[Federal Register Volume 67, Number 136 (Tuesday, July 16, 2002)]
[Notices]
[Pages 46639-46640]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-17847]


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COMMODITIES FUTURES TRADING COMMISSION


Notice of Reinstatement of the Global Markets Advisory Committee

AGENCY: Commodities Futures Trading Commission.

ACTION: Notice of reinstatement of the Global Markets Advisory 
Committee.

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SUMMARY: The Commodities Futures Trading Commission has determined to 
reinstate the charter of its ``Global Markets Advisory Committee.'' As 
required by sections 9(a)(2) and 149(a)(2)(A) of the Federal Advisory 
Committee Act, 5 U.S.C. app. 2 Sec. Sec. 9(a)(2) and 14(a)(2)(A), and 
41 CFR 101-6.1007 and 101-6.1029, the Commission has consulted with the 
Committee Management Secretariat of the General Services 
Administration. The Commission certifies that the reinstatement of this 
advisory committee is necessary and is in the public interest in 
connection with the performance of duties on the Commission by the 
Commodity Exchange Act, 7 U.S.C. 1. et seq. as amended. This notice is 
published pursuant to section 9(a)(2) of the Federal Advisory Committee 
Act, 5 U.S.C. app. 2, Sec. 9(a)(2), and 41 CFR 101-6.1015.

FOR FURTHER INFORMATION CONTACT: Clarence R. Sanders, Legal Counsel to 
Commissioner Barbara P. Holum, at 202-418-5068, or Martin B. White, 
Committee Management Officer, at 202-418-5129. Written comments should 
be submitted to Jean A. Webb, Secretary, Commodities Futures Trading 
Commission, Three Lafayette Centre, 1155 21st Street, NW., Washington, 
DC 20581.

SUPPLEMENTARY INFORMATION: The globalization of the futures and options 
markets has been a principal development of the past decade. Such 
global expansion is characterized by:
     An increasing number of futures markets being established 
internationally,
     The increasingly multinational nature of regulated U.S. 
firms,
     The increasing presence of foreign competitors in the 
United States ,
     The international linking of markets,
     Concerns about international market risk, and
     An increased demand by U.S. market users for global 
brokerage services.
Markets are inextricably linked through common products and related 
market participants. Events that occur in one market can and frequently 
do cause global regulatory and business concerns.
    The Global Markets Advisory Committee's charter directs the 
committee to assist the Commission in gathering information concerning 
the regulatory challenges of a global marketplace, including: (1) 
Avoiding unnecessary regulatory or operational impediments faced by 
those doing global business, such as differing and/or duplicative 
regulatory frameworks, lack of transparency of rules and regulations 
and barriers to market access, while preserving core protection for 
markets and customers; (2) setting appropriate international standards 
for regulating futures and derivatives markets and intermediaries; (3) 
assessing the impact on U.S. markets and firms of the Commission's 
international efforts and the initiatives of foreign regulators and 
market authorities; (4) achieving continued global competitiveness of 
U.S. markets and firms; and (5) identifying methods to improve domestic 
and international regulatory structures.
    The Commission has actively worked with foreign regulators to 
address global

[[Page 46640]]

market issues. Recent global initiatives have been designed to enhance 
international supervisory cooperation and emergency procedures, to 
establish concrete standards of best practices that set international 
benchmarks for regulating futures and derivatives markets, to encourage 
improved transparency in those markets, to improve the quality and 
timeliness of international information sharing and to encourage 
jurisdictions around the world to remove legal or practical obstacles 
to achieving these goals.
    The Commission anticipates that the Global Markets Advisory 
Committee will provide a valuable forum for information exchange and 
advice on these matters. The reports, recommendations and general 
advice from the committee will enable the Commission to assess more 
effectively the need for possible statutory, regulatory, policy or 
programmatic initiatives to address the challenges posed by the 
globalization of the marketplace.
    Commissioner Barbara P. Holum is the Chairman and Designated 
Federal Official of the advisory committee. The committee's membership 
will be composed of representatives of the markets, firms and market 
users most directly involved in and affected by the globalization of 
the industry, and will include, but not be limited to, representatives 
of U.S. and foreign exchanges, regulators and self-regulators, 
financial intermediaries, market users, traders and academics. The 
advisory committee's membership will be balanced in terms of points of 
view.
    The Commission has found that advice on specialized matters of the 
sort described above is best obtained through the advisory committee 
framework rather than through other, more costly, less flexible and 
less efficient means of assembling persons from all sectors of the 
financial services industry. The Commission has also found that the 
Global Markets Advisory Committee will not duplicate the functions of 
the Commission, another existing advisory committee, or other means 
such as public hearings. The Commission has concluded, therefore, that 
the reinstatement of the Global Markets Advisory Committee is essential 
to the accomplishment of its mission and is in the public interest.
    Upon publication of this notice in the Federal Register, a copy of 
the reinstated charter of the Global Markets Advisory Committee will be 
filed with the Chairman of the Commission, the Senate Committee on 
Agriculture, Nutrition and Forestry and the House Committee on 
Agriculture. A copy of the reinstated charter will be furnished to the 
Library of Congress and to the Committee Management Secretariat and 
will be posted on the Commission's Web site at http://www.cftc.gov.

    Issued in Washington, DC, on July 10, 2002, by the Commission.
Jean A. Webb,
Secretary of the Commission.
[FR Doc. 02-17847 Filed 7-15-02; 8:45 am]
BILLING CODE 6351-01-M