e7-12045

[Federal Register: June 22, 2007 (Volume 72, Number 120)]

[Proposed Rules]

[Page 34413-34416]

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

[DOCID:fr22jn07-18]

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Proposed Rules

Federal Register

________________________________________________________________________

This section of the FEDERAL REGISTER contains notices to the public of

the proposed issuance of rules and regulations. The purpose of these

notices is to give interested persons an opportunity to participate in

the rule making prior to the adoption of the final rules.

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[[Page 34413]]

COMMODITY FUTURES TRADING COMMISSION

17 CFR Part 18

RIN 3038-AC22

Maintenance of Books, Records and Reports by Traders

AGENCY: Commodity Futures Trading Commission.

ACTION: Proposed rules.

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SUMMARY: Commission Regulation 18.05 requires that a person holding or

controlling a futures or option position in a commodity above a certain

level (reportable position) on a designated contract market or

registered derivatives transaction execution facility (reporting

markets) must retain books and records and make available to the

Commission upon request any pertinent information with respect to other

positions, transactions or activities in the commodity in which the

trader has a reportable position. The Commission is proposing to amend

Regulation 18.05 in two respects: To make it explicit that persons

holding or controlling reportable positions on a reporting market must

retain books and records and make available to the Commission upon

request any pertinent information with respect to all other positions

and transactions in the commodity in which the trader has a reportable

position, including positions held or controlled or transactions

executed over-the-counter and/or pursuant to Sections 2(d), 2(g) or

2(h)(1)-(2) of the Commodity Exchange Act (Act) or Part 35 of the

Commission's regulations, on exempt commercial markets operating

pursuant to Sections 2(h)(3)-(5) of the Act, on exempt boards of trade

operating pursuant to Section 5d of the Act, and on foreign boards of

trade (hereinafter referred to collectively as non-reporting

transactions); and to make the regulation clearer and more complete

with respect to hedging activity. The purpose of the amendments is to

enhance the Commission's ability to deter and prevent price

manipulation or any other disruptions to the integrity of the regulated

futures markets, to ensure the avoidance of systemic risk, and to

clarify the meaning of the regulation.

DATES: Comments must be received by July 23, 2007.

ADDRESSES: Comments should be sent to the Commodity Futures Trading

Commission, Three Lafayette Centre, 1155 21st Street, NW., Washington,

DC 20581, attention: Office of the Secretariat. Comments may be sent by

facsimile to 202-418-5521, or by e-mail to [email protected]

Reference should be made to ``Regulation 18.05.'' Comments may also be

submitted to the Federal eRulemaking Portal: http://www.regulations.gov

.

FOR FURTHER INFORMATION CONTACT: Duane C. Andresen, Special Counsel,

Division of Market Oversight, Three Lafayette Centre, 1155 21st Street,

NW., Washington, DC 20581. Telephone 202-418-5492; e-mail [email protected] This document is also available at

http://www.regulations.gov.

SUPPLEMENTARY INFORMATION:

I. Purpose of Regulation 18.05 and Statutory Basis

Section 3(b) of the Commodity Exchange Act (Act) \1\ declares that

the purpose of the Act is to, among other things, deter and prevent

price manipulation or any other disruptions to market integrity and to

ensure the financial integrity of all transactions subject to the Act

and the avoidance of systemic risk.\2\ Section 4i of the Act \3\

requires persons holding futures or option positions at designated

contract markets (DCM) or registered derivatives transaction execution

facilities (DTEF) at or above certain levels to keep books and records

of all:

(1) Transactions and positions in the exchange-traded commodity,

(2) transactions and positions in any such commodity traded on or

subject to the rules of any other board of trade, and

(3) cash or spot transactions in, and inventories and purchase and

sale commitments of such commodity.

Such books and records must be open at all times for inspection by

any representative of the Commission or the Department of Justice.

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\1\ 7 U.S.C. 5(b) (2006).

\2\ Section 3(b) of the Act provides in full that it is the

purpose of this chapter to serve the public interests described in

subsection (a) of this section through a system of effective self-

regulation of trading facilities, clearing systems, market

participants and market professionals under the oversight of the

Commission. To foster these public interests, it is further the

purpose of this chapter to deter and prevent price manipulation or

any other disruptions to market integrity; to ensure the financial

integrity of all transactions subject to this chapter and the

avoidance of systemic risk; to protect all market participants from

fraudulent or other abusive sales practices and misuses of customer

assets; and to promote responsible innovation and fair competition

among boards of trade, other markets and market participants.

