effective Date: October 23, 2008.
FOR FURTHER INFORMATION CONTACT:
Thuy Dinh, Esq., Office of General
Counsel, at (202) 418–5128 or
tdinh@cftc.gov; or Richard Foelber, Esq.,
Division of Enforcement, at (202) 418–
5347 or rfoelber@cftc.gov, Commodity
Futures Trading Commission, 1155 21st
Street, NW., Washington, DC 20581.
This document also is available at
https://www.regulations.gov.
SUPPLEMENTARY INFORMATION:
I. Background
The Federal Civil Penalties Inflation
Adjustment Act of 1990 (FCPIAA), as
amended by the Debt Collection
Improvement Act of 1996 (DCIA),1
requires the head of each Federal agency
to adjust by regulation, at least once
every four years, the maximum amount
of CMPs provided by law within the
jurisdiction of that agency by the cost of
living adjustment defined in the
FCPIAA, as amended.2 Because the
purposes of the inflation adjustments
include maintaining the deterrent effect
of CMPs and promoting compliance
with the law, the Commission monitors
the impact of inflation on its CMP
maximums and adjusts them as needed
to implement the requirements and
purposes of the FCPIAA.3
Congress this year enacted the CFTC
Reauthorization Act of 2008 at Title XIII
of the Food, Conservation, and Energy
Act of 2008, P.L. 110–246, 122 Stat.
1651 (eff. May 22, 2008)(Farm Bill).
Section 13103(a)–(c) amends sections
6(c), 6b and 6c of the Act, in each case
increasing the maximum civil monetary
penalty that may be imposed ‘‘in any
case of manipulation or attempted
1 The FCPIAA, Pub. L. 101–410 (1990), and the
relevant amendments to the FCPIAA contained in
the DCIA, Public Law 104–134 (1996), are codified
at 28 U.S.C. 2461 note.
2 The DCIA also requires that the range of
minimum and maximum CMPs be adjusted, if
applicable. This is not applicable to the
Commission because, for the relevant CMPs within
the Commission’s jurisdiction, the Act provides
only for maximum amounts that can be assessed for
each violation of the Act or the rules and orders
thereunder; the Act does not set forth any minimum
penalties. Therefore, the remainder of this release
will refer only to CMP maximums.
3 Specifically, the FCPIAA states:
The purpose of [the FCPIAA] is to establish a
mechanism that shall—
(1) Allow for regular adjustment for inflation of
civil monetary penalties;
(2) Maintain the deterrent effect of civil monetary
penalties and promote compliance with the law;
and
(3) Improve the collection by the Federal
Government of civil monetary penalties.
PO 00000
Frm 00028
Fmt 4700
Sfmt 4700
manipulation’’ in violation of section
6(c), 6(d), or 9(a)(2) to ‘‘the greater of
$1,000,000 or triple the monetary gain’’
to the violator.4
II. Relevant Commission CMPs
The inflation adjustment requirement
applies to:
[A]ny penalty, fine or other sanction
that—
(A) Is for a specific monetary amount
as provided by Federal law; or
(ii) Has a maximum amount provided
for by Federal law; and
(B) Is assessed or enforced by an
agency pursuant to Federal law; and
(C) Is assessed or enforced pursuant to
an administrative proceeding or a civil
action in the Federal courts[.] 28 U.S.C.
2661 note. The Act provides for CMPs
that meet the above definition, and are
therefore subject to the inflation
adjustment, in three instances: Sections
6(c), 6b, and 6c of the Act.5
4 Section
13103(a) of the Farm Bill states:
(a) ENFORCEMENT POWERS OF THE
COMMISSION.—Section 6(c) of the Commodity
Exchange Act (7 U.S.C. 9, 15) is amended in clause
(3) of the 10th sentence—
(1) by inserting ‘‘(A)’’ after ‘‘assess such person’’;
and
(2) by inserting after ‘‘each such violation’’ the
following:
‘‘, or (B) in any case of manipulation or attempted
manipulation in violation of this subsection,
subsection (d) of this section, or section 9(a)(2), a
civil penalty of not more than the greater of
$1,000,000 or triple the monetary gain to the person
for each such violation,’’.
Section 13103(b) of the Farm Bill states:
(b) NONENFORCEMENT OF RULES OF
GOVERNMENT OR OTHER VIOLATIONS.—
Section 6b of such Act (7 U.S.C. 13a) is
amended—
(1) In the first sentence, by inserting before the
period at the end the following: ‘‘, or, in any case
of manipulation or attempted manipulation in
violation of section 6(c), 6(d), or 9(a)(2), a civil
penalty of not more than $1,000,000 for each such
violation’’; and
(2) In the second sentence, by inserting before the
period at the end the following: ‘‘, except that if the
failure or refusal to obey or comply with the order
involved any offense under section 9(a)(2), the
registered entity, director, officer, agent, or
employee shall be guilty of a felony and, on
conviction, shall be subject to penalties under
section 9(a)(2)’’.
Section 13103(c) of the Farm Bill states:
(c) ACTION TO ENJOIN OR RESTRAIN
VIOLATIONS.—Section 6c(d) of such Act (7 U.S.C.
13a–1(d)) is amended by striking all that precedes
paragraph (2) and inserting the following:
‘‘(d) CIVIL PENALTIES.—
‘‘(1) IN GENERAL.—In any action brought under
this section, the Commission may seek and the
court shall have jurisdiction to impose, on a proper
showing, on any person found in the action to have
committed any violation—
‘‘(A) a civil penalty in the amount of not more
than the greater of $100,000 or triple the monetary
gain to the person for each violation; or
‘‘(B) in any case of manipulation or attempted
manipulation in violation of section 6(c), 6(d), or
9(a)(2), a civil penalty in the amount of not more
than the greater of $1,000,000 or triple the monetary
gain to the person for each violation.’’
5 7 U.S.C. 9, 13a and 13a–1.
E:\FR\FM\03OCR1.SGM
03OCR1
Federal Register / Vol. 73, No. 193 / Friday, October 3, 2008 / Rules and Regulations
Penalties may be assessed in a
Commission administrative proceeding
pursuant to Section 6(c) of the Act, 7
U.S.C. 9, against ‘‘any person’’ found by
the Commission to have:
(1) Engaged in the manipulation of the
price of any commodity, in interstate
commerce, or for future delivery;
(2) Willfully made a false or
misleading statement or omitted a
material fact in an application or report
filed with the Commission; or
(3) Violated any provision of the Act
or the Commission’s rules, regulations
or orders thereunder.
