e7-22110

FR Doc E7-22110[Federal Register: November 14, 2007 (Volume 72, Number 219)]

[Rules and Regulations]

[Page 63976-63979]

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

[DOCID:fr14no07-5]

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COMMODITY FUTURES TRADING COMMISSION

17 CFR Parts 1, 3, 4, 15, and 166

RIN 3038-AC26

Exemption From Registration for Certain Foreign Persons

AGENCY: Commodity Futures Trading Commission.

ACTION: Final rule.

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SUMMARY: The Commodity Futures Trading Commission (``Commission'') has

amended Commission Regulation 3.10 concerning the registration of firms

located outside the U.S. that are engaged in intermediating commodity

interest transactions on U.S. designated contract markets (``DCMs'')

and U.S. derivative transaction execution facilities (``DTEFs'').\1\

The amended regulation codifies past actions of the Commission or its

staff to permit certain foreign firms that limit their customers to

foreign customers, and submit U.S. DCM and DTEF business on behalf of

those customers for clearing on an omnibus basis through a registered

futures commission merchant (``FCM''), to be exempt from registration

as an FCM pursuant to section 4d of the Commodity Exchange Act

(``Act''). The amended regulation similarly extends the relief from

registration to those foreign persons acting in the capacity of an

introducing broker (``IB''), commodity trading advisor (``CTA'') and

commodity pool operator (``CPO'') solely on behalf of foreign

customers.

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\1\ Commission regulations referred to herein are found at 17

CFR Ch. I (2007). References to trading on U.S. DCMs or DTEFs shall

include trading that is subject to the rules of such entities as

well.

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DATES: Effective Date: December 14, 2007.

FOR FURTHER INFORMATION CONTACT: Lawrence B. Patent, Deputy Director,

or Andrew V. Chapin, Special Counsel, at (202) 418-5430, Division of

Clearing and Intermediary Oversight, Commodity Futures Trading

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

DC 20581. Electronic mail: [email protected] or [email protected]

SUPPLEMENTARY INFORMATION:

I. Background

The Commission published for comment on April 2, 2007 proposed

amendments to Commission Regulation 3.10 (``the Proposal'') \2\ to

clarify when certain persons located outside the U.S. may conduct

commodity interest activities with respect to U.S. markets on behalf of

customers located outside the U.S. without having to register in the

appropriate capacity with the Commission. In particular, the Commission

proposed to exempt from registration as an FCM certain foreign firms

that limit their customers to foreign customers and submit U.S. DCM and

DTEF business on behalf of those customers for clearing on an omnibus

basis through a registered FCM. These firms were referred to in the

Proposal as ``foreign brokers.'' The Commission also proposed to create

a single definition of ``foreign broker'' and ``commodity interest''

consistent with the Proposal.

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\2\ 72 FR 15637 (April 2, 2007).

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Part 3 of the Commission's regulations governs the registration of

intermediaries engaged in the offer and sale of, and providing advice

concerning, futures and commodity options traded on U.S. markets,

including both DCMs and DTEFs. In particular, Regulation 3.10 sets

forth the manner in which FCMs, IBs, CTAs, CPOs, and leverage

transaction merchants must apply for registration with the Commission.

Regulation 3.10(c) also provides an exemption from registration for

certain persons. Currently, the only exemption from registration as an

FCM is for any person trading solely for proprietary accounts, as

defined in Regulation 1.3(y).

As explained in the Proposal, the Commission sought to provide

clarity to its registration requirements under Part 3 by codifying the

longstanding Commission policy, known as the ``foreign broker

exemption,'' regarding the activities of certain foreign intermediaries

engaged in soliciting or accepting commodity interest transactions

solely on behalf of customers located outside the U.S. In particular,

the Commission proposed to exempt from registration as an FCM any

person that (1) limits its customers to customers located outside the

U.S., (2) confines its commodity interest activities to areas outside

the U.S, and (3) submits its trades for clearing on an omnibus basis

through a registered FCM.

