[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 XLVIII





Commodity Futures Trading Commission





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Semiannual Regulatory Agenda

[[Page 22918]]



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.

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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 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.''


1 The Commission published its definition of small entity to 
be used in connection with rulemaking proceedings on April 30, 1982 (47 
FR 18618). Pursuant to that definition, 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. 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 1998 regulatory flexibility agenda is 
set forth below.

Issued in Washington, DC, on January 19, 1998, by the Commission.

Catherine D. Dixon,

Assistant Secretary of the Commission.

                                               Proposed Rule Stage                                              
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                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
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4053         Procedures for Involuntary Bulk Transfers or Liquidations of Customer Accounts.......    3038-AA77 
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                                                Final Rule Stage                                                
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                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4054         Prohibition on Voting by Interested Members..........................................    3038-AB03 
4055         Account Identification for Orders Submitted on Behalf of Multiple Customer Accounts..    3038-AB08 
4056         Trade Options on the Agricultural Commodities Enumerated in the Commodity Exchange                 
            Act...................................................................................    3038-AB23 
4057         Futures-Style Margining of Commodity Options.........................................    3038-AB25 
4058         Account Identification for Eligible Bunched Orders...................................    3038-AB26 
4059         Maintenance of Minimum Financial Requirements by Futures Commission Merchants and                  
            Introducing Brokers...................................................................    3038-AB27 
4060         Requests for Exemptive, No-Action and Interpretative Letters.........................    3038-AB28 
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[[Page 22919]]


                                                Completed Actions                                               
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                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
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4061         Distribution of Risk Disclosure Statements By Futures Commission Merchants and                     
            Introducing Brokers...................................................................    3038-AB24 
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COMMODITY FUTURES TRADING COMMISSION (CFTC)         Proposed Rule Stage


  



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4053. 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. 
Issues to be addressed include whether commissions or fees can be 
charged to customers if their accounts are transferred other than at 
their request.

Timetable:
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Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/00/98
NPRM Comment Period End         07/00/98

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, Three 
Lafayette Centre, 1155 21st Street NW., Washington, DC 20581
Phone: 202 418-5439

RIN: 3038-AA77
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COMMODITY FUTURES TRADING COMMISSION (CFTC)            Final Rule Stage


  



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4054. PROHIBITION ON VOTING BY INTERESTED MEMBERS

Priority:  Other Significant

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

CFR Citation:  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:
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Action                            Date                      FR Cite

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NPRM                            01/23/98                     63 FR 3492
NPRM Comment Period End         02/22/98
Final Action                    05/00/98

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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4055. 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:
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Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/03/93                    58 FR 26270
NPRM Comment Period End         06/17/93
Final Action                    11/00/98
Final Action Effective          12/00/98

Small Entities Affected: None

Government Levels Affected: None

Additional Information: Paragraph 1.35(a-1)(5) of the proposed 
regulation was withdrawn effective June 9, 1997 and replaced by the 
Commission's notice of Interpretation and Approval Order published in 
the Federal Register on May 9, 1997. 62 FR 25470. Paragraph 1.35 (a-
1)(6) was withdrawn

[[Page 22920]]

effective January 7, 1998 and replaced with proposed paragraph 1.35 (a-
1)(5) in the Commission's proposed rule amendment published in the 
Federal Register on January 7, 1998.

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
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4056. TRADE OPTIONS ON THE AGRICULTURAL COMMODITIES ENUMERATED IN THE 
COMMODITY EXCHANGE ACT

Priority:  Other Significant

Legal Authority:  7 USC 1a; 7 USC 2; 7 USC 4; 7 USC 6c; 7 USC 12a

CFR Citation:  17 CFR 3; 17 CFR 32; 17 CFR 33

Legal Deadline: None

Abstract: In this action, the Commission issued proposed rules to lift 
the prohibition on the offer or sale of off-exchange trade options on 
the agricultural commodities enumerated in the Commodity Exchange Act 
subject to specified regulatory conditions pursuant to a three-year 
pilot program.

Timetable:
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Action                            Date                      FR Cite

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ANPRM                           06/09/97                    62 FR 31375
Notice of Public Meetings       06/19/97                    62 FR 33379
NPRM                            11/04/97                    62 FR 59624
NPRM Comment Period End         12/04/97
Final Action                    05/00/98

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Paul M. Architzel, Chief Counsel, Division of Economic 
Analysis, Commodity Futures Trading Commission, Three Lafayette Centre, 
1155 21st Street NW., Washington, DC 20581
Phone: 202 418-5260
Fax: 202 418-5527

RIN: 3038-AB23
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4057.  FUTURES-STYLE MARGINING OF COMMODITY OPTIONS

Priority:  Substantive, Nonsignificant

Unfunded Mandates: Undetermined

Legal Authority:  7 USC 2a; 7 USC 6b; 7 USC 6c; 7 USC 12a

CFR Citation:  17 CFR 1.55; 17 CFR 33.7; 17 CFR 33.4(a)(2)

Legal Deadline: None

Abstract: The Commission is proposing to repeal Commission Regulation 
33.4(a)(2) which requires the full, up-front payment of commodity 
option premiums. The effect of the repeal would be to permit the 
futures-style margining of commodity options traded on regulated 
futures exchanges. Futures-style margining offers several potential 
benefits over the current margining system including the possibility 
for more efficient cash flows across markets.

