Commodity Futures Trading Commission 2008 – Federal Register Recent Federal Regulation Documents

Request To Exempt Certain Over-the-Counter Swaps From Certain of the Requirements Imposed by Commission Regulation 35.2, Pursuant to the Authority in Section 4(C) of the Commodity Exchange Act; Reopening of Comment Period
Document Number: E8-31132
Type: Notice
Date: 2008-12-31
Agency: Commodity Futures Trading Commission, Agencies and Commissions
The Commodity Futures Trading Commission (``Commission'') is reopening the period for public comment to provide interested persons additional time to comment on whether to exempt certain over-the- counter (``OTC'') agricultural swaps from certain of the requirements otherwise imposed by Commission Regulation 35.2. The comment period is being reopened due to the non-transmittal of a comment letter from the Federal eRulemaking Portal to the Commission. The purpose of the Commission's action is to afford the commenter whose submission was not received, the opportunity to resubmit the comment. The Chicago Mercantile Exchange Inc. (``CME''), a registered derivatives clearing organization, and the Board of Trade of the City of Chicago, Inc. (``CBOT''), a designated contract market, requested an exemption that would permit the clearing of OTC agricultural swaps. Authority for extending this relief is found in Section 4(c) of the Commodity Exchange Act.\1\
Order Exempting the Trading and Clearing of Certain Products Related to iShares® COMEX Gold Trust Shares and iShares® Silver Trust Shares
Document Number: E8-31110
Type: Notice
Date: 2008-12-30
Agency: Commodity Futures Trading Commission, Agencies and Commissions
On November 12, 2008, the Commodity Futures Trading Commission (``CFTC'' or the ``Commission'') published for public comment in the Federal Register \1\ a proposal to exempt the trading and clearing of certain contracts called ``options'' and other contracts called ``security futures'' on each of iShares[supreg] COMEX Gold Trust Shares (``Gold Products'') and iShares[supreg] Silver Trust Shares (``Silver Products'') (collectively, ``Gold and Silver Products'') from the provisions of the Commodity Exchange Act (``CEA'') \2\ and the regulations thereunder to the extent necessary to permit them to be traded and cleared as described below. The contracts are proposed to be traded on national securities exchanges (as to options) and designated contract markets registered with the Securities and Exchange Commission (``SEC'') as limited purpose national securities exchanges (as to security futures), and in both cases to be cleared through the Options Clearing Corporation (``OCC'') in its capacity as a registered securities clearing agency. Authority for this exemption is found in Section 4(c) of the CEA.\3\
Delegation of Authority and Change in Position Title
Document Number: E8-31001
Type: Rule
Date: 2008-12-30
Agency: Commodity Futures Trading Commission, Agencies and Commissions
The Commodity Futures Trading Commission (``Commission'') is amending certain provisions of its part 140 regulations to add the Chief Economist and the Deputy Chief Economist of the Office of the Chief Economist as persons to whom certain authorities are delegated. The Commission is also amending part 140 to reflect a change in position title from ``Regional Coordinators'' to ``Regional Administrators.''
Agency Information Collection Activities: Notice of Intent To Renew Collection 3038-0048, Off-Exchange Agricultural Trade Options
Document Number: E8-30906
Type: Notice
Date: 2008-12-29
Agency: Commodity Futures Trading Commission, Agencies and Commissions
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 off-exchange agricultural trade options.
Agency Information Collection Activities Under OMB Review
Document Number: E8-30905
Type: Notice
Date: 2008-12-29
Agency: Commodity Futures Trading Commission, Agencies and Commissions
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.
