[Federal Register Volume 60, Number 116 (Friday, June 16, 1995)]
[Proposed Rules]
[Pages 31653-31659]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-14754]



17 CFR Part 17

Reports by Futures Commission Merchants, Members of Contract 
Markets and Foreign Brokers

AGENCY: Commodity Futures Trading Commission.

ACTION: Proposed rulemaking.


SUMMARY: The Commodity Futures Trading Commission (``Commission'' or 
``CFTC'') is proposing to amend Rule 17.01 and to modify the Form 102 
required to be filed by clearing members, futures commission merchants 
(FCMs) and foreign brokers. This form identifies persons having 
financial interest in, or control of, special accounts in futures and 
options. The proposed amendments clarify the information required on 
the Form 102 for various kinds of special accounts reported to the 
Commission. The Commission is also proposing to amend Rule 17.02 
concerning the time in which a completed Form 102 must be filed. The 
proposed rules would require that certain specified identification 
information be provided on the first day that a special account is 
reported to the Commission and that a completed Form 102 be filed with 
the Commission within three business days of that date.

EFFECTIVE DATE: Comments must be received by August 15, 1995.

ADDRESSES: Comments should be sent to the Office of the Secretariat, 
Commodity Futures Trading Commission, 2033 K Street NW., Washington, DC 
20581 and should make reference to ``Form 102 changes.''

Statistician, Division of Economic Analysis, Commodity Futures Trading 
Commission, 2033 K Street NW., Washington, DC 20581, (202) 254-3310.

SUPPLEMENTARY INFORMATION: Part 17 of the Commission's regulations 
requires that FCMs, clearing members, and foreign brokers (``firms'') 
submit a daily report to the Commission with respect to futures 
positions in all special accounts on their books.1 Information 
required to be provided to the Commission includes quantities of 
reportable futures positions, exchanges of futures for cash, and 
delivery notices issued or stopped by each special account.2 For 
reporting purposes, futures positions in all accounts controlled by the 
same person and those in which a person has a 10 percent or more 
financial interest must be combined and treated as if they are held in 
a single account. The firm assigns a reporting number to the special 
account and reports all information to the Commission using this 

    \1\Special account means any commodity futures or option account 
in which there is a reportable position, 17 CFR 15.00 (1994). Firms 
report futures information to the Commission and option information 
to the exchanges.
    \2\A reportable position is any open position held or controlled 
by a trader at the close of business in any one futures contract of 
a commodity traded on any one contract market that is equal to or in 
excess of the quantities fixed by the Commission in Sec. 15.03 of 
the regulations, 17 CFR 15.03 (1994).
    \3\The firm's reporting number may be the account number carried 
on its books. However, as noted above, the number may refer to a 
collection of accounts that are owned and/or controlled by the same 

    In addition to the reporting number and the position and 
transaction information mentioned above, the firm must file a CFTC Form 
102 showing the information specified under Sec. 17.01 of the 
regulations for each special 

[[Page 31654]]
account.4 This information identifies persons who have a financial 
interest in or trading control of a special account, informs the 
Commission of the type of account that is being reported, and gives 
preliminary information whether positions and transactions are 
commercial or non-commercial in nature.5 The form must be filed 
when the account first becomes reportable and updated when information 
concerning financial interest in or control of the special account 
changes.6 In addition to its use by the Commission, the Form 102 
is used by the exchanges to identify accounts reported through their 
large trader reporting systems for both futures and options.7

    \4\17 CFR 17.01 (1994).
    \5\Account types are shown on the CFTC Form 102 as house or 
customer omnibus, individual, partnership, corporation, etc.
    \6\17 CFR 17.02 (1994).
    \7\Part 17 of the regulations requires that firms identify large 
traders in options on the Form 102 and transmit the form to the 
appropriate exchange in accordance with their rules. Those exchanges 
that maintain a futures large trader reporting system also use the 
CFTC Form 102 for identifying futures large traders.

