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[Federal Register: December 16, 1996 (Volume 61, Number 242)]
[Rules and Regulations]
[Page 65940-65941]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr16de96-3]

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COMMODITY FUTURES TRADING COMMISSION

17 CFR Part 4


Interpretation Regarding Use of Electronic Media by Commodity
Pool Operators and Commodity Trading Advisors

AGENCY: Commodity Futures Trading Commission.

ACTION: Delay of effective date of interpretation.

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SUMMARY: On August 8, 1996, the Commodity Futures Trading Commission
(``Commission'') issued an Interpretation Regarding Use of Electronic
Media by Commodity Pool Operators and Commodity Trading Advisors, 61 FR
42146 (August 14, 1996). On October 15, 1996, the Commission extended
the period for public comment until November 14, 1996, while delaying
the effective date until December 16, 1996, 61 FR 54731 (October 22,
1996). The Commission has now determined to delay the effective date
indefinitely. The Pilot Program for electronic filing of commodity pool
operator and commodity trading advisor disclosure documents, which
commenced on October 15, 1996, as originally provided, is not affected.

DATES: The effective date of the Interpretative Release referenced
herein is delayed indefinitely.

FOR FURTHER INFORMATION CONTACT:
Susan C. Ervin, Deputy Director/Chief Counsel, or Gary L. Goldsholle,
Attorney/Advisor, Division of Trading and Markets, Commodity Futures
Trading Commission, 1155 21st Street, NW., Washington, DC 20581.
Telephone number: (202) 418-5450. Facsimile number: (202) 418-5536.
Electronic mail: [email protected].

SUPPLEMENTARY INFORMATION: On August 8, 1996, the Commission issued an
Interpretation Regarding Use of Electronic Media by Commodity Pool
Operators and Commodity Trading Advisors (``Interpretative Release'' or
``Release''). The Interpretative Release was designed to provide
commodity pool operators (``CPOs''), commodity trading advisors
(``CTAs''), and associated persons (``AP'') thereof, with guidance
concerning the application of the Commodity Exchange Act and
regulations thereunder to activities involving electronic media. The
Commission sought comment on all issues discussed in the release, and
any related issues, and provided that the effective date of the
Interpretative Release would be October 15, 1996 and that comments
should be received on or before that date. On October 15, 1996, the
Commission extended the comment period until November 14, 1996, and
delayed the effective date until December 16, 1996.
    The Commission has now determined to delay the effective date
indefinitely to permit full review and consideration of the comments
received and issues presented. As with the prior postponement, the
Commission emphasizes that this does not affect the statutory and
regulatory requirements applicable to persons acting as CPOs and CTAs
by means of electronic media, who ``are subject to the same statutory
and regulatory requirements under the Commission's regulatory framework
as persons employing other modes of communication.'' 61 FR at 42150.
The Commission also notes that the Commission staff letters and
advisories cited in the Release, as stated therein, ``represent
interpretations by the Commission's staff and do not

[[Page 65941]]

necessarily represent interpretations by the Commission.'' 61 FR at
42149 n. 24.
    Finally, although the Commission is indefinitely delaying the
effective date of the Interpretative Release, CPOs and CTAs may
continue to rely on the positions stated therein as ``safe harbor''
positions to aid CTAs and CPOs making use of electronic media pending
further statements of the Commission's views. Additionally, the Pilot
Program for electronic filing of CPO and CTA disclosure documents,
which commenced on October 15, 1996, as originally proposed, is not
affected.

    Issued in Washington, DC, on December 11, 1996, by the
Commission.
Jean A. Webb,
Secretary of the Commission.
[FR Doc. 96-31928 Filed 12-13-96; 8:45 am]
BILLING CODE 6351-01-M
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