FR Doc E8-31001[Federal Register: December 30, 2008 (Volume 73, Number 250)]
[Rules and Regulations]
[Page 79608-79609]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr30de08-5]
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COMMODITY FUTURES TRADING COMMISSION
17 CFR Part 140
RIN 3038-AC68
Delegation of Authority and Change in Position Title
AGENCY: Commodity Futures Trading Commission.
ACTION: Final rules.
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SUMMARY: The Commodity Futures Trading Commission (``Commission'') is
amending certain provisions of its part 140 regulations to add the
Chief Economist and the Deputy Chief Economist of the Office of the
Chief Economist as persons to whom certain authorities are delegated.
The Commission is also amending part 140 to reflect a change in
position title from ``Regional Coordinators'' to ``Regional
Administrators.''
DATES: Effective Date: December 30, 2008.
FOR FURTHER INFORMATION CONTACT: Megan Sperling, Office of the General
Counsel, U.S. Commodity Futures Trading Commission, Three Lafayette
Centre, 1155 21st Street, NW., Washington, DC 20581. Telephone: 202-
418-5150. E-mail: [email protected].
SUPPLEMENTARY INFORMATION:
I. Background Information
On July 1, 2002, the Commission reassigned the responsibilities of
the former Division of Trading and Markets and Division of Economic
Analysis to the newly established Division of Clearing and Intermediary
Oversight, Division of Market Oversight and Office of the Chief
Economist. On October 7, 2002, the Commission amended several of its
rules in Chapter I of Title 17 of the Code of Federal Regulations to
reflect the reassignment of responsibilities, including delegations of
authority, resulting from the reorganization of its staff. The
Commission failed to include certain delegations of authority to the
Chief Economist of the Office of the Chief Economist.
The Commission is amending rules 140.72 and 140.73 in Chapter I of
Title 17 of the Code of Federal Regulations to reflect delegated
authority to the Chief Economist and the Deputy Chief Economist of the
Office of the Chief Economist. Rule 140.72(a), which delegates
authority to disclose confidential information to a contract market,
registered futures association or self-regulatory organization, is
hereby amended to extend delegated authority to the Chief Economist and
the Deputy Chief Economist of the Office of the Chief Economist. In
addition, the Commission is revising Rule 140.72(a) to reflect the
change in name of the position of ``Regional Coordinator'' to
``Regional Administrator.'' Rule 140.73(a), which delegates authority
to disclose information to the United States, States, foreign
government agencies and foreign futures authorities, is amended to
extend delegated authority to the Chief Economist and the Deputy Chief
Economist of the Office of the Chief Economist. As amended, these rules
reflect the assignment of delegation authority to the Office of the
Chief Economist, and the technical correction of a position title.
II. Related Matters
A. No Notice Required Under 5 U.S.C. 553
The Commission has determined that these amendments are exempt from
the provisions of the Administrative Procedure Act, 5 U.S.C. 553, which
generally requires notice of proposed rulemaking and provides other
opportunities for public participation. According to the exemptive
language of 5 U.S.C. 553, these amendments pertain to ``rules of agency
organization, procedure or practice,'' as to which there exists agency
discretion not to provide notice. If made effective immediately, they
will promote efficiency and facilitate the Commission's core mission
without imposing a new burden. Thus, the Commission has determined to
make the amendments to Rules 140.72 and 140.73 effective immediately.
For the above reasons, the notice requirements under 5 U.S.C. 553 are
inapplicable.
[[Page 79609]]
B. Regulatory Flexibility Act
The Regulatory Flexibility Act (``RFA''), 5 U.S.C. 601 et seq.,
requires agencies with rulemaking authority to consider the impact
those rules will have on small businesses. The RFA defines the term
``rule'' to mean ``any rule for which the agency publishes a general
notice of proposed rulemaking pursuant to section 553(b) of this title
* * * for which the agency provides an opportunity for notice and
public comment.'' 5 U.S.C. 601(2). Since the rules are not being
effected pursuant to section 553(b), they are not ``rules'' as defined
in the RFA, and the analysis and certification process in that section
do not apply.
C. Paperwork Reduction Act
The amendments to Part 140 do not impose a burden within the
meaning and intent of the Paperwork Reduction Act of 1980, 44 U.S.C.
3501 et seq.
D. Cost-Benefit Analysis
Section 15(a) of the Commodity Exchange Act, 7 U.S.C. 19(a),
requires the Commission to consider the costs and benefits of its
action before issuing a new regulation. The Commission understands
that, by its terms, section 15(a) does not require the Commission to
quantify the costs and benefits of a new regulation or to determine
whether the benefits of the regulation outweigh its costs. Nor does it
require that each rule be analyzed in isolation when that rule is a
component of a larger package of rules or rule revisions. Rather,
section 15(a) simply requires the Commission to ``consider the costs
and benefits'' of its action.