\3\ 7 U.S.C. 6i (2006). Section 4i of the Act provides that it

shall be unlawful for any person to make any contract for the

purchase or sale of any commodity for future delivery on or subject

to the rules of any contract market or derivatives transaction

execution facility if such person shall directly or indirectly make

such contracts with respect to any commodity or any future of such

commodity during any one day in an amount equal to or in excess of

such amount as shall be fixed from time to time by the Commission,

and if such person shall directly or indirectly have or obtain a

long or short position in any commodity or any future of such

commodity equal to or in excess of such amount as shall be fixed

from time to time by the Commission, unless such person files or

causes to be filed with the properly designated officer of the

Commission such reports regarding any transactions or positions

described in clauses (1) and (2) hereof as the Commission may by

rule or regulation require and unless, in accordance with rules and

regulations of the Commission, such person shall keep books and

records of all such transactions and positions and transactions and

positions in any such commodity traded on or subject to the rules of

any other board of trade, and of cash or spot transactions in, and

inventories and purchase and sale commitments of such commodity.

Such books and records shall show complete details concerning all

such transactions, positions, inventories, and commitments,

including the names and addresses of all persons having any interest

therein, and shall be open at all times to inspection by any

representative of the Commission or the Department of Justice. For

the purposes of this section, the futures and cash or spot

transactions and positions of any person shall include such

transactions and positions of any persons directly or indirectly

controlled by such person.

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Section 8a(5) of the Act \4\ provides explicit authority to the

Commission to make and promulgate such rules and regulations as, in the

judgment of the Commission, are reasonably necessary to effectuate any

of the provisions or to accomplish any of the purposes of the Act. In

order to accomplish the purposes of Sections 3(b) and 4i set forth

above, the Commission has promulgated regulations creating market and

large trader reporting

[[Page 34414]]

requirements.\5\ Included among these regulations is a requirement that

persons holding futures or option positions at DCMs or DTEFs (reporting

markets) \6\ at or above reportable levels (reportable positions) \7\

are identified to the Commission under the large trader reporting

system (LTRS).

The LTRS, which requires that clearing members, futures commission

merchants (FCM) and foreign brokers file daily reports with the

Commission, enables the Commission to assess an individual trader's

activities and potential market power and to enforce the Commission or

DCM-set limits on speculative positions.\8\ Once a trader holds a

reportable position, the trader is subject to Commission Regulation

18.05,\9\ which requires that the trader keep books and records showing

all details concerning:

(1) All positions and transactions for future delivery in the

commodity on all reporting markets;

(2) all positions and transactions in the commodity option;

(3) all positions and transactions in the cash commodity, its

products and byproducts; and

(4) commercial activities that the trader hedges in the commodity

underlying the futures contract in which the trader is reportable.\10\

A reportable trader is required to furnish to the Commission, upon

request, any pertinent information concerning these positions,

transactions or activities.\11\ Traders who do not hold reportable

positions do not have obligations under Regulation 18.05.

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\4\ 7 U.S.C. 12a(5) (2006).

\5\ The Commission's market and large trader reporting rules are

contained in Parts 15 through 21 of the Commission's regulations.

\6\ Pursuant to Commission Regulation 15.00(m), a reporting

market means a designated contract market and, unless determined

otherwise by the Commission with respect to the facility or a

specific contract listed by the facility, a registered derivatives

transaction execution facility.

\7\ Pursuant to Commission Regulation 15.00(l), reportable

position means: for reports specified in parts 17, 18 and Sec.