Penalties may be assessed in a
Commission administrative proceeding
pursuant to Section 6b of the Act, 7
U.S.C. 13a, against: (1) Any registered
entity that the Commission finds is not
enforcing or has not enforced its rules,
or (2) any registered entity, or any
director, officer, agent, or employee of
any registered entity, that is violating or
has violated any of the provisions of the
Act or the Commission’s rules,
regulations or orders thereunder.
Penalties may be assessed pursuant to
Section 6c of the Act, 7 U.S.C. 13a–l,
against ‘‘any person’’ found by ‘‘the
proper district court of the United
States’’ to have committed any violation
of any provision of the Act or any rule,
regulation or order thereunder.
III. Relevant Cost-of-Living Adjustment
The formula for determining the costof-living adjustment, first defined by the
FCPIAA, and amended by the DCIA,
consists of a four-step process.
The first step entails determining the
inflation adjustment factor. This is done
by calculating the percentage increase
by which the Consumer Price Index for
the month of June of the calendar year
preceding the adjustment exceeds the
Consumer Price Index for the month of
June of the calendar year in which the
amount of such civil monetary penalty
was last set or adjusted pursuant to
law.6 Accordingly, the inflation
adjustment factor for the present
adjustment equals the Consumer Price
Index for all-urban consumers
published by the Department of Labor
for June 2007 (i.e., June of the year
jlentini on PROD1PC65 with RULES
6 The
Consumer Price Index means the Consumer
Price Index for all urban consumers (CPI–U)
published by the Department of Labor. Interested
parties may find the relevant Consumer Price Index
over the Internet. To access this information, go to
the Consumer Price Index Home Page at: https://
www.bls.gov/data/. Under the Prices and Living
Conditions Section, select Most Requested Statistics
for CPI—All Urban Consumers (Current Series).
Then check the box for CPI for U.S. All Items,
1967=100–CUUR0000AA0, and click the Retrieve
Data button.
VerDate Aug<31>2005
17:58 Oct 02, 2008
Jkt 217001
preceding this year), divided by that
index for June 2004.7
Once the inflation adjustment factor is
determined, it is then multiplied by the
current maximum CMP set forth in Rule
143.8 to calculate the raw inflation
increase.8 This raw inflation increase is
then rounded according to the
guidelines set forth by the FCPIAA.9
Finally, once the inflation increase has
been rounded pursuant to the FCPIAA,
it is added to the current CMP
maximum to obtain the new CMP
maximum penalty.10 As a result, the
maximum, inflation-adjusted CMP for
each violation of the Act or Commission
rules or orders thereunder assessed
against any person pursuant to Sections
6(c) and 6c of the Act will be $140,000
or triple the monetary gain to such
person for each violation, and $675,000
for each such violation when assessed
pursuant to Section 6b of the Act.
The FCPIAA provides that ‘‘any
increase under [FCPIAA] in a civil
monetary penalty shall apply only to
violations which occur after the date the
increase takes effect.’’ 11 Thus, the new
CMP maximum may be applied only to
violations of the Act that occur after the
effective date of this amendment,
7 The Consumer Price Index for all-urban
consumers published by the Department of Labor
for June 2007 was 624.129, and for June 2004 was
568.2. Therefore, the relevant inflation adjustment
factor equals 624.129 divided by 568.2. The result
is a 9.8 percent increase in the CPI between June
2003 and June 2007. Accordingly, our inflation
adjustment factor is 9.8 percent, or 0.0984 for
computational purposes.
8 The current CMP maximum listed in Rule 143.8,
as amended in 2004, for purposes of Sections 6(c)
and 6c of the Act is $130,000. The current CMP
maximum for purposes of Section 6b of the Act is
$625,000.
Accordingly, the calculations for the raw inflation
increase are the following:
Sections 6(c) and 6c: (0.0984 × $130,000) =
$12,792
Section 6b: (0.0984 × $625,000) = $61,500
9 The FCPIAA, as amended by the DCIA, provides
in relevant part that any increase ‘‘shall be rounded
to the nearest—
(5) multiple of $10,000 in the case of penalties
greater than $100,000 but less than or equal to
$200,000; and
(6) multiple of $25,000 in the case of penalties
greater than $200,000.’’
Accordingly, the raw inflation increase for
purposes of Sections 6(c) and 6c of the Act
($12,792) is rounded to $10,000, while the raw
inflation increase for purposes of Section 6b
($61,500) is rounded to $50,000.
10 For purposes of Sections 6(c) and 6c of the Act,
the rounded inflation increase ($10,000) is added to
the current CMP maximum ($130,000), totaling
$140,000. For purposes of Section 6b of the Act, the
rounded inflation increase ($50,000) is added to the
current CMP maximum ($575,000), totaling
$625,000.
11 See also Landgraf v. USI Film Products, 511
U.S. 244 (1994) (holding that there is a presumption
against retroactivity in changes to damage remedies
or civil penalties in the absence of clear statutory
language to the contrary).
PO 00000
Frm 00029
Fmt 4700
Sfmt 4700
57513
October 23, 2004. The new statutory
maximum for manipulation and
attempted manipulation shall apply to
violations that occur after the effective
date of the Farm Bill, i.e., May 22, 2008.
IV. Related Matters
A. Notice Requirement
This amendment to Rule 143.8 will
implement a statutory change regarding
agency procedure or practice within the
meaning of 5 U.S.C. 553(b)(3)(A) and
therefore does not require notice.12 The
Commission also believes that
opportunity for public comment is
unnecessary under 5 U.S.C. 553(b)(3)(B).
This amendment does not effect any
substantive change in Commission
rules, nor alter any obligation that a
party has under Commission rules,
regulations or orders. No party must
change its manner of doing business,
either with the public or the
Commission, to comply with the rule
amendment. This change is undertaken
pursuant to a statutory requirement that
all agencies make such adjustments and
is intended to prevent inflation from
eroding the deterrent effect of CMPs.
