<DOC>
[May 27, 2003 (Volume 68, Number 101)]
[Unified Agenda]
From the Federal Register Online via GPO Access [frwais.access.gpo.gov]
[Page 31280-31284]
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Part XLVIII
Commodity Futures Trading Commission
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Semiannual Regulatory Agenda
[[Page 31280]]
COMMODITY FUTURES TRADING COMMISSION (CFTC)
_______________________________________________________________________
COMMODITY FUTURES TRADING COMMISSION
17 CFR Ch. I
Regulatory Flexibility Agenda
AGENCY: Commodity Futures Trading Commission.
ACTION: Semiannual regulatory agenda.
_______________________________________________________________________
SUMMARY: The Commodity Futures Trading Commission, in accordance with
the requirements of the Regulatory Flexibility Act, is publishing a
semiannual agenda of significant rules that the Commission expects to
propose or promulgate over the next year. The Commission welcomes
comments from small entities and others on the agenda.
FOR FURTHER INFORMATION CONTACT: Eileen A. Donovan, Assistant Secretary
for FOIA Matters, Commodity Futures Trading Commission, 1155 21st
Street NW., Washington, DC 20581, (202) 418-5096, [email protected].
SUPPLEMENTARY INFORMATION: The Regulatory Flexibility Act, 5 U.S.C.
601, et seq. (RFA), sets forth a number of requirements for agency
rulemaking. Among other things, the RFA requires that:
Semiannually, each agency shall publish in the Federal Register
a regulatory flexibility agenda that shall contain:
(1) A brief description of the subject area of any rule that
the agency expects to propose or promulgate, which is likely to
have a significant economic impact on a substantial number of small
entities;
(2) A summary of the nature of any such rule under
consideration for each subject area listed in the agenda pursuant
to paragraph (1), the objectives and legal basis for the issuance
of the rule, and an approximate schedule for completing action on
any rule for which the agency has issued a general notice of
proposed rulemaking; and
(3) The name and telephone number of an agency official
knowledgeable about the items listed in paragraph (1). 5 U.S.C.
602(a).
The Commission has prepared an agenda of significant rules
that it presently expects may be considered during the course of
the next year. These rules may have some impact on small
entities.\1\ In this regard, section 602(d) of the RFA, 5 U.S.C.
602(d), provides: ``Nothing in [section 602] precludes an agency
from considering or acting on any matter not included in a
regulatory flexibility agenda or requires an agency to consider or
act on any matter listed in such agenda.''
The Commission's spring 2003 regulatory flexibility agenda is
set forth below.
Issued in Washington, DC on March 11, 2003, by the Commission.
Jean A. Webb,
Secretary of the Commission.
\1\ The Commission published its definition of small entity to be used
in connection with rulemaking proceedings on April 30, 1982 (47 FR
18618). Pursuant to that definition, the Commission is not required to
list many of the agenda items contained in this regulatory flexibility
agenda. See 5 U.S.C. 602(a)(1). Moreover, the Commission has previously
certified, pursuant to section 605 of the RFA, 5 U.S.C. 605, that
certain items contained in this agenda will not have a significant
economic impact on a substantial number of small entities. Accordingly,
the listing of a rule in this regulatory flexibility agenda should not,
in any event, be taken as a determination that a rule, when proposed or
promulgated, will in fact require a regulatory flexibility analysis.
However, the Commission hopes that the publication of an agenda that
includes significant rules, regardless of their potential impact on
small entities, may serve the public generally by providing an early
and meaningful opportunity to participate in and comment on the
formulation of new or revised regulations. In addition to publishing
the regulatory flexibility agenda, the Commission also makes available
to the public, on a monthly basis, a calendar and, on a weekly basis,
posts an advisory on its website (http://www.cftc.gov) that lists rules
that the Commission is considering or will consider in the near future.
Commodity Futures Trading Commission--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
Regulation
Sequence Title Identification
Number Number
----------------------------------------------------------------------------------------------------------------
3800 Minimum Financial Requirements for Futures Commission Merchants and Introducing 3038-AB64
Brokers.............................................................................
3801 Regulation of Hybrid Instruments.................................................... 3038-AB69
3802 Use of Broker-Dealers, Depository Institutions, and Farm Crediting System 3038-AB70
Institutions as Intermediaries on Derivatives Transaction Execution Facilities......
3803 Offering and Selling Security Futures Products Traded on Foreign Boards of Trade to 3038-AB75
United States Persons; Requirements for Foreign Stock Index Contracts To Qualify as
Non-Narrow-Based Indices............................................................
