[The Regulatory Plan and 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

[[Page 65514]]



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 fall 2005 regulatory flexibility agenda is 
set forth below.

Issued in Washington, DC on August 18, 2005, 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                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
3779        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..............................................................
3780        Interagency Proposal To Consider Alternative Forms of Privacy Notices Under the Gramm-    3038-AC04
            Leach-Bliley Act......................................................................
3781        Alternative Market Risk and Credit Risk Capital Charges and Amendments to Specified       3038-AC05
            Foreign Currency Forward and Inventory Capital Charges for Futures Commission
            Merchants and Introducing Brokers.....................................................
3782        Definition of ``Client'' of a Commodity Trading Advisor...............................    3038-AC20
3783        Eligible Commercial Entities Authorized To Trade on Exempt Commercial Markets.........    3038-AC21
3784        Market and Large Trader Reporting.....................................................    3038-AC22
----------------------------------------------------------------------------------------------------------------


                             Commodity Futures Trading Commission--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
3785        Execution of Off-Centralized Market Transactions: Regulation 1.38 and Guidance on Core    3038-AC07
            Principle 9...........................................................................
3786        Technical and Clarifying Amendments to Rules for Exempt Markets, Derivatives              3038-AC23
            Transaction Execution Facilities, and Designated Contract Markets.....................
----------------------------------------------------------------------------------------------------------------


[[Page 65515]]


                             Commodity Futures Trading Commission--Completed Actions
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                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
3787        Investment of Customer Funds and Record of Investments................................    3038-AC15
3788        Guidance on Clearing of Over-The-Counter Options on Exempt Commodities by a Designated    3038-AC17
            Contract Market.......................................................................
3789        Revision of Federal Speculative Limits................................................    3038-AC24
----------------------------------------------------------------------------------------------------------------

_______________________________________________________________________


Commodity Futures Trading Commission (CFTC)         Proposed Rule Stage


  



_______________________________________________________________________




3779. 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                            04/00/06

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

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

Thomas M. Leahy Jr., Associate Director for Product Review, Division of 
Market Oversight, Commodity Futures Trading Commission, Three Lafayette 
Centre, 1155 21st Street NW., Washington, DC 20581
Phone: 202 418-5278
Fax: 202 418-5527
Email: [email protected]

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




3780. INTERAGENCY PROPOSAL TO CONSIDER ALTERNATIVE FORMS OF PRIVACY 
NOTICES UNDER THE GRAMM-LEACH-BLILEY ACT

Priority: Substantive, Nonsignificant

Legal Authority: 7 USC 7b-2; 7 USC 12a(5); 15 USC 6801 et seq

CFR Citation: 17 CFR 160

Legal Deadline: None

Abstract: Subtitle A of the Gramm-Leach-Bliley Act (GLB Act), captioned 
Disclosure of Nonpublic Personal Information (15 U.S.C. 6801 et seq.), 
requires each financial institution to provide a notice of its privacy 
policies and practices to its consumer customers. In general, the 
privacy notices must describe a financial institution's policies and 
practices with respect to disclosing nonpublic personal information 
about a consumer to both affiliated and nonaffiliated third parties, 
and provide a consumer a reasonable opportunity to direct the 
institution not to share nonpublic personal information about the 
consumer with nonaffiliated third parties. The GLB Act agencies, 
including CFTC, have published substantially identical regulations to 
implement GLB title V, known collectively as the ``privacy rule.'' Many 
notices issued under the privacy rule were long and complex, and 
difficult to compare with each other. Consequently, GLB Act agencies 
are considering whether to amend the privacy rule to provide for 
simpler, more useful notices. The GLB Act agencies intend to issue an 
advance notice of proposed rulemaking to determine whether to propose 
changes to the privacy rule, and if so, will seek further public 
comment on specific programs. Six of the eight GLB Act agencies have 
entered into a memorandum of understanding through which they intend to 
contract with a consumer testing firm. CFTC is not a party to the MOU. 
Consumer testing is ongoing.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           12/30/03                    68 FR 75164
ANPRM Comment Period End        03/29/04
NPRM                            10/00/05

Regulatory Flexibility Analysis Required: No

Small Entities Affected: Businesses

Government Levels Affected: Federal

Agency Contact: Laura M. Richards, Senior Assistant General Counsel, 
Office of General Counsel, Commodity Futures Trading Commission, Three 
Lafayette Centre, 1155 21st Street NW., Washington, DC 20581
Phone: 202 418-5126
Fax: 202 418-5524
Email: [email protected]

David Jacobsohn, Counsel, Office of General Counsel, Commodity Futures 
Trading Commission, Three Lafayette Centre, 1155 21st Street NW., 
Washington, DC 20581
Phone: 202 418-5161
Fax: 202 418-5524
Email: [email protected]

