Commodity Futures Trading Commission January 2006 – Federal Register Recent Federal Regulation Documents

On August 10, 2001, the Commodity Futures Trading Commission (``Commission'') published final rules implementing the provisions of the Commodity Futures Modernization Act of 2000 (``CFMA'') relating to trading facilities.\1\ These amendments are intended to clarify and codify acceptable practices under the rules for trading facilities, based on the Commission's experience over the intervening four years in applying those rules, including the adoption of several amendments to the original rules over the same period. The amendments also include various technical corrections and conforming amendments to the rules. In addition, these amendments revise the application and review process for registration as a derivatives clearing organization (``DCO'') by eliminating the presumption of automatic fast-track review of applications and replacing it with the presumption that all applications will be reviewed pursuant to the 180-day timeframe and procedures specified in Section 6(a) of the Commodity Exchange Act (``CEA'' or ``Act''). In lieu of the current 60-day automatic fast- track review, the Commission will permit applicants to request expedited review and to be registered as a DCO by affirmative Commission action not later than 90 days after the Commission receives the application.