Timetable:
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Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/19/97                    62 FR 66569
NPRM Comment Period End         02/02/98
Final Action                    05/00/98

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Thomas Smith, Attorney-Advisor, Division of Trading and 
Markets, Commodity Futures Trading Commission, Three Lafayette Centre, 
1121 21st Street NW., Washington, DC 20581
Phone: 202 418-5495
Fax: 202 418-5536
Email: [email protected]

RIN: 3038-AB25
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4058.  ACCOUNT IDENTIFICATION FOR ELIGIBLE BUNCHED ORDERS

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: The proposed amendment would permit certain customer orders 
(eligible orders) to be placed on a regulated futures exchange without 
individual customer account identification either at the time of order 
placement or at the time of report of execution. The proposal would 
exempt from existing order ticket customer account identification 
requirements bunched orders and/or futures option orders placed by a 
regulated investment manager on behalf of consenting eligible customer 
accounts as part of its management of a portfolio also containing 
instruments which are either exempt from regulation pursuant to the 
Commission's regulations or excluded from regulation under the 
Commodity Exchange Act. The proposal would permit eligible orders to be 
allocated to the included customer accounts no later than the end of 
the day on which the order is executed.

Timetable:
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Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            01/07/98                      63 FR 395
NPRM Comment Period End         03/09/98
Final Action                    10/00/98

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Duane C. Andresen, Special Counsel, Division of Trading 
and Markets, Commodity Futures Trading Commission, Three Lafayette 
Centre, 1155 21st Street NW., Washington, DC 20581
Phone: 202 418-5490
Fax: 202 418-5536
Email: [email protected]

RIN: 3038-AB26
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4059.  MAINTENANCE OF MINIMUM FINANCIAL REQUIREMENTS BY FUTURES 
COMMISSION MERCHANTS AND INTRODUCING BROKERS

Priority:  Substantive, Nonsignificant

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

CFR Citation:  17 CFR 1.12

Legal Deadline: None

Abstract: The Commission is proposing to require immediate notification 
by a futures commission merchant to the Commission and its designated 
self-regulatory organization when it knows or should know that it is in 
an undersegregated or undersecured condition: i.e., the firm has 
insufficient funds in accounts segregated for the benefit of customers 
trading on U.S. contract markets or has insufficient funds set aside 
for customers trading on no-U.S. markets to meet the firm's obligations 
to customers. The Commission is also proposing to require immediate 
notification of certain events pertaining to undercapitalization or 
failure to satisfy margin calls, where notice is currently required 
within 24 hours. The

[[Page 22921]]

Commission also proposes to codify a previous staff interpretation that 
permits notices to be filed by facsimile in addition to telegraphic 
means and to require telephonic notice as well.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            01/14/98                     63 FR 2188
NPRM Comment Period End         03/16/98
Final Action                    08/00/98

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, Three 
Lafayette Centre, 1155 21st Street NW., Washington, DC 20581
Phone: 202 418-5439

RIN: 3038-AB27
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4060.  REQUESTS FOR EXEMPTIVE, NO-ACTION AND INTERPRETATIVE 
LETTERS

Priority:  Info./Admin./Other

Legal Authority:  7 USC 7a(j); 7 USC 12a

CFR Citation:  17 CFR 140.99

Legal Deadline: None

Abstract: The Commission has proposed a rule to establish procedures 
for requesting issuance by Commission staff of exemptive, no-action and 
interpretative letters. The proposed rule would require all such 
requests to be in writing, setting forth all material facts, relevant 
authorities and public policy bases for the relief or guidance 
requested. Requestors would certify to accuracy of the facts and 
undertake to update following material changes. No requests based on 
hypothetical circumstances or made on behalf of unnamed persons would 
be granted. Commission staff would have discretion to grant or deny 
requests without explanation.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            01/22/98                     63 FR 3285
NPRM Comment Period End         03/22/98
Final Action                    07/00/98

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Christopher W. Cummings, Special Counsel, Division of 
Trading and Markets, Commodity Futures Trading Commission, Three 
Lafayette Centre, 1155 21st Street NW., Washington, DC 20581
Phone: 202 418-5545
Fax: 202 418-5547
Email: [email protected]

RIN: 3038-AB28
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COMMODITY FUTURES TRADING COMMISSION (CFTC)           Completed Actions


  



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4061. DISTRIBUTION OF RISK DISCLOSURE STATEMENTS BY FUTURES COMMISSION 
MERCHANTS AND INTRODUCING BROKERS

Priority:  Substantive, Nonsignificant

CFR Citation:  17 CFR 1.55; 17 CFR 1.65; 17 CFR 30.6; 17 CFR 33.7; 17 
CFR 190.10

Completed:
________________________________________________________________________

Reason                            Date                      FR Cite

________________________________________________________________________

Final Action                    02/20/98                     63 FR 8566

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Thomas E. Joseph
Phone: 202 418-5448
Fax: 202 418-5536

RIN: 3038-AB24
[FR Doc. 98-5165 Filed 04-24-98; 8:45 am]
BILLING CODE 6351-01-F