[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 31280]]



COMMODITY FUTURES TRADING COMMISSION (CFTC)






_______________________________________________________________________

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 that the Commission expects to 
propose or promulgate over the next year. The Commission welcomes 
comments from small entities and others on the agenda.

FOR FURTHER INFORMATION CONTACT: Eileen A. Donovan, Assistant Secretary 
for FOIA Matters, Commodity Futures Trading Commission, 1155 21st 
Street NW., Washington, DC 20581, (202) 418-5096, [email protected].

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:

    Semiannually, each agency shall publish in the Federal Register 
a regulatory flexibility agenda that shall contain:

    (1) A brief description of the subject area of any rule that 
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 about the items listed in paragraph (1). 5 U.S.C. 
602(a).

     The Commission has prepared an agenda of significant rules 
that it presently expects may be considered during the course of 
the next year. These rules may have some 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.''

     The Commission's spring 2003 regulatory flexibility agenda is 
set forth below.

Issued in Washington, DC on March 11, 2003, by the Commission.

 Jean A. Webb,

Secretary of the Commission.


\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, 
the 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 that 
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, 
posts an advisory on its website (http://www.cftc.gov) that lists rules 
that the Commission is considering or will consider in the near future.

                            Commodity Futures Trading Commission--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
3800        Minimum Financial Requirements for Futures Commission Merchants and Introducing          3038-AB64
            Brokers.............................................................................
3801        Regulation of Hybrid Instruments....................................................     3038-AB69
3802        Use of Broker-Dealers, Depository Institutions, and Farm Crediting System                3038-AB70
            Institutions as Intermediaries on Derivatives Transaction Execution Facilities......
3803        Offering and Selling Security Futures Products Traded on Foreign Boards of Trade to      3038-AB75
            United States Persons; Requirements for Foreign Stock Index Contracts To Qualify as
            Non-Narrow-Based Indices............................................................
3804        Treatment of Foreign Futures or Foreign Options Secured Amount......................     3038-AB96
3805        Exclusion for Certain Otherwise Regulated Persons From Definition of Commodity Pool      3038-AB97
            Operator; Exemption From Certain Part 4 Requirements for Commodity Pool Operators
            and Commodity Trading Advisors......................................................
----------------------------------------------------------------------------------------------------------------


                             Commodity Futures Trading Commission--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
3806        Performance Disclosures for Commodity Trading Advisors and Commodity Pool Operators.     3038-AB39
3807        Registration Exemptions Pertaining to the Offer and Sale of Foreign Futures and          3038-AB45
            Foreign Options Contracts to Customers Located in the United States.................
3808        Customer Identification Program for Futures Commission Merchants and Introducing         3038-AB90
            Brokers.............................................................................
3809        Allocation of Bunched Orders........................................................     3038-AB93
----------------------------------------------------------------------------------------------------------------


[[Page 31281]]


                             Commodity Futures Trading Commission--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
3810        Denomination of Customer Funds and Location of Depositories.........................     3038-AB31
3811        Reporting Levels for Large Trader Reports; TRAKRS...................................     3038-AB91
----------------------------------------------------------------------------------------------------------------


                                               Commodity Futures Trading Commission--Discontinued Entries
--------------------------------------------------------------------------------------------------------------------------------------------------------
  Regulation
Identification                                             Title                                                  Date                 Comments
    Number
--------------------------------------------------------------------------------------------------------------------------------------------------------
3038-AB34        Exclusion for Certain Otherwise Regulated Persons From the Definition of the Term              01/29/2003   Merged With 3038-AB97
                 ``Commodity Pool Operator''
3038-AB40        Public Reporting by Operators of Certain Large Commodity Pools--Regulations 4.7, 4.12, and     03/07/2003   Withdrawn
                 4.27
3038-AB61        Trade Options on Enumerated Agricultural Commodities                                           03/07/2003   Withdrawn
3038-AB72        Exemption From Compliance with the Criterion for Linked and Coordinated Clearing               03/07/2003   Withdrawn
3038-AB74        Compliance Date for Security Futures Products To Be Cleared by a Clearing Agency That Has      03/07/2003   Withdrawn
                 Linked and Coordinated Clearing With Other Clearing Agencies
3038-AB78        Requirements for Foreign Stock Index Contracts To Qualify as Non-Narrow-Based Indices          03/07/2003   Merged With 3038-AB75
--------------------------------------------------------------------------------------------------------------------------------------------------------

_______________________________________________________________________


Commodity Futures Trading Commission (CFTC)         Proposed Rule Stage






_______________________________________________________________________




3800. MINIMUM FINANCIAL REQUIREMENTS FOR FUTURES COMMISSION MERCHANTS 
AND INTRODUCING BROKERS

Priority: Substantive, Nonsignificant

Legal Authority: 7 USC 6f

CFR Citation: 17 CFR 1.17

Legal Deadline: None

Abstract: The Commission intends to propose amendments to Rule 1.17 
that would adopt a risk-based capital requirement for futures 
commission merchants.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/00/03
NPRM Comment Period End         08/00/03

