[April 27, 1998 (Volume 63, Number 80)]
[Unified Agenda]
From the Federal Register Online via GPO Access [frwais.access.gpo.gov]
[DOCID:ua27ap98_046-1]
[Page 22917-22919]
COMMODITY FUTURES TRADING COMMISSION (CFTC)
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[[Page 22917]]
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Part XLVIII
Commodity Futures Trading Commission
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Semiannual Regulatory Agenda
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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: Gerald P. Smith, Special
Assistant to the Executive Director, Commodity Futures Trading
Commission, 1155 21st Street NW., Washington, DC 20581, (202) 418-5160.
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.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."
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, 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 list rules that the Commission is
considering or will consider in the near future.
The Commission's April 1998 regulatory flexibility agenda is
set forth below.
Issued in Washington, DC, on January 19, 1998, by the Commission.
Catherine D. Dixon,
Assistant Secretary of the Commission.
Proposed Rule Stage
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Regulation
Sequence Title Identifier
Number Number
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4053 Procedures for Involuntary Bulk Transfers or Liquidations of Customer Accounts....... 3038-AA77
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Final Rule Stage
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Regulation
Sequence Title Identifier
Number Number
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4054 Prohibition on Voting by Interested Members.......................................... 3038-AB03
4055 Account Identification for Orders Submitted on Behalf of Multiple Customer Accounts.. 3038-AB08
4056 Trade Options on the Agricultural Commodities Enumerated in the Commodity Exchange
Act................................................................................... 3038-AB23
4057 Futures-Style Margining of Commodity Options......................................... 3038-AB25
4058 Account Identification for Eligible Bunched Orders................................... 3038-AB26
4059 Maintenance of Minimum Financial Requirements by Futures Commission Merchants and
Introducing Brokers................................................................... 3038-AB27
4060 Requests for Exemptive, No-Action and Interpretative Letters......................... 3038-AB28
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[[Page 22919]]
Completed Actions
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Regulation
Sequence Title Identifier
Number Number
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4061 Distribution of Risk Disclosure Statements By Futures Commission Merchants and
Introducing Brokers................................................................... 3038-AB24
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_______________________________________________________________________
[April 27, 1998 (Volume 63, Number 80)] [Unified Agenda] From the Federal Register Online via GPO Access [frwais.access.gpo.gov] [DOCID:ua27ap98_046-2] [Page 22919] 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 05/00/98 NPRM Comment Period End 07/00/98 Small Entities Affected: 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 RIN: 3038-AA77 _______________________________________________________________________
[April 27, 1998 (Volume 63, Number 80)] [Unified Agenda] From the Federal Register Online via GPO Access [frwais.access.gpo.gov] [DOCID:ua27ap98_046-5] [Page 22920] COMMODITY FUTURES TRADING COMMISSION (CFTC) Final Rule Stage _______________________________________________________________________ 4056. TRADE OPTIONS ON THE AGRICULTURAL COMMODITIES ENUMERATED IN THE COMMODITY EXCHANGE ACT Priority: Other Significant Legal Authority: 7 USC 1a; 7 USC 2; 7 USC 4; 7 USC 6c; 7 USC 12a CFR Citation: 17 CFR 3; 17 CFR 32; 17 CFR 33 Legal Deadline: None Abstract: In this action, the Commission issued proposed rules to lift the prohibition on the offer or sale of off-exchange trade options on the agricultural commodities enumerated in the Commodity Exchange Act subject to specified regulatory conditions pursuant to a three-year pilot program. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ ANPRM 06/09/97 62 FR 31375 Notice of Public Meetings 06/19/97 62 FR 33379 NPRM 11/04/97 62 FR 59624 NPRM Comment Period End 12/04/97 Final Action 05/00/98 Small Entities Affected: Undetermined Government Levels Affected: Undetermined 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 RIN: 3038-AB23 _______________________________________________________________________
