[Federal Register: December 19, 1996 (Volume 61, Number 245)]
[Proposed Rules]
[Page 66949-66953]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]

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COMMODITY FUTURES TRADING COMMISSION

17 CFR Parts 145 and 147


Commission Records and Information; Open Commission Meetings

AGENCY: Commodity Futures Trading Commission.

ACTION: Notice of proposed rulemaking.

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SUMMARY: The Commodity Futures Trading Commission (``Commission'' or
``CFTC'') seeks comments on its proposal to amend rules relating to
Commission records and information last revised October 5, 1989. The
proposed modifications update and streamline procedures in light of the
Commission's experience in the past several years and amend rules
regarding open Commission meetings to conform to these modifications.

DATES: Comments are due no later than February 18, 1997.

ADDRESSES: Comments should be sent to Jean A. Webb, Secretary of the
Commission, Commodity Futures Trading Commission, Three Lafayette
Centre, 1155 21st Street, NW, Washington, DC 20581; or by electronic
mail to [email protected]

FOR FURTHER INFORMATION CONTACT: Merry Lymn, Assistant General Counsel,
Office of the General Counsel, Commodity Futures Trading Commission,
Three Lafayette Centre, 1155 21st Street, NW, Washington, DC 20581.
Telephone: (202) 418-5120.

SUPPLEMENTARY INFORMATION:

I. Background--Need for Revisions

    Based on its experience in the nearly seven years since the rules
implementing the Freedom of Information Act (``FOIA'') (5 U.S.C. 552
(1994)) were last revised, the Commission has identified several rules
which it believes should be modified. The Commission invites comments
regarding the proposed revisions.

A. Disclosure of Nonpublic Records

1. Exemption 7
    The Freedom of Information Reform Act of 1986 (Secs. 1801-1804 of
Public L. 99-570) (``Reform Act'') amended the FOIA by modifying the
terms of Exemption 7 (5 U.S.C. 552(b)(7)) relating to requests for
records compiled for law enforcement purposes, and by supplying new
provisions relating to the charging and waiving of fees. On May 22,
1987, the Commission published a final rule at 52 FR 19306 implementing
a Uniform Freedom of Information Act Fee Schedule and Guidelines,
published by the Office of Management and Budget, 52 FR 10011 (March
27, 1987) (``OMB Guidelines''). At that time, the Commission did not
modify its rule regarding Exemption 7 set forth in 17 CFR 145.5(g).
Nevertheless, since early 1988, the Commission has been implementing
Exemption 7 by following the guidance set forth in the ``Attorney
General's Memorandum on the 1986 Amendments to the Freedom of
Information Act'' (December 1987). The Commission proposes to revise
Rule 145.5(g) to conform to its practice and the Reform Act.
    Prior to the Reform Act, FOIA permitted the withholding of
investigatory records, only to the extent that production ``would''
interfere with enforcement proceedings; ``would'' constitute an
unwarranted invasion of personal privacy; ``would'' disclose the
identity of a confidential source; or ``would'' endanger the life or
safety of law enforcement personnel. 5 U.S.C. 552(b)(7) (A), (C), and
(D) (1982). The Commission's current rule reflects this statutory
language.
    The Reform Act relaxed the test relating to the withholding of
investigatory records by substituting ``would'' with the phrase ``could
reasonably be expected to'' in 5 U.S.C. 552(b)(7)(A) (interfere with
enforcement proceedings), (b)(7)(C) (constitute an unwarranted invasion
of personal privacy), and (b)(7)(D) (disclose identity of a
confidential source). The Reform Act also modified subsection (b)(7)(F)
to provide for the withholding of records to protect the life or
physical safety of any person, not just law enforcement personnel. The
Commission proposes to amend Rule 145.5(g) to conform to its practice
and the Reform Act.
    Additionally, the Reform Act amended the confidential source
provision of FOIA to extend it to include ``a State, local or foreign
agency or authority or any private institution which furnished
information on a confidential basis.'' The Reform Act also amended FOIA
to provide for expanded protection of the information itself when
provided by a confidential source in a criminal or national security
investigation. Both of these changes are reflected in the proposed
revision of Rule 145.5(g).
    Originally, FOIA had provided for the withholding of
``investigative techniques and procedures.'' 5 U.S.C. 552(b)(7)(E)
(1982). The Reform Act added an exemption for disclosure of
``techniques and procedures for law enforcement investigations or
prosecutions, or * * * [disclosure of] guidelines for law enforcement
investigations or prosecutions if such disclosure could reasonably be
expected to risk circumvention of the law.'' 5 U.S.C. 552(b)(7)(E), as
amended. This statutory change is also reflected in the proposed
revision of Rule 145.5(g).
    Further, the Commission proposes to expand the description of
enforcement proceedings. Whereas the current rule describes
``enforcement proceedings'' and ``investigatory records'' primarily as
activities of the Commission, the proposed rule expressly includes the
law enforcement activities of the Department of Justice, or any United
States Attorney, or any Federal, State, local, foreign governmental
authority or foreign futures or securities authority, or any futures or
securities industry self-regulatory organization. Similarly, the
proposed rule also expressly describes ``investigatory record'' to
include material involving the possible violation of any statutory or
regulatory provision administered by these same authorities.
    Finally, the current rule appears to limit the exemption for
investigatory sources to persons who communicated with the Commission
``confidentially.'' As currently phrased, this suggests that a person
must express a desire for ``confidentiality.'' Because FOIA does not
require a request for confidentiality, the Commission proposes to
delete this phraseology. Thus, the proposal covers written
communications from, or to, any person complaining or otherwise
furnishing information respecting possible violations, as well as all
correspondence or memoranda in connection with such complaints or
information.
2. Other Changes
    The introductory paragraph of Rule 145.5(d)(1), which describes
certain business information which the Commission would ordinarily
treat as exempt from disclosure, has led to some confusion. Some
submitters have read the phrase in (d)(1) concerning ``information * *
* of a kind not normally disclosed by the person from whom it was
obtained'' as meaning that if a submitter would not normally disclose
the information to the public, the submitter can choose to have the
Commission withhold it. Such an interpretation is not consistent with
FOIA. The balance of the language of

