Federal Speculative Position Limits for Referenced Energy Contracts and Associated Regulations, 50950 [2010-20428]
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50950
Federal Register / Vol. 75, No. 159 / Wednesday, August 18, 2010 / Proposed Rules
COMMODITY FUTURES TRADING
COMMISSION
17 CFR Parts 1, 20, and 151
RIN 3038–AC85
Federal Speculative Position Limits for
Referenced Energy Contracts and
Associated Regulations
Commodity Futures Trading
Commission.
ACTION: Proposed rules; withdrawal.
AGENCY:
On January 26, 2010, the
Commodity Futures Trading
Commission (‘‘CFTC’’ or ‘‘Commission’’)
proposed to implement position limits
for futures and option contracts based
on a limited set of exempt
commodities,1 namely certain energy
commodities (‘‘Federal Speculative
Position Limits for Referenced Energy
Contracts and Associated Regulations,’’
for ease of reference, herein referred to
as the ‘‘Energy Proposal’’).2 In accord
with the significant amendments
introduced to the Commodity Exchange
Act of 1936 (‘‘Act’’ or ‘‘CEA’’) by the
recent enactment of the Dodd-Frank
Wall Street Reform and Consumer
Protection Act (‘‘Dodd-Frank Act’’),3 the
Commission is withdrawing its Energy
Proposal as it plans to issue a notice of
rulemaking proposing position limits for
regulated exempt commodity contracts,
including energy commodity contracts,
as directed by the Act.
FOR FURTHER INFORMATION CONTACT:
Bruce Fekrat, Special Counsel, Office of
the Director, Division of Market
Oversight, Commodity Futures Trading
Commission, Three Lafayette Centre,
1155 21st Street, NW., Washington, DC
20581, telephone (202) 418–5578,
facsimile number (202) 418–5527,
e-mail bfekrat@cftc.gov.
SUPPLEMENTARY INFORMATION: On
January 26, 2010, the Commission
issued the Energy Proposal to establish
CFTC-set position limits for four
enumerated contracts—the New York
Mercantile (‘‘NYMEX’’) Henry Hub
natural gas contract, the NYMEX Light
Sweet crude oil contract, the NYMEX
New York Harbor No. 2 heating oil
contract, and the NYMEX New York
Harbor gasoline blendstock (RBOB)
contract—as well as for, with limited
exceptions, any other contract that was
erowe on DSK5CLS3C1PROD with PROPOSALS
SUMMARY:
1 Section 1a(14) of the Commodity Exchange Act,
7 U.S.C. 1a(14). An exempt commodity is defined
as a commodity that is neither an excluded
commodity, as that term is defined by CEA Section
1a(13), nor an agricultural commodity. Generally
the definition encompasses energy commodities
and metals.
2 75 FR 4133 (January 26, 2010).
3 Public Law 111–203.
VerDate Mar<15>2010
15:11 Aug 17, 2010
Jkt 220001
exclusively or partially based on the
above referenced contracts’
commodities and delivery points. The
Energy Proposal included, inter alia,
provisions relating to exemptions for
bona fide hedging transactions and
certain swap dealer positions
maintained to manage the risk of an
unbalanced swaps book.
At that time, section 4a(a) of the Act
authorized the Commission to establish
position limits for contracts traded on or
subject to the rules of a designated
contract market or significant price
discovery contracts traded on exempt
commercial markets. The purpose of
such limits, as stated in prior section
4a(a), was to eliminate or prevent
excessive speculation causing sudden or
unreasonable fluctuations or
unwarranted changes in the price of a
commodity. Section 4a(a) of the CEA, as
amended by the Dodd-Frank Act, directs
the Commission to set position limits
for all regulated exempt and agricultural
commodity derivatives. More
specifically, amended section 4a(a)(2)(B)
of the Act requires the Commission to
establish limits for exempt and
agricultural commodity derivatives
within 180 and 270 days, respectively,
of the Dodd-Frank Act’s enactment date.
