Commodity Futures Trading Commission 2007 – Federal Register Recent Federal Regulation Documents
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Agency Information Collection Activities: Proposed Collection; Comment Request: 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 CFTC is planning to submit the following proposed Information Collection Request (ICR) to the Office of Management and Budget (OMB): Rules Pertaining to Contract Markets and Their Members; [OMB Control Number 3038-0022]. 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.
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'') is proposing to amend Commission Regulations 3.12 and 3.31 (``Proposed Amendments'') 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. Under existing regulations, such intermediaries must file notices within 20 days after the termination of the AP or principal. The Commission's proposal (``Proposal'') would provide 30, rather than 20, days for the filing of a termination notice.
Agency Information Collection Activities: Notice of Intent To Renew Collection 3038-0025, Practice by Former Members and Employees of the Commission
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 practice before the Commission by former members and employees of the Commission.
Privacy Act of 1974: System of Records
This notice adds a new system of records to the Commission's systems of records under the Privacy Act. The new system contains information collected to document and support decisions regarding clearance for access to classified information and the suitability, eligibility, and fitness for service of applicants for federal employment, including students, interns, or volunteers, and contractor positions to the extent that contract duties require access to federal facilities, information, systems, or applications. This system is necessary to comply with Homeland Security Presidential Directive 12 (HSPD-12).
Amendments Pertinent to Registered Entities and Exempt Commercial Markets
The proposed regulations expand the set of persons delegated by the Commission with the authority to issue exempt commercial market (ECM) special calls to include the Director of the Division of Enforcement and that Director's designees. The proposed regulations clarify the process for listing, clearing, or implementing registered entity products or rules, including dormant products and rules, and amend the definition of emergency to clarify that persons other than members of the governing board of a registered entity may declare an emergency on behalf of the governing board. The proposed regulations also clarify the duration of the rule approval period for designated contract market (DCM) rules that may change a material term or condition of a contract based on the agricultural commodities enumerated in section 1a(4) of the Commodity Exchange Act (CEA or Act). Finally, the proposed regulations clarify how far in advance of implementation registered entities must submit self-certified contracts and rules to the Commission, and identify three additional categories of rules that a registered entity may implement without filing certified submissions or receiving prior Commission approval.
Rules Relating To Review of National Futures Association Decisions in Disciplinary, Membership Denial, Registration and Member Responsibility Actions
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') hereby amends 17 CFR Part 171, by adding language to Commission Rule Sec. 171.9(b) (manner of service), allowing for service by facsimile (``fax'') or by electronic means (``e-mail''), making either means of service effective upon receipt. The amendment will also indicate that parties who consent to accepting service of documents by electronic means or fax in the underlying NFA action also consent to accepting service by the same means in proceedings under Part 171.
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.
Agency Information Collection Activities Under OMB Review: Notice of Intent To Renew Collection 3038-0055, Privacy of Consumer Financial Information
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: Notice of Intent To Renew Collection 3038-0054, Establishing Procedures for Entities Operating as Exempt Markets
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 the 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.
Confidential Information and Commission Records and Information
The Commodity Futures Trading Commission is proposing to amend the procedures for confidential treatment requests by derivatives transaction execution facilities (DTEF), derivatives clearing organizations (DCO), or designated contract markets (DCM) for products and rules submitted via certification procedures or for Commission review and approval. The proposed rules will provide the exclusive means of requesting confidential treatment for product and rule submissions filed under Parts 40 and 41 of the Commission's regulations. Specifically, DCMs, DTEFs, and DCOs will be required to follow the customary procedures of requesting confidential treatment of information submitted to the Commission except: The submitter also will be required to file a detailed written justification simultaneously with the request for confidential treatment; and the submitter will be required to segregate the material deemed confidential in an appendix to the submission. Additionally, Commission staff may make an initial determination to grant or deny confidential treatment to such material before receiving a request under the Freedom of Information Act (FOIA). The Commission is proposing these amendments to expedite the confidential treatment review process and consequently allow the Commission to provide the public with more immediate access to non- confidential information.
Registration of Intermediaries
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') has amended Commission Regulation 3.10 to require certain registered intermediaries, i.e., futures commission merchants (``FCMs''), introducing brokers (``IBs''), commodity pool operators (``CPOs''), commodity trading advisors (``CTAs'') and leverage transaction merchants (``LTMs''), to complete an online annual review of their registration information maintained with the National Futures Association (``NFA''). This amendment is intended to ensure that NFA will have accurate and current information about such registrants. The Commission also has made a technical and conforming amendment to Commission Regulation 3.33(f) in order to remove an unnecessary reference to Regulation 3.10(d).