    Effective August 16, 1993, the Commission adopted amendments to 
part 17 of the regulations which clarified the reporting of futures 
positions of commodity pools, certain commodity trading advisors and 
accounts controlled by two or more persons.8 These amendments 
primarily addressed the reporting of accounts controlled by independent 
account controllers for eligible entities, conforming this reporting to 
the same method used by the Commission to determine compliance with 
speculative limits.9 Although certain amendments were made to Rule 
17.01, the Commission did not change its Form 102. Rather, Commission 
staff at that time began a review of the Form 102 in relation to the 
newly amended Rule 17.01 and to changes in the nature of accounts 
carried and reported by firms since the last substantive revision of 
the form by the Commission.10

    \8\58 FR 33327 (June 17, 1993).
    \9\Eligible entities are defined in Commission Rule 150.1 as 
commodity pool operators, operators of a trading vehicle which is 
excluded or who themselves have qualified for the exclusion from the 
definition of the term ``pool'' or ``commodity pool operator,'' 
respectively, under Sec. 4.5 of this chapter or a commodity trading 
    \10\These changes occurred in September of 1982 when the form 
was revised to include instructions for reporting option large 
trader information to the exchanges.

    Staff review of this matter concluded that there are generally 
three types of special accounts reported to the Commission where 
information requirements differ: House and customer omnibus accounts; 
accounts controlled by independent account controllers; and accounts 
generally owned and controlled by the same entity or an employee of the 
entity. The current Form 102 and Rule 17.01 require the same 
information for all accounts. Since all of the information is not 
pertinent for each of the different types of special accounts, the form 
is subject to varying interpretations and may be confusing for both the 
persons filing the form and those who receive it.
    In view of this, Commission staff interviewed their counterparts at 
the exchanges in order to develop a new Form 102 which resolves some of 
the ambiguities in the present form making it more useful to both the 
exchanges and the Commission. The views of the operations committees of 
the Futures Industry Association (``FIA'') were also sought and are 
discussed below. Persons on these committees represent the back office 
staff of clearing members and FCMs generally responsible for completing 
and filing the Form 102.
    The proposed, modified Form 102 is included as an attachment to 
this notice. The amendments to Rule 17.01 conform the information 
required in the proposed regulations to that asked on the form.11 
In this respect, the rule amendments will not increase the information 
currently required under the rule for various types of accounts.

    \11\On a related issue, the Commission is also proposing to 
amend Rule 17.01 to require that option and futures accounts be 
reported using the same designator. This may be any string of 
alphanumeric characters up to the maximum number permitted. 
Currently, Rule 17.01 specifies that a designator for a futures 
account be numeric while that for an option account can be 
alphanumeric. The restrictions on the use of alphanumeric characters 
for futures accounts is no longer necessary. Using the same 
designator for both types of accounts for the same persons will 
reduce the number of Form 102s that firms must file and that the 
Commission must process.

The New Form 102 and Proposed Amendments to Rule 17.01

    As noted above, Commission staff have identified three types of 
special accounts that firms generally report: Omnibus accounts; 
accounts controlled by an independent account advisor; and accounts 
owned and controlled by the same entity or employee of the entity.
    Item 1 on the proposed Form 102 requires that the firm classify the 
special account as one of the three types (Sec. 1(a), 1(b) or 1(c)) and 
give identifying information concerning the person or legal entity 
holding and/or controlling the account in item 1(d). In addition, if 
the account is not an omnibus account, the firm must report whether the 
person or legal entity identified in item 1(d) is a Commodity Trading 
Advisor (``CTA'') or a Securities Investment Advisor (``SIA''). See 
proposed Secs. 17.01(b)(1), (b)(1) (i), (ii), (ii)(A), and (iii)(A).
    The reason for identifying SIAs is that many of the participants in 
stock index futures are SIAs. Exchanges that trade stock index futures 
have created exclusions from certain of their rules for SIAs. The 
exchanges therefore believe it is important to identify such persons 
for enforcement purposes. The Commission also believes this information 
may be important to determine if investigations or studies should be 
conducted in cooperation with the Securities and Exchange Commission. 
Other information required for each type of special account is 
discussed below.12