In addition, amended section 4a(a) of
the Act explicitly requires the
implementation of aggregate position
limits across certain derivatives
positions established on designated
contract markets, swap execution
facilities, or foreign boards of trade, or
through bilateral trading. Thus, the
CFTC intends to publish a notice of
rulemaking proposing Commission-set
position limits and exemptions
therefrom for such derivatives pursuant
to section 4a(a) and other related
provisions of the CEA, as amended by
the Dodd-Frank Act. In doing so, the
Commission intends to take account of
the Energy Proposal and build on the
substantive issues raised by the
commenters thereon.
In light of the broadened scope and
new requirements of the CEA, as
amended by the Dodd-Frank Act, and
amended section 4a(a) of the Act in
particular, the Commission has
determined to withdraw the pending
Energy Proposal as it plans to issue a
notice of rulemaking proposing position
limits and exemptions therefrom for
regulated exempt commodity
derivatives, including energy
derivatives, as directed by the DoddFrank Act.
PO 00000
Frm 00015
Fmt 4702
Sfmt 4702
Issued by the Commission this August 12,
2010, in Washington, DC.
David Stawick,
Secretary of the Commission.
[FR Doc. 2010–20428 Filed 8–17–10; 8:45 am]
BILLING CODE 6351–01–P
DEPARTMENT OF DEFENSE
Office of the Secretary
32 CFR Part 199
[Docket ID: DoD–2010–HA–0071]
RIN 0720–AB40
TRICARE; Changes Included in the
National Defense Authorization Act for
Fiscal Year 2010; Expansion of
Survivor Eligibility Under the TRICARE
Dental Program
Office of the Secretary, DoD.
Proposed rule.
AGENCY:
ACTION:
The Department is publishing
this proposed rule to implement section
704 of the National Defense
Authorization Act for Fiscal Year 2010
(NDAA for FY10). Specifically, that
legislation expands the survivor
eligibility under the TRICARE Dental
Program (TDP). The legislation entitles
a child or unmarried person placed in
legal custody of a member or former
member continuation of eligibility for
the TDP. The period of continued
eligibility for these dependents shall be
the longer of the following periods
beginning on the date of the member’s
death: Three years; the period ending on
the date on which such dependent
attains 21 years of age; or in the case of
such dependent who, at 21 years of age,
is enrolled in a full-time course of study
in a secondary school or in a full-time
course of study in an institution of
higher education approved by the
administering Secretary and was, at the
time of the member’s death, in fact
dependent on the member for over onehalf of such dependent’s support, the
period ending on the earlier of the
following dates: The date on which such
dependent ceases to pursue such a
course of study, as determined by the
administering Secretary; or the date on
which such dependent attains 23 years
of age. This proposed rule does not
expand the TDP eligibility of other
eligible survivors.
Survivors, who meet the new
eligibility requirements, will regain TDP
eligibility as of the publishing of the
final rule in the Federal Register.
Retroactive payment of premiums or
claims paid for dental treatment during
the time of loss of TDP eligibility will
SUMMARY:
E:\FR\FM\18AUP1.SGM
18AUP1
Agencies
[Federal Register Volume 75, Number 159 (Wednesday, August 18, 2010)]
[Proposed Rules]
[Page 50950]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-20428]
[[Page 50950]]
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COMMODITY FUTURES TRADING COMMISSION
17 CFR Parts 1, 20, and 151
RIN 3038-AC85
Federal Speculative Position Limits for Referenced Energy
Contracts and Associated Regulations
AGENCY: Commodity Futures Trading Commission.
ACTION: Proposed rules; withdrawal.
