Commodity Futures Trading Commission December 2008 – Federal Register Recent Federal Regulation Documents
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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.
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