Commodity Futures Trading Commission 2006 – Federal Register Recent Federal Regulation Documents
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Agency Information Collection Activities: Notice of Intent to Renew Collection 3038-0019, Stocks of Grain in Licenses Warehouses
The Commodity Futures Trading Commission (``the Commission'' is announcing an opportunity for public comment on the proposed collection of certain information by the agency. Under the Paperwork Reduction Act of 1995 (PRA), 44 U.S.C. 3501 et seq., Federal agencies are required to publish notice in the Federal Register concerning each proposed collection of information, and to allow 60 days for comment in response to the notice. This notice solicits comments on requirements relating to information collected to assist the Commission in the prevention of market manipulation.
Financial Reporting Requirements for Introducing Brokers
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is amending Commission regulations to require introducing brokers (``IBs'') submitting CFTC financial Forms 1-FR-IB that are certified by independent public accountants to file such financial reports electronically with the National Futures Association (``NFA''). The amendments also require that certified Financial and Operational Combined Uniform Single Reports (``FOCUS'' Reports), submitted by IBs registered with the Securities and Exchange Commission (``SEC'') as securities brokers or dealers (``B/Ds'') in lieu of Form 1-FR-IB, be filed either electronically or in paper form in accordance with the rules of the NFA. The CFTC also is amending Commission regulations to require that, with respect to any such electronic filing, a paper copy including the original signed certification be maintained by the IB in its records for a period of five years in accordance with Commission Regulation 1.31.
Boards of Trade Located Outside of the United States and No-Action Relief From the Requirement To Become a Designated Contract Market or Derivatives Transaction Execution Facility
The Commodity Futures Trading Commission is issuing a Statement of Policy that affirms the use of the no-action process to permit foreign boards of trade to provide direct access to their electronic trading systems to U.S. members or authorized participants, and provides additional guidance and procedural enhancements.\1\
Membership in a Registered Futures Association
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing to amend its regulations in order to require, subject to the existing exception for certain notice registered securities brokers or dealers (``BDs''), that all persons registered with the Commission as futures commission merchants (``FCMs'') must become and remain members of at least one registered futures association (``RFA''). This action (``Proposed Amendment'') is consistent with the regulatory philosophy underlying the Commodity Futures Modernization Act of 2000 (``CFMA'').
Electronic Filing of Notices of Exemption and Exclusion Under Part 4 of the Commission's Regulations
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing to amend Commission regulations to require that notices of exemption or exclusion under Part 4 of the Commission's regulations submitted to National Futures Association (``NFA'') be filed electronically. The Commission previously has authorized NFA to receive and to process notices of exemption or exclusion from certain of the Commission's Part 4 regulations. Currently, these notices are filed in paper form with NFA. The Commission is proposing to amend the regulations that require filing of a notice to require that such notice be filed electronically with NFA. The Commission is further proposing that the submission of a notice through NFA's electronic exemption filing system by a person duly authorized to bind the submitter be permitted in lieu of the manual signature currently required by each of these regulations. In addition, the Commission also is proposing technical amendments that would remove the procedure for making filings with the Commission required by Part 4, and revise other sections of Part 4 to refer to filings made with NFA rather than the Commission. Amendments to Commission regulations adopted in 2002 no longer require that any filings under Part 4 be submitted to the Commission; therefore, the regulation specifying the procedure for filing with the Commission is no longer necessary. Further, two sections of Part 4 that refer to filings made with the Commission inadvertently were not amended in 2002 to include corresponding changes indicating that such filings would henceforth be made with NFA.
Public Information Collection requirement Submitted to Office of Management and Budget (OMB) for Review
The Commodity Futures Trading commission has submitted information collection 3038-0017, Market Surveys, to OMB for review and clearance under the Paperwork Reduction Act of 1995 (Pub. L. 104-13). The information collected pursuant to these rules is in the public interest and is necessary for market surveillance.
Limitations on Withdrawals of Equity Capital
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing to amend its regulations to provide that the Commission may, by written order, temporarily prohibit a futures commission merchant (``FCM'') from carrying out equity withdrawal transactions that would reduce excess adjusted net capital by 30 percent or more. The proposed orders would be based on the Commission's determination that such withdrawal transactions could be detrimental to the financial integrity of FCMs or could adversely affect their ability to meet customer obligations. The proposed amendments also would provide that an FCM may file with the Commission a petition for rescission of an order temporarily prohibiting equity withdrawals from the FCM.