II. Comments Regarding the Proposal

The Commission received two comment letters on the Proposal, one

from the National Futures Association (``NFA'') and one from the

Futures Industry Association (``FIA''). Both NFA and FIA supported the

Commission's initiative to codify the foreign broker exemption as a

means to provide greater legal certainty to futures industry

participants. However, FIA commented that the effect of the Proposal

would be to extend the Commission's regulatory requirements over the

activities of foreign brokers, rather than simply codify the

Commission's existing policy. In particular, FIA stated that, as

proposed, amended Regulation 3.10(c)(2)(ii) would subject foreign

brokers to the full panoply of Commission regulations applicable to

registered FCMs, such as requirements regarding fitness, customer funds

segregation, and regulatory capital.\3\ As such, FIA recommended that

the Commission revise the proposed amendment to Regulation 3.10(c) to

limit the extent to which the provisions of the Act and Commission

regulations apply in a manner consistent with the Commission's

longstanding policy towards foreign brokers. In support of its request,

FIA noted that the Commission has recognized that a foreign broker

holding a customer omnibus account with a registered FCM does not

implicate the same regulatory concerns as a foreign broker that has

more direct contact with U.S. markets, such as a registered FCM

clearing on a DCM or DTEF.\4\

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\3\ Proposed Regulation 3.10(c)(2)(ii) provided that a foreign

broker acting in accordance with the codified foreign broker

exemption ``remains subject to all other provisions of the Act and

of the rules, regulations, and orders thereunder.'' (emphasis

added).

\4\ See, e.g., 72 FR at 15639 (April 2, 2007).

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Additionally, both FIA and NFA recommended that the Commission

provide greater legal certainty to futures industry participants by

similarly codifying existing Commission policy with respect to

registration exemptions for other foreign intermediaries, i.e., IBs,

CTAs and CPOs, that are not engaged in commodity interest activities on

behalf of U.S. customers. In support of its request, FIA referred to

the Federal Register release issued by the Commission promulgating

final rules establishing the registration requirements and procedures

for introducing brokers and other futures industry professionals. In

that release, the Commission stated that:

given this agency's limited resources, it is appropriate at this

time to focus [the

[[Page 63977]]

Commission's] customer protection activities upon domestic firms and

upon firms soliciting or accepting orders from domestic users of the

futures markets and that the protection of foreign customers of

firms confining their activities to areas outside this country, its

territories, and possessions may best be for local authorities in

such areas.\5\

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\5\ 48 FR 35248, 35261 (August 3, 1983).

Accordingly, FIA requested that the Commission amend its

regulations to provide an exemption from registration to any foreign

person engaged in the activity of an IB solely on behalf of customers

located outside the U.S.

Similarly, NFA referred to the no-action position taken by the

Commission's Office of General Counsel stating that: (1) A person who

operates a commodity pool outside of the territorial U.S. is not

required to register as a CPO when such a person confines the pool

activities to areas outside the territorial U.S., none of the

participants in the pool is a resident or citizen of the U.S., and none

of the funds or capital contributed to the pool is from U.S. sources;

and (2) a trading advisor located outside the territorial U.S. who

provides advice as to the advisability of trading futures contracts on

domestic and foreign exchanges is not required to register when such a

person confines its advisory services to areas outside of the

territorial U.S., and none of its clients is a citizen or resident of

the U.S.\6\ Accordingly, NFA requested that the Commission amend its

regulations to provide an exemption from registration for any foreign

person acting in the capacity of a CTA or CPO solely on behalf of

customers located outside the U.S.

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\6\ CFTC Staff Letter 76-21, [1975-1977 Transfer Binder] Comm.

Fut. L. Rep. (CCH) ] 20,222 (August 15, 1976).

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Consistent with this request, NFA further requested that the

Commission amend Regulation 3.12(h) to create an exemption from

registration as an associated person for any individual located in the

branch office of a Commission registrant that does not solicit or

accept orders from customers located in the U.S.

The Commission did not receive any comments regarding its proposal

to revise and reserve certain regulations to provide a single

definition for ``foreign broker'' and ``commodity interest'' that would

apply to all of its regulations.

