Federal Register, Volume 76 Issue 176 (Monday, September 12, 2011)[Federal Register Volume 76, Number 176 (Monday, September 12, 2011)]
[Rules and Regulations]
[Pages 56103-56107]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-23155]
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COMMODITY FUTURES TRADING COMMISSION
17 CFR Part 5
Retail Foreign Exchange Transactions; Conforming Changes to
Existing Regulations in Response to the Dodd-Frank Wall Street Reform
and Consumer Protection Act
AGENCY: Commodity Futures Trading Commission.
ACTION: Final rules; interpretation.
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SUMMARY: The Commodity Futures Trading Commission (Commission or CFTC)
is amending its regulations governing off-exchange foreign currency
transactions with members of the retail public (i.e., retail forex
transactions). These amendments (Amendments) are necessary to
incorporate into Part 5 of the Commission's regulations changes made to
the Commodity Exchange Act (CEA) by the Dodd-Frank Wall Street Reform
and Consumer Protection Act (Dodd-Frank Act). The Commission is also
issuing certain related technical interpretations of various provisions
of the CEA as amended by the Dodd-Frank Act with respect to retail
forex transactions.
DATES: Effective September 12, 2011.
FOR FURTHER INFORMATION CONTACT: Christopher W. Cummings, Special
Counsel, Division of Clearing and Intermediary Oversight, or Barbara S.
Gold, Associate Director, Division of Clearing and Intermediary
Oversight, Commodity Futures Trading Commission, 1155 21st Street, NW.,
Washington, DC 20581; telephone number: (202) 418-5450; facsimile
number: (202) 418-5528; and electronic mail: [email protected] or
[email protected], respectively.
SUPPLEMENTARY INFORMATION:
I. Background
On July 21, 2010, President Obama signed the Dodd-Frank Act.\1\
Title VII of the Dodd-Frank Act \2\ amended the CEA \3\ to establish a
comprehensive new regulatory framework for swaps and security-based
swaps. The goal of this legislation was to reduce risk, increase
transparency, and promote market integrity within the financial system
by,
[[Page 56104]]
among other things: (1) Providing for the registration and
comprehensive regulation of swap dealers and major swap participants;
(2) imposing clearing and trade execution requirements on standardized
derivative products; (3) creating robust recordkeeping and real-time
reporting regimes; and (4) enhancing the Commission's rulemaking and
enforcement authorities with respect to, among others, all registered
entities and intermediaries subject to the Commission's oversight.
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\1\ See Dodd-Frank Wall Street Reform and Consumer Protection
Act, Pub. L. No. 111-203, 124 Stat. 1376 (2010). The text of the
Dodd-Frank Act may be accessed through the Commission's Web site at
http://www.cftc.gov/.
\2\ Pursuant to Section 701 of the Dodd-Frank Act, Title VII may
be cited as the ``Wall Street Transparency and Accountability Act of
2010.''
\3\ 7 U.S.C. 1 et seq. (2006). The CEA also can be accessed
through the Commission's Web site.
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To accomplish its goal, the Dodd-Frank Act, among other things,
amended the existing definitions in, and added new definitions to, CEA
Section 1a, which has resulted in a reorganization and renumbering of
the definitions in Section 1a.\4\ The Dodd-Frank Act also deleted two
classes of persons and added a new class of person permitted to serve,
or to offer to serve, as a counterparty to a retail forex transaction
under CEA Section 2(c)(2)(B) (``permitted counterparty''), which
similarly has resulted in a reorganization and redesignation of the CEA
provisions identifying these permitted counterparties.\5\
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\4\ See Dodd-Frank Act Section 721(a).
\5\ See Dodd-Frank Act Section 742(c)(1).
