Commodity Futures Trading Commission June 17, 2010 – Federal Register Recent Federal Regulation Documents
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Request To Amend an Existing Order Under Section 4(c) of the Commodity Exchange Act 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
The Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is requesting comment on whether to amend an existing order to extend the exemption granted to ICE Clear U.S., Inc. (``ICE Clear'') under Section 4(c) of the Commodity Exchange Act (``Act'') \1\ to certain over-the-counter (``OTC'') agricultural swaps for which there is no corresponding futures contract listed for trading on ICE Futures U.S., Inc. (``ICE Futures'') at the time of acceptance for clearing. Authority for extending this relief is found in Section 4(c) of the Act.
Petition of Hard Eight Futures, LLC for Exemptive Relief, Pursuant to Section 4(c) of the Commodity Exchange Act, From Section 2(a)(1)(C)(iv) of the Commodity Exchange Act and Appendix D to Part 30 of the Rules of the Commodity Futures Trading Commission
Hard Eight Futures, LLC (``HEF'') has petitioned the Commodity Futures Trading Commission (``Commission'' or ``CFTC'') for exemptive relief, pursuant to Section 4(c) of the Commodity Exchange Act (``Act'' or ``CEA''),\1\ to permit U.S. eligible contract participants (``ECPs''),\2\ subject to certain conditions, to trade foreign non- narrow-based security index futures contracts where the foreign exchange has not obtained a staff no-action letter with respect to the offer and sale of such futures contracts to U.S. persons. The conditions proposed in HEF's petition are: (i) Relief is only available for futures on broad-based security indexes; (ii) the securities comprising such an index are principally traded on, by, or through any exchange or market located outside the U.S.; (iii) the Commission must have a Memorandum of Understanding with the foreign exchange's regulator with respect to information sharing and cooperation; \3\ and (iv) an ECP seeking to claim the exemption would file notice with the Commission, which would be effective with respect to that person and index, unless the Commission notifies the person within ten (10) business days that the claimant does not meet the requirements of the exclusion, or that the index does not qualify as broad based.
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