III. Final Regulations

As set forth in the Proposal, the Commission believes it is

appropriate to amend its regulations to provide greater legal certainty

with respect to the commodity interest activities on behalf of non-U.S.

customers that are undertaken on U.S. markets by persons located

outside the U.S. It was the Commission's intent to codify its

longstanding policy, and not to extend the scope of its regulations

with respect to foreign brokers or other foreign intermediaries. As one

of the commenters noted, transactions solicited or accepted by foreign

brokers on behalf of non-U.S. customers for trading on U.S. markets

directly implicate the pricing and hedging functions of the domestic

markets, as would be the case for an entirely domestic transaction.\7\

The Commission believes that the presence of a registered FCM in the

clearing process obviates the need for a foreign broker to comply with

the full panoply of Commission regulations applicable to registered

FCMs. A registered FCM clearing a transaction on a DCM or DTEF, among

other requirements, must satisfy the fitness standards administered by

NFA and the minimum capital requirements set forth in Commission

Regulation 1.17, as well as comply with the requirements regarding the

segregation of customer funds set forth in section 4d of the Act.

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\7\ See Tamari v. Bache & Co., 730 F.2d 1103, 1108 (7th Cir.

1984), cert. denied, 469 U.S. 871 (1984) (holding that a U.S.

federal district court had subject matter jurisdiction under the Act

over a cause of action arising from trading on U.S. exchanges, even

though the parties were located outside the U.S. and contacts

between them occurred in a foreign country).

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In light of the comments received and its own reconsideration of

the issues involved, the Commission has determined to amend Regulation

3.10 with certain revisions to the Proposal. As amended, Regulation

3.10 will specify that a foreign broker is not required to register as

an FCM if it: (1) Limits its customers to customers located outside the

U.S., (2) confines its commodity interest activities to areas outside

the U.S, and (3) submits its trades for clearing on an omnibus basis

through a registered FCM. A foreign broker will remain subject to

existing provisions applicable to the activities of a foreign broker,

including Parts 15 to 21 of the Commission's regulations regarding

large trader reporting,\8\ and Regulation 1.58 regarding gross

collection of exchange-set margin. Conversely, a foreign broker will

not be subject to any provisions of the Act or Commission rules,

regulations and orders thereunder applicable solely to a registered FCM

or to any person required to be so registered. For example, a foreign

broker will not be required to comply with the minimum financial

requirements or requirements regarding the segregation of customer

funds, reporting or disclosure to customers, and related recordkeeping

pertaining to the foregoing requirements. However, the provisions of

the Act and Commission regulations applicable to ``any person'' will

apply to a foreign broker, such as those prohibiting fraud or

manipulation by a foreign broker trading for its own account.

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\8\ See, e.g., Regulation 15.05, which states that, absent an

existing agency agreement between a foreign broker and another U.S.

person, an FCM is designated as the agent of a foreign broker for

purposes of accepting delivery and service issued to the foreign

broker by the Commission. The agency requirement similarly applies

to any IB who introduces such an account to an FCM.

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The Commission also has determined to adopt new Regulation

3.10(c)(3) to provide an exemption from registration to other foreign

intermediaries acting solely on behalf of customers located outside the

U.S. In particular, the Commission is adopting new Regulation

3.10(c)(3)(i) to provide an exemption from registration for any foreign

person acting in the capacity of an IB, CTA or CPO solely with the

respect to customers located outside the U.S., provided that all

commodity interest transactions are submitted for clearing to a

registered FCM. A foreign person acting in the capacity of a CTA or CPO

will remain subject to the antifraud prohibition of section 4o of the

Act. Otherwise, consistent with the revised regulation applicable to

foreign brokers, new Regulation 3.10(c)(3)(ii) states that any foreign

person acting in accordance with this registration exemption is not

required to comply with those provisions of the Act and of the rules,

regulations and orders thereunder applicable solely to any person

registered in such capacity, or any person required to be so

registered.

Consistent with the amendments applicable to foreign

intermediaries, the Commission also has determined to amend Regulation

3.12 to provide an exemption from AP registration for any foreign

individual located in the foreign branch office of a Commission

registrant that engages in any activity as an AP, as defined in

Regulation 1.3(aa), solely on behalf of customers located outside the

U.S.\9\ A person exempt from AP registration pursuant to this provision

may not supervise other individuals engaged in the solicitation of

customers located in the U.S. for trading on a DCM or DTEF.

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\9\ Supra, n. 5. Regulation 1.3(aa) defines ``associated

person'' to mean a natural person engaged in the solicitation or

acceptance of customer orders, or the supervision of any person or

persons so engaged.

