[Federal Register Volume 69, Number 66 (Tuesday, April 6, 2004)]
[Proposed Rules]
[Pages 17998-18001]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-7671]


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COMMODITY FUTURES TRADING COMMISSION

17 CFR Part 30

RIN 3038-AC06


Foreign Futures and Foreign Options Transactions

AGENCY: Commodity Futures Trading Commission.

ACTION: Proposed rule.

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SUMMARY: The Commodity Futures Trading Commission (``Commission'' or 
``CFTC'') is proposing to amend Part 30 of the Commission's regulations 
to clarify when foreign futures and options brokers who are members of 
a foreign board of trade must register or obtain an exemption from 
registration. The Commission proposes to modify Rule 30.4(a) by 
clarifying that foreign futures and options brokers, including those 
with U.S. bank branches, are not required to register as futures 
commission merchants (FCMs) pursuant to Rule 30.4, or seek exemption 
from registration under Rule 30.10, if they fall generally into the 
following categories: Those that carry customer omnibus accounts for 
U.S. FCMs; those that carry U.S. affiliate accounts that are 
proprietary to the foreign futures and options broker; and those that 
carry U.S. accounts that are proprietary to a U.S. FCM. In addition, a 
foreign futures and options broker that has U.S. bank branches will be 
eligible for a Rule 30.10 comparability exemption or exemption from 
registration under Rule 30.4 based upon compliance with conditions 
specified in proposed Rule 30.10(b)(1) through (6).

DATES: Comments must be received by June 7, 2004.

ADDRESSES: You may submit comments, identified by RIN 3038-AC06, by any 
of the following methods:
     Federal eRulemaking Portal: http://www.regulations.gov. Follow the instructions for submitting comments.
     E-mail: [email protected]. Include ``Commission 
Rules 30.1, 30.4 and 30.10--Registration and Exemption'' in the subject 
line of the message.
     Fax: (202) 418-5521.
     Mail: Send to Jean A. Webb, Secretary of the 
Commission, 1155 21st Street, NW., Washington DC 20581.
     Courier: See above.
    Instructions: All comments received will be posted without change 
to http://www.cftc.gov, including any personal information provided.

FOR FURTHER INFORMATION CONTACT: Lawrence B. Patent, Deputy Director, 
or Susan A. Elliott, Special Counsel, Compliance and Registration, 
Division of Clearing and Intermediary Oversight, Commodity Futures 
Trading Commission. Three Lafayette Centre, 1155 21st Street, NW., 
Washington, DC 20581. Telephone: (202) 418-5439 or (202) 418-5464, or 
electronic mail: [email protected] or [email protected].

SUPPLEMENTARY INFORMATION:

I. Background

    This is a reproposal of rules first proposed on August 26, 1999, 
\1\ with two adjustments.\2\ The 1999 proposals would have amended Part 
30 of the Commission's rules to clarify when foreign futures and 
options brokers that are members of a foreign board of trade or 
affiliates of U.S. FCMs must register under the Act or obtain an 
exemption from registration under the Act. The comment period ended on 
October 25, 1999 without any comments received. Soon thereafter, a no-
action request was submitted that touched upon some of the issues 
addressed by the proposal, to which the staff responded. The staff's 
no-action letter permitted the New York branch of a French bank to 
register in the U.S. as an Introducing Broker, to be guaranteed by a 
registered FCM that is a subsidiary of the same bank, and to introduce 
business to the London branch of the same bank. The letter stated that 
staff would not recommend enforcement action against the bank or its 
New York or London branches solely upon their failure to register as 
FCMs under the Act, or against the U.S. FCM or the bank's New York or 
London branches for failure of the New York branch to introduce all 
customer accounts to the guaranteeing U.S. FCM, as required by Rule 
1.57(a)(1).\3\
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    \1\ 64 FR 46613 (August 26, 1999).
    \2\ The 1999 proposal required an applicant for a Rule 30.10 
exemption with a U.S. bank branch to file a specified set of 
representations with the National Futures Association (NFA). This 
proposal instead lists the representatives as conditions for 
compliance, in order to reduce the paperwork necessitated by these 
rule amendments. The second change from the 1999 proposal is that 
the definitional changes proposed, adding ``foreign futures and 
options customer omnibus account'' and ``foreign futures and options 
broker'' (``FFOB''), were adopted as Rules 30.1(d) and (e), 
respectively, in connection with the adoption of Rule 30.12 (65 FR 
47275, 47280, August 2, 2000). Rule 30.12 was proposed in a separate 
release issued simultaneously with the proposal of the changes 
discussed herein on August 26, 1999 (64 FR 46618).
    \3\ The text of the letter is published on the CFTC Web site as 
Letter 00-94, ``Rules 30.10 and 30.4a: No-Action Relief in 
Connection with Registration as an Introducing Broker,'' and at 
[1999-2000 Transfer Binder] Comm. Fut. L. Rep. ]28.279, September 
27, 2000.
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    The Commission initially postponed reproposal of these rule 
amendments in order to permit time to assess the impact of its no-
action letter, which permitted

