[April 26, 1999 (Volume 64, Number 77)]
[Unified Agenda]
From the Federal Register Online via GPO Access [frwais.access.gpo.gov]
[DOCID:ua26ap99_048-1]

[Page 22241-22243]

Part L

Commodity Futures Trading Commission

_______________________________________________________________________

COMMODITY FUTURES TRADING COMMISSION (CFTC)

_______________________________________________________________________



[[Page 22241]]




Semiannual Regulatory Agenda

[[Page 22242]]




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 which the Commission expects to
propose or promulgate over the next year. The Commission welcomes
comments from small entities and others on the agenda.

ADDRESSES: Comments should be sent to: Ms. Barbara Webster Black,
Special Assistant to the Executive Director, Commodity Futures Trading
Commission, 1155 21st Street NW., Washington, DC 20581, (202) 418-5130,
[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:

    (a) During the months of April and October of each year, each
agency shall publish in the Federal Register a regulatory
flexibility agenda which shall contain:

    (1) A brief description of the subject area of any rule which
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 concerning the items listed in paragraph (1). 5
U.S.C. 602(a).

    The Commission has prepared an agenda of significant rules
which it presently expects may be considered during the course of
the next year, irrespective of their potential impact on small
entities.<SUP>1</SUP> 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.''


<SUP>1</SUP>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 which 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, an advisory which lists rules
that the Commission is considering or will consider in the near future.

    The Commission's April 1999 regulatory flexibility agenda is
set forth below.

Issued in Washington, DC, on February 17, 1999, by the Commission.

Jean A. Webb,

Secretary of the Commission.

                                                  Prerule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4052         Insider Trading--Regulation 1.59.....................................................    3038-AB35
----------------------------------------------------------------------------------------------------------------


                                               Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4053         Procedures for Involuntary Bulk Transfers or Liquidations of Customer Accounts.......    3038-AA77
4054         Automated Access to Foreign Boards of Trade From Within the United States............    3038-AB30
4055         Denomination of Customer Funds and Location of Depositories..........................    3038-AB31
4056         Exclusion for Certain Otherwise Regulated Persons From the Definition of the Term        3038-AB34
            ``Commodity Pool Operator''...........................................................
4057         Definition of a Principal............................................................    3038-AB36
4058         Rule 4.7: Exemption From Certain Part 4 Requirements With Respect to Qualified           3038-AB37
            Eligible Participants and Qualified Eligible Clients..................................
4059         Performance Disclosures for Commodity Trading Advisors and Commodity Pool Operators..    3038-AB39
----------------------------------------------------------------------------------------------------------------


[[Page 22243]]


                                                Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4060         Revision of Federal Speculative Position Limits and Associated Rules.................    3038-AB32
4061         Economic and Public Interest Requirements for Contract Market Designation............    3038-AB33
4062         Alternative Procedures for Non-Domestic Persons; Disclosure..........................    3038-AB38
----------------------------------------------------------------------------------------------------------------


                                                Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4063         Prohibition on Voting by Interested Members..........................................    3038-AB03
4064         Requests for Exemptive, No-Action and Interpretative Letters.........................    3038-AB28
----------------------------------------------------------------------------------------------------------------

_______________________________________________________________________


[April 26, 1999 (Volume 64, Number 77)]
[Unified Agenda]
From the Federal Register Online via GPO Access [frwais.access.gpo.gov]
[DOCID:ua26ap99_048-2]

[Page 22243]

Part L

Commodity Futures Trading Commission

_______________________________________________________________________

COMMODITY FUTURES TRADING COMMISSION (CFTC)               Prerule Stage

_______________________________________________________________________

4052. <bullet> INSIDER TRADING--REGULATION 1.59




Priority:  Substantive, Nonsignificant

Legal Authority:  7 USC 9

CFR Citation:  17 CFR 1.59

Legal Deadline: None

Abstract: The proposed regulatory amendment would clarify the use of
the terms self-regulatory employee and governing board or committee
member for the purpose of Regulation 1.59. The proposed amendment also
would clarify the scope of the trading prohibition in Regulation
1.59(b)(1)(i).