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Any person seeking to act in accordance with any of the foregoing

exemptions from registration should

[[Page 63978]]

note that the prohibition on contact with U.S. customers applies to

solicitation as well as acceptance of orders. If a person located

outside the U.S. were to solicit prospective customers located in the

U.S. as well as outside of the U.S., these exemptions would not be

available, even if the only customers resulting from the efforts were

located outside the U.S.\10\

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\10\ A person wishing to act as an intermediary for security

futures transactions on a U.S. DCM or DTEF may notice register as a

securities broker-dealer (``BD'') if it is registered as an FCM or

IB and is a member of NFA. See Section 15(b)(11) of the Securities

Exchange Act (15 U.S.C. 78o(b)(11)) and 17 CFR 240.15b11-1. Foreign

brokers taking advantage of the exemption from registration under

the Act discussed herein would not qualify for notice registration

as BDs. Accordingly, if such foreign brokers want to solicit or

accept orders for security futures products traded on U.S. DCMs or

DTEFs, they must fully register as BDs in accordance with Section

15(b)(1) of the Securities Exchange Act and regulations thereunder,

unless other relief from such registration is available. Foreign

brokers may wish to consult the U.S. Securities and Exchange

Commission (``SEC'') and/or private counsel regarding how taking

advantage of this relief might affect their registration status with

the SEC.

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The Commission's adoption of these rule amendments supersedes prior

staff positions on these subjects. Because the rule amendments contain

no substantive changes to prior staff letters, no party should be

disadvantaged. The new regulations will make these staff positions more

accessible and widely understood and obviate the need for individual

relief.

IV. Related Matters

A. Administrative Procedure Act

The Administrative Procedure Act generally requires that, before an

agency adopts a rule, the agency provide an opportunity for notice and

comment thereon. That opportunity is not required, however, when the

agency for good cause finds such procedure unnecessary. The Commission

has determined to amend Regulation 1.55(f) without opportunity for

notice or comment. Notice and comment is unnecessary in this instance

because the amendment to Regulation 1.55(f) solely corrects the

reference to the citation for ``institutional customer'' in Regulation

1.3.

B. Regulatory Flexibility Act

The Regulatory Flexibility Act (``RFA''), 5 U.S.C. 601-611,

requires that agencies, in proposing regulations, consider the impact

of those regulations on small businesses. The Commission has previously

established certain definitions of ``small entities'' to be used by the

Commission in evaluating the impact of its regulations on such entities

in accordance with the RFA.\11\ The Commission previously has

determined that registered FCMs are not small entities for the purpose

of the RFA because each FCM has an underlying fiduciary relationship

with its customers, regardless of the size of the FCM.\12\ The

Commission notes that certain foreign persons affected by the changes

to the Commission's regulations would be registered as FCMs if not for

the exemption provided therein and, as such, would maintain a fiduciary

relationship with customers similar to the relationship maintained by

each registered FCM. The Commission also previously has determined that

registered CPOs are not small entities for the purpose of the RFA.\13\

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\11\ 47 FR 18618-18621 (April 30, 1982).

\12\ 47 FR 18619-18620.

\13\ 47 FR 18619-18620.

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Other foreign persons affected by the changes would be registered

as IBs and CTAs if not for the exemption provided therein. The

Commission has stated that it would evaluate within the context of a

particular rule whether all or some affected IBs and CTAs would be

considered to be small entities and, if so, the economic impact on them

of any rule.\14\ Although certain foreign IBs and CTAs might be small

entities for purposes of the rule, the amended rules will reduce the

regulatory burden on all foreign IBs and CTAs.

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\14\ 47 FR 18618-18620; see also 48 FR at 35276 (August 3,

1983).

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Therefore, the Acting Chairman, on behalf of the Commission, hereby

certifies, pursuant to 5 U.S.C. 605(b), that these regulations will not

have a significant economic impact on a substantial number of small

entities. No comment was received regarding the impact of these

amendments on small businesses.

C. Paperwork Reduction Act

As required by the Paperwork Reduction Act of 1995,\15\ the

Commission submitted a copy of the proposed rule amendments to the

Office of Management and Budget for its review. The Commission did not

receive any public comments relative to its analysis of paperwork

burdens associated with this rulemaking.

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\15\ Pub. L. 104-13 (May 13, 1995).

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D. Costs and Benefits Analysis

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

costs and benefits of its actions before issuing new regulations under

the Act. By its terms, Section 15(a) does not require the Commission to

quantify the costs and benefits of new regulations or to determine

whether the benefits of the regulations outweigh their costs. Rather,

Section 15(a) requires the Commission to ``consider the cost and

benefits'' of the subject regulations.

