Commodity Futures Trading Commission – Federal Register Recent Federal Regulation Documents
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Agency Information Collection Activities: Rules Relating to Regulation of Domestic Exchange-Traded 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 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
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
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.
Proceedings Before the Commodity Futures Trading Commission
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
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
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.
Adjustment of Civil Monetary Penalties for Inflation
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.
Interpretative Statement Regarding Funds Related to Cleared-Only Contracts Determined To Be Included in a Customer's Net Equity
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
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
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
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
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
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
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.
Agency Information Collection Activities: Notice of Intent To Renew Collection 3038-0021, Regulations Governing Bankruptcies of Commodity Brokers
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 Regulations Governing Bankruptcies of Commodity Brokers.
Agency Information Collection Activities: Notice of Intent To Renew Collection 3038-0015, Copies of Crop and Market Information Reports
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 crop and market information.
Agency Information Collection Activities: Notice of Intent To Renew Collection 3038-0051, Part 39 Derivatives Clearing Organizations
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 Part 39 Derivatives Clearing Organizations.
Confidential Information and Commission Records and Information
On August 1, 2008, the Commission published in the Federal Register a notice of proposed rulemaking to amend the procedures under which designated contract markets, derivatives clearing organizations and derivatives transaction execution facilities (collectively, ``registered entities'') may request confidential treatment for products and rules submitted via certification procedures or for Commission review and approval pursuant to parts 40 and 41 of the Commission's regulations.\1\ Comments on the proposal originally were due on September 2, 2008. The Commission is extending the comment period in order to give interested persons additional time to comment on the proposed amendments.
Confidential Information and Commission Records and Information
On July 20, 2007, the Commission published in the Federal Register a notice of proposed rulemaking to amend the procedures under which designated contract markets (DCMs), derivatives clearing organizations (DCOs), and derivatives transaction execution facilities (DTEFs) (collectively, ``registered entities'') may request confidential treatment for products and rules submitted via certification procedures or for Commission review and approval under parts 40 and 41 of the Commission's regulations.\1\ Under the proposed amendments to Commission regulation 40.8, registered entities filing product and rule submissions would follow a procedure separate from the customary Freedom of Information Act (FOIA) confidential treatment procedures specified in Commission regulation 145.9, 17 CFR 145.9. As proposed to be amended, regulation 40.8(c) provided that: registered entities submitting material under parts 40 and 41 would be required to file a detailed written justification simultaneously with the request for confidential treatment; registered entities submitting material under parts 40 and 41 would be required to segregate material for which confidential treatment is requested in an appendix to the submission; and Commission staff may make an initial determination to grant or deny confidential treatment to such material before receiving a request under the FOIA. Regulation 40.8(c) is being reproposed to clarify that an initial determination by staff to deny confidential treatment may be appealed to the Commission's Office of General Counsel and that such an appeal will stay release of the material. The Commission believes these amendments, by creating a separate confidential treatment review process for filings under parts 40 and 41, will enhance the Commission's ability to provide the public with immediate access to non-confidential information.
Fees for Reviews of the Rule Enforcement Programs of Contract Markets and Registered Futures Associations
The Commission charges fees to designated contract markets and registered futures associations to recover the costs incurred by the Commission in the operation of its program of oversight of self- regulatory organization (SRO) rule enforcement programs (17 CFR part 1 Appendix B) (National Futures Association (NFA), a registered futures association, and the contract markets are referred to as SROs). The calculation of the fee amounts to be charged for FY 2008 is based upon an average of actual program costs incurred during FY 2005, 2006, and 2007, as explained below. The FY 2008 fee schedule is set forth in the SUPPLEMENTARY INFORMATION. Electronic payment of fees is required.
Determination of Appropriateness of Standards of the United Kingdom's Financial Services Authority for Oversight and Supervision of ICE Clear Europe Limited, a Multilateral Clearing Organization
The Commodity Futures Trading Commission (CFTC) is issuing an Order pursuant to Section 409(b)(3) of the Federal Deposit Insurance Corporation Improvement Act (FDICIA). Section 409(b)(3) provides that the Commission (or one of several other authorized U.S. financial regulators) may determine that the supervision by a foreign financial regulator of a multilateral clearing organization (MCO) for over-the- counter (OTC) instruments satisfies appropriate standards. The Commission is issuing this Order with respect to the supervision by the United Kingdom's (UK) Financial Services Authority (FSA) of ICE Clear Europe Limited (ICE Clear Europe).
