[April 26, 1999 (Volume 64, Number 77)]
[Unified Agenda]
From the Federal Register Online via GPO Access [frwais.access.gpo.gov]
[DOCID:ua26ap99_048-1]
[Page 22241-22243]
Part L
Commodity Futures Trading Commission
_______________________________________________________________________
COMMODITY FUTURES TRADING COMMISSION (CFTC)
_______________________________________________________________________
[[Page 22241]]
Semiannual Regulatory Agenda
[[Page 22242]]
COMMODITY FUTURES TRADING COMMISSION
17 CFR Ch. I
Regulatory Flexibility Agenda
AGENCY: Commodity Futures Trading Commission.
ACTION: Semiannual regulatory agenda.
_______________________________________________________________________
SUMMARY: The Commodity Futures Trading Commission, in accordance with
the requirements of the Regulatory Flexibility Act, is publishing a
semiannual agenda of significant rules which the Commission expects to
propose or promulgate over the next year. The Commission welcomes
comments from small entities and others on the agenda.
ADDRESSES: Comments should be sent to: Ms. Barbara Webster Black,
Special Assistant to the Executive Director, Commodity Futures Trading
Commission, 1155 21st Street NW., Washington, DC 20581, (202) 418-5130,
[email protected].
SUPPLEMENTARY INFORMATION: The Regulatory Flexibility Act, 5 U.S.C. 601
et seq. (RFA), sets forth a number of requirements for agency
rulemaking. Among other things, the RFA requires that:
(a) During the months of April and October of each year, each
agency shall publish in the Federal Register a regulatory
flexibility agenda which shall contain:
(1) A brief description of the subject area of any rule which
the agency expects to propose or promulgate which is likely to have
a significant economic impact on a substantial number of small
entities;
(2) A summary of the nature of any such rule under
consideration for each subject area listed in the agenda pursuant
to paragraph (1), the objectives and legal basis for the issuance
of the rule, and an approximate schedule for completing action on
any rule for which the agency has issued a general notice of
proposed rulemaking; and
(3) The name and telephone number of an agency official
knowledgeable concerning the items listed in paragraph (1). 5
U.S.C. 602(a).
The Commission has prepared an agenda of significant rules
which it presently expects may be considered during the course of
the next year, irrespective of their potential impact on small
entities.<SUP>1</SUP> In this regard, section 602(d) of the RFA, 5
U.S.C. 602(d), provides: ``Nothing in [section 602] precludes an
agency from considering or acting on any matter not included in a
regulatory flexibility agenda or requires an agency to consider or
act on any matter listed in such agenda.''
<SUP>1</SUP>The Commission published its definition of small entity to
be used in connection with rulemaking proceedings on April 30, 1982 (47
FR 18618). Pursuant to that definition, the Commission is not required
to list many of the agenda items contained in this regulatory
flexibility agenda. See 5 U.S.C. 602(a)(1). Moreover, the Commission
has previously certified, pursuant to section 605 of the RFA, 5 U.S.C.
605, that certain items contained in this agenda will not have a
significant economic impact on a substantial number of small entities.
Accordingly, the listing of a rule in this regulatory flexibility
agenda should not, in any event, be taken as a determination that a
rule, when proposed or promulgated, will in fact require a regulatory
flexibility analysis. However, the Commission hopes that the
publication of an agenda which includes significant rules, regardless
of their potential impact on small entities, may serve the public
generally by providing an early and meaningful opportunity to
participate in and comment on the formulation of new or revised
regulations. In addition to publishing the regulatory flexibility
agenda, the Commission also makes available to the public, on a monthly
basis, a calendar and, on a weekly basis, an advisory which lists rules
that the Commission is considering or will consider in the near future.
The Commission's April 1999 regulatory flexibility agenda is
set forth below.
Issued in Washington, DC, on February 17, 1999, by the Commission.
Jean A. Webb,
Secretary of the Commission.
