[June 28, 2004 (Volume 69, Number 123)]
[Unified Agenda]
From the Federal Register Online via GPO Access [frwais.access.gpo.gov]
[DOCID: f:ua040446.wais]
[Page 38478-38482]
Commodity Futures Trading Commission
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Part XLVI
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Semiannual Regulatory Agenda
[[Page 38478]]
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 spring 2004 regulatory flexibility agenda is�
set forth below.
Issued in Washington, DC on May 7, 2004, 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
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Regulation
Sequence Title Identifier
Number Number
----------------------------------------------------------------------------------------------------------------
3846 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..............................................................
3847 Interagency Proposal To Consider Alternative Forms of Privacy Notices Under the Gramm- 3038-AC04
Leach-Bliley Act......................................................................
3848 Haircuts on Foreign Currency.......................................................... 3038-AC05
3849 Execution of Off-Centralized Market Transactions: Regulation 1.38 and Guidance on Core 3038-AC07
Principle 9...........................................................................
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Commodity Futures Trading Commission--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
Regulation
Sequence Title Identifier
Number Number
----------------------------------------------------------------------------------------------------------------
3850 Registration Exemptions Pertaining to the Offer and Sale of Foreign Futures and 3038-AB45
Foreign Options Contracts to Customers Located in the United States...................
3851 Minimum Financial Requirements for Futures Commission Merchants and Introducing 3038-AB64
Brokers...............................................................................
3852 Information Access and Price Transparency For Exempt Commercial Markets............... 3038-AC02
3853 Collection of Claims Owed the United States Arising from Activities Under the 3038-AC03
Commission's Jurisdiction.............................................................
3854 Reporting Levels and Trades Involving the Exchange of Futures......................... 3038-AC08
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[[Page 38479]]
Commodity Futures Trading Commission--Completed Actions
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Regulation
Sequence Title Identifier
Number Number
----------------------------------------------------------------------------------------------------------------
3855 Regulation of Hybrid Instruments...................................................... 3038-AB69
3856 Use of Broker-Dealers, Depository Institutions, and Farm Crediting System Institutions 3038-AB70
as Intermediaries on Derivatives Transaction Execution Facilities.....................
3857 Investment of Customer Funds.......................................................... 3038-AC01
----------------------------------------------------------------------------------------------------------------
_______________________________________________________________________
Commodity Futures Trading Commission (CFTC) Proposed Rule Stage
_______________________________________________________________________
3846. 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 07/00/04
Regulatory Flexibility Analysis Required: No
Government Levels Affected: None
Agency Contact: Andrew V. Chapin, Attorney Advisor, Division of�
Clearing and Intermediary Oversight, Commodity Futures Trading�
Commission, Three Lafayette Centre, 1155 21st Street NW., Washington,�
DC 20581
Phone: 202 418-5465
Fax: 202 418-5536
Email: [email protected]
Thomas M. Leahy Jr., Industry Economist, Division of Market Oversight,�
Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st�
Street NW., Washington, DC 20581
Phone: 202 418-5278
Email: [email protected]
Related RIN: Related to 3038-AB78
RIN: 3038-AB75
_______________________________________________________________________
3847. INTERAGENCY PROPOSAL TO CONSIDER ALTERNATIVE FORMS OF PRIVACY�
NOTICES UNDER THE GRAMM-LEACH-BLILEY ACT
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is�
undetermined.
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 consumera reasonable opportunity to direct the�
institution not to share nonpublic personal information about the�
consumer with nonaffiliated third parties. The GLB Act agencies,�
including the 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. The agencies expect that consumer testing�
would be a key component in the development of any specific proposals.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
ANPRM 12/30/03 68 FR 75164
ANPRM Comment Period End 03/29/04
NPRM 09/00/04
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
Email: [email protected]
RIN: 3038-AC04
[[Page 38480]]
_______________________________________________________________________
3848. HAIRCUTS ON FOREIGN CURRENCY
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is�
undetermined.
