Commodity Futures Trading Commission 2007 – Federal Register Recent Federal Regulation Documents
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Revision of Federal Speculative Position Limits
The Commodity Futures Trading Commission is reopening the period for public comment to provide interested persons additional time to comment on certain proposed amendments pertaining to the Federal speculative position limits for agricultural commodities.
Notice of Request for Comment on Exemption Requests
The Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is requesting comment on whether to extend the exemption granted under Part 35 of the Commission's regulations to certain over-the-counter (``OTC'') swaps that do not meet certain of the requirements otherwise imposed by Commission Regulation 35.2. This exemption has been requested by ICE Clear U.S., Inc. (``ICE Clear''), a registered derivatives clearing organization. The Commission is also requesting comment on whether ICE Futures U.S., Inc. (``ICE Futures U.S.'') floor traders and floor brokers who are registered with the Commission, when trading for their own accounts, may be determined to be eligible swap participants and permitted to enter into certain specified OTC swap transactions. This exemption has been requested by ICE Futures U.S., a designated contract market. Authority for extending this relief is found in Section 4(c) of the Commodity Exchange Act (``CEA'' or ``Act'').\1\
Agency Information Collection Activities: Notice of Intent To Renew Collection 3038-0026, Gross Collection of Exchange-Set Margins for Omnibus Accounts
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, including each proposed extension of an existing collection of information, and to allow 60 days for public comment in response to the notice. This notice solicits comments on requirements relating to gross collection of Exchange-Set margins for Omnibus Accounts.
Risk Management Exemption From Federal Speculative Position Limits
Section 150.2 of the Commodity Futures Trading Commission's (``Commission'') regulations imposes limits on the size of speculative positions that traders may hold or control in futures and futures equivalent option contracts on certain designated agricultural commodities named therein. Section 150.3 lists certain types of positions that may be exempted from these Federal speculative position limits. The Commission is proposing to provide an additional exemption for ``risk management positions.'' A risk management position would be defined as a futures or futures equivalent position, held as part of a broadly diversified portfolio of long-only or short-only futures or futures equivalent positions, that is based upon either: A fiduciary obligation to match or track the results of a broadly diversified index that includes the same commodity markets in fundamentally the same proportions as the futures or futures equivalent position; or a portfolio diversification plan that has, among other substantial asset classes, an exposure to a broadly diversified index that includes the same commodity markets in fundamentally the same proportions as the futures or futures equivalent position. The exemption would be subject to conditions, including that the positions must be passively managed, must be unleveraged, and may not be carried into the spot month.
Conflicts of Interest in Self-Regulation and Self-Regulatory Organizations
On January 31, 2007, the Commission adopted Acceptable Practices for Section 5(d)(15) (``Core Principle 15'') of the Commodity Exchange Act. The new Acceptable Practices were published in the Federal Register on February 14, 2007, and became effective on March 16, 2007. On March 26, 2007, the Commission published certain proposed amendments to the Acceptable Practices in an effort to clarify the definition of ``public director'' contained therein.\1\ The Commission has yet to act upon the proposed amendments, which are central to every element of the Acceptable Practices. Accordingly, the Commission hereby notifies all designated contract markets (``DCMs'') that, until further notice, the Acceptable Practices contained in paragraph (b) of Core Principle 15 in Appendix B to 17 CFR part 38 are stayed indefinitely.
Revision of Federal Speculative Position Limits
The Commodity Futures Trading Commission (``Commission'') periodically reviews the speculative position limits for certain agricultural commodities set out in Commission regulation 150.2 (``Federal speculative position limits''). In this regard, the Commission has reviewed the existing levels for Federal speculative position limits and is now proposing to increase these limits for all single-month and all-months-combined positions in all commodities except oats, based on the formula set out in Commission Regulation 150.5(c). In addition, the Commission is also proposing to aggregate traders' positions for purposes of ascertaining compliance with Federal speculative position limits when a designated contract market (``DCM'') lists for trading a futures contract that shares substantially identical terms with a Regulation 150.2-enumerated contract listed on another DCM, including a futures contract that is cash-settled based on the settlement prices for a futures contract that is already enumerated. The Commission is requesting comment on these rule amendments.
Exemption From Registration for Certain Foreign Persons
The Commodity Futures Trading Commission (``Commission'') has amended Commission Regulation 3.10 concerning the registration of firms located outside the U.S. that are engaged in intermediating commodity interest transactions on U.S. designated contract markets (``DCMs'') and U.S. derivative transaction execution facilities (``DTEFs'').\1\ The amended regulation codifies past actions of the Commission or its staff to permit certain foreign firms that limit their customers to foreign customers, and submit U.S. DCM and DTEF business on behalf of those customers for clearing on an omnibus basis through a registered futures commission merchant (``FCM''), to be exempt from registration as an FCM pursuant to section 4d of the Commodity Exchange Act (``Act''). The amended regulation similarly extends the relief from registration to those foreign persons acting in the capacity of an introducing broker (``IB''), commodity trading advisor (``CTA'') and commodity pool operator (``CPO'') solely on behalf of foreign customers.
