[Federal Register Volume 84, Number 129 (Friday, July 5, 2019)]
[Proposed Rules]
[Pages 32105-32109]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-13828]
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COMMODITY FUTURES TRADING COMMISSION
17 CFR Part 30
RIN 3038-AE86
Foreign Futures and Options Transactions
AGENCY: Commodity Futures Trading Commission.
ACTION: Notice of proposed rulemaking.
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SUMMARY: The Commodity Futures Trading Commission (Commission) is
proposing amendments to certain provisions of its regulations governing
the offer and sale of foreign futures and options to customers located
in the United States of America (U.S.). The proposed amendments would
codify the process by which the Commission may terminate exemptive
relief issued pursuant to those regulations.
DATES: Comments must be received on or before August 5, 2019.
ADDRESSES: You may submit comments, identified by RIN 3038-AE86, by any
of the following methods:
CFTC Comments Portal: https://comments.cftc.gov. Select
the ``Submit Comments'' link for this rulemaking and follow the
instructions on the Public Comment Form.
Mail: Send to Christopher Kirkpatrick, Secretary of the
Commission, Commodity Futures Trading Commission, Three Lafayette
Centre, 1155 21st Street NW, Washington, DC 20581.
Hand Delivery/Courier: Follow the same instructions as for
Mail, above.
Please submit your comments using only one of these methods. To
avoid possible delays with mail or in-person deliveries, submissions
through the CFTC Comments Portal are encouraged.
All comments must be submitted in English, or if not, accompanied
by an English translation. Comments will be posted as received to
https://comments.cftc.gov. You should submit only information that you
wish to make available publicly. If you wish the Commission to consider
information that you believe is exempt from disclosure under the
Freedom of Information Act (FOIA), a petition for confidential
treatment of the exempt information may be submitted according to the
procedures established in Sec. 145.9 of the Commission's
regulations.\1\
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\1\ 17 CFR 145.9. Commission regulations referred to herein are
found at 17 CFR chapter I.
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The Commission reserves the right, but shall have no obligation, to
review, pre-screen, filter, redact, refuse or remove any or all of your
submission from https://comments.cftc.gov that it may deem to be
inappropriate for publication, such as obscene language. All
submissions that have been redacted or removed that contain comments on
the merits of the rulemaking will be retained in the public comment
file and will be considered as required under the Administrative
Procedure Act and other applicable laws, and may be accessible under
the FOIA.
FOR FURTHER INFORMATION CONTACT: Matthew Kulkin, Director,
[email protected]; Frank Fisanich, Chief Counsel, [email protected]; or
Andrew Chapin, Associate Chief Counsel, [email protected], Division of
Swap Dealer and Intermediary Oversight, Commodity Futures Trading
Commission, 1155 21st Street NW, Washington, DC 20581, (202) 418-5000.
SUPPLEMENTARY INFORMATION:
I. Background
Part 30 of the Commission's regulations governs the offer and sale
of futures and option contracts traded on or subject to the regulations
of a foreign board of trade (``foreign futures and options'') to
customers located in the U.S.\2\ These regulations set forth
requirements for foreign firms acting in the capacity of a futures
commission merchant (FCM), introducing broker, commodity pool operator
and commodity trading adviser with respect to the offer and sale of
foreign futures and options to U.S. customers and are designed to
ensure that such products offered and sold in the U.S. are subject to
regulatory safeguards comparable to those applicable to transactions
entered into on designated contract markets. In particular,
requirements with respect to registration, disclosure, capital
adequacy, protection of customer funds, recordkeeping and reporting,
and sales practice and compliance procedures apply to the offer and
sale of foreign futures and options as they do the offer and sale of
domestic transactions.
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\2\ 17 CFR part 30.
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In formulating a regulatory program to govern the offer and sale of
foreign futures and option products to customers located in the U.S.,
the Commission considered the desirability of ameliorating the
potential impact of such a program on persons already subject to
regulatory oversight abroad. Based upon this consideration, the
Commission determined to permit persons located outside the U.S. and
subject to a comparable regulatory structure in the jurisdiction in
which they are located to seek an exemption from certain of the
requirements under part 30 of the Commission's regulations based upon
compliance with the regulatory requirements of the person's
jurisdiction.\3\ Such an exemption may be sought pursuant to Sec.
