[Unified Agenda of Federal Regulatory and Deregulatory Actions]
[Commodity Futures Trading Commission Semiannual Regulatory Agenda]
[From the U.S. Government Printing Office, www.gpo.gov]



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Part XLVI



Commodity Futures Trading Commission



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Semiannual Regulatory Agenda

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COMMODITY FUTURES TRADING COMMISSION (CFTC)                            


  



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COMMODITY FUTURES TRADING COMMISSION

17 CFR Ch. I

Regulatory Flexibility Agenda

AGENCY: Commodity Futures Trading Commission.

ACTION: Semiannual regulatory agenda.

_______________________________________________________________________

SUMMARY: The Commodity Futures Trading Commission, in accordance with 
the requirements of the Regulatory Flexibility Act, is publishing a 
semiannual agenda of significant rules which the Commission expects to 
propose or promulgate over the next year. The Commission welcomes 
comments from small entities and others on the agenda.

ADDRESSES: Comments should be sent to: Gerald P. Smith, Special 
Assistant to the Executive Director, Commodity Futures Trading 
Commission, 1155 21st Street NW., Washington, DC 20581, (202) 418-5160.

SUPPLEMENTARY INFORMATION: The Regulatory Flexibility Act, 5 U.S.C. 601 
et seq. (RFA), sets forth a number of requirements for agency 
rulemaking. Among other things, the RFA requires that:

    (a) During the months of April and October of each year, each 
agency shall publish in the Federal Register a regulatory 
flexibility agenda which shall contain:

    (1) A brief description of the subject area of any rule which 
the agency expects to propose or promulgate which is likely to have 
a significant economic impact on a substantial number of small 
entities;

    (2) A summary of the nature of any such rule under 
consideration for each subject area listed in the agenda pursuant 
to paragraph (1), the objectives and legal basis for the issuance 
of the rule, and an approximate schedule for completing action on 
any rule for which the agency has issued a general notice of 
proposed rulemaking; and

    (3) The name and telephone number of an agency official 
knowledgeable concerning the items listed in paragraph (1). 5 
U.S.C. 602(a). The Commission has prepared an agenda of significant 
rules which it presently expects may be considered during the 
course of the next year, irrespective of their potential impact on 
small entities.1


1 The Commission has published its definition of small entity to be 
used by the Commission in connection with rulemaking proceedings. 47 FR 
18618 (April 30, 1982). Pursuant to those definitions, the Commission 
is not required to list many of the agenda items contained in this 
regulatory flexibility agenda. See 5 U.S.C. 602(a)(1). Moreover, the 
Commission has previously certified, pursuant to section 605 of the 
RFA, 5 U.S.C. 605, that certain items contained in this agenda will not 
have a significant economic impact on a substantial number of small 
entities. Accordingly, listing of a rule in this regulatory flexibility 
agenda should not in any event be taken as a determination that a rule, 
when proposed or promulgated, will in fact require a regulatory 
flexibility analysis. However, the Commission hopes that the 
publication of an agenda, which includes significant rules, regardless 
of their potential impact on small entities, may serve the public 
generally by providing an early and meaningful opportunity to 
participate in and comment on the formulation of new or revised 
regulations.

    The Commission's agenda represents its best estimate of 
significant rules which will be considered over the next 12 
months.2 In this regard, section 602(d) of the RFA, 5 U.S.C. 
602(d), provides: ``Nothing in [section 602] precludes an agency 
from considering or acting on any matter not included in a 
regulatory flexibility agenda or requires an agency to consider or 
act on any matter listed in such agenda.''


2 In addition to publishing the regulatory flexibility agenda, the 
Commission also makes available to the public, on a monthly basis, a 
calendar and, on a weekly basis, an advisory, which list rules that the 
Commission is considering or will consider in the near future.

    The Commission's April 1997 regulatory flexibility agenda is 
set forth below.

Issued in Washington, DC, on March 11, 1997, by the Commission.

Jean A. Webb,

Secretary to the Commission.