Sunshine Act Meetings
Document Number: E8-30530
Type: Notice
Date: 2008-12-22
Agency: Commodity Futures Trading Commission, Agencies and Commissions
Sunshine Act Meetings
Document Number: E8-30528
Type: Notice
Date: 2008-12-22
Agency: Commodity Futures Trading Commission, Agencies and Commissions
Sunshine Act Meetings
Document Number: E8-30526
Type: Notice
Date: 2008-12-22
Agency: Commodity Futures Trading Commission, Agencies and Commissions
Sunshine Act Meetings
Document Number: E8-30523
Type: Notice
Date: 2008-12-22
Agency: Commodity Futures Trading Commission, Agencies and Commissions
Sunshine Act Meetings
Document Number: E8-30519
Type: Notice
Date: 2008-12-22
Agency: Commodity Futures Trading Commission, Agencies and Commissions
Order: (1) Pursuant to Section 4(c) of the Commodity Exchange Act (a) Permitting Eligible Swap Participants To Submit for Clearing and ICE Clear U.S., Inc. and Futures Commission Merchants To Clear Certain Over-The-Counter Agricultural Swaps and (b) Determining Certain Floor Brokers and Traders To Be Eligible Swap Participants; and (2) Pursuant to Section 4d of the Commodity Exchange Act, Permitting Certain Customer Positions in the Foregoing Swaps and Associated Property To Be Commingled With Other Property Held in Segregated Accounts
Document Number: E8-30057
Type: Notice
Date: 2008-12-18
Agency: Commodity Futures Trading Commission, Agencies and Commissions
On December 7, 2007, the Commodity Futures Trading Commission (``CFTC'' or ``Commission'') published for public comment requests (a) to permit ICE Clear U.S., Inc. (``ICE Clear'') to clear certain over- the-counter (``OTC'') swap contracts and (b) to determine that certain ICE Futures U.S., Inc. (``ICE Futures'') floor brokers and traders are Eligible Swap Participants (``ESPs'') for the purpose of trading those OTC swaps (``Notice.'').\1\ On January 7, 2008, the comment period was extended to February 6, 2008.\2\ ICE Clear also filed a request for an order pursuant to Section 4d of the Commodity Exchange Act (``CEA'' or ``Act'') to allow ICE Clear and Futures Commission Merchants (``FCMs'') clearing through ICE Clear to commingle positions in those cleared OTC swap contracts and property supporting those positions with property and positions otherwise required to be held in customer segregated accounts. That request was published on the CFTC's Web site for public comment during the same timeframe with the same comment deadline. The Commission has reviewed the comments made in response to the requests for comment and the entire record in this matter and has determined to issue an order granting the requests.
Agency Information Collection Activities Under OMB Review
Document Number: E8-29684
Type: Notice
Date: 2008-12-16
Agency: Commodity Futures Trading Commission, Agencies and Commissions
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].
Significant Price Discovery Contracts on Exempt Commercial Markets
Document Number: E8-28867
Type: Proposed Rule
Date: 2008-12-12
Agency: Commodity Futures Trading Commission, Agencies and Commissions
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing rules to implement the CFTC Reauthorization Act of 2008 (``Reauthorization Act'').\1\ In pertinent part, the Reauthorization Act amends the Commodity Exchange Act to significantly expand the CFTC's regulatory authority over exempt commercial markets (``ECMs''), which had heretofore operated largely outside the Commission's regulatory reach, by creating a new regulatory category ECMs with significant price discovery contracts (``SPDCs'')and directing the Commission to adopt rules to implement this expanded authority. In addition to proposing regulations mandated by the Reauthorization Act, the Commission is also proposing to amend existing regulations applicable to registered entities in order to clarify that such regulations are now applicable to ECMs with SPDCs.
Electronic Filing of Disclosure Documents
Document Number: E8-28177
Type: Proposed Rule
Date: 2008-11-26
Agency: Commodity Futures Trading Commission, Agencies and Commissions
The Commodity Futures Trading Commission (Commission or CFTC) is proposing to amend its regulations applicable to the filing of Disclosure Documents by commodity pool operators (CPOs) and commodity trading advisors (CTAs) with the National Futures Association (NFA). In response to a petition from NFA, the CFTC is proposing that CPOs and CTAs be required to file their Disclosure Documents electronically with NFA (Proposal).
Sunshine Act Meetings
Document Number: E8-27999
Type: Notice
Date: 2008-11-24
Agency: Commodity Futures Trading Commission, Agencies and Commissions
Sunshine Act Meetings
Document Number: E8-27998
Type: Notice
Date: 2008-11-24
Agency: Commodity Futures Trading Commission, Agencies and Commissions
Sunshine Act Meetings
Document Number: E8-27996
Type: Notice
Date: 2008-11-24
Agency: Commodity Futures Trading Commission, Agencies and Commissions
Sunshine Act Meetings
Document Number: E8-27995
Type: Notice
Date: 2008-11-24
Agency: Commodity Futures Trading Commission, Agencies and Commissions
Sunshine Act Meetings
Document Number: E8-27994
Type: Notice
Date: 2008-11-24
Agency: Commodity Futures Trading Commission, Agencies and Commissions
Rules Relating to Reparation Proceedings
Document Number: E8-27177
Type: Rule
Date: 2008-11-20
Agency: Commodity Futures Trading Commission, Agencies and Commissions
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is amending its regulations to clarify that post-judgment interest shall run on reparation awards in voluntary decisional proceedings and to provide that in all reparation proceedings resulting in a judgment for complainant post-judgment interest shall run whether or not expressly awarded.
