[Federal Register: July 20, 2007 (Volume 72, Number 139)]
[Proposed Rules]
[Page 39764-39768]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr20jy07-18]
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COMMODITY FUTURES TRADING COMMISSION
17 CFR Parts 40 and 41
RIN 3038-AC44
Confidential Information and Commission Records and Information
AGENCY: Commodity Futures Trading Commission.
ACTION: Notice of proposed rulemaking.
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SUMMARY: The Commodity Futures Trading Commission is proposing to amend
the procedures for confidential treatment requests by derivatives
transaction execution facilities (DTEF), derivatives clearing
organizations (DCO), or designated contract markets (DCM) for products
and rules submitted via certification procedures or for Commission
review and approval. The proposed rules will provide the exclusive
means of requesting confidential treatment for product and rule
submissions filed under Parts 40 and 41 of the Commission's
regulations. Specifically, DCMs, DTEFs, and DCOs will be required to
follow the customary procedures of requesting confidential treatment of
information submitted to the Commission except: The submitter also will
be required to file a detailed written justification simultaneously
with the request for confidential treatment; and the submitter will be
required to segregate the material deemed confidential in an appendix
to the submission. Additionally, Commission staff may make an initial
determination to grant or deny confidential treatment to such material
before receiving a request under the Freedom of Information Act (FOIA).
The Commission is proposing these amendments to expedite the
confidential treatment review process and consequently allow the
Commission to provide the public with more immediate access to non-
confidential information.
DATES: Submit comments on or before August 20, 2007.
ADDRESSES: You may submit comments by any of the following methods:
Federal eRulemaking Portal: http://www.regulations.gov.
Mail/Hand Deliver: Eileen A. Donovan, Acting Secretary of
the Commission, Commodity Futures Trading Commission, Three Lafayette
Centre, 1155 21st Street, NW., Washington, DC 20581.
E-mail: [email protected].
FOR FURTHER INFORMATION CONTACT: Riva Adriance, Deputy Director for
Market Review, (202) 418-5494; or David
[[Page 39765]]
Steinberg, Attorney Advisor, (202) 418-5102, Division of Market
Oversight, Commodity Futures Trading Commission, Three Lafayette
Centre, 1155 21st Street, NW., Washington, DC 20581. Electronic mail:
[email protected] or [email protected]. This document is also
available at http://www.regulations.gov.
SUPPLEMENTARY INFORMATION:
I. Background
A. Overview
During the past two years, the Commission has observed an increase
in the number of registered entity filings submitted under Parts 40 and
41 of the Commission's regulations that are accompanied by a request
for confidential treatment.\1\ Most of these requests for confidential
treatment have been submitted to the Commission in connection with
market maker incentive plans.\2\ Under current regulation 145.9(d)(10),
when the Commission receives a request for confidential treatment for
material submitted to the Commission, no determination with respect to
any request for confidential treatment will be made until the
Commission receives a FOIA request for the subject material. After
receipt of the FOIA request, Commission Regulation 145.9(e)(1)
generally requires the Assistant Secretary of the Commission to notify
the submitter that the Commission received a FOIA request for material
subject to the request for confidential treatment.\3\ In most cases,
the Assistant Secretary also requests that the submitter file a
detailed written justification of the confidential treatment request
within ten business days.\4\
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\1\ A registered entity is defined under Section 1a(29) of the
Commodity Exchange Act (Act) as a DCM under Section 5 of the Act
(including Section 5f), a DTEF registered under Section 5a of the
Act, and a DCO registered under Section 5b of the Act. (Section 5f
of the Act, along with Part 41 of the Commission's regulations,
establishes requirements for national securities exchanges, national
securities associations and alternative trading systems registered
with the Securities and Exchange Commission to notice register with
the Commission in order to list security futures products (i.e.,
futures on a single equity security and futures on narrow-based
security indexes)).
\2\ Market maker incentive plans are created by a registered
entity to increase volume of trading and liquidity, typically for
new product launches or in markets that for other reasons have low
trading volume. In general, registered entities have requested
confidential treatment for the name of the market maker(s), the
compensation provided by the registered entity to the market
maker(s), trade priorities (i.e., percentage of the order flow), and
the bid/ask spread level.