    \12\Items 6 through 12 on the proposed Form 102 must be provided 
for all special accounts. This concerns information about the 
associated person handling the account and the firm filing the 

Omnibus Accounts

    For reporting purposes an omnibus account is considered an account 
carried on the books of an FCM (carrying firm) for and in the name of 
another FCM, clearing member, or foreign broker (originating firm) 
where trading in the account may be conducted for two or more persons 
at the originating firm and the traders are not separately identified 
to the carrying firm. Since the Commission will contact the originating 
firm to file the necessary reports required by part 17 of the 
regulations, the carrying firm need only identify the account as a 
house or customer omnibus account (question 1(a) on the Form 102) and 
provide the identifying information specified in item 1(d) of the form. 
See proposed Secs. 17.01(b)(1), and (b)(1)(i).

Accounts Controlled by Independent Account Advisors

    In pertinent part, an independent account advisor is a person who 
specifically is authorized by an FCM or eligible entity, as defined in 
part 150, to control trading decisions on behalf of, but without the 
day-to-day direction of, the FCM or eligible entity and over whose 
trading the FCM or eligible entity maintains only such minimum control 
as is consistent with its fiduciary responsibilities to supervise 
diligently the trading done on its behalf.13 As noted above, the 
Commission amended Rule 17.00 in 1993 to provide that all accounts 
controlled by independent account advisors for FCMs and eligible 

[[Page 31655]]
entities would be treated as a single account and reported in the name 
of the advisor.14 Changes to the Form 102 specifically provide for 
this. See proposed Secs. 17.01(b)(1) and (b)(1)(iii). Certain 
additional information must be provided on all accounts included in 
this type of special account. If the special account is a customer 
trading program and involves 10 or more separate accounts of other 
persons, firms need only give the name of the program and identify 
those accounts held by commodity pools in item 3(a) on the Form 
102.15 Information concerning other controlled accounts is 
reported in item 3(b). See proposed Sec. 17.01(b)(1)(iii)(B) and (C). 
On the new form, the account numbers of the controlled accounts must 
now be reported. This information is helpful to those exchanges using 
their large trader systems to identify accounts on the daily trade 
register. Additionally, the information will be useful when Commission 
or exchange staff contact firms about specific accounts on their 

    \13\The Commission has specified other indices of control to 
determine if certain accounts should be considered separate from 
other accounts owned or controlled by an FCM or eligible entity. 
See, for example the Commission's ``Statement of Policy on 
Aggregation'' (44 FR 33839, June 13, 1979) and Rule 150.1 (17 CFR 
150.1, 1994).
    \14\There is one general exception to this manner of reporting. 
If an FCM or eligible entity owns an account, the account is 
reported in the name of the FCM or eligible entity unless otherwise 
directed by the Commission. Reporting accounts in this manner will 
alert the Commission when an FCM or eligible entity trades above the 
speculative limit levels and that further investigation may be 
    \15\The Commission amended Rules 17.01 (b)(6) and 18.04(a)(5) in 
June 1993, to limit the amount of information that is supplied on 
Forms 102 and 40 concerning controlled accounts. As the Commission 
then noted, participants in customer trading programs tend to be 
small traders whose identity for market surveillance purposes is not 
needed on a routine basis. The Commission reserved the right to 
obtain this information on call (58 FR 33329 June 17, 1993).
    \16\For these same reasons, the Commission is requiring that 
account numbers be provided in items 2(c) and 4 on the new form.

    The operations committees of the FIA which were interviewed posed a 
number of questions concerning accounts controlled by independent 
account advisors. First, those surveyed by the Commission suggested 
that a distinction be made between managed and guided accounts. The 
Commission does not agree. In its 1979 Statement of Policy on 
Aggregation the Commission considered differences between managed and 
guided account programs.17 The Commission determined then that 
there was little difference between managed and guided account programs 
since such programs are designed and represented to customers to give 
best results by complete or general participation in the trades 
generated by the program.