Prerule Stage
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Regulation
Sequence Title Identifier
Number Number
----------------------------------------------------------------------------------------------------------------
4052 Insider Trading--Regulation 1.59..................................................... 3038-AB35
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Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
Regulation
Sequence Title Identifier
Number Number
----------------------------------------------------------------------------------------------------------------
4053 Procedures for Involuntary Bulk Transfers or Liquidations of Customer Accounts....... 3038-AA77
4054 Automated Access to Foreign Boards of Trade From Within the United States............ 3038-AB30
4055 Denomination of Customer Funds and Location of Depositories.......................... 3038-AB31
4056 Exclusion for Certain Otherwise Regulated Persons From the Definition of the Term 3038-AB34
``Commodity Pool Operator''...........................................................
4057 Definition of a Principal............................................................ 3038-AB36
4058 Rule 4.7: Exemption From Certain Part 4 Requirements With Respect to Qualified 3038-AB37
Eligible Participants and Qualified Eligible Clients..................................
4059 Performance Disclosures for Commodity Trading Advisors and Commodity Pool Operators.. 3038-AB39
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[[Page 22243]]
Final Rule Stage
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Regulation
Sequence Title Identifier
Number Number
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4060 Revision of Federal Speculative Position Limits and Associated Rules................. 3038-AB32
4061 Economic and Public Interest Requirements for Contract Market Designation............ 3038-AB33
4062 Alternative Procedures for Non-Domestic Persons; Disclosure.......................... 3038-AB38
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Completed Actions
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Regulation
Sequence Title Identifier
Number Number
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4063 Prohibition on Voting by Interested Members.......................................... 3038-AB03
4064 Requests for Exemptive, No-Action and Interpretative Letters......................... 3038-AB28
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_______________________________________________________________________
[April 26, 1999 (Volume 64, Number 77)] [Unified Agenda] From the Federal Register Online via GPO Access [frwais.access.gpo.gov] [DOCID:ua26ap99_048-2] [Page 22243] Part L Commodity Futures Trading Commission _______________________________________________________________________ COMMODITY FUTURES TRADING COMMISSION (CFTC) Prerule Stage _______________________________________________________________________ 4052. <bullet> INSIDER TRADING--REGULATION 1.59 Priority: Substantive, Nonsignificant Legal Authority: 7 USC 9 CFR Citation: 17 CFR 1.59 Legal Deadline: None Abstract: The proposed regulatory amendment would clarify the use of the terms self-regulatory employee and governing board or committee member for the purpose of Regulation 1.59. The proposed amendment also would clarify the scope of the trading prohibition in Regulation 1.59(b)(1)(i). Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ ANPRM 06/00/99 ANPRM Comment Period End 08/00/99 Regulatory Flexibility Analysis Required: No Government Levels Affected: None Agency Contact: David P. Van Wagner, Acting Associate Director, Division of Trading and Markets, Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st Street NW., Washington, DC 20581 Phone: 202 418-5481 Fax: 202 418-5536 Email: [email protected] RIN: 3038-AB35 _______________________________________________________________________
[April 26, 1999 (Volume 64, Number 77)] [Unified Agenda] From the Federal Register Online via GPO Access [frwais.access.gpo.gov] [DOCID:ua26ap99_048-3] [Page 22243] Part L Commodity Futures Trading Commission _______________________________________________________________________ COMMODITY FUTURES TRADING COMMISSION (CFTC) Proposed Rule Stage _______________________________________________________________________ 4053. PROCEDURES FOR INVOLUNTARY BULK TRANSFERS OR LIQUIDATIONS OF CUSTOMER ACCOUNTS Priority: Substantive, Nonsignificant Legal Authority: 7 USC 6d; 7 USC 6f; 7 USC 6g; 7 USC 6k; 7 USC 12a CFR Citation: 17 CFR 1.68 Legal Deadline: None Abstract: The CFTC will undertake a rulemaking proceeding to establish requirements concerning procedures to be followed by futures commission merchants and introducing brokers when bulk transfers or liquidations of customer accounts are made due to cessation or suspension of business or other special circumstances affecting the registrant. Issues to be addressed include whether commissions or fees can be charged to customers if their accounts are transferred other than at their request. