Federal Register, Volume 84 Issue 32 (Friday, February 15, 2019)
[Federal Register Volume 84, Number 32 (Friday, February 15, 2019)]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-02506]
COMMODITY FUTURES TRADING COMMISSION
Agricultural Advisory Committee
AGENCY: Commodity Futures Trading Commission.
SUMMARY: The Commodity Futures Trading Commission (CFTC or Commission)
is requesting nominations for membership on the Agricultural Advisory
Committee (AAC or Committee) and also inviting the submission of
potential topics for discussion at future Committee meetings. The AAC
is a discretionary advisory committee established by the Commission in
accordance with the Federal Advisory Committee Act (FACA).
DATES: The deadline for the submission of nominations and topics is
March 1, 2019.
ADDRESSES: Nominations and topics for discussion at future AAC meetings
should be emailed to [email protected] or
sent by hand delivery or courier to Charlie Thornton, AAC Designated
Federal Officer and Director of Legislative Affairs, Commodity Futures
Trading Commission, Three Lafayette Centre, 1155 21st Street NW,
Washington, DC 20581. Please use the title ``Agricultural Advisory
Committee'' for any nominations or topics you submit.
FOR FURTHER INFORMATION CONTACT: Charlie Thornton, AAC Designated
Federal Officer and Director of Legislative Affairs, at (202) 418-5145
or email: [email protected].
SUPPLEMENTARY INFORMATION: The AAC was established to assist the
Commission in assessing issues affecting agricultural producers,
processors, lenders, and others interested in or affected by the
agricultural commodity derivatives markets through public meetings and
Committee reports and recommendations. The duties of the AAC are solely
advisory and include calling for reports and/or recommendations by the
AAC or AAC subcommittee(s), adopting reports and/or recommendations,
transmitting reports to the Commission, and making recommendations to
the Commission. Determinations of actions to be taken and policy to be
expressed with respect to the reports and/or recommendations of the AAC
shall be made solely by the Commission.
Historically, the AAC has differed from the CFTC's other federal
advisory committees in that it has consisted of member organizations
appointed by the Commission who, in turn, nominate individuals to serve
as representatives on the Committee. With this release, the CFTC would
like to open up the AAC member identification process so that all
interested individuals, firms, or organizations have the opportunity to
express interest in serving on the AAC. In so doing, the membership
structure of the AAC would become consistent with the Commission's
other FACA committeess.
Historically, the AAC has had between 30-40 members representing
the following viewpoint categories: (i) Agricultural producers and/or
direct and indirect users/consumers of agricultural products; (ii)
providers of agricultural credit; (iii) other major market
participants, including derivatives intermediaries, buy-side
representatives and exchanges; (iv) regulators or representatives from
other relevant government agencies; and (v) academia or public interest
groups. The AAC has held approximately one meeting per year. AAC
members serve at the pleasure of the Commission. In addition, AAC
members do not receive compensation or honoraria for their services,
and they are not reimbursed for travel and per diem expenses.
AAC members primarily serve as representatives and provide advice
reflecting the views of organizations that constitute the structure of
the agricultural derivatives markets. The particular members will be
chosen to individually and collectively represent the perspectives of
those affected by Commission regulatory activities in the agricultural
field, to serve as a vehicle for communication between the Commission
and major agricultural and agriculture-related interests, and to air
issues of mutual concern to the Commission and such interests.
Depending on the issues faced, the Commission may, from time to time,
appoint experts to serve as Special Government Employees (SGEs), or
officials of other Federal agencies to serve, on the AAC. If nominated,
SGEs will be asked to submit and complete a Confidential Financial
Disclosure Report (OGE Form 450). The AAC may also include regular
government employees when doing so furthers purposes of the AAC.
The Commission seeks to identify individuals who represent
organizations that reflect a balanced and representative sample of
agricultural producers, processors, lenders, regulators, and others
interested in or affected by the agricultural commodity, futures, and
swaps markets. To advise the Commission effectively, the AAC requires
members with deep expertise and experience in the following areas: Risk
management and hedging practices using futures, options, swaps, and
other derivatives; trade execution associated with such practices; and
the legal and regulatory regimes that govern hedging and risk
management. Producers, end users, and agribusiness and industry trade
associations are among the primary sources of these forms of knowledge
and experience, and these organizations should be represented by
individuals that share in this expertise and can represent their
interests in a way that helps the Commission to understand and resolve
highly technical issues. The Commission seeks to appoint individuals
from different viewpoints of market participants, some of whom may have
conflicting interests for the purpose of obtaining diverse perspectives
on contested issues and expert operational knowledge. To the extent
practicable, the Commission will strive to select members reflecting
wide ethnic, racial, gender, and age representation. AAC members should
be open to participating in a public forum. The Commission invites the
submission of nominations for AAC membership. Each nomination
submission should include relevant information about the proposed
member, such as the individual's name, title, and organizational
affiliation, as well as information that supports the individual's
qualifications to serve on the AAC representing one of the viewpoint
categories listed above as well as the name and email or mailing
address of the person or entity nominating the proposed member. The
submission may also include suggestions for topics for discussion at
future AAC meetings.
Submission of a nomination is not a guarantee of selection as a
member of the AAC. As noted in the AAC's Membership Balance Plan, the
CFTC identifies members for the AAC based on Commissioners' and
Commission staff professional knowledge of the agricultural derivatives
markets, consultation with knowledgeable persons outside the CFTC, and
requests to be represented received from organizations. The office of
the Commissioner primarily responsible for the AAC plays a primary, but
not exclusive, role in this process and makes recommendations regarding
membership to the Commission. The Commission, by vote, authorizes the
proposed members to serve on the AAC.
The Commission also invites submissions from the public regarding
the topics on which the AAC should focus. In other words, topics that:
Reflect matters of public concern to agricultural
derivatives markets, such as contract design, hedging effectiveness,
price discovery, customer protection, the role of intermediaries,
exchange rules; and/or
are important to otherwise assist the Commission in
identifying and understanding the impact and implications of the
evolving market structure of the agricultural derivatives markets.
Each topic submission should include the commenter's name and email
or mailing address.
(Authority: 5 U.S.C. App. II)
Dated: February 12, 2019.
Deputy Secretary of the Commission.
[FR Doc. 2019-02506 Filed 2-14-19; 8:45 am]
BILLING CODE 6351-01-P