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           06/00/99
ANPRM Comment Period End        08/00/99

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: David P. Van Wagner, Acting Associate Director,
Division of Trading and Markets, Commodity Futures Trading Commission,
Three Lafayette Centre, 1155 21st Street NW., Washington, DC 20581
Phone: 202 418-5481
Fax: 202 418-5536
Email: [email protected]

RIN: 3038-AB35
_______________________________________________________________________


[April 26, 1999 (Volume 64, Number 77)]
[Unified Agenda]
From the Federal Register Online via GPO Access [frwais.access.gpo.gov]
[DOCID:ua26ap99_048-3]

[Page 22243]

Part L

Commodity Futures Trading Commission

_______________________________________________________________________

COMMODITY FUTURES TRADING COMMISSION (CFTC)         Proposed Rule Stage

_______________________________________________________________________

4053. PROCEDURES FOR INVOLUNTARY BULK TRANSFERS OR LIQUIDATIONS OF
CUSTOMER ACCOUNTS




Priority:  Substantive, Nonsignificant

Legal Authority:  7 USC 6d; 7 USC 6f; 7 USC 6g; 7 USC 6k; 7 USC 12a

CFR Citation:  17 CFR 1.68

Legal Deadline: None

Abstract: The CFTC will undertake a rulemaking proceeding to establish
requirements concerning procedures to be followed by futures commission
merchants and introducing brokers when bulk transfers or liquidations
of customer accounts are made due to cessation or suspension of
business or other special circumstances affecting the registrant.
Issues to be addressed include whether commissions or fees can be
charged to customers if their accounts are transferred other than at
their request.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            08/00/99
NPRM Comment Period End         10/00/99

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

Agency Contact: Lawrence B. Patent, Associate Chief Counsel, Division
of Trading and Markets, 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-AA77
_______________________________________________________________________



[April 26, 1999 (Volume 64, Number 77)]
[Unified Agenda]
From the Federal Register Online via GPO Access [frwais.access.gpo.gov]
[DOCID:ua26ap99_048-4]

[Page 22243-22244]

Part L

Commodity Futures Trading Commission

_______________________________________________________________________

COMMODITY FUTURES TRADING COMMISSION (CFTC)         Proposed Rule Stage

_______________________________________________________________________

4054. AUTOMATED ACCESS TO FOREIGN BOARDS OF TRADE FROM WITHIN THE UNITED
STATES

Priority:  Other Significant. Major status under 5 USC 801 is
undetermined.

Legal Authority:  7 USC 2; 7 USC 4; 7 USC 6; 7 USC 6c; 7 USC 12a

CFR Citation:  17 CFR 30

Legal Deadline: None

Abstract: The Commission issued proposed rules concerning automated
access to foreign boards of trade from within the U.S. These rules, if
adopted, would establish a procedure for a foreign board of trade to
petition the Commission for an order to be recognized as a foreign
electronic exchange or ``RFEE.'' The Commission's issuance of such an
order would permit automated trading systems with access to the foreign
board of trade's products

[[Page 22244]]

to be placed and used within the U.S. without requiring the foreign
board of trade to be designated as a U.S. contract market. The
Commission also would add a new rule that would apply both to domestic
and foreign firms to provide that customers wishing to trade on a U.S.
exchange's automated system or on an RFEE may place orders via
automated order routing systems, if such systems provide certain
safeguards such as automated checks for customer position and credit
limits.