Limited Marketing Activities From a United States Location by Certain Firms and Their Employees or Other Representatives Exempted Under Commodity Futures Trading Commission Regulation 30.10
The Commodity Futures Trading Commission (``Commission'') is confirming that designated members of the Taiwan Futures Exchange (``TAIFEX'') may engage in limited marketing conduct with respect to foreign futures or options contracts within the U.S. through their employees or representatives consistent with prior Commission orders. 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.
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
The Commodity Futures Trading Commission (``Commission'') is requesting comment on whether to exempt certain over-the-counter (``OTC'') swaps from certain of the requirements otherwise imposed by Commission Regulation 35.2. Specifically, the petitioners request authority to clear certain agricultural swaps. This exemption has been requested by 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. Authority for extending this relief is found in Section 4(c) of the Commodity Exchange Act (``CEA'').\1\
Renewal of the Global Markets
The Commodity Futures Trading Commission has determined to renew the charter of its Global Markets Advisory Committee. As required by sections 9(a)(2) and 14(a)(2)(A) of the Federal Advisory Committee Act, 5 U.S.C. app. 2, Sec. Sec. 9(a)(2) and 14(a)(2)(A), and 41 CFR 101-6.1007 and 101-6.1029, the Commission has consulted with the Committee Management Secretariat of the General Services Administration. The Commission certifies that the renewal of this advisory committee is necessary and is in the public interest in connection with the performance of duties imposed on the Commission by the Commodity Exchange Act, 7 U.S.C. 1, et seq., as amended. This notice is published pursuant to section 9(a)(2) of the Federal Advisory Committee Act, 5 U.S.C. app. 2, Sec. 9(a)(2), and 41 CFR 101-6.1015.
Revision of Federal Speculative Position Limits
On November 21, 2007, the Commodity Futures Trading Commission (Commission or CFTC) published a proposed rulemaking to increase the Federal speculative position limits for certain agricultural commodity contracts set out in Commission regulation 150.2 (proposed rulemaking).\1\ The proposed rulemaking would have increased the single-month and all-months-combined position limits for all contracts except contracts based on oats in accordance with the formula set out in Commission regulation 150.5(c). The proposed rulemaking would have also required the aggregation of traders' positions in contracts that share substantially identical terms with regulation 150.2-enumerated contracts, regardless of whether such contracts were specifically delineated in that regulation, for the purposes of ascertaining compliance with the Federal speculative position limits. For the reasons provided below, the Commission has determined to withdraw the proposed rulemaking.
Risk Management Exemption From Federal Speculative Position Limits
On November 27, 2007, the Commodity Futures Trading Commission (Commission or CFTC) published proposed rules to create a ``risk management exemption'' from Federal speculative position limitsthe limits on the size of speculative positions that traders may hold or control in futures and futures equivalent option contracts on certain designated agricultural commodities. The Commission has determined to withdraw these proposed rules.
Order Exempting the Trading and Clearing of Certain Products Related to SPDR®
On April 23rd, 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 products called options on streetTRACKS [supreg] Gold Trust Shares (``ST Gold Options''), proposed to be traded on national securities exchanges, and cleared by The Options Clearing Corporation (``OCC''), from the provisions of the Commodity Exchange Act (``CEA'') \2\ and Commission regulations thereunder to the extent necessary for them to be so traded and cleared. The Commission has determined to issue this Order essentially as proposed. Authority for this exemption is found in Section 4(c) of the CEA.\3\
Exemptive Order for SPDR®
The Commodity Futures Trading Commission (Commission or CFTC) is exempting certain transactions in physically delivered futures contracts based on SPDR[reg] Gold Shares (SPDR[reg] gold futures contracts) from those provisions of the Commodity Exchange Act (CEA or Act),\1\ and the Commission's regulations thereunder, that are inconsistent with the trading and clearing of SPDR[reg] gold futures contracts as security futures. The exemption is conditioned on the compliance of transactions in SPDR[reg] gold futures contracts with the requirements established for the trading and clearing of security futures. The authority for the issuance of this exemption is found in Section 4(c) of the Act.\2\
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