3804 Treatment of Foreign Futures or Foreign Options Secured Amount...................... 3038-AB96
3805 Exclusion for Certain Otherwise Regulated Persons From Definition of Commodity Pool 3038-AB97
Operator; Exemption From Certain Part 4 Requirements for Commodity Pool Operators
and Commodity Trading Advisors......................................................
----------------------------------------------------------------------------------------------------------------
Commodity Futures Trading Commission--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
Regulation
Sequence Title Identification
Number Number
----------------------------------------------------------------------------------------------------------------
3806 Performance Disclosures for Commodity Trading Advisors and Commodity Pool Operators. 3038-AB39
3807 Registration Exemptions Pertaining to the Offer and Sale of Foreign Futures and 3038-AB45
Foreign Options Contracts to Customers Located in the United States.................
3808 Customer Identification Program for Futures Commission Merchants and Introducing 3038-AB90
Brokers.............................................................................
3809 Allocation of Bunched Orders........................................................ 3038-AB93
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[[Page 31281]]
Commodity Futures Trading Commission--Completed Actions
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Regulation
Sequence Title Identification
Number Number
----------------------------------------------------------------------------------------------------------------
3810 Denomination of Customer Funds and Location of Depositories......................... 3038-AB31
3811 Reporting Levels for Large Trader Reports; TRAKRS................................... 3038-AB91
----------------------------------------------------------------------------------------------------------------
Commodity Futures Trading Commission--Discontinued Entries
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Regulation
Identification Title Date Comments
Number
--------------------------------------------------------------------------------------------------------------------------------------------------------
3038-AB34 Exclusion for Certain Otherwise Regulated Persons From the Definition of the Term 01/29/2003 Merged With 3038-AB97
``Commodity Pool Operator''
3038-AB40 Public Reporting by Operators of Certain Large Commodity Pools--Regulations 4.7, 4.12, and 03/07/2003 Withdrawn
4.27
3038-AB61 Trade Options on Enumerated Agricultural Commodities 03/07/2003 Withdrawn
3038-AB72 Exemption From Compliance with the Criterion for Linked and Coordinated Clearing 03/07/2003 Withdrawn
3038-AB74 Compliance Date for Security Futures Products To Be Cleared by a Clearing Agency That Has 03/07/2003 Withdrawn
Linked and Coordinated Clearing With Other Clearing Agencies
3038-AB78 Requirements for Foreign Stock Index Contracts To Qualify as Non-Narrow-Based Indices 03/07/2003 Merged With 3038-AB75
--------------------------------------------------------------------------------------------------------------------------------------------------------
_______________________________________________________________________
Commodity Futures Trading Commission (CFTC) Proposed Rule Stage
_______________________________________________________________________
3800. MINIMUM FINANCIAL REQUIREMENTS FOR FUTURES COMMISSION MERCHANTS
AND INTRODUCING BROKERS
Priority: Substantive, Nonsignificant
Legal Authority: 7 USC 6f
CFR Citation: 17 CFR 1.17
Legal Deadline: None
Abstract: The Commission intends to propose amendments to Rule 1.17
that would adopt a risk-based capital requirement for futures
commission merchants.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 06/00/03
NPRM Comment Period End 08/00/03
Regulatory Flexibility Analysis Required: No
Small Entities Affected: No
Government Levels Affected: None
Agency Contact: Thomas J. Smith, Deputy Director, Division of Clearing
and Intermediary Oversight, Commodity Futures Trading Commission, Three
Lafayette Centre, 1121 21st Street NW., Washington, DC 20581
Phone: 202 418-5495
Email: [email protected]
RIN: 3038-AB64
_______________________________________________________________________
3801. REGULATION OF HYBRID INSTRUMENTS
Priority: Substantive, Nonsignificant
Legal Authority: 7 USC 1 et seq, as amended by PL 106-554, 114 Stat
2763
CFR Citation: Not Yet Determined
Legal Deadline: None
Abstract: The Commission is required, after consulting with and
obtaining the concurrence of the Board of Governors of the Federal
Reserve System, to prescribe regulations to govern hybrid instruments
if it determines that it is in the public interest and consistent with
the Commodity Exchange Act, and the product is not predominantly a
banking product under the test enumerated in title IV of the Commodity
Futures Modernization Act of 2000.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 05/00/03