    \17\44 FR 33842 (June 13, 1979).
    The operations committees also noted that a definition of 
``program'' might be helpful and questioned whether the language in 
item 3(a) concerning ``programs in which 10 or more accounts 
participate'' referred to all accounts parented to an investment 
advisor and whether this would include investment partnerships. 
Commission Rule 15.00(f) currently defines a customer trading program 
for reporting purposes as:

    Any system of trading offered, sponsored, promoted, managed or 
in any other way supported by, or affiliated with, a futures 
commission merchant, an introducing broker, a commodity pool 
operator, or other trader, or any of its officers, partners or 
employees, and which by agreement, recommendations, advice or 
otherwise directly or indirectly controls trading done and positions 
held by any other person.

    Generally, this refers to all accounts parented to an investment 
    With respect to investment partnerships, if all partners make 
trading decisions for the partnership and share in ownership rights of 
the assets of the partnership, then under Sec. 17.00(b)(1)(ii) accounts 
of the partnership should be reported in the name of the 
partnership.18 In this instance, none of the partners are parented 
to the partnership account for reporting. A second type of partnership 
involves limited partners. Many commodity pools are organized in this 
manner. In this case, if the partnership is traded by an independent 
account advisor for an FCM or eligible entity, the partnership is 
reported in the name of the independent account advisor.19 If the 
partnership trading is conducted by a general partner and there is only 
one such person, then the partnership is reported in the name of the 
general partner.20

    \18\On the new Form 102, as proposed, item 1(b) would be checked 
and the partnership identified in item 1(d). This manner of 
reporting general partnerships was set forth in the 1993 Federal 
Register Notice (58 FR 33328 June 17, 1993). Generally, this would 
also apply to joint accounts.
    \19\Item 1(c) is checked and information about the advisor is 
supplied in item 1(d).
    \20\Item 1(b) is checked and information about the general 
partner is supplied in item 1(d).

    Those who are required to respond on the Form 102 also suggested 
that consideration be given to include instructions or guidelines in 
completing the Form 102, especially as it relates to independent 
account advisors. Generally, reporting issues and questions arise when 
multiple persons have financial interest or control of an account or 
control of an account is vested in persons other than those having a 
financial interest in the account. In such cases it is possible for 
reporting firms to combine and report positions in more than one 
manner.21 The Commission has given guidance in 
Secs. 17.00(b)(1)(i) and (ii) for reporting the more commonly occurring 
types of such situations. Answers to other problems are generally 
specific in nature depending on the particular circumstances 
surrounding each situation. In view of this, the Commission is 
instructing its staff to coordinate with their counterparts at the 
exchanges and give answers to reporting questions in writing. These 
answers, which will be publicly available, will serve as advisories on 
reporting, providing guidance on reporting issues within the context of 
those which have already been encountered.

    \21\As noted in the June 17, 1993 Federal Register, firms must 
report in a manner that avoids duplicate reporting of position data 
so that the data is suitable for regulatory analysis and publication 
(55 FR 33328).

Other Special Accounts

    This includes accounts owned and controlled by the same person or 
entity (or controlled by an officer or employee of the entity) and 
general partnership or joint accounts. The information that is required 
for special accounts in this category on the new Form 102 is similar to 
that requested on the current Form 102. See items 1(d) and 2 on the 
Form 102 and proposed Secs. 17.01(b)(1), 17.01(b)(1)(i), and (ii)(A)-
(E). Additional information on the new form includes the names and 
locations of all persons authorized to trade an account included in the 
special account. Since this identifies employees or officers of 
corporations or other entities who conduct the actual trading, the 
information can be used to ensure that if persons are suspended from 
trading, they are not violating the suspension by masking their trading 
in the name of a business. The Commission, however, is limiting the 
amount of information that must be supplied. Large corporations may use 
multiple accounts and traders, creating a burden for firms to obtain 
and report all persons having trading authority for a special account. 
Moreover, for large corporations this information is not necessary for 
surveillance purposes. In view of this, the Commission is proposing 
that the names and locations of account controllers be provided only if 
there are five or fewer such traders.22

    \22\The remaining information on the proposed Form 102 (items 4-
12) is substantively the same information that is asked on the 
current form and does not need further discussion.
    During staff interviews, those likely to be responding on the forms 
presented a number of other suggestions. Chief among these was a 
concern about the 