                                               Proposed Rule Stage                                              
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                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
3943        Procedures for Involuntary Bulk Transfers or Liquidations of Customer Accounts........    3038-AA77 
3944        Securities Representing Investment of Customer Funds..................................    3038-AB22 
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                                                Final Rule Stage                                                
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
3945        Risk Assessment for Holding Company Systems...........................................    3038-AB01 
3946        Prohibition on Voting by Interested Members...........................................    3038-AB03 
3947        Account Identification for Orders Submitted on Behalf of Multiple Customer Accounts...    3038-AB08 
3948        Use of Electronic Media by Commodity Pool Operators and Commodity Trading Advisors....    3038-AB17 
3949        Option Large Trader Report............................................................    3038-AB19 
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                                                Completed Actions                                               
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                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
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3950        Financial Reporting and Debt-Equity Ratio Requirements for Futures Commission                       
            Merchants and Introducing Brokers.....................................................    3038-AB13 
3951        Financial Reports of Futures Commission Merchants and Introducing Brokers.............    3038-AB18 
3952        Contract Market Rules; Submission of Rules to the Commission; Exemption of Certain                  
            Rules.................................................................................    3038-AB20 
3953        Revised Procedures for Commission Review and Approval of Application for Contract                   
            Market Designations and of Exchange Rules Relating to Contract Terms and Conditions...    3038-AB21 
----------------------------------------------------------------------------------------------------------------

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COMMODITY FUTURES TRADING COMMISSION (CFTC)         Proposed Rule Stage


  



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3943. PROCEDURES FOR INVOLUNTARY BULK TRANSFERS OR LIQUIDATIONS OF 
CUSTOMER ACCOUNTS

Priority:  Substantive, Nonsignificant

Legal Authority:  7 USC 6d; 7 USC 6f; 7 USC 6g; 7 USC 6k; 7 USC 12a

CFR Citation:  17 CFR 1.68

Legal Deadline: None

Abstract: The CFTC will undertake a rulemaking proceeding to establish 
requirements concerning procedures to be followed by futures commission 
merchants and introducing brokers when bulk transfers or liquidations 
of customer accounts are made due to cessation or suspension of 
business or other special circumstances affecting the registrant.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            10/00/97
NPRM Comment Period End         12/00/97

Small Entities Affected: Undetermined

Government Levels Affected: None

Agency Contact: Lawrence B. Patent, Associate Chief Counsel, Division 
of Trading and Markets, Commodity Futures Trading Commission, 1155 21st 
Street NW., Washington, DC 20581
Phone: 202 418-5439

RIN: 3038-AA77
_______________________________________________________________________




3944.  SECURITIES REPRESENTING INVESTMENT OF CUSTOMER FUNDS

Priority:  Substantive, Nonsignificant

Legal Authority:  7 USC 6d; 7 USC 6g; 7 USC 12a(5)

CFR Citation:  17 CFR 1.23; 17 CFR 1.25; 17 CFR 1.27

Legal Deadline: None

Abstract: The proposed amendments will permit Futures Commission 
Merchants (FCMs) to increase or decrease the amount of funds segregated 
for the benefit of customers by making direct transfers of permitted 
securities into and out of segregated safekeeping accounts. Currently, 
FCMs can only make direct transfers of cash to augment the customer 
segregated account.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            04/00/97
NPRM Comment Period End         05/00/97

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Lawrence B. Patent, Associate Chief Counsel, Division 
of Trading and Markets, Commodity Futures Trading Commission, 1155 
Lafayette Center, 1155 21st Street NW., Washington, DC 20581
Phone: 202 418-5156

RIN: 3038-AB22
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COMMODITY FUTURES TRADING COMMISSION (CFTC)            Final Rule Stage


  



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3945. RISK ASSESSMENT FOR HOLDING COMPANY SYSTEMS

Priority:  Other Significant

Legal Authority:  7 USC 6f(c)

CFR Citation:  17 CFR 1.14; 17 CFR 1.15

Legal Deadline: None

Abstract: On December 21, 1994, the Commission adopted, as phase 1 of 
the risk assessment rulemaking, final rules with respect to maintenance 
and filing of organizational charts, risk management policies, 
procedures and systems, and consolidated and consolidating financial 
statements. It also proposed ``trigger'' event reporting in the event 
of a 20 percent decline in a futures commission merchant's (FCM's) 
adjusted net capital. The Commission deferred action on the balance of 
the proposed rules, which related to reporting of position data and 
other data concerning FCM affiliates. With respect to the second phase 
of the rulemaking process, the Commission's staff will continue to work 
with other financial regulators, particularly the Securities and 
Exchange Commission, to design a reporting framework that is harmonized 
across regulatory structures and, to the extent possible, reflective of 
a consensus as to which data are most meaningful to regulators and can 
be provided without undue burden.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            03/01/94                     59 FR 9689
NPRM Comment Period End         07/01/94

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Phase I Risk Assessment for 
Holding Company Systems         12/28/94                    59 FR 66674
Final Action                    09/00/97

