e8-31001

FR Doc E8-31001[Federal Register: December 30, 2008 (Volume 73, Number 250)]

[Rules and Regulations]

[Page 79608-79609]

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

[DOCID:fr30de08-5]

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COMMODITY FUTURES TRADING COMMISSION

17 CFR Part 140

RIN 3038-AC68

Delegation of Authority and Change in Position Title

AGENCY: Commodity Futures Trading Commission.

ACTION: Final rules.

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

amending certain provisions of its part 140 regulations to add the

Chief Economist and the Deputy Chief Economist of the Office of the

Chief Economist as persons to whom certain authorities are delegated.

The Commission is also amending part 140 to reflect a change in

position title from ``Regional Coordinators'' to ``Regional

Administrators.''

DATES: Effective Date: December 30, 2008.

FOR FURTHER INFORMATION CONTACT: Megan Sperling, Office of the General

Counsel, U.S. Commodity Futures Trading Commission, Three Lafayette

Centre, 1155 21st Street, NW., Washington, DC 20581. Telephone: 202-

418-5150. E-mail: [email protected].

SUPPLEMENTARY INFORMATION:

I. Background Information

On July 1, 2002, the Commission reassigned the responsibilities of

the former Division of Trading and Markets and Division of Economic

Analysis to the newly established Division of Clearing and Intermediary

Oversight, Division of Market Oversight and Office of the Chief

Economist. On October 7, 2002, the Commission amended several of its

rules in Chapter I of Title 17 of the Code of Federal Regulations to

reflect the reassignment of responsibilities, including delegations of

authority, resulting from the reorganization of its staff. The

Commission failed to include certain delegations of authority to the

Chief Economist of the Office of the Chief Economist.

The Commission is amending rules 140.72 and 140.73 in Chapter I of

Title 17 of the Code of Federal Regulations to reflect delegated

authority to the Chief Economist and the Deputy Chief Economist of the

Office of the Chief Economist. Rule 140.72(a), which delegates

authority to disclose confidential information to a contract market,

registered futures association or self-regulatory organization, is

hereby amended to extend delegated authority to the Chief Economist and

the Deputy Chief Economist of the Office of the Chief Economist. In

addition, the Commission is revising Rule 140.72(a) to reflect the

change in name of the position of ``Regional Coordinator'' to

``Regional Administrator.'' Rule 140.73(a), which delegates authority

to disclose information to the United States, States, foreign

government agencies and foreign futures authorities, is amended to

extend delegated authority to the Chief Economist and the Deputy Chief

Economist of the Office of the Chief Economist. As amended, these rules

reflect the assignment of delegation authority to the Office of the

Chief Economist, and the technical correction of a position title.

II. Related Matters

A. No Notice Required Under 5 U.S.C. 553

The Commission has determined that these amendments are exempt from

the provisions of the Administrative Procedure Act, 5 U.S.C. 553, which

generally requires notice of proposed rulemaking and provides other

opportunities for public participation. According to the exemptive

language of 5 U.S.C. 553, these amendments pertain to ``rules of agency

organization, procedure or practice,'' as to which there exists agency

discretion not to provide notice. If made effective immediately, they

will promote efficiency and facilitate the Commission's core mission

without imposing a new burden. Thus, the Commission has determined to

make the amendments to Rules 140.72 and 140.73 effective immediately.

For the above reasons, the notice requirements under 5 U.S.C. 553 are

inapplicable.

[[Page 79609]]

B. Regulatory Flexibility Act

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

requires agencies with rulemaking authority to consider the impact

those rules will have on small businesses. The RFA defines the term

``rule'' to mean ``any rule for which the agency publishes a general

notice of proposed rulemaking pursuant to section 553(b) of this title

* * * for which the agency provides an opportunity for notice and

public comment.'' 5 U.S.C. 601(2). Since the rules are not being

effected pursuant to section 553(b), they are not ``rules'' as defined

in the RFA, and the analysis and certification process in that section

do not apply.

C. Paperwork Reduction Act

The amendments to Part 140 do not impose a burden within the

meaning and intent of the Paperwork Reduction Act of 1980, 44 U.S.C.

3501 et seq.