[[Page 31656]]
turn around time for the Form 102 and the accuracy of the information 
that can be supplied in such a short time frame. Currently a Form 102 
is due at the same time a special account is reportable for the first 
time. This is generally the business day following the trade date the 
account first exceeds reporting levels.23 Since much of the 
required information comes from the sales force, delays in obtaining 
the information are not uncommon. Currently in such instances, 
Commission staff will accept a filing providing at least the identity 
and location of the account owner and/or controller within the first 24 
hours with a completed Form 102 filed as soon as possible thereafter. 
This is the least amount of information deemed necessary in order to 
assign a CFTC trader number to the account. Some exchanges also require 
that minimal identifying information be provided immediately allowing 
some longer period for firms to complete and return the Form 102.

    \23\17 CFR 17.02 (1994).

    In order to obtain more accurate information, the Commission is 
proposing that Rule 17.02 be amended to require that firms need only 
supply on an immediate basis the information in items 1(a), 1(b), or 
1(c) and the name and location of the trader who will be identified in 
1(d).24 Receipt of a fully completed and accurate Form 102 will be 
required within 3 business days of the date the special account is 
first reported.25

    \24\Similarly, the Commission is proposing that updates to the 
Form 102 be filed within three business days of the subject changes. 
The Commission is also proposing to amend Rule 17.02 to require that 
hardcopy reports be filed with the Commission by facsimile rather 
than mail. Currently, all such reports are filed by facsimile. If 
facsimile reporting represents a problem for some firms, the rule 
provides that the Commission's designee may specify an alternate 
means of reporting.
    \25\Other suggestions put forth by the FIA and methods suggested 
by Commission staff for addressing these concerns are as follows:
    (1) More space should be provided on the form to alleviate the 
need for continuation sheets. Since the form will be printed on both 
sides of a single page, additional space is not available;
    (2) Question 5 concerning contract markets used for hedging 
should contain check boxes with possible choices of specific futures 
and option markets. Currently, there are over 40 markets which could 
be considered highly active. It would be difficult and probably of 
little help to list only a few markets; and
    (3) Customers should either complete or sign the form since the 
filing of a false or fraudulent report may be a basis for 
administrative action. The Commission currently receives a Form 40 
from customers. Generally, a Form 40 requires the reporting of more 
complete information. However, it is not as timely in its filing as 
the Form 102. The Commission believes that obtaining information 
from both sources on the Forms 102 and 40, respectively, is the best 
method for assuring both timely and complete information necessary 
for market surveillance.
    The Commission requests further comment on the feasibility of 
these suggestions and alternative methods of addressing these 
Exchange Initiatives

    Staff of the Chicago Mercantile Exchange (``CME'') have provided 
the Commission with proposed record layouts for the electronic 
transmission of information on the Form 102. CME staff have inquired 
about the feasibility of firms electronically transmitting Form 102 
information to the exchange and the exchange then providing the 
Commission with the information. The CME indicates that they have had 
preliminary talks concerning this matter with a number of firms, 
bookkeeping services,26 and staff of the Chicago Board of Trade. 
In the meetings concerns were raised about the Commission's role in 
this process. Apparently there is concern whether the Commission would 
be able to receive transmissions in the prescribed format, whether 
multiple transmissions to the exchanges and the Commission would be 
necessary and whether the Commission might begin its own development 
effort. Commission staff are currently reviewing the proposed format 
and have scheduled further discussions with exchange staff. In the 
interim, the Commission invites all interested persons to submit 
comments concerning the CME's suggestion to electronically transmit 
Form 102 data. The Commission is especially interested in the 
feasibility of such a proposal, whether and to what extent data 
required on the new Form 102 is currently in machine readable form, 
potential costs and benefits to firms if the information is transmitted 
electroni cally, and any alternate means through which the firms 
believe they can reduce the cost of filing Form 102 information.

    \26\Bookkeeping services provide software and/or hardware for 
firms' operational staff. These services would be responsible for 
developing software to transmit Form 102 information.