30.10.\4\
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\3\ Foreign Futures and Foreign Options Transactions, 52 FR
28980 (Aug. 5, 1987).
\4\ 17 CFR 30.10.
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A petition for exemption pursuant to Sec. 30.10 typically is filed
on behalf of persons located and doing business outside the U.S. that
seek access to U.S. customers by: (1) A governmental agency responsible
for implementing
[[Page 32106]]
and enforcing the foreign regulatory program; or (2) a self-regulatory
organization (SRO) of which such persons are members. A petitioner who
seeks an exemption pursuant to Sec. 30.10 must set forth with
particularity the comparable regulations applicable in the jurisdiction
in which that person is located. The Commission may, in its discretion,
grant such an exemption if demonstrated 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. Appendix A to part 30, ``Interpretative Statement With Respect
to the Commission's Exemptive Authority Under Sec. 30.10 of Its
Rules'' (appendix A), generally sets forth the elements the Commission
will evaluate in determining whether a particular regulatory program
may be found to be comparable for purposes of exemptive relief pursuant
to Sec. 30.10.\5\ Appendix A also specifically states that in
considering an exemption request, the Commission will take into account
the extent to which U.S. persons or contracts regulated by the
Commission are permitted to engage in futures-related activities or be
offered in the country from which an exemption is sought.\6\ If the
Commission determines that relief is appropriate, the Commission issues
an Order to the foreign regulator or SRO that sets forth conditions
governing such relief. For example, the foreign regulator or SRO must
certify that it will promptly notify the Commission of any material
changes to local laws and regulations forming the basis for the relief.
If the Commission grants an exemption pursuant to Sec. 30.10, persons
subject to regulatory oversight by the foreign regulator or SRO, as
appropriate, and located and doing business outside the U.S. may
solicit or accept orders directly from U.S. customers for foreign
futures or options transactions and, in the case of a person acting in
the capacity of an FCM, accept customer money or other property,
without registering under the Commodity Exchange Act (CEA) in the
appropriate capacity.\7\ As a condition for relief from registration,
each foreign person must file written representations set forth in the
Order issued by the Commission to its foreign regulator or SRO prior to
engaging U.S. customers. For example, such foreign person must agree to
provide the Commission or its representative access to its books and
records related to transactions undertaken pursuant to the exemptive
relief. Should the foreign regulator or SRO fail to comply with any of
the conditions set forth in the relevant Order, the relief no longer
applies. To date, the Commission has issued Orders pursuant to Sec.
30.10 upon application from foreign regulators and SROs spanning the
globe, including those in North America, Europe, South America,
Australia and Asia.\8\ Each of these Orders applies to foreign
intermediaries acting solely in the capacity of FCMs. As a result of
this regulatory deference, U.S. customers have greater access to robust
global markets without sacrificing the regulatory goals for customer
protection set forth in the CEA.
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\5\ 52 FR 28990, 29001. These elements include: (1)
Registration, authorization or other form of licensing, fitness
review or qualification of persons that solicit and accept customer
orders; (2) minimum financial requirements for those persons who
accept customer funds; (3) protection of customer funds from
misapplication; (4) recordkeeping and reporting requirements; (5)
sales practice standards; (6) procedures to audit for compliance
with, and to take action against those persons who violate, the
requirements of the program; and (7) information sharing
arrangements between the Commission and the appropriate governmental
and/or self-regulatory organization to ensure Commission access on
an as-needed basis to information essential to maintaining standards
of customer and market protection within the U.S.
\6\ 17 CFR part 30, appendix A.
\7\ The term ``futures commission merchant'' is defined in Sec.
1.3, 17 CFR 1.3.
\8\ For a complete list of Orders issued by the Commission
pursuant to Sec. 30.10, see https://sirt.cftc.gov/sirt/sirt.aspx?Topic=ForeignPart30Exemptions.