The change also recognizes amendments
to the Act contained in the Farm Bill.
While higher maximum CMPs may
expose persons to potentially higher
financial liability, in nominal terms, for
violations of the Act or Commission
rules or orders thereunder, the rule
amendment does not require that the
maximum penalty be imposed on any
party, nor does it alter any substantive
due process rights that a party has in an
administrative proceeding or a court of
law that protect against imposition of
excessive penalties. Further, as
previously noted, the rule amendment
applies only to violations of the Act or
Commission rules or orders that occur
after the effective date of this
amendment.
B. Regulatory Flexibility Act
The Regulatory Flexibility Act, 5
U.S.C. 601 et seq., requires that agencies
consider the impact of their rules on
small businesses. The amended rule
potentially will affect those persons
who are found by the Commission or
the Federal courts to have violated the
12 U.S.C. 553(b) generally requires notice of
proposed rulemaking to be published in the Federal
Register. That provision states, however, that
‘‘[e]xcept when notice or hearing is required by
statute, [notice is not required]—
(A) [for] interpretive rules, general statements of
policy, or rules of agency organization, procedure,
or practice; or
(B) when the agency for good cause finds (and
incorporates the finding and a brief statement of
reasons therefor in the rules issued) that notice and
public procedure thereon are impracticable,
unnecessary, or contrary to the public interest.’’
E:\FR\FM\03OCR1.SGM
03OCR1
57514
Federal Register / Vol. 73, No. 193 / Friday, October 3, 2008 / Rules and Regulations
Act or Commission rules or orders.
Some of these affected parties could be
small businesses. Nevertheless, the
Acting Chairman, on behalf of the
Commission, certifies that this rule will
not have a significant economic impact
on a substantial number of small
entities. While the Commission
recognizes that certain persons assessed
a CMP for violating Act or Commission
rules or orders may be small businesses,
the rule does not mandate the
imposition of the maximum CMP set
forth in the rule on any party. As is
currently the case, the imposition of the
maximum CMP will occur only where
the administrative law judge, the
Commission or a Federal court finds
that the gravity of the offense warrants
a CMP in that amount.13
The rule should not increase in real
terms the economic burden of the
maximum CMPs set forth in the Act.
Instead, the rule implements a statutory
requirement that agencies adjust for
inflation existing CMPs so that the real
economic value of such penalties, and
therefore the Congressionally-intended
deterrent effect of such CMPs, is not
reduced over time by inflation. Nor does
the rule impose any new, affirmative
duty on any party or change any
existing requirements, and thus no party
who is currently complying with the
Act and Commission regulations will
incur any expense in order to comply
with the amended rule. Therefore, the
Commission believes that this final rule
will not have a significant economic
impact on a substantial number of small
entities.14
jlentini on PROD1PC65 with RULES
13 Section
6(e) of the Act, 7 U.S.C. 9a(1), directs
the Commission to ‘‘consider the appropriateness of
[a] penalty to the gravity violation’’ when assessing
a CMP pursuant to Section 6(c) of the Act. In
addition, the Commission’s penalty guidelines state
that the Commission, when assessing any CMP, will
consider the gravity of the offense in question. In
assessing the gravity of an offense, the Community
may consider such factors as whether the violations
resulted in harm to the victims, whether the
violations involved core provisions of the Act, and
whether the violator acted intentionally or
willfully, as well as other factors. See CFTC Policy
Statement Relating to the Commission’s Authority
to Impose Civil Money Penalties and Futures SelfRegulatory Organizations’ Authority to Impose
Sanction; Penalty Guidelines, [1994–1996 Transfer
Binder] Comm. Fut. L. Rep. (CCH) ¶ 26,265 (CFTC
November 1994).
14 Any agency that regulates the activities of small
entities must establish a policy or program to
reduce and, when appropriate, to waive civil
penalties for violations of statutory or regulatory
requirements by small entities. An agency is not
required to reduce or waive civil penalties,
however, if: (1) An entity has been the subject of
multiple enforcement actions; (2) an entity’s
violations involve willful or criminal conduct; or
(3) the violations involve serious health, safety or
environmental threats. See Small Business
Regulatory Enforcement Fairness Act of 1996
(‘‘SBREFA’’), Public Law 104–121, § 223, 110 Stat.
862 (March 29, 1996). The Commission takes these
VerDate Aug<31>2005
17:58 Oct 02, 2008
Jkt 217001
C. Paperwork Reduction Act
The Paperwork Reduction Act of 1995
(PRA), 44 U.S.C. 3507(d), which
imposes certain requirements on
Federal agencies, including the
Commission, connection with their
conducting or sponsoring any collection
of information as defined by the PRA,
does not apply to this rule. The
Commission believes this rule
amendment does not contain
information collection requirements that
require the approval of the Office of
Management and Budget.
List of Subjects in 17 CFR Part 143
Civil monetary penalty, Claims.
In consideration of the foregoing and
pursuant to authority contained in
Sections 6(c), 6b and 6c of the Act, 7
U.S.C. 9, 13a, and 13a–1(d), and 28
U.S.C. 2461 note as amended by Pub. L.
104–134, the Commission hereby
amends part 143 of chapter I of title 17
of the Code of Federal Regulations as
follows:
■
PART 143—COLLECTION OF CLAIMS
OWED THE UNITED STATES ARISING
FROM ACTIVITIES UNDER THE
COMMISSION’S JURISDICTION
1. The authority citation for part 143
reads as follows:
■
Authority: 7 U.S.C. 9 and 15, 9a, 12a(5),
13a, 13a–1(d) and 13(a); 31 U.S.C. 3701–
3719; 28 U.S.C. 2461 note.
2. Section 143.8 is amended by
revising paragraph (a) to read as follows:
■
§ 143.8 Inflation-adjusted civil monetary
penalties.
(a) Unless otherwise amended by an
act of Congress, the inflation-adjusted
maximum civil monetary penalty for
each violation of the Commodity
Exchange Act or the rules or orders
promulgated thereunder that may be
assessed or enforced by the Commission
under the Commodity Exchange Act
pursuant to an administrative
proceeding or a civil action in Federal
court will be:
(1) Except as provided in paragraph
(v) hereof, for each violation for which
a civil monetary penalty is assessed
against any person (other than a
registered entity) pursuant to Section
6(c) of the Commodity Exchange Act, 7
U.S.C. 9:
(i) For violations committed between
November 27, 1996 and October 22,
2000, not more than the greater of
provisions of SBREFA into account when it
considers whether to seek or impose a civil
monetary penalty in a particular case involving a
small entity.
