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No. 03-99 January 22, 1999 |
Weekly Advisory
Commodity Futures Trading Commission Three Lafayette Centre
1155 21st Street, NW Washington, DC 20581 Telephone: (202) 418-5080
Facsimile: (202) 418-5525
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On Thursday, January 21, 1999, Commissioner David D. Spears spoke to undergraduate and graduate students at the College of Agriculture, Kansas State University, concerning risk management and his role as a Commissioner at the CFTC.
On January 28, 1999, Chairperson Brooksley
Born will speak at the Fordham University School of Law
1999 Derivatives & Risk Management Symposium in New York.
On January 15, 1999, the Commission
held a closed meeting to discuss surveillance matters.
On January 22, 1999, the Commission will
hold a closed meeting to discuss surveillance matters.
On January 25, 1999, the Commission will
hold a closed meeting to discuss adjudicatory matters.
On January 27, 1999, the Commission will
hold a closed meeting to discuss enforcement matters.
Release:
#4231-99
For Release:
January 19,
1999
Chairperson Brooksley Born Announces Her Intention Not to Seek
Reappointment to a Second Term
Washington -- Chairperson Brooksley Born of the
Commodity Futures Trading Commission today announced her intention not to
seek reappointment to a second term but instead to resign at the end of
her term in April or shortly thereafter. In announcing her intention,
Chairperson Born stated: "I am extremely proud of the
Commission's accomplishments over the last two and a half years. The
Commission has undertaken a comprehensive regulatory reform program and
has addressed a number of difficult issues facing the industry. The
Commission is well prepared to move into the new millennium of financial
regulation."
A copy of Chairperson Born's letter to President Clinton conveying
her intentions is attached.
January 19, 1999
The Honorable William J. Clinton
President of the United States
The White House
Washington, D.C. 20500
Dear Mr. President:
The Office of Presidential Personnel has asked whether I would like to
be nominated for a second term as Chairperson of the Commodity Futures
Trading Commission. After careful consideration, I have decided that I
would prefer to return to the private practice of law. Therefore, I plan
to resign at the end of my term in April or shortly thereafter.
I greatly appreciate the opportunity you have provided me to make a
contribution by performing government service. Your continuing confidence
and support have meant a great deal to me, and it has been an honor to
serve during your Administration.
Sincerely yours,
Brooksley Born
cc: Mr. Robert J. Nash
Assistant to the President and Director
Office of Presidential Personnel
No updates were issued during this period.
On January 14, 1999, the Commission authorized the
Division of Enforcement to file a second amended complaint for permanent
injunction and other equitable relief in CFTC v. Midland Rare Coin
Exchange, et al., No. 97-7422-Highsmith (S.D. Fla. 1997).
No CFTC Federal Register Notices were published during this period.
NOTE:
All Comment Letters must be received by the Commission no later than the closing date specified in the applicable Federal Register release. Any requests for an extension of the comment period must be made in writing - - before the expiration of the comment period - - to the Commission's Office of the Secretariat.
Comment period concerning the Kansas City Board of Trade's application to trade futures and options on Internet Stock Price Index "ISDEX®" ends, January 25, 1999.
Comment period concerning the Chicago Board of Trade's proposed amendments to its soybean oil futures contract ends, February 10, 1999.
Comment period concerning the New York Mercantile Exchange COMEX Division's application to trade futures and options on aluminum ends, February 10, 1999.
Comment period concerning the Commission's proposed amendments to its
rules 30.5 and 30.6 ends, March 12, 1999.
Barbara A. Cunningham and Richard W. Cunningham v. Daniel Jay Parker. Filed January 14, 1999. After a careful review of the parties' submissions, it was concluded that the preponderance of the evidence supported the conclusion that Daniel Jay Parker had violated section 4o(1) of the CEAct and Commission rule 4.30 causing $20,000 in damages. Accordingly, Daniel Jay Parker was ordered to pay to Barbara A. Cunningham and Richard W. Cunningham reparations of $20,000, plus $50 in costs for the filing fee. Philip V. McGuire, Judgment Officer. CFTC Docket No. 98-R149.
Majid Danesh v. Index Futures Group, Inc. (d/b/a "Jack
Carl/312 Futures"). Filed January 19, 1999. The parties
settled this matter and mutually released each other from any additional
claims. Accordingly, this proceeding was dismissed. Joel R. Maillie,
Judgment Officer. CFTC Docket No. 98-R086.
Curtis Dearing v. First American Discount Corp., et al.
Filed January 14, 1999. Curtis Dearing, an introducing broker, appealed
an ALJ's March 25, 1998, order which dismissed his reparations
complaint against First American Discount Corp., and two of its
principals for failure to state a claim. Dearing argued that the ALJ had
erred in dismissing the entire complaint. Based upon a review of the
record, the Commission found that the ALJ's order of dismissal had
not addressed the second of Dearing's claims - namely, that the
respondents had unlawfully liquidated his proprietary account - and had
not disposed of respondents' counterclaim for damages. Accordingly,
the Commission vacated the March 25, 1998, order of dismissal and
remanded the matter to the ALJ for a decision on all the claims and
issues raised in this action. Complainant will be permitted to file an
answer to respondents' counterclaim within 30 days of the date of
this order. CFTC Docket No. 98-R042.
No CFTC Letters were issued during this period.