Federal Register / Vol. 65, No. 121 / Thursday, June 22, 2000 / Proposed Rules 39039

restrict qualifying swap transactions to those

undertaken as an adjunct of the participant’s

line of business.

(c) Conclusion. This policy statement is

intended to clarify the regulatory treatment of

certain transactions in order to facilitate

legitimate market transactions in a field

distinguished by innovation and rapid

growth. Consequently, the Commission

proposes to continue to review on a case-bycase basis transactions that do not meet the

above criteria and that are not otherwise

excluded from Commission regulation.

Issued in Washington, D.C., this 8th day of

June, 2000, by the Commission.

Jean A. Webb,

Secretary of the Commission.

[FR Doc. 00–14917 Filed 6–21–00; 8:45 am]

BILLING CODE 6351–01–U

COMMODITY FUTURES TRADING

COMMISSION

17 CFR Parts 1, 3, 4, 5, 15, 20, 36, 37,

38, 39, 100, 140, 155, 166, 170, and 180

A New Regulatory Framework for

Multilateral Transaction Execution

Facilities, Intermediaries and Clearing

Organizations

AGENCY: Commodity Futures Trading

Commission.

ACTION: Notice of public meetings.

SUMMARY: Notice is hereby given that

the Commodity Futures Trading

Commission (‘‘Commission’’) will

convene two public meetings at which

interested members of the public may

appear before it to give oral and written

statements relating to the Commission’s

consideration of a new regulatory

framework for multilateral transaction

execution facilities, intermediaries and

clearing organizations.

DATES: Tuesday, June 27, 2000, 10:00

a.m.–4:00 p.m. (multilateral transaction

execution facilities); Wednesday, June

28, 2000, 10:00 a.m.–4:00 p.m.

(intermediaries and clearing

organizations).

PLACE: 1155 21st St., N.W., Washington,

D.C. Lobby Level Hearing Room located

at Room 1000. Status: Open.

ADDRESSES: Requests to appear and

statements of interest should be mailed

to the Commodity Futures Trading

Commission, Three Lafayette Centre,

1155 21st Street, N.W., Washington,

D.C. 20581, attention Office of the

Secretariat; transmitted by facsimile at

(202) 418–5521; or transmitted

electronically to [secretary@cftc.gov].

Reference should be made to

‘‘Regulatory Reinvention Meetings.’’

FOR FURTHER INFORMATION CONTACT: Paul

M. Architzel, Chief Counsel, or Nancy E.

Yanofsky, Assistant Chief Counsel,

Division of Economic Analysis,

Commodity Futures Trading

Commission, Three Lafayette Centre,

1155 21st Street, N.W., Washington,

D.C. 20581, (202) 418–5260, or

electronically, [PArchitzel@cftc.gov] or

[NYanofsky@cftc.gov].

SUPPLEMENTARY INFORMATION: In

separate Federal Register releases

published today, the Commission has

proposed a new regulatory framework to

apply to multilateral transaction

execution facilities that trade

derivatives, market intermediaries and

clearing organizations. As explained in

those Federal Register releases, the

proposed framework contemplates far

reaching and fundamental changes to

modernize Federal regulation of the

commodity futures and options markets.

The Commission is of the view that,

in addition to the receipt of written

comments, an opportunity for interested

members of the public to appear before

it will assist it in its consideration of the

issues raised in the Federal Register

releases and is in the public interest.

Accordingly, the Commission will

convene two public meetings, one on

Tuesday, June 27, 2000 from 10:00 a.m.

to 4:00 p.m. relating to the proposed

framework as it applies to multilateral

transaction execution facilities and one

on Wednesday, June 28, 2000 from

10:00 a.m. to 4:00 p.m. relating to the

proposed framework as it applies to

market intermediaries and clearing

organizations.

All individuals or organizations

wishing to appear before the

Commission should submit to the

Commission at the above address, by

June 23, 2000, a request to appear at

either or both of the meetings, a concise

statement of interest and qualifications

as they relate to the particular

meeting(s) and a brief summary or

abstract of the content of his or her

statement(s). The Commission will

invite a representative number of

individuals or organizations to appear at

each meeting from those submitting

such statements. A transcription of the

meetings will be made and entered into

the Commission’s public comment files,

which will remain open for the receipt

of written comment until August 7,

2000.

Issued in Washington, D.C., this 8th day of

June 2000.

By the Commodity Futures Trading

Commission.

Jean A. Webb,

Secretary of the Commission.

Concurring Statement of Commissioner

Thomas J. Erickson

I concur with the Commission’s

publication of this Notice of Public Hearing

as well as with the simultaneous publication

of the related proposed rulemakings entitled

(1) Exemption for Bilateral Transactions; (2)

A New Regulatory Framework for

Multilateral Transaction Execution Facilities,

Intermediaries and Clearing Organizations;

(3) A New Regulatory Framework for

Clearing Organizations; and (4) Rules

Relating to Intermediaries of Commodity

Interest Transactions.

Global derivatives markets are changing at

a dramatic pace. Today’s Federal Register

releases represent an equally dramatic effort

by Commission staff to modernize our

regulatory scheme by accommodating new

technologies and providing exchanges with

some measure of regulatory relief.

Accordingly, I agree with the publication of

this and each related release and am hopeful

that they will stir considerable thought and

comment. With this concurrence—and in

addition to the specific requests for comment

in the proposed rules—I invite comment on

certain aspects of this plan about which I

have reservations. Specifically:

• Does the plan promote legal certainty for

transactions by providing a regime that is

based upon the voluntary submission of

certain derivatives markets to Commission

regulation?

• Are there enforceability and/or

compliance concerns associated with a

regulatory regime based on ‘‘broad

performance standards’’ incorporated as core

principles?

• Does the plan take adequate account of

the public’s interest in the Commission’s

ability to:

• Deter and detect fraud and

manipulation?

• Deter and detect abusive trading

practices?

• Ensure the financial integrity of industry

participants?

I look forward to receiving comment and

testimony that touch upon a full range of

issues in addition to those few I have

mentioned in this concurrence.

Dated: June 6, 2000.

Thomas J. Erickson,

Commissioner.

[FR Doc. 00–14918 Filed 6–21–00; 8:45 am]

BILLING CODE 6351–01–U