Commodity Futures Trading Commission – Federal Register Recent Federal Regulation Documents
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Agency Information Collection Activities: Notice of Intent To Renew Collection 3038-0043, Rules Relating To Review of National Futures Association Decisions in Disciplinary, Membership Denial, Registration, and Member Responsibility Actions
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 relating to review of National Futures Association decisions in disciplinary, membership denial, registration, and member responsibility actions.
Order (1) Pursuant to Section 4(c) of the Commodity Exchange Act, Permitting the Chicago Mercantile Exchange to Clear Certain Over-the-Counter Agricultural Swaps and (2) Pursuant to Section 4d of the Commodity Exchange Act, Permitting Customer Positions in Such Cleared-Only Contracts and Associated Funds To Be Commingled With Other Positions and Funds Held in Customer Segregated Accounts
By petition dated April 21, 2008 (Petition), the Chicago Mercantile Exchange Inc. (CME), a registered derivatives clearing organization (DCO), and the Board of Trade of the City of Chicago, Inc. (CBOT), a designated contract market, requested permission to clear certain over-the counter (OTC) swap agreements (swaps) in corn, wheat, and soybeans. Authority for granting this request is found in Section 4(c) of the Commodity Exchange Act (Act).\1\ The Petition also requested permission pursuant to Section 4d of the Act \2\ to allow CME and futures commission merchants (FCMs) clearing through CME to commingle positions in those cleared-only OTC swaps (cleared-only contracts) and funds associated with those positions with positions and funds otherwise required to be held in a customer segregated account. The Commodity Futures Trading Commission (Commission) has reviewed public comments and the entire record in this matter and it has determined to issue an order granting the requested permission, subject to certain terms and conditions.
Concept Release on Whether To Eliminate the Bona Fide Hedge Exemption for Certain Swap Dealers and Create a New Limited Risk Management Exemption From Speculative Position Limits
In June and July of 2008, the Commodity Futures Trading Commission (''Commission'') issued a special call for information from swap dealers and index traders regarding their over-the-counter (``OTC'') market activities. In September of 2008, the Commission released a ``Staff Report on Commodity Swap Dealers and Index Traders with Commission Recommendations'' (the ``September 2008 Report'') with several preliminary Commission recommendations. Recommendation five of the September 2008 Report directs the staff to develop an advance notice of proposed rulemaking that would review whether to eliminate the bona fide hedge exemption for swap dealers and replace it with a limited risk management exemption that is conditioned upon, among other things, an obligation to report to the CFTC and applicable self- regulatory organizations when certain noncommercial swap clients reach a certain position level and/or a certification that none of a swap dealer's noncommercial swap clients exceed specified position limits in related exchange-regulated commodities.\1\
Significant Price Discovery Contracts on Exempt Commercial Markets
The Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is promulgating final rules to implement those provisions of the CFTC Reauthorization Act of 2008 (``Reauthorization Act'') \1\ relating to exempt commercial markets (``ECMs'') on which significant price discovery contracts (``SPDCs'') are traded or executed. In addition to promulgating regulations mandated by the Reauthorization Act, the Commission also is amending existing regulations applicable to registered entities in order to clarify that such regulations are now applicable to ECMs with SPDCs.
Federal Register Notice Requesting Nominations for the Subcommittee on Convergence in Agricultural Commodity Markets Under the Agricultural Advisory Committee
The Commodity Futures Trading Commission (CFTC or Commission) is calling for nominations to the Subcommittee on Convergence in Agricultural Commodity Markets (Subcommittee on Convergence or Subcommittee) under the auspices of the Agricultural Advisory Committee. The Subcommittee on Convergence was established to identify the causes of poor cash-futures convergence in select agricultural commodity markets and advise the Commission on actions to remedy the situation. Nominations are sought for highly qualified representatives from government agencies, industry, exchanges, and groups representing interests or organizations involved with or affected by the convergence issues. Individuals seeking to be nominated to the Subcommittee on Convergence should possess demonstrable expertise in a related field or represent a stakeholder of interest in the issue. Prospective nominees should be open to participating in an open public-private forum.
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
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.
Electronic Filing of Disclosure Documents
The Commodity Futures Trading Commission (Commission or CFTC) is amending 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 requiring that CPOs and CTAs be required to file their Disclosure Documents electronically with NFA (Amendments).
Commodity Pool Operator Periodic Account Statements and Annual Financial Reports
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing to amend its regulations governing the periodic account statements that commodity pool operators (``CPOs'') are required to provide to commodity pool participants and the annual financial reports that CPOs are required to provide to commodity pool participants and file with the National Futures Association (``NFA''). The proposed amendments would: Specify detailed information that must be included in the periodic account statements and annual reports for commodity pools with more than one series or class of ownership interest; clarify that the periodic account statements must disclose either the net asset value per outstanding participation unit in the pool, or the total value of a participant's interest or share in the pool; extend the time period for filing and distributing annual reports of commodity pools that invest in other funds; codify existing Commission staff interpretations regarding the proper accounting treatment and financial statement presentation of certain income and expense items in the periodic account statements and annual reports; streamline annual reporting requirements for pools ceasing operation; and clarify and update several other requirements for periodic and annual reports prepared and distributed by CPOs.
Acknowledgment Letters for Customer Funds and Secured Amount Funds
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing to amend its regulations regarding the required content of the acknowledgment letter that a registrant must obtain from any depository holding its segregated customer funds or funds of foreign futures or foreign options customers, and certain technical changes.
Conflicts of Interest in Self-Regulation and Self-Regulatory Organizations
On January 31, 2007, the Commission adopted its first acceptable practices for Section 5(d)(15) (``Core Principle 15'') of the Commodity Exchange Act (``Act'').\1\ As with all other acceptable practices, those for Core Principle 15 are a safe harbor that designated contract markets (``DCMs'') can use to demonstrate core principle compliance. The acceptable practices contain four provisionsthree are ``operational provisions'' and one provides necessary definitions, including a definition of ``public director.'' All four provisions were published simultaneously in the Federal Register on February 14, 2007, and became effective on March 16, 2007.\2\ Existing DCMs were given a two-year phase-in period to implement the acceptable practices or otherwise demonstrate full compliance with Core Principle 15.
Notice of Additional Conditions on the No-Action Relief When Foreign Boards of Trade That Have Received Staff No-Action Relief To Permit Direct Access to Their Automated Trading Systems From Locations in the United States List for Trading From the U.S. Linked Futures and Option Contracts and a Revision of Commission Policy Regarding the Listing of Certain New Option Contracts
The Commodity Futures Trading Commission (Commission) is providing notice requiring foreign boards of trade that may receive Commission staff no-action relief permitting them to make their automated trading systems directly available from the U.S. to comply with additional conditions for the no-action relief to remain effective if they list for trading from the U.S. contracts that are linked to contracts traded on certain U.S.-based entities. Separately, the Commission is providing notice that it is revising its policy regarding the notification procedures applicable to listing an option on a futures contract that already is (or can be) listed for trading from the U.S.
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; it includes the actual data collection instruments [if any].
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
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
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
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
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
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.
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
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
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
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
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).
Rules Relating to Reparation Proceedings
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
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
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
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
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
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.
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