[[Page 17999]]

the U.S. branch of a foreign bank in a Part 30 jurisdiction to register 
as an IB in the U.S., notwithstanding the Rule 30.10 registration 
exemption of its parent company.\4\ Reproposal was also deferred due to 
the passage of the Commodity Futures Modernization Act (CFMA) in 
December of 2000, and the concurrent necessity for substantial 
rulemakings to implement the mandate of that legislation.
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    \4\ No subsequent requests for no-action by Part 30 participants 
have proposed IB registration of a U.S. bank branch as a way of 
authorizing referral of business from the U.S. bank branch to 
foreign-based branches.
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    Notwithstanding these developments, the Commission's Part 30 
program continues to operate much as it did when adopted in 1987.\5\ 
Part 30 governs, generally, the solicitation and sale of foreign 
futures \6\ and foreign option \7\ contracts to customers \8\ located 
in the U.S. These rules were promulgated pursuant to Sections 
2(a)(1)(A), 4(b) and 4c of the Act, which vest the Commission with 
exclusive jurisdiction over the offer and sale, in the U.S., of options 
and futures contracts traded on or subject to the rules of a board of 
trade, exchange or market located outside of the U.S.
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    \5\ 52 FR 28980 (August 5, 1987). CFTC rules may be found at 17 
CFR Ch. 1 (2003).
    \6\ ``Foreign futures'' as defined in Part 30 means ``any 
contract for the purchase or sale of any commodity for future 
delivery made, or to be made, on or subject to the rules of any 
foreign board of trade.'' Commission Rule 30.1(a).
    \7\ ``Foreign option'' as defined in Part 30 means ``any 
transaction or agreement which is or is held out to be of the 
character of, or is commonly known to the trade as, an `option', 
`privilege', `indemnity', `bid', `put', `call', `advance guaranty', 
or `decline guaranty', made or to be made on or subject to the rules 
of any foreign board of trade.'' Commission Rule 30.1(b).
    \8\ Pursuant to Commission Rule 30.1(c), ``Foreign futures or 
foreign options customer'' means ``any person located in the United 
States, its territories or possessions who trades in foreign futures 
or foreign options: Provided, That an owner or holder of a 
proprietary account as defined in paragraph (y) of [Commission Rule] 
1.3 shall not be deemed to be a foreign futures or foreign options 
customer within the meaning of Sec. Sec.  30.6 and 30.7 of this 
part.''
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    When it adopted Part 30, the Commission recognized that many 
complexities would need to be addressed by the staff in the years after 
adoption of these rules.\9\ Soon after the Commission adopted the 
original Part 30 rules, the staff of the Division of Trading and 
Markets \10\ published several interpretative letters and no-action 
positions regarding the application of the registration requirements of 
Part 30 to foreign firms, and their ability to obtain an exemption from 
certain of the requirements of Part 30, pursuant to Rule 30.10. Those 
letters and positions were described in some detail in the August 1999 
Notice of Proposed Rulemaking.\11\ With the proposed amendments to Part 
30 discussed below, the Commission will codify some of those 
interpretations and positions. Persons who properly relied on 
interpretative statements in the past must henceforth comply with the 
new rules, if adopted.\12\
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    \9\ ``The Commission is mindful that the implementation of a 
regulatory scheme such as this is an evolving process, particularly 
as the issues are numerous and complex. Accordingly, the Commission 
invites affected persons to seek interpretations of the rules, no-
action positions and exemptions, as appropriate. In this regard, the 
Commission has determined to retain the general exemptive provision 
set forth in rule 30.10, as proposed.'' 52 FR at 28980-28981.
    \10\ Under the CFTC staff reorganization effective July 2002, 
the Division of Trading and Markets was eliminated and the Part 30 
functions were assumed by the new Division of Cleaning and 
Intermediary Oversight.
    \11\ 64 FR 46613, 46614-46616.
    \12\ If the Commission adopts the proposed amendments, prior 
staff positions on these subjects will be superceded. Because the 
rule amendments contain no substantive changes to prior staff 
interpretative statements and no-action letters, no party should be 
disadvantaged. The new rules would make these staff positions more 
accessible and more widely understood and obviate the need for 
individualized relief.
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II. Rule Amendments