[[Page 66950]]

the introductory section concerning Commission undertakings to receive
certain material ``for its use or the use of specified persons only''
creates additional ambiguity. The Commission believes neither phrase
adds to the understanding of the rest of the rule. Accordingly, the
Commission proposes to delete the entire introductory paragraph. The
Commission also proposes to delete the same language found in Rule
147.3(b)(4)(i).

B. Detailed Written Justification of Request for Confidential Treatment

    Under the current scheme, when there is a FOIA request for
materials for which confidential treatment has been sought under Rule
145.9 by the submitter of the materials, the Assistant Secretary of the
Commission for Freedom of Information, Privacy and Sunshine Acts
Compliance (``Assistant Secretary'') seemingly must require the
submitter to file a detailed written justification of the confidential
treatment request within ten days. However, it has been the experience
of the Commission that, in some cases, the submitter's initial petition
for confidential treatment of the information or its response to a
prior FOIA request is so complete that the Assistant Secretary does not
need it to be supplemented in order to determine that confidential
treatment is justified. Consequently, the Commission is proposing that
under Rule 145.9(e)(1) the Assistant Secretary request submission of a
detailed justification unless (i) pursuant to an earlier FOIA request,
a prior determination to release or withhold the material has been
made; (ii) the submitter has already provided sufficient information to
grant the request for confidential treatment; or (iii) the material is
otherwise in the public domain.
    Additionally, the Commission proposes to modify Commission Rules
145.9(d)(7) and 145.9(e)(1). When the Assistant Secretary determines
that there has been a request for information for which confidential
treatment has been requested and that it is necessary to provide the
justification, it is proposed that the Assistant Secretary notify the
submitter of the material that the requested information will be
released after ten business days unless the submitter objects by
providing a detailed written justification. In the proposal, should a
submitter fail to file a detailed written justification, the submitter
will not be given an opportunity to appeal an adverse determination. It
is expected that the volume of correspondence will be reduced by giving
the Assistant Secretary this authority. The mandatory language is
unchanged regarding what must be supplied once a request for
confidential treatment is made.
    In some cases, submitters of material have requested confidential
treatment of the public portions of financial reports of futures
commission merchants and introducing brokers filed on Form 1-FR
pursuant to 17 CFR 1.10. In the past seven years, no submitter of
material has been able to convince the Commission to make confidential
the public portions of these reports. However, submitters continue to
file such requests, requiring unnecessary consumption of time and
preparation of paperwork by submitters, requesters, and Commission
staff. Consequently, the Commission is proposing to modify Commission
Rules 145.5 and 145.9(d)(8) by indicating that requests for
confidential treatment of the public portions of the financial reports
will not be processed.<SUP>1 Conforming modifications are proposed for
Commission Rule 147.3(b)(4)(i). The Commission is not proposing any
change regarding which portions of the Form 1-FR are treated as public
and which portions are treated as nonpublic.
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    \1\ To the extent that 17 CFR 1.10 and 31.13 require separate
binding procedures so that certain portions of financial reports can
be accorded nonpublic treatment, the Commission has proposed to
eliminate these procedures in a separate release. 61 FR 55235 (Oct.
25, 1996).
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    Similarly, submitters have requested confidential treatment of
materials which have not yet been submitted to the Commission. In
practice, it is often difficult to identify what subsequent material is
covered, adding greatly to processing time and expense. Accordingly,
the Commission proposes to amend Rule 145.9(d)(4) to indicate that
requests for confidential treatment of a future submission will not be
processed. In some cases, however, submitters submit materials in
installments in response to Commission requests for information, e.g.,
pursuant to investigations or in regard to contract market
designations. The proposal sets forth a labelling procedure to address
this situation.
    Commission Rule 145.9(d)(6) currently states that requests for
confidential treatment are considered public documents. However,
Commission staff routinely declines to treat requests for confidential
treatment as public where disclosure of even the existence of a request
would reveal nonpublic information, e.g., in the case of a request for
confidential treatment made with respect to a submission in a pending
investigation. Accordingly, the Commission proposes to modify
Commission Rule 145.9(d)(6) to permit withholding information about a
request where disclosure of the request itself would reveal other
information exempt from disclosure.
    In all other cases, the request for confidential treatment will be
public. Nonetheless, some requesters include confidential information
in their requests for confidential treatment and seek confidential
treatment of the request. Thus, the Commission proposes to amend
Commission Rule 145.9(d)(6) to advise submitters of information to
place information for which they want confidential treatment in an
appendix to the request.