Maintenance of Books, Records and Reports by Traders
Commission Regulation 18.05 requires that a person holding or controlling a futures or option position in a commodity above a certain level (reportable position) on a designated contract market or registered derivatives transaction execution facility (reporting markets) must retain books and records and make available to the Commission upon request any pertinent information with respect to other positions, transactions or activities in the commodity in which the trader has a reportable position. The Commission is proposing to amend Regulation 18.05 in two respects: To make it explicit that persons holding or controlling reportable positions on a reporting market 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 over-the-counter 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, on exempt boards of trade operating pursuant to Section 5d of the Act, and on foreign boards of trade (hereinafter referred to collectively as non-reporting transactions); and to make the regulation clearer and more complete with respect to hedging activity. The purpose of the amendments is to enhance the Commission's ability to deter and prevent price manipulation or any other disruptions to the integrity of the regulated futures markets, to ensure the avoidance of systemic risk, and to clarify the meaning of the regulation.
Special Calls
The Commodity Futures Trading Commission (``Commission'') is proposing to amend Part 21 of its regulations relating to special calls for information. The proposed amendments would: 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.
Order Exempting the Trading and Clearing of Certain Credit Default Products Pursuant to the Exemptive Authority in Section 4(c) of the Commodity Exchange Act (“CEA”); Republication
On May 14, 2007, the Commodity Futures Trading Commission (``CFTC'' or the ``Commission'') published for public comment in the Federal Register \1\ a proposal to exempt from the CEA \2\ the trading and clearing of certain products called credit default options (``CDOs'') and credit default basket options (``CDBOs'') that are proposed to be traded on the Chicago Board Options Exchange (``CBOE''), a national securities exchange registered under Section 6 of the Securities Exchange Act of 1934 (``1934 Act''),\3\ and cleared through the Options Clearing Corporation (``OCC''), a registered securities clearing agency registered under Section 17A of the 1934 Act,\4\ and Derivatives Clearing Organization registered under Section 5b of the CEA.\5\ The proposed order was preceded by a request from OCC to approve rules that would permit it to clear these CDOs and CDBOs in its capacity as a registered securities clearing agency. OCC's request presented novel and complex issues of jurisdiction and the Commission determined that an order exempting the trading and clearing of such instruments from pertinent requirements of the CEA may be appropriate. The Commission has reviewed the comments made in response to its proposal and the entire record in this matter and has determined to issue an order exempting the trading and clearing of these contracts from the CEA.
Order Exempting the Trading and Clearing of Certain Credit Default Products Pursuant to the Exemptive Authority in Section 4(c) of the Commodity Exchange Act (“CEA”)
On May 14, 2007, the Commodity Futures Trading Commission (``CFTC'' or the ``Commission'') published for pubic comment in the Federal Register \1\ a proposal to exempt for the CEA \2\ the trading and clearing of certain products called credit default options (``CDOs'') and credit default basket options (``CDBOs'') that are proposed to be traded on the Chicago Board Options Exchange (``CBOE''), a natioal securities exchange registered under Section 6 of the Securities Exchange Act of 1934 (``1934 Act''),\3\ and cleared through the Options Clearing Corporation (``OCC''), a registered securities clearing agency registered under Section 17A of the 1934 Act,\4\ and Derivatives Clearing Organization registered under Section 5b of the CEA.\5\ The proposed order was preceded by a request from OCC to approve rules that would permit it to clear these CDOs and CDBOs in its capacity as a registered securities clearing agency. OCC's request presented novel and complex issues of jurisdiction and the Commission determined that an order exempting the trading and clearing of such instruments from pertinent requirements of the CEA may be appropriate. The Commission has reviewed the comments made in response to its proposal and the entire record in this matter and has determined to issue an order exempting the trading and clearing of these contracts from the CEA.