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Lawrence T. Eckert, Attorney Advisor, Division of 
Trading and Markets, Commodity Futures Trading Commission, 1155 21st 
Street NW., Washington, DC 20581
Phone: 202 418-5449

RIN: 3038-AB01
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3946. PROHIBITION ON VOTING BY INTERESTED MEMBERS

Priority:  Other Significant

Legal Authority:  7 USC 7a(a)(17)

CFR Citation:  17 CFR 1.67; 17 CFR 1.69

Legal Deadline: None

Abstract: The regulation will implement the provisions of section 217 
of the Futures Trading Practices Act of 1992, which require contract 
markets to adopt rules to avoid conflicts of interest in deliberations 
and voting by members of the governing board and disciplinary and other 
oversight committees. The rulemaking will define the relationships 
between a named party in interest and a member of the governing board 
or committee that would require abstention from deliberations and 
voting. The rulemaking will also provide guidelines on situations that 
would require a member to abstain from voting on a significant action 
because of a substantial financial interest in the outcome of the vote, 
based on positions held personally or at an affiliated firm, as well as 
on other matters addressed by the statute. The action potentially 
impacts the selection and composition of contract market governing 
boards and committees.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/03/96                    61 FR 19869
NPRM Comment Period End         07/02/96
Final Action                    05/00/97

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: David P. Van Wagner, Special Counsel, Division of 
Trading and Markets, Commodity Futures Trading Commission, 1155 21st 
Street NW., Washington, DC 20581
Phone: 202 418-5481

RIN: 3038-AB03
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3947. ACCOUNT IDENTIFICATION FOR ORDERS SUBMITTED ON BEHALF OF MULTIPLE 
CUSTOMER ACCOUNTS

Priority:  Substantive, Nonsignificant

Legal Authority:  7 USC 7; 7 USC 7a; 7 USC 7b; 7 USC 8; 7 USC 12a; 7 
USC 12c

CFR Citation:  17 CFR 1.35

Legal Deadline: None

Abstract: These rule amendments permit consolidated futures orders for 
multiple accounts to be placed and executed on contract markets without 
individual customer identification at time of entry or execution. 
Depending on the accounts, the person placing the order would identify 
accounts and either pre-file an allocation plan or certify certain 
facts.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/03/93                    58 FR 26270
NPRM Comment Period End         06/17/93
Final Action                    11/00/97
Final Action Effective          12/00/97

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Duane C. Andresen, Special Counsel, Division of Trading 
and Markets, Commodity Futures Trading Commission, 1155 21st Street 
NW., Washington, DC 20581
Phone: 202 418-5492

RIN: 3038-AB08
_______________________________________________________________________




3948. USE OF ELECTRONIC MEDIA BY COMMODITY POOL OPERATORS AND COMMODITY 
TRADING ADVISORS

Priority:  Other Significant

Legal Authority:  7 USC 2; 7 USC 6b; 7 USC 6c; 7 USC 6l; 7 USC 6m; 7 
USC 6n; 7 USC 6o; 7 USC 12g

CFR Citation:  17 CFR 4.1; 17 CFR 4.2; 17 CFR 4.21; 17 CFR 4.26; 17 CFR 
4.31; 17 CFR 4.36

Legal Deadline: None

Abstract: The CFTC is proposing certain technical changes to its rules 
governing filing and distribution of Disclosure Documents by commodity 
pool operators (CPOs) and commodity trading advisors (CTAs). These 
proposed rule amendments are intended to clarify certain rules that are 
premised upon the filing and distribution of paper documents, in light 
of the views set forth in the Commissions's recent interpretative 
release concerning the use of electronic media by CPOs and CTAs.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            08/27/96                    61 FR 44009
NPRM Comment Period End         10/28/96
Final Action                    12/00/97

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Christopher W. Cummings, Attorney Advisor, Division of 
Trading and Markets, Commodity Futures Trading Commission, 1155 21st 
Street NW., Washington, DC 20581
Phone: 202 418-5445

RIN: 3038-AB17
_______________________________________________________________________




3949. OPTION LARGE TRADER REPORT

Priority:  Substantive, Nonsignificant

Legal Authority:  7 USC 6g; 7 USC 6i; 7 USC 7; 7 USC 12a

CFR Citation:  17 CFR 15; 17 CFR 16; 17 CFR 17; 17 CFR 18; 17 CFR 19

Legal Deadline: None

Abstract: This action will require futures industry firms to file daily 
option large trader reports to the Commission on a daily basis. 
Currently, the firms report this data to multiple exchanges on a weekly 
basis. The Commission will act as a central office for collecting 
information and distributing it to the exchanges.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            07/18/96                    61 FR 37409
NPRM Comment Period End         09/16/96
Final Action                    04/00/97