Legal Authority: 7 USC 6f(b)
CFR Citation: 17 CFR 1.17
Legal Deadline: None
Abstract: The Commission is proposing to amend regulations that specify�
required capital charges, or exclusions from net capital, to be�
deducted by futures commission merchants (FCMs) and introducing brokers�
(IBs) when computing their adjusted net capital. For forward contracts�
that are not covered by an open futures contract or commodity option,�
and are in specified foreign currencies (British pounds, Canadian�
dollars, Japanese yen, Swiss francs, or the Euro), the proposed�
amendment would apply a capital charge of six percent of the market�
value of the FCM's or IB's uncovered forward contracts in these�
currencies. Uncovered forwards in any other non-U.S. currency would�
remain subject to the 20 percent capital charge currently set forth in�
the Commission's regulations.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 07/00/04
NPRM Comment Period End 09/00/04
Regulatory Flexibility Analysis Required: No
Small Entities Affected: No
Government Levels Affected: None
Agency Contact: Thelma Diaz, Senior 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
_______________________________________________________________________
3849. [bullet][ls-thn-eq] 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 is considering whether to propose 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 07/00/04
Regulatory Flexibility Analysis Required: No
Small Entities Affected: No
Government Levels Affected: None
Agency Contact: Riva Spear Adriance, Special Counsel, 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]
RIN: 3038-AC07
_______________________________________________________________________
Commodity Futures Trading Commission (CFTC) Final Rule Stage
_______________________________________________________________________
3850. REGISTRATION EXEMPTIONS PERTAINING TO THE OFFER AND SALE OF�
FOREIGN FUTURES AND FOREIGN OPTIONS CONTRACTS TO CUSTOMERS LOCATED IN�
THE UNITED STATES
Priority: Substantive, Nonsignificant
Legal Authority: 7 USC 2(a)(1)(A); 7 USC 6(b); 7 USC 6c
CFR Citation: 17 CFR 30.1; 17 CFR 30.4; 17 CFR 30.10
Legal Deadline: None
Abstract: The Commission proposes to codify some of the interpretations�
and positions that its staff has taken regarding registration�
requirements under part 30 of the Commission's rules, which governs,�
generally, the solicitation and sale of foreign futures and foreign�
options contracts to customers located in the United States. The�
Commission proposes to modify Rule 30.4(a) by clarifying that foreign�
futures and options brokers, including those with U.S. bank branches,�
are not required to register as futures commission merchants (FCMs)�
pursuant to Rule 30.4, or seek Rule 30.10 relief, if they carry only:�
(1) customer omnibus accounts for U.S. FCMs; (2) U.S. affiliate�
accounts that are proprietary to the foreign futures and options�
broker; or (3) U.S. accounts that are proprietary to a U.S. FCM. In�
addition, proposed Rule 30.10(a) will specify representations that must�
be made by a foreign futures and options broker that has U.S. bank�
branches in order to obtain a Rule 30.10 comparability exemption or to�
come within the registration exception of Rule 30.4.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 08/26/99 64 FR 46613
NPRM Comment Period End 10/25/99
Second NPRM 04/06/04 69 FR 17998
Second NPRM Comment Period End 06/07/04
Final Action 09/00/04
Final Action Effective 10/00/04
Regulatory Flexibility Analysis Required: No
Small Entities Affected: No
Government Levels Affected: None
Agency Contact: Susan A. Elliott, Attorney Advisor, Division of�
Clearing and Intermediary Oversight, Commodity Futures Trading�
Commission, Three Lafayette Centre,
[[Page 38481]]
1155 21st Street NW., Washington, DC 20581
Phone: 202 418-5464
Fax: 202 418-5528
Email: [email protected]
RIN: 3038-AB45
_______________________________________________________________________
3851. MINIMUM FINANCIAL REQUIREMENTS FOR FUTURES COMMISSION MERCHANTS�
AND INTRODUCING BROKERS
Priority: Substantive, Nonsignificant
Legal Authority: 7 USC 6f
CFR Citation: 17 CFR 1.17
Legal Deadline: None
Abstract: The Commission intends to propose amendments to Rule 1.17�
that would adopt a risk-based capital requirement for futures�
commission merchants.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 07/09/03 68 FR 40835
NPRM Comment Period End 09/08/03
Final Action 07/00/04
Final Action Effective 08/00/04
Regulatory Flexibility Analysis Required: No
Small Entities Affected: No
Government Levels Affected: None
Agency Contact: Thomas J. Smith, Chief Accountant and Associate�
Director, Division of Clearing and Intermediary Oversight, Commodity�
Futures Trading Commission, Three Lafayette Centre, 1121 21st Street�
NW., Washington, DC 20581
Phone: 202 418-5495
Email: [email protected]
RIN: 3038-AB64
_______________________________________________________________________
3852. INFORMATION ACCESS AND PRICE TRANSPARENCY FOR EXEMPT COMMERCIAL�
MARKETS
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is�
undetermined.
Legal Authority: 7 USC 2(h)(3) to (5)
CFR Citation: 17 CFR 36.3
Legal Deadline: None
Abstract: The proposal would revise the rules on Commission access to�
information on transactions on electronic trading facilities operating�
as exempt commercial markets under the Commodity Exchange Act to�
provide for access to more relevant and useful information. The�
proposed rules also would require such markets to publicly disseminate�
certain trading data if, as defined, they perform a significant price�
discovery function in the underlying cash market.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 11/25/03 68 FR 66032
NPRM Comment Period End 01/26/04
Final Action 07/00/04
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-AC02
_______________________________________________________________________
3853. COLLECTION OF CLAIMS OWED THE UNITED STATES ARISING FROM�
ACTIVITIES UNDER THE COMMISSION'S JURISDICTION
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is�
undetermined.
