2012-16178
Federal Register, Volume 77 Issue 144 (Thursday, July 26, 2012)[Federal Register Volume 77, Number 144 (Thursday, July 26, 2012)]
[Proposed Rules]
[Pages 43967-43968]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-16178]
[[Page 43967]]
Vol. 77
Thursday,
No. 144
July 26, 2012
Part IV
Commodity Futures Trading Commission
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17 CFR Part 15, 16, 17, et al.
Account Ownership and Control Report; Withdrawal; Ownership and
Control Reports, Forms 102/102S, 40/40S, and 71; Proposed Rules
Federal Register / Vol. 77 , No. 144 / Thursday, July 26, 2012 /
Proposed Rules
[[Page 43968]]
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COMMODITY FUTURES TRADING COMMISSION
17 CFR Part 16
RIN 3038-AC63
Account Ownership and Control Report; Withdrawal
AGENCY: Commodity Futures Trading Commission (``Commission'').
ACTION: Proposed rule; withdrawal.
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SUMMARY: On July 19, 2010, the Commission published for public comment
a Notice of Proposed Rulemaking that proposed to collect certain
account ownership and control information for all trading accounts
active on U.S. futures exchanges and other reporting entities (``OCR
NPRM''). After considering all comments received in response to the OCR
NPRM, the Commission is withdrawing the OCR NPRM and instead pursuing
the collection of account ownership and control information through a
separate proposed rulemaking published today elsewhere in the notice
section of the Federal Register.
DATES: Effective July 26, 2012, the proposed rule published July 19,
2010, at 75 FR 41775, is withdrawn.
FOR FURTHER INFORMATION CONTACT: Sebastian Pujol Schott, Associate
Director, at 202-418-5641 or [email protected]; or Cody J. Alvarez, Attorney
Advisor, at 202-418-5404 or [email protected]; Division of Market
Oversight, Commodity Futures Trading Commission, Three Lafayette
Centre, 1155 21st Street NW., Washington, DC 20581.
SUPPLEMENTARY INFORMATION: On July 19, 2010, the Commission published
the OCR NPRM,\1\ which provided for the collection of trading account
information via an account ownership and control report (``OCR'').\2\
In addition, the OCR NPRM sought public comment and provided for a
public roundtable meeting during the 60-day comment period.\3\ The
staff-led public roundtable was held September 16, 2010.\4\
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\1\ 75 FR 41775 (July 19, 2010).
\2\ On July 2, 2009, prior to the publication of the OCR NPRM,
the Commission published an Advanced Notice of Proposed Rulemaking
(``Advanced Notice''). In the Advanced Notice the Commission
proposed to collect certain ownership, control, and related
information for all trading accounts active on U.S. futures
exchanges. See 74 FR 31642 (July 2, 2009).
\3\ The comment period deadline was extended from September 17,
2010 to October 7, 2010 in order to give interested parties time to
prepare comments on matters discussed at the roundtable meeting. See
75 FR 54801 (September 9, 2010).
\4\ 75 FR 54802 (September 9, 2010).
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The Commission received eight comment letters from fourteen
interested parties in response to the OCR NPRM and the public
roundtable.\5\ A number of commenters raised concerns regarding the
costs they were likely to incur as a result of the OCR. For example,
designated contract market group stated in its comment letter that
``the Commission's proposed OCR will result in very substantial capital
and human resource costs being incurred by all [r]eporting [e]ntities
on a one-time and on-going basis.'' \6\ Many commenters argued that
certain OCR data points would be difficult to collect. For example, an
industry association representing numerous large futures commission
merchants (``FCMs'') stated that FCMs would have difficulty providing
date of birth information because ``[a]n FCM generally does not record
the date of birth of a customer or account controller.'' \7\ Many
comment letters also included alternative recommendations for
proceeding with the development of the OCR.\8\
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\5\ On December 23, 2010 and March 22, 2011, the Commission
received supplemental comment letters from the Futures Industry
Association (``FIA''). All OCR NPRM comment letters, supplemental
comment letters, ex parte communications summaries, and a transcript
of the public roundtable are available at: http://comments.cftc.gov/PublicComments/CommentList.aspx?id=755.
\6\ CME Group Inc. comment letter on behalf of the Chicago
Mercantile Exchange, Inc., the Board of Trade of the City of
Chicago, Inc., the New York Mercantile Exchange, Inc., and the
Commodity Exchange, Inc. (collectively ``CME'') dated October 7,
2010 at 3.
\7\ FIA Comment Letter dated October 7, 2010 at 15.
\8\ See CME Comment Letter dated October 7, 2010 at 4 and FIA
Comment Letter dated October 7, 2010 at 7. See generally FIA
Supplemental Comment Letter dated December 23, 2010 and FIA
Supplemental Comment Letter dated March 22, 2011.
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In light of the comments received and the Commission's intention to
collect trading account ownership and control information through a
separate proposed rulemaking, the Commission has determined to withdraw
the OCR NPRM. Concurrent with this withdrawal, the Commission is
publishing elsewhere in this issue of the Federal Register a separate
proposed rule that incorporates many of the OCR NPRM comments.
Issued in Washington, DC, on June 27, 2012 by the Commission.
David A. Stawick,
Secretary of the Commission.
[FR Doc. 2012-16178 Filed 7-25-12; 8:45 am]
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