    Rule 30.4(a) requires any person who solicits or accepts orders 
and/or money for foreign futures and options contracts from domestic 
foreign futures or foreign options customers \13\ to register as an FCM 
under the Act. Rule 30.4(e) requires registered FCMs to maintain an 
office in the U.S. that is managed by an individual domiciled in the 
U.S. and registered with the Commission as an associated person 
(``AP''). Rule 30.10 permits any person to seek exemption from any 
provision of Part 30.
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    \13\ See n. 8, supra.
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    The Commission believes that it can provide clarity to its 
registration requirements under Part 30 by specifically addressing, in 
Rule 30.4, when registration by an FFOB is not required. Thus, the 
Commission proposes amending Rule 30.4(a) to clarify that FFOBs that 
carry foreign futures and foreign options customer omnibus accounts 
\14\ of U.S. FCMs, but have no direct contact with the customers whose 
accounts comprise the omnibus accounts, are not required to register as 
FCMs. This is the case even if the FFOB has U.S. bank branches. The 
Commission also proposes amending Rule 30.4(a) to clarify that an FFOB 
that carries proprietary accounts of a U.S. FCM, or an FFOB that trades 
for its own proprietary accounts (including accounts of its U.S. 
affiliates and others whose accounts are ``proprietary'' to the FFOB 
under CFTC Rule 1.3(y)), need not register as an FCM so long as certain 
conditions are met. These FFOBs, however, otherwise remain subject to 
provisions of Part 30 that are not dependent upon registration as an 
FCM, such as the antifraud provision of Rule 30.9.
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    \14\ ``Foreign futures and foreign options customer omnibus 
accounts'' are defined at Rule 30.1(d), 17 CFR Sec.  30.1(d) (2003).
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    In addition, the Commission proposes amending Rule 30.10 to clarify 
that an FFOB with U.S. bank branches may be eligible for confirmation 
of Rule 30.10 relief if it complies with the following conditions:
    (1) No U.S. bank branch, office or division will engage in the 
trading of futures or options on futures within or from the U.S., 
except for its own account\15\;
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    \15\ That is, the ``house'' account of the entity. This is the 
``narrow'' definition of proprietary, as set forth in Commission 
Rule 1.17(b)(3).
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    (2) No U.S. bank branch, office or division will refer any foreign 
futures or foreign options customer to the FFOB or otherwise be 
involved in the FFOB's business in foreign futures and foreign option 
transactions;
    (3) No U.S. bank branch, office or division will solicit any 
foreign futures or foreign options business or purchase or sell foreign 
futures or foreign option contracts on behalf of any foreign futures or 
foreign option customers or otherwise engage in any activity subject to 
regulation under Part 30 or engage in any clerical duties related 
thereto. If any U.S. division, office or branch desires to engage in 
such activities, it will only do so through an appropriate CFTC 
registrant;
    (4) The FFOB will maintain outside the U.S. all contract documents, 
books and records regarding foreign futures and option transactions;
    (5) The FFOB and each of its U.S. bank branches, offices or 
divisions agree to provide upon request of the Commission, the NFA or 
the U.S. Department of Justice, access to their books and records for 
the purpose of ensuring compliance with the undertakings and consents 
to make such records available for inspection at a location in the U.S. 
within 72 hours after service of the request; \16\ and
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    \16\ The Commission has recognized that Japanese and Hong Kong 
laws require that original books and records of any firm located 
within either country be maintained within the local jurisdiction. 
See CFTC Staff Letter 95-83 [1994-1996 Transfer Binder] Comm. Fut. 
L. Rep. (CCH) ] 26,559 at 43,490 (September 20, 1995) (no-action 
position permitting the Japanese and Hong Kong affiliates of a U.S. 
FCM to accept directly foreign futures and options orders from 
certain sophisticated U.S. customers); 62 FR 47792 (September 11, 
1997) (extending the relief under CFTC Staff Letter 95-83 to the 
Japanese and Hong Kong affiliates of all U.S. FCMs). If the proposed 
amendments are adopted, that letter will be superceded. For the 
purpose of this rulemaking, the Commission will allow foreign 
futures and options brokers in Japan and Hong Kong to satisfy the 
books and records requirement by: (1) Providing within 72 hours 
authenticated copies of its books and records upon request of a 
Commission, NFA or U.S. Department of Justice representative; (2) 
providing within 72 hours access to original books and records in 
the foreign jurisdiction; (3) waiving objection to the admissibility 
of the copies as evidence in a Commission, NFA or U.S. Department of 
Justice action against the foreign futures and options broker; and 
(4) agreeing in the event of a proceeding to provide a witness to 
authenticate copies of books and records given to the Commission, 
NFA, or the U.S. Department of Justice. The Commission is clarifying 
that the books and records from a Japanese or Hong Kong FFOB are 
also subject to request by NFA and U.S. Department of Justice 
representatives, as is the case for an FFOB in any other 
jurisdiction.

