Commodity Futures Trading Commission – Federal Register Recent Federal Regulation Documents
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Interagency Proposal for Model Privacy Form Under the Gramm-Leach-Bliley Act
The OCC, Board, FDIC, OTS, NCUA, FTC, CFTC, and SEC (the Agencies) are proposing amendments to their rules that implement the privacy provisions of the Gramm-Leach-Bliley Act (GLB Act), Title V, Subtitle A. These rules require financial institutions to provide initial and annual privacy notices to their customers. As required under section 728 of the Financial Services Regulatory Relief Act of 2006 (Regulatory Relief Act or Act), the Agencies are proposing a safe harbor model privacy form that financial institutions may use to provide disclosures under the privacy rules. Institutions that use notices based on the Sample Clauses currently contained in most of the privacy rules would lose the benefit of a safe harbor for compliance with respect to those notices if they are provided more than one year following the date of publication of a final rule. Similarly, institutions that use notices based on the Sample Clauses in the SEC's privacy rule could no longer rely on the guidance provided with respect to those notices if they are provided more than one year following the date of publication of a final rule.
Foreign Futures and Options Transactions
The Commodity Futures Trading Commission (Commission or (CFTC) is granting an exemption to firms designated by the Taiwan Futures Exchange (TAIFEX) 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.
Conflicts of Interest in Self-Regulation and Self-Regulatory Organizations
The Commission hereby proposes amendments to the Acceptable Practices \1\ for section 5(d)(15) (``Core Principle 15'') of the Commodity Exchange Act (``CEA'' or ``Act'').\2\ The amendments clarify the definition of ``public director'' contained in the Acceptable Practices.\3\ The Commission believes that the proposed amendments will remove potential ambiguities and correct a technical drafting error. The amendments are consistent with the Acceptable Practices' intent to ensure the inclusion of truly public directors on designated contract market (``DCM'') boards of directors and Regulatory Oversight Committees (``ROCs''), as well as truly public persons on their disciplinary panels. The Commission welcomes comment on the proposed amendments.
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].
Advertising by Commodity Pool Operators, Commodity Trading Advisors, and the Principals Thereof
The Commodity Futures Trading Commission (Commission or CFTC) has amended Regulation 4.41, which governs advertising by commodity pool operators (CPOs), commodity trading advisors (CTAs), and the principals thereof, (1) To restrict the use of testimonials, (2) to clarify the required placement of the prescribed simulated or hypothetical performance disclaimer, and (3) to include within the regulation's coverage advertisement through electronic media (Amendments). This action is in furtherance of the Commission's longstanding view that all advertisements by CPOs, CTAs, and their principals must not be fraudulent, deceptive or misleading.
Conflicts of Interest in Self-Regulation and Self-Regulatory Organizations (“SROs”)
The Commission hereby adopts final acceptable practices for minimizing conflicts of interest in decision making by designated contract markets (``DCMs'' or ``exchanges''),\1\ pursuant to Section 5(d)(15) (``Core Principle 15'') \2\ of the Commodity Exchange Act (``CEA'' or ``Act'').\3\ The final acceptable practices are the first issued for Core Principle 15 and are applicable to all DCMs.\4\ They focus upon structural conflicts of interest within modern self- regulation, and offer DCMs a ``safe harbor'' by which they may minimize such conflicts and comply with Core Principle 15. To receive safe harbor treatment, DCMs must implement the final acceptable practices in their entirety, including instituting boards of directors that are at least 35% public and establishing oversight of all regulatory functions through Regulatory Oversight Committees (``ROCs') consisting exclusively of public directors.
Membership in a Registered Futures Association
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') has amended its regulations to require that all persons registered with the Commission as futures commission merchants (``FCMs''), subject to an exception for certain notice-registered securities brokers or dealers (``BDs''), must become and remain members of at least one registered futures association (``RFA''). This action is consistent with the regulatory philosophy underlying the Commodity Futures Modernization Act of 2000 (``CFMA'').
Electronic Filing of Notices of Exemption and Exclusion Under Part 4 of the Commission's Regulations
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is amending Commission regulations to require that notices of exemption or exclusion under Part 4 of the Commission's regulations submitted to National Futures Association (``NFA'') be filed electronically. Under the regulations the Commission is amending, the submission of a notice through NFA's electronic exemption filing system by a person duly authorized to bind the submitter will be permitted in lieu of the manual signature currently required by each of these regulations. In addition, the Commission also is adopting technical amendments that remove the procedure for making filings with the Commission required by Part 4, and revising other sections of Part 4 to refer to filings made with NFA rather than the Commission.
Limitations on Withdrawals of Equity Capital
The Commodity Futures Trading Commission (``Commission'') is amending its regulations to provide that the Commission may, by written order, temporarily prohibit a futures commission merchant (``FCM'') from carrying out equity withdrawal transactions that would reduce excess adjusted net capital by 30 percent or more. The proposed orders would be based on the Commission's determination that such withdrawal transactions could be detrimental to the financial integrity of FCMs or could adversely affect their ability to meet customer obligations. The proposed amendments also would provide that an FCM may file with the Commission a petition for rescission of an order temporarily prohibiting equity withdrawals from the FCM.