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Within each Order issued pursuant to Sec. 30.10, the Commission
reserves the right to condition, modify, suspend, terminate, withhold
as to a specific firm, or otherwise restrict the exemptive relief
granted, as appropriate, on its own motion. For example, the Commission
may reconsider its finding that the standards for relief set forth in
Regulation 30.10 and, in particular, appendix A, have been met due to
changes in the foreign regulatory program. The Commission also may
determine that the continued exemptive relief, in general, or with
respect to a particular firm, would be, for example, contrary to the
public interest, or that the arrangements in place for the sharing of
information with the Commission or other circumstances do not warrant
continuation of the exemptive relief.
II. The Proposal
Regulation 30.10(a) sets forth the process by which any person
adversely affected by any requirement set forth in part 30 may file a
petition with the Commission seeking an exemption.\9\ Pursuant to this
provision, the Commission may, in its discretion, grant the exemption
if it finds that the exemption is not otherwise contrary to the public
interest or to the purposes of the provision for which an exemption is
sought. While Sec. 30.10(a) provides that the Commission may grant an
exemption subject to any terms or conditions it may find appropriate,
the regulation does not provide a specific course of action should the
Commission determine that exemptive relief is no longer warranted.
Accordingly, the Commission is proposing to amend Sec. 30.10 by adding
a new paragraph (c) to codify the process by which the Commission may
terminate exemptive relief issued pursuant to paragraph (a).
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\9\ 17 CFR 30.10(a).
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The Commission notes that part 48 of its regulations provides a
process for termination of a foreign board of trade's (FBOT)
registration.\10\ Regulation 48.9 generally provides two broad
mechanisms for revocation of an FBOT's registration: (1) Failure to
satisfy registration requirements or conditions; and (2) other events
that could result in revocation, such as a material change to
regulatory regime, market emergency, or any other event impacting the
public interest.\11\ Similarly, the Commission in this rulemaking is
proposing to codify the process by which relief granted by the
Commission pursuant to Sec. 30.10 would be terminated.
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\10\ 17 CFR part 48.
\11\ 17 CFR 48.9.
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Proposed Sec. 30.10(c)(1) specifically would provide that the
Commission may terminate exemptive relief, after appropriate notice and
an opportunity to respond, under three circumstances. First, the
Commission could terminate the relief should it determine that there
has been a material change or omission in the facts and circumstances
pursuant to which relief was granted that demonstrate that the
standards set forth in appendix A forming the basis for granting such
relief are no longer met. For example, the laws within a foreign
jurisdiction could be amended to no longer require customer funds be
segregated from proprietary funds. In this case, an exempt foreign
broker would no longer be subject to customer protection standards
comparable to those applicable to a registered FCM. Second, the
Commission could terminate relief should it determine that the
continued exemptive relief would be contrary to the public interest or
inconsistent with the purposes of the Sec. 30.10 exemption. For
example, in considering whether exemptive relief continues to be
warranted, the Commission could take account of a lack of comity
relating to the execution
[[Page 32107]]
or clearing of any commodity interest \12\ subject to the Commission's
exclusive jurisdiction.\13\ Third, the Commission could terminate
relief should it determine that the information-sharing arrangements no
longer adequately support exemptive relief.
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\12\ The term ``commodity interest'' includes, among other
things, any contract for the purchase or sale of a commodity for
future delivery, or any swap as defined in the CEA. See 17 CFR 1.3.
\13\ The Commission's exclusive jurisdiction is set forth in 7
U.S.C. 2(a).
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Proposed Sec. 30.10(c)(2) and (3) would provide any affected
person with an appropriate opportunity to respond to any notice by the
Commission issued pursuant to Sec. 30.10(c)(1). The affected person
would be the foreign regulator, SRO or other entity that filed the
original petition for relief. The Commission believes that the timing
for any opportunity to respond would take into account the exigency of
circumstances. Should the Commission ultimately determine to terminate
any exemptive relief, it shall notify the affected person in writing
setting forth the particular reasons why relief is no longer warranted
and issue an Order terminating exemptive relief to be published in the
Federal Register. Proposed Sec. 30.10(c)(2) through (4) would provide
further that any Order terminating exemptive relief shall set forth an
appropriate timeframe for the orderly transfer or close out of any
accounts held by U.S. customers impacted by such an Order. Consistent
with Sec. 48.9, proposed Sec. 30.10(c)(5) would provide that any
person whose relief has been terminated may apply for exemptive relief
360 days after the issuance of the relevant Order issued by the
Commission if the deficiency causing the revocation has been cured or
relevant facts and circumstances have changed.
