[October 31,2005 (Volume 70, Number 209)]
[Unified Agenda]
From the Federal Register Online via GPO Access [frwais.access.gpo.gov]
[DOCID: f:ua051046.wais]
[Page 65514-65518]
Commodity Futures Trading Commission
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Part XLVI
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Semiannual Regulatory Agenda
[[Page 65514]]
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 fall 2005 regulatory flexibility agenda is
set forth below.
Issued in Washington, DC on August 18, 2005, 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 Identifier
Number Number
----------------------------------------------------------------------------------------------------------------
3779 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..............................................................
3780 Interagency Proposal To Consider Alternative Forms of Privacy Notices Under the Gramm- 3038-AC04
Leach-Bliley Act......................................................................
3781 Alternative Market Risk and Credit Risk Capital Charges and Amendments to Specified 3038-AC05
Foreign Currency Forward and Inventory Capital Charges for Futures Commission
Merchants and Introducing Brokers.....................................................
3782 Definition of ``Client'' of a Commodity Trading Advisor............................... 3038-AC20
3783 Eligible Commercial Entities Authorized To Trade on Exempt Commercial Markets......... 3038-AC21
3784 Market and Large Trader Reporting..................................................... 3038-AC22
----------------------------------------------------------------------------------------------------------------
Commodity Futures Trading Commission--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
Regulation
Sequence Title Identifier
Number Number
----------------------------------------------------------------------------------------------------------------
3785 Execution of Off-Centralized Market Transactions: Regulation 1.38 and Guidance on Core 3038-AC07
Principle 9...........................................................................
3786 Technical and Clarifying Amendments to Rules for Exempt Markets, Derivatives 3038-AC23
Transaction Execution Facilities, and Designated Contract Markets.....................
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[[Page 65515]]
Commodity Futures Trading Commission--Completed Actions
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Regulation
Sequence Title Identifier
Number Number
----------------------------------------------------------------------------------------------------------------
3787 Investment of Customer Funds and Record of Investments................................ 3038-AC15
3788 Guidance on Clearing of Over-The-Counter Options on Exempt Commodities by a Designated 3038-AC17
Contract Market.......................................................................
3789 Revision of Federal Speculative Limits................................................ 3038-AC24
----------------------------------------------------------------------------------------------------------------
_______________________________________________________________________
Commodity Futures Trading Commission (CFTC) Proposed Rule Stage
_______________________________________________________________________
3779. 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 04/00/06
Regulatory Flexibility Analysis Required: No
Government Levels Affected: None
Agency Contact: Andrew V. Chapin, Special Counsel, Division of Clearing
and Intermediary Oversight, Commodity Futures Trading Commission, Three
Lafayette Centre, 1155 21st Street NW., Washington, DC 20581
Phone: 202 418-5465
Fax: 202 418-5536
Email: [email protected]
Thomas M. Leahy Jr., Associate Director for Product Review, Division of
Market Oversight, Commodity Futures Trading Commission, Three Lafayette
Centre, 1155 21st Street NW., Washington, DC 20581
Phone: 202 418-5278
Fax: 202 418-5527
Email: [email protected]
Related RIN: Related to 3038-AB78
RIN: 3038-AB75
_______________________________________________________________________
3780. INTERAGENCY PROPOSAL TO CONSIDER ALTERNATIVE FORMS OF PRIVACY
NOTICES UNDER THE GRAMM-LEACH-BLILEY ACT
Priority: Substantive, Nonsignificant
Legal Authority: 7 USC 7b-2; 7 USC 12a(5); 15 USC 6801 et seq
CFR Citation: 17 CFR 160
Legal Deadline: None
Abstract: Subtitle A of the Gramm-Leach-Bliley Act (GLB Act), captioned
Disclosure of Nonpublic Personal Information (15 U.S.C. 6801 et seq.),
requires each financial institution to provide a notice of its privacy
policies and practices to its consumer customers. In general, the
privacy notices must describe a financial institution's policies and
practices with respect to disclosing nonpublic personal information
about a consumer to both affiliated and nonaffiliated third parties,
and provide a consumer a reasonable opportunity to direct the
institution not to share nonpublic personal information about the
consumer with nonaffiliated third parties. The GLB Act agencies,
including CFTC, have published substantially identical regulations to
implement GLB title V, known collectively as the ``privacy rule.'' Many
notices issued under the privacy rule were long and complex, and
difficult to compare with each other. Consequently, GLB Act agencies
are considering whether to amend the privacy rule to provide for
simpler, more useful notices. The GLB Act agencies intend to issue an
advance notice of proposed rulemaking to determine whether to propose
changes to the privacy rule, and if so, will seek further public
comment on specific programs. Six of the eight GLB Act agencies have
entered into a memorandum of understanding through which they intend to
contract with a consumer testing firm. CFTC is not a party to the MOU.