Agency Information Collection Activities: Notice of Intent to Renew Collection 3038-0019, Stocks of Grain in Licenses Warehouses
The Commodity Futures Trading Commission (``the Commission'' 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, and to allow 60 days for comment in response to the notice. This notice solicits comments on requirements relating to information collected to assist the Commission in the prevention of market manipulation.
Financial Reporting Requirements for Introducing Brokers
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is amending Commission regulations to require introducing brokers (``IBs'') submitting CFTC financial Forms 1-FR-IB that are certified by independent public accountants to file such financial reports electronically with the National Futures Association (``NFA''). The amendments also require that certified Financial and Operational Combined Uniform Single Reports (``FOCUS'' Reports), submitted by IBs registered with the Securities and Exchange Commission (``SEC'') as securities brokers or dealers (``B/Ds'') in lieu of Form 1-FR-IB, be filed either electronically or in paper form in accordance with the rules of the NFA. The CFTC also is amending Commission regulations to require that, with respect to any such electronic filing, a paper copy including the original signed certification be maintained by the IB in its records for a period of five years in accordance with Commission Regulation 1.31.
Boards of Trade Located Outside of the United States and No-Action Relief From the Requirement To Become a Designated Contract Market or Derivatives Transaction Execution Facility
The Commodity Futures Trading Commission is issuing a Statement of Policy that affirms the use of the no-action process to permit foreign boards of trade to provide direct access to their electronic trading systems to U.S. members or authorized participants, and provides additional guidance and procedural enhancements.\1\
Membership in a Registered Futures Association
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing to amend its regulations in order to require, subject to the existing exception for certain notice registered securities brokers or dealers (``BDs''), that all persons registered with the Commission as futures commission merchants (``FCMs'') must become and remain members of at least one registered futures association (``RFA''). This action (``Proposed Amendment'') is consistent with the regulatory philosophy underlying the Commodity Futures Modernization Act of 2000 (``CFMA'').
Electronic Filing of Notices of Exemption and Exclusion Under Part 4 of the Commission's Regulations
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing to amend Commission regulations to require that notices of exemption or exclusion under Part 4 of the Commission's regulations submitted to National Futures Association (``NFA'') be filed electronically. The Commission previously has authorized NFA to receive and to process notices of exemption or exclusion from certain of the Commission's Part 4 regulations. Currently, these notices are filed in paper form with NFA. The Commission is proposing to amend the regulations that require filing of a notice to require that such notice be filed electronically with NFA. The Commission is further proposing that the submission of a notice through NFA's electronic exemption filing system by a person duly authorized to bind the submitter be permitted in lieu of the manual signature currently required by each of these regulations. In addition, the Commission also is proposing technical amendments that would remove the procedure for making filings with the Commission required by Part 4, and revise other sections of Part 4 to refer to filings made with NFA rather than the Commission. Amendments to Commission regulations adopted in 2002 no longer require that any filings under Part 4 be submitted to the Commission; therefore, the regulation specifying the procedure for filing with the Commission is no longer necessary. Further, two sections of Part 4 that refer to filings made with the Commission inadvertently were not amended in 2002 to include corresponding changes indicating that such filings would henceforth be made with NFA.
Public Information Collection requirement Submitted to Office of Management and Budget (OMB) for Review
The Commodity Futures Trading commission has submitted information collection 3038-0017, Market Surveys, to OMB for review and clearance under the Paperwork Reduction Act of 1995 (Pub. L. 104-13). The information collected pursuant to these rules is in the public interest and is necessary for market surveillance.
Limitations on Withdrawals of Equity Capital
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing to amend its regulations to provide that the Commission may, by written order, temporarily prohibit a futures commission merchant (``FCM'') from carrying out equity withdrawal transactions that would reduce excess adjusted net capital by 30 percent or more. The proposed orders would be based on the Commission's determination that such withdrawal transactions could be detrimental to the financial integrity of FCMs or could adversely affect their ability to meet customer obligations. The proposed amendments also would provide that an FCM may file with the Commission a petition for rescission of an order temporarily prohibiting equity withdrawals from the FCM.
Financial Reporting Requirements for Introducing Brokers
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing to amend Commission regulations to require introducing brokers (``IBs'') submitting CFTC financial Forms 1-FR-IB that are certified by independent public accountants to file such financial reports electronically with the National Futures Association (``NFA''). The proposed amendments also would require that certified Financial and Operational Combined Uniform Single Reports (``FOCUS'' Reports), submitted by IBs registered with the Securities and Exchange Commission (``SEC'') as securities brokers or dealers (``B/Ds'') in lieu of Form 1-FR-IB, be filed either electronically or in paper form in accordance with the rules of the NFA. The CFTC also is proposing to amend Commission regulations to require that with respect to any such electronic filing, a paper copy including the original signed certification be maintained by the IB in its records for a period of five years in accordance with Commission Regulation 1.31.
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].
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