Agency Information Collection Activities Under OMB Review
Document Number: E8-27349
Type: Notice
Date: 2008-11-18
Agency: Commodity Futures Trading Commission, Agencies and Commissions
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
Document Number: E8-27347
Type: Notice
Date: 2008-11-18
Agency: Commodity Futures Trading Commission, Agencies and Commissions
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: Notice of Intent To Renew Collection 3038-0051, Part 39 Derivatives Clearing Organizations
Document Number: E8-27346
Type: Notice
Date: 2008-11-18
Agency: Commodity Futures Trading Commission, Agencies and Commissions
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: Notice of Intent To Renew Collection 3038-0052, Establishing Procedures for Designated Contract Markets and Applicants Seeking Designation, Comment Request
Document Number: E8-27345
Type: Notice
Date: 2008-11-18
Agency: Commodity Futures Trading Commission, Agencies and Commissions
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].
Execution of Transactions: Regulation 1.38 and Guidance on Core Principle 9
Document Number: E8-27121
Type: Proposed Rule
Date: 2008-11-14
Agency: Commodity Futures Trading Commission, Agencies and Commissions
On September 18, 2008, the Commission published in the Federal Register a notice of proposed rulemaking to amend its rules, guidance and acceptable practices concerning trading off the centralized market, including the addition of guidance on contract market block trading rules and exchanges of futures for commodities or derivatives positions. Comments on the proposal originally were due on November 17, 2008. The Commission is extending the comment period in order to give interested persons additional time to comment on the proposed amendments.
Agency Information Collection Activities: Rules Relating to Regulation of Domestic Exchange-Traded Options
Document Number: E8-26834
Type: Notice
Date: 2008-11-12
Agency: Commodity Futures Trading Commission, Agencies and Commissions
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 rules related to risk disclosure concerning exchange-traded commodity options.
Proposal To Exempt, Pursuant to the Authority in Section 4(c) of the Commodity Exchange Act, the Trading and Clearing of Certain Products Related to iShares® COMEX Gold Trust Shares and iShares® Silver Trust Shares
Document Number: E8-26815
Type: Notice
Date: 2008-11-12
Agency: Commodity Futures Trading Commission, Agencies and Commissions
The Commodity Futures Trading Commission (``CFTC'' or the ``Commission'') is proposing to exempt the trading and clearing of certain contracts called ``options'' and other contracts called ``security futures'' on each of iShares[reg] COMEX Gold Trust Shares (``Gold Products'') and iShares[reg] Silver Trust Shares (``Silver Products'') (collectively, ``Gold and Silver Products''), proposed to be traded on national securities exchanges (as to options) and designated contract markets registered with the Securities and Exchange Commission (``SEC'') as limited purpose national securities associations (as to security futures), and in either case cleared through the Options Clearing Corporation (``OCC'') in its capacity as a registered securities clearing agency, from the provisions of the Commodity Exchange Act (``CEA'') \1\ and the regulations thereunder, to the extent necessary to permit them to be so traded and cleared. Authority for this exemption is found in Section 4(c) of the CEA.\2\
Interpretative Statement Regarding Funds Related to Cleared-Only Contracts Determined To Be Included in a Customer's Net Equity
Document Number: E8-26199
Type: Rule
Date: 2008-11-04
Agency: Commodity Futures Trading Commission, Agencies and Commissions
This interpretation by the Commodity Futures Trading Commission (``Commission'') is issued to clarify the appropriate treatment under the commodity broker provisions of the Bankruptcy Code and Part 190 of the Commission's Regulations of claims arising from contracts (``cleared-only contracts'') that, although not executed or traded on a Designated Contract Market or a Derivatives Transaction Execution Facility, are subsequently submitted for clearing through a Futures Commission Merchant (``FCM'') to a Derivatives Clearing Organization (``DCO''). The Commission first published this interpretation in the Federal Register of October 2, 2008 (73 FR 57235). A statement of concurrence on a different matter was printed at the end of the interpretation, in error. The Commission is republishing the interpretation to clarify that the statement of concurrence is not related to the interpretation.