Statement of Need: The Commission received a number of inquiries
regarding the ability of a foreign board of trade to place computer
terminals in the U.S. for the purpose of facilitating the trading of
products available on the boards of trade without being required to be
designated as a U.S. contract market. In undertaking a rulemaking in
this area, the Commission seeks to implement a regulatory framework
that will provide certainty to foreign boards of trade that want to
place terminals in the U.S., will not inhibit cross-border trading
activities, will be consistent with the Commission's regulatory
obligations to maintain the integrity and competitiveness of the U.S.
markets, and will provide protection to U.S. customers.

Summary of the Legal Basis: Section 4(a) of the Commodity Exchange Act
(Act) states that a commodity futures contract may be traded lawfully
in the U.S. if it is traded on or subject to the rules of a board of
trade that has been designated as a contract market by the Commission.
The concept release requests comments on a potential regulatory
framework that would provide a means for a foreign board of trade to
petition the Commission to place its computer terminals in the U.S.
without subjecting the foreign board of trade to the requirement that
it be designated as a contract market under the Act.

Alternatives: Absent the Commission undertaking a rulemaking in this
area, foreign boards of trade would be required to be designated as
U.S. contract markets prior to placing terminals in the U.S. for the
purpose of facilitating access to their products.

Anticipated Costs and Benefits: As a financial regulator, the
Commission is acutely aware of the costs of regulation. Throughout its
history, the Commission has taken into account the costs of its
proposed regulations to ensure that the benefits of its regulations
outweigh the costs.

Risks: The Commission, through its Concept Release, has asked for
public comment regarding any risks from the placement and use of
foreign board of trade terminals in the U.S. and whether foreign boards
of trade should be subject to Commission rules in order to minimize
risks.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Concept Release                 07/24/98                    63 FR 39779
NPRM                            03/24/99                    64 FR 14159
NPRM Comment Period End         04/23/99
Final Action                    07/00/99

Regulatory Flexibility Analysis Required: No
Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Lawrence T. Eckert, Staff Attorney, Division of Trading
and Markets, Commodity Futures Trading Commission, Three Lafayette
Centre, 1155 21st Street NW., Washington, DC 20581
Phone: 202 418-5430
Fax: 202 418-5536
Email: [email protected]

RIN: 3038-AB30
_______________________________________________________________________



[April 26, 1999 (Volume 64, Number 77)]
[Unified Agenda]
From the Federal Register Online via GPO Access [frwais.access.gpo.gov]
[DOCID:ua26ap99_048-5]

[Page 22244]

Part L

Commodity Futures Trading Commission

_______________________________________________________________________

COMMODITY FUTURES TRADING COMMISSION (CFTC)         Proposed Rule Stage

_______________________________________________________________________

4055. DENOMINATION OF CUSTOMER FUNDS AND LOCATION OF DEPOSITORIES

Priority:  Substantive, Nonsignificant

Legal Authority:  7 USC 1a; 7 USC 2; 7 USC 2a; 7 USC 4; 7 USC 4a; 7 USC
6; 7 USC 6a; 7 USC 6b; 7 USC 6c; 7 USC 6d; 7 USC 6e; 7 USC 6f; 7 USC
6g; 7 USC 6h; 7 USC 6l

CFR Citation:  Not yet determined

Legal Deadline: None

Abstract: The Commission is proposing rules requesting public comment
on how to address the risks relating to holding segregated funds
offshore or in foreign currencies.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Concept Release                 12/30/97                    62 FR 67841
NPRM                            04/00/99
NPRM Comment Period End         06/00/99

Regulatory Flexibility Analysis Required: No
Small Entities Affected: No

Government Levels Affected: None

Agency Contact: France Maca, Special Counsel, Division of Trading and
Markets, Commodity Futures Trading Commission, Three Lafayette Centre,
1155 21st Street NW., Washington, DC 20581
Phone: 202 418-5482
Fax: 202 418-5536
Email: [email protected]

RIN: 3038-AB31
_______________________________________________________________________



[April 26, 1999 (Volume 64, Number 77)]
[Unified Agenda]
From the Federal Register Online via GPO Access [frwais.access.gpo.gov]
[DOCID:ua26ap99_048-6]