Regulatory Flexibility Analysis Required: No
Small Entities Affected: No
Government Levels Affected: None
Agency Contact: Nancy E. Yanofsky, Chief Counsel, Division of Market
Oversight, Commodity Futures Trading Commission, Three Lafayette
Centre, 1155 21st Street NW., Washington, DC 20581
Phone: 202 418-5292
Fax: 202 418-5567
Email: [email protected]
RIN: 3038-AB69
_______________________________________________________________________
3802. USE OF BROKER-DEALERS, DEPOSITORY INSTITUTIONS, AND FARM CREDITING
SYSTEM INSTITUTIONS AS INTERMEDIARIES ON DERIVATIVES TRANSACTION
EXECUTION FACILITIES
Priority: Substantive, Nonsignificant
Legal Authority: 7 USC 1 et seq, as amended by PL 106-554, 114 Stat
2763
[[Page 31282]]
CFR Citation: Not Yet Determined
Legal Deadline: None
Abstract: The Commission is required to coordinate with the Securities
and Exchange Commission, the Secretary of the Treasury, and Federal
banking regulators (including the Farm Credit Administration) in
adopting rules and taking any other appropriate action to implement the
provisions of the Commodity Futures Modernization Act of 2000 relating
to the use of broker-dealers, depository institutions, and farm credit
system institutions as intermediaries on derivatives transaction
execution facilities.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 01/00/04
Regulatory Flexibility Analysis Required: No
Government Levels Affected: None
Agency Contact: Lawrence B. Patent, Deputy Director, Division of
Clearing and Intermediary Oversight, Commodity Futures Trading
Commission, Three Lafayette Centre, 1155 21st Street NW., Washington,
DC 20581
Phone: 202 418-5439
Fax: 202 418-5536
Email: [email protected]
RIN: 3038-AB70
_______________________________________________________________________
3803. OFFERING AND SELLING SECURITY FUTURES PRODUCTS TRADED ON FOREIGN
BOARDS OF TRADE TO UNITED STATES PERSONS; REQUIREMENTS FOR FOREIGN STOCK
INDEX CONTRACTS TO QUALIFY AS NON-NARROW-BASED INDICES
Priority: Substantive, Nonsignificant
Legal Authority: 7 USC 1 et seq, as amended by PL 106-554, 114 Stat
2763
CFR Citation: Not Yet Determined
Legal Deadline: Other, Statutory, December 21, 2001, Within one year
after the date of enactment of the Commodity Futures Modernization Act
of 2000.
Abstract: The Commission and the Securities and Exchange Commission are
required to jointly issue (1) rules, regulations, or orders as are
necessary and appropriate to permit the offer and sale of security
futures products traded on or subject to the rules of a foreign board
of trade to United States persons, and (2) rules and regulations that
set forth the requirements for foreign stock index contracts to qualify
as non-narrow-based indices.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 01/00/04
Regulatory Flexibility Analysis Required: No
Government Levels Affected: None
Agency Contact: Andrew V. Chapin, Attorney Advisor, Division of
Clearing and Intermediary Oversight, Commodity Futures Trading
Commission, Three Lafayette Centre, 1155 21st Street NW., Washington,
DC 20581
Phone: 202 418-5465
Fax: 202 418-5536
Email: [email protected]
Thomas M. Leahy Jr., Industry Economist, Division of Market Oversight,
Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st
Street NW., Washington, DC 20581
Phone: 202 418-5278
Email: [email protected]
Related RIN: Related To 3038-AB78
RIN: 3038-AB75
_______________________________________________________________________
3804. TREATMENT OF FOREIGN FUTURES OR FOREIGN OPTIONS SECURED AMOUNT
Priority: Substantive, Nonsignificant
Legal Authority: 7 USC 6
CFR Citation: 17 CFR 30.7
Legal Deadline: None
Abstract: The Commission intends to propose an amendment to Rule 30.7
to provide that a futures commission merchant that holds funds on
behalf of customers for trading futures and options on foreign markets
may invest such funds in certain permitted investments. The proposal
would establish investments that are comparable to the investments that
a futures commission merchant may make with customer funds deposited
for trading on United States markets pursuant to Rule 1.25.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 09/00/03
NPRM Comment Period End 11/00/03
Regulatory Flexibility Analysis Required: No
Government Levels Affected: None
Agency Contact: Thomas J. Smith, Deputy Director, Division of Clearing
and Intermediary Oversight, Commodity Futures Trading Commission, Three
Lafayette Centre, 1121 21st Street NW., Washington, DC 20581
Phone: 202 418-5495
Email: [email protected]
RIN: 3038-AB96
_______________________________________________________________________
3805. [bull] EXCLUSION FOR CERTAIN OTHERWISE REGULATED PERSONS FROM
DEFINITION OF COMMODITY POOL OPERATOR; EXEMPTION FROM CERTAIN PART 4
REQUIREMENTS FOR COMMODITY POOL OPERATORS AND COMMODITY TRADING ADVISORS
Priority: Substantive, Nonsignificant
Legal Authority: 7 USC 1a; 7 USC 2; 7 USC 6b; 7 USC 6c; 7 USC 6l to 6o;
7 USC 12a; 7 USC 23
CFR Citation: 17 CFR 4.7; 17 CFR 4.12 to 4.14; 17 CFR 4.21; ...