The Commission notes that the proposed amendment to Sec. 30.10
would not impact its ability to suspend immediately the relief set
forth in any Order issued pursuant to Sec. 30.10(a) should exigent
circumstances occur, e.g., a foreign regulator halts the flow of
capital outside its jurisdiction impacting a U.S. customer's ability to
withdraw money held in a segregated foreign futures and options
customer account. The proposed amendment also would not impact the
Commission's ability, as set forth in each of the Orders issued
pursuant to Sec. 30.10, to otherwise condition, modify, withhold as to
a specific firm, or other otherwise restrict exemptive relief on its
own motion.
The Commission requests comment on all aspects of this proposed
rulemaking. The Commission specifically requests comment as to whether
Sec. 30.10(c) should be amended further to formalize the process for
other changes to the scope of relief issued by the Commission, e.g.,
modification or suspension of the granted exemptive relief, subject to
the parameters set forth within the proposed regulation.
III. Related Matters
A. Regulatory Flexibility Act
The Regulatory Flexibility Act (RFA) requires that Federal agencies
consider whether the rules that they issue will have a significant
economic impact on a substantial number of small entities and, if so,
to provide a regulatory flexibility analysis regarding the impact on
those entities. Each Federal agency is required to conduct an initial
and final regulatory flexibility analysis for each rule of general
applicability for which the agency issues a general notice of proposed
rulemaking.\14\
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\14\ See 5 U.S.C. 601 et seq.
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The regulatory amendments proposed by the Commission in this
release would affect foreign members of foreign boards of trade who
perform the functions of an FCM. While the RFA may not apply to foreign
entities,\15\ the Commission previously determined that FCMs should be
excluded from the definition of small entities.\16\ 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 impact on a substantial number of small entities.
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\15\ See 13 CFR 121.105 (noting that a small business is a
business entity organized for profit, with a place of business
located in the United States, and which operates primarily within
the United States or which makes a significant contribution to the
U.S. economy through payment of taxes or use of American products,
materials or labor).
\16\ See, e.g., Policy Statement and Establishment of
Definitions of ``Small Entities'' for purposes of the Regulatory
Flexibility Act, 47 FR 18618, 18619 (Apr. 30, 1982).
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B. Paperwork Reduction Act
The Paperwork Reduction Act of 1995 (PRA) 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. Proposed regulation 30.10(c)(2)
would result in the collection of information requirements within the
meaning of the PRA, as discussed below. This proposed rule contains a
collection of information for which the Commission has not previously
received control numbers from the Office of Management and Budget
(OMB). If adopted, responses to this collection of information would be
required to obtain or retain benefits. An agency may not conduct or
sponsor, and a person is not required to respond to, a collection of
information unless it displays a currently valid control number. The
Commission has submitted to OMB an information collection request to
obtain an OMB control number for the collection contained in this
proposal in accordance with 44 U.S.C. 3507(d) and 5 CFR 1320.11.
Specifically, proposed regulation 30.10(c)(3) provides any party
affected by the Commission's determination to terminate relief with the
opportunity to respond to the notification in writing no later than 30
business days following the receipt of the notification, or at such
time as the Commission permits in writing. The Commission estimates
that, if adopted, it would receive one response to this collection
resulting in eight burden hours annually.
The Commission invites the public and other Federal agencies to
comment on any aspect of the proposed information collection
requirements discussed above. Pursuant to 44 U.S.C. 3506(c)(2)(B), the
Commission solicits comments in order 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 practical utility; (2) evaluate the accuracy of
the Commission's estimate of the burden of the proposed collection of
information; (3) determine whether there are ways to enhance the
quality, utility, and clarity of the information to be collected; and
(4) minimize the burden of the collection of information on those who
are to respond, including through the use of automated collection
techniques or other forms of information technology.