[Page 22244]

Part L

Commodity Futures Trading Commission

_______________________________________________________________________

COMMODITY FUTURES TRADING COMMISSION (CFTC)         Proposed Rule Stage

_______________________________________________________________________

4056. <bullet> EXCLUSION FOR CERTAIN OTHERWISE REGULATED PERSONS FROM
THE DEFINITION OF THE TERM ``COMMODITY POOL OPERATOR''

Priority:  Substantive, Nonsignificant

Legal Authority:  7 USC 1a(4); 7 USC 6k to 6o; 7 USC 12a

CFR Citation:  17 CFR 4.5

Legal Deadline: None

Abstract: The Commodity Futures Trading Commission is considering
proposing an amendment to Rule 4.5 by adding a plan defined as a Church
plan in section 3(33) of title I of the Employee Retirement Income
Security Act of 1974 to the employee benefit plans that the rule
currently provides shall not be construed to be commodity pools.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            04/00/99
NPRM Comment Period End         06/00/99

Regulatory Flexibility Analysis Required: No
Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Barbara S. Gold, Assistant Chief Counsel, Division of
Trading and Markets, Commodity Futures Trading Commission, Three
Lafayette Centre, 1155 21st Street NW., Washington, DC 20581
Phone: 202 418-5450
Fax: 202 418-5536
Email: [email protected]

RIN: 3038-AB34
_______________________________________________________________________



[April 26, 1999 (Volume 64, Number 77)]
[Unified Agenda]
From the Federal Register Online via GPO Access [frwais.access.gpo.gov]
[DOCID:ua26ap99_048-7]

[Page 22244-22245]

Part L

Commodity Futures Trading Commission

_______________________________________________________________________

COMMODITY FUTURES TRADING COMMISSION (CFTC)         Proposed Rule Stage

_______________________________________________________________________

4057. <bullet> DEFINITION OF A PRINCIPAL

Priority:  Substantive, Nonsignificant

Legal Authority:  7 USC 6d; 7 USC 6f; 7 USC 6m; 7 USC 6n; 7 USC 12a

CFR Citation:  17 CFR 3.1; 17 CFR 4.10

[[Page 22245]]

Legal Deadline: None

Abstract: The Commission will undertake a rulemaking to modify the
definition of a ``principal'' for purposes of firm registration and
disclosure under part 4 of the Commission's rules. The focus will be
upon which officers of a firm should be considered principals for these
purposes.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            07/00/99
NPRM Comment Period End         09/00/99

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: Lawrence B. Patent, Associate Chief Counsel, Division
of Trading and Markets, 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-AB36
_______________________________________________________________________



[April 26, 1999 (Volume 64, Number 77)]
[Unified Agenda]
From the Federal Register Online via GPO Access [frwais.access.gpo.gov]
[DOCID:ua26ap99_048-8]

[Page 22245]

Part L

Commodity Futures Trading Commission

_______________________________________________________________________

COMMODITY FUTURES TRADING COMMISSION (CFTC)         Proposed Rule Stage

_______________________________________________________________________

4058. <bullet> RULE 4.7: EXEMPTION FROM CERTAIN PART 4 REQUIREMENTS WITH
RESPECT TO QUALIFIED ELIGIBLE PARTICIPANTS AND QUALIFIED ELIGIBLE
CLIENTS

Priority:  Substantive, Nonsignificant

Legal Authority:  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

Legal Deadline: None

Abstract: The Commodity Futures Trading Commission intends to propose
amendments to Rule 4.7 that would make more persons eligible for
treatment as qualified eligible participants or qualified eligible
clients under the rule, e.g., principals of the commodity pool operator
or commodity trading advisor who have been employed in the financial
services industry for a specified number of years.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/00/99
NPRM Comment Period End         07/00/99

