Cotton Board Rules and Regulations: Adjusting Supplemental Assessment on Imports (2009 Amendments), 39211 [Z9-16031]
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Rules and Regulations
Federal Register
Vol. 74, No. 150
Thursday, August 6, 2009
This section of the FEDERAL REGISTER
contains regulatory documents having general
applicability and legal effect, most of which
are keyed to and codified in the Code of
Federal Regulations, which is published under
50 titles pursuant to 44 U.S.C. 1510.
The Code of Federal Regulations is sold by
the Superintendent of Documents. Prices of
new books are listed in the first FEDERAL
REGISTER issue of each week.
DEPARTMENT OF AGRICULTURE
Agricultural Marketing Service
7 CFR Part 1205
[Doc. # AMS–CN–09–0015; CN–09–002]
Cotton Board Rules and Regulations:
Adjusting Supplemental Assessment
on Imports (2009 Amendments)
Correction
In rule document E9–16031 beginning
on page 32400 in the issue of
Wednesday, July 8, 2009, make the
following correction:
Holdings, Inc. with CBOT Holdings,
Inc., CBOT Rule 620.01(B) was
superseded by new CBOT Rule 600.D.
Like Regulation 7.201, new Rule 600.D
specifically requires exchange members
to submit to customer-initiated
arbitrations. Accordingly, on petition of
The CME Group Inc., CBOT’s parent
company, Regulation 7.201 is being
repealed by the Commission as no
longer necessary.
DATES: Effective Date: Effective August
6, 2009.
FOR FURTHER INFORMATION CONTACT:
Donald Heitman, Senior Special
Counsel, Division of Market Oversight,
Commodity Futures Trading
Commission, Three Lafayette Center,
1155 21st Street, NW., Washington, DC
20581, telephone (202) 418–5041, e-mail
dheitman@cftc.gov.
SUPPLEMENTARY INFORMATION:
I. Background
AGENCY: Commodity Futures Trading
Commission.
ACTION: Final rulemaking.
Section 8a(7) of the Commodity
Exchange Act (‘‘Act’’), 7 U.S.C. 12a(7),
provides in relevant part that the
Commission is authorized to ‘‘alter or
supplement the rules of a registered
entity insofar as necessary or
appropriate * * * for the protection of
traders or to insure fair dealing in
commodities traded for future delivery
on such registered entity.’’ In 1981,
pursuant to section 5a(11) of the Act
and Part 180 of the Commission’s
regulations, each contract market was
required to ‘‘provide a fair and equitable
procedure through arbitration or
otherwise * * * for the settlement of
customers’ claims and grievances
against any member or employee
thereof.’’ 1
In November of 1981, the Commission
published a final rule that disapproved
proposed CBOT Rule 620.01(B), dealing
with arbitration, and altered and
supplemented CBOT’s rule by
implementing in its place Commission
SUMMARY: Regulation 7.201 of the
Commodity Futures Trading
Commission (‘‘Commission’’) alters and
supplements Chicago Board of Trade
(‘‘CBOT’’) Rule 620.01(B) by requiring
members of the CBOT to submit to
arbitration of any customer claim or
grievance initiated by the customer
according to the arbitration rules and
regulations of the CBOT. On November
25, 2007, following the merger of
Chicago Mercantile Exchange (‘‘CME’’)
1 Section 5a(11) of the Act, 7 U.S.C. 7a (1981). See
also 17 CFR 180.2 (1981) (implementing section
5a(11) through the establishment of minimum
requirements). Subsequently, section 5a(11) and
Part 180 were superseded by amended provisions.
However, boards of trade are still required to
‘‘establish and enforce rules regarding and provide
facilities for alternative dispute resolution as
appropriate for market participants and any market
intermediaries.’’ Section 5(d)(13) of the Act, 7
U.S.C. 7(d)(13) (2009). See also 17 CFR Part 38,
Appendix B, Core Principle 13 (application
guidance and acceptable practices related to section
5(d)(13)).
§1205.510
[Corrected]
On page 32403, in §1205.510(3)(ii), in
the table titled IMPORT ASSESSMENT
TABLE, the third column heading,
‘‘Cents/pkg.’’ should read ‘‘Cents/kg.’’,
throughout the table.