Rules Relating to Permissible Uses of Official Seal
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') hereby revises 17 CFR part 2, by adding a new section, 17 CFR 2.4, to allow its employee recreation association, the Commodity Futures Trading Commission Employee Recreation Association (``Association'') to use the Commission seal for permissible, ``non- official purposes,'' e.g., fundraising, social, sports, and similar activities such as selling sports apparel and novelty items imprinted with the Commission's seal. The Commission finds that since the amendment to part 2 has no impact upon a member of the public, this amendment will become effective immediately upon publication in the Federal Register. In addition, the Commission has determined that this amendment to part 2 relates solely to the Association's objectives which promote the welfare of Commission employees and does not in any way impinge on the Commission's core mission. Therefore, the provisions of the Administrative Procedure Act, 5 U.S.C. 553, which generally require notice of proposed rule making and provide other opportunities for public participation, are inapplicable. Similarly, the provisions of the Regulatory Flexibility Act, Public Law 96-354, 94 Stat. 1164, do not apply. See 5 U.S.C. 601(2). In addition, the amendment to 17 CFR part 2 does not impose a burden within the meaning and intent of the Paperwork Reduction Act of 1980, 44 U.S.C. 3501, et seq. Provisions related to cost-benefit analysis, in section 15(a) of the Commodity Exchange Act, 7 U.S.C. 19, are also inapplicable.
Agency Information Collection Activities: Notice of Intent To Renew Collection 3038-0023, Registration Under the Commodity Exchange Act
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.
Agency Information Collection Activities: Notice of Intent to Renew Collection 3038-0049, Procedural Requirements for Requests for Interpretative, No-Action, and Exemptive Letters
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 procedures for submitting requests for exemptive, no- action, and interpretative letters.
Agency Information Collection Activities: Notice of Intent To Renew Collection 3038-0054, Establishing Procedures To Implement the Notification Requirements for Entities Operating as Exempt Markets
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.
Agency Information Collection Activities: Notice of Intent To Renew Collection 3038-0055, Privacy of Consumer Financial Information
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 misuse of customer information.
Proposal To Exempt the Trading and Clearing of Certain Credit Default Products Traded on the Chicago Board Options Exchange and Cleared Through the Options Clearing Corporation Pursuant to the Exemptive Authority in § 4(c) of the Commodity Exchange Act
The Commodity Futures Trading Commission (``CFTC'' or the ``Commission'') is proposing to exempt the trading and clearing of certain credit default products that are proposed to be traded on the Chicago Board Options Exchange (``CBOE'') and cleared through the Options Clearing Corporation (``OCC'') from any applicable provisions of the Commodity Exchange Act (``CEA'').\1\ Authority for this exemption is found in Section 4(c) of the CEA.\2\
Privacy Act of 1974: System of Records
This notice adds a new system of records to the Commission's systems of records under the Privacy Act of 1974, Public Law 93-579, 5 U.S.C. 552a. The visitor information system contains information provided by visitors to the agency. The visitor provides identification, in the form of a driver's license, passport, or Federal/Military ID. The company affiliation of the visitor will also be requested. This information is scanned and linked to the name and office phone number of the CFTC employee sponsoring the visit, along with information on the location of the visit, time of entry, purpose of the visit, and the number of the badge issued to the visitor. The purpose of the information collection is to enhance the security of CFTC employees and property by verifying the identity of visitors, and to track the location of the visitor so that, in the event of an emergency, the agency can account for all the people in its space. Records in the visitor system will be retained for three months and then purged.
Registration of Intermediaries
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing to amend Commission Regulation 3.10 to require certain registered intermediaries, i.e., futures commission merchants (``FCMs''), introducing brokers (``IBs''), commodity pool operators (``CPOs''), commodity trading advisors (``CTAs'') and leverage transaction merchants (``LTMs''), to complete an online annual review of their registration information maintained with the National Futures Association (``NFA''). The proposed amendment (``Proposed Amendment'') would ensure that NFA will have accurate and current information about such registrants. The Commission's proposal (``Proposal'') also includes a technical and conforming amendment to Commission Regulation 3.33(f), which regulation is cross-referenced in the Proposed Amendment.
Corrections to Regional Office Information
The Commodity Futures Trading Commission (``Commission'') is amending its regulations to delete references to the Minneapolis office, which was closed as of December 31, 2006, and to update the address of the Southwestern regional office.
Exemption From Registration for Certain Foreign Persons
The Commodity Futures Trading Commission (``Commission'') is proposing to amend Commission Regulation 3.10 regarding the registration of firms located outside the U.S. that are engaged in commodity interest activities with respect to trading on U.S. designated contract markets (``DCMs'') and U.S. derivative transaction execution facilities (``DTEFs'').\1\ The amended regulation would codify past actions of the Commission or its staff permitting certain foreign firms that limit their customers to foreign customers to 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''), without the foreign firm having to register as an FCM pursuant to section 4d of the Commodity Exchange Act (``Act'').
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