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e8-31001

  • FR Doc E8-31001[Federal Register: December 30, 2008 (Volume 73, Number 250)]

    [Rules and Regulations]

    [Page 79608-79609]

    From the Federal Register Online via GPO Access [wais.access.gpo.gov]

    [DOCID:fr30de08-5]

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    COMMODITY FUTURES TRADING COMMISSION

    17 CFR Part 140

    RIN 3038-AC68

    Delegation of Authority and Change in Position Title

    AGENCY: Commodity Futures Trading Commission.

    ACTION: Final rules.

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    SUMMARY: 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.''

    DATES: Effective Date: December 30, 2008.

    FOR FURTHER INFORMATION CONTACT: Megan Sperling, Office of the General

    Counsel, U.S. Commodity Futures Trading Commission, Three Lafayette

    Centre, 1155 21st Street, NW., Washington, DC 20581. Telephone: 202-

    418-5150. E-mail: msperling@cftc.gov.

    SUPPLEMENTARY INFORMATION:

    I. Background Information

    On July 1, 2002, the Commission reassigned the responsibilities of

    the former Division of Trading and Markets and Division of Economic

    Analysis to the newly established Division of Clearing and Intermediary

    Oversight, Division of Market Oversight and Office of the Chief

    Economist. On October 7, 2002, the Commission amended several of its

    rules in Chapter I of Title 17 of the Code of Federal Regulations to

    reflect the reassignment of responsibilities, including delegations of

    authority, resulting from the reorganization of its staff. The

    Commission failed to include certain delegations of authority to the

    Chief Economist of the Office of the Chief Economist.

    The Commission is amending rules 140.72 and 140.73 in Chapter I of

    Title 17 of the Code of Federal Regulations to reflect delegated

    authority to the Chief Economist and the Deputy Chief Economist of the

    Office of the Chief Economist. Rule 140.72(a), which delegates

    authority to disclose confidential information to a contract market,

    registered futures association or self-regulatory organization, is

    hereby amended to extend delegated authority to the Chief Economist and

    the Deputy Chief Economist of the Office of the Chief Economist. In

    addition, the Commission is revising Rule 140.72(a) to reflect the

    change in name of the position of ``Regional Coordinator'' to

    ``Regional Administrator.'' Rule 140.73(a), which delegates authority

    to disclose information to the United States, States, foreign

    government agencies and foreign futures authorities, is amended to

    extend delegated authority to the Chief Economist and the Deputy Chief

    Economist of the Office of the Chief Economist. As amended, these rules

    reflect the assignment of delegation authority to the Office of the

    Chief Economist, and the technical correction of a position title.

    II. Related Matters

    A. No Notice Required Under 5 U.S.C. 553

    The Commission has determined that these amendments are exempt from

    the provisions of the Administrative Procedure Act, 5 U.S.C. 553, which

    generally requires notice of proposed rulemaking and provides other

    opportunities for public participation. According to the exemptive

    language of 5 U.S.C. 553, these amendments pertain to ``rules of agency

    organization, procedure or practice,'' as to which there exists agency

    discretion not to provide notice. If made effective immediately, they

    will promote efficiency and facilitate the Commission's core mission

    without imposing a new burden. Thus, the Commission has determined to

    make the amendments to Rules 140.72 and 140.73 effective immediately.

    For the above reasons, the notice requirements under 5 U.S.C. 553 are

    inapplicable.

    [[Page 79609]]

    B. Regulatory Flexibility Act

    The Regulatory Flexibility Act (``RFA''), 5 U.S.C. 601 et seq.,

    requires agencies with rulemaking authority to consider the impact

    those rules will have on small businesses. The RFA defines the term

    ``rule'' to mean ``any rule for which the agency publishes a general

    notice of proposed rulemaking pursuant to section 553(b) of this title

    * * * for which the agency provides an opportunity for notice and

    public comment.'' 5 U.S.C. 601(2). Since the rules are not being

    effected pursuant to section 553(b), they are not ``rules'' as defined

    in the RFA, and the analysis and certification process in that section

    do not apply.

    C. Paperwork Reduction Act

    The amendments to Part 140 do not impose a burden within the

    meaning and intent of the Paperwork Reduction Act of 1980, 44 U.S.C.

    3501 et seq.

    D. Cost-Benefit Analysis

    Section 15(a) of the Commodity Exchange Act, 7 U.S.C. 19(a),

    requires the Commission to consider the costs and benefits of its

    action before issuing a new regulation. The Commission understands

    that, by its terms, section 15(a) does not require the Commission to

    quantify the costs and benefits of a new regulation or to determine

    whether the benefits of the regulation outweigh its costs. Nor does it

    require that each rule be analyzed in isolation when that rule is a

    component of a larger package of rules or rule revisions. Rather,

    section 15(a) simply requires the Commission to ``consider the costs

    and benefits'' of its action.