Sunshine Act Meetings
Document Number: E8-25526
Type: Notice
Date: 2008-10-24
Agency: Commodity Futures Trading Commission, Agencies and Commissions
Sunshine Act Meetings
Document Number: E8-25525
Type: Notice
Date: 2008-10-24
Agency: Commodity Futures Trading Commission, Agencies and Commissions
Sunshine Act Meetings
Document Number: E8-25524
Type: Notice
Date: 2008-10-24
Agency: Commodity Futures Trading Commission, Agencies and Commissions
Sunshine Act Meetings
Document Number: E8-25523
Type: Notice
Date: 2008-10-24
Agency: Commodity Futures Trading Commission, Agencies and Commissions
Sunshine Act Meetings
Document Number: E8-25522
Type: Notice
Date: 2008-10-24
Agency: Commodity Futures Trading Commission, Agencies and Commissions
Proceedings Before the Commodity Futures Trading Commission
Document Number: E8-25354
Type: Rule
Date: 2008-10-24
Agency: Commodity Futures Trading Commission, Agencies and Commissions
The Commodity Futures Trading Commission (``Commission'') is amending its Rules of Practice and Rules Relating to Reparation Proceedings, respectively, to standardize service and filing by electronic means. The amendments also revise rules regarding formatting requirements of reparations documents filed with the Proceedings Clerk.
Joint Audit Committee Operating Agreement
Document Number: E8-24990
Type: Notice
Date: 2008-10-21
Agency: Commodity Futures Trading Commission, Agencies and Commissions
The Commodity Futures Trading Commission (``Commission'') is reopening the comment period for interested parties to comment on the Joint Audit Committee Operating agreement which was submitted to the Commission for approval pursuant to Commission Regulation 1.52.
Foreign Futures and Options Transactions
Document Number: E8-24315
Type: Rule
Date: 2008-10-14
Agency: Commodity Futures Trading Commission, Agencies and Commissions
The Commodity Futures Trading Commission (Commission or CFTC) is granting an exemption to firms designated by the Tokyo Financial Exchange, Inc. (TFX) from the application of certain of the Commission's foreign futures and option regulations based upon substituted compliance with certain comparable regulatory and self- regulatory requirements of a foreign regulatory authority consistent with conditions specified by the Commission, as set forth herein. This Order is issued pursuant to Commission Regulation 30.10, which permits persons to file a petition with the Commission for exemption from the application of certain of the Regulations set forth in Part 30 and authorizes the Commission to grant such an exemption if such action would not be otherwise contrary to the public interest or to the purposes of the provision from which exemption is sought.
Sunshine Act Meetings
Document Number: E8-23957
Type: Notice
Date: 2008-10-08
Agency: Commodity Futures Trading Commission, Agencies and Commissions
Adjustment of Civil Monetary Penalties for Inflation
Document Number: E8-23417
Type: Rule
Date: 2008-10-03
Agency: Commodity Futures Trading Commission, Agencies and Commissions
The Commodity Futures Trading Commission (Commission) is amending its rule which governs the maximum amount of civil monetary penalties, to adjust for inflation. This rule sets forth the maximum, inflation-adjusted dollar amount for civil monetary penalties (CMPs) assessable for violations of the Commodity Exchange Act (Act) and Commission rules and orders thereunder. The rule, as amended, implements the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Debt Collection Improvement Act of 1996. The rules also reflect the higher penalties enacted this year by Congress for violations of the Act prohibiting manipulation and attempted manipulation.
Sunshine Act Meetings
Document Number: E8-23425
Type: Notice
Date: 2008-10-02
Agency: Commodity Futures Trading Commission, Agencies and Commissions
Sunshine Act Meetings
Document Number: E8-23421
Type: Notice
Date: 2008-10-02
Agency: Commodity Futures Trading Commission, Agencies and Commissions
Sunshine Act Meetings
Document Number: E8-23420
Type: Notice
Date: 2008-10-02
Agency: Commodity Futures Trading Commission, Agencies and Commissions
Sunshine Act Meetings
Document Number: E8-23419
Type: Notice
Date: 2008-10-02
Agency: Commodity Futures Trading Commission, Agencies and Commissions
Sunshine Act Meetings
Document Number: E8-23418
Type: Notice
Date: 2008-10-02
Agency: Commodity Futures Trading Commission, Agencies and Commissions
Interpretative Statement Regarding Funds Related to Cleared-Only Contracts Determined To Be Included in a Customer's Net Equity
Document Number: E8-23277
Type: Rule
Date: 2008-10-02
Agency: Commodity Futures Trading Commission, Agencies and Commissions
This interpretation by the Commodity Futures Trading Commission (``Commission'') is issued to clarify the appropriate treatment under the commodity broker provisions of the Bankruptcy Code and Part 190 of the Commission's Regulations of claims arising from contracts (``cleared-only contracts'') that, although not executed or traded on a Designated Contract Market or a Derivatives Transaction Execution Facility, are subsequently submitted for clearing through a Futures Commission Merchant (``FCM'') to a Derivatives Clearing Organization (``DCO'').