C. Appendix A--Compilation of Commission Records Available to the
Public

    Appendix A to 17 CFR Part 145 contains a list of publicly available
Commission records and the offices which are responsible for them.
Requesters are advised to contact those offices directly for access to
such records.
    The appendix indicates that the Office of the Secretariat maintains
a binder of FOIA requests and responses. However, since 1985, on the
advice of the United States Department of Justice, it has not been
Commission practice to release the addresses or other personal
information about requesters. See U. S. Department of Justice, Office
of Information and Privacy, Freedom of Information Act Guide & Privacy
Act Overview, September 1995 ed. at 209 (while release of the names of
requesters is not an invasion of privacy, personal information about
FOIA requesters such as home addresses and telephone numbers should not
be disclosed), citing FOIA Update, Winter 1985 at 6 (personal
information about an individual FOIA requester is protected under
Exemption 6 absent a particularly compelling public interest in its
disclosure; however, names of Privacy Act requesters should not be
disclosed). Rather than redacting all correspondence, the Office of the
Secretariat has been redacting personal information from the requests
and responses only when an FOIA request is made as to those documents.
Consequently, the Commission proposes to amend Appendix A to conform to
its current practice by deleting reference to the binder from Appendix
A(b)(1) and renumbering the paragraphs accordingly.
    Appendix A also indicates that requesters may obtain access to
public portions of registration documents at the Commission's regional
office in Chicago. Since 1983 the Commission

[[Page 66951]]

has authorized the National Futures Association (``NFA'') to perform
various portions of the Commission's registration functions and
responsibilities under the Commodity Exchange Act, 7 U.S.C. 1 et seq.
(1994). By notice published at 49 FR 39518, 39523 (Oct. 9, 1984), the
Commission authorized NFA to make available to the public for
inspection and copying the publicly available portions of all
registration forms compiled or maintained in connection with its
performance of registration functions under the Commodity Exchange Act.
At that time, the Commission notified the public that any person
seeking to inspect or copy the publicly available portions of such
registration forms should contact NFA directly and that a formal
request pursuant to FOIA is not necessary to obtain such information.
The Commission proposes to amend Appendix A accordingly.