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Thomas J. Smith, Deputy Director, Division of Clearing 
and Intermediary Oversight, Commodity Futures Trading Commission, Three 
Lafayette Centre, 1121 21st Street NW., Washington, DC 20581
Phone: 202 418-5495
Email: [email protected]

RIN: 3038-AB64
_______________________________________________________________________




3801. REGULATION OF HYBRID INSTRUMENTS

Priority: Substantive, Nonsignificant

Legal Authority: 7 USC 1 et seq, as amended by PL 106-554, 114 Stat 
2763

CFR Citation: Not Yet Determined

Legal Deadline: None

Abstract: The Commission is required, after consulting with and 
obtaining the concurrence of the Board of Governors of the Federal 
Reserve System, to prescribe regulations to govern hybrid instruments 
if it determines that it is in the public interest and consistent with 
the Commodity Exchange Act, and the product is not predominantly a 
banking product under the test enumerated in title IV of the Commodity 
Futures Modernization Act of 2000.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/00/03

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Nancy E. Yanofsky, Chief Counsel, Division of Market 
Oversight, Commodity Futures Trading Commission, Three Lafayette 
Centre, 1155 21st Street NW., Washington, DC 20581
Phone: 202 418-5292
Fax: 202 418-5567
Email: [email protected]

RIN: 3038-AB69
_______________________________________________________________________




3802. USE OF BROKER-DEALERS, DEPOSITORY INSTITUTIONS, AND FARM CREDITING 
SYSTEM INSTITUTIONS AS INTERMEDIARIES ON DERIVATIVES TRANSACTION 
EXECUTION FACILITIES

Priority: Substantive, Nonsignificant

Legal Authority: 7 USC 1 et seq, as amended by PL 106-554, 114 Stat 
2763

[[Page 31282]]

CFR Citation: Not Yet Determined

Legal Deadline: None

Abstract: The Commission is required to coordinate with the Securities 
and Exchange Commission, the Secretary of the Treasury, and Federal 
banking regulators (including the Farm Credit Administration) in 
adopting rules and taking any other appropriate action to implement the 
provisions of the Commodity Futures Modernization Act of 2000 relating 
to the use of broker-dealers, depository institutions, and farm credit 
system institutions as intermediaries on derivatives transaction 
execution facilities.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            01/00/04

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: Lawrence B. Patent, Deputy Director, Division of 
Clearing and Intermediary Oversight, Commodity Futures Trading 
Commission, Three Lafayette Centre, 1155 21st Street NW., Washington, 
DC 20581
Phone: 202 418-5439
Fax: 202 418-5536
Email: [email protected]

RIN: 3038-AB70
_______________________________________________________________________




3803. OFFERING AND SELLING SECURITY FUTURES PRODUCTS TRADED ON FOREIGN 
BOARDS OF TRADE TO UNITED STATES PERSONS; REQUIREMENTS FOR FOREIGN STOCK 
INDEX CONTRACTS TO QUALIFY AS NON-NARROW-BASED INDICES

Priority: Substantive, Nonsignificant

Legal Authority: 7 USC 1 et seq, as amended by PL 106-554, 114 Stat 
2763

CFR Citation: Not Yet Determined

Legal Deadline: Other, Statutory, December 21, 2001, Within one year 
after the date of enactment of the Commodity Futures Modernization Act 
of 2000.

Abstract: The Commission and the Securities and Exchange Commission are 
required to jointly issue (1) rules, regulations, or orders as are 
necessary and appropriate to permit the offer and sale of security 
futures products traded on or subject to the rules of a foreign board 
of trade to United States persons, and (2) rules and regulations that 
set forth the requirements for foreign stock index contracts to qualify 
as non-narrow-based indices.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            01/00/04

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: Andrew V. Chapin, Attorney Advisor, Division of 
Clearing and Intermediary Oversight, Commodity Futures Trading 
Commission, Three Lafayette Centre, 1155 21st Street NW., Washington, 
DC 20581
Phone: 202 418-5465
Fax: 202 418-5536
Email: [email protected]

Thomas M. Leahy Jr., Industry Economist, Division of Market Oversight, 
Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st 
Street NW., Washington, DC 20581
Phone: 202 418-5278
Email: [email protected]

Related RIN: Related To 3038-AB78
RIN: 3038-AB75
_______________________________________________________________________