Termination of Associated Persons and Principals of Futures Commission Merchants, Introducing Brokers, Commodity Trading Advisors, Commodity Pool Operators and Leverage Transaction Merchants
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') has amended Commission Regulations 3.12 and 3.31 to extend the period during which a registered futures commission merchant (``FCM''), introducing broker (``IB''), commodity trading advisor (``CTA''), commodity pool operator (``CPO'') or leverage transaction merchant (``LTM'') must file a notice with the National Futures Association (``NFA'') to report the termination of any associated person (``AP'') or principal of the registered intermediary. The amendments modify existing requirements and specify that such intermediaries must file termination notices within 30 days, rather than 20 days, after the termination of the association with any AP or principal.
Maintenance of Books, Records and Reports by Traders
The Commodity Futures Trading Commission (Commission) is amending Commission Regulation 18.05 in two respects: to make it explicit that persons holding or controlling reportable positions on a designated contract market (DCM) or derivatives transaction execution facility (DTEF) must retain books and records and make available to the Commission upon request any pertinent information with respect to all other positions and transactions in the commodity in which the trader has a reportable position, including positions held or controlled or transactions executed on all reporting markets, over-the-counter (OTC) and/or pursuant to Sections 2(d), 2(g) or 2(h)(1)-(2) of the Commodity Exchange Act (Act) or Part 35 of the Commission's regulations, on exempt commercial markets operating pursuant to Sections 2(h)(3)-(5) of the Act (ECMs), on exempt boards of trade operating pursuant to Section 5d of the Act (EBOTs), and on foreign boards of trade (FBOTs); and to make the regulation clearer and more complete with respect to hedging activity. The amendments will enhance the Commission's ability to deter and prevent price manipulation or any other disruptions to the integrity of the regulated futures markets, help to ensure the avoidance of systemic risk, and clarify the meaning of the regulation.
Agency Information Collection Activities: Proposed Collection; Comment Request: Part 41 Relating to Security Futures Products
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].
Agency Information Collection Activities: Proposed Collection; Comment Request: Rules Pertaining to Contract Markets and Their Members
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].
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].
Petition of the Chicago Mercantile Exchange, Inc. for Exemptive Relief, Pursuant to Section 4(c) of the Commodity Exchange Act, From the Requirement That the China Foreign Exchange Trade System and National Interbank Funding Center or its Members Register as Futures Commission Merchants
The Commodity Futures Trading Commission (``Commission'') published on August 23, 2007, a notice of proposed order and request for comment regarding a petition filed with the Commission by the Chicago Mercantile Exchange, Inc. (``CME'') applying for exemptive relief, pursuant to Section 4(c) of the Commodity Exchange Act.\1\ CME's petition applies for exemptive relief from the requirement that the China Foreign Exchange Trade system and National Interbank Funding Center (``CFETS'') or its members register as futures commission merchants (``FCMs''). An interested party has requested that the comment period be extended by two weeks due to the novelty of the issues involved. The Commission is extending the comment period to October 9, 2007.
Foreign Futures and Options Transactions
The Commodity Futures Trading Commission (``Commission'') is issuing an Amended Supplemental Order authorizing members of Singapore Derivatives Trading Ltd (``SGX''), formerly known as Singapore International Monetary Exchange Ltd (``SIMEX''), to solicit and accept orders from U.S. customers for otherwise permitted transactions on all non-U.S. exchanges where such members are authorized by the laws of Singapore to conduct futures business for customers. The 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 supersedes the Commission's prior Supplemental Order dated September 9, 1999.
Special Calls
The Commodity Futures Trading Commission (``Commission'') has adopted amendments to Part 21 of its regulations relating to special calls for information. The amendments will: Add to the types of information specified in Sec. 21.02, which must be furnished upon special call, information regarding exchanges of futures for physical commodities or for derivatives positions, and information regarding delivery notices issued and stopped; and delegate to the Director of the Division of Market Oversight and the Director's delegatees, the ability to issue special calls pursuant to sections 21.01 and 21.02.
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) (National Futures Association (NFA), a registered futures association, and the contract markets are referred to as SROs). The calculation of the fee amounts to be charged for FY 2007 is based upon an average of actual program costs incurred during FY 2004, 2005, and 2006, as explained below. The FY 2007 fee schedule is set forth in the SUPPLEMENTARY INFORMATION. Electronic payment of fees is required.
Petition of the Chicago Mercantile Exchange Inc. for Exemptive Relief, Pursuant to Section 4(c) of the Commodity Exchange Act, From the Requirement That the China Foreign Exchange Trade System and National Interbank Funding Center or Its Members Register as Futures Commission Merchants
The Chicago Mercantile Exchange Inc. (CME) has petitioned the Commodity Futures Trading Commission (Commission) for exemptive relief, pursuant to section 4(c) of the Commodity Exchange Act (Act or CEA), from the requirement that the China Foreign Exchange Trade System and National Interbank Funding Center (CFETS) or its members register as futures commission merchants (FCMs). The Commission seeks comment on CME's petition. Copies of the petition are available for inspection at the Office of the Secretariat by mail at the address listed below, by telephoning (202) 418-5100, or on the Commission's Web site (https:// www.cftc.gov).
Agency Information Collection Activities: Proposed Collection; Comment Request: Part 41, Relating to Security Futures Products
In compliance with the Paperwork Reduction Act (44 U.S.C. 3501 et seq.), this notice announces that the CFTC is planning to submit the following proposed Information Collection Request (ICR) to the Office of Management and Budget (OMB): Part 41, Relating to Security Futures Products; OMB Control Number 3038-0059. Before submitting the ICR to OMB for review and approval, the CFTC is soliciting comments on specific aspects of the proposed information collection as described below.
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