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[[Page 18000]]

    (6) Although it will continue to engage in normal commercial 
activities, no U.S. bank branch, office or division will establish 
relationships in the U.S. with the broker's foreign futures and foreign 
options customers for the purpose of facilitating or effecting 
transactions in foreign futures and foreign option contracts in the 
U.S.
    The Commission proposes that any FFOB that would not be required to 
register under the proposed Rule 30.4(a) because it solely carries a 
U.S. customer omnibus account, an account that would be classified as 
proprietary to the broker under Commission Rule 1.3(y), or a U.S. FCM's 
proprietary account, is also not required to register solely because it 
has U.S. bank branches, so long as it complies with the conditions 
specified in Rule 30.10(b)(1)-(6), as listed above.
    The Commission solicits comment regarding the number of foreign 
futures or options brokers' non-bank branches located in the United 
States, as well as information concerning their activities.\17\ The 
Commission also requests comment on the advisability of expanding the 
relief provided by the proposed rule amendments to foreign futures and 
options brokers with any type of U.S. branch, not just bank branches.
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    \17\ The rationale for providing relief to foreign firms with 
bank branches in the U.S. is that those branches are otherwise 
regulated by the banking authorities. Although this rationale would 
be inapplicable to non-bank branches, there may be other reasons why 
exemption from registration under Part 30 would be appropriate.
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II. Related Matters

A. Regulatory Flexibility Act

    The Regulatory Flexibility Act (``RFA''), 5 U.S.C. 601-611, 
requires that agencies, in proposing rules, consider the impact of 
those rules on small businesses. The Commission has previously 
established certain definitions of ``small entities'' to be used by the 
Commission in evaluating the impact of its rules on such entities in 
accordance with the RFA.\18\ The proposed rules discussed herein would 
affect foreign members of foreign boards of trade who perform the 
functions of an FCM, some of which may be foreign affiliates of U.S. 
FCMs. The Commission previously has determined that, based upon the 
fiduciary nature of the FCM/customer relationships, as well as the 
requirement that FCMs meet minimum financial requirements, FCMs should 
be excluded from the definition of small entities. Therefore, the 
Chairman, on behalf of the Commission, hereby certifies, pursuant to 5 
U.S.C. 605(b), that these proposed regulations will not have a 
significant economic impact on a substantial number of small entities. 
Nonetheless, the Commission specifically requests comment on the impact 
these proposed rules may have on small entities.
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    \18\ 47 FR 18618-18621 (April 30, 1982).
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B. Paperwork Reduction Act