19.00(a)(2) and (a)(3) of this chapter any open contract position

that at the close of the market on any business day equals or

exceeds the quantity specified in Sec. 15.03 of this part in

either: any one future of any commodity on any one reporting market,

excluding future contracts against which notices of delivery have

been stopped by a trader or issued by the clearing organization of a

reporting market; or long or short put or call options that exercise

into the same future of any commodity, or long or short put or call

options for options on physicals that have identical expirations and

exercise into the same physical, on any one reporting market. For

the purposes of reports specified in Sec. 19.00(a)(1) of this

chapter, any combined futures and futures-equivalent option open

contract position as defined in part 150 of this chapter in any one

month or in all months combined, either net long or net short in any

commodity on any one reporting market, excluding futures positions

against which notices of delivery have been stopped by a trader or

issued by the clearing organization of a reporting market, which at

the close of the market on the last business day of the week exceeds

the net quantity limit in spot, single or in all-months fixed in

Sec. 150.2 of this chapter for the particular commodity and

reporting market.

\8\ The Commission also uses large-trader reporting information

as a means to ensure the avoidance of systemic risk in that such

information enables Commission staff to determine which FCMs

carrying accounts might have exposure in particular markets.

\9\ Regulation 18.05 states in full that every trader who holds

or controls a reportable futures or option position shall keep books

and records showing all details concerning all positions and

transactions for future delivery in the commodity on all reporting

markets, all positions and transactions in the commodity option, and

all positions and transactions in the cash commodity, its products

and byproducts and, in addition, commercial activities that the

trader hedges in the commodity underlying the futures contract in

which the trader is reportable, and shall upon request furnish to

the Commission any pertinent information concerning such positions,

transactions or activities.

\10\ In describing the requirements of Regulation 18.05 in 1981,

the Commission stated that the regulation requires reportable

traders to maintain books and records of futures positions and

transactions in the commodity in which they are reportable and all

positions and transactions in the cash commodity and its products

and byproducts.* * * [T]he Commission wishes to underscore its view

that the book and recordkeeping requirements and inspection

provision contained therein are essential to accomplish the purposes

of the Act and within the Commission's authority to adopt pursuant

to section[s] 4i and 8a(5) of the Act. These requirements have

always applied to the traders who hold or control a reportable

position, and have not been restricted in any way. ``Reporting

Requirements for Contract Markets, Futures Commission Merchants,

Members of Exchanges and Large Traders,'' 46 FR 59,960, 59,963

(December 8, 1981) (footnote omitted).

\11\ The Commission currently requests such information an

average of three times per year.

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II. Proposed Amendments

A. Introduction

In order to enhance its ability to detect and prevent manipulation

of regulated markets and products and to ensure the avoidance of

systemic risk, as well as to clarify the meaning of the regulation and

bring it up to date, the Commission proposes, for the reasons discussed

below, to amend Regulation 18.05 in the following respects:

1. To make it explicit that persons holding or controlling

reportable positions on a reporting market must retain books and

records and make available to the Commission upon request pertinent

information with respect to all non-reporting transactions, i.e., all

positions and transactions in the commodity in which the trader is

reportable, including transactions executed over-the-counter and/or

pursuant to Sections 2(d), 2(g) or 2(h)(1)-(2) of the Act or Part 35 of

the Commission's regulations, on exempt commercial markets operating

pursuant to Sections 2(h)(3)-(5) of the Act (ECM), on exempt boards of

trade operating pursuant to Section 5d of the Act (EBOT), and on

foreign boards of trade (FBOT); and

2. to make the regulation clearer and more complete with respect to

hedging activity.

B. Amendments Related to Recordkeeping and Reporting

There is a close relationship among transactions conducted on

reporting markets and non-reporting transactions. In view of this, it

is sometimes necessary to determine all transactions and positions with

respect to the commodity in which the trader is reportable in order to

more effectively detect and prevent manipulation of regulated markets

and products and to ensure the avoidance of systemic risk.\12\ Just as

it is critical that the LTRS permits staff to aggregate related

accounts to assess an individual trader's activities and potential

power in a market, so is it critical that staff be able to assess the

reportable trader's overall position in the same commodity in non-

reporting transactions in order to see the complete picture of the

reportable trader's positions in the commodity. This is particularly

important in light of the growing volume of trading on, and

participation in, the non-reporting markets, the close relationship

among the various products and markets, the increasing globalization of

the futures markets, and the growth of trading on electronic exchanges

and on foreign boards of trade.\13\

Regulation 18.05 explicitly requires that a trader that is

reportable because of futures or option positions in a futures or

option contract traded on a DCM or DTEF keep books and records and

provide to the Commission, upon request, pertinent information with

respect to positions and transactions in the underlying commodity. For

example, a reportable trader in the Natural Gas futures contract on the

New York Mercantile Exchange, Inc., (NYMEX) must keep books and records

and provide to the Commission, upon request, pertinent information with

respect to positions and transactions in

[[Page 34415]]

