Commodity Futures Trading Commission July 2006 – Federal Register Recent Federal Regulation Documents
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Agency Information Collection Activities: Notice of Intent To Renew Collection 3038-0017, Market Surveys
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, 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.
Foreign Futures and Options Transactions
The Commodity Futures Trading Commission (``Commission or CFTC'') is issuing an Amended Supplemental Order for expanded relief, authorizing members of the Sydney Futures Exchange (``Exchange or SFE'') to solicit and accept orders from U.S. customers for otherwise permitted transactions on all non-U.S. and non-Australian exchanges (``foreign exchanges'') where such members are authorized by the regulations of the SFE to conduct futures business for customers. The Amended Supplemental Order supercedes the prior Supplemental Orders, relating to expanded relief, issued to SFE in 1997 and 1993. This Amended Supplemental Order is issued pursuant to Commission Regulation 30.10, which permits the Commission to grant an exemption from certain provisions of Part 30 of the Commission's regulations, and the Commission's Order to SFE dated November 1, 1988 (Original Order), granting relief under Regulation 30.10 to designated members of the Exchange.
Boards of Trade Located Outside of the United States and the Requirement To Become a Designated Contract Market or Derivatives Transaction Execution Facility
The Commodity Futures Trading Commission (Commission) published on June 13, 2006, a request for comment \1\ in advance of a public hearing scheduled for June 27, 2006.\2\ The purpose of the request for comment and the hearing was to solicit the views of the public on how to identify and address certain issues with respect to boards of trade established in foreign countries and located outside the U.S. (foreign board of trade or FBOT). Specifically, the Commission announced that it wished to address the point at which an FBOT that makes its products available for trading in the U.S. by permitting direct access to its electronic trading system from the U.S. (direct access) is no longer ``located outside the U.S.'' for purposes of Section 4(a) of the Commodity Exchange Act (Act). Comments on the subject were originally due on July 12, 2006.
Notice of Renewal of the Global Markets Advisory Committee
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, sections 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, section 9(a)(2), 41 CFR 101-6.1015.
Joint Final Rules: Application of the Definition of Narrow-Based Security Index to Debt Securities Indexes and Security Futures on Debt Securities
The Commodity Futures Trading Commission (``CFTC'') and the Securities and Exchange Commission (``SEC'') (together, the ``Commissions'') are adopting a new rule and amending an existing rule under the Commodity Exchange Act (``CEA'') and adopting two new rules under the Securities Exchange Act of 1934 (``Exchange Act''). The rules will modify the applicable statutory listing standards requirements to permit security futures to be based on individual debt securities or a narrow-based security index composed of such securities. In addition, these rules and rule amendment will exclude from the definition of ``narrow-based security index'' debt securities indexes that satisfy specified criteria. A future on a debt securities index that is excluded from the definition of narrow-based security index will not be a security future and may trade subject to the exclusive jurisdiction of the CFTC.
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) (NFA and the contract markets are referred to as SROs). The calculation of the fee amounts to be charged for FY 2006 is based upon an average of actual program costs incurred during FY 2003, 2004, and 2005, as explained below. The FY 2006 fee schedule is set forth in the SUPPLEMENTARY INFORMATION. Electronic payment of fees is required.
Conflicts of Interest in Self-Regulation and Self-Regulatory Organizations
The Commission hereby proposes Acceptable Practices for section 5(d)(15) of the Act (``Core Principle 15'').\2\ The proposed Acceptable Practices would provide designated contract markets (``DCMs'') with a safe harbor for compliance with selected aspects of Core Principle 15's requirement that they minimize conflicts of interest in their decisionmaking. The proposed Acceptable Practices are summarized as follows.
Market and Large Trader Reporting
The Commodity Futures Trading Commission is adopting new and amended market and large trader reporting rules. The final rules accomplish the following: Codify a reporting level for contracts based on 3-Year U.S. Treasury Notes; clarify the reporting obligations of registered derivatives transaction execution facilities and their market participants; require designated contract markets to publicly disseminate integrated volume data for each contract that separately identifies the volume generated from block trades; establish a reporting framework for exclusively self-cleared contracts; and implement a number of conforming, clarifying, and technical amendments.
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