PO 00000
Frm 00030
Fmt 4700
Sfmt 4700
$110,000 or triple the monetary gain to
such person for each such violation;
(ii) For violations committed between
October 23, 2000 and October 22, 2004,
not more than the greater of $120,000 or
triple the monetary gain to such person
for each such violation;
(iii) For violations committed between
October 23, 2004 and October 22, 2008,
not more than the greater of $130,000 or
triple the monetary gain to such person
for each such violation; and
(iv) For violations committed on or
after October 23, 2008, not more than
the greater of $140,000 or triple the
monetary gain to such person for each
such violation; provided that—
(v) In any case of manipulation or
attempted manipulation in violation of
Section 6(c), 6(d), or 9(a)(2) of the Act
committed on or after May 22, 2008, not
more than the greater of $1,000,000 or
triple the monetary gain to such person
for each such violation; and
(2) Except as provided in paragraph
(v) hereof, for each violation for which
a civil monetary penalty is assessed
against any registered entity or other
person pursuant to Section 6c of the
Commodity Exchange Act, 7 U.S.C. 13a–
l:
(i) For violations committed between
November 27, 1996 and October 22,
2000, not more than the greater of
$110,000 or triple the monetary gain to
such person for each such violation;
(ii) For violations committed between
October 23, 2000 and October 22, 2004,
not more than the greater of $120,000 or
triple the monetary gain to such person
for each such violation;
(iii) For violations committed between
October 23, 2004 and October 22, 2008,
not more than the greater of $130,000 or
triple the monetary gain to such person
for each such violation; and
(iv) For violations committed on or
after October 23, 2008, not more than
the greater of $140,000 or triple the
monetary gain to such person for each
such violation; provided that—
(v) In any case of manipulation or
attempted manipulation in violation of
Section 6(c), 6(d), or 9(a)(2) of the Act
committed on or after May 22, 2008, not
more than the greater of $1,000,000 or
triple the monetary gain to such person
for each such violation;
(3) For each violation for which a civil
monetary penalty is assessed against
any registered entity or any director,
officer, agent, or employee of any
registered entity pursuant to Section 6b
of the Commodity Exchange Act, 7
U.S.C. 13a:
(i) For violations committed between
November 27, 1996 and October 22,
2000, not more than $550,000 for each
such violation;
E:\FR\FM\03OCR1.SGM
03OCR1
Federal Register / Vol. 73, No. 193 / Friday, October 3, 2008 / Rules and Regulations
(ii) For violations committed between
October 23, 2000 and October 22, 2004,
not more than $575,000 for each such
violation;
(iii) For violations committed between
October 23, 2004 and October 22, 2008,
not more than $625,000 for each such
violation; and
(iv) For violations committed on or
after October 23, 2008, not more than
the greater of $675,000 or triple the
monetary gain to such person for each
such violation, provided that—
(v) In any case of manipulation or
attempted manipulation in violation of
Section 6(c), 6(d), or 9(a)(2) of the Act
committed on or after May 22, 2008, not
more than the greater of $1,000,000 or
triple the monetary gain each such
violation.
*
*
*
*
*
Issued in Washington, DC, on September
30, 2008 by the Commission.
David A. Stawick,
Secretary of the Commission.
[FR Doc. E8–23417 Filed 10–2–08; 8:45 am]
BILLING CODE 6351–01–P
DEPARTMENT OF ENERGY
Federal Energy Regulatory
Commission
18 CFR Parts 35, 131, 154, 157, 250,
281, 284, 300, 341, 344, 346, 347, 348,
375 and 385
[Docket No. RM01–5–000; Order No. 714]
Electronic Tariff Filings
Issued September 19, 2008.
Federal Energy Regulatory
Commission, DOE.
ACTION: Final rule.
AGENCY:
SUMMARY: The Federal Energy
Regulatory Commission is revising its
regulations to require that all tariffs and
tariff revisions and rate change
applications for the public utilities,
natural gas pipelines, oil pipelines and
power administrations be filed
electronically according to a set of
standards developed in conjunction
with the North American Energy
Standards Board. This rule is part of the
Commission’s efforts to comply with the
Paperwork Reduction Act, the
Government Paperwork Elimination Act
(GPEA), and the E–Government Act of
2002 by developing the capability to file
electronically with the Commission via
the Internet. Electronic filing reduces
physical storage space needs and
document processing time, provides for
easier tracking of document filing
57515
activity; potentially reduces mailing and
courier fees; allows concurrent access to
the tariff filing by multiple parties as
well as the ability to download and
print tariff filings; and provides
automatic e-mail notification to an
applicant of receipt of the filing and
whether or not it has been accepted.
Upon implementation of this rule, the
Commission will no longer accept tariff
filings submitted in paper format.
DATES: Effective Dates: This rule will
become effective November 3, 2008.
Implementation will begin April 1, 2010
pursuant to a six month staggered
schedule.
FOR FURTHER INFORMATION CONTACT:
H. Keith Pierce (Technical Information),
Office of Energy Market Regulation,
Federal Energy Regulatory
Commission, 888 First Street, NE.,
Washington, DC 20426, (202) 502–
8525, Keith.Pierce@ferc.gov.
Anthony Barracchini (IT Information),
Office of the Executive Director,
Federal Energy Regulatory
Commission, 888 First Street, NE.,
Washington, DC 20426, (202) 502–
8940, Anthony.Barracchini@ferc.gov.
Andre Goodson (Legal Information),
Office of the General Counsel, Federal
Energy Regulatory Commission, 888
First Street, NE., Washington, DC
20426, (202) 502–8560,
Andre.Goodson@ferc.gov.
SUPPLEMENTARY INFORMATION:
TABLE OF CONTENTS
jlentini on PROD1PC65 with RULES
Paragraph
number
I. Background ..........................................................................................................................................................................................
II. Discussion ..........................................................................................................................................................................................