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 08/00/99 NPRM Comment Period End 10/00/99 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: None Agency Contact: Lawrence B. Patent, Associate Chief Counsel, Division of Trading and Markets, Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st Street NW., Washington, DC 20581 Phone: 202 418-5439 Fax: 202 418-5536 Email: [email protected] RIN: 3038-AA77 _______________________________________________________________________
[April 26, 1999 (Volume 64, Number 77)] [Unified Agenda] From the Federal Register Online via GPO Access [frwais.access.gpo.gov] [DOCID:ua26ap99_048-4] [Page 22243-22244] Part L Commodity Futures Trading Commission _______________________________________________________________________ COMMODITY FUTURES TRADING COMMISSION (CFTC) Proposed Rule Stage _______________________________________________________________________ 4054. AUTOMATED ACCESS TO FOREIGN BOARDS OF TRADE FROM WITHIN THE UNITED STATES Priority: Other Significant. Major status under 5 USC 801 is undetermined. Legal Authority: 7 USC 2; 7 USC 4; 7 USC 6; 7 USC 6c; 7 USC 12a CFR Citation: 17 CFR 30 Legal Deadline: None Abstract: The Commission issued proposed rules concerning automated access to foreign boards of trade from within the U.S. These rules, if adopted, would establish a procedure for a foreign board of trade to petition the Commission for an order to be recognized as a foreign electronic exchange or ``RFEE.'' The Commission's issuance of such an order would permit automated trading systems with access to the foreign board of trade's products [[Page 22244]] to be placed and used within the U.S. without requiring the foreign board of trade to be designated as a U.S. contract market. The Commission also would add a new rule that would apply both to domestic and foreign firms to provide that customers wishing to trade on a U.S. exchange's automated system or on an RFEE may place orders via automated order routing systems, if such systems provide certain safeguards such as automated checks for customer position and credit limits. Statement of Need: The Commission received a number of inquiries regarding the ability of a foreign board of trade to place computer terminals in the U.S. for the purpose of facilitating the trading of products available on the boards of trade without being required to be designated as a U.S. contract market. In undertaking a rulemaking in this area, the Commission seeks to implement a regulatory framework that will provide certainty to foreign boards of trade that want to place terminals in the U.S., will not inhibit cross-border trading activities, will be consistent with the Commission's regulatory obligations to maintain the integrity and competitiveness of the U.S. markets, and will provide protection to U.S. customers. Summary of the Legal Basis: Section 4(a) of the Commodity Exchange Act (Act) states that a commodity futures contract may be traded lawfully in the U.S. if it is traded on or subject to the rules of a board of trade that has been designated as a contract market by the Commission. The concept release requests comments on a potential regulatory framework that would provide a means for a foreign board of trade to petition the Commission to place its computer terminals in the U.S. without subjecting the foreign board of trade to the requirement that it be designated as a contract market under the Act. Alternatives: Absent the Commission undertaking a rulemaking in this area, foreign boards of trade would be required to be designated as U.S. contract markets prior to placing terminals in the U.S. for the purpose of facilitating access to their products. Anticipated Costs and Benefits: As a financial regulator, the Commission is acutely aware of the costs of regulation. Throughout its history, the Commission has taken into account the costs of its proposed regulations to ensure that the benefits of its regulations outweigh the costs. Risks: The Commission, through its Concept Release, has asked for public comment regarding any risks from the placement and use of foreign board of trade terminals in the U.S. and whether foreign boards of trade should be subject to Commission rules in order to minimize risks. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ Concept Release 07/24/98 63 FR 39779 NPRM 03/24/99 64 FR 14159 NPRM Comment Period End 04/23/99 Final Action 07/00/99 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Agency Contact: Lawrence T. Eckert, Staff Attorney, Division of Trading and Markets, Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st Street NW., Washington, DC 20581 Phone: 202 418-5430 Fax: 202 418-5536 Email: [email protected] RIN: 3038-AB30 _______________________________________________________________________