\3\ Commission Regulation 145.9(e)(1) provides that if the
Assistant Secretary or his or her designee determines that a FOIA
request seeks material for which confidential treatment has been
requested pursuant to regulation 145.9, the Assistant Secretary or
his or her designee shall require the submitter to file a detailed
written justification of the confidential treatment request within
ten business days (unless under regulation 145.9(d)(7) an extension
of time has been granted) of that determination unless, pursuant to
an earlier FOIA request, a prior determination to release or
withhold the material has been made, the submitter has already
provided sufficient information to grant the request for
confidential treatment, or the material is otherwise in the public
domain.
\4\ Commission Regulation 145.9(d)(7).
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As a result, both the requirement that a FOIA request must be
received to trigger the confidentiality review and the need for
submission of a detailed written justification delays the Commission's
ability to make a timely confidentiality determination as to whether
any information should be made public. Furthermore, in some cases, the
Commission never receives a FOIA request for the subject material,
which prevents the Commission from moving forward with the confidential
treatment review process. While the Commission recognizes limited
circumstances where a registered entity filing a submission under Parts
40 and 41 may be entitled to confidential treatment, the Commission has
a history of generally making certified rules and products and other
rule submissions public and, furthermore, for DCMs, Designation
Criterion 7 and Core Principle 7 often require such publication.\5\
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\5\ The Commission has been publishing rule submissions on the
Commission's website since August of 2003. Prior to this date,
Commission staff had consistently determined that submissions filed
pursuant to Section 5a(a)(12) of the Act were public, and, pursuant
to Appendix A(b)(3) or Part 145, rule filings submitted under
Section 5a(a)(12) were made available in the Commission's reading
room. Section 5a(a)(12) was removed from the Act with the passage of
the Commodity Futures Modernization Act of 2000 (CFMA). As a result,
the Commission amended Appendix A (b)(3) to Part 145. Current
Appendix A (b)(3) to Part 145 requires the Office of the Secretariat
to make registered entity filings relating to rules as defined in
Commission Regulation 40.1 available to the public unless the filing
is covered by a request for confidential treatment. See 69 FR 67503-
67508 (November 18, 2004). The Commission believes the submissions
now filed under Sections 5c(c)(1) and 5c(c)(2) of the Act should,
except in limited circumstances, continue to be made publicly
available as they generally do not cause any competitive harm to the
registered entity.
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B. Freedom of Information Act
The Freedom of Information Act, 5 U.S.C. 552, provides generally
that the public has a right of access to federal agency records except
to the extent such records, or portions of them, are protected from
disclosure by one (or more) of nine exemptions. A submitter requesting
confidential treatment must request in writing that the Commission
afford confidential treatment under FOIA for any information submitted
to the Commission while specifying the grounds on which confidential
treatment is being requested.\6\ A registered entity typically asserts
that the information submitted to the Commission should be exempt from
disclosure pursuant to FOIA exemption (b)(4), 5 U.S.C. 552 (b)(4),
because the release of such information will cause competitive harm to
the submitter.\7\ Commission Regulation 145.9 sets forth the procedures
that a submitter of information to the Commission must follow in order
to obtain confidential treatment for such information. That same
provision, however, also permits the Commission to specify
"alternative procedures" for "a particular study, report,
investigation, or other matter." \8\ Consistent with that authority,
the Commission is proposing to specify alternative procedures for
processing requests for confidential treatment of registered entity
filings submitted under Parts 40 and 41 of the Commission's
regulations.
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\6\ Commission Regulation 145.9(d)(1).
\7\ Exemption (b)(4) of FOIA protects trade secrets and
commercial or financial information obtained from a person that is
privileged or confidential. See also Commission Regulation
145.9(d)(ii). Commission Regulation 145.9(d) provides other grounds
for non-disclosure of information, including information that: (1)
Is specifically exempted by a statute that either requires that the
matters be withheld from the public so as to leave no discretion on
the issue or establishes particular criteria for withholding or
refers to particular types of matters to be withheld; (2) would
constitute a clearly unwarranted invasion of the submitter's
personal privacy; (3) would reveal investigatory records compiled
for law enforcement purposes whose disclosure would constitute an
unwarranted invasion of the personal privacy of the submitter; and
(4) would reveal investigatory records for law enforcement purposes
when disclosure would interfere with enforcement proceedings or
disclose investigative techniques and procedures, provided that the
claim may be made only by a designated contract market or registered
futures association with regard to its own investigatory records.
\8\ Commission Regulation 145.9(b).