Financial Reporting Requirements for Introducing Brokers
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing to amend Commission regulations to require introducing brokers (``IBs'') submitting CFTC financial Forms 1-FR-IB that are certified by independent public accountants to file such financial reports electronically with the National Futures Association (``NFA''). The proposed amendments also would require that certified Financial and Operational Combined Uniform Single Reports (``FOCUS'' Reports), submitted by IBs registered with the Securities and Exchange Commission (``SEC'') as securities brokers or dealers (``B/Ds'') in lieu of Form 1-FR-IB, be filed either electronically or in paper form in accordance with the rules of the NFA. The CFTC also is proposing to amend Commission regulations to require that with respect to any such electronic filing, a paper copy including the original signed certification be maintained by the IB in its records for a period of five years in accordance with Commission Regulation 1.31.
Agency Information Collection Activities Under OMB Review
In compliance with the Paperwork Reduction Act (44 U.S.C. 3501 et seq.), this notice announces that the Information Collection Request (ICR) abstracted below has been forwarded to the Office of Management and Budget (OMB) for review and comment. The ICR describes the nature of the information collection and its expected costs and burden; it includes the actual data collection instruments [if any].
Advertising by Commodity Pool Operators, Commodity Trading Advisors, and the Principals Thereof
The Commodity Futures Trading Commission (Commission or CFTC) is proposing to amend Regulation 4.41, which governs advertising by commodity pool operators (CPOs), commodity trading advisors (CTAs) and the principals thereof, (1) To restrict the use of testimonials, (2) to clarify the required placement of the prescribed simulated or hypothetical performance disclaimer, and (3) to include within the regulation's coverage advertisement through electronic media (Proposal). This action is in furtherance of the Commission's longstanding position that CPOs, CTAs, and their principals may not advertise in a false, deceptive or misleading manner.
Conflicts of Interest in Self-Regulation and Self-Regulatory Organizations
On July 7, 2006, the Commission published proposed Acceptable Practices for section 5(d)(15) of the Commodity Exchange Act (``Act'').\1\ Comments on the proposal were originally due by August 7, 2006. Now, at the request of interested parties, the Commission is extending the comment period to September 7, 2006.
Agency Information Collection Activities: Notice of Intent To Renew Collection 3038-0017, Market Surveys
The Commodity Futures Trading Commission (CFTC) is announcing an opportunity for public comment on the proposed collection of certain information by the agency. Under the Paperwork Reduction Act of 1995 (PRA), 44 U.S.C. 3501 et seq., Federal agencies are required to publish notice in the Federal Register concerning each proposed collection of information, and to allow 60 days for comment in response to the notice. This notice solicits comments on requirements relating to information collected to assist the Commission in the prevention of market manipulation.
Foreign Futures and Options Transactions
The Commodity Futures Trading Commission (``Commission or CFTC'') is issuing an Amended Supplemental Order for expanded relief, authorizing members of the Sydney Futures Exchange (``Exchange or SFE'') to solicit and accept orders from U.S. customers for otherwise permitted transactions on all non-U.S. and non-Australian exchanges (``foreign exchanges'') where such members are authorized by the regulations of the SFE to conduct futures business for customers. The Amended Supplemental Order supercedes the prior Supplemental Orders, relating to expanded relief, issued to SFE in 1997 and 1993. This Amended Supplemental Order is issued pursuant to Commission Regulation 30.10, which permits the Commission to grant an exemption from certain provisions of Part 30 of the Commission's regulations, and the Commission's Order to SFE dated November 1, 1988 (Original Order), granting relief under Regulation 30.10 to designated members of the Exchange.
Boards of Trade Located Outside of the United States and the Requirement To Become a Designated Contract Market or Derivatives Transaction Execution Facility
The Commodity Futures Trading Commission (Commission) published on June 13, 2006, a request for comment \1\ in advance of a public hearing scheduled for June 27, 2006.\2\ The purpose of the request for comment and the hearing was to solicit the views of the public on how to identify and address certain issues with respect to boards of trade established in foreign countries and located outside the U.S. (foreign board of trade or FBOT). Specifically, the Commission announced that it wished to address the point at which an FBOT that makes its products available for trading in the U.S. by permitting direct access to its electronic trading system from the U.S. (direct access) is no longer ``located outside the U.S.'' for purposes of Section 4(a) of the Commodity Exchange Act (Act). Comments on the subject were originally due on July 12, 2006.