[April 27, 1998 (Volume 63, Number 80)] [Unified Agenda] From the Federal Register Online via GPO Access [frwais.access.gpo.gov] [DOCID:ua27ap98_046-6] [Page 22920] COMMODITY FUTURES TRADING COMMISSION (CFTC) Final Rule Stage _______________________________________________________________________ 4057. <bullet> FUTURES-STYLE MARGINING OF COMMODITY OPTIONS Priority: Substantive, Nonsignificant Unfunded Mandates: Undetermined Legal Authority: 7 USC 2a; 7 USC 6b; 7 USC 6c; 7 USC 12a CFR Citation: 17 CFR 1.55; 17 CFR 33.7; 17 CFR 33.4(a)(2) Legal Deadline: None Abstract: The Commission is proposing to repeal Commission Regulation 33.4(a)(2) which requires the full, up-front payment of commodity option premiums. The effect of the repeal would be to permit the futures-style margining of commodity options traded on regulated futures exchanges. Futures-style margining offers several potential benefits over the current margining system including the possibility for more efficient cash flows across markets. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 12/19/97 62 FR 66569 NPRM Comment Period End 02/02/98 Final Action 05/00/98 Small Entities Affected: None Government Levels Affected: None Agency Contact: Thomas Smith, Attorney-Advisor, Division of Trading and Markets, Commodity Futures Trading Commission, Three Lafayette Centre, 1121 21st Street NW., Washington, DC 20581 Phone: 202 418-5495 Fax: 202 418-5536 Email: [email protected] RIN: 3038-AB25 _______________________________________________________________________
[April 27, 1998 (Volume 63, Number 80)] [Unified Agenda] From the Federal Register Online via GPO Access [frwais.access.gpo.gov] [DOCID:ua27ap98_046-9] [Page 22921] COMMODITY FUTURES TRADING COMMISSION (CFTC) Final Rule Stage _______________________________________________________________________ 4060. <bullet> REQUESTS FOR EXEMPTIVE, NO-ACTION AND INTERPRETATIVE LETTERS Priority: Info./Admin./Other Legal Authority: 7 USC 7a(j); 7 USC 12a CFR Citation: 17 CFR 140.99 Legal Deadline: None Abstract: The Commission has proposed a rule to establish procedures for requesting issuance by Commission staff of exemptive, no-action and interpretative letters. The proposed rule would require all such requests to be in writing, setting forth all material facts, relevant authorities and public policy bases for the relief or guidance requested. Requestors would certify to accuracy of the facts and undertake to update following material changes. No requests based on hypothetical circumstances or made on behalf of unnamed persons would be granted. Commission staff would have discretion to grant or deny requests without explanation. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 01/22/98 63 FR 3285 NPRM Comment Period End 03/22/98 Final Action 07/00/98 Small Entities Affected: None Government Levels Affected: None Agency Contact: Christopher W. Cummings, Special Counsel, Division of Trading and Markets, Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st Street NW., Washington, DC 20581 Phone: 202 418-5545 Fax: 202 418-5547 Email: [email protected] RIN: 3038-AB28 _______________________________________________________________________
[April 27, 1998 (Volume 63, Number 80)] [Unified Agenda] From the Federal Register Online via GPO Access [frwais.access.gpo.gov] [DOCID:ua27ap98_046-3] [Page 22919] COMMODITY FUTURES TRADING COMMISSION (CFTC) Final Rule Stage _______________________________________________________________________ 4054. PROHIBITION ON VOTING BY INTERESTED MEMBERS Priority: Other Significant Legal Authority: 7 USC 7a(a)(17) CFR Citation: 17 CFR 1.69 Legal Deadline: None Abstract: The regulation will implement the provisions of section 217 of the Futures Trading Practices Act of 1992, which require contract markets to adopt rules to avoid conflicts of interest in deliberations and voting by members of the governing board and disciplinary and other oversight committees. The rulemaking will define the relationships between a named party in interest and a member of the governing board or committee that would require abstention from deliberations and voting. The rulemaking will also provide guidelines on situations that would require a member to abstain from voting on a significant action because of a substantial financial interest in the outcome of the vote, based on positions held personally or at an affiliated firm, as well as on other matters addressed by the statute. The action potentially impacts the selection and composition of contract market governing boards and committees. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 01/23/98 63 FR 3492 NPRM Comment Period End 02/22/98 Final Action 05/00/98 Small Entities Affected: None Government Levels Affected: None Agency Contact: David P. Van Wagner, Special Counsel, Division of Trading and Markets, Commodity Futures Trading Commission, 1155 21st Street NW., Washington, DC 20581 Phone: 202 418-5481 RIN: 3038-AB03 _______________________________________________________________________
[April 27, 1998 (Volume 63, Number 80)] [Unified Agenda] From the Federal Register Online via GPO Access [frwais.access.gpo.gov] [DOCID:ua27ap98_046-7] [Page 22920] COMMODITY FUTURES TRADING COMMISSION (CFTC) Final Rule Stage _______________________________________________________________________ 4058. <bullet> ACCOUNT IDENTIFICATION FOR ELIGIBLE BUNCHED ORDERS Priority: Substantive, Nonsignificant Legal Authority: 7 USC 7; 7 USC 7a; 7 USC 7b; 7 USC 8; 7 USC 12a; 7 USC 12c CFR Citation: 17 CFR 1.35 Legal Deadline: None Abstract: The proposed amendment would permit certain customer orders (eligible orders) to be placed on a regulated futures exchange without individual customer account identification either at the time of order placement or at the time of report of execution. The proposal would exempt from existing order ticket customer account identification requirements bunched orders and/or futures option orders placed by a regulated investment manager on behalf of consenting eligible customer accounts as part of its management of a portfolio also containing instruments which are either exempt from regulation pursuant to the Commission's regulations or excluded from regulation under the Commodity Exchange Act. The proposal would permit eligible orders to be allocated to the included customer accounts no later than the end of the day on which the order is executed. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 01/07/98 63 FR 395 NPRM Comment Period End 03/09/98 Final Action 10/00/98 Small Entities Affected: None Government Levels Affected: None Agency Contact: Duane C. Andresen, Special Counsel, Division of Trading and Markets, Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st Street NW., Washington, DC 20581 Phone: 202 418-5490 Fax: 202 418-5536 Email: [email protected] RIN: 3038-AB26 _______________________________________________________________________