3804. TREATMENT OF FOREIGN FUTURES OR FOREIGN OPTIONS SECURED AMOUNT

Priority: Substantive, Nonsignificant

Legal Authority: 7 USC 6

CFR Citation: 17 CFR 30.7

Legal Deadline: None

Abstract: The Commission intends to propose an amendment to Rule 30.7 
to provide that a futures commission merchant that holds funds on 
behalf of customers for trading futures and options on foreign markets 
may invest such funds in certain permitted investments. The proposal 
would establish investments that are comparable to the investments that 
a futures commission merchant may make with customer funds deposited 
for trading on United States markets pursuant to Rule 1.25.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            09/00/03
NPRM Comment Period End         11/00/03

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: Thomas J. Smith, Deputy Director, Division of Clearing 
and Intermediary Oversight, Commodity Futures Trading Commission, Three 
Lafayette Centre, 1121 21st Street NW., Washington, DC 20581
Phone: 202 418-5495
Email: [email protected]

RIN: 3038-AB96
_______________________________________________________________________




3805. [bull] EXCLUSION FOR CERTAIN OTHERWISE REGULATED PERSONS FROM 
DEFINITION OF COMMODITY POOL OPERATOR; EXEMPTION FROM CERTAIN PART 4 
REQUIREMENTS FOR COMMODITY POOL OPERATORS AND COMMODITY TRADING ADVISORS

Priority: Substantive, Nonsignificant

Legal Authority: 7 USC 1a; 7 USC 2; 7 USC 6b; 7 USC 6c; 7 USC 6l to 6o; 
7 USC 12a; 7 USC 23

CFR Citation: 17 CFR 4.7; 17 CFR 4.12 to 4.14; 17 CFR 4.21; ...

Legal Deadline: None

Abstract: The Commission is proposing to amend and adopt new rules 
under part 4 of its regulations. The proposed rules would: (1) expand 
the availability of the current exclusion from the CPO definition; (2) 
establish additional CPO and CTA registration exemptions; (3) 
facilitate CPO and CTA communications prior to Disclosure Document 
distribution; (4) provide for CPOs to electronically distribute 
periodic account statements; (5) modernize signature requirements; and 
(6) remove duplicative solicitation and reporting requirements.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           11/13/02                    67 FR 68785
ANPRM Comment Period End        01/23/03                     68 FR 2254
NPRM                            03/17/03                    68 FR 12622
NPRM Comment Period End         05/01/03
Final Action                    07/00/03

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

[[Page 31283]]

Government Levels Affected: None

Agency Contact: Barbara S. Gold, Associate Director, Division of 
Clearing and Intermediary Oversight, Commodity Futures Trading 
Commission, Three Lafayette Centre, 1155 21st Street NW., Washington, 
DC 20581
Phone: 202 418-5450
Fax: 202 418-5528
Email: [email protected]

Christopher W. Cummings, Special Counsel, Division of Clearing and 
Intermediary Oversight, Commodity Futures Trading Commission, Three 
Lafayette Centre, 1155 21st Street NW., Washington, DC 20581
Phone: 202 418-5450
Fax: 202 418-5528
Email: [email protected]

Related RIN: Related To 3038-AB98
RIN: 3038-AB97
_______________________________________________________________________


Commodity Futures Trading Commission (CFTC)            Final Rule Stage






_______________________________________________________________________




3806. PERFORMANCE DISCLOSURES FOR COMMODITY TRADING ADVISORS AND 
COMMODITY POOL OPERATORS

Priority: Substantive, Nonsignificant

Legal Authority: 7 USC 6n; 7 USC 6o; 7 USC 12a

CFR Citation: 17 CFR 4.25; 17 CFR 4.35

Legal Deadline: None

Abstract: The Commodity Futures Trading Commission is proposing 
amendments to the requirements concerning the presentation of rate of 
return data by commodity trading advisors and commodity pool operators. 
The Commission's proposed rules address computational and disclosure 
matters relating to participating in commodity trading advisor programs 
on a partially funded basis.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           06/18/98                    63 FR 33297
ANPRM Comment Period End        09/16/98
NPRM                            08/02/99                    64 FR 41843
NPRM Comment Period End         10/01/99
NPRM                            03/13/03                    68 FR 12001
NPRM Comment Period End         04/14/03
Final Action                    08/00/03

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: Robert B. Wasserman, Associate Director, Division of 
Clearing and Intermediary Oversight, Commodity Futures Trading 
Commission, Three Lafayette Centre, 1155 21st Street NW., Washington, 
DC 20581
Phone: 202 418-5092
Fax: 202 418-5528
Email: [email protected]

RIN: 3038-AB39
_______________________________________________________________________




3807. REGISTRATION EXEMPTIONS PERTAINING TO THE OFFER AND SALE OF 
FOREIGN FUTURES AND FOREIGN OPTIONS CONTRACTS TO CUSTOMERS LOCATED IN 
THE UNITED STATES