Notice of Renewal of the Global Markets Advisory Committee
The Commodity Futures Trading Commission has determined to renew the charter of its Global Markets Advisory Committee. As required by sections 9(a)(2) and 14(a)(2)(A) of the Federal Advisory Committee Act, 5 U.S.C. app 2, sections 9(a)(2) and 14(a)(2)(A), and 41 CFR 101- 6.1007 and 101-6.1029, the Commission has consulted with the Committee Management Secretariat of the General Services Administration. The Commission certifies that the renewal of this advisory committee is necessary and is in the public interest in connection with the performance of duties imposed on the Commission by the Commodity Exchange Act, 7 U.S.C. 1, et seq., as amended. This notice is published pursuant to section 9(a)(2) of the Federal Advisory Committee Act, 5 U.S.C. app 2, section 9(a)(2), 41 CFR 101-6.1015.
Joint Final Rules: Application of the Definition of Narrow-Based Security Index to Debt Securities Indexes and Security Futures on Debt Securities
The Commodity Futures Trading Commission (``CFTC'') and the Securities and Exchange Commission (``SEC'') (together, the ``Commissions'') are adopting a new rule and amending an existing rule under the Commodity Exchange Act (``CEA'') and adopting two new rules under the Securities Exchange Act of 1934 (``Exchange Act''). The rules will modify the applicable statutory listing standards requirements to permit security futures to be based on individual debt securities or a narrow-based security index composed of such securities. In addition, these rules and rule amendment will exclude from the definition of ``narrow-based security index'' debt securities indexes that satisfy specified criteria. A future on a debt securities index that is excluded from the definition of narrow-based security index will not be a security future and may trade subject to the exclusive jurisdiction of the CFTC.
Fees for Reviews of the Rule Enforcement Programs of Contract Markets and Registered Futures Associations
The Commission charges fees to designated contract markets and registered futures associations to recover the costs incurred by the Commission in the operation of its program of oversight of self- regulatory organization (SRO) rule enforcement programs (17 CFR part 1 Appendix B) (NFA and the contract markets are referred to as SROs). The calculation of the fee amounts to be charged for FY 2006 is based upon an average of actual program costs incurred during FY 2003, 2004, and 2005, as explained below. The FY 2006 fee schedule is set forth in the SUPPLEMENTARY INFORMATION. Electronic payment of fees is required.
Conflicts of Interest in Self-Regulation and Self-Regulatory Organizations
The Commission hereby proposes Acceptable Practices for section 5(d)(15) of the Act (``Core Principle 15'').\2\ The proposed Acceptable Practices would provide designated contract markets (``DCMs'') with a safe harbor for compliance with selected aspects of Core Principle 15's requirement that they minimize conflicts of interest in their decisionmaking. The proposed Acceptable Practices are summarized as follows.
Market and Large Trader Reporting
The Commodity Futures Trading Commission is adopting new and amended market and large trader reporting rules. The final rules accomplish the following: Codify a reporting level for contracts based on 3-Year U.S. Treasury Notes; clarify the reporting obligations of registered derivatives transaction execution facilities and their market participants; require designated contract markets to publicly disseminate integrated volume data for each contract that separately identifies the volume generated from block trades; establish a reporting framework for exclusively self-cleared contracts; and implement a number of conforming, clarifying, and technical amendments.
Agency Information Collection Activities: Notice of Intent To Renew Collection 3038-0031, Procurement Contracts
The Commodity Futures Trading Commission (``the Commission'') is announcing an opportunity for public comment on the proposed collection of certain information by the agency. Under the Paperwork Reduction Act of 1995 (PRA), 44 U.S.C. 3501 et seq., Federal agencies are required to publish notice in the Federal Register concerning each proposed collection of information, and to allow 60 days for comment in response to the notice. This notice solicits comments on requirements relating to information collected to assist the Commission in soliciting and awarding contracts.
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