D. Cost-Benefit Analysis

Section 15(a) of the Commodity Exchange Act, 7 U.S.C. 19(a),

requires the Commission to consider the costs and benefits of its

action before issuing a new regulation. The Commission understands

that, 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 regulation outweigh its costs. Nor does it

require that each rule be analyzed in isolation when that rule is a

component of a larger package of rules or rule revisions. Rather,

section 15(a) simply requires the Commission to ``consider the costs

and benefits'' of its action.

Section 15(a) further specifies that 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. Accordingly, the Commission can, in its

discretion, give greater weight to any one of the five enumerated areas

of concern and can, 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 Commodity Exchange Act.

The Commission considered the costs and benefits of this rule

package in light of the specific areas of concern identified in section

15 when it reorganized its staff in 2002. It has additionally

determined that the amendments will enhance the protection of market

participants and further Commission programs and operations by

delegating authority.

List of Subjects in 17 CFR Part 140

Authority delegations (Government agencies), Organization and

functions (Government agencies).

0

Accordingly, 17 CFR part 140 is amended as follows:

PART 140--ORGANIZATION, FUNCTIONS, AND PROCEDURES OF THE COMMISSION

0

1. The authority citation for part 140 is revised to read as follows:

Authority: 7 U.S.C. 2 and 12a.

0

2. In Sec. 140.72, revise the first sentence of paragraph (a) to read

as follows:

Sec. 140.72 Delegation of authority to disclose confidential

information to a contract market, registered futures association or

self-regulatory organization.

(a) Pursuant to the authority granted under sections 2(a)(11),

8a(5) and 8a(6) of the Act, the Commission hereby delegates, until such

time as the Commission orders otherwise, to the Executive Director, the

Deputy Executive Director, the Special Assistant to the Executive

Director, the Director of the Division of Clearing and Intermediary

Oversight, each Deputy Director of the Division of Clearing and

Intermediary Oversight, the Chief Accountant, the General Counsel, each

Deputy General Counsel, the Director of the Division of Market

Oversight, each Deputy Director of the Division of Market Oversight,

the Director of the Market Surveillance Section, the Director of the

Division of Enforcement, each Deputy Director of the Division of

Enforcement, each Associate Director of the Division of Enforcement,

the Chief Counsel of the Division of Enforcement, each Regional Counsel

of the Division of Enforcement, each of the Regional Administrators,

each of the Directors of the Market Surveillance Branches, the Chief

Economist of the Office of the Chief Economist, the Deputy Chief

Economist of the Office of the Chief Economist, the Director of the

Office of International Affairs, and the Deputy Director of the Office

of International Affairs, the authority to disclose to an official of

any contract market, registered futures association, or self-regulatory

organization as defined in section 3(a)(26) of the Securities Exchange

Act of 1934, any information necessary or appropriate to effectuate the

purposes of the Act, including, but not limited to, the full facts

concerning any transaction or market operation, including the names of

the parties thereto. * * *

* * * * *

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3. In Sec. 140.73, revise the introductory text of paragraph (a) to

read as follows:

Sec. 140.73 Delegation of authority to disclose information to the

United States, States, and foreign government agencies and foreign

futures authorities.

(a) Pursuant to sections 2(a)(11), 8a(5) and 8(e) of the Act, the

Commission hereby delegates, until such time as the Commission orders

otherwise, to the General Counsel or, in his or her absence, to each

Deputy General Counsel, the Director of the Division of Enforcement,

each Deputy Director of the Division of Enforcement, the Chief Counsel

of the Division of Enforcement, each Associate Director of the Division

of Enforcement, each Regional Counsel of the Division of Enforcement,

the Director of the Division of Market Oversight or, in his or her

absence, each Deputy Director of the Division of Market Oversight, the

Director of the Market Surveillance Section, the Director of the

Division of Clearing and Intermediary Oversight or, in his or her

absence, each Deputy Director of the Division of Clearing and

Intermediary Oversight, the Chief Economist of the Office of the Chief

Economist, the Deputy Chief Economist of the Office of the Chief

Economist, and the Director of the Office of International Affairs or,

in his or her absence, the Deputy Director of the Office of

International Affairs, the authority to furnish information in the

possession of the Commission obtained in connection with the

administration of the Act, upon written request, to:

* * * * *

Issued in Washington, DC, on December 16, 2008 by the

Commission.

David A. Stawick,

Secretary of the Commission.

[FR Doc. E8-31001 Filed 12-29-08; 8:45 am]

BILLING CODE 6351-01-P

Last Updated: December 30, 2008