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As is explained below, the foregoing changes to the CEA necessitate
corresponding amendments to Part 5 of the Commission's regulations,\6\
which concerns retail forex transactions. In this regard, the
Commission notes that it is also proposing other rulemakings in
response to the Dodd-Frank Act that could affect the Part 5
regulations.\7\ The Commission intends to resolve any discrepancies
that may arise between any of these other rulemakings and the
Amendments in the course of finalizing its rulemakings under the Dodd-
Frank Act.
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\6\ The Commission's regulations are found at 17 CFR Ch. I
(2011) and can be accessed through the Commission's Web site, http://www.cftc.gov.
\7\ See, e.g., Adaptation of Regulations to Incorporate Swaps,
76 FR 33066 (Jun. 7, 2011) (``June 7 Proposal''), whereby in
response to the deletion of the term ``derivatives transaction
execution facility'' from the CEA by the Dodd-Frank Act, the
Commission has proposed to delete reference to the term
``derivatives transaction execution facility'' from Regulation
5.1(m), which defines the term ``retail forex transaction.''
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II. The Amendments
A. Amendments Resulting Solely From a Renumbering of a CEA Definition
Several definitions in Regulation 5.1 employ the phrase ``eligible
contract participant as that term is defined in [CEA] Section 1a(12).''
Specifically, this phrase is found in the following definitions in
Regulation 5.1: ``commodity pool operator'' (paragraph (d)(1) of the
regulation); ``commodity trading advisor'' (paragraph (e)(1) of the
regulation); ``introducing broker'' (paragraph (f)(1) of the
regulation); ``retail forex account'' (paragraph (i) of the
regulation); and ``retail forex account agreement'' (paragraph (j) of
the regulation). However, as a result of the Dodd-Frank Act, the term
``eligible contract participant'' is now defined in CEA Section 1a(18).
By the Amendments, the Commission is amending Regulations 5.1(d)(1),
(e)(1), (f)(1), (i) and (j) to reflect this numbering change, such that
each of the definitions contained in these regulations refers to CEA
Section 1a(18).\8\
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\8\ For the same reason, by the June 7 Proposal, the Commission
proposed to amend the definition of the term ``retail forex
customer'' in paragraph (k) of Regulation 5.1, such that the
definition similarly would refer to Section 1a(18).
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Regulations 5.10, which concerns risk assessment recordkeeping
applicable to retail forex transactions, and 5.11, which concerns risk
assessment reporting applicable to retail forex transactions, provide
at paragraphs (c)(2) and (d)(2), respectively, that ``the term `Foreign
Futures Authority' shall have the meaning set forth in [CEA] section
1a(10).'' As a result of the Dodd-Frank Act, this term is now defined
in CEA Section 1a(26). The Amendments similarly change Regulations
5.10(c)(2) and 5.11(d)(2) to reflect this numbering change, such that
the definition of ``Foreign Futures Authority'' refers to CEA Section
1a(26).
Regulation 5.18 establishes trading and operational standards for
persons offering to serve as a retail forex counterparty. Specifically,
paragraph (a)(1)(ii) refers to such persons as a ``[f]utures commission
merchant as defined in [CEA] Section 1a(20).'' Pursuant to the Dodd-
Frank Act, the term ``futures commission merchant'' (FCM) is now
defined in CEA Section 1a(28). Accordingly, the Amendments likewise
revise Regulation 5.18(a)(1)(ii) so that the FCM reference therein is
to CEA Section 1a(28).