[April 27, 1998 (Volume 63, Number 80)] [Unified Agenda] From the Federal Register Online via GPO Access [frwais.access.gpo.gov] [DOCID:ua27ap98_046-4] [Page 22919-22920] COMMODITY FUTURES TRADING COMMISSION (CFTC) Final Rule Stage _______________________________________________________________________ 4055. ACCOUNT IDENTIFICATION FOR ORDERS SUBMITTED ON BEHALF OF MULTIPLE CUSTOMER ACCOUNTS Priority: Substantive, Nonsignificant Legal Authority: 7 USC 7; 7 USC 7a; 7 USC 7b; 7 USC 8; 7 USC 12a; 7 USC 12c CFR Citation: 17 CFR 1.35 Legal Deadline: None Abstract: These rule amendments permit consolidated futures orders for multiple accounts to be placed and executed on contract markets without individual customer identification at time of entry or execution. Depending on the accounts, the person placing the order would identify accounts and either pre-file an allocation plan or certify certain facts. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 05/03/93 58 FR 26270 NPRM Comment Period End 06/17/93 Final Action 11/00/98 Final Action Effective 12/00/98 Small Entities Affected: None Government Levels Affected: None Additional Information: Paragraph 1.35(a-1)(5) of the proposed regulation was withdrawn effective June 9, 1997 and replaced by the Commission's notice of Interpretation and Approval Order published in the Federal Register on May 9, 1997. 62 FR 25470. Paragraph 1.35 (a- 1)(6) was withdrawn [[Page 22920]] effective January 7, 1998 and replaced with proposed paragraph 1.35 (a- 1)(5) in the Commission's proposed rule amendment published in the Federal Register on January 7, 1998. Agency Contact: Duane C. Andresen, Special Counsel, Division of Trading and Markets, Commodity Futures Trading Commission, 1155 21st Street NW., Washington, DC 20581 Phone: 202 418-5492 RIN: 3038-AB08 _______________________________________________________________________
[April 27, 1998 (Volume 63, Number 80)] [Unified Agenda] From the Federal Register Online via GPO Access [frwais.access.gpo.gov] [DOCID:ua27ap98_046-10] [Page 22921] COMMODITY FUTURES TRADING COMMISSION (CFTC) Completed Actions _______________________________________________________________________ 4061. DISTRIBUTION OF RISK DISCLOSURE STATEMENTS BY FUTURES COMMISSION MERCHANTS AND INTRODUCING BROKERS Priority: Substantive, Nonsignificant CFR Citation: 17 CFR 1.55; 17 CFR 1.65; 17 CFR 30.6; 17 CFR 33.7; 17 CFR 190.10 Completed: ________________________________________________________________________ Reason Date FR Cite ________________________________________________________________________ Final Action 02/20/98 63 FR 8566 Small Entities Affected: None Government Levels Affected: None Agency Contact: Thomas E. Joseph Phone: 202 418-5448 Fax: 202 418-5536 RIN: 3038-AB24 [FR Doc. 98-5165 Filed 04-24-98; 8:45 am] BILLING CODE 6351-01-F
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[April 27, 1998 (Volume 63, Number 80)] [Unified Agenda] From the Federal Register Online via GPO Access [frwais.access.gpo.gov] [DOCID:ua27ap98_046-8] [Page 22920-22921] COMMODITY FUTURES TRADING COMMISSION (CFTC) Final Rule Stage _______________________________________________________________________ 4059. <bullet> MAINTENANCE OF MINIMUM FINANCIAL REQUIREMENTS BY FUTURES COMMISSION MERCHANTS AND INTRODUCING BROKERS Priority: Substantive, Nonsignificant Legal Authority: 7 USC 6f; 7 USC 6g; 7 USC 12a(5) CFR Citation: 17 CFR 1.12 Legal Deadline: None Abstract: The Commission is proposing to require immediate notification by a futures commission merchant to the Commission and its designated self-regulatory organization when it knows or should know that it is in an undersegregated or undersecured condition: i.e., the firm has insufficient funds in accounts segregated for the benefit of customers trading on U.S. contract markets or has insufficient funds set aside for customers trading on no-U.S. markets to meet the firm's obligations to customers. The Commission is also proposing to require immediate notification of certain events pertaining to undercapitalization or failure to satisfy margin calls, where notice is currently required within 24 hours. The [[Page 22921]] Commission also proposes to codify a previous staff interpretation that permits notices to be filed by facsimile in addition to telegraphic means and to require telephonic notice as well. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 01/14/98 63 FR 2188 NPRM Comment Period End 03/16/98 Final Action 08/00/98 Small Entities Affected: None 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 RIN: 3038-AB27 _______________________________________________________________________
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