A. Electronic Filing Requirements .................................................................................................................................................
1. Companies Required to File Tariffs Electronically ............................................................................................................
2. Procedures for Making Tariff Filings ..................................................................................................................................
3. XML Schema and Tariff Database .......................................................................................................................................
B. Tariff Filing Requirements .........................................................................................................................................................
1. Sheets or Section Filing Requirements ...............................................................................................................................
2. Gas and Electric Open Access Transmission Tariffs .........................................................................................................
3. Versioning ............................................................................................................................................................................
4. Marked Tariff Changes ........................................................................................................................................................
5. Clean Tariff Sheets Filed as Attachments ..........................................................................................................................
6. Joint, Shared, and Section 206 Filings ...............................................................................................................................
a. Joint Tariff Filings .........................................................................................................................................................
b. Shared Tariffs ................................................................................................................................................................
c. Section 206 Filings Related to ISOs/RTOs ..................................................................................................................
C. Other Business Practice Changes ...............................................................................................................................................
1. Electronic Service ................................................................................................................................................................
2. Attachment Documents .......................................................................................................................................................
3. Withdrawal of Pending Tariff Filings and Amendments to Tariff Filings .......................................................................
4. Motions .................................................................................................................................................................................
5. Rate Sheets for Tariff Filings by Intrastate and Hinshaw Pipelines .................................................................................
D. Regulatory Text ...........................................................................................................................................................................
E. Transition Procedures .................................................................................................................................................................
1. Testing of Software ..............................................................................................................................................................
2. Baseline Tariff Filings .........................................................................................................................................................
3. Implementation Date for eTariff ..........................................................................................................................................
III. Information Collection Statement ....................................................................................................................................................
A. Comments on the NOPR’s Burden Estimates ...........................................................................................................................
VerDate Aug<31>2005
17:58 Oct 02, 2008
Jkt 217001
PO 00000
Frm 00031
Fmt 4700
Sfmt 4700
E:\FR\FM\03OCR1.SGM
03OCR1
2.
9.
15.
15.
16.
23.
33.
35.
40.
46.
52.
58.
60.
61.
65.
74.
77.
77.
79.
80.
83.
84.
86.
87.
87.
92.
102.
105.
107.
]]>Agencies
[Federal Register Volume 73, Number 193 (Friday, October 3, 2008)]
[Rules and Regulations]
[Pages 57512-57515]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-23417]
=======================================================================
-----------------------------------------------------------------------
COMMODITY FUTURES TRADING COMMISSION
17 CFR Part 143
RIN 3038-AC13
Adjustment of Civil Monetary Penalties for Inflation
AGENCY: Commodity Futures Trading Commission.
ACTION: Final rule.
-----------------------------------------------------------------------
SUMMARY: The Commodity Futures Trading Commission (Commission) is
amending its rule which governs the maximum amount of civil monetary
penalties, to adjust for inflation. This rule sets forth the maximum,
inflation-adjusted dollar amount for civil monetary penalties (CMPs)
assessable for violations of the Commodity Exchange Act (Act) and
Commission rules and orders thereunder. The rule, as amended,
implements the Federal Civil Penalties Inflation Adjustment Act of
1990, as amended by the Debt Collection Improvement Act of 1996. The
rules also reflect the higher penalties enacted this year by Congress
for violations of the Act prohibiting manipulation and attempted
manipulation.
DATES: Effective Date: October 23, 2008.
FOR FURTHER INFORMATION CONTACT: Thuy Dinh, Esq., Office of General
Counsel, at (202) 418-5128 or tdinh@cftc.gov; or Richard Foelber, Esq.,
Division of Enforcement, at (202) 418-5347 or rfoelber@cftc.gov,
Commodity Futures Trading Commission, 1155 21st Street, NW.,
Washington, DC 20581. This document also is available at https://
www.regulations.gov.
SUPPLEMENTARY INFORMATION:
I. Background
The Federal Civil Penalties Inflation Adjustment Act of 1990
(FCPIAA), as amended by the Debt Collection Improvement Act of 1996
(DCIA),\1\ requires the head of each Federal agency to adjust by
regulation, at least once every four years, the maximum amount of CMPs
provided by law within the jurisdiction of that agency by the cost of
living adjustment defined in the FCPIAA, as amended.\2\ Because the
purposes of the inflation adjustments include maintaining the deterrent
effect of CMPs and promoting compliance with the law, the Commission
monitors the impact of inflation on its CMP maximums and adjusts them
as needed to implement the requirements and purposes of the FCPIAA.\3\
---------------------------------------------------------------------------
\1\ The FCPIAA, Pub. L. 101-410 (1990), and the relevant
amendments to the FCPIAA contained in the DCIA, Public Law 104-134
(1996), are codified at 28 U.S.C. 2461 note.
\2\ The DCIA also requires that the range of minimum and maximum
CMPs be adjusted, if applicable. This is not applicable to the
Commission because, for the relevant CMPs within the Commission's
jurisdiction, the Act provides only for maximum amounts that can be
assessed for each violation of the Act or the rules and orders
thereunder; the Act does not set forth any minimum penalties.
Therefore, the remainder of this release will refer only to CMP
maximums.
\3\ Specifically, the FCPIAA states:
The purpose of [the FCPIAA] is to establish a mechanism that
shall--
(1) Allow for regular adjustment for inflation of civil monetary
penalties;
(2) Maintain the deterrent effect of civil monetary penalties
and promote compliance with the law; and
(3) Improve the collection by the Federal Government of civil
monetary penalties.
---------------------------------------------------------------------------
Congress this year enacted the CFTC Reauthorization Act of 2008 at
Title XIII of the Food, Conservation, and Energy Act of 2008, P.L. 110-
246, 122 Stat. 1651 (eff. May 22, 2008)(Farm Bill). Section 13103(a)-
(c) amends sections 6(c), 6b and 6c of the Act, in each case increasing
the maximum civil monetary penalty that may be imposed ``in any case of
manipulation or attempted manipulation'' in violation of section 6(c),
6(d), or 9(a)(2) to ``the greater of $1,000,000 or triple the monetary
gain'' to the violator.\4\
---------------------------------------------------------------------------
\4\ Section 13103(a) of the Farm Bill states:
(a) ENFORCEMENT POWERS OF THE COMMISSION.--Section 6(c) of the
Commodity Exchange Act (7 U.S.C. 9, 15) is amended in clause (3) of
the 10th sentence--
(1) by inserting ``(A)'' after ``assess such person''; and
(2) by inserting after ``each such violation'' the following:
``, or (B) in any case of manipulation or attempted manipulation
in violation of this subsection, subsection (d) of this section, or
section 9(a)(2), a civil penalty of not more than the greater of
$1,000,000 or triple the monetary gain to the person for each such
violation,''.