B. Amendments Resulting From the Change in Permitted Counterparties
Regulation 5.1(h) defines the term ``retail foreign exchange
dealer'' (RFED) to mean ``any person that is, or that offers to be, the
counterparty to a retail forex transaction, except for a person
described in sub-paragraph (aa), (bb), (cc)(AA), (dd), (ee) or (ff) of
[CEA] section 2(c)(2)(B)(i)(II).'' \9\ The Dodd-Frank Act: (1) Removed
from this list of permitted counterparties the persons previously found
in items (dd) and (ff), which respectively refered to certain insurance
companies (including a regulated subsidiary or affiliate) and
investment bank holding companies; (2) redesignated item (ee) as item
(dd); and (3) redesignated item (gg) as item (ff).\10\ In light of
these changes, the Amendments delete from Regulation 5.1(h)(1) the
references therein to items (ee) and (ff) of CEA Section
2(c)(2)(B)(i)(II). For similar reasons, the Amendments change the
references in Regulations 5.10(a)(1), 5.11(a)(1) and 5.11(a)(2) to the
authority pursuant to which a person is registered with the Commission
as an RFED from CEA Section 2(c)(2)(B)(i)(II)(gg) to CEA Section
2(c)(2)(B)(i)(II)(ff).
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\9\ CEA Section 2(c)(2)(B) generally provides the Commission
with authority over retail forex transactions.
\10\ As a result of these changes, then, the identification of
the permitted counterparties in CEA Section 2(c)(2)(B)(i)(II) runs
from (aa) through (dd), skips (ee), and ends at (ff). See Part III
of this Federal Register release, infra.
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C. Amendments Related to the FCM Definition
For the effective regulation of retail forex transactions, the CEA
and Part 5 distinguish between an FCM that is ``primarily or
substantially'' engaged in soliciting and accepting orders for
exchange-traded futures contracts and accepting customer funds or
property to margin or secure such contracts, who is permitted under CEA
Section 2(c)(2)(B)(i)(II)(cc) to engage in retail forex transactions
based on its registration as an FCM, and a person that is registered as
an FCM but is not ``primarily or substantially'' engaged in those
activities, who must register as an RFED in order to engage in retail
forex transactions. Regulation 5.1(g) currently provides that the term
``[p]rimarily or substantially means, when used to describe the extent
of a futures commission merchant's engagement in the activities
described in section 1a(20)'' of the CEA, that the FCM's gross revenues
meet certain thresholds, or that the FCM is a clearing member of a
derivatives clearing organization.\11\ The Commission explained this
distinction, which originated in the CFTC Reauthorization Act of 2008
(CRA),\12\ as being ``for use in determining whether a registered FCM
is primarily or substantially engaged in FCM activities, such that it
need not register as an RFED in order to conduct customer business.''
\13\
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\11\ See CEA Section 5b and Part 39 of the Commission's
regulations.
\12\ See Title XIII of the Food, Conservation and Energy Act of
2008, Public Law 110-246, 122 Stat. 1651, 2189-2204 (2008).
\13\ 75 FR 3282, 3288 (Jan. 20, 2010).
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Thus, the Commission defined the term ``primarily or
substantially'' in
[[Page 56105]]
Regulation 5.1(g), and drafted the requirement to register as an RFED
if a registered FCM was not engaged primarily or substantially in FCM
activities, with reference to the activities described in the then-
existing FCM definition and by means of a simple reference to ``the
activities described in Section 1a(20)'' of the CEA. However, in
addition to renumbering the FCM definition in the CEA from Section
1a(20) to Section 1a(28), the Dodd-Frank Act amended the FCM definition
itself to include certain activities involving swaps and retail forex
transactions among the activities that bring a person within the FCM
definition, and it added to the FCM definition any person that is
registered with the Commission as an FCM.\14\ In order to maintain the
distinction between FCM and RFED established by the CRA, the Amendments
amend Regulations 5.1(g) and 5.3(a)(4)(i) such that each of these rules
refers solely to those provisions of the CEA's FCM definition that were
in effect at the time of adoption of the CRA--i.e., the activities
that, pursuant to the Dodd-Frank Act, are now set forth in CEA Sections
1a(28)(A)(i)(I)(aa)(AA) (``the purchase or sale of a commodity for
future delivery'') and 1a(28)(A)(i)(II) (``in or in connection with the
activities described in [item aa of subclause (I)], accepts any money,
securities, or property (or extends credit in lieu thereof) to margin,
guarantee, or secure any trades or contracts that result or may result
therefrom'').