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II. Proposed Amendments
A. Procedures for Requesting Confidential Treatment Under Parts 40 and
41
The Commission is proposing to add paragraph (c) to Commission
Regulation 40.8 to list the procedures that a registered entity must
follow when filing a request for confidential treatment. Section
40.8(c) would provide the exclusive method of requesting confidential
treatment for information required to be filed under Parts 40 and 41.
In addition, the proposal would add new regulations 40.2(a)(3)(iv),
40.6(a)(3)(vi), 41.23(a)(7), and 41.24(a)(6) and amend regulations
40.3(a)(7) and 40.5(a)(8) to direct the
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registered entity requesting confidential treatment to follow the new
procedures specified in Commission Regulation 40.8(c). Proposed
regulation 40.8(c) would further require the registered entity to
follow the procedures in Commission Regulation 145.9 except that: (1) A
detailed written justification of the confidential treatment request
must be filed simultaneously with the submission; and (2) the material
deemed confidential must be filed in an appendix to the request.
Finally, the proposed rules would allow Commission staff to make an
initial determination to grant or deny confidential treatment before
receiving a FOIA request for the subject material.
The requirement that a registered entity follow the procedures in
proposed new regulation 40.8(c) would address the absence of guidance
in the Commission's regulations for a registered entity when filing a
"reasonable justification" along with the request for confidential
treatment for submissions filed under Parts 40 and 41. The proposed
rules would remove the reasonable justification requirement from
Commission Regulations 40.3(a)(7) and 40.5(a)(8) and direct the
submitter to follow the procedures of regulation 40.8(c) with the
filing of the detailed written justification.\9\ Additionally, the
requirement that the registered entity simultaneously file the detailed
written justification with the request for confidential treatment would
eliminate the ten-business-day period permitted under regulation
145.9(e)(1) for the submitter to file the detailed written
justification after receiving notice that a FOIA request has been
received by the Commission. With these changes, the Commission would be
able to conduct a thorough analysis of the detailed written
justification without delay and weigh, in a more deliberate manner, the
potential harm in releasing any portion of the submission against
allowing the public to have more timely access to the non-confidential
information.
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\9\ 67 FR 62873-62880 (October 9, 2002). Amendments to rules
40.3 and 40.5 (which require the registered entity to identify with
particularity information in the submission that will be subject to
a request for confidential treatment and support the request for
confidential treatment with reasonable justification) were made to
conform with language in Commission Regulations 37.5(b)(5) and
38.3(a)(5) (which pertain to applicants for DTEF registration and
contract market designation, respectively) that required the
submitter to include a reasonable justification in support of the
request for confidential treatment. However, Commission Regulations
37.5(b)(5) and 38.3(a)(5) were amended by eliminating the reasonable
justification requirement. Instead, these regulations now require
the applicant to follow the procedures in Commission Regulation
145.9 when requesting confidential treatment. See 69 FR 67811-67817
(November 22, 2004).
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The proposed rules would not affect the ability of the submitter to
object to the denial of a confidential treatment request. Thus, the
submitter would still be able to file an appeal of any adverse
determination with the Commission's Office of the General Counsel.\10\
The Commission also notes that a determination that any part of the
request for confidential treatment should be granted may be
reconsidered if a FOIA request is received by the Commission for the
subject material.
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\10\ Commission Regulation 145.9(g).
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The proposed rule requiring material deemed confidential to be
placed in an appendix to the submission would enable the Commission to
make the non-confidential information available to the public as soon
as it receives the submission. The Commission has observed that
registered entities requesting confidential treatment sometimes ask for
confidentiality for the entire submission. When this happens, the
Commission is unable to make any part of the submission immediately
available to the public, even when it is clear that information
contained in the filing is not confidential and, furthermore, for DCMs,
such publication may be required under Designation Criterion 7 and Core
Principle 7.\11\
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\11\ The Commission notes that provisions under these Parts may
not apply to all registered entities. For example, Section 40.2
applies to all registered entities while 40.3 applies only to DCMs
and DTEFs and not DCOs.
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For example, during the past year, Commission staff has contacted
certain registered entities that requested confidential treatment for
submissions containing market maker incentive plans and requested that
they amend their original submissions by placing the confidential
information in an appendix. This has enabled the Commission to make the
underlying submissions containing the non-confidential information
available to the public. The registered entities have been receptive to
these requests. Based upon this experience, the Commission does not
believe its proposed amendments would place an undue burden on
registered entities requesting confidential treatment. Registered
entities are consequently on notice that requests for confidential
treatment may only cover the appendix to the submission while the
underlying submission would be made immediately available to the
public.