Comments may be submitted directly to the Office of Information and
Regulatory Affairs, by fax at (202) 395-6566, or by email at
[email protected]. Please provide the Commission with a copy
of submitted comments so that all comments can be summarized and
addressed in the final rule preamble. Refer to the ADDRESSES section of
this document for comment submission instructions to the Commission. A
copy of the supporting statements for the collection of information
discussed above may be obtained by visiting RegInfo.gov. OMB is
required to make a decision concerning the collection of information
between 30 and 60 days after publication of this document in the
Federal Register. Therefore, a comment is best assured of having its
full effect
[[Page 32108]]
if OMB receives it within 30 days of publication.
C. Cost-Benefit Considerations
1. Summary
Section 15(a) of the CEA \17\ requires the Commission to consider
the costs and benefits of its actions before promulgating a regulation
under the CEA or issuing certain orders. The baseline for this
consideration of costs and benefits is the current status, where the
Commission has not codified the procedures by which the Commission may
terminate exemptive relief issued pursuant to Sec. 30.10. Because the
Commission has not yet terminated such relief, the Commission has not
yet implemented a procedure for terminating such exemptions. Moreover,
the Commission has limited relevant or useful quantitative data to
assess the potential costs and benefits of proposed regulation
30.10(c). Accordingly, the Commission has generally considered the
costs and benefits of proposed regulation 30.10(c) in qualitative
terms.
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\17\ 7 U.S.C. 19(a).
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As a general matter, proposed regulation 30.10(c) would reduce
legal uncertainty by articulating the basis on which the Commission may
terminate exemptive relief pursuant to Sec. 30.10 and establishing a
process whereby an affected party would first be notified and given an
opportunity to respond before the Commission would take any action. The
affected party will benefit from the clear process set forth in the
proposed regulation. The affected party would only incur costs in
connection with the proposed regulation to the extent that the
Commission identified a basis for terminating the exemption and
notified the party of that basis. Those costs would include reviewing
and responding to the notification, which the Commission believes would
vary depending on the circumstances, including the stated basis for
termination. As stated above, the Commission believes that 30 days, or
such additional time as the Commission may permit in writing, would be
sufficient for the affected party to develop a response while allowing
the Commission to take timely action to protect its regulatory
interests.
The Commission requests comment on the potential costs and benefits
of proposed Regulation 30.10(c), including, where possible,
quantitative data. The Commission further requests comment on any
alternative proposals that might achieve the objectives of the proposed
regulation, and the costs and benefits associated with any such
alternatives.
2. Section 15(a) Factors
Section 15(a) further specifies that the costs and benefits shall
be evaluated in light of five broad areas of market and public concern:
(1) Protection of market participants and the public; (2) efficiency,
competitiveness, and financial integrity of the futures markets; (3)
price discovery; (4) sound risk management practices; and (5) other
public interest considerations.
The Commission is considering the costs and benefits of these rules
in light of the specific provisions of section 15(a) of the CEA:
a. Protection of Market Participants and the Public. Section
15(a)(2)(A) of the CEA requires the Commission to evaluate the costs
and benefits of a proposed regulation in light of protection of market
participants and the public. The proposed amendments would protect
market participants and the public by setting forth a clear procedure
for the Commission's termination of exemptive relief issued pursuant to
Sec. 30.10(a) and by providing a reasonable timeframe for the orderly
transfer of any accounts held by U.S. customers impacted by an order
terminating relief.
b. Efficiency, Competitiveness, and Financial Integrity of Markets.
Section 15(a)(2)(B) of the CEA requires the Commission to evaluate the
costs and benefits of a proposed regulation in light of efficiency,
competitiveness, and financial integrity considerations. The Commission
has not identified a specific effect on the efficiency and financial
integrity of markets as a result of the proposed regulations. There may
be a minor impact of termination on the competitiveness of futures
markets. Foreign futures and options may compete directly or indirectly
with contracts listed on DCMs. Due to legal restrictions in foreign
jurisdictions, the only way that U.S. customers may access certain
foreign contracts may be through an exempt foreign firm. The
termination of any exemptive relief therefore may reduce the available
options for U.S. market participants.
