14826 Federal Register / Vol. 76, No. 53 / Friday, March 18, 2011 / Proposed Rules 

1Commission regulations referred to herein are 

found at 17 CFR Ch. 1 (2010). They are accessible 

on the Commission’s Web site at http:// 

www.cftc.gov. 

2See Core Principles and Other Requirements for 

Designated Contract Markets, 75 FR 80572, 80588– 

89, Dec. 22, 2010. 

1See Dodd-Frank Wall Street Reform and 

Consumer Protection Act, Public Law 111–203, 124 

Stat. 1376 (2010). The text of the Dodd-Frank Act 

may be accessed at http://www.cftc.gov./ 

LawRegulation/OTCDERIVATIVES/index.htm. 

2Pursuant to Section 701 of the Dodd-Frank Act, 

Title VII may be cited as the ‘‘Wall Street 

Transparency and Accountability Act of 2010.’’ 

3 7 U.S.C. 1 et seq. (2006). 

ADDRESSES: You may submit comments, 

identified by RIN number, by any of the 

following methods: 

• Agency Web site, via its Comments 

Online process: http:// 

comments.cftc.gov. Follow the 

instructions for submitting comments 

through the Web site. 

• Mail: David A. Stawick, Secretary of 

the Commission, Commodity Futures 

Trading Commission, Three Lafayette 

Centre, 1155 21st Street, NW., 

Washington, DC 20581. 

• Hand Delivery/Courier: Same as 

mail above. 

• Federal eRulemaking Portal: http:// 

www.Regulations.gov. Follow the 

instructions for submitting comments. 

Please submit comments by only one 

method. 

All comments must be submitted in 

English, or if not, accompanied by an 

English translation. Comments will be 

posted as received to http:// 

www.cftc.gov. You should submit only 

information that you wish to make 

available publicly. If you wish the 

Commission to consider information 

that may be exempt from disclosure 

under the Freedom of Information Act 

(‘‘FOIA’’), a petition for confidential 

treatment of the exempt information 

may be submitted according to the 

procedures established in § 145.9 of the 

Commission’s regulations.1 The 

Commission reserves the right, but shall 

have no obligation, to review, prescreen, filter, redact, refuse, or remove 

any or all of your submission from 

http://www.cftc.gov that it may deem to 

be inappropriate for publication, such as 

obscene language. All submissions that 

have been redacted or removed that 

contain comments on the merits of the 

rulemaking will be retained in the 

public comment file and will be 

considered as required under the 

Administrative Procedure Act and other 

applicable laws, and may be accessible 

under FOIA. 

FOR FURTHER INFORMATION CONTACT: 

Nancy Markowitz, Assistant Deputy 

Director, 202–418–5453, 

nmarkowitz@cftc.gov, or Nadia Zakir, 

Attorney-Advisor, 202–418–5720, 

nzakir@cftc.gov, Division of Market 

Oversight, Commodity Futures Trading 

Commission, Three Lafayette Centre, 

1155 21st Street, NW., Washington, DC 

20581. 

SUPPLEMENTARY INFORMATION: On 

December 22, 2010, the Commission 

published in the Federal Register a 

notice of proposed rulemaking, in 

which it proposed rules, guidance, and 

acceptable practices, to be applicable to 

the designation and operation of 

contract markets, as well as the listing, 

trading, and execution of swaps on 

designated contract markets.2 The 

notice of proposed rulemaking would 

implement certain provisions of 

sections 723, 733, and 735 of the Wall 

Street Reform and Consumer Protection 

Act (the ‘‘Dodd-Frank Act’’). The 

comment period for the proposed 

rulemaking closed on February 22, 

2011. 

Since the close of the proposed 

rulemaking, data has been made 

publicly available to support the 

rulemaking, in particular, proposed 

§ 38.502(a), the proposed ‘‘minimum 

centralized market trading percentage 

requirement.’’ Discussion of this 

proposed requirement is available in the 

notice of proposed rulemaking at pages 

80588 and 80589 of the Federal Register 

publication. The data has been made 

available on the Commission’s Web site 

at http://comments.cftc.gov/

FederalRegister/Proposed.aspx?Type=

ListAll&Year=2010, the same location as 

the Commission’s notice of proposed 

rulemaking. All persons wishing to 

comment on proposed regulation 

38.502(a) (‘‘Minimum Centralized 

Market Trading Percentage 

Requirement’’), in light of the data that 

has been made available may do so by 

submitting comments using one of the 

methods provided above through April 

18, 2011. 

Issued in Washington, DC, on March 14, 

2011, by the Commission. 

David A. Stawick, 

Secretary of the Commission. 

[FR Doc. 2011–6382 Filed 3–17–11; 8:45 am] 

BILLING CODE 6351–01–P 

COMMODITY FUTURES TRADING 

COMMISSION 

17 CFR Chapter I 

RIN 3038–AD26 

Antidisruptive Practices Authority 

AGENCY: Commodity Futures Trading 

Commission. 