Legal Authority: 31 USC 3720D; 31 CFR 285.11
CFR Citation: 17 CFR 143
Legal Deadline: None
Abstract: Pursuant to the Debt Collection Improvement Act (DCIA) of�
1996, the Department of the Treasury has promulgated regulations�
authorizing and governing the administrative garnishment of wages of�
persons, not employed by the Federal government, who owe claims to the�
United States. Under the DCIA and Treasury regulations, Federal�
agencies can promulgate rules allowing for the garnishment of such�
claims arising from actions within their jurisdiction. As a general�
matter, the individual agencies' rules must adopt, or otherwise conform�
to, the Treasury rules. To expedite the collection of claims arising�
from activity within its jurisdiction, the Commission is amending its�
part 143 rules, governing debt collections, to provide for�
administrative wage garnishment.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 12/15/03 68 FR 69634
NPRM Comment Period End 01/14/04
Final Action 07/00/04
Regulatory Flexibility Analysis Required: No
Small Entities Affected: No
Government Levels Affected: None
Agency Contact: Stephen F. Mihans, Counsel, Office of General Counsel,�
Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st�
Street NW., Washington, DC 20581
Phone: 202 418-5399
Fax: 202 418-5524
Email: [email protected]
RIN: 3038-AC03
_______________________________________________________________________
3854. [bullet][ls-thn-eq] REPORTING LEVELS AND TRADES INVOLVING THE�
EXCHANGE OF FUTURES
Priority: Substantive, Nonsignificant
Legal Authority: 7 USC 1 et seq, as amended by PL 106-554, 114 Stat�
2763
CFR Citation: 17 CFR 15 to 21
Legal Deadline: None
Abstract: The Commission is considering proposing rules to raise�
reporting levels, address the manner in which certain transactions are�
reported to the Commission, and amend the rules that establish current�
data transmission practices.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 05/12/04 69 FR 26333
NPRM Comment Period End 06/11/04
Final Action 07/00/04
Regulatory Flexibility Analysis Required: No
Small Entities Affected: No
Government Levels Affected: None
Agency Contact: Gary J. Martinaitis, Associate Deputy Director for�
Market Information, Market Surveillance Section, Commodity Futures�
Trading Commission, Division of Market Oversight, Three Lafayette�
Centre, 1155 21st Street NW., Washington, DC 20581
[[Page 38482]]
Phone: 202 418-5290
Fax: 202 418-5527
Email: [email protected]
RIN: 3038-AC08
_______________________________________________________________________
Commodity Futures Trading Commission (CFTC) Completed Actions
_______________________________________________________________________
3855. REGULATION OF HYBRID INSTRUMENTS
Priority: Substantive, Nonsignificant
CFR Citation: Not Yet Determined
Completed:
________________________________________________________________________
Reason Date FR Cite
________________________________________________________________________
Withdrawn 04/20/04
Regulatory Flexibility Analysis Required: No
Small Entities Affected: No
Government Levels Affected: None
Agency Contact: Bruce B. Fekrat
Phone: 202 418-5578
Email: [email protected]
RIN: 3038-AB69
_______________________________________________________________________
3856. USE OF BROKER-DEALERS, DEPOSITORY INSTITUTIONS, AND FARM CREDITING�
SYSTEM INSTITUTIONS AS INTERMEDIARIES ON DERIVATIVES TRANSACTION�
EXECUTION FACILITIES
Priority: Substantive, Nonsignificant
CFR Citation: Not Yet Determined
Completed:
________________________________________________________________________
Reason Date FR Cite
________________________________________________________________________
Withdrawn 04/29/04
Regulatory Flexibility Analysis Required: No
Government Levels Affected: None
Agency Contact: Lawrence B. Patent
Phone: 202 418-5439
Fax: 202 418-5536
Email: [email protected]
RIN: 3038-AB70
_______________________________________________________________________
3857. INVESTMENT OF CUSTOMER FUNDS
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is�
undetermined.
CFR Citation: 17 CFR 1.25
Completed:
________________________________________________________________________
Reason Date FR Cite
________________________________________________________________________
Final Action 02/10/04 69 FR 6140
Final Action Effective 03/11/04
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-AC01
[FR Doc. 04-11489 Filed 06-25-04; 8:45 am]
BILLING CODE 6351-01-S
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