[FR Doc. Z9–16031 Filed 8–5–09; 8:45 am]
BILLING CODE 1505–01–D
COMMODITY FUTURES TRADING
COMMISSION
17 CFR Part 7
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Contract Market Rules Altered or
Supplemented by the Commission
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Regulation 7.201.2 CBOT Rule
620.01(B), as interpreted by CBOT,
would have restricted the ability of
customers to arbitrate claims against
CBOT members and their employees
under CBOT’s arbitration rules and
regulations. The CBOT had argued that
the Act did not compel its members to
participate in customer-initiated
arbitration proceedings and, during the
period of 1980–81, CBOT members had
denied five customers the right to
arbitrate their disputes with members
because those members refused to
participate in the CBOT’s arbitration
procedures.
The Commission regulation, adopted
pursuant to its section 8a(7) authority,
altered and supplemented CBOT Rule
620.01(B) to implement a Commissiondrafted version of Rule 620.01(B). The
Commission-imposed rule assured that
CBOT members would submit to
arbitration proceedings initiated by
customers under CBOT rules and
regulations. Regulation 7.201 has
remained in place ever since.
On July 12, 2007, CBOT Holdings,
Inc. merged with CME Holdings, Inc. to
form The CME Group, Inc. On
November 25, 2007, as part of the
harmonization of the rules of the CBOT
with those of the CME, the CBOT
deleted Rule 620.01(B) from its rulebook
and adopted new Rule 600.D governing
permissive arbitrations. New CBOT Rule
600.D, which is identical to CME Rule
600.D, provides in relevant part that a
CBOT member is, ‘‘* * * required to
arbitrate * * * claims of a customer
against a member that relate to or arise
out of any transaction on or subject to
the rules of the Exchange.’’
On June 8, 2009, The CME Group,
Inc., CBOT’s parent company, submitted
a petition pursuant to Commission
Regulation 13.2 for the repeal of
Regulation 7.201.3 Given that new
CBOT Rule 600.D has, since November
25, 2007, compelled members to submit
to arbitration claims initiated by
customers, that Rule 600.D fully
2 46 FR 57457 (November 24, 1981) (adopting
Commission Regulation 7.201). See also 49 FR
10659 (March 24, 1984) (subsequent amendment).
3 Copies of the petition are available on written
request from David Stawick, Secretary, Commodity
Futures Trading Commission, Three Lafayette
Centre, 1155 21st Street, NW., Washington, DC
20581, by telephone request at (202) 418–5100, or
by e-mail request to secretary@cftc.gov. Reference
should be made to ‘‘CME Group petition to repeal
Regulation 7.201.’’
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]]>Agencies
[Federal Register Volume 74, Number 150 (Thursday, August 6, 2009)]
[Rules and Regulations]
[Page 39211]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: Z9-16031]
========================================================================
Rules and Regulations
Federal Register
________________________________________________________________________
This section of the FEDERAL REGISTER contains regulatory documents
having general applicability and legal effect, most of which are keyed
to and codified in the Code of Federal Regulations, which is published
under 50 titles pursuant to 44 U.S.C. 1510.
The Code of Federal Regulations is sold by the Superintendent of Documents.
Prices of new books are listed in the first FEDERAL REGISTER issue of each
week.
========================================================================
Federal Register / Vol. 74, No. 150 / Thursday, August 6, 2009 /
Rules and Regulations
[[Page 39211]]
DEPARTMENT OF AGRICULTURE
Agricultural Marketing Service
7 CFR Part 1205
[Doc. AMS-CN-09-0015; CN-09-002]
Cotton Board Rules and Regulations: Adjusting Supplemental
Assessment on Imports (2009 Amendments)
Correction
In rule document E9-16031 beginning on page 32400 in the issue of
Wednesday, July 8, 2009, make the following correction:
Sec. 1205.510 [Corrected]
On page 32403, in Sec. 1205.510(3)(ii), in the table titled IMPORT
ASSESSMENT TABLE, the third column heading, ``Cents/pkg.'' should read
``Cents/kg.'', throughout the table.
[FR Doc. Z9-16031 Filed 8-5-09; 8:45 am]
BILLING CODE 1505-01-D