RIN: 3038-AC04

[[Page 65516]]

_______________________________________________________________________




3781. ALTERNATIVE MARKET RISK AND CREDIT RISK CAPITAL CHARGES AND 
AMENDMENTS TO SPECIFIED FOREIGN CURRENCY FORWARD AND INVENTORY CAPITAL 
CHARGES FOR FUTURES COMMISSION MERCHANTS AND INTRODUCING BROKERS

Priority: Substantive, Nonsignificant

Legal Authority: 7 USC 6f(b)

CFR Citation: 17 CFR 1.17

Legal Deadline: None

Abstract: The Commission has proposed amendments that would permit 
qualifying futures commission merchants, that are also securities 
brokers or dealers registered with the Securities and Exchange 
Commission, to compute their net capital using alternative market risk 
and credit risk models that have been approved by the Securities and 
Exchange Commission. The proposal would also amend the Commission's 
capital requirements by reducing from 20 percent to six percent the 
capital charge that futures commission merchants and introducing 
brokers are required to deduct from the market value of uncovered 
forward contracts denominated in the following foreign currencies: 
British pounds, Canadian dollars, Japanese yen, Swiss francs, or the 
Euro. Uncovered forwards in other non-U.S. currencies would remain 
subject to the 20 percent capital charge currently set forth in the 
Commission's regulations.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            10/11/05                    70 FR 58985
NPRM Comment Period End         11/10/05

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Thelma Diaz, Special Counsel, Division of Clearing and 
Intermediary Oversight, Commodity Futures Trading Commission, Three 
Lafayette Centre, 1155 21st Street NW., Washington, DC 20581
Phone: 202 418-5137
Fax: 202 418-5536
Email: [email protected]

RIN: 3038-AC05
_______________________________________________________________________




3782. DEFINITION OF ``CLIENT'' OF A COMMODITY TRADING ADVISOR

Priority: Substantive, Nonsignificant

Legal Authority: 7 USC 1a(6); 7 USC 12a(5)

CFR Citation: 17 CFR 1.3(bb)

Legal Deadline: None

Abstract: The Commission is proposing to add to its rules a definition 
of the term ``client'' of a commodity trading advisor (CTA). This 
definition is intended to clarify that even those CTAs not required to 
register under the Commodity Exchange Act are subject to certain 
requirements such as restrictions on advertising and the antifraud 
prohibition.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            09/28/05                    70 FR 56608
NPRM Comment Period End         11/28/05

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: R. Stephen Painter Jr., Attorney-Advisor, Division of 
Clearing and Intermediary Oversight, Commodity Futures Trading 
Commission, Three Lafayette Centre, 1155 21st Street NW., Washington, 
DC 20581
Phone: 202 418-5416
Fax: 202 418-5528
Email: [email protected]

RIN: 3038-AC20
_______________________________________________________________________




3783. ELIGIBLE COMMERCIAL ENTITIES AUTHORIZED TO TRADE ON EXEMPT 
COMMERCIAL MARKETS

Priority: Substantive, Nonsignificant

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

CFR Citation: 17 CFR 36

Legal Deadline: None

Abstract: The Commission is proposing to codify existing Commission 
orders applicable to: (1) Commission-registered floor brokers and floor 
traders; and (2) International Petroleum Exchange floor or electronic 
brokers and local traders and, pursuant to section 1a(11) of the 
Commodity Exchange Act, designate by rule those and similarly-situated 
entities to be, subject to conditions, eligible commercial entities for 
the purpose of trading on exempt commercial markets.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/00/05
NPRM Comment Period End         12/00/05

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Duane C. Andresen, Special Counsel, Division of Market 
Oversight, Commodity Futures Trading Commission, Three Lafayette 
Centre, 1155 21st Street NW., Washington, DC 20581
Phone: 202 418-5492
Fax: 202 418-5527
Email: [email protected]

RIN: 3038-AC21
_______________________________________________________________________




3784. MARKET AND LARGE TRADER REPORTING

Priority: Substantive, Nonsignificant

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

CFR Citation: 17 USC 15 to 21

Legal Deadline: None

Abstract: The Commission is proposing to amend the market and large 
trader reporting rules to establish a new contract reporting level for 
futures and option contracts based on 3-year U.S. Treasury Notes, 
clarify the application of the reporting rules to derivatives 
transaction execution facilities, and adopt a reporting framework for 
contracts that are traded on an exclusively un-intermediated basis.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/00/05
NPRM Comment Period End         01/00/06

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Bruce Fekrat, Special Counsel, Division of Market 
Oversight, Commodity Futures Trading Commission, Three Lafayette 
Centre, 1155 21st Street NW., Washington, DC 20581
Phone: 202 418-5578
Fax: 202 418-5527
Email: [email protected]