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\14\ See Dodd-Frank Act Section 721(a)(13).
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III. Interpretation of Dodd-Frank Act Amendments to CEA Sections
2(c)(2)(B) and 2(c)(2)(C)
As is noted above, the Dodd-Frank Act revised the list of permitted
counterparties in CEA Section 2(c)(2)(B)(i)(II) from items (aa) through
(gg), to items (aa) through (dd) and (ff) (without an item (ee)). It
did so in order both to delete insurance companies and investment bank
holding companies from the list of permitted counterparties in CEA
Section 2(c)(2)(B)(i)(II) and to re-designate the items corresponding
to the remaining permitted counterparties.\15\ However, in amending CEA
Sections 2(c)(2)(B) and 2(c)(2)(C),\16\ the Dodd-Frank Act did not
adjust certain internal references in these sections to reflect these
changes to the list of permitted counterparties.
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\15\ See Dodd-Frank Act Sections 741(b) and 742(c).
\16\ CEA Section 2(c)(2)(C) generally provides the Commission
with authority over certain transactions that are not within the
scope of CEA Section 2(c)(2)(B).
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Thus, for example, at numerous places CEA Section 2(c)(2)(B)
continues to refers to item (gg), although item (gg) has been
redesignated as item (ff).\17\ Similarly, in various other provisions
of CEA Sections 2(c)(2)(B) and 2(c)(2)(C) the permitted counterparties
other than FCMs and RFEDs are listed as either ``item (aa), (bb), (dd),
(ee) or (ff)'' of CEA Section 2(c)(2)(B)(i)(II) or ``item (aa) through
(ff)'' of CEA Section 2(c)(2)(B)(i)(II).\18\ These references now
inadvertently include RFEDs, because RFEDs are now listed in item (ff).
Finally, these same references inadvertently no longer include a
financial holding company, because while the Dodd-Frank Act
redesignated this permitted counterparty as item (dd), it nonetheless
called for ``striking `(dd)' each place it appears'' in CEA Sections
2(c)(2)(B) and 2(c)(2)(C).\19\
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\17\ This occurs once each in CEA Sections 2(c)(2)(B)(iii),
2(c)(2)(B)(iv)(I) and 2(c)(2)(B)(iv)(III), and twice in CEA Section
2(c)(2)(B)(v).
\18\ Reference to ``item (aa), (bb), (dd), (ee) or (ff)'' of CEA
Section 2(c)(2)(B)(i)(II) occurs in Sections 2(c)(2)(B)(iv)(I)(aa),
2(c)(2)(B)(iv)(I)(bb), 2(c)(2)(B)(iv)(I)(cc),
2(c)(2)(B)(iv)(II)(aa), 2(c)(2)(C)(i)(I)(aa),
2(c)(2)(C)(ii)(II)(aa), 2(c)(2)(C)(iii)(I)(aa),
2(c)(2)(C)(iii)(I)(bb) and 2(c)(2)(C)(iii)(II)(aa). The reference to
``item (aa) through (ff)'' occurs in CEA Section
2(c)(2)(B)(iv)(IV)(aa).
\19\ Absent the interpretation being provided herein, the
instruction in Dodd-Frank Act Sections 741(b)(8)(A) and 741(b)(9)(A)
for ``striking `(dd)' each place it appears'' in CEA Sections
2(c)(2)(B) and 2(c)(2)(C) not only would remove the (dd) item
heading from Section 2(c)(2)(B)(i)(II)(dd) (which identifies a
financial holding company as a permitted counterparty for retail
forex transactions), but it would also affect all of the cross-
references to ``item (aa), (bb), (dd), (ee) or (ff),'' identified
previously.