The Commission published an analysis of costs and benefits when it

proposed the rule amendments that it is now adopting.\16\ It did not

receive any public comments pertaining to the analysis.

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\16\ 72 FR at 15640 (April 2, 2007).

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List of Subjects

17 CFR Part 1

Definitions, Registration, Minimum financial and reported

requirements, Prohibited transactions in commodity options, Customers'

money, securities and property, Miscellaneous.

17 CFR Part 3

Definitions, Foreign futures, Consumer protection, Foreign options,

Registration requirements.

17 CFR Part 4

Advertising, Commodity futures, Consumer protection, Recordkeeping

and reporting requirements.

17 CFR Part 15

Brokers, Reporting and recordkeeping requirements.

17 CFR Part 166

Authorization to trade, Customer protection.

0

In consideration of the foregoing, and pursuant to the authority

contained in the Commodity Exchange Act and, in particular, Sections

2(a)(1), 4(b), 4c and 8a thereof, 7 U.S.C. 2, 6(b), 6c and 12a (1982),

and pursuant to the authority contained in 5 U.S.C. 552 and 552b

(1982), the Commission hereby amends Chapter I of Title 17 of the Code

of Federal Regulations as follows:

PART 1--GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT

0

1. The authority citation for part 1 continues to read as follows:

Authority: 7 U.S.C. 1a, 2, 5, 6, 6a, 6b, 6c, 6d, 6e, 6f, 6g, 6h,

6i, 6j, 6k, 6l, 6m, 6n, 6o, 6p, 7, 7a, 7b, 8, 9, 12, 12a, 12c, 13a,

13a-1, 16, 16a, 19, 21, 23, and 24, unless otherwise noted.

0

2. Section 1.3 is amended by adding paragraphs (xx) and (yy) to read as

follows:

Sec. 1.3 Definitions.

* * * * *

(xx) Foreign Broker. This term means any person located outside the

United States, its territories or possessions who

[[Page 63979]]

is engaged in soliciting or in accepting orders only from persons

located outside the United States, its territories or possessions for

the purchase or sale of any commodity interest transaction on or

subject to the rules of any designated contract market or derivatives

transaction execution facility and that, in or in connection with such

solicitation or acceptance of orders, 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.

(yy) Commodity Interest. This term means:

(1) Any contract for the purchase or sale of a commodity for future

delivery; and

(2) Any contract, agreement or transaction subject to Commission

regulation under section 4c or 19 of the Act.

0

3. Section 1.55 is amended by revising paragraph (f) to read as

follows:

Sec. 1.55 Distribution of ``Risk Disclosure Statement'' by futures

commission merchants and introducing brokers.

* * * * *

(f) A futures commission merchant or, in the case of an introduced

account, an introducing broker, may open a commodity futures account

for an ``institutional customer'' as defined in Sec. 1.3(g) without

furnishing such institutional customer the disclosure statements or

obtaining the acknowledgments required under paragraph (a) of this

section Sec. Sec. 1.33(g) and 1.65(a)(3), and Sec. Sec. 30.6(a),

33.7(a), 155.3(b)(2), 155.4(b)(2) and 190.10(c) of this chapter.

* * * * *

Sec. 1.56 [Amended]

0

4. Section 1.56 is amended by removing and reserving paragraph (a).

PART 3--REGISTRATION

0

5. The authority citation for part 3 continues to read as follows:

Authority: 5 U.S.C. 522, 522b; 7 U.S.C. 1a, 2, 4, 6, 6a, 6b, 6c,

6d, 6e, 6f, 6g, 6h, 6i, 6k, 6m, 6n, 6o, 6p, 8, 9, 9a, 12, 12a, 13b,

13c, 16a, 18, 19, 21, 23, unless otherwise noted.

Sec. 3.1 [Amended]

0

6. Section 3.1 is amended by removing and reserving paragraph (f).

0

7. Section 3.10 is amended by revising paragraph (c) to read as

follows:

Sec. 3.10 Registration of futures commission merchants, introducing

brokers, commodity trading advisors, commodity pool operators and

leverage transaction merchants.