ACTION: Advance notice of proposed 

rulemaking; notice of termination. 

SUMMARY: On November 2, 2010, the 

Commodity Futures Trading 

Commission (‘‘Commission’’) issued in 

the Federal Register an advance notice 

of proposed rulemaking (‘‘ANPR’’). In 

this ANPR, the Commission requested 

public comment to assist it with 

promulgating rules and regulations to 

implement the disruptive practices set 

forth in section 4c(a) of the Commodity 

Exchange Act (‘‘CEA’’), as amended by 

section 747 of the Dodd-Frank Wall 

Street Reform and Consumer Protection 

Act (‘‘Dodd-Frank Act’’). After 

considering the comments that were 

submitted in response to the ANPR, the 

Commission decided not to issue any 

regulations at this time relating to new 

section 4c(a). Instead, the Commission 

is publishing today elsewhere in the 

Federal Register a proposed order 

interpreting new section 4c(a)(5). The 

Commission is also terminating the 

ANPR issued on November 2, 2010. 

DATES: Effective March 18, 2011. 

FOR FURTHER INFORMATION CONTACT: 

Robert Pease, Counsel to the Director of 

Enforcement, 202–418–5863, 

rpease@cftc.gov; Steven E. Seitz, 

Attorney, Office of the General Counsel, 

202–418–5615, sseitz@cftc.gov; or Mark 

D. Higgins, Counsel to the Director of 

Enforcement, 202–418–5864, 

mhiggins@cftc.gov, Commodity Futures 

Trading Commission, Three Lafayette 

Centre, 1151 21st Street, NW., 

Washington, DC 20581. 

SUPPLEMENTARY INFORMATION: On July 

21, 2010, President Obama signed the 

Dodd-Frank Act.1 Title VII of the DoddFrank Act 2 amended the Commodity 

Exchange Act (‘‘CEA’’) 3 to establish a 

comprehensive new regulatory 

framework for swaps and security-based 

swaps. The legislation was enacted to 

reduce risk, increase transparency, and 

promote market integrity within the 

financial system by, among other things: 

(1) Providing for the registration and 

comprehensive regulation of swap 

dealers and major swap participants; (2) 

imposing clearing and trade execution 

requirements on standardized derivative 

products; (3) creating robust 

recordkeeping and real-time reporting 

regimes; and (4) enhancing the 

Commission’s rulemaking and 

enforcement authorities with respect to, 

among others, all registered entities and 

intermediaries subject to the 

Commission’s oversight. Section 747 of 

the Dodd-Frank Act amends section 

4c(a) of the CEA to add a new section 

entitled ‘‘Disruptive Practices.’’ 


jlentini on DSKJ8SOYB1PROD with PROPOSALS
Federal Register / Vol. 76, No. 53 / Friday, March 18, 2011 / Proposed Rules 14827 

4Anti-Disruptive Trading Practices Authority 

Contained in the Dodd-Frank Wall Street Reform 

and Consumer Protection Act, 75 FR 211, Nov. 2, 

2010. 

New section 4c(a) expressly prohibits 

certain trading practices that are 

disruptive of fair and equitable trading. 

New section 4c(a) of the CEA makes it 

unlawful for any person to engage in 

any trading, practice, or conduct on or 

subject to the rules of a registered entity 

that— 

(A) Violates bids or offers; 

(B) Demonstrates intentional or reckless 

disregard for the orderly execution of 

transactions during the closing period; or 

(C) Is, is of the character of, or is commonly 

known to the trade as, ‘‘spoofing’’ (bidding or 

offering with the intent to cancel the bid or 

offer before execution). 

Section 747 of the Dodd-Frank Act 

also amended section 4c(a) by granting 

the Commission authority to promulgate 

such ‘‘rules and regulations as, in the 

judgment of the Commission, are 

reasonably necessary to prohibit the 

trading practices’’ enumerated in section 

747 ‘‘and any other trading practice that 

is disruptive of fair and equitable 

trading.’’ The prohibition on the 

disruptive practices specified in new 

section 4c(a) will become effective 360 

days after the enactment of the DoddFrank Act. 

On November 2, 2010, the 

Commission issued an ANPR inviting 

public comment on all aspects of 

section 747 of the Dodd-Frank Act.4

After reviewing the ANPR comments 

that were submitted, the Commission 

determined that it should address the 

disruptive practices by issuing a 

proposed order interpreting new CEA 

section 4c(a). Accordingly, this 

document terminates the ANPR issued 

on November 2, 2010. The proposed 

interpretive order referenced above, 

which incorporates the ANPR 

comments, is being published today 

elsewhere in the notice section of the 

Federal Register. 