Regulatory Flexibility Analysis Required: No
Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Jocelyn B. Barone, Attorney/Advisor, Division of
Trading and Markets, Commodity Futures Trading Commission, Three
Lafayette Centre, 1155 21st Street NW., Washington, DC 20581
Phone: 202 418-5450
Fax: 202 418-5536
Email: [email protected]

RIN: 3038-AB37
_______________________________________________________________________



[April 26, 1999 (Volume 64, Number 77)]
[Unified Agenda]
From the Federal Register Online via GPO Access [frwais.access.gpo.gov]
[DOCID:ua26ap99_048-9]

[Page 22245]

Part L

Commodity Futures Trading Commission

_______________________________________________________________________

COMMODITY FUTURES TRADING COMMISSION (CFTC)         Proposed Rule Stage

_______________________________________________________________________

4059. <bullet> 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 considering
amending requirements concerning the presentation of rate of return
data by commodity trading advisors and commodity pool operators. Among
other issues, the Commission may 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        08/17/98
NPRM                            05/00/99

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

Agency Contact: Paul Bjarnason, Special Assistant to the Director,
Division of Trading and Markets, Commodity Futures Trading Commission,
Three Lafayette Centre, 1155 21st Street NW., Washington, DC 20581
Phone: 202 418-5459
Fax: 202 418-5536
Email: [email protected]

RIN: 3038-AB39
_______________________________________________________________________


[April 26, 1999 (Volume 64, Number 77)]
[Unified Agenda]
From the Federal Register Online via GPO Access [frwais.access.gpo.gov]
[DOCID:ua26ap99_048-10]

[Page 22245-22246]

Part L

Commodity Futures Trading Commission

_______________________________________________________________________

COMMODITY FUTURES TRADING COMMISSION (CFTC)            Final Rule Stage

_______________________________________________________________________

4060. REVISION OF FEDERAL SPECULATIVE POSITION LIMITS AND ASSOCIATED
RULES




Priority:  Other Significant

Legal Authority:  7 USC 1a; 7 USC 2; 7 USC 4; 7 USC 6a; 7 USC 6c; 7 USC
6f; 7 USC 6g; 7 USC 6h; 7 USC 6i; 7 USC 6k; 7 USC 6m; 7 USC 6n; 7 USC
12a; 7 USC 12a(5); 7 USC 19

CFR Citation:  17 CFR 1; 17 CFR 17; 17 CFR 18; 17 CFR 150

Legal Deadline: None

Abstract: The Commission is proposing rules to raise the levels of
Commission speculative limits for futures contracts on various
agricultural commodities for the deferred contract months, codify a
number of broad exemptions from the Commission rule that exchanges set
speculative position limits for all contracts not subject to Commission
limits, broaden the existing speculative position limit exemption
provided under the Commission rule for independent account controllers,
and amend the Commission's aggregation policy.

Statement of Need: The Commission recently reviewed its policies and
rules governing speculative position limits and found that expansion of
the back-month speculative position limits would be appropriate. The
Commission also believes it appropriate to codify a number of
Commission policies relating to exchange-set speculative position
limits and to expand the existing speculative limit exemptions provided
under Commission rule for independent account controllers to reflect
the trends toward greater complexity in the structure of financial

[[Page 22246]]

services companies and greater professional management of trading
funds.

Summary of the Legal Basis: Section 4a(1) of the Commodity Exchange Act
provides the Commission with the authority to ``fix such limits on the
amount of trading which may be done or positions which may be held by
any person under contracts of sale of such commodity for future
delivery on or subject to the rules of any contract market as the
Commission finds are necessary to diminish, eliminate, or prevent such
burden.''

Alternatives: The Commission has reviewed the alternatives of not
revising its speculative limit rules as proposed and believes that
those alternatives do not provide for appropriate expansion of the
back-month speculative position limits nor appropriate codification of
a number of Commission policies relating to speculative position
limits.