D. Appendix B--Schedule of Fees

    The Commission last set FOIA fees on May 22, 1987 when it published
a final rule at 52 FR 19306 (May 22, 1987). The OMB Guidelines require
that each agency's fees for searches involving records stored in
computer formats be based upon its direct reasonable operating costs of
providing FOIA services. To this end, the Commission has reviewed its
fees and proposes a new fee schedule to be set forth in Appendix B. The
fees set forth in the proposal reflect the data the Commission
currently reports to OMB. Fees are based upon the actual computer time
used. The proposed fee for programming and performing searches is
$32.00 per hour. This fee represents the average of the pay scale for
staff who actually perform the service--GS-13, Step 4. The Commission
has calculated its direct costs, defined by OMB for the purpose of FOIA
fees, as salary of $27.86 per hour, plus 16 percent. 52 FR 10018 (Mar.
27, 1987). The Commission rounded the $32.32 total to $32.00.
    Finally, in Appendix B(a)(3) the phrase ``operation of the central
processing unit'' has caused some confusion. Rather than substituting a
new phrase, the Commission proposes to explain the new way in which its
records are stored in its computer systems and how searches are
performed. This should clarify the process.

E. The Commission's Address

    The Commission proposes to update the addresses and telephone
numbers which appear in Part 145, which have not been updated
previously.

II. Related Matter

Regulatory Flexibility Act

    The Regulatory Flexibility Act (``RFA''), 5 U.S.C. 601 et seq.
(1988), requires that agencies, in proposing rules, consider the impact
of those rules on small businesses. The Commission has previously
determined, pursuant to 5 U.S.C. 605(b) that Part 145 rules relating to
Commission records and information do not have a significant economic
impact on a substantial number of small entities. Because they do not
impose regulatory obligations on commodity professionals and small
commodity firms, and because, if instituted, the proposed corrections
and amendments will expedite and improve the FOIA process, the
Commission does not expect the proposed rule to have a significant
economic impact on a substantial number of small business entities.
    Accordingly, pursuant to Rule 3(a) of the RFA (5 U.S.C. 605(b)),
the Chairperson, on behalf of the Commission, certifies that this
proposed rule will not have a significant economic impact on a
substantial number of small entities. The Commission nonetheless
invites comment from any member of the public who believes that these
revisions and corrections would have a significant impact on small
businesses.

List of Subjects

17 CFR Part 145

    Confidential business information, Freedom of information.

17 CFR Part 147

    Sunshine Act.
    For the reasons set forth in the preamble, title 17, parts 145 and
147 are proposed to be amended as follows:

PART 145--COMMISSION RECORDS AND INFORMATION

    1. The authority for Part 145 is revised to read:

    Authority: Pub. L. 99-570, 100 Stat. 3207, Pub. L. 89-554, 80
Stat. 383, Pub. L. 90-23, 81 Stat. 54, Pub. L. 93-502, 88 Stat.
1561-1564 (5 U.S.C. 552); Sec. 101(a), Pub. L. 93-463, 88 Stat. 1389
(5 U.S.C. 4a(j)); unless otherwise noted.

    2. Section 145.5 is amended as set forth below:


Sec. 145.5  [Amended]

    a. In the introductory paragraph add a sentence to the end as set
forth below.
    b. Remove the introductory text of paragraph (d)(1).
    c. In (d)(1)(i) (B) and (E) remove the following phrase:
``Provided, The procedure set forth in 17 CFR 1.10(g) is followed:''.
    d. In (d)(1)(i) (C) and (D) remove the following phrase: ``,
provided the procedure set forth in Sec. 1.10(g) of this chapter is
followed''.
    e. In (d)(1)(i) (F) and (G) remove the following phrase: ``, if the
procedure set forth in Sec. 1.10(g) of this chapter is followed''.
    f. In (d)(1)(i)(H) remove the following phrase: ``, provided the
procedure set forth in Sec. 31.13(m) of this chapter is followed''.
    g. Paragraph (g) is revised to read as set forth below.


Sec. 145.5  Disclosure of nonpublic records.

    * * * Requests for confidential treatment of segregable public
information will not be processed.
* * * * *
    (g)(1) Records or information compiled for law enforcement purposes
to the extent that the production of such records or information:
    (i) Could reasonably be expected to interfere with enforcement
activities undertaken or likely to be undertaken by the Commission or
any other authority including, but not limited to, the Department of
Justice, or any United States Attorney, or any Federal, State, local,
foreign governmental authority or foreign futures or securities
authority, or any futures or securities industry self-regulatory
organization;
    (ii) Would deprive a person of a right to a fair trial or an
impartial adjudication;
    (iii) Could reasonably be expected to constitute an unwarranted
invasion of personal privacy;
    (iv) Could reasonably be expected to disclose the identity of a
confidential source including a State, local or foreign agency or
authority or any private institution which furnished information on a
confidential basis, and, in the case of a record or information
compiled by a criminal law enforcement authority in the course of a
criminal investigation, or by an agency conducting a lawful national
security intelligence investigation, information furnished by a
confidential source;
    (v) Would disclose techniques or procedures or would disclose
guidelines for law enforcement investigations or prosecutions if such
disclosure could reasonably be expected to risk circumvention of the
law; or
    (vi) Could reasonably be expected to endanger the life or physical
safety of any individual.
    (2) The term ``investigatory records'' includes, but is not limited
to, all documents, records, transcripts, evidentiary materials of any
nature,