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Lamont L. Reese, Associate Director, Market 
Surveillance,

[[Page 22603]]

Commodity Futures Trading Commission, 1155 21st Street NW., Washington, 
DC 29581
Phone: 202 418-5310

RIN: 3038-AB19
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COMMODITY FUTURES TRADING COMMISSION (CFTC)           Completed Actions


  



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3950. FINANCIAL REPORTING AND DEBT-EQUITY RATIO REQUIREMENTS FOR FUTURES 
COMMISSION MERCHANTS AND INTRODUCING BROKERS

Priority:  Other Significant

CFR Citation:  17 CFR 1.10; 17 CFR 1.12; 17 CFR 1.17; 17 CFR 1.18; 17 
CFR 1.52; 17 CFR 3.33; 17 CFR 145.5; 17 CFR 147.3

Completed:
________________________________________________________________________

Reason                            Date                      FR Cite

________________________________________________________________________

Final Action                    01/31/97                     62 FR 4633
Final Action Effective          06/30/97

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Lawrence B. Patent
Phone: 202 418-5439

RIN: 3038-AB13
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3951. FINANCIAL REPORTS OF FUTURES COMMISSION MERCHANTS AND INTRODUCING 
BROKERS

Priority:  Substantive, Nonsignificant

CFR Citation:  17 CFR 1.10; 17 CFR 31.13

Completed:
________________________________________________________________________

Reason                            Date                      FR Cite

________________________________________________________________________

Final Action                    03/07/97                    62 FR 10441
Final Action Effective          04/07/97

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Lawrence T. Eckert
Phone: 202 418-5449

RIN: 3038-AB18
_______________________________________________________________________




3952.  CONTRACT MARKET RULES; SUBMISSION OF RULES TO THE 
COMMISSION; EXEMPTION OF CERTAIN RULES

Priority:  Info./Admin./Other

Legal Authority:  7 USC 6c; 7 USC 7; 7 USC 7a; 7 USC 8; 7 USC 12a

CFR Citation:  17 CFR 1.41

Legal Deadline: None

Abstract: The proposed rulemaking would amend the Commission's 
procedures relating to its review of contract market rules that do not 
relate to contract terms and conditions. The proposal would shorten the 
Commission's time frame for reviewing complex rules and streamline the 
review process so that such rules generally could be deemed approved or 
be permitted to be put into effect without Commission approval.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/17/96                    61 FR 66241
NPRM Comment Period End         01/31/97
Final Action                    03/07/97                    62 FR 10427
Final Action Effective          04/07/97

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: David P. Van Wagner, Special Counsel, Division of 
Trading and Markets, Commodity Futures Trading Commission, 1155 21st 
Street NW., Washington, DC 20581
Phone: 202 418-5481
Fax: 202 418-5536

RIN: 3038-AB20
_______________________________________________________________________




3953.  REVISED PROCEDURES FOR COMMISSION REVIEW AND APPROVAL OF 
APPLICATION FOR CONTRACT MARKET DESIGNATIONS AND OF EXCHANGE RULES 
RELATING TO CONTRACT TERMS AND CONDITIONS

Priority:  Substantive, Nonsignificant

Legal Authority:  7 USC 6(c); 7 USC 6c; 7 USC 7; 7 USC 7a; 7 USC 8; 7 
USC 12a

CFR Citation:  17 CFR 1.41; 17 CFR 5

Legal Deadline: None

Abstract: The Commission is amending its procedures relating to its 
review and approval of applications for contract market designation and 
proposed exchange rules relating to contract terms and conditions. 
These fast-track review procedures are intended further to streamline 
Commission review of applications for contract market designation and 
proposed exchange rule amendments of contract terms and conditions.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/22/96                    61 FR 59386
NPRM Comment Period End         01/16/97
Final Action                    03/07/97                    62 FR 10434
Final Action Effective          04/07/97

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Paul M. Architzel, Chief Counsel, Division of Economic 
Analysis, Commodity Futures Trading Commission, 1155 21st Street NW., 
Washington, DC 20581
Phone: 202 418-5267
Fax: 202 418-5527
Email: [email protected]

RIN: 3038-AB21
[FR Doc. 97-6698 Filed 04-24-97; 8:45 am]
BILLING CODE 6351-01-F