B. Public Availability of Terms and Conditions of Products and
Mechanisms for Executing Transactions on or Through the Facilities of
the Contract Market
The terms and conditions of contracts must be made available to
market authorities, market participants, and the public by the DCM
under Section 5(d)(7) of the Act.\12\ Regulations 40.3(a)(7) and
40.5(a)(8) currently provide that a product's terms and conditions, as
contained in contents of a filing of a submission to the Commission,
are publicly available at the time of their submission. The Commission
believes the requirement that a product's terms and conditions be
publicly available at the time of submission also applies to
submissions containing terms and conditions that are filed under
regulations 40.2, 40.6, 41.23, and 41.24. In an effort to create a more
logical placement in the Commission's regulations for the public
availability of a product's terms and conditions, the Commission
proposes to relocate this provision to new paragraph 40.8(d) under the
Availability of Public Information section of Part 40. This would
ensure that registered entities are fully aware, and the public would
be on notice that this information is available.
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\12\ 67 FR 62874-75 (Oct. 9, 2002). Product terms and conditions
that are made publicly available at the time of their submission to
the Commission enable the Commission to obtain the views of market
participants and others to ascertain whether the proposed product
would be readily susceptible to manipulation, or otherwise violate
the Act. Commission staff routinely conduct trade interviews when
reviewing novel instruments to ascertain the relative susceptibility
of a product to being manipulated. To be meaningful, these
interviews require the release of the proposed instrument's terms
and conditions. Generally, the Commission intends to continue its
long-standing practice of requesting public comment on the terms and
conditions of new products under review for Commission approval by
publication of notices in the Federal Register. In instances where
notice in the Federal Register is impracticable or otherwise
unnecessary, notice of a submission for voluntary approval and of
the public availability of the proposed product's terms and
conditions will be through the Commission's internet Web site
(http://www.cftc.gov).
The terms and conditions of products eligible for trading by
self-certification will be available from the Commission, at the
time that the exchange legally could commence trading--the beginning
of the business day following certification to the Commission.
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The mechanisms for executing transactions on or through the
facilities of the contract market must also be made available to market
authorities, market participants, and the public by the DCM under
Section 5(d)(7) of the Act. The Commission proposes adding language to
new paragraph 40.8(d) to make clear to registered entities that this
information is public and to inform the
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public that this information is also available. The Commission notes
that mechanisms for executing transactions on or through the facilities
of the contract market generally include such information as trading
algorithms and information from an exchange's rulebook that pertain to
trading. Moreover, the Commission notes that requests for confidential
treatment covering the mechanisms for executing transactions on or
through the facilities of the contract market and a product's terms and
conditions will not be processed.
III. Cost-Benefit Analysis
Section 15(a) of the Act, as amended by section 119 of the CFMA,
requires the Commission to consider the costs and benefits of its
action before issuing a new regulation under the Act. By its terms,
section 15(a) as amended 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. Rather, section 15(a)
simply requires the Commission to "consider the costs and benefits"
of its action.
Section 15(a) of the Act further specifies that costs and benefits
shall be evaluated in light of five broad areas of market and public
concern: Protection of market participants and the public; efficiency,
competitiveness, and financial integrity of futures markets; price
discovery; sound risk management practices; and other public interest
considerations. Accordingly, the Commission could, in its discretion,
give greater weight to any one of the five enumerated areas and could,
in its discretion, determine that, notwithstanding its costs, a
particular regulation was necessary or appropriate to protect the
public interest or to effectuate any of the provisions or to accomplish
any of the purposes of the Act.
The Commission is considering the costs and benefits of these
proposed regulations in light of the specified provisions of section
15(a) of the Act:
1. Protection of market participants and the public. The proposed
amendments should have no effect on the Commission's ability to protect
market participants and the public.
2. Efficiency and competition. The proposed amendments are expected
to benefit efficiency by making the non-confidential information from
registered entity submissions available to the public in a more timely
manner. The Commission anticipates that the costs of compliance with
the confidential treatment procedures will be minimal. The proposed
amendments should have no effect, from the standpoint of imposing costs
or creating benefits, on competition in the futures and options
markets.