This proposed interpretive order will 

provide market participants and the 

public with guidance on the scope of 

the three statutory disruptive practices 

set forth in new CEA section 4c(a). 

Issued in Washington, DC, on March 14, 

2011, by the Commission. 

David A. Stawick, 

Secretary of the Commission. 

[FR Doc. 2011–6399 Filed 3–17–11; 8:45 am] 

BILLING CODE 6351–01–P 

DEPARTMENT OF THE TREASURY 

Internal Revenue Service 

26 CFR Part 301 

[REG–153338–09] 

RIN 1545–BJ19 

Disclosure of Returns and Return 

Information to Designee of Taxpayer 

AGENCY: Internal Revenue Service (IRS), 

Treasury. 

ACTION: Notice of proposed rulemaking 

and notice of public hearing. 

SUMMARY: This document contains a 

proposed regulation pertaining to the 

period for submission to the IRS of 

taxpayer authorizations permitting 

disclosure of returns and return 

information to third-party designees. 

Specifically, the proposed regulation 

extends from 60 days to 120 days the 

period within which a signed and dated 

authorization must be received by the 

IRS (or an agent or contractor of the IRS) 

in order for it to be effective. The 

proposed regulation extends the period 

as some institutions charged with 

assisting taxpayers in their financial 

dealings have encountered difficulty in 

obtaining written authorizations and 

submitting the authorizations within the 

60-day period allowed by the existing 

regulations. The proposed regulation 

will affect taxpayers who submit 

authorizations permitting disclosure of 

returns and return information to thirdparty designees. This document also 

provides notice of a public hearing on 

the proposed regulation. 

DATES: Written or electronic comments 

must be received by May 17, 2011. 

Outlines of topics to be discussed at the 

public hearing scheduled for Thursday, 

June 9, 2011 at 10 a.m. must be received 

by Wednesday, May 18, 2011. 

ADDRESSES: Send submissions to 

CC:PA:LPD:PR (REG–153338–09), room 

5205, Internal Revenue Service, P.O. 

Box 7604, Ben Franklin Station, 

Washington, DC 20044. Submissions 

may be hand delivered Monday through 

Friday between the hours of 8 a.m. and 

4 p.m. to: CC:PA:LPD:PR (REG–153338– 

09), Courier’s Desk, Internal Revenue 

Service, 1111 Constitution Avenue, 

NW., Washington, DC, or sent 

electronically via the Federal 

eRulemaking Portal at 

www.regulations.gov (IRS REG–153338– 

09). The public hearing will be held in 

Auditorium, Internal Revenue Service, 

1111 Constitution Avenue, NW., 

Washington, DC. 

FOR FURTHER INFORMATION CONTACT: 

Concerning the proposed regulation, 

contact Amy Mielke, (202) 622–4570; 

concerning submissions of comments, 

the hearing, or to be placed on the 

building access list to attend the 

hearing, Oluwafunmilayo Taylor, (202) 

622–7180 (not toll-free numbers). 

SUPPLEMENTARY INFORMATION: 

Paperwork Reduction Act 

The collection of information 

contained in this proposed regulation 

has been previously approved by the 

Office of Management and Budget in 

accordance with the Paperwork 

Reduction Act of 1995 (44 U.S.C. 

3507(d)) under control number 

1545–1816. 

An agency may not conduct or 

sponsor, and a person is not required to 

respond to, a collection of information 

unless it displays a valid control 

number assigned by the Office of 

Management and Budget. 

Books and records relating to the 

collection of information must be 

retained as long as their contents may 

become material in the administration 

of any internal revenue law. Generally, 

tax returns and tax return information 

are confidential, as required by section 

6103. 

Background 

This document contains proposed 

amendments to the Procedure and 

Administration Regulations (26 CFR 

part 301). Section 6103(c) of the Internal 

Revenue Code (Code) authorizes the IRS 

(or an agent or contractor of the IRS) to 

disclose returns and return information 

to such person or persons as the 

taxpayer may designate in a request for 

or consent to disclosure. The proposed 

regulation amends § 301.6103(c)–1 by 

extending the period for submission to 

the IRS of taxpayer authorizations 

permitting disclosure of returns and 

return information to designees of a 

taxpayer. Specifically, the proposed 

regulation extends from 60 days to 120 

days the period within which a signed 

and dated authorization must be 

received by the IRS (or an agent or 

contractor of the IRS) in order for it to 

be effective. 

On December 18, 2009, the IRS 

published Notice 2010–8, 2010–3 IRB 

297, which announced an intention to 

amend the regulation under 

§ 301.6103(c)–1 to expand the time 

frame for submission of section 6103(c) 

authorizations. The notice additionally 

announced interim rules extending from 

60 days to 120 days the period within 

which section 6103(c) authorizations 

must be received in order to be effective. 

The interim rules apply to 

authorizations signed and dated on or 

after October 19, 2009. Per Notice 2010– 


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