Natural Gas on all DCMs and DTEFs, in the commodity option, in the cash

commodity, its products and byproducts, and commercial activities that

the trader hedges in the commodity underlying the Natural Gas futures

contract. Information with respect to positions and transactions in the

virtually identical Natural Gas contracts on the

IntercontinentalExchange (ICE), an ECM, also is important to the

Commission's ability to conduct effective market surveillance of the

NYMEX Natural Gas contracts and to determine the degree of a trader's

exposure in both the NYMEX and ICE natural gas markets. Similarly, if a

trader is reportable because of futures or option positions in the

Light Sweet Crude Oil contract on the NYMEX, the trader's books and

records with respect to non-reporting positions and transactions in the

West Texas Intermediate (WTI) Light Sweet Crude Oil futures or option

contracts on ICE Futures,\14\ a foreign board of trade,\15\ are

relevant to effective surveillance and supervision of the reporting

NYMEX market.

The Act provides ample authority to require keeping books and

records and providing pertinent information with respect to non-

reporting transactions. Section 4i explicitly encompasses non-reporting

transactions on ``any other board of trade'' (such as FBOTs, ECMs

operating pursuant to Sections 2(h)(3)-(5) of the Act, and EBOTs

operating pursuant to Section 5d of the Act) and in the form of cash or

spot transactions, inventories, and purchase and sale commitments.

Further, Section 3(b) of the Act declares that the purpose of the Act

is to, among other things, deter and prevent price manipulation or any

other disruptions to market integrity and to ensure the avoidance of

systemic risk. Section 8a(5) of the Act authorizes the Commission to

promulgate such regulations as, in its judgment, are reasonably

necessary to accomplish any of the purposes of the Act. Making it

explicit that Regulation 18.05 requires the reportable trader to keep

books and records showing all details concerning non-reporting

transactions in the reportable commodity is reasonably necessary to

accomplish the purposes of Section 3(b) of the Act.

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\12\ Sections 6(c), 6c, 6(d) and 9(a)(2) of the Act authorize

the Commission to bring enforcement actions against any person who

is manipulating or attempting to manipulate or has manipulated or

attempted to manipulate the market price of any commodity, in

interstate commerce, or for future delivery on or subject to the

rules of any registered entity.

\13\ For instance, since 1999, Commission staff, through foreign

terminal no-action letters, has allowed 18 FBOTs to make their

trading systems available by direct access to members and other

participants in the U.S. without requiring the FBOTs to register as

DCMs or DTEFs.

\14\ ICE Futures is a UK registered investment exchange which

permits direct access to its trading system from the U.S. pursuant

to a foreign terminal no-action letter issued by Commission staff.

CFTC Staff Letter No. 99-69 (November 12, 1999), as amended,

originally issued to the International Petroleum Exchange (IPE).

\15\ Section 1a of the Act defines the term board of trade as

any organized exchange or other trading facility without regard to

location.

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Although non-reporting transactions themselves generally are not

subject to most regulatory provisions of the Act, the futures or option

transactions executed and maintained on a DCM or DTEF that result in a

reportable position are subject to such provisions and, pursuant to

Section 3(a) of the Act, are affected with a national public interest.

It is the purpose of the Act pursuant to Section 3(b) that the

Commission prevent price manipulation of all commodities traded on

these regulated markets. To accomplish this purpose, it is necessary

that the Commission have the ability to review all activities in

commodities traded on these markets, regardless of where the

transactions are executed. By taking a position on a regulated market,

a trader agrees to abide by the rules of the market and the Commission,

including prohibitions against manipulation. To enhance its ability to

detect and deter manipulation and other threats to market integrity,

the Commission requires persons holding reportable positions to

maintain books and records of transactions that could impact the

regulated market and related cash market, including non-reporting

transactions.\16\

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\16\ As previously stated, traders who do not hold reportable

positions on reporting markets do not have obligations under

Regulation 18.05's recordkeeping and reporting requirements.

