For Release: March 5, 2001
CFTC Proposes Rules Implementing
Commodity Futures Modernization Act of 2000
Washington -- The Commodity Futures Trading Commission (CFTC) today announced that it is proposing rules relating to trading facilities to implement the Commodity Futures Modernization Act of 2000 (CFMA). Congress, on December 15, 2000, passed, and the President, on December 21, 2000, signed into law, the CFMA, which substantially altered the Commodity Exchange Act. The CFMA amended the law to establish three categories of markets, designated contract markets, derivative transaction execution facilities and markets exempt from CFTC regulation. The three categories match the degree of regulation to the varying nature of the products and the nature of the participant having access to the market.
The proposed new rules and rule amendments are being published in the Federal Register for a 30-day comment period. The Commission, in its Federal Register notice, urges commenters to submit their comments as early as possible during the comment period so that the statutory changes may be effectuated without delay.
Acting Chairman Newsome stated, "Today's release of these proposed revisions is an important step in fulfilling Congress's mandate to implement the CFMA's provisions without delay. We look forward to a productive discussion of this release over the next 30 days."
Copies of these documents can be obtained by contacting the Office of the Secretariat, Three Lafayette Centre, 1155 21st Street, N.W., Washington, DC 20581, (202) 418-5100 or by accessing the Commodity Futures Trading Commission website.