    When publishing proposed rules, the Paperwork Reduction Act of 1995 
\19\ imposes certain requirements on federal agencies (including the 
Commission) in connection with their conducting or sponsoring any 
collection of information as defined by the Paperwork Reduction Act. In 
compliance with the Act, the Commission, through this rule proposal, 
solicits comments to: (1) Evaluate whether the proposed collection of 
information is necessary for the proper performance of the functions of 
the agency, including the validity of the methodology and assumptions 
used; (2) evaluate the accuracy of the agency's estimate of the burden 
of the proposed collection of information including the validity of the 
methodology and assumptions used; (3) enhance the quality, utility, and 
clarity of the information to be collected; and (4) minimize the burden 
of the collection of the 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 of 
responses.
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    \19\ Pub. L. 104-13 (May 13, 1995).
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    The Commission has submitted this proposed rule and its associated 
information collection requirements to the Office of Management and 
Budget. The burden associated with this entire collection 3038-0023, 
including this proposed rule, is as follows:

    Average burden hours per response: .1645.
    Number of respondents: 73,610.
    Frequency of response: On occasion; annually; semi-annually; 
quarterly.

    The burden associated with this specific proposed rule, is as 
follows:
    Average burden hours per response: .05.
    Number of Respondents: 110.
    Frequency of response: On occasion.

    Persons wishing to comment on the estimated paperwork burden 
associated with this proposed rule should contact the Desk Officer, 
CFTC, Office of Management and Budget, Room 10202, NEOB, Washington, DC 
20503, (202) 395-7340. 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.

C. Cost-Benefit Analysis

    Section 15(a) of the Act 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) does not require the Commission to 
quantify the costs and benefits of a new regulation or to determine 
whether the benefits of the proposed regulation outweigh its costs. 
Rather, Section 15(a) simply requires the Commission to ``consider the 
costs and benefits'' of its action.
    Section 15(a) 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 rule 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. These proposed amendments are intended to 
clarify when foreign futures and options brokers who are members of a 
foreign board of trade must register or obtain an exemption from 
registration. The Commission is considering the costs and benefits of 
these rules in light of the specific provisions of section 15(a) of the 
Act:
    1. Protection of market participants and the public. The amendments 
do not change the requirements to qualify for the exemption. 
Accordingly, they should have no effect on the Commission's ability to 
protect market participants and the public.
    2. Efficiency and competition. The amendments are expected to 
benefit

[[Page 18001]]

efficiency and competition by enhancing understanding of the 
Commission's requirements for exemption.
    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 adopted 
herein should have no effect on the risk management practices of the 
futures and options industry.
    5. Other public interest considerations. The amendments clarify the 
Commission's requirements for exemption of foreign futures and options 
brokers who are members of a foreign board of trade. Greater clarity 
should result in a system that is easier to understand and thereby more 
efficient.
    After considering these factors, the Commission has determined to 
propose the amendments discussed above.

List of Subjects in 17 CFR Part 30

    Definitions, Foreign futures, Foreign options, Reporting and 
recordkeeping requirements, Registration requirements.
    In consideration of the foregoing, and pursuant to the authority 
contained in the Commodity Exchange Act and, in particular, sections 
2(a)(1), 4(b), 4c and 8 thereof, 7 U.S.C. 2, 6(b), 6c and 12a (1982), 
and pursuant to the authority contained in 5 U.S.C. 552 and 552b 
(1982), the Commission hereby proposes to amend Chapter I of Title 17 
of the Code of Federal Regulations as follows:

PART 30--FOREIGN OPTIONS AND FOREIGN FUTURES TRANSACTIONS

    1. The authority citation for Part 30 continues to read as follows:

    Authority: 7 U.S.C. 1a, 2, 4, 6, 6c and 12a, unless otherwise 
noted.

    2. Section 30.4 is proposed to be amended by revising paragraph (a) 
to read as follows:


Sec.  30.4  Registration required.