Section 15(a) further specifies that costs and benefits shall be
evaluated in light of five broad areas of market and public concern:
(1) Protection of market participants and the public; (2) efficiency,
competitiveness and financial integrity of futures markets; (3) price
discovery; (4) sound risk management practices; and (5) other public
interest considerations. Accordingly, the Commission can, in its
discretion, give greater weight to any one of the five enumerated areas
of concern and can, in its discretion, determine that notwithstanding
its costs, a particular rule is necessary or appropriate to protect the
public interest or to effectuate any of the provisions, or accomplish
any of the purposes, of the Commodity Exchange Act.
The Commission considered the costs and benefits of this rule
package in light of the specific areas of concern identified in section
15 when it reorganized its staff in 2002. It has additionally
determined that the amendments will enhance the protection of market
participants and further Commission programs and operations by
delegating authority.
List of Subjects in 17 CFR Part 140
Authority delegations (Government agencies), Organization and
functions (Government agencies).
0
Accordingly, 17 CFR part 140 is amended as follows:
PART 140--ORGANIZATION, FUNCTIONS, AND PROCEDURES OF THE COMMISSION
0
1. The authority citation for part 140 is revised to read as follows:
Authority: 7 U.S.C. 2 and 12a.
0
2. In Sec. 140.72, revise the first sentence of paragraph (a) to read
as follows:
Sec. 140.72 Delegation of authority to disclose confidential
information to a contract market, registered futures association or
self-regulatory organization.
(a) Pursuant to the authority granted under sections 2(a)(11),
8a(5) and 8a(6) of the Act, the Commission hereby delegates, until such
time as the Commission orders otherwise, to the Executive Director, the
Deputy Executive Director, the Special Assistant to the Executive
Director, the Director of the Division of Clearing and Intermediary
Oversight, each Deputy Director of the Division of Clearing and
Intermediary Oversight, the Chief Accountant, the General Counsel, each
Deputy General Counsel, the Director of the Division of Market
Oversight, each Deputy Director of the Division of Market Oversight,
the Director of the Market Surveillance Section, the Director of the
Division of Enforcement, each Deputy Director of the Division of
Enforcement, each Associate Director of the Division of Enforcement,
the Chief Counsel of the Division of Enforcement, each Regional Counsel
of the Division of Enforcement, each of the Regional Administrators,
each of the Directors of the Market Surveillance Branches, the Chief
Economist of the Office of the Chief Economist, the Deputy Chief
Economist of the Office of the Chief Economist, the Director of the
Office of International Affairs, and the Deputy Director of the Office
of International Affairs, the authority to disclose to an official of
any contract market, registered futures association, or self-regulatory
organization as defined in section 3(a)(26) of the Securities Exchange
Act of 1934, any information necessary or appropriate to effectuate the
purposes of the Act, including, but not limited to, the full facts
concerning any transaction or market operation, including the names of
the parties thereto. * * *
* * * * *
0
3. In Sec. 140.73, revise the introductory text of paragraph (a) to
read as follows:
Sec. 140.73 Delegation of authority to disclose information to the
United States, States, and foreign government agencies and foreign
futures authorities.
(a) Pursuant to sections 2(a)(11), 8a(5) and 8(e) of the Act, the
Commission hereby delegates, until such time as the Commission orders
otherwise, to the General Counsel or, in his or her absence, to each
Deputy General Counsel, the Director of the Division of Enforcement,
each Deputy Director of the Division of Enforcement, the Chief Counsel
of the Division of Enforcement, each Associate Director of the Division
of Enforcement, each Regional Counsel of the Division of Enforcement,
the Director of the Division of Market Oversight or, in his or her
absence, each Deputy Director of the Division of Market Oversight, the
Director of the Market Surveillance Section, the Director of the
Division of Clearing and Intermediary Oversight or, in his or her
absence, each Deputy Director of the Division of Clearing and
Intermediary Oversight, the Chief Economist of the Office of the Chief
Economist, the Deputy Chief Economist of the Office of the Chief
Economist, and the Director of the Office of International Affairs or,
in his or her absence, the Deputy Director of the Office of
International Affairs, the authority to furnish information in the
possession of the Commission obtained in connection with the
administration of the Act, upon written request, to:
* * * * *
Issued in Washington, DC, on December 16, 2008 by the
Commission.
David A. Stawick,
Secretary of the Commission.
[FR Doc. E8-31001 Filed 12-29-08; 8:45 am]
BILLING CODE 6351-01-P
Last Updated: December 30, 2008