[Federal Register Volume 63, Number 115 (Tuesday, June 16, 1998)]
[Rules and Regulations]
[Page 32733]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-15720]



[[Page 32733]]

-----------------------------------------------------------------------

COMMODITY FUTURES TRADING COMMISSION

17 CFR Part 140


Amendment to Regulation Concerning Conduct of Members and 
Employees and Former Members and Employees of the Commission; Receipt 
and Disposition of Foreign Gifts and Decorations

AGENCY: Commodity Futures Trading Commission.

ACTION: Final amendment.

-----------------------------------------------------------------------

SUMMARY: The Commodity Futures Trading Commission (``Commission'' or 
``CFTC'') is amending a provision of its regulations, 17 CFR 140.735-4 
(1998), which sets forth the responsibilities of Commission members and 
employees concerning the receipt and disposition of gifts and 
decorations from foreign governments. The Commission adopted this 
regulation in 1982 to comply with the Foreign Gifts and Decorations 
Act, 5 U.S.C. 7342 (1994). The amendment clarifies the fact that gifts 
of travel expenses in excess of minimal value must be reported to and 
approved by the CFTC's Executive Director in accordance with the 
procedures set forth in the Commission's regulation whereas the receipt 
of travel benefits or expenses for services rendered need not be 
reported. The Commission is publishing this amendment in final form 
without soliciting comments pursuant to 5 U.S.C. 553(b)(3) because it 
involves a rule of agency procedure and does not alter current 
requirements. Therefore, notice and public procedure would be 
unnecessary.

EFFECTIVE DATE: June 16, 1998.

FOR FURTHER INFORMATION CONTACT:
George Wilder, Office of General Counsel, Commodity Futures Trading 
Commission, Three Lafayette Centre, 1155 21st Street, NW., Washington, 
DC 20581, (202) 418-5120, or electronically at <a href="/cdn-cgi/l/email-protection#3c5b4b555058594e7c5f5a485f125b534a"><span class="__cf_email__" data-cfemail="7f180816131b1a0d3f1c190b1c51181009">[email protected]</span></a>.

SUPPLEMENTARY INFORMATION: The Commission amends its regulation 
concerning the receipt and disposition of foreign gifts and decorations 
to conform more clearly to the statutory provisions enacted by 
Congress. This amendment clarifies that an employee, which includes the 
spouse of a Commission member or employee, need not report his or her 
acceptance of travel benefits or expenses provided in exchange for 
services rendered. This situation is most likely to arise when the 
spouse of a Commission member or employee provides services to a 
foreign government or other organization described in Rule 140.735-4. 
In such circumstances, the acceptance of travel expenses will not 
trigger the reporting requirements of the Commission's regulation.
    The Commission finds that this rule amendment relates solely to 
agency organization, procedure and practice. Therefore, the provisions 
of the Administrative Procedure Act, 5 U.S.C. 553, generally requiring 
notice of proposed rulemaking and opportunity for public comment, are 
not applicable. The Commission further finds that, because the 
amendment does not alter current requirements and only affects 
Commission members and employees who will be notified by internal 
means, there is good cause to make this amendment effective upon 
publication in the Federal Register.
    The Regulatory Flexibility Act (``RFA''), 5 U.S.C. 601-611 (1994 
and Supp. II (1996)), requires that agencies, in proposing rules, 
consider the impact of those rules on small businesses. Section 3(a) of 
the RFA defines the term ``rule'' to mean ``any rule for which the 
agency publishes a general notice of proposed rulemaking pursuant to 
section 553(b) of this title * * * for which the agency provides an 
opportunity for notice and public comment.'' 5 U.S.C. Sec. 601(2). 
Since the amendment to the Commission's regulation was not effected 
pursuant to Section 553(b), it is not a ``rule'' as defined in the RFA, 
and the analysis and certification process required by that statue does 
not apply.

List of Subjects in 17 CFR Part 140

    Organization and functions (Government agencies).

    In consideration of the foregoing, the Commission amends Title 17, 
Part 140 of the Code of Federal Regulations as follows:

PART 140--ORGANIZATION, FUNCTIONS, AND PROCEDURES OF THE COMMISSION

Subpart C--Regulation Concerning Conduct of Members and Employees 
and Former Members and Employees of the Commission

    1. The authority citation for Part 140 continues to read as 
follows:

    Authority: 7 U.S.C. 4a (f) and (j), 12a(5), and 13.

    2. Section 140.735-4 is amended by revising paragraphs (b)(3) and 
(c)(5) introductory text to read as follows:


Sec. 140.735-4  Receipt and disposition of foreign gifts and 
decorations.

* * * * *
    (b) * * *
* * * * *
    (3) Accept gifts of travel or gifts of expenses for travel, such as 
transportation, food and lodging, from foreign governments, other than 
those authorized in paragraph (c)(5) of this section; or
* * * * *
    (c) * * *
* * * * *
    (5) Commission members and employees are authorized to accept from 
a foreign government gifts of travel or gifts of expenses for travel 
taking place entirely outside the United States, such as 
transportation, food and lodging, of more than minimal value if the 
acceptance is approved by the Executive Director, upon a finding that 
it is consistent with the interests of the Commission. Either prior to 
or within 30 days after accepting each gift of travel or gift of travel 
expenses pursuant to this paragraph, the Commission member or employee 
concerned shall file a statement with the Executive Director containing 
the following information:
* * * * *
    Dated: June 5, 1998.

    Issued by the Commission.
Jean A. Webb,
Secretary of the Commission, Commodity Futures Trading Commission.
[FR Doc. 98-15720 Filed 6-15-98; 8:45 am]
BILLING CODE 6351-01-M


</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>