Section 13103(b) of the Farm Bill states:
(b) NONENFORCEMENT OF RULES OF GOVERNMENT OR OTHER VIOLATIONS.--
Section 6b of such Act (7 U.S.C. 13a) is amended--
(1) In the first sentence, by inserting before the period at the
end the following: ``, or, in any case of manipulation or attempted
manipulation in violation of section 6(c), 6(d), or 9(a)(2), a civil
penalty of not more than $1,000,000 for each such violation''; and
(2) In the second sentence, by inserting before the period at
the end the following: ``, except that if the failure or refusal to
obey or comply with the order involved any offense under section
9(a)(2), the registered entity, director, officer, agent, or
employee shall be guilty of a felony and, on conviction, shall be
subject to penalties under section 9(a)(2)''.
Section 13103(c) of the Farm Bill states:
(c) ACTION TO ENJOIN OR RESTRAIN VIOLATIONS.--Section 6c(d) of
such Act (7 U.S.C. 13a-1(d)) is amended by striking all that
precedes paragraph (2) and inserting the following:
``(d) CIVIL PENALTIES.--
``(1) IN GENERAL.--In any action brought under this section, the
Commission may seek and the court shall have jurisdiction to impose,
on a proper showing, on any person found in the action to have
committed any violation--
``(A) a civil penalty in the amount of not more than the greater
of $100,000 or triple the monetary gain to the person for each
violation; or
``(B) in any case of manipulation or attempted manipulation in
violation of section 6(c), 6(d), or 9(a)(2), a civil penalty in the
amount of not more than the greater of $1,000,000 or triple the
monetary gain to the person for each violation.''
---------------------------------------------------------------------------
II. Relevant Commission CMPs
The inflation adjustment requirement applies to:
[A]ny penalty, fine or other sanction that--
(A) Is for a specific monetary amount as provided by Federal law;
or
(ii) Has a maximum amount provided for by Federal law; and
(B) Is assessed or enforced by an agency pursuant to Federal law;
and
(C) Is assessed or enforced pursuant to an administrative
proceeding or a civil action in the Federal courts[.] 28 U.S.C. 2661
note. The Act provides for CMPs that meet the above definition, and are
therefore subject to the inflation adjustment, in three instances:
Sections 6(c), 6b, and 6c of the Act.\5\
---------------------------------------------------------------------------
\5\ 7 U.S.C. 9, 13a and 13a-1.
---------------------------------------------------------------------------
[[Page 57513]]
Penalties may be assessed in a Commission administrative proceeding
pursuant to Section 6(c) of the Act, 7 U.S.C. 9, against ``any person''
found by the Commission to have:
(1) Engaged in the manipulation of the price of any commodity, in
interstate commerce, or for future delivery;
(2) Willfully made a false or misleading statement or omitted a
material fact in an application or report filed with the Commission; or
(3) Violated any provision of the Act or the Commission's rules,
regulations or orders thereunder.
Penalties may be assessed in a Commission administrative proceeding
pursuant to Section 6b of the Act, 7 U.S.C. 13a, against: (1) Any
registered entity that the Commission finds is not enforcing or has not
enforced its rules, or (2) any registered entity, or any director,
officer, agent, or employee of any registered entity, that is violating
or has violated any of the provisions of the Act or the Commission's
rules, regulations or orders thereunder.
Penalties may be assessed pursuant to Section 6c of the Act, 7
U.S.C. 13a-l, against ``any person'' found by ``the proper district
court of the United States'' to have committed any violation of any
provision of the Act or any rule, regulation or order thereunder.
III. Relevant Cost-of-Living Adjustment
The formula for determining the cost-of-living adjustment, first
defined by the FCPIAA, and amended by the DCIA, consists of a four-step
process.
The first step entails determining the inflation adjustment factor.
This is done by calculating the percentage increase by which the
Consumer Price Index for the month of June of the calendar year
preceding the adjustment exceeds the Consumer Price Index for the month
of June of the calendar year in which the amount of such civil monetary
penalty was last set or adjusted pursuant to law.\6\ Accordingly, the
inflation adjustment factor for the present adjustment equals the
Consumer Price Index for all-urban consumers published by the
Department of Labor for June 2007 (i.e., June of the year preceding
this year), divided by that index for June 2004.\7\
---------------------------------------------------------------------------
\6\ The Consumer Price Index means the Consumer Price Index for
all urban consumers (CPI-U) published by the Department of Labor.
Interested parties may find the relevant Consumer Price Index over
the Internet. To access this information, go to the Consumer Price
Index Home Page at: https://www.bls.gov/data/. Under the Prices and
Living Conditions Section, select Most Requested Statistics for
CPI--All Urban Consumers (Current Series). Then check the box for
CPI for U.S. All Items, 1967=100-CUUR0000AA0, and click the Retrieve
Data button.
\7\ The Consumer Price Index for all-urban consumers published
by the Department of Labor for June 2007 was 624.129, and for June
2004 was 568.2. Therefore, the relevant inflation adjustment factor
equals 624.129 divided by 568.2. The result is a 9.8 percent
increase in the CPI between June 2003 and June 2007. Accordingly,
our inflation adjustment factor is 9.8 percent, or 0.0984 for
computational purposes.
---------------------------------------------------------------------------
Once the inflation adjustment factor is determined, it is then
multiplied by the current maximum CMP set forth in Rule 143.8 to
calculate the raw inflation increase.\8\ This raw inflation increase is
then rounded according to the guidelines set forth by the FCPIAA.\9\
Finally, once the inflation increase has been rounded pursuant to the
FCPIAA, it is added to the current CMP maximum to obtain the new CMP
maximum penalty.\10\ As a result, the maximum, inflation-adjusted CMP
for each violation of the Act or Commission rules or orders thereunder
assessed against any person pursuant to Sections 6(c) and 6c of the Act
will be $140,000 or triple the monetary gain to such person for each
violation, and $675,000 for each such violation when assessed pursuant
to Section 6b of the Act.