Priority: Substantive, Nonsignificant

Legal Authority: 7 USC 2(a)(1)(A); 7 USC 6(b); 7 USC 6c

CFR Citation: 17 CFR 30.1; 17 CFR 30.4; 17 CFR 30.10

Legal Deadline: None

Abstract: The Commission proposes to codify some of the interpretations 
and positions that its staff has taken regarding registration 
requirements under part 30 of the Commission's rules, which governs, 
generally, the solicitation and sale of foreign futures and foreign 
options contracts to customers located in the United States. 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 Rule 30.10 relief, if they fall 
generally into the following categories: (1) those that carry customer 
omnibus accounts for U.S. FCMs; (2) those that carry U.S. affiliate 
accounts that are proprietary to the foreign futures and options 
broker; and (3) those that carry U.S. accounts that are proprietary to 
a U.S. FCM. In addition, proposed Rule 30.10(a) will specify 
representations that must be made by a foreign futures and options 
broker that has U.S. bank branches in order to obtain a Rule 30.10 
comparability exemption or to come within the registration exception of 
Rule 30.4.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            08/26/99                    64 FR 46613
NPRM Comment Period End         10/25/99
Final Action                    07/00/03
Final Action Effective          09/00/03

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Susan A. Elliott, Attorney Advisor, Division of 
Clearing and Intermediary Oversight, Commodity Futures Trading 
Commission, Three Lafayette Centre, 1155 21st Street NW., Washington, 
DC 20581
Phone: 202 418-5464
Fax: 202 418-5528
Email: [email protected]

RIN: 3038-AB45
_______________________________________________________________________




3808. CUSTOMER IDENTIFICATION PROGRAM FOR FUTURES COMMISSION MERCHANTS 
AND INTRODUCING BROKERS

Priority: Substantive, Nonsignificant

Legal Authority: PL 107-56, sec 326; 31 USC 5318(1)

CFR Citation: 31 CFR 103; 31 CFR 123; 17 CFR 1

Legal Deadline: NPRM, Statutory, October 25, 2002.

Abstract: The Department of the Treasury and the Commodity Futures 
Trading Commission are required to jointly prescribe regulations 
relating to customer identification programs for futures commission 
merchants and introducing brokers.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            07/23/02                    67 FR 48328

[[Page 31284]]

Comment Period End              09/06/02
Final Action                    05/00/03

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Office of General Counsel, Commodity Futures Trading 
Commission, Three Lafayette Centre, 1155 21st Street NW., Washington, 
DC 20581
Phone: 202 418-5120
Fax: 202 418-5524
Email: [email protected]

RIN: 3038-AB90
_______________________________________________________________________




3809. ALLOCATION OF BUNCHED ORDERS

Priority: Substantive, Nonsignificant

Legal Authority: 7 USC 1 et seq, as amended by PL 106-554, 114 Stat 
2763

CFR Citation: 17 CFR 1.35

Legal Deadline: None

Abstract: The Commission intends to propose procedures for streamlining 
the allocation of bunched orders for futures and commodity option 
trades, as well as the associated recordkeeping requirements. The 
proposal was referred to in the Commission's intermediaries study, and 
it addresses concerns regarding the possibility of fraud and money-
laundering activities.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            03/14/03                    68 FR 12319
NPRM Comment Period End         04/28/03
Final Action                    09/00/03

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Christopher W. Cummings, Special Counsel, Division of 
Clearing and Intermediary Oversight, Commodity Futures Trading 
Commission, Three Lafayette Centre, 1155 21st Street NW., Washington, 
DC 20581
Phone: 202 418-5450
Fax: 202 418-5528
Email: [email protected]

RIN: 3038-AB93
_______________________________________________________________________


Commodity Futures Trading Commission (CFTC)           Completed Actions






_______________________________________________________________________




3810. DENOMINATION OF CUSTOMER FUNDS AND LOCATION OF DEPOSITORIES

Priority: Substantive, Nonsignificant

CFR Citation: 17 CFR 1.32; 17 CFR 1.49

Completed:
________________________________________________________________________

Reason                            Date                      FR Cite

________________________________________________________________________

Final Action                    02/04/03                     68 FR 5545
Final Action Effective          03/06/03

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: Michael A. Piracci
Phone: 202 418-5446
Fax: 202 418-5536
Email: [email protected]

RIN: 3038-AB31
_______________________________________________________________________




3811. REPORTING LEVELS FOR LARGE TRADER REPORTS; TRAKRS

Priority: Substantive, Nonsignificant

CFR Citation: 17 CFR 15.03

Completed:
________________________________________________________________________

Reason                            Date                      FR Cite

________________________________________________________________________

Final Action                    10/21/02                    67 FR 64522
Final Action Effective          11/20/02

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: Gary J. Martinaitis
Phone: 202 418-5260
Fax: 202 418-5527
Email: [email protected]

RIN: 3038-AB91
[FR Doc. 03-7423 Filed 05-23-03; 8:45 am]
BILLING CODE 6351-01-S