    Section 15(a) further specifies that costs and benefits shall be

    evaluated in light of five broad areas of market and public concern:

    (1) Protection of market participants and the public; (2) efficiency,

    competitiveness and financial integrity of futures markets; (3) price

    discovery; (4) sound risk management practices; and (5) other public

    interest considerations. Accordingly, the Commission can, in its

    discretion, give greater weight to any one of the five enumerated areas

    of concern and can, in its discretion, determine that notwithstanding

    its costs, a particular rule is necessary or appropriate to protect the

    public interest or to effectuate any of the provisions, or accomplish

    any of the purposes, of the Commodity Exchange Act.

    The Commission considered the costs and benefits of this rule

    package in light of the specific areas of concern identified in section

    15 when it reorganized its staff in 2002. It has additionally

    determined that the amendments will enhance the protection of market

    participants and further Commission programs and operations by

    delegating authority.

    List of Subjects in 17 CFR Part 140

    Authority delegations (Government agencies), Organization and

    functions (Government agencies).

    0

    Accordingly, 17 CFR part 140 is amended as follows:

    PART 140--ORGANIZATION, FUNCTIONS, AND PROCEDURES OF THE COMMISSION

    0

    1. The authority citation for part 140 is revised to read as follows:

    Authority: 7 U.S.C. 2 and 12a.

    0

    2. In Sec. 140.72, revise the first sentence of paragraph (a) to read

    as follows:

    Sec. 140.72 Delegation of authority to disclose confidential

    information to a contract market, registered futures association or

    self-regulatory organization.

    (a) Pursuant to the authority granted under sections 2(a)(11),

    8a(5) and 8a(6) of the Act, the Commission hereby delegates, until such

    time as the Commission orders otherwise, to the Executive Director, the

    Deputy Executive Director, the Special Assistant to the Executive

    Director, the Director of the Division of Clearing and Intermediary

    Oversight, each Deputy Director of the Division of Clearing and

    Intermediary Oversight, the Chief Accountant, the General Counsel, each

    Deputy General Counsel, the Director of the Division of Market

    Oversight, each Deputy Director of the Division of Market Oversight,

    the Director of the Market Surveillance Section, the Director of the

    Division of Enforcement, each Deputy Director of the Division of

    Enforcement, each Associate Director of the Division of Enforcement,

    the Chief Counsel of the Division of Enforcement, each Regional Counsel

    of the Division of Enforcement, each of the Regional Administrators,

    each of the Directors of the Market Surveillance Branches, the Chief

    Economist of the Office of the Chief Economist, the Deputy Chief

    Economist of the Office of the Chief Economist, the Director of the

    Office of International Affairs, and the Deputy Director of the Office

    of International Affairs, the authority to disclose to an official of

    any contract market, registered futures association, or self-regulatory

    organization as defined in section 3(a)(26) of the Securities Exchange

    Act of 1934, any information necessary or appropriate to effectuate the

    purposes of the Act, including, but not limited to, the full facts

    concerning any transaction or market operation, including the names of

    the parties thereto. * * *

    * * * * *

    0

    3. In Sec. 140.73, revise the introductory text of paragraph (a) to

    read as follows:

    Sec. 140.73 Delegation of authority to disclose information to the

    United States, States, and foreign government agencies and foreign

    futures authorities.

    (a) Pursuant to sections 2(a)(11), 8a(5) and 8(e) of the Act, the

    Commission hereby delegates, until such time as the Commission orders

    otherwise, to the General Counsel or, in his or her absence, to each

    Deputy General Counsel, the Director of the Division of Enforcement,

    each Deputy Director of the Division of Enforcement, the Chief Counsel

    of the Division of Enforcement, each Associate Director of the Division

    of Enforcement, each Regional Counsel of the Division of Enforcement,

    the Director of the Division of Market Oversight or, in his or her

    absence, each Deputy Director of the Division of Market Oversight, the

    Director of the Market Surveillance Section, the Director of the

    Division of Clearing and Intermediary Oversight or, in his or her

    absence, each Deputy Director of the Division of Clearing and

    Intermediary Oversight, the Chief Economist of the Office of the Chief

    Economist, the Deputy Chief Economist of the Office of the Chief

    Economist, and the Director of the Office of International Affairs or,

    in his or her absence, the Deputy Director of the Office of

    International Affairs, the authority to furnish information in the

    possession of the Commission obtained in connection with the

    administration of the Act, upon written request, to:

    * * * * *

    Issued in Washington, DC, on December 16, 2008 by the

    Commission.

    David A. Stawick,

    Secretary of the Commission.

    [FR Doc. E8-31001 Filed 12-29-08; 8:45 am]

    BILLING CODE 6351-01-P

    Last Updated: December 30, 2008



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