[April 26, 1999 (Volume 64, Number 77)] [Unified Agenda] From the Federal Register Online via GPO Access [frwais.access.gpo.gov] [DOCID:ua26ap99_048-5] [Page 22244] Part L Commodity Futures Trading Commission _______________________________________________________________________ COMMODITY FUTURES TRADING COMMISSION (CFTC) Proposed Rule Stage _______________________________________________________________________ 4055. DENOMINATION OF CUSTOMER FUNDS AND LOCATION OF DEPOSITORIES Priority: Substantive, Nonsignificant Legal Authority: 7 USC 1a; 7 USC 2; 7 USC 2a; 7 USC 4; 7 USC 4a; 7 USC 6; 7 USC 6a; 7 USC 6b; 7 USC 6c; 7 USC 6d; 7 USC 6e; 7 USC 6f; 7 USC 6g; 7 USC 6h; 7 USC 6l CFR Citation: Not yet determined Legal Deadline: None Abstract: The Commission is proposing rules requesting public comment on how to address the risks relating to holding segregated funds offshore or in foreign currencies. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ Concept Release 12/30/97 62 FR 67841 NPRM 04/00/99 NPRM Comment Period End 06/00/99 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Agency Contact: France Maca, Special Counsel, Division of Trading and Markets, Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st Street NW., Washington, DC 20581 Phone: 202 418-5482 Fax: 202 418-5536 Email: [email protected] RIN: 3038-AB31 _______________________________________________________________________
[April 26, 1999 (Volume 64, Number 77)] [Unified Agenda] From the Federal Register Online via GPO Access [frwais.access.gpo.gov] [DOCID:ua26ap99_048-6] [Page 22244] Part L Commodity Futures Trading Commission _______________________________________________________________________ COMMODITY FUTURES TRADING COMMISSION (CFTC) Proposed Rule Stage _______________________________________________________________________ 4056. <bullet> EXCLUSION FOR CERTAIN OTHERWISE REGULATED PERSONS FROM THE DEFINITION OF THE TERM ``COMMODITY POOL OPERATOR'' Priority: Substantive, Nonsignificant Legal Authority: 7 USC 1a(4); 7 USC 6k to 6o; 7 USC 12a CFR Citation: 17 CFR 4.5 Legal Deadline: None Abstract: The Commodity Futures Trading Commission is considering proposing an amendment to Rule 4.5 by adding a plan defined as a Church plan in section 3(33) of title I of the Employee Retirement Income Security Act of 1974 to the employee benefit plans that the rule currently provides shall not be construed to be commodity pools. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 04/00/99 NPRM Comment Period End 06/00/99 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Agency Contact: Barbara S. Gold, Assistant Chief Counsel, Division of Trading and Markets, Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st Street NW., Washington, DC 20581 Phone: 202 418-5450 Fax: 202 418-5536 Email: [email protected] RIN: 3038-AB34 _______________________________________________________________________
[April 26, 1999 (Volume 64, Number 77)] [Unified Agenda] From the Federal Register Online via GPO Access [frwais.access.gpo.gov] [DOCID:ua26ap99_048-7] [Page 22244-22245] Part L Commodity Futures Trading Commission _______________________________________________________________________ COMMODITY FUTURES TRADING COMMISSION (CFTC) Proposed Rule Stage _______________________________________________________________________ 4057. <bullet> DEFINITION OF A PRINCIPAL Priority: Substantive, Nonsignificant Legal Authority: 7 USC 6d; 7 USC 6f; 7 USC 6m; 7 USC 6n; 7 USC 12a CFR Citation: 17 CFR 3.1; 17 CFR 4.10 [[Page 22245]] Legal Deadline: None Abstract: The Commission will undertake a rulemaking to modify the definition of a ``principal'' for purposes of firm registration and disclosure under part 4 of the Commission's rules. The focus will be upon which officers of a firm should be considered principals for these purposes. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 07/00/99 NPRM Comment Period End 09/00/99 Regulatory Flexibility Analysis Required: No Government Levels Affected: None Agency Contact: Lawrence B. Patent, Associate Chief Counsel, Division of Trading and Markets, Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st Street NW., Washington, DC 20581 Phone: 202 418-5439 Fax: 202 418-5536 Email: [email protected] RIN: 3038-AB36 _______________________________________________________________________