* * * * *

(c) Exemption from registration for certain persons. (1) A person

trading solely for proprietary accounts, as defined in Sec. 1.3(y) of

this chapter, is not required to register as a futures commission

merchant: Provided, that such person remains subject to all other

provisions of the Act and of the rules, regulations and orders

thereunder.

(2)(i) A foreign broker, as defined in Sec. 1.3(xx) of this

chapter, is not required to register as a futures commission merchant

if it submits any commodity interest transactions executed on or

subject to the rules of designated contract market or derivatives

transaction execution facility for clearing on an omnibus basis through

a futures commission merchant registered in accordance with section 4d

of the Act.

(ii) A foreign broker acting in accordance with paragraph (c)(2)(i)

of this section is not required to comply with those provisions of the

Act and of the rules, regulations and orders thereunder applicable

solely to any registered futures commission merchant or any person

required to be so registered.

(3)(i) A person located outside the United States, its territories

or possessions engaged in the activity of: An introducing broker, as

defined in Sec. 1.3(mm) of this chapter; a commodity trading advisor,

as defined in Sec. 1.3(bb) of this chapter; or a commodity pool

operator, as defined in Sec. 1.3(nn) of this chapter, in connection

with any commodity interest transaction made on or subject to the rules

of any designated contract market or derivatives transaction execution

facility only on behalf of persons located outside the United States,

its territories or possessions, is not required to register in such

capacity: Provided, that any such commodity interest transaction

executed on or subject to the rules of designated contract market or

derivatives transaction execution facility is submitted for clearing

through a futures commission merchant registered in accordance with

section 4d of the Act.

(ii) A person acting in accordance with paragraph (c)(3)(i) of this

section remains subject to section 4o of the Act, but otherwise is not

required to comply with those provisions of the Act and of the rules,

regulations and orders thereunder applicable solely to any person

registered in such capacity, or any person required to be so

registered.

* * * * *

0

8. Section 3.12 is amended by removing ``or'' at the end of paragraph

(h)(1)(ii), removing the period and adding a semi-colon and ``or'' at

the end of paragraph (h)(1)(iii)(D), and adding paragraph (h)(1)(iv) to

read as follows:

Sec. 3.12 Regulation of associated persons of futures commission

merchants, introducing brokers, commodity trading advisors, commodity

pool operators and leverage transaction merchants.

* * * * *

(h) * * *

(1) * * *

(iv) Engaged in any activity as an associated person, as defined in

Sec. 1.3(aa) of this chapter, from a location outside the United

States, its territories or possessions, and limits such activities to

customers located outside the United States, its territories or

possessions.

* * * * *

PART 4--COMMODITY POOL OPERATORS AND COMMODITY TRADING ADVISORS

0

9. The authority citation for part 4 continues to read as follows:

Authority: 7 U.S.C. 1a, 2, 4, 6(c), 6b, 6c, 6l, 6m, 6n, 6o, 12a

and 23.

Sec. 4.10 [Amended]

0

10. Section 4.10 is amended by removing and reserving paragraph (a).

PART 15--REPORTS--GENERAL PROVISIONS

0

11. The authority citation for part 15 continues to read as follows:

Authority: 7 U.S.C. 2, 5, 6(c), 6a, 6c(a)-(d), 6f, 6g, 6i, 6k,

6m, 6n, 7, 9, 12a, 19 and 21, as amended by the Commodity Futures

Modernization Act of 2000, Appendix E of Pub. L. 106-554, 114 Stat.

2763 (2000).

Sec. 15.00 [Amended]

0

12. Section 15.00 is amended by removing and reserving paragraph (g).

PART 166--CUSTOMER PROTECTION RULES

0

13. The authority citation for part 166 continues to read as follows:

Authority: 7 U.S.C. 1a, 2, 6b, 6c, 6d, 6g, 6h, 6k, 6l, 6o, 7,

12a, 21, and 23, as amended by the Commodity Futures Modernization

Act of 2000, Appendix E of Pub. L. 106-554, 114 Stat. 2763 (2000).

Sec. 166.1 [Amended]

0

14. Section 166.1 is amended by removing and reserving paragraph (b).

Dated: November 7, 2007.

By the Commission.

David Stawick,

Secretary of the Commission.

[FR Doc. E7-22110 Filed 11-13-07; 8:45 am]

BILLING CODE 6351-01-P

Last Updated: November 14, 2007