[Federal Register: February 2, 1998 (Volume 63, Number 21)] [Rules and Regulations] [Page 5232-5233] From the Federal Register Online via GPO Access [wais.access.gpo.gov] [DOCID:fr02fe98-14] ======================================================================= ----------------------------------------------------------------------- COMMODITY FUTURES TRADING COMMISSION 17 CFR Part 11 Delegation of Authority to Conduct Investigations in Assistance of Foreign Futures Authorities; Correction AGENCY: Commodity Futures Trading Commission. ACTION: Final rules; correction. ----------------------------------------------------------------------- SUMMARY: On April 11, 1997, the Commission published in the Federal Register (62 FR 17702) final rules amending certain provisions of the Commission's Rules to formalize the authority of the Director of the Division of Enforcement to conduct investigations in assistance of foreign futures authorities. The purpose of the amendments was to add language to the existing rules in the interest of setting forth agency procedure with respect to conducting such investigations. However, text from the existing rules was inadvertently omitted in the publication of the amendments. This correction serves as a clarification of the inadvertent omissions. DATES: Effective: February 2, 1998. FOR FURTHER INFORMATION CONTACT: Ethiopis Tafara, Senior International Counsel, Division of Enforcement, US Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st Street, NW, Washington, DC 20581. Telephone (202) 418-5362. SUPPLEMENTARY INFORMATION: The Commission is correcting inadvertent omissions in the publication of the final rules amending Secs. 11.1 and 11.2(a) of the Commission's Rules. The amendments expanded the scope of 17 CFR Part 11 and authorized formally the Director of the Division of Enforcement to conduct investigations in assistance of foreign futures authorities. As the Supplementary Information accompanying the amendments made clear, no other change in Secs. 11.1 and 11.2(a) of the Commission's Rules was being made.\1\ However, certain existing language in Secs. 11.1 and 11.2(a) of the Commission's Rules relating to agency practice was not republished at that time. The omitted language serves as an elaboration of the scope of 17 CFR Part 11 as set forth in the first sentence of Sec. 11.1 and of the authority delegated to the Director of the Division of Enforcement as recited in the first sentence of Sec. 11.2(a). Part of the omitted language also describes agency practice with respect to certain investigatory activities conducted by the Director of [[Page 5233]] the Division of Trading and Markets and the Chief Economist and Director of the Division of Economic Analysis. So as to avoid any confusion of the public, and to ensure its inclusion in this year's edition of the Code of Federal Regulations, this correction sets out the language relating to agency procedure that was not included with the original amendments. Consequently, the Commission is not seeking public comment. Similarly, the Commission finds good cause to make this correction clarifying the omissions effective immediately. --------------------------------------------------------------------------- \1\ See 62 FR 17702. --------------------------------------------------------------------------- In final rule, FR Doc. 97-9399, published on April 11, 1997 (62 FR 17702) make the following corrections: PART 11--[CORRECTED] 1. On page 17702, in the second column, Sec. 11.1 is corrected to read as follows: Sec. 11.1 Scope and applicability of rules. The rules of this part apply to investigatory proceedings conducted by the Commission or its staff pursuant to Sections 6(c) and 8 and 12(f) of the Commodity Exchange Act, as amended, 7 U.S.C. 9 and 15 and 12 and 16(f) (Supp. IV, 1974), to determine whether there have been violations of that Act, or the rules, regulations or orders adopted thereunder, or, in accordance with the provisions of Section 12(f) of the Act, whether there have been violations of the laws, rules or regulations relating to futures or options matters administered or enforced by a foreign futures authority, or whether an application for designation or registration under the Act should be denied. Except as otherwise specified herein, the rules will apply to the conduct of investigation whether or not the Commission has authorized the use of subpoenas in the particular matter to compel the production of evidence. 2. On page 17702, in the third column, Sec. 11.2, paragraph (a) is corrected to read as follows: Sec. 11.2 Authority to conduct investigations. * * * * * (a) The Director of the Division of Enforcement and members of the Commission staff acting pursuant to his authority and under his direction may conduct such investigations as he deems appropriate to determine whether any persons have violated, are violating, or are about to violate the provisions of the Commodity Exchange Act, as amended, or the rules, regulations or orders adopted by the Commission pursuant to that Act, or, in accordance with the provisions of Section 12(f) of the Act, whether any persons have violated, are violating or are about to violate the laws, rules or regulations relating to futures or options matters administered or enforced by a foreign futures authority, or whether an applicant for registration or designation meets the requisite statutory criteria. For this purpose, the Director may obtain evidence through voluntary statements and submissions, through exercise of inspection powers over boards of trade, reporting traders, and persons required by law to register with the Commission, or when authorized by order of the Commission, through the issuance of subpoenas. The Director shall report to the Commission the results of his investigations and recommend to the Commission such enforcement action as he deems appropriate. In particular matters the Director of the Division of Trading and Markets and the Chief Economist and Director of the Division of Economic Analysis, and members of their staffs acting within the scope of their respective responsibilities, are also authorized to investigate, report and recommend to the Commission in accordance with these rules. * * * * * Issued in Washington, DC on January 27, 1998, by the Commission. Jean A. Webb, Secretary of the Commission. [FR Doc. 98-2470 Filed 1-30-98; 8:45 am] BILLING CODE 6351-01-M
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