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To avoid any impediment to a full implementation of its regulatory
program for retail forex transactions that any of the foregoing
provisions might present, by this Federal Register release the
Commission is issuing the following interpretations of the Dodd-Frank
Act. First, to clarify that CEA Section 2(c)(2)(B)(i)(II) includes a
financial holding company as a permitted counterparty to retail forex
transactions, the Commission interprets the directions in Dodd-Frank
Act Sections 741(b)(8) and (b)(9) to strike item ``(dd)'' each place it
appears as a direction to strike item ``(ee)'' instead.\20\ This
interpretation is necessary and appropriate because pursuant to the
Dodd-Frank Act item (dd) includes a financial holding company as a
permitted counterparty to retail forex transactions and item (ee) no
longer exists in CEA Section 2(c)(2)(B)(i)(II). Second, to clarify that
an RFED is a permitted counterparty, the Commission interprets each
reference in CEA Sections 2(c)(2)(B) and 2(c)(2)(C) to ``item (gg) ''
as a reference to ``item (ff).'' This interpretation similarly is
necessary and appropriate because pursuant to the Dodd-Frank Act item
(ff) includes an RFED as a permitted counterparty and item (gg) no
longer exists in CEA Section 2(c)(2)(B)(i)(II).
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\20\ Thus, CEA Section 2(c)(2)(B)(i)(II)(dd) retains its
designation, and each reference to ``item (aa), (bb), (dd), (ee) or
(ff)'' identified previously continues to include a reference to ``a
financial holding company.''
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IV. Related Matters
A. Administrative Procedure Act
The Administrative Procedure Act (APA) generally requires an agency
to publish notice of a proposed rulemaking in the Federal Register.\21\
This requirement does not apply, however, if the agency ``for good
cause finds * * * that notice and public procedure are impracticable,
unnecessary, or contrary to the public interest.'' \22\ In addition,
the APA generally requires that an agency publish an adopted rule in
the Federal Register 30 days before it becomes effective, with certain
exceptions, including if an agency finds good cause.\23\ The Commission
finds that notice and solicitation of comment before the effective date
of the changes being made herein are unnecessary, inasmuch as the rule
changes are entirely non-substantive technical adjustments, and the
interpretation would do no more than clarify certain technical drafting
anomalies to express what is clearly the intent of the Dodd-Frank
Act.\24\ Accordingly, pursuant to section 553(b) of the APA, the
Commission finds that there is good cause not to follow notice and
comment procedures for this rulemaking. For the same reason, the
Commission finds, pursuant to section 553(b) of the APA, that the
Amendments may be made effective immediately upon publication in the
Federal Register.
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\21\ See 5 U.S.C. 553(b). This requirement does not apply to
interpretative rules or general statements of policy.
\22\ Id.
\23\ See 5 U.S.C. 553(d).
\24\ This finding also satisfies the requirements of the
Congressional Review Act, specifically 5 U.S.C. 808(2), allowing the
Proposal to become effective, notwithstanding the requirement of 5
U.S.C. 801 (if a Federal agency finds that notice and public comment
are ``impracticable, unnecessary or contrary to the public
interest,'' a rule ``shall take effect at such time as the Federal
agency promulgating the rule determines'').
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B. Regulatory Flexibility Act
The Regulatory Flexibility Act (RFA) \25\ requires that agencies,
in proposing rules, consider the impact of those rules on small
businesses.\26\ The
[[Page 56106]]
Commission previously has established certain definitions of ``small
entities'' to be used by the Commission in evaluating the impact of its
rules on such entities in accordance with the RFA.\27\ The Commission
previously has determined that FCMs and RFEDs should not be considered
small entities for purposes of the RFA.\28\ With respect to commodity
pool operators (CPOs), the Commission previously has determined that a
CPO is a small entity for the purpose of the RFA if it meets the
criteria for an exemption from registration under Regulation
4.13(a)(2).\29\ Thus, because the Amendments apply to registered CPOs,
the RFA is not applicable to them. As for introducing brokers (IBs) and
commodity trading advisors (CTAs), the Commission previously has stated
that it would evaluate within the context of a particular rule proposal
whether all or some affected IBs and CTAs would be considered to be
small entities and, if so, the economic impact on them of the
particular rule.\30\ In this regard, the Commission notes that the
Amendments apply to registered IBs and registered CTAs, and do not
change their existing obligations or burdens. Moreover, as is explained
below, the Amendments will not have a significant economic impact on
any person who would be affected thereby, because they will not impose
any additional operational requirements or otherwise direct or confine
the activities of affected persons. Accordingly, the Chairman hereby
certifies pursuant to 5 U.S.C. 605(b) that the Amendments will not have
a significant economic impact on a substantial number of small
entities.