[April 26, 1999 (Volume 64, Number 77)] [Unified Agenda] From the Federal Register Online via GPO Access [frwais.access.gpo.gov] [DOCID:ua26ap99_048-8] [Page 22245] Part L Commodity Futures Trading Commission _______________________________________________________________________ COMMODITY FUTURES TRADING COMMISSION (CFTC) Proposed Rule Stage _______________________________________________________________________ 4058. <bullet> RULE 4.7: EXEMPTION FROM CERTAIN PART 4 REQUIREMENTS WITH RESPECT TO QUALIFIED ELIGIBLE PARTICIPANTS AND QUALIFIED ELIGIBLE CLIENTS Priority: Substantive, Nonsignificant Legal Authority: 7 USC 2; 7 USC 6b; 7 USC 6c; 7 USC 6l to 6o; 7 USC 12a; 7 USC 23 CFR Citation: 17 CFR 4.7 Legal Deadline: None Abstract: The Commodity Futures Trading Commission intends to propose amendments to Rule 4.7 that would make more persons eligible for treatment as qualified eligible participants or qualified eligible clients under the rule, e.g., principals of the commodity pool operator or commodity trading advisor who have been employed in the financial services industry for a specified number of years. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 05/00/99 NPRM Comment Period End 07/00/99 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Agency Contact: Jocelyn B. Barone, Attorney/Advisor, Division of Trading and Markets, Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st Street NW., Washington, DC 20581 Phone: 202 418-5450 Fax: 202 418-5536 Email: [email protected] RIN: 3038-AB37 _______________________________________________________________________
[April 26, 1999 (Volume 64, Number 77)] [Unified Agenda] From the Federal Register Online via GPO Access [frwais.access.gpo.gov] [DOCID:ua26ap99_048-9] [Page 22245] Part L Commodity Futures Trading Commission _______________________________________________________________________ COMMODITY FUTURES TRADING COMMISSION (CFTC) Proposed Rule Stage _______________________________________________________________________ 4059. <bullet> PERFORMANCE DISCLOSURES FOR COMMODITY TRADING ADVISORS AND COMMODITY POOL OPERATORS Priority: Substantive, Nonsignificant Legal Authority: 7 USC 6n; 7 USC 6o; 7 USC 12a CFR Citation: 17 CFR 4.25; 17 CFR 4.35 Legal Deadline: None Abstract: The Commodity Futures Trading Commission is considering amending requirements concerning the presentation of rate of return data by commodity trading advisors and commodity pool operators. Among other issues, the Commission may address computational and disclosure matters relating to participating in commodity trading advisor programs on a partially-funded basis. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ ANPRM 06/18/98 63 FR 33297 ANPRM Comment Period End 08/17/98 NPRM 05/00/99 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: None Agency Contact: Paul Bjarnason, Special Assistant to the Director, Division of Trading and Markets, Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st Street NW., Washington, DC 20581 Phone: 202 418-5459 Fax: 202 418-5536 Email: [email protected] RIN: 3038-AB39 _______________________________________________________________________
[April 26, 1999 (Volume 64, Number 77)] [Unified Agenda] From the Federal Register Online via GPO Access [frwais.access.gpo.gov] [DOCID:ua26ap99_048-10] [Page 22245-22246] Part L Commodity Futures Trading Commission _______________________________________________________________________ COMMODITY FUTURES TRADING COMMISSION (CFTC) Final Rule Stage _______________________________________________________________________ 4060. REVISION OF FEDERAL SPECULATIVE POSITION LIMITS AND ASSOCIATED RULES Priority: Other Significant Legal Authority: 7 USC 1a; 7 USC 2; 7 USC 4; 7 USC 6a; 7 USC 6c; 7 USC 6f; 7 USC 6g; 7 USC 6h; 7 USC 6i; 7 USC 6k; 7 USC 6m; 7 USC 6n; 7 USC 12a; 7 USC 12a(5); 7 USC 19 CFR Citation: 17 CFR 1; 17 CFR 17; 17 CFR 18; 17 CFR 150 Legal Deadline: None Abstract: The Commission is proposing rules to raise the levels of Commission speculative limits for futures contracts on various agricultural commodities for the deferred contract months, codify a number of broad exemptions from the Commission rule that exchanges set speculative position limits for all contracts not subject to Commission limits, broaden the existing speculative position limit exemption provided under the Commission rule for independent account controllers, and amend the Commission's aggregation policy. Statement of Need: The Commission recently reviewed its policies and rules governing speculative position limits and found that expansion of the back-month speculative position limits would be appropriate. The Commission also believes it appropriate