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Commission staff has interpreted Regulation 18.05 to include

position and transaction data for non-reporting transactions and has

received such information in response to requests made pursuant to the

Regulation. Consistent with the Act and Commission practice, the

Commission is proposing to amend Regulation 18.05 to make explicit that

a trader with a reportable position must keep books and records showing

all details concerning all non-reporting transactions in the same

commodity and provide pertinent information to the Commission upon

request.

C. Amendments Related to Clarity and Completeness

The Commission notes two issues that arise in connection with the

Regulation 18.05 requirement that traders keep books and records

showing all details concerning ``commercial activities that the trader

hedges in the commodity underlying the futures contract in which the

trader is reportable.'' First, the phrase has led to some confusion.

Originally inserted into the paragraph as ``commercial activities that

the trader hedges in the futures commodity in which the trader is

reportable,'' its purpose was to require that, ``in addition to books

and records of positions or transactions in a cash commodity, a

reportable trader must also maintain records of commercial activities

which the trader hedges.'' \17\ Second, reportable positions can be

option positions, as well as futures positions, but it is not clear

that the current language also addresses commercial activities that the

trader hedges in the commodity underlying any option contract in which

the trader is reportable.

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\17\ 46 FR 42463, 42466 (August 21, 1981).

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The Commission proposes to amend the regulation to revert to the

original approach and include hedges in the option contract in which

the trader is reportable. By modifying the phrase to read ``commercial

activities that the trader hedges in the futures or option contract in

which the trader is reportable,'' Regulation 18.05 would capture

information with respect to hedges in other than the cash commodity,

its products or byproducts (i.e., a trader with a reportable position

in gold futures that is a hedge of a cash position in silver would be

required to comply with the Regulation 18.05 requirements with respect

to the silver position).

III. Related Matters

A. Cost Benefit Analysis

Section 15(a) of the Act requires the Commission to consider the

costs and benefits of its action before issuing a new regulation or

order under the Act. 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 proposed regulation outweigh its

costs. Rather, Section 15(a) simply requires the Commission to

``consider the costs and benefits'' of its action.

Section 15(a) further specifies that the costs and benefits of the

proposed rule or order 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 may, in its discretion, give greater weight to any one

of the five enumerated areas of concern and may, in its discretion,

determine that, notwithstanding its costs, a particular rule or order

is necessary or appropriate to protect the public interest or to

effectuate any of the

[[Page 34416]]

provisions or to accomplish any of the purposes of the Act.

The proposed amendments would make it explicit that persons holding

or controlling reportable positions on a reporting market must also

retain books and records and make available to the Commission upon

request any pertinent information with respect to non-reporting

transactions in the commodity in which the trader is reportable, and

make the regulation clearer and more complete with respect to hedging

activity. These amendments would enable the Commission to better carry

out its responsibilities under Section 3(b) of the Act by enhancing the

Commission's ability to deter and prevent price manipulation or any

other disruptions to the integrity of the regulated futures markets and

help to ensure the avoidance of systemic risk.

The Commission believes that the proposed amendments would address

the Section 15(a) enumerated areas of market and public concern in that

they would further protect market participants and the public, enhance

the financial integrity of futures markets, and promote sound risk

management practices. The Commission believes that the costs arising

from the proposed amendments would be of little or no consequence for

three reasons: (1) The amendments to Regulation 18.05 make explicit

existing Commission practice; (2) it is likely that the traders that

would be affected by the proposed amendments' requirements (traders who

have reportable positions) already keep books and records showing all

details concerning their non-reporting transactions as demonstrated by

the fact that Commission staff has received such information in

response to requests made pursuant to the Regulation; and (3) the

Commission anticipates that special calls for pertinent information

relating to non-reporting transactions would continue to be made on an

infrequent basis.

After considering these factors, the Commission has determined to

propose the revisions to Regulation 18.05 as discussed above and set

forth below. The Commission specifically invites public comment on its

application of the criteria contained in Section 15(a) of the Act.

Commenters are also invited to submit any quantifiable data that they

may have concerning the costs and benefits of the proposed rule with

their comment letters.

B. The Regulatory Flexibility Act

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

requires federal agencies, in proposing rules, to consider the impact

of those rules on small businesses. The Commission has previously

determined that exchanges, futures commission merchants and large

traders are not ``small entities'' for the purposes of the RFA.\18\ The

requirements related to the proposed amendments fall on large traders.