[[Page 66952]]

correspondence, related memoranda, or work product concerning any
examination, any investigation (whether formal or informal), or any
related litigation, which pertains to, or may disclose, the possible
violation by any person of any provision of any statute, rule, or
regulation administered by the Commission, by any other Federal, State,
local, or foreign governmental authority or foreign futures or
securities authority, or by any futures or securities industry self-
regulatory organization. The term ``investigatory records'' also
includes all written communications from, or to, any person complaining
or otherwise furnishing information respecting such possible
violations, as well as all correspondence or memoranda in connection
with such complaints or information.
* * * * *


Sec. 145.6  Commission offices to contact for assistance; registration
records available.

    3. In Sec. 145.6(a), remove the phrase ``(816) 374-6602'' and add
in its place ``(816) 931-7600''; remove the phrase ``10880 Wilshire
Blvd., suite 1005 Los Angeles, California 90024, Telephone: (310) 575-
6783'' and add in its place ``10900 Wilshire Boulevard, Suite 400, Los
Angeles, California 90024, Telephone: (310) 325-6783''.
    4. Section 145.9 is amended by revising paragraphs (d) (4), (6),
(7), and (8) and the first sentence of (e)(1) to read as follows:


Sec. 145.9  Petition for confidential treatment of information
submitted to the Commission.

* * * * *
    (d) * * *
    (4) A request for confidential treatment should accompany the
material for which confidential treatment is being sought. If a request
for confidential treatment is filed after the filing of such material,
the submitter shall have the burden of showing that it was not possible
to request confidential treatment for that material at the time the
material was filed. A request for confidential treatment of a future
submission will not be processed. All records which contain information
for which a request for confidential treatment is made or the
appropriate segregable portions thereof should be marked by the person
submitting the records with a prominent stamp, typed legend, or other
suitable form of notice on each page or segregable portion of each page
stating ``Confidential Treatment Requested by [name].'' If such marking
is impractical under the circumstances, a cover sheet prominently
marked ``Confidential Treatment Requested by [name]'' should be
securely attached to each group of records submitted for which
confidential treatment is requested. Each of the records transmitted in
this matter should be individually marked with an identifying number
and code so that they are separately identifiable. In some
circumstances, such as when a person is testifying in the course of a
Commission investigation or providing documents requested in the course
of a Commission inspection, it may be impractical to submit a written
request for confidential treatment at the time the information is first
provided to the Commission. In no circumstances can the need to comply
with the requirements of this section justify or excuse any delay in
submitting information to the Commission. Rather, in such
circumstances, the person testifying or otherwise submitting
information should inform the Commission employee receiving the
information, at the time the information is submitted or as soon
thereafter as possible, that the person is requesting confidential
treatment for the information. The person shall then submit a written
request for confidential treatment within 30 days of the submission of
the information. If access is requested under the Freedom of
Information Act with respect to material for which no timely request
for confidential treatment has been made, it may be presumed that the
submitter of the information has waived any interest in asserting that
the material is confidential.
* * * * *
    (6) A request for confidential treatment (as distinguished from the
material that is the subject of the request) shall be considered a
public document unless disclosure of the request itself would reveal
information exempt from disclosure. In cases in which disclosure of the
request itself would reveal information exempt from disclosure, the
request will not be disclosed. In all other cases, the request for
confidential treatment will be disclosed. When a requester of
confidential treatment deems it necessary to include, in its request
for confidential treatment, information for which it seeks confidential
treatment, the requester shall place that information in an appendix to
the request. Information not segregated into such an appendix will be
released to the public under the same considerations that the request
itself will be released.
    (7) On ten business days notice, a submitter shall submit a
detailed written justification of a request for confidential treatment,
as specified in paragraph (e) of this section. The Assistant Secretary
will notify the submitter that failure to provide timely a detailed
written justification will be deemed a waiver of the submitter's
opportunity to appeal an adverse determination.
    (8)(i) Requests for confidential treatment for any reasonably
segregable material that is not exempt from public disclosure under the
Freedom of Information Act as implemented in Sec. 145.5(d) or for
confidential treatment of segregable public information contained in
financial reports as specified in Sec. 1.10 shall not be processed.
Except for those materials which have been designated as nonpublic in
Sec. 145.5(d), a submitter has the burden of clearly and precisely
specifying the material that is the subject of his or her confidential
treatment request. A submitter may be able to meet this burden in
various ways, including:
    (A) Segregating material for which confidential treatment is being
sought;
    (B) Submitting two copies of the submission: a copy from which
material for which confidential treatment is being sought has been
obliterated, deleted, or clearly marked; and an unmarked copy; and
    (C) Clearly describing the material within a submission for which
confidential treatment is being sought.
    (ii) A submitter shall not employ a method of specifying the
material for which confidential treatment is being sought if that
method makes it unduly difficult for the Commission to read the full
submission, including all portions claimed to be confidential, in its
entirety.
* * * * *
    (e) * * * (1) If the Assistant Secretary or his or her designee
determines that a FOIA request seeks material for which confidential
treatment has been requested pursuant to Sec. 145.9, the Assistant
Secretary or his or her designee shall require the submitter to file a
detailed written justification of the confidential request within ten
business days of that determination unless:
    (i) Pursuant to an earlier FOIA request, a prior determination to
release or withhold the material has been made;
    (ii) The submitter has already provided sufficient information to
grant the request for confidential treatment; or
    (iii) The material is otherwise in the public domain.
    * * *
* * * * *