-----------------------------------------------------------------------
SUMMARY: On January 26, 2010, the Commodity Futures Trading Commission
(``CFTC'' or ``Commission'') proposed to implement position limits for
futures and option contracts based on a limited set of exempt
commodities,\1\ namely certain energy commodities (``Federal
Speculative Position Limits for Referenced Energy Contracts and
Associated Regulations,'' for ease of reference, herein referred to as
the ``Energy Proposal'').\2\ In accord with the significant amendments
introduced to the Commodity Exchange Act of 1936 (``Act'' or ``CEA'')
by the recent enactment of the Dodd-Frank Wall Street Reform and
Consumer Protection Act (``Dodd-Frank Act''),\3\ the Commission is
withdrawing its Energy Proposal as it plans to issue a notice of
rulemaking proposing position limits for regulated exempt commodity
contracts, including energy commodity contracts, as directed by the
Act.
---------------------------------------------------------------------------
\1\ Section 1a(14) of the Commodity Exchange Act, 7 U.S.C.
1a(14). An exempt commodity is defined as a commodity that is
neither an excluded commodity, as that term is defined by CEA
Section 1a(13), nor an agricultural commodity. Generally the
definition encompasses energy commodities and metals.
\2\ 75 FR 4133 (January 26, 2010).
\3\ Public Law 111-203.
FOR FURTHER INFORMATION CONTACT: Bruce Fekrat, Special Counsel, Office
of the Director, Division of Market Oversight, Commodity Futures
Trading Commission, Three Lafayette Centre, 1155 21st Street, NW.,
Washington, DC 20581, telephone (202) 418-5578, facsimile number (202)
---------------------------------------------------------------------------
418-5527, e-mail bfekrat@cftc.gov.
SUPPLEMENTARY INFORMATION: On January 26, 2010, the Commission issued
the Energy Proposal to establish CFTC-set position limits for four
enumerated contracts--the New York Mercantile (``NYMEX'') Henry Hub
natural gas contract, the NYMEX Light Sweet crude oil contract, the
NYMEX New York Harbor No. 2 heating oil contract, and the NYMEX New
York Harbor gasoline blendstock (RBOB) contract--as well as for, with
limited exceptions, any other contract that was exclusively or
partially based on the above referenced contracts' commodities and
delivery points. The Energy Proposal included, inter alia, provisions
relating to exemptions for bona fide hedging transactions and certain
swap dealer positions maintained to manage the risk of an unbalanced
swaps book.
At that time, section 4a(a) of the Act authorized the Commission to
establish position limits for contracts traded on or subject to the
rules of a designated contract market or significant price discovery
contracts traded on exempt commercial markets. The purpose of such
limits, as stated in prior section 4a(a), was to eliminate or prevent
excessive speculation causing sudden or unreasonable fluctuations or
unwarranted changes in the price of a commodity. Section 4a(a) of the
CEA, as amended by the Dodd-Frank Act, directs the Commission to set
position limits for all regulated exempt and agricultural commodity
derivatives. More specifically, amended section 4a(a)(2)(B) of the Act
requires the Commission to establish limits for exempt and agricultural
commodity derivatives within 180 and 270 days, respectively, of the
Dodd-Frank Act's enactment date. In addition, amended section 4a(a) of
the Act explicitly requires the implementation of aggregate position
limits across certain derivatives positions established on designated
contract markets, swap execution facilities, or foreign boards of
trade, or through bilateral trading. Thus, the CFTC intends to publish
a notice of rulemaking proposing Commission-set position limits and
exemptions therefrom for such derivatives pursuant to section 4a(a) and
other related provisions of the CEA, as amended by the Dodd-Frank Act.
In doing so, the Commission intends to take account of the Energy
Proposal and build on the substantive issues raised by the commenters
thereon.
In light of the broadened scope and new requirements of the CEA, as
amended by the Dodd-Frank Act, and amended section 4a(a) of the Act in
particular, the Commission has determined to withdraw the pending
Energy Proposal as it plans to issue a notice of rulemaking proposing
position limits and exemptions therefrom for regulated exempt commodity
derivatives, including energy derivatives, as directed by the Dodd-
Frank Act.
Issued by the Commission this August 12, 2010, in Washington,
DC.
David Stawick,
Secretary of the Commission.
[FR Doc. 2010-20428 Filed 8-17-10; 8:45 am]
BILLING CODE 6351-01-P