to codify a number of Commission policies relating to exchange-set speculative position limits and to expand the existing speculative limit exemptions provided under Commission rule for independent account controllers to reflect the trends toward greater complexity in the structure of financial [[Page 22246]] services companies and greater professional management of trading funds. Summary of the Legal Basis: Section 4a(1) of the Commodity Exchange Act provides the Commission with the authority to ``fix such limits on the amount of trading which may be done or positions which may be held by any person under contracts of sale of such commodity for future delivery on or subject to the rules of any contract market as the Commission finds are necessary to diminish, eliminate, or prevent such burden.'' Alternatives: The Commission has reviewed the alternatives of not revising its speculative limit rules as proposed and believes that those alternatives do not provide for appropriate expansion of the back-month speculative position limits nor appropriate codification of a number of Commission policies relating to speculative position limits. Anticipated Costs and Benefits: The anticipated benefits arising from the proposed rules would be that the Commission would reflect better the changing composition of the futures markets. The Commission anticipates that the rules would not result in an increase in any costs. Risks: Speculative limits are an effective means of preventing unreasonable or unwarranted price fluctuations. Periodic review of these limits enables the Commission to assess their effectiveness. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 07/17/98 63 FR 38525 NPRM Comment Period End 10/19/98 Final Action 04/00/99 Final Action Effective 04/00/99 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Agency Contact: Paul M. Architzel, Chief Counsel, Division of Economic Analysis, Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st Street NW., Washington, DC 20581 Phone: 202 418-5260 Fax: 202 418-5527 Email: [email protected] RIN: 3038-AB32 _______________________________________________________________________
[April 26, 1999 (Volume 64, Number 77)] [Unified Agenda] From the Federal Register Online via GPO Access [frwais.access.gpo.gov] [DOCID:ua26ap99_048-11] [Page 22246] Part L Commodity Futures Trading Commission _______________________________________________________________________ COMMODITY FUTURES TRADING COMMISSION (CFTC) Final Rule Stage _______________________________________________________________________ 4061. ECONOMIC AND PUBLIC INTEREST REQUIREMENTS FOR CONTRACT MARKET DESIGNATION Priority: Other Significant Legal Authority: 7 USC 6c; 7 USC 7; 7 USC 7a; 7 USC 8; 7 USC 12a CFR Citation: 17 CFR 5 Legal Deadline: None Abstract: The Commission is proposing revisions to its Guideline on Economic and Public Interest Requirements for Contract Market Designations, 17 CFR part 5, appendix A, Guideline No. 1. Guideline No. 1 details the information that an application for contract markets designation should include to demonstrate that the contract market meets the economic requirements for designation. In furtherance of recent Commission streamlining efforts to reduce the time for Commission review of such applications, the Commission is proposing that Guideline No. 1 be revised to reduce any unnecessary burdens associated with designation applications. Statement of Need: The Commission recently promulgated fast-track review procedures to reduce the time for Commission review of contract market designation applications. To further streamline efforts, the Commission believes that it is necessary to revise the form and content requirements of Guideline No. 1 to reduce any unnecessary burdens associated with the designation process. Summary of the Legal Basis: The statutory requirements for contract market designation are found in sections 2(a)(1)(B), 5 and 5a of the Commodity Exchange Act (Act). The Commission, as an aid to the exchanges, has provided guidance in meeting these statutory requirements including the issuance of Guideline No. 1. Alternatives: The Commission has reviewed the alternatives of not revising Guideline No. 1 as proposed and has determined that without revising Guideline No. 1, the reduction of unnecessary burdens associated with the designation process could not be realized. Anticipated Costs and Benefits: The anticipated benefits from the proposed revisions to Guideline No. 1 include the codification of Commission contract market designation practices. The Commission also anticipates that the costs associated with the designation process will be reduced. Risks: The contract market designation process allows the Commission to evaluate whether the terms and conditions of proposed contracts address risks including market manipulation and dissemination of false information. In this action, the Commission is proposing to further streamline the contract designation process while preserving the regulatory functions of the process. