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

The Commodity Futures Trading Commission (``Commission'') is proposing to amend the regulations regarding the registration of certain 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's staff permitting 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 U.S. DCM and DTEF listed futures and commodity options without having to register as an introducing broker pursuant to section 4d of the Commodity Exchange Act (``Act''). The Commission also is proposing to revoke the regulations regarding quarterly reporting requirements for foreign futures and foreign options transactions.

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 exemptions from speculative limits.

The Commodity Futures Trading Commission (``Commission'') published on December 6, 2007, a notice of request for comment on exemption requests.\1\ Specifically, the Commission requested 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., as requested by ICE Clear U.S., Inc., a registered derivatives clearing organization, pursuant to section 4(c) of the Commodity Exchange Act (``Act''). The Commission also requested comment on a request from ICE Futures U.S., Inc. pursuant to section 4(c) of the Act that certain 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.