Consumer testing is ongoing.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
ANPRM 12/30/03 68 FR 75164
ANPRM Comment Period End 03/29/04
NPRM 10/00/05
Regulatory Flexibility Analysis Required: No
Small Entities Affected: Businesses
Government Levels Affected: Federal
Agency Contact: Laura M. Richards, Senior Assistant General Counsel,
Office of General Counsel, Commodity Futures Trading Commission, Three
Lafayette Centre, 1155 21st Street NW., Washington, DC 20581
Phone: 202 418-5126
Fax: 202 418-5524
Email: [email protected]
David Jacobsohn, Counsel, Office of General Counsel, Commodity Futures
Trading Commission, Three Lafayette Centre, 1155 21st Street NW.,
Washington, DC 20581
Phone: 202 418-5161
Fax: 202 418-5524
Email: [email protected]
RIN: 3038-AC04
[[Page 65516]]
_______________________________________________________________________
3781. ALTERNATIVE MARKET RISK AND CREDIT RISK CAPITAL CHARGES AND
AMENDMENTS TO SPECIFIED FOREIGN CURRENCY FORWARD AND INVENTORY CAPITAL
CHARGES FOR FUTURES COMMISSION MERCHANTS AND INTRODUCING BROKERS
Priority: Substantive, Nonsignificant
Legal Authority: 7 USC 6f(b)
CFR Citation: 17 CFR 1.17
Legal Deadline: None
Abstract: The Commission has proposed amendments that would permit
qualifying futures commission merchants, that are also securities
brokers or dealers registered with the Securities and Exchange
Commission, to compute their net capital using alternative market risk
and credit risk models that have been approved by the Securities and
Exchange Commission. The proposal would also amend the Commission's
capital requirements by reducing from 20 percent to six percent the
capital charge that futures commission merchants and introducing
brokers are required to deduct from the market value of uncovered
forward contracts denominated in the following foreign currencies:
British pounds, Canadian dollars, Japanese yen, Swiss francs, or the
Euro. Uncovered forwards in other non-U.S. currencies would remain
subject to the 20 percent capital charge currently set forth in the
Commission's regulations.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 10/11/05 70 FR 58985
NPRM Comment Period End 11/10/05
Regulatory Flexibility Analysis Required: No
Small Entities Affected: No
Government Levels Affected: None
Agency Contact: Thelma Diaz, Special Counsel, Division of Clearing and
Intermediary Oversight, Commodity Futures Trading Commission, Three
Lafayette Centre, 1155 21st Street NW., Washington, DC 20581
Phone: 202 418-5137
Fax: 202 418-5536
Email: [email protected]
RIN: 3038-AC05
_______________________________________________________________________
3782. DEFINITION OF ``CLIENT'' OF A COMMODITY TRADING ADVISOR
Priority: Substantive, Nonsignificant
Legal Authority: 7 USC 1a(6); 7 USC 12a(5)
CFR Citation: 17 CFR 1.3(bb)
Legal Deadline: None
Abstract: The Commission is proposing to add to its rules a definition
of the term ``client'' of a commodity trading advisor (CTA). This
definition is intended to clarify that even those CTAs not required to
register under the Commodity Exchange Act are subject to certain
requirements such as restrictions on advertising and the antifraud
prohibition.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 09/28/05 70 FR 56608
NPRM Comment Period End 11/28/05
Regulatory Flexibility Analysis Required: No
Government Levels Affected: None
Agency Contact: R. Stephen Painter Jr., Attorney-Advisor, Division of
Clearing and Intermediary Oversight, Commodity Futures Trading
Commission, Three Lafayette Centre, 1155 21st Street NW., Washington,
DC 20581
Phone: 202 418-5416
Fax: 202 418-5528
Email: [email protected]
RIN: 3038-AC20
_______________________________________________________________________
3783. ELIGIBLE COMMERCIAL ENTITIES AUTHORIZED TO TRADE ON EXEMPT
COMMERCIAL MARKETS