* * * * *
    (a) To solicit or accept orders for or involving any foreign 
futures contract or foreign options transaction and, in connection 
therewith, to accept any money securities or property (or extend credit 
in lieu thereof), to margin, guarantee or secure any trades or 
contracts that result or may result therefrom, unless such person shall 
have registered, under the Act, with the Commission as a futures 
commission merchant and such registration shall not have expired nor 
been suspended nor revoked; provided that, a foreign futures and 
options broker (as defined in Sec.  30.1(e)) is not required to 
register as an FCM:
    (1) In order to accept orders from or to carry a U.S. futures 
commission merchant foreign futures and options customer omnibus 
account, as that term is defined in Rule 30.1(d);
    (2) In order to accept orders from or to carry a U.S. FCM 
proprietary account, as that term is defined in paragraph (y) of Sec.  
1.3 of this chapter; or
    (3) In order to accept orders from or carry a U.S. affiliate 
account which is proprietary to the foreign broker, as ``proprietary 
account'' is defined in paragraph (y) of Sec.  1.3 of this chapter. 
Such foreign futures and options broker remains subject to all other 
applicable provisions of the Act and of the rules, regulations and 
orders thereunder. Foreign futures and options brokers that have U.S. 
bank branches, offices or divisions engaging in the above-listed 
activity are not required to register as an FCM if they comply with the 
conditions listed in Sec.  30.10(b)(1) through (6).
* * * * *
    3. Section 30.10 is proposed to be amended by designating the 
existing text as paragraph (a) and adding paragraph (b) to read as 
follows:


Sec.  30.10  Petitions for exemption.

    (a) Any person adversely affected by any requirement of this part 
may file a petition with the Secretary of the Commission, which 
petition must set forth with particularity the reasons why that person 
believes that he should be exempt from such requirement. The Commission 
may, in its discretion, grant such an exemption if that person 
demonstrates to the Commission's satisfaction that the exemption is not 
otherwise contrary to the public interest or to the purposes of the 
provision from which exemption is sought. The petition will be granted 
or denied on the basis of the papers filed. The petition may be granted 
subject to such terms and conditions as the Commission may find 
appropriate.
    (b) Any foreign person that files a petition for an exemption under 
this section shall be eligible for such an exemption notwithstanding 
its presence in the United States through U.S. bank branches or 
divisions if, in conjunction with a petition for confirmation of Rule 
30.10 comparability relief under an existing Rule 30.10 Commission 
order, it complies with the following conditions:
    (1) No U.S. bank branch, office or division will engage in the 
trading of futures or options on futures within or from the United 
States, except for its own proprietary account;
    (2) No U.S. bank branch, office or division will refer any foreign 
futures or options customer to the foreign broker or otherwise be 
involved in the foreign broker's business in foreign futures and option 
transactions;
    (3) No U.S. bank branch, office or division will solicit any 
foreign futures or options business or purchase or sell foreign futures 
and option contracts on behalf of any foreign futures or option 
customers or otherwise engage in any activity subject to regulation 
under part 30 or engage in any clerical duties related thereto. If any 
U.S. division, office or branch desires to engage in such activities, 
it will only do so through an appropriate CFTC registrant;
    (4) The foreign person will maintain outside the United States all 
contract documents, books and records regarding foreign futures and 
option transactions;
    (5) The foreign person and each of its U.S. bank branches, offices 
or divisions agree to provide upon request of the Commission, the 
National Futures Association or the U.S. Department of Justice, access 
to their books and records for the purpose of ensuring compliance with 
the foreign undertakings and consents to make such records available 
for inspection at a location in the United States within 72 hours after 
service of the request; and
    (6) Although it will continue to engage in normal commercial 
activities, no U.S. bank branch, office or division of the foreign 
person will establish relationships in the United States with the 
applicant's foreign futures and options customers for the purpose of 
facilitating or effecting transactions in foreign futures and option 
contracts in the United States.

    Dated: March 30, 2004.
    By the Commission.
Jean A. Webb,
Secretary of the Commission.
[FR Doc. 04-7671 Filed 4-5-04; 8:45 am]
BILLING CODE 6351-01-P