Anticipated Costs and Benefits: The anticipated benefits arising from
the proposed rules would be that the Commission would reflect better
the changing composition of the futures markets. The Commission
anticipates that the rules would not result in an increase in any
costs.

Risks: Speculative limits are an effective means of preventing
unreasonable or unwarranted price fluctuations. Periodic review of
these limits enables the Commission to assess their effectiveness.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            07/17/98                    63 FR 38525
NPRM Comment Period End         10/19/98
Final Action                    04/00/99
Final Action Effective          04/00/99

Regulatory Flexibility Analysis Required: No
Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Paul M. Architzel, Chief Counsel, Division of Economic
Analysis, Commodity Futures Trading Commission, Three Lafayette Centre,
1155 21st Street NW., Washington, DC 20581
Phone: 202 418-5260
Fax: 202 418-5527
Email: [email protected]

RIN: 3038-AB32
_______________________________________________________________________



[April 26, 1999 (Volume 64, Number 77)]
[Unified Agenda]
From the Federal Register Online via GPO Access [frwais.access.gpo.gov]
[DOCID:ua26ap99_048-11]

[Page 22246]

Part L

Commodity Futures Trading Commission

_______________________________________________________________________

COMMODITY FUTURES TRADING COMMISSION (CFTC)            Final Rule Stage

_______________________________________________________________________

4061. ECONOMIC AND PUBLIC INTEREST REQUIREMENTS FOR CONTRACT MARKET
DESIGNATION

Priority:  Other Significant

Legal Authority:  7 USC 6c; 7 USC 7; 7 USC 7a; 7 USC 8; 7 USC 12a

CFR Citation:  17 CFR 5

Legal Deadline: None

Abstract: The Commission is proposing revisions to its Guideline on
Economic and Public Interest Requirements for Contract Market
Designations, 17 CFR part 5, appendix A, Guideline No. 1. Guideline No.
1 details the information that an application for contract markets
designation should include to demonstrate that the contract market
meets the economic requirements for designation. In furtherance of
recent Commission streamlining efforts to reduce the time for
Commission review of such applications, the Commission is proposing
that Guideline No. 1 be revised to reduce any unnecessary burdens
associated with designation applications.

Statement of Need: The Commission recently promulgated fast-track
review procedures to reduce the time for Commission review of contract
market designation applications. To further streamline efforts, the
Commission believes that it is necessary to revise the form and content
requirements of Guideline No. 1 to reduce any unnecessary burdens
associated with the designation process.

Summary of the Legal Basis: The statutory requirements for contract
market designation are found in sections 2(a)(1)(B), 5 and 5a of the
Commodity Exchange Act (Act). The Commission, as an aid to the
exchanges, has provided guidance in meeting these statutory
requirements including the issuance of Guideline No. 1.

Alternatives: The Commission has reviewed the alternatives of not
revising Guideline No. 1 as proposed and has determined that without
revising Guideline No. 1, the reduction of unnecessary burdens
associated with the designation process could not be realized.

Anticipated Costs and Benefits: The anticipated benefits from the
proposed revisions to Guideline No. 1 include the codification of
Commission contract market designation practices. The Commission also
anticipates that the costs associated with the designation process will
be reduced.

Risks: The contract market designation process allows the Commission to
evaluate whether the terms and conditions of proposed contracts address
risks including market manipulation and dissemination of false
information. In this action, the Commission is proposing to further
streamline the contract designation process while preserving the
regulatory functions of the process.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            07/17/98                    63 FR 38537
NPRM Comment Period End         09/15/98
Final Action                    04/00/99
Final Action Effective          04/00/99

Regulatory Flexibility Analysis Required: No
Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Paul M. Architzel, Chief Counsel, Division of Economic
Analysis, Commodity Futures Trading Commission, Three Lafayette Centre,
1155 21st Street NW., Washington, DC 20581
Phone: 202 418-5260
Fax: 202 418-5527
Email: [email protected]