c. Price Discovery. Section 15(a)(2)(C) of the CEA requires the
Commission to evaluate the costs and benefits of a proposed regulation
in light of price discovery considerations. The Commission believes
that the proposed amendments will not have any significant impact on
price discovery.
d. Sound Risk Management Practices. Section 15(a)(2)(D) of the CEA
requires the Commission to evaluate the costs and benefits of a
proposed regulation in light of sound risk management practices. The
Commission believes that the proposed amendments will not have a large
impact on the risk management practices of the futures and options
industry. However, to the extent that having a transparent process for
terminating exemptions issued to foreign regulatory or self-regulatory
organizations on behalf of individual firms may encourage an increased
offer and sale of contracts that more closely match the hedging needs
of particular U.S. market participants, the practice of sound risk
management might be improved slightly.
e. Other Public Interest Considerations. Section 15(a)(2)(E) of the
CEA requires the Commission to evaluate the costs and benefits of a
proposed regulation in light of other public considerations. The
Commission believes that having a transparent process for terminating
an exemption from registration would ensure exempt Sec. 30.10 firms
have due process in the event that the Commission believes such a
termination may be warranted. This process would also give procedural
notice to U.S. customers who may be affected by the termination of an
order of Sec. 30.10 exemption.
The Commission invites comment on its preliminary consideration of
the costs and benefits associated with the proposed changes to Sec.
30.10.
List of Subjects in 17 CFR Part 30
Consumer protection, Fraud.
For the reasons set forth in the preamble, the Commodity Futures
Trading Commission proposes to amend 17 CFR part 30 as follows:
PART 30--FOREIGN FUTURES AND FOREIGN OPTIONS TRANSACTIONS
0
1. The authority citation for part 30 continues to read as follows:
Authority: 7 U.S.C. 1a, 2, 6, 6c and 12a, unless otherwise
noted.
0
2. In Sec. 30.10, add paragraph (c) to read as follows:
Sec. 30.10 Petitions for exemption.
* * * * *
(c)(1) The Commission may, in its discretion and upon its own
initiative, terminate the exemptive relief granted to any person
pursuant to paragraph (a) of this section, after appropriate notice and
an opportunity to respond, if the Commission determines that:
(i) There is a material change or omission in the facts and
circumstances pursuant to which relief was granted that demonstrate
that the standards set forth in appendix A of this part forming
[[Page 32109]]
the basis for granting such relief are no longer met; or
(ii) The continued effectiveness of any such exemptive relief would
be contrary to the public interest or inconsistent with the purposes of
the exemption provided for in this part; or
(iii) The arrangements in place for the sharing of information with
the Commission do not warrant continuation of the exemptive relief
granted.
(2) The Commission shall provide written notification to the
affected party of its intention to terminate an exemption pursuant to
paragraph (a) of this section and the basis for that intention.
(3) The affected party may respond to the notification in writing
no later than 30 business days following the receipt of the
notification, or at such time as the Commission permits in writing.
(4) If, after providing any affected person appropriate notice and
opportunity to respond, the Commission determines that relief pursuant
to paragraph (a) of this section is no longer warranted, the Commission
shall notify the person of such determination in writing, including the
particular reasons why relief is no longer warranted, and issue an
Order Terminating Exemptive Relief. Any Order Terminating Exemptive
Relief shall provide an appropriate timeframe for the orderly transfer
or close out of any accounts held by U.S. customers impacted by such an
Order.
(5) Any person whose relief has been terminated may apply for
exemptive relief 360 days after the issuance of the Order Terminating
Exemptive Relief if the deficiency causing the revocation has been
cured or relevant facts and circumstances have changed.
Issued in Washington, DC, on June 25, 2019, by the Commission.
Christopher Kirkpatrick,
Secretary of the Commission.
Note: The following appendix will not appear in the Code of
Federal Regulations.
Appendix to Foreign Futures and Options Transactions--Commission Voting
Summary
On this matter, Chairman Giancarlo and Commissioners Quintenz,
Behnam, Stump, and Berkovitz voted in the affirmative. No
Commissioner voted in the negative.
[FR Doc. 2019-13828 Filed 7-3-19; 8:45 am]
BILLING CODE 6351-01-P