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\25\ 5 U.S.C. 601 et seq. (2006).
\26\ By its terms, the RFA does not apply to ``individuals.''
See 48 FR 14933, n. 115 (Apr. 6, 1983).
\27\ See 47 FR 18618 (Apr. 30, 1982).
\28\ See 47 FR 18618, 18619 (Apr. 30, 1982) (FCMs) and 75 FR
55410, 55416 (Sep. 10, 2010) (RFEDs).
\29\ See 47 FR at 18619-20.
\30\ See 48 FR 35248, 35276 (Aug. 3, 1993) (IBs) and 47 FR at
18619, 18620 (CTAs).
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C. Paperwork Reduction Act
The Paperwork Reduction Act of 1995 (PRA) \31\ imposes certain
requirements on Federal agencies (including the Commission) in
connection with their conducting or sponsoring any collection of
information as defined by the PRA. The Commission believes that the
Amendments will not impose new recordkeeping or information collection
requirements that require approval by the Office of Management and
Budget under 44 U.S.C. 3501, et seq. Accordingly, the PRA does not
apply to this rulemaking.
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\31\ 44 U.S.C. 3501 et seq.
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D. Cost-Benefit Considerations
Section 15(a) of the CEA \32\ requires the Commission to consider
the costs and benefits of its actions before issuing a rulemaking under
the CEA. By its terms, Section 15(a) does not require the Commission to
quantify the costs and benefits of a rule or to determine whether the
benefits of the rulemaking outweigh its costs; rather, it simply
requires that the Commission ``consider'' the costs and benefits of its
actions. Section 15(a) further specifies that the costs and benefits
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. The Commission may in its discretion
give greater weight to any one of the five enumerated areas and could
in its discretion determine that, notwithstanding its costs, a
particular rule is necessary or appropriate to protect the public
interest or to effectuate any of the provisions or accomplish any of
the purposes of the CEA.
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\32\ 7 U.S.C. 19(a).
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Summary of Amendments. As is explained above, the Amendments to
Part 5 ensure that the Commission's regulations governing retail forex
transactions reflect changes made to the CEA by the Dodd-Frank Act by,
e.g., aligning references in Part 5 to definitional and other
provisions in the CEA with the appropriate provisions in the CEA as
amended by the Dodd-Frank Act.
Costs. With respect to costs, the Commission has determined that
the costs of the Amendments will not be significant. This is because
the Amendments will simply amend the current Part 5 text to take into
account the numerical and designation changes made to the CEA as a
result of the Dodd-Frank Act. No changes are being made to the existing
regulatory framework. Thus there will be little (if any) costs to
persons who will be affected by the Amendments.
Benefits. With respect to benefits, the Commission has determined
that the benefits of the Amendments will be significant. This is
because they will maintain the customer protections currently provided
under Part 5 by ensuring that the provisions of Part 5 accurately
reflect the text of the CEA as amended by the Dodd-Frank Act.
List of Subjects in 17 CFR Part 5
Bulk transfers, Commodity pool operators, Commodity trading
advisors, Consumer protection, Customer's money, securities and
property, Definitions, Foreign exchange, Minimum financial and
reporting requirements, Prohibited transactions in retail foreign
exchange, Recordkeeping requirements, Retail foreign exchange dealers,
Risk assessment, Special calls, Trading practices.