Agency Information Collection Activities: Notification of Pending Legal Proceedings Pursuant to Regulation
Document Number: E8-23220
Type: Notice
Date: 2008-10-02
Agency: Commodity Futures Trading Commission, Agencies and Commissions
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 the rule requiring notification of pending legal proceedings pursuant to 17 CFR 1.60.
Execution of Transactions: Regulation 1.38 and Guidance on Core Principle 9
Document Number: E8-21865
Type: Proposed Rule
Date: 2008-09-18
Agency: Commodity Futures Trading Commission, Agencies and Commissions
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is re-proposing a number of amendments to its rules, guidance and acceptable practices, initially proposed on July 1, 2004,\1\ concerning trading off the centralized market, including the addition of guidance on contract market block trading rules and exchanges of futures for commodities or derivatives positions. The Commission is re- proposing these amendments and requesting comment as part of its continuing efforts to update its regulations in light of the Commodity Futures Modernization Act of 2000 (``CFMA'').
Exemption From Registration for Certain Firms With Regulation 30.10 Relief
Document Number: E8-21857
Type: Rule
Date: 2008-09-18
Agency: Commodity Futures Trading Commission, Agencies and Commissions
The Commodity Futures Trading Commission (``Commission'') has amended the regulation concerning 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. derivatives transaction execution facilities (``DTEFs'').\1\ The amended regulation codifies past actions of the Commission's staff to permit certain foreign firms that have confirmed relief from registration as futures commission merchants (``FCMs'') in accordance with the regulations to introduce to registered FCMs certain U.S. customers in connection with trading futures and commodity options listed on, or subject to the rules of, a U.S. DCM or DTEF without having to register as an introducing broker (``IB'') pursuant to Section 4d of the Commodity Exchange Act (``Act''). The Commission also has revoked the regulation regarding quarterly reporting requirements for foreign futures and foreign options transactions.
Agency Information Collection Activities: Notice of Intent To Renew Collection 3038-0052, Establishing Procedures for Designated Contract Markets and Applicants Seeking Designation, Comment Request
Document Number: E8-21287
Type: Notice
Date: 2008-09-12
Agency: Commodity Futures Trading Commission, Agencies and Commissions
The Commodity Futures Trading Commission (Commission or 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 Part 38 of the Commission's regulations (17 CFR 38) establishing submission and compliance procedures for designated contract markets and applicant exchanges seeking designation with the CFTC.
Privacy Act of 1974; System of Records
Document Number: E8-21116
Type: Notice
Date: 2008-09-11
Agency: Commodity Futures Trading Commission, Agencies and Commissions
The CFTC proposes to adopt a new routine use that would permit disclosure of CFTC records governed by the Privacy Act when reasonably necessary to respond and prevent, minimize, or remedy harm that may result from an agency data breach or compromise.
Joint Audit Committee Operating Agreement
Document Number: E8-21114
Type: Notice
Date: 2008-09-11
Agency: Commodity Futures Trading Commission, Agencies and Commissions
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is publishing for public comment an agreement submitted by the Joint Audit Committee (``JAC'') for approval pursuant to Commission Regulation 1.52.\1\ The JAC is a voluntary, cooperative organization comprised of representatives of the financial surveillance staff of designated contract markets (``DCMs'') and the National Futures Association (``NFA'') and was formed for the purpose of coordinating the monitoring and examination of common futures commission merchant (``FCM'') members of such entities. The agreement governs the operation of the JAC and the manner by which the JAC will coordinate and cooperate in examining and monitoring FCMs for compliance with Commission and self-regulatory organization (``SRO'') minimum financial and related reporting requirements. The JAC is submitting the agreement to replace the current operating agreement, which has been in effect since 1984.