---------------------------------------------------------------------------
\8\ The current CMP maximum listed in Rule 143.8, as amended in
2004, for purposes of Sections 6(c) and 6c of the Act is $130,000.
The current CMP maximum for purposes of Section 6b of the Act is
$625,000.
Accordingly, the calculations for the raw inflation increase are
the following:
Sections 6(c) and 6c: (0.0984 x $130,000) = $12,792
Section 6b: (0.0984 x $625,000) = $61,500
\9\ The FCPIAA, as amended by the DCIA, provides in relevant
part that any increase ``shall be rounded to the nearest--
(5) multiple of $10,000 in the case of penalties greater than
$100,000 but less than or equal to $200,000; and
(6) multiple of $25,000 in the case of penalties greater than
$200,000.''
Accordingly, the raw inflation increase for purposes of Sections
6(c) and 6c of the Act ($12,792) is rounded to $10,000, while the
raw inflation increase for purposes of Section 6b ($61,500) is
rounded to $50,000.
\10\ For purposes of Sections 6(c) and 6c of the Act, the
rounded inflation increase ($10,000) is added to the current CMP
maximum ($130,000), totaling $140,000. For purposes of Section 6b of
the Act, the rounded inflation increase ($50,000) is added to the
current CMP maximum ($575,000), totaling $625,000.
---------------------------------------------------------------------------
The FCPIAA provides that ``any increase under [FCPIAA] in a civil
monetary penalty shall apply only to violations which occur after the
date the increase takes effect.'' \11\ Thus, the new CMP maximum may be
applied only to violations of the Act that occur after the effective
date of this amendment, October 23, 2004. The new statutory maximum for
manipulation and attempted manipulation shall apply to violations that
occur after the effective date of the Farm Bill, i.e., May 22, 2008.
---------------------------------------------------------------------------
\11\ See also Landgraf v. USI Film Products, 511 U.S. 244 (1994)
(holding that there is a presumption against retroactivity in
changes to damage remedies or civil penalties in the absence of
clear statutory language to the contrary).
---------------------------------------------------------------------------
IV. Related Matters
A. Notice Requirement
This amendment to Rule 143.8 will implement a statutory change
regarding agency procedure or practice within the meaning of 5 U.S.C.
553(b)(3)(A) and therefore does not require notice.\12\ The Commission
also believes that opportunity for public comment is unnecessary under
5 U.S.C. 553(b)(3)(B). This amendment does not effect any substantive
change in Commission rules, nor alter any obligation that a party has
under Commission rules, regulations or orders. No party must change its
manner of doing business, either with the public or the Commission, to
comply with the rule amendment. This change is undertaken pursuant to a
statutory requirement that all agencies make such adjustments and is
intended to prevent inflation from eroding the deterrent effect of
CMPs. The change also recognizes amendments to the Act contained in the
Farm Bill.
---------------------------------------------------------------------------
\12\ U.S.C. 553(b) generally requires notice of proposed
rulemaking to be published in the Federal Register. That provision
states, however, that ``[e]xcept when notice or hearing is required
by statute, [notice is not required]--
(A) [for] interpretive rules, general statements of policy, or
rules of agency organization, procedure, or practice; or
(B) when the agency for good cause finds (and incorporates the
finding and a brief statement of reasons therefor in the rules
issued) that notice and public procedure thereon are impracticable,
unnecessary, or contrary to the public interest.''
---------------------------------------------------------------------------
While higher maximum CMPs may expose persons to potentially higher
financial liability, in nominal terms, for violations of the Act or
Commission rules or orders thereunder, the rule amendment does not
require that the maximum penalty be imposed on any party, nor does it
alter any substantive due process rights that a party has in an
administrative proceeding or a court of law that protect against
imposition of excessive penalties. Further, as previously noted, the
rule amendment applies only to violations of the Act or Commission
rules or orders that occur after the effective date of this amendment.
B. Regulatory Flexibility Act
The Regulatory Flexibility Act, 5 U.S.C. 601 et seq., requires that
agencies consider the impact of their rules on small businesses. The
amended rule potentially will affect those persons who are found by the
Commission or the Federal courts to have violated the
[[Page 57514]]
Act or Commission rules or orders. Some of these affected parties could
be small businesses. Nevertheless, the Acting Chairman, on behalf of
the Commission, certifies that this rule will not have a significant
economic impact on a substantial number of small entities. While the
Commission recognizes that certain persons assessed a CMP for violating
Act or Commission rules or orders may be small businesses, the rule
does not mandate the imposition of the maximum CMP set forth in the
rule on any party. As is currently the case, the imposition of the
maximum CMP will occur only where the administrative law judge, the
Commission or a Federal court finds that the gravity of the offense
warrants a CMP in that amount.\13\
---------------------------------------------------------------------------
\13\ Section 6(e) of the Act, 7 U.S.C. 9a(1), directs the
Commission to ``consider the appropriateness of [a] penalty to the
gravity violation'' when assessing a CMP pursuant to Section 6(c) of
the Act. In addition, the Commission's penalty guidelines state that
the Commission, when assessing any CMP, will consider the gravity of
the offense in question. In assessing the gravity of an offense, the
Community may consider such factors as whether the violations
resulted in harm to the victims, whether the violations involved
core provisions of the Act, and whether the violator acted
intentionally or willfully, as well as other factors. See CFTC
Policy Statement Relating to the Commission's Authority to Impose
Civil Money Penalties and Futures Self-Regulatory Organizations'
Authority to Impose Sanction; Penalty Guidelines, [1994-1996
Transfer Binder] Comm. Fut. L. Rep. (CCH) ] 26,265 (CFTC November
1994).