3. Financial integrity of futures markets and price discovery. The
amendments should have no effect, from the standpoint of imposing costs
or creating benefits, on the financial integrity or price discovery
function of the futures and options markets.
4. Sound risk management practices. The amendments being proposed
herein should have no effect on the risk management practices of the
futures and options industry.
5. Other public considerations. No additional public considerations
could be determined.
After considering these factors, the Commission has determined to
propose the rules and rule amendments set forth below. The Commission
invites public comment on its application of the cost-benefit
provision. Commenters also are invited to submit any data that they may
have quantifying the costs and benefits of the proposal with their
comment letters.
IV. Related Matters
A. Regulatory Flexibility Act
The Regulatory Flexibility Act (RFA), 5 U.S.C. 601 et seq. (2000),
requires federal agencies, in proposing regulations, to consider the
impact of those regulations on small entities. The regulations proposed
herein would affect derivatives transaction execution facilities,
designated contract markets, and derivatives clearing organizations.
The Commission has previously determined that the foregoing entities
are not small entities for purposes of the RFA.\13\ Accordingly, the
Acting Chairman, on behalf of the Commission, hereby certifies pursuant
to 5 U.S.C. 605(b) that the proposed regulations will not have a
significant economic impact on a substantial number of small entities.
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\13\ 47 FR 18618, 18619 (April 30, 1982) discussing contract
markets; 66 FR 42256, 42268 (August 10, 2001) discussing exempt
boards of trade, exempt commercial markets and derivatives
transaction execution facilities; 66FR 45605, 45609 (August 29,
2001) discussing derivatives clearing organizations.
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B. Paperwork Reduction Act of 1995
This proposed rulemaking contains information collection
requirements. As required by the Paperwork Reduction Act (PRA) of 1995
(44 U.S.C. 3504(h)), the Commission has submitted a copy of this
section to the Office of Management and Budget (OMB) for its review.
Collection of Information: Rules Relating to Part 40, Provisions
Common to DCMs, DTEFs, and DCOs, OMB Control Number 3038-0022.
The expected effect of the proposed amended regulations will be to
increase the burden previously approved by OMB for this collection of
information by 16 hours as it will result in the filing of
approximately five additional pages when a registered entity files a
detailed written justification and confidential appendix under
Commission Regulations 40.2, 40.3, 40.4, 40.5, and 40.6.
The estimated burden was calculated as follows:
Estimated number of respondents: 12.
Annual responses by each respondent: .30.
Total annual responses: 4.
Estimated average hours per response: 4.
Annual reporting burden: 16.
Collection of Information: Rules Relating to Part 41, Security
Futures Products, OMB Control Number 3038-0059.
The expected effect of the proposed amended regulations will be to
increase the burden previously approved by OMB for this collection of
information by 3.6 hours as it will result in the filing of
approximately five additional pages when a registered entity files a
detailed written justification and confidential appendix under
Commission Regulations 41.23 and 41.24.
Estimated number of respondents: 3.
Annual responses by each respondent: .30.
Total annual responses: .90.
Estimated average hours per response: 4.
Annual reporting burden: 3.6.
Organizations and individuals desiring to submit comments on the
information collection requirements should direct them to the Office of
Information and Regulatory Affairs, Office of Management and Budget,
Room 10202, New Executive Office Building, 725 17th Street, NW.,
Washington, DC 20503; Attention: Desk Officer for the Commodity Futures
Trading Commission.
In compliance with the PRA, the Commission, through these proposed
regulations, solicits comments to: (1) Evaluate whether the proposed
collection of information is necessary for the proper performance of
the functions of the Commission, including whether the information will
have a practical use; (2) evaluate the accuracy of the Commission's
estimate of the burden of the proposed collection of information,
including the validity of the methodology and assumptions used; (3)
enhance the quality, usefulness, and clarity of the information to be
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collected; and (4) minimize the burden of collecting information on
those who are to respond, including through the use of appropriate
automated electronic, mechanical, or other technological collection
techniques or other forms of information technology, e.g., permitting
electronic submission responses.
OMB is required to make a decision concerning the collection of
information contained in these proposed regulations between 30 and 60
days after publication of this document in the Federal Register.
