Commodity Futures Trading Commission January 2007 – Federal Register Recent Federal Regulation Documents
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Membership in a Registered Futures Association
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') has amended its regulations to require that all persons registered with the Commission as futures commission merchants (``FCMs''), subject to an exception for certain notice-registered securities brokers or dealers (``BDs''), must become and remain members of at least one registered futures association (``RFA''). This action 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 amending 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. Under the regulations the Commission is amending, the submission of a notice through NFA's electronic exemption filing system by a person duly authorized to bind the submitter will be permitted in lieu of the manual signature currently required by each of these regulations. In addition, the Commission also is adopting technical amendments that remove the procedure for making filings with the Commission required by Part 4, and revising other sections of Part 4 to refer to filings made with NFA rather than the Commission.
Limitations on Withdrawals of Equity Capital
The Commodity Futures Trading Commission (``Commission'') is amending 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.
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