Release:                  #4287-99
For Release:            July 16, 1999

CFTC ISSUES PROPOSED AMENDMENTS TO ITS CONTRACT MARKET RULE REVIEW AND APPROVAL PROCEDURES

Washington, D.C.--The Commodity Futures Trading Commission (CFTC) is proposing further streamlining of its procedures for reviewing exchange rules. Specifically, the CFTC is proposing to amend its contract market rule review and approval procedures to allow for additional categories of exchange rule amendments to be approved automatically, upon adoption by the exchange, and to permit such amendments to be submitted to the Commission in a single, weekly, summary filing rather than in individual submissions. For certain other rules, the review time would be reduced to three days. The proposed rules also reorganize, in a clearer and more accessible format, the Commission's rules on expedited approval procedures for proposed rule amendments to exchange contract terms and conditions. The proposed rules will necessitate the filing of fewer individual submissions by U.S. exchanges with the Commission and will reduce unnecessary burdens associated with the Commission's review and approval of proposed exchange rules.

These proposed rule amendments were published in the Federal Register Thursday, July 15, 1999 (64 FR 38159). Copies may be obtained by contacting the Commission's Office of the Secretariat, Three Lafayette Centre, 1155 21st Street, NW, Washington, DC 20581, (202) 418-5100, or by accessing the Commission's website at www.cftc.gov.