Other Related Matters

The Regulatory Flexibility Act (RFA)

    The RFA requires that agencies consider the impact of substantive 
rules on small businesses. These amendments affect large traders, FCMs, 
commodity pools, CTAs and other similar entities such as foreign 
brokers and foreign traders. The Commission has defined ``small 
entities'' in evaluating the impact of its rule in accordance with the 
RFA, 47 FR 18618-18621 (April 30, 1982).
    In that statement, the Commission concluded that large traders and 
FCMs are not considered to be small entities for purposes of the RFA. 
In this regard, the proposed amendments to reporting requirements 
relating to the Form 102 fall mainly upon FCMs. Similarly, foreign 
brokers and foreign traders report only if carrying or holding 
reportable positions, i.e., large positions. Thus, pursuant to section 
3(a) of the RFA (5 U.S.C. 605(b)), the Chairman, on behalf of the 
Commission, certifies that these proposed rules would not have a 
significant economic impact on a substantial number of small entities. 
The Commission however, invites comments from any firm which believes 
that these rules would have a significant economic impact upon its 

Paperwork Reduction Act (``PRA'')

    The PRA of 1980, 44 U.S.C. 3501 et. seq., imposes certain 
requirements on Federal agencies (including the Commission) in 
connection with their conducting or sponsoring any collection of 
information as defined by the PRA. In compliance with the PRA, the 
Commission has submitted these rules and their associated information 
collection requirements to the Office of Management and Budget.
    The burden associated with the entire collection, including this 
rule, is as follows:

Average Burden Hours Per Response--.1587 hour
Number of Respondents--3709
Frequency of Response--Daily

    The burden associated with this specific proposed rule, is as 

Average Burden Hours Per Response--0.2 hour
Number of Respondents--6,592
Frequency of Response--On occasion

    Persons wishing to comment on the information which would be 
required by this proposed rule should contact Jeff Hill, Office of 
Management and Budget, Room 3228, NEOB, Washington, DC 20503, (202) 
395-7340. Copies of the information collection submission to OMB are 
available from Joe F. Mink, CFTC Clearance Officer, 2033 K Street NW, 
Washington, DC 20581, (202) 254-9735.

List of Subjects in

17 CFR Part 17

    Brokers, Commodity Futures, Reporting and recordkeeping 

    In consideration of the foregoing, and pursuant to the authority 
contained in the Act and, in particular, sections 4g, 4i, 5 and 8a of 
the Act, 7 U.S.C. 6g, 6i, 7 and 12a (1989), the Commission proposes to 
amend Chapter I of title 17 

[[Page 31657]]
of the Code of Federal Regulations as follows:

    1. The authority citation for part 17 continues to read as follows:

    Authority: 7 U.S.C. 6a, 6d, 6f, 6g, 6i, 7 and 12a.

    2. Section 17.01 is proposed to be revised as follows:

Sec. 17.01  Special account designation and identification.