---------------------------------------------------------------------------
The rule should not increase in real terms the economic burden of
the maximum CMPs set forth in the Act. Instead, the rule implements a
statutory requirement that agencies adjust for inflation existing CMPs
so that the real economic value of such penalties, and therefore the
Congressionally-intended deterrent effect of such CMPs, is not reduced
over time by inflation. Nor does the rule impose any new, affirmative
duty on any party or change any existing requirements, and thus no
party who is currently complying with the Act and Commission
regulations will incur any expense in order to comply with the amended
rule. Therefore, the Commission believes that this final rule will not
have a significant economic impact on a substantial number of small
entities.\14\
---------------------------------------------------------------------------
\14\ Any agency that regulates the activities of small entities
must establish a policy or program to reduce and, when appropriate,
to waive civil penalties for violations of statutory or regulatory
requirements by small entities. An agency is not required to reduce
or waive civil penalties, however, if: (1) An entity has been the
subject of multiple enforcement actions; (2) an entity's violations
involve willful or criminal conduct; or (3) the violations involve
serious health, safety or environmental threats. See Small Business
Regulatory Enforcement Fairness Act of 1996 (``SBREFA''), Public Law
104-121, Sec. 223, 110 Stat. 862 (March 29, 1996). The Commission
takes these provisions of SBREFA into account when it considers
whether to seek or impose a civil monetary penalty in a particular
case involving a small entity.
---------------------------------------------------------------------------
C. Paperwork Reduction Act
The Paperwork Reduction Act of 1995 (PRA), 44 U.S.C. 3507(d), which
imposes certain requirements on Federal agencies, including the
Commission, connection with their conducting or sponsoring any
collection of information as defined by the PRA, does not apply to this
rule. The Commission believes this rule amendment does not contain
information collection requirements that require the approval of the
Office of Management and Budget.
List of Subjects in 17 CFR Part 143
Civil monetary penalty, Claims.
0
In consideration of the foregoing and pursuant to authority contained
in Sections 6(c), 6b and 6c of the Act, 7 U.S.C. 9, 13a, and 13a-1(d),
and 28 U.S.C. 2461 note as amended by Pub. L. 104-134, the Commission
hereby amends part 143 of chapter I of title 17 of the Code of Federal
Regulations as follows:
PART 143--COLLECTION OF CLAIMS OWED THE UNITED STATES ARISING FROM
ACTIVITIES UNDER THE COMMISSION'S JURISDICTION
0
1. The authority citation for part 143 reads as follows:
Authority: 7 U.S.C. 9 and 15, 9a, 12a(5), 13a, 13a-1(d) and
13(a); 31 U.S.C. 3701-3719; 28 U.S.C. 2461 note.
0
2. Section 143.8 is amended by revising paragraph (a) to read as
follows:
Sec. 143.8 Inflation-adjusted civil monetary penalties.
(a) Unless otherwise amended by an act of Congress, the inflation-
adjusted maximum civil monetary penalty for each violation of the
Commodity Exchange Act or the rules or orders promulgated thereunder
that may be assessed or enforced by the Commission under the Commodity
Exchange Act pursuant to an administrative proceeding or a civil action
in Federal court will be:
(1) Except as provided in paragraph (v) hereof, for each violation
for which a civil monetary penalty is assessed against any person
(other than a registered entity) pursuant to Section 6(c) of the
Commodity Exchange Act, 7 U.S.C. 9:
(i) For violations committed between November 27, 1996 and October
22, 2000, not more than the greater of $110,000 or triple the monetary
gain to such person for each such violation;
(ii) For violations committed between October 23, 2000 and October
22, 2004, not more than the greater of $120,000 or triple the monetary
gain to such person for each such violation;
(iii) For violations committed between October 23, 2004 and October
22, 2008, not more than the greater of $130,000 or triple the monetary
gain to such person for each such violation; and
(iv) For violations committed on or after October 23, 2008, not
more than the greater of $140,000 or triple the monetary gain to such
person for each such violation; provided that--
(v) In any case of manipulation or attempted manipulation in
violation of Section 6(c), 6(d), or 9(a)(2) of the Act committed on or
after May 22, 2008, not more than the greater of $1,000,000 or triple
the monetary gain to such person for each such violation; and
(2) Except as provided in paragraph (v) hereof, for each violation
for which a civil monetary penalty is assessed against any registered
entity or other person pursuant to Section 6c of the Commodity Exchange
Act, 7 U.S.C. 13a-l:
(i) For violations committed between November 27, 1996 and October
22, 2000, not more than the greater of $110,000 or triple the monetary
gain to such person for each such violation;
(ii) For violations committed between October 23, 2000 and October
22, 2004, not more than the greater of $120,000 or triple the monetary
gain to such person for each such violation;
(iii) For violations committed between October 23, 2004 and October
22, 2008, not more than the greater of $130,000 or triple the monetary
gain to such person for each such violation; and
(iv) For violations committed on or after October 23, 2008, not
more than the greater of $140,000 or triple the monetary gain to such
person for each such violation; provided that--
(v) In any case of manipulation or attempted manipulation in
violation of Section 6(c), 6(d), or 9(a)(2) of the Act committed on or
after May 22, 2008, not more than the greater of $1,000,000 or triple
the monetary gain to such person for each such violation;
(3) For each violation for which a civil monetary penalty is
assessed against any registered entity or any director, officer, agent,
or employee of any registered entity pursuant to Section 6b of the
Commodity Exchange Act, 7 U.S.C. 13a:
(i) For violations committed between November 27, 1996 and October
22, 2000, not more than $550,000 for each such violation;
[[Page 57515]]
(ii) For violations committed between October 23, 2000 and October
22, 2004, not more than $575,000 for each such violation;
(iii) For violations committed between October 23, 2004 and October
22, 2008, not more than $625,000 for each such violation; and
(iv) For violations committed on or after October 23, 2008, not
more than the greater of $675,000 or triple the monetary gain to such
person for each such violation, provided that--
(v) In any case of manipulation or attempted manipulation in
violation of Section 6(c), 6(d), or 9(a)(2) of the Act committed on or
after May 22, 2008, not more than the greater of $1,000,000 or triple
the monetary gain each such violation.
* * * * *
Issued in Washington, DC, on September 30, 2008 by the
Commission.
David A. Stawick,
Secretary of the Commission.
[FR Doc. E8-23417 Filed 10-2-08; 8:45 am]
BILLING CODE 6351-01-P