Accordingly, the Chairman, on behalf of the Commission, hereby

certifies, pursuant to 5 U.S.C. 605(b), that the actions proposed to be

taken herein will not have a significant economic impact on a

substantial number of small entities.

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\18\ 47 FR 18618, 18618-21 (April 30, 1982).

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C. The Paperwork Reduction Act

When publishing proposed rules, the Paperwork Reduction Act (PRA)

\19\ imposes certain requirements on Federal agencies, including the

Commission, in connection with conducting or sponsoring any collection

of information as defined by the PRA. In compliance with the PRA, the

Commission through these proposed rule amendments solicits comments to:

(1) Evaluate whether the proposed collection of information is

necessary for the proper performance of the functions of the agency,

including the validity of the methodology and assumptions used; (2)

evaluate the accuracy of the agency's estimate of the burden of the

proposed collection of information including the validity of the

methodology and assumptions used; (3) enhance the quality, utility, and

clarity of the information to be collected; and (4) minimize the burden

of the collection on those who are to respond, including through the

use of appropriate automated, electronic, mechanical, or other

technological collection techniques or other forms of information

technology. The Commission has submitted the proposed rule amendments

and its associated information collection requirements to the Office of

Management and Budget (OMB). The proposed rule amendments are a part of

an approved collection of information. The estimated burden associated

with and reporting obligations for traders with reportable positions

(OMB Control No. 3038-0009) is as follows:

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\19\ Public Law 104-13 (May 13, 1995).

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Average Burden Hour Per Response: 1.5.

Number of Respondents: 6.

Frequency of Response: Upon special call.

Persons wishing to comment on the information which would be

required by the proposed rule amendments should contact the Desk

Officer, CFTC, Office of Management and Budget, Room 10202, NEOB,

Washington, DC 20503, 202.395.7340. Copies of the information

collection submission to OMB are available from the CFTC Clearance

Officer, 1155 21st Street, NW., Washington, DC 20581, 202.418.5160.

Copies of the OMB-approved information collection package associated

with the rulemaking may be obtained from the Desk Officer, Commodity

Futures Trading Commission, Office of Management and Budget, Room

10202, NEOB, Washington, DC 20503, 202.395.7340.

List of Subjects in 17 CFR Part 18

Commodity futures, Reporting and recordkeeping requirements.

In consideration of the foregoing, and pursuant to the authority

contained in the Act, and, in particular, sections 3, 4, 4a, 4c, 4g,

4i, 5, 5a and 8a of the Act, the Commission hereby proposes to amend

Chapter I of Title 17 of the Code of Federal Regulations as follows:

PART 18--REPORTS BY TRADERS

1. The authority citation for part 18 is revised to read as

follows:

Authority: 7 U.S.C. 2, 4, 5, 6a, 6c, 6f, 6g, 6i, 6k, 6m, 6n, 12a

and 19; 5 U.S.C. 552 and 552(b), unless otherwise noted.

2. Revise Sec. 18.05 to read as follows:

Sec. 18.05 Maintenance of books and records.

Every trader who holds or controls a reportable futures or option

position shall keep books and records showing all details concerning

all positions and transactions in the commodity on all reporting

markets, over the counter and/or pursuant to Sections 2(d), 2(g) or

2(h)(1)-(2) of the Act or Part 35 of this chapter, on exempt commercial

markets operating pursuant to Sections 2(h)(3)-(5) of the Act, on

exempt boards of trade operating pursuant to Section 5d of the Act, and

on foreign boards of trade. Every such trader shall also keep books and

records showing all details concerning all positions and transactions

in the cash commodity, its products and byproducts, and all commercial

activities that the trader hedges in the futures or option contract in

which the trader is reportable. The trader shall upon request furnish

to the Commission any pertinent information concerning such positions,

transactions or activities in a form acceptable to the Commission.

Issued in Washington, DC, this 18th day of June, 2007, by the

Commission.

Eileen A. Donovan,

Acting Secretary of the Commission. 1

[FR Doc. E7-12045 Filed 6-21-07; 8:45 am]

BILLING CODE 6351-01-P

Last Updated: June 27, 2007