Priority: Substantive, Nonsignificant
Legal Authority: 7 USC 1 et seq, as amended by PL 106-554, 114 Stat
2763
CFR Citation: 17 CFR 36
Legal Deadline: None
Abstract: The Commission is proposing to codify existing Commission
orders applicable to: (1) Commission-registered floor brokers and floor
traders; and (2) International Petroleum Exchange floor or electronic
brokers and local traders and, pursuant to section 1a(11) of the
Commodity Exchange Act, designate by rule those and similarly-situated
entities to be, subject to conditions, eligible commercial entities for
the purpose of trading on exempt commercial markets.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 11/00/05
NPRM Comment Period End 12/00/05
Regulatory Flexibility Analysis Required: No
Small Entities Affected: No
Government Levels Affected: None
Agency Contact: Duane C. Andresen, Special Counsel, Division of Market
Oversight, Commodity Futures Trading Commission, Three Lafayette
Centre, 1155 21st Street NW., Washington, DC 20581
Phone: 202 418-5492
Fax: 202 418-5527
Email: [email protected]
RIN: 3038-AC21
_______________________________________________________________________
3784. MARKET AND LARGE TRADER REPORTING
Priority: Substantive, Nonsignificant
Legal Authority: 7 USC 1 et seq, as amended by PL 106-554, 114 Stat
2763
CFR Citation: 17 USC 15 to 21
Legal Deadline: None
Abstract: The Commission is proposing to amend the market and large
trader reporting rules to establish a new contract reporting level for
futures and option contracts based on 3-year U.S. Treasury Notes,
clarify the application of the reporting rules to derivatives
transaction execution facilities, and adopt a reporting framework for
contracts that are traded on an exclusively un-intermediated basis.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 11/00/05
NPRM Comment Period End 01/00/06
Regulatory Flexibility Analysis Required: No
Small Entities Affected: No
Government Levels Affected: None
Agency Contact: Bruce Fekrat, Special Counsel, Division of Market
Oversight, Commodity Futures Trading Commission, Three Lafayette
Centre, 1155 21st Street NW., Washington, DC 20581
Phone: 202 418-5578
Fax: 202 418-5527
Email: [email protected]
RIN: 3038-AC22
[[Page 65517]]
_______________________________________________________________________
Commodity Futures Trading Commission (CFTC) Final Rule Stage
_______________________________________________________________________
3785. EXECUTION OF OFF-CENTRALIZED MARKET TRANSACTIONS: REGULATION 1.38
AND GUIDANCE ON CORE PRINCIPLE 9
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: 7 USC 1 et seq, as amended by PL 106-554, 114 Stat
2763
CFR Citation: 17 CFR 1; 17 CFR 38
Legal Deadline: None
Abstract: Since the Commission originally promulgated Regulation 1.38,
the Commodity Futures Modernization Act of 2000 (CFMA) was signed into
law. The CFMA, among other things, specifically expanded the allowable
transactions that could be executed off the centralized market. The
Commission has proposed amendments to its rules concerning trading off
the centralized market, including the addition of guidance on contract
market block trading rules, in light of further administrative
experience with, and consideration of, the implications of the CFMA.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 07/01/04 69 FR 39880
NPRM Comment Period End 08/30/04
Final Action 03/00/06
Regulatory Flexibility Analysis Required: No
Small Entities Affected: No
Government Levels Affected: None
Agency Contact: Riva Spear Adriance, Associate Deputy Director,
Division of Market Oversight, Commodity Futures Trading Commission,
Three Lafayette Centre, 1155 21st Street NW., Washington, DC 20581
Phone: 202 418-5494
Fax: 202 418-5507
Email: [email protected]
Gabrielle A. Sudik, Special Counsel, Division of Market Oversight,
Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st
Street NW., Washington, DC 20581
Phone: 202 418-5171
Fax: 202 418-5507
Email: [email protected]
RIN: 3038-AC07
_______________________________________________________________________
3786. TECHNICAL AND CLARIFYING AMENDMENTS TO RULES FOR EXEMPT MARKETS,
DERIVATIVES TRANSACTION EXECUTION FACILITIES, AND DESIGNATED CONTRACT
MARKETS
Priority: Substantive, Nonsignificant
Legal Authority: 7 USC 1 et seq, as amended by PL 106-554, 114 Stat
2763
CFR Citation: 17 CFR 36 to 38; 17 CFR 40
Legal Deadline: None
Abstract: The amendments are intended to clarify and codify acceptable
practices under the rules for trading facilities adopted pursuant to
the Commodity Futures Modernization Act of 2000. The amendments are
based on the Commission's experience over the past three and one half
years in applying the rules for trading facilities. The amendments also
make various technical corrections and conforming amendments to the
rules.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 07/11/05 70 FR 39672
NPRM Comment Period End 09/26/05
Final Action 12/00/05
Regulatory Flexibility Analysis Required: No
Small Entities Affected: No
Government Levels Affected: None
Agency Contact: Donald H. Heitman, Senior Special Counsel, Division of
Market Oversight, Commodity Futures Trading Commission, Three Lafayette
Centre, 1155 21st Street NW., Washington, DC 20581
Phone: 202 418-5041
Fax: 202 418-5507
Email: [email protected]
RIN: 3038-AC23
_______________________________________________________________________
Commodity Futures Trading Commission (CFTC) Completed Actions
_______________________________________________________________________
3787. INVESTMENT OF CUSTOMER FUNDS AND RECORD OF INVESTMENTS
Priority: Substantive, Nonsignificant
CFR Citation: 17 CFR 1.25; 17 CFR 1.27
Completed:
________________________________________________________________________
Reason Date FR Cite
________________________________________________________________________
Final Action 05/17/05 70 FR 28190
Final Action Effective 06/16/05
Regulatory Flexibility Analysis Required: No
Small Entities Affected: No
Government Levels Affected: None
Agency Contact: Phyllis P. Dietz
Phone: 202 418-5449
Fax: 202 418-5536
Email: [email protected]
RIN: 3038-AC15
_______________________________________________________________________
3788. GUIDANCE ON CLEARING OF OVER-THE-COUNTER OPTIONS ON EXEMPT
COMMODITIES BY A DESIGNATED CONTRACT MARKET
Priority: Substantive, Nonsignificant
CFR Citation: None
Completed:
________________________________________________________________________
Reason Date FR Cite
________________________________________________________________________
Withdrawn 10/12/05
Regulatory Flexibility Analysis Required: Undetermined
Government Levels Affected: Undetermined
Agency Contact: Elizabeth L. Ritter
Phone: 202 418-5052
Fax: 202 418-5524
Email: [email protected]
Christine P. Remy
Phone: 202 418-5134
Fax: 202 418-5524
Email: [email protected]
RIN: 3038-AC17
_______________________________________________________________________
3789. REVISION OF FEDERAL SPECULATIVE LIMITS
Priority: Substantive, Nonsignificant
CFR Citation: 17 CFR 150
[[Page 65518]]
Completed:
________________________________________________________________________
Reason Date FR Cite
________________________________________________________________________
Final Action 05/11/05 70 FR 24705
Final Action Effective 06/10/05
Regulatory Flexibility Analysis Required: No
Small Entities Affected: No
Government Levels Affected: None
Agency Contact: Clarence Sanders
Phone: 202 418-5068
Fax: 202 418-5527
Email: [email protected]
RIN: 3038-AC24
[FR Doc. 05-17861 Filed 10-28-05; 8:45 am]
BILLING CODE 6351-01-S
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