[[Page 66953]]

Appendix A to Part 145--Compilation of Commission Records Available to
the Public.

    6. In Appendix A remove paragraph (b)(1) and redesignate paragraphs
(b)(2) through (b)(13) as (b)(1) through (b)(12), respectively; and in
paragraph (g) of Appendix A remove the phrase ``from the Division of
Trading and Markets, Commodity Futures Trading Commission, 300 South
Riverside Plaza, suite 1600 North, Chicago, Illinois 60606 or''.
    7. Amend Appendix B to Part 145 by revising paragraph (a)(3) to
read as follows:

Appendix B to Part 145--Schedule of Fees.

    (a) * * *
    (3) The Commission uses a variety of computer systems to support
its operations and store records. Older systems of records,
particularly systems involving large numbers of records, are maintained
on a mainframe computer. More recently, systems have been developed
using small, inexpensive, shared computer systems to store records.
Systems of use in particular programmatic and administrative operations
may also store records on the workstation computers assigned to
particular staff members. For searches of records stored on the
Commission's mainframe computer, the use of computer processing time
will be charged at $456.47 for each hour, $7.61 for each minute, and
$0.1268 for each second of computer processing time indicated by the
job accounting log printed with each search. When searches require the
expertise of a computer specialist, staff time for programming and
performing searches will be charged at $32.00 per hour. For searches of
records stored on personal computers used as workstations by Commission
staff and shared access network servers, the computer processing time
is included in the search time for the staff member using that
workstation as set forth in the other subsections of Appendix B,
section (a).
* * * * *

PART 147--OPEN COMMISSION MEETINGS

    8. The authority for part 147 continues to read:

    Authority: Sec. 3(a), Pub. L. 94-409, 90 Stat. 1241 (5 U.S.C.
552b); sec. 101(a)(11), Pub. L. 93-463, 88 Stat. 1391 (7 U.S.C.
4a(j)(Supp. V, 1975)), unless otherwise noted.


Sec. 147.3  [Amended]

    9. In Sec. 147.3 make the following changes:
    a. Remove the introductory text of paragraph (b)(4)(i).
    b. In paragraphs (b)(4)(i)(A) (2) and (5) remove the following
phrase: ``Provided, The procedure set forth in 17 CFR 1.10(g) is
followed:''.
    c. In paragraphs (b)(4)(i)(A) (3) and (4) remove the following
phrase: ``, provided, the procedure set forth in Sec. 1.10(g) of this
chapter is followed''.
    d. In paragraphs (b)(4)(i)(A) (6) and (7) remove the following
phrase: ``, if the procedure set forth in Sec. 1.10(g) of this chapter
is followed''.
    e. In paragraph (b)(4)(i)(A)(8) remove the following phrase:
``provided the procedure set forth in Sec. 31.13(m) of this chapter is
followed''.

    Issued by the Commission.

    Dated: December 11, 1996.
Jean A. Webb,
Secretary of the Commission, Commodity Futures Trading Commission.
[FR Doc. 96-31930 Filed 12-18-96; 8:45 am]
BILLING CODE 6351-01-P

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