For the reasons presented above, the Commission hereby amends
Chapter I of Title 17 of the Code of Federal Regulations as follows:
PART 5--OFF-EXCHANGE FOREIGN CURRENCY TRANSACTIONS
0
1. The authority citation for part 5 is revised to read as follows:
Authority: 7 U.S.C. 1a, 2, 6, 6a, 6b, 6c, 6d, 6e, 6f, 6g, 6h,
6i, 6k, 6m, 6n, 6o, 8, 9, 9a, 12, 12a, 13b, 13c, 16a, 18, 19, 21,
and 23, as amended by Title VII of the Dodd-Frank Wall Street Reform
and Consumer Protection Act, Pub. L. No. 111-203, 124 Stat. 1376
(Jul. 21, 2010).
Sec. 5.1 [Amended]
0
2. Section 5.1 is amended by:
0
a. Removing from paragraphs (d)(1)(i), (e)(1), (f)(1), (i) and (j) the
words ``section 1a(12) of the Act'' and adding in their place the words
``section 1a(18) of the Act'';
0
b. Removing from paragraph (g) introductory text the words ``section
1a(20) of the Act'' and adding in their place the words ``section
1a(28)(A)(i)(I)(aa)(AA) of the Act and section 1a(28)(A)(i)(II) of the
Act insofar as that section references the activities described in
section 1a(28)(A)(i)(I)(aa)(AA)''; and
0
c. Removing from paragraph (h)(1) the words ``sub-paragraph (aa), (bb),
(cc)(AA), (dd), (ee) or (ff)'' and adding in their place the words
``item (aa), (bb), (cc)(AA) or (dd)''.
Sec. 5.3 [Amended]
0
3. Section 5.3 is amended by removing from paragraph (a)(4)(i)(A) the
words ``section 1a(20) of the Act'' and adding in their place the words
``section 1a(28)(A)(i)(I)(aa)(AA) of the Act and section
1a(28)(A)(i)(II) of the Act insofar as that section references the
activities described in section 1a(28)(A)(i)(I)(aa)(AA)''.
Sec. 5.10 [Amended]
0
4. Section 5.10 is amended by:
0
a. Removing from paragraph (a)(1) introductory text the words ``section
2(c)(2)(B)(i)(II)(gg) of the Act'' and
[[Page 56107]]
adding in their place the words ``section 2(c)(2)(B)(i)(II)(ff) of the
Act''; and
0
b. Removing from paragraph (c)(2) the words ``section 1a(10) of the
Act'' and adding in their place the words ``section 1a(26) of the
Act''.
Sec. 5.11 [Amended]
0
5. Section 5.11 is amended by:
0
a. Removing from paragraph (a)(1) introductory text the words ``Section
2(c)(2)(B)(i)(II)(gg) of the Act'' and adding in their place the words
``section 2(c)(2)(B)(i)(II)(ff) of the Act''; and
0
b. Removing from paragraph (a)(2) introductory text the words ``section
2(c)(2)(B)(i)(II)(gg) of the Act'' and adding in their place the words
``section 2(c)(2)(B)(i)(II)(ff) of the Act''; and
0
c. Removing from paragraph (d)(2) the words ``section 1a(10) of the
Act'' and adding in their place the words ``section 1a(26) of the
Act''.
Sec. 5.18 [Amended]
0
6. Section 5.18 is amended by removing from paragraph (a)(1)(ii) the
words ``section 1a(20) of the Act'' and adding in their place the words
``section 1a(28) of the Act''.
Issued in Washington, DC, on September 2, 2011, by the
Commission.
Sauntia S. Warfield,
Assistant Secretary of the Commission.
[FR Doc. 2011-23155 Filed 9-9-11; 8:45 am]
BILLING CODE P
Last Updated: September 12, 2011