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 07/17/98 63 FR 38537 NPRM Comment Period End 09/15/98 Final Action 04/00/99 Final Action Effective 04/00/99 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Agency Contact: Paul M. Architzel, Chief Counsel, Division of Economic Analysis, Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st Street NW., Washington, DC 20581 Phone: 202 418-5260 Fax: 202 418-5527 Email: [email protected] RIN: 3038-AB33 _______________________________________________________________________
[April 26, 1999 (Volume 64, Number 77)] [Unified Agenda] From the Federal Register Online via GPO Access [frwais.access.gpo.gov] [DOCID:ua26ap99_048-12] [Page 22246-22247] Part L Commodity Futures Trading Commission _______________________________________________________________________ COMMODITY FUTURES TRADING COMMISSION (CFTC) Final Rule Stage _______________________________________________________________________ 4062. <bullet> ALTERNATIVE PROCEDURES FOR NON-DOMESTIC PERSONS; DISCLOSURE Priority: Substantive, Nonsignificant Legal Authority: 7 USC 1a; 7 USC 2; 7 USC 4; 7 USC 6; 7 USC 6c; 7 USC 12a CFR Citation: 17 CFR 30.5; 17 CFR 30.6 Legal Deadline: None Abstract: The Commodity Futures Trading Commission is proposing to amend Rules 30.5 and 30.6 governing exemptions from registration and disclosures by certain persons who solicit U.S. foreign futures and option customers. Persons seeking an exemption pursuant to Rule 30.5 would be required to provide certain information in order to obtain an exemption. The disclosure requirements governing commodity pool operators and commodity trading advisors would be amended to more [[Page 22247]] closely parallel the disclosures required when soliciting U.S. customers for trading on domestic markets. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 01/11/99 64 FR 1566 NPRM Comment Period End 03/12/99 Final Action 07/00/99 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Agency Contact: Laurie Duperier, Special Counsel to the Director, Division of Trading and Markets, Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st Street NW., Washington, DC 20581 Phone: 202 418-5093 Fax: 202 418-5547 Email: [email protected] RIN: 3038-AB38 _______________________________________________________________________
[April 26, 1999 (Volume 64, Number 77)] [Unified Agenda] From the Federal Register Online via GPO Access [frwais.access.gpo.gov] [DOCID:ua26ap99_048-13] [Page 22247] Part L Commodity Futures Trading Commission _______________________________________________________________________ COMMODITY FUTURES TRADING COMMISSION (CFTC) Completed Actions _______________________________________________________________________ 4063. PROHIBITION ON VOTING BY INTERESTED MEMBERS Priority: Other Significant CFR Citation: 17 CFR 1.69 Completed: ________________________________________________________________________ Reason Date FR Cite ________________________________________________________________________ Final Action 01/04/99 64 FR 16 Final Action Effective 03/05/99 Regulatory Flexibility Analysis Required: No Government Levels Affected: None Agency Contact: David P. Van Wagner Phone: 202 418-5481 Fax: 202 418-5536 Email: [email protected] RIN: 3038-AB03 _______________________________________________________________________
[April 26, 1999 (Volume 64, Number 77)] [Unified Agenda] From the Federal Register Online via GPO Access [frwais.access.gpo.gov] [DOCID:ua26ap99_048-14] [Page 22247] Part L Commodity Futures Trading Commission _______________________________________________________________________ COMMODITY FUTURES TRADING COMMISSION (CFTC) Completed Actions _______________________________________________________________________ 4064. REQUESTS FOR EXEMPTIVE, NO-ACTION AND INTERPRETATIVE LETTERS Priority: Info./Admin./Other CFR Citation: 17 CFR 140.99 Completed: ________________________________________________________________________ Reason Date FR Cite ________________________________________________________________________ Final Action 12/10/98 63 FR 68175 Final Action Effective 01/11/99 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None Agency Contact: Christopher W. Cummings Phone: 202 418-5545 Fax: 202 418-5547 Email: [email protected] RIN: 3038-AB28 [FR Doc. 99-4912 Filed 04-23-99; 8:45 am] BILLING CODE 6351-01-F
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