[Federal Register Volume 61, Number 242 (Monday, December 16, 1996)]
[Rules and Regulations]
[Pages 65940-65941]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-31928]


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COMMODITY FUTURES TRADING COMMISSION

17 CFR Part 4


Interpretation Regarding Use of Electronic Media by Commodity 
Pool Operators and Commodity Trading Advisors

AGENCY: Commodity Futures Trading Commission.

ACTION: Delay of effective date of interpretation.

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SUMMARY: On August 8, 1996, the Commodity Futures Trading Commission 
(``Commission'') issued an Interpretation Regarding Use of Electronic 
Media by Commodity Pool Operators and Commodity Trading Advisors, 61 FR 
42146 (August 14, 1996). On October 15, 1996, the Commission extended 
the period for public comment until November 14, 1996, while delaying 
the effective date until December 16, 1996, 61 FR 54731 (October 22, 
1996). The Commission has now determined to delay the effective date 
indefinitely. The Pilot Program for electronic filing of commodity pool 
operator and commodity trading advisor disclosure documents, which 
commenced on October 15, 1996, as originally provided, is not affected.

DATES: The effective date of the Interpretative Release referenced 
herein is delayed indefinitely.

FOR FURTHER INFORMATION CONTACT:
Susan C. Ervin, Deputy Director/Chief Counsel, or Gary L. Goldsholle, 
Attorney/Advisor, Division of Trading and Markets, Commodity Futures 
Trading Commission, 1155 21st Street, NW., Washington, DC 20581. 
Telephone number: (202) 418-5450. Facsimile number: (202) 418-5536. 
Electronic mail: [email protected].

SUPPLEMENTARY INFORMATION: On August 8, 1996, the Commission issued an 
Interpretation Regarding Use of Electronic Media by Commodity Pool 
Operators and Commodity Trading Advisors (``Interpretative Release'' or 
``Release''). The Interpretative Release was designed to provide 
commodity pool operators (``CPOs''), commodity trading advisors 
(``CTAs''), and associated persons (``AP'') thereof, with guidance 
concerning the application of the Commodity Exchange Act and 
regulations thereunder to activities involving electronic media. The 
Commission sought comment on all issues discussed in the release, and 
any related issues, and provided that the effective date of the 
Interpretative Release would be October 15, 1996 and that comments 
should be received on or before that date. On October 15, 1996, the 
Commission extended the comment period until November 14, 1996, and 
delayed the effective date until December 16, 1996.
    The Commission has now determined to delay the effective date 
indefinitely to permit full review and consideration of the comments 
received and issues presented. As with the prior postponement, the 
Commission emphasizes that this does not affect the statutory and 
regulatory requirements applicable to persons acting as CPOs and CTAs 
by means of electronic media, who ``are subject to the same statutory 
and regulatory requirements under the Commission's regulatory framework 
as persons employing other modes of communication.'' 61 FR at 42150. 
The Commission also notes that the Commission staff letters and 
advisories cited in the Release, as stated therein, ``represent 
interpretations by the Commission's staff and do not

[[Page 65941]]

necessarily represent interpretations by the Commission.'' 61 FR at 
42149 n. 24.
    Finally, although the Commission is indefinitely delaying the 
effective date of the Interpretative Release, CPOs and CTAs may 
continue to rely on the positions stated therein as ``safe harbor'' 
positions to aid CTAs and CPOs making use of electronic media pending 
further statements of the Commission's views. Additionally, the Pilot 
Program for electronic filing of CPO and CTA disclosure documents, 
which commenced on October 15, 1996, as originally proposed, is not 
affected.

    Issued in Washington, DC, on December 11, 1996, by the 
Commission.
Jean A. Webb,
Secretary of the Commission.
[FR Doc. 96-31928 Filed 12-13-96; 8:45 am]
BILLING CODE 6351-01-M