Legal Deadline: None
Abstract: The Commission is proposing to amend and adopt new rules
under part 4 of its regulations. The proposed rules would: (1) expand
the availability of the current exclusion from the CPO definition; (2)
establish additional CPO and CTA registration exemptions; (3)
facilitate CPO and CTA communications prior to Disclosure Document
distribution; (4) provide for CPOs to electronically distribute
periodic account statements; (5) modernize signature requirements; and
(6) remove duplicative solicitation and reporting requirements.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
ANPRM 11/13/02 67 FR 68785
ANPRM Comment Period End 01/23/03 68 FR 2254
NPRM 03/17/03 68 FR 12622
NPRM Comment Period End 05/01/03
Final Action 07/00/03
Regulatory Flexibility Analysis Required: Yes
Small Entities Affected: Businesses
[[Page 31283]]
Government Levels Affected: None
Agency Contact: Barbara S. Gold, Associate Director, Division of
Clearing and Intermediary Oversight, Commodity Futures Trading
Commission, Three Lafayette Centre, 1155 21st Street NW., Washington,
DC 20581
Phone: 202 418-5450
Fax: 202 418-5528
Email: [email protected]
Christopher W. Cummings, Special Counsel, Division of Clearing and
Intermediary Oversight, Commodity Futures Trading Commission, Three
Lafayette Centre, 1155 21st Street NW., Washington, DC 20581
Phone: 202 418-5450
Fax: 202 418-5528
Email: [email protected]
Related RIN: Related To 3038-AB98
RIN: 3038-AB97
_______________________________________________________________________
Commodity Futures Trading Commission (CFTC) Final Rule Stage
_______________________________________________________________________
3806. PERFORMANCE DISCLOSURES FOR COMMODITY TRADING ADVISORS AND
COMMODITY POOL OPERATORS
Priority: Substantive, Nonsignificant
Legal Authority: 7 USC 6n; 7 USC 6o; 7 USC 12a
CFR Citation: 17 CFR 4.25; 17 CFR 4.35
Legal Deadline: None
Abstract: The Commodity Futures Trading Commission is proposing
amendments to the requirements concerning the presentation of rate of
return data by commodity trading advisors and commodity pool operators.
The Commission's proposed rules address computational and disclosure
matters relating to participating in commodity trading advisor programs
on a partially funded basis.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
ANPRM 06/18/98 63 FR 33297
ANPRM Comment Period End 09/16/98
NPRM 08/02/99 64 FR 41843
NPRM Comment Period End 10/01/99
NPRM 03/13/03 68 FR 12001
NPRM Comment Period End 04/14/03
Final Action 08/00/03
Regulatory Flexibility Analysis Required: No
Government Levels Affected: None
Agency Contact: Robert B. Wasserman, Associate Director, Division of
Clearing and Intermediary Oversight, Commodity Futures Trading
Commission, Three Lafayette Centre, 1155 21st Street NW., Washington,
DC 20581
Phone: 202 418-5092
Fax: 202 418-5528
Email: [email protected]
RIN: 3038-AB39
_______________________________________________________________________
3807. REGISTRATION EXEMPTIONS PERTAINING TO THE OFFER AND SALE OF
FOREIGN FUTURES AND FOREIGN OPTIONS CONTRACTS TO CUSTOMERS LOCATED IN
THE UNITED STATES
Priority: Substantive, Nonsignificant
Legal Authority: 7 USC 2(a)(1)(A); 7 USC 6(b); 7 USC 6c
CFR Citation: 17 CFR 30.1; 17 CFR 30.4; 17 CFR 30.10
Legal Deadline: None
Abstract: The Commission proposes to codify some of the interpretations
and positions that its staff has taken regarding registration
requirements under part 30 of the Commission's rules, which governs,
generally, the solicitation and sale of foreign futures and foreign
options contracts to customers located in the United States. The
Commission proposes to modify Rule 30.4(a) by clarifying that foreign
futures and options brokers, including those with U.S. bank branches,
are not required to register as futures commission merchants (FCMs)
pursuant to Rule 30.4, or seek Rule 30.10 relief, if they fall
generally into the following categories: (1) those that carry customer
omnibus accounts for U.S. FCMs; (2) those that carry U.S. affiliate
accounts that are proprietary to the foreign futures and options
broker; and (3) those that carry U.S. accounts that are proprietary to
a U.S. FCM. In addition, proposed Rule 30.10(a) will specify
representations that must be made by a foreign futures and options
broker that has U.S. bank branches in order to obtain a Rule 30.10
comparability exemption or to come within the registration exception of
Rule 30.4.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 08/26/99 64 FR 46613
NPRM Comment Period End 10/25/99
Final Action 07/00/03
Final Action Effective 09/00/03
Regulatory Flexibility Analysis Required: No
Small Entities Affected: No
Government Levels Affected: None
Agency Contact: Susan A. Elliott, Attorney Advisor, Division of
Clearing and Intermediary Oversight, Commodity Futures Trading
Commission, Three Lafayette Centre, 1155 21st Street NW., Washington,
DC 20581
Phone: 202 418-5464
Fax: 202 418-5528
Email: [email protected]
RIN: 3038-AB45
_______________________________________________________________________
3808. CUSTOMER IDENTIFICATION PROGRAM FOR FUTURES COMMISSION MERCHANTS
AND INTRODUCING BROKERS
Priority: Substantive, Nonsignificant
Legal Authority: PL 107-56, sec 326; 31 USC 5318(1)
CFR Citation: 31 CFR 103; 31 CFR 123; 17 CFR 1
Legal Deadline: NPRM, Statutory, October 25, 2002.