    (a) Designation of special account. For the purpose of reporting 
futures information to the Commission and option information to a 
contract market, each futures commission merchant, clearing member and 
foreign broker shall assign a unique designator to each special account 
for futures and options and shall report the account only by such 
designator. Provided, that the designator for options and futures shall 
not be changed or assigned to another account without prior approval of 
the Commission.
    (b) Identification of special account. When a Special Account is 
reported for the first time, the futures commission merchant, clearing 
member or foreign broker shall identify the account to the Commission 
or to the contract market on Form 102 showing the information requested 
thereon, including:
    (1) The designator assigned to the account for reporting purposes 
and the name, address, business phone and, for individuals, the 
person's job title and employer for:
    (i) The person originating the account, if the special account is a 
house omnibus or customer omnibus account;
    (ii) The person (i.e., individual, corporation, partnership etc.) 
who owns the special account if such person (or an employee or officer) 
also controls the trading of the special account. And in addition:
    (A) The registration status of the person as a commodity trading 
advisor or a securities investment advisor;
    (B) The legal organization of the person and the person's principal 
business or occupation;
    (C) Account numbers and account names included in the special 
account, if different than supplied in paragraph (b)(1) of this 
    (D) The name and location of all persons not identified in 
paragraph (b)(1) of this section having a 10% or more financial 
interest in the special account, indicating those having discretionary 
trading over the account; and
    (E) For special accounts with five or fewer persons having trading 
authority, the names and locations of all persons with trading 
authority that have not been identified in paragraphs (b)(1) or 
(1)(ii)(D) of this section; or
    (iii) The account controller, if trading of the special account is 
controlled by a person or legal entity who is an independent account 
controller of the account owners as defined in Sec. 150.1(e). And, in 
    (A) The registration status of the person as a commodity trading 
advisor or a securities investment advisor;
    (B) For publicly offered managed or guided account programs in 
which 10 or more accounts participate, the account number and the name 
of each guided or managed account program and of each pool and the name 
and address of the commodity pool operator for the pool that 
participates in the program;
    (C) For each controlled account not participating in a program 
identified above, the account number and the name and address of each 
person having a 10% or more financial interest in the account. For 
commodity pools, provide the account number, name of the pool and name 
and address of the commodity pool operator; and
    (D) On call by the Commission or its designee the account numbers 
and names and locations of each person participating in a program.
    (2) For each account not included in the special account that the 
person identified in paragraph (b)(1) of this section either controls 
or in which such person has a financial interest of 10% or more, the 
account number and the name of the account.
    (3) For futures or options, commodities in which positions or 
transactions in the account are associated with a commercial activity 
of the account owner in a related cash commodity or activity (i.e., 
those considered as hedging, risk-reducing, or otherwise off-setting 
with respect to the cash commodity or activity).
    (4) The name and business telephone number of the associated person 
of the futures commission merchant who has solicited and is responsible 
for the account or, in the case of an introduced account, the name and 
business telephone number of the introducing broker who introduced the 
    (5) Name and address of the futures commission merchant, clearing 
member or foreign broker carrying the account, the signature, title and 
business phone of the authorized representative of the firm filing the 
report, and the date of signing the Form 102.
    (c) Form 102 update. If at the time an account is in special 
account status and a Form 102 filed by a futures commission merchant, 
clearing member, or foreign broker is then no longer accurate because 
there has been a change in the information required under paragraphs 
(b)(1)(B)(iv), (b)(1)(C) and (b)(2) of this section since the previous 
filing, the futures commission merchant, clearing member, or foreign 
broker shall file an updated Form 102 with the Commission or the 
contract market, as appropriate, within three business days after such 
change occurs.
    3. Section 17.02 is proposed to be amended by revising the 
introductory text and paragraph (b) and by adding a new paragraph (c) 
as follows:

Sec. 17.02  Place and time of filing reports.

    Unless otherwise instructed by the Commission or its designee, the 
reports required to be filed by futures commission merchants, clearing 
members and foreign brokers under Secs. 17.00 and 17.01 shall be filed 
at the nearest appropriate Commission office as specified in paragraphs 
(a), (b), and (c) of this section, wherein the times stated are eastern 
times for information concerning markets located in that time zone and 
central time for information concerning all other markets.
    (a) * * *
    (b) For data submitted in hardcopy form pursuant to Secs. 17.00 
(a), or (h) at a Commission office by facsimile or in accordance with 
instructions by the Commission or its designee not later than 9:00 a.m. 
on the business day following that to which the information pertains.
    (c) For data submitted pursuant to Sec. 17.01 on the Form 102;
    (1) The type of special account specified in 1(a), 1(b) or 1(c) and 
the name and location of the person to be identified in 1(d) on the 
Form 102 by facsimile or telephone on the same day that the special 
account in question is first reported to the Commission; and
    (2) A completed Form 102 within three business days of the first 
day that the special account in question is reported to the Commission.
* * * * *
    Issued in Washington, DC, this June 12, 1995, by the Commission.
Lynn K. Gilbert,
Deputy Secretary of the Commission.

    Note: CFTC Form 102 is being published for informational 
purposes only and will not be codified in the Code of Federal 


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[[Page 31659]]

[FR Doc. 95-14754 Filed 6-15-95; 8:45 am]