Release: #4123-98

For Release: March 18, 1998


Restitution Rules, Changes to Prehearing Procedures Proposed; Public Comment Sought

WASHINGTON -- The Commodity Futures Trading Commission (CFTC) has proposed amending the Commission's Rules of Practice (Rules) which govern administrative enforcement proceedings brought under the Commodity Exchange Act.

The proposed amendments are intended to improve the overall fairness and efficiency of the administrative process, as well as to facilitate the use of statutory authority granted to the Commission in 1992 to require the payment of restitution by respondents in appropriate cases.

In addition to restitution, most of the substantive amendments being proposed relate to prehearing procedures, including the disclosure of investigatory materials obtained by the Commission's Division of Enforcement, the production of witness statements, requests for admissions, and the issuance of subpoenas requiring the production of documents.

The Commission has forwarded the proposed amendments to the Federal Register for publication. The Federal Register notice will provide for a 60-day comment period. Copies may be obtained by writing to the Commission's Office of the Secretariat, Three Lafayette Centre, 1155 21st Street, N.W., Washington, D.C. 20581, or by calling (202) 418-5100.