Therefore, a comment to OMB is best assured of having its full effect
if OMB receives it within 30 days of publication. This does not affect
the deadline for the public to comment to the Commission on the
proposed regulations. Copies of the information collection submission
to OMB are available from the CFTC Clearance Officer, 1155 21st Street,
NW., Washington DC 20581, (202) 418-5160.
List of Subjects
17 CFR Part 40
Commodity futures, Contract markets, Designation application,
Reporting and recordkeeping requirements.
17 CFR Part 41
Security futures.
For the reasons stated in the preamble, the Commission proposes to
amend 17 CFR parts 40 and 41 as follows:
PART 40--PROVISIONS COMMON TO CONTRACT MARKETS, DERIVATIVES
TRANSACTION EXECUTION FACILITIES AND DERIVATIVES CLEARING
ORGANIZATIONS
1. The authority for part 40 continues to read as follows:
Authority: 7 U.S.C. 1a, 2, 5, 6, 6c, 7, 7a, 8 and 12a, as
amended by appendix E of Pub. L. 106-554, 114 Stat. 2763A-365.
2. Section 40.2 is amended by adding paragraph (a)(3)(v) to read as
follows:
Sec. 40.2 Listing products for trading by certification.
(a) * * *
(3) * * *
(v) A request for confidential treatment as permitted under the
procedures of Sec. 40.8.
* * * * *
3. Section 40.3 is amended by revising paragraph (a)(7) to read as
follows:
Sec. 40.3 Voluntary submission of new products for Commission review
and approval.
(a) * * *
(7) Include a request for confidential treatment as permitted under
the procedures of Sec. 40.8.
* * * * *
4. Section 40.5 is amended by revising paragraph (a)(8) to read as
follows:
Sec. 40.5 Voluntary submission of rules for Commission review and
approval.
(a) * * *
(8) Include a request for confidential treatment as permitted under
the procedures of Sec. 40.8.
* * * * *
5. Section 40.6 is amended by adding new paragraph (a)(3)(vi) to
read as follows:
Sec. 40.6 Self-certification of rules by designated contract markets
and registered derivatives clearing organizations.
(a) * * *
(3) * * *
(vi) A request for confidential treatment as permitted under the
procedures of Sec. 40.8.
* * * * *
6. Section 40.8 is amended by adding new paragraphs (c) and (d) to
read as follows:
Sec. 40.8 Availability of public information.
* * * * *
(c) A registered entity's filing of new products under the self-
certification procedures, new products for Commission review and
approval, new rules and rule amendments for Commission review and
approval, and new rules and rule amendments submitted under the self-
certification procedures will be treated as public information unless
covered by a request for confidential treatment. If a registered entity
files a request for confidential treatment, the procedures in Sec.
145.9 of this chapter shall apply with the following exceptions:
(1) A detailed written justification of the confidential treatment
request must be filed simultaneously with the request for confidential
treatment;
(2) The material deemed confidential must be segregated in an
appendix to the submission; and
(3) Commission staff may make an initial determination with respect
to the request for confidential treatment before receiving a request
under the Freedom of Information Act for the material for which
confidential treatment is being sought.
(d) A registered entity's filing regarding a product's terms and
conditions and the mechanisms for executing transactions on or through
the facilities of the contract market will be made publicly available
at the time of submission and requests for confidential treatment
covering this information will be denied.
PART 41--SECURITY FUTURES PRODUCTS
7. The authority citation for part 41 continues to read as follows:
Authority: Sections 206, 251 and 252, Pub. L. 106-554, 114 Stat.
2763, 7 U.S.C. 1a, 2, 6f, 6j, 7a-2, 12a; 15 U.S.C. 78g(c)(2).
8. Section 41.23 is amended by adding new paragraph (a)(7) to read
as follows:
Sec. 41.23 Listing of security futures products for trading.
(a) * * *
(7) Includes a request for confidential treatment as permitted
under the procedures of Sec. 40.8.
* * * * *
9. Section 41.24 is amended by adding new paragraph (a)(6) to read
as follows:
Sec. 41.24 Rule amendments to security futures products.
(a) * * *
(6) Includes a request for confidential treatment as permitted
under the procedures of Sec. 40.8.
* * * * *
Issued in Washington, DC, on July 17, 2007 by the Commission.
Eileen A. Donovan,
Acting Secretary of the Commission.
[FR Doc. E7-14103 Filed 7-19-07; 8:45 am]
BILLING CODE 6351-01-P
Last Updated: July 27, 2007