RIN: 3038-AB33
_______________________________________________________________________



[April 26, 1999 (Volume 64, Number 77)]
[Unified Agenda]
From the Federal Register Online via GPO Access [frwais.access.gpo.gov]
[DOCID:ua26ap99_048-12]

[Page 22246-22247]

Part L

Commodity Futures Trading Commission

_______________________________________________________________________

COMMODITY FUTURES TRADING COMMISSION (CFTC)            Final Rule Stage

_______________________________________________________________________

4062. <bullet> ALTERNATIVE PROCEDURES FOR NON-DOMESTIC PERSONS;
DISCLOSURE

Priority:  Substantive, Nonsignificant

Legal Authority:  7 USC 1a; 7 USC 2; 7 USC 4; 7 USC 6; 7 USC 6c; 7 USC
12a

CFR Citation:  17 CFR 30.5; 17 CFR 30.6

Legal Deadline: None

Abstract: The Commodity Futures Trading Commission is proposing to
amend Rules 30.5 and 30.6 governing exemptions from registration and
disclosures by certain persons who solicit U.S. foreign futures and
option customers. Persons seeking an exemption pursuant to Rule 30.5
would be required to provide certain information in order to obtain an
exemption. The disclosure requirements governing commodity pool
operators and commodity trading advisors would be amended to more

[[Page 22247]]

closely parallel the disclosures required when soliciting U.S.
customers for trading on domestic markets.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            01/11/99                     64 FR 1566
NPRM Comment Period End         03/12/99
Final Action                    07/00/99

Regulatory Flexibility Analysis Required: No
Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Laurie Duperier, Special Counsel to the Director,
Division of Trading and Markets, Commodity Futures Trading Commission,
Three Lafayette Centre, 1155 21st Street NW., Washington, DC 20581
Phone: 202 418-5093
Fax: 202 418-5547
Email: [email protected]

RIN: 3038-AB38
_______________________________________________________________________


[April 26, 1999 (Volume 64, Number 77)]
[Unified Agenda]
From the Federal Register Online via GPO Access [frwais.access.gpo.gov]
[DOCID:ua26ap99_048-13]

[Page 22247]

Part L

Commodity Futures Trading Commission

_______________________________________________________________________

COMMODITY FUTURES TRADING COMMISSION (CFTC)           Completed Actions

_______________________________________________________________________

4063. PROHIBITION ON VOTING BY INTERESTED MEMBERS




Priority:  Other Significant

CFR Citation:  17 CFR 1.69

Completed:
________________________________________________________________________

Reason                            Date                      FR Cite

________________________________________________________________________

Final Action                    01/04/99                       64 FR 16
Final Action Effective          03/05/99

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: David P. Van Wagner
Phone: 202 418-5481
Fax: 202 418-5536
Email: [email protected]

RIN: 3038-AB03
_______________________________________________________________________



[April 26, 1999 (Volume 64, Number 77)]
[Unified Agenda]
From the Federal Register Online via GPO Access [frwais.access.gpo.gov]
[DOCID:ua26ap99_048-14]

[Page 22247]

Part L

Commodity Futures Trading Commission

_______________________________________________________________________

COMMODITY FUTURES TRADING COMMISSION (CFTC)           Completed Actions

_______________________________________________________________________

4064. REQUESTS FOR EXEMPTIVE, NO-ACTION AND INTERPRETATIVE LETTERS

Priority:  Info./Admin./Other

CFR Citation:  17 CFR 140.99

Completed:
________________________________________________________________________

Reason                            Date                      FR Cite

________________________________________________________________________

Final Action                    12/10/98                    63 FR 68175
Final Action Effective          01/11/99

Regulatory Flexibility Analysis Required: Yes
Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Christopher W. Cummings
Phone: 202 418-5545
Fax: 202 418-5547
Email: [email protected]

RIN: 3038-AB28
[FR Doc. 99-4912 Filed 04-23-99; 8:45 am]
BILLING CODE 6351-01-F


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