RIN: 3038-AC22

[[Page 65517]]

_______________________________________________________________________


Commodity Futures Trading Commission (CFTC)            Final Rule Stage


  



_______________________________________________________________________




3785. EXECUTION OF OFF-CENTRALIZED MARKET TRANSACTIONS: REGULATION 1.38 
AND GUIDANCE ON CORE PRINCIPLE 9

Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

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

CFR Citation: 17 CFR 1; 17 CFR 38

Legal Deadline: None

Abstract: Since the Commission originally promulgated Regulation 1.38, 
the Commodity Futures Modernization Act of 2000 (CFMA) was signed into 
law. The CFMA, among other things, specifically expanded the allowable 
transactions that could be executed off the centralized market. The 
Commission has proposed amendments to its rules concerning trading off 
the centralized market, including the addition of guidance on contract 
market block trading rules, in light of further administrative 
experience with, and consideration of, the implications of the CFMA.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            07/01/04                    69 FR 39880
NPRM Comment Period End         08/30/04
Final Action                    03/00/06

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Riva Spear Adriance, Associate Deputy Director, 
Division of Market Oversight, Commodity Futures Trading Commission, 
Three Lafayette Centre, 1155 21st Street NW., Washington, DC 20581
Phone: 202 418-5494
Fax: 202 418-5507
Email: [email protected]

Gabrielle A. Sudik, Special Counsel, Division of Market Oversight, 
Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st 
Street NW., Washington, DC 20581
Phone: 202 418-5171
Fax: 202 418-5507
Email: [email protected]

RIN: 3038-AC07
_______________________________________________________________________




3786. TECHNICAL AND CLARIFYING AMENDMENTS TO RULES FOR EXEMPT MARKETS, 
DERIVATIVES TRANSACTION EXECUTION FACILITIES, AND DESIGNATED CONTRACT 
MARKETS

Priority: Substantive, Nonsignificant

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

CFR Citation: 17 CFR 36 to 38; 17 CFR 40

Legal Deadline: None

Abstract: The amendments are intended to clarify and codify acceptable 
practices under the rules for trading facilities adopted pursuant to 
the Commodity Futures Modernization Act of 2000. The amendments are 
based on the Commission's experience over the past three and one half 
years in applying the rules for trading facilities. The amendments also 
make various technical corrections and conforming amendments to the 
rules.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            07/11/05                    70 FR 39672
NPRM Comment Period End         09/26/05
Final Action                    12/00/05

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Donald H. Heitman, Senior Special Counsel, Division of 
Market Oversight, Commodity Futures Trading Commission, Three Lafayette 
Centre, 1155 21st Street NW., Washington, DC 20581
Phone: 202 418-5041
Fax: 202 418-5507
Email: [email protected]

RIN: 3038-AC23
_______________________________________________________________________


Commodity Futures Trading Commission (CFTC)           Completed Actions


  



_______________________________________________________________________




3787. INVESTMENT OF CUSTOMER FUNDS AND RECORD OF INVESTMENTS

Priority: Substantive, Nonsignificant

CFR Citation: 17 CFR 1.25; 17 CFR 1.27

Completed:
________________________________________________________________________

Reason                            Date                      FR Cite

________________________________________________________________________

Final Action                    05/17/05                    70 FR 28190
Final Action Effective          06/16/05

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Phyllis P. Dietz
Phone: 202 418-5449
Fax: 202 418-5536
Email: [email protected]

RIN: 3038-AC15
_______________________________________________________________________




3788. GUIDANCE ON CLEARING OF OVER-THE-COUNTER OPTIONS ON EXEMPT 
COMMODITIES BY A DESIGNATED CONTRACT MARKET

Priority: Substantive, Nonsignificant

CFR Citation: None

Completed:
________________________________________________________________________

Reason                            Date                      FR Cite

________________________________________________________________________

Withdrawn                       10/12/05

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Elizabeth L. Ritter
Phone: 202 418-5052
Fax: 202 418-5524
Email: [email protected]

Christine P. Remy
Phone: 202 418-5134
Fax: 202 418-5524
Email: [email protected]

RIN: 3038-AC17
_______________________________________________________________________




3789. REVISION OF FEDERAL SPECULATIVE LIMITS

Priority: Substantive, Nonsignificant

CFR Citation: 17 CFR 150

[[Page 65518]]

Completed:
________________________________________________________________________

Reason                            Date                      FR Cite

________________________________________________________________________

Final Action                    05/11/05                    70 FR 24705
Final Action Effective          06/10/05

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Clarence Sanders
Phone: 202 418-5068
Fax: 202 418-5527
Email: [email protected]

RIN: 3038-AC24
[FR Doc. 05-17861 Filed 10-28-05; 8:45 am]
BILLING CODE 6351-01-S