Abstract: The Department of the Treasury and the Commodity Futures
Trading Commission are required to jointly prescribe regulations
relating to customer identification programs for futures commission
merchants and introducing brokers.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 07/23/02 67 FR 48328
[[Page 31284]]
Comment Period End 09/06/02
Final Action 05/00/03
Regulatory Flexibility Analysis Required: No
Small Entities Affected: No
Government Levels Affected: None
Agency Contact: Office of General Counsel, Commodity Futures Trading
Commission, Three Lafayette Centre, 1155 21st Street NW., Washington,
DC 20581
Phone: 202 418-5120
Fax: 202 418-5524
Email: [email protected]
RIN: 3038-AB90
_______________________________________________________________________
3809. ALLOCATION OF BUNCHED ORDERS
Priority: Substantive, Nonsignificant
Legal Authority: 7 USC 1 et seq, as amended by PL 106-554, 114 Stat
2763
CFR Citation: 17 CFR 1.35
Legal Deadline: None
Abstract: The Commission intends to propose procedures for streamlining
the allocation of bunched orders for futures and commodity option
trades, as well as the associated recordkeeping requirements. The
proposal was referred to in the Commission's intermediaries study, and
it addresses concerns regarding the possibility of fraud and money-
laundering activities.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 03/14/03 68 FR 12319
NPRM Comment Period End 04/28/03
Final Action 09/00/03
Regulatory Flexibility Analysis Required: No
Small Entities Affected: No
Government Levels Affected: None
Agency Contact: Christopher W. Cummings, Special Counsel, Division of
Clearing and Intermediary Oversight, Commodity Futures Trading
Commission, Three Lafayette Centre, 1155 21st Street NW., Washington,
DC 20581
Phone: 202 418-5450
Fax: 202 418-5528
Email: [email protected]
RIN: 3038-AB93
_______________________________________________________________________
Commodity Futures Trading Commission (CFTC) Completed Actions
_______________________________________________________________________
3810. DENOMINATION OF CUSTOMER FUNDS AND LOCATION OF DEPOSITORIES
Priority: Substantive, Nonsignificant
CFR Citation: 17 CFR 1.32; 17 CFR 1.49
Completed:
________________________________________________________________________
Reason Date FR Cite
________________________________________________________________________
Final Action 02/04/03 68 FR 5545
Final Action Effective 03/06/03
Regulatory Flexibility Analysis Required: No
Government Levels Affected: None
Agency Contact: Michael A. Piracci
Phone: 202 418-5446
Fax: 202 418-5536
Email: [email protected]
RIN: 3038-AB31
_______________________________________________________________________
3811. REPORTING LEVELS FOR LARGE TRADER REPORTS; TRAKRS
Priority: Substantive, Nonsignificant
CFR Citation: 17 CFR 15.03
Completed:
________________________________________________________________________
Reason Date FR Cite
________________________________________________________________________
Final Action 10/21/02 67 FR 64522
Final Action Effective 11/20/02
Regulatory Flexibility Analysis Required: No
Government Levels Affected: None
Agency Contact: Gary J. Martinaitis
Phone: 202 418-5260
Fax: 202 418-5527
Email: [email protected]
RIN: 3038-AB91
[FR Doc. 03-7423 Filed 05-23-03; 8:45 am]
BILLING CODE 6351-01-S