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[April 27, 1998 (Volume 63, Number 80)]
[Unified Agenda]
From the Federal Register Online via GPO Access [frwais.access.gpo.gov]
[DOCID:ua27ap98_046-1]

[Page 22917-22919]

COMMODITY FUTURES TRADING COMMISSION (CFTC)

_______________________________________________________________________


[[Page 22917]]

_______________________________________________________________________

Part XLVIII





Commodity Futures Trading Commission





_______________________________________________________________________



Semiannual Regulatory Agenda

[[Page 22918]]




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 which the Commission expects to
propose or promulgate over the next year. The Commission welcomes
comments from small entities and others on the agenda.

ADDRESSES: Comments should be sent to: Gerald P. Smith, Special
Assistant to the Executive Director, Commodity Futures Trading
Commission, 1155 21st Street NW., Washington, DC 20581, (202) 418-5160.

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:

    (a) During the months of April and October of each year, each
agency shall publish in the Federal Register a regulatory
flexibility agenda which shall contain:

    (1) A brief description of the subject area of any rule which
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 concerning the items listed in paragraph (1). 5
U.S.C. 602(a).

    The Commission has prepared an agenda of significant rules
which it presently expects may be considered during the course of
the next year, irrespective of their potential 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."


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, 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, which 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, an advisory, which list rules that the Commission is
considering or will consider in the near future.

    The Commission's April 1998 regulatory flexibility agenda is
set forth below.

Issued in Washington, DC, on January 19, 1998, by the Commission.

Catherine D. Dixon,

Assistant Secretary of the Commission.

                                               Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4053         Procedures for Involuntary Bulk Transfers or Liquidations of Customer Accounts.......    3038-AA77
----------------------------------------------------------------------------------------------------------------


                                                Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4054         Prohibition on Voting by Interested Members..........................................    3038-AB03
4055         Account Identification for Orders Submitted on Behalf of Multiple Customer Accounts..    3038-AB08
4056         Trade Options on the Agricultural Commodities Enumerated in the Commodity Exchange
            Act...................................................................................    3038-AB23
4057         Futures-Style Margining of Commodity Options.........................................    3038-AB25
4058         Account Identification for Eligible Bunched Orders...................................    3038-AB26
4059         Maintenance of Minimum Financial Requirements by Futures Commission Merchants and
            Introducing Brokers...................................................................    3038-AB27
4060         Requests for Exemptive, No-Action and Interpretative Letters.........................    3038-AB28
----------------------------------------------------------------------------------------------------------------


[[Page 22919]]


                                                Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4061         Distribution of Risk Disclosure Statements By Futures Commission Merchants and
            Introducing Brokers...................................................................    3038-AB24
----------------------------------------------------------------------------------------------------------------

_______________________________________________________________________
```

```

[April 27, 1998 (Volume 63, Number 80)]
[Unified Agenda]
From the Federal Register Online via GPO Access [frwais.access.gpo.gov]
[DOCID:ua27ap98_046-2]

[Page 22919]

COMMODITY FUTURES TRADING COMMISSION (CFTC)         Proposed Rule Stage

_______________________________________________________________________

4053. PROCEDURES FOR INVOLUNTARY BULK TRANSFERS OR LIQUIDATIONS OF
CUSTOMER ACCOUNTS




Priority:  Substantive, Nonsignificant

Legal Authority:  7 USC 6d; 7 USC 6f; 7 USC 6g; 7 USC 6k; 7 USC 12a

CFR Citation:  17 CFR 1.68

Legal Deadline: None

Abstract: The CFTC will undertake a rulemaking proceeding to establish
requirements concerning procedures to be followed by futures commission
merchants and introducing brokers when bulk transfers or liquidations
of customer accounts are made due to cessation or suspension of
business or other special circumstances affecting the registrant.
Issues to be addressed include whether commissions or fees can be
charged to customers if their accounts are transferred other than at
their request.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/00/98
NPRM Comment Period End         07/00/98

Small Entities Affected: Undetermined

Government Levels Affected: None

Agency Contact: Lawrence B. Patent, Associate Chief Counsel, Division
of Trading and Markets, Commodity Futures Trading Commission, Three
Lafayette Centre, 1155 21st Street NW., Washington, DC 20581
Phone: 202 418-5439

RIN: 3038-AA77
_______________________________________________________________________
```

```

[April 27, 1998 (Volume 63, Number 80)]
[Unified Agenda]
From the Federal Register Online via GPO Access [frwais.access.gpo.gov]
[DOCID:ua27ap98_046-5]

[Page 22920]

COMMODITY FUTURES TRADING COMMISSION (CFTC)            Final Rule Stage

_______________________________________________________________________

4056. TRADE OPTIONS ON THE AGRICULTURAL COMMODITIES ENUMERATED IN THE
COMMODITY EXCHANGE ACT

Priority:  Other Significant

Legal Authority:  7 USC 1a; 7 USC 2; 7 USC 4; 7 USC 6c; 7 USC 12a

CFR Citation:  17 CFR 3; 17 CFR 32; 17 CFR 33

Legal Deadline: None

Abstract: In this action, the Commission issued proposed rules to lift
the prohibition on the offer or sale of off-exchange trade options on
the agricultural commodities enumerated in the Commodity Exchange Act
subject to specified regulatory conditions pursuant to a three-year
pilot program.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           06/09/97                    62 FR 31375
Notice of Public Meetings       06/19/97                    62 FR 33379
NPRM                            11/04/97                    62 FR 59624
NPRM Comment Period End         12/04/97
Final Action                    05/00/98

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Paul M. Architzel, Chief Counsel, Division of Economic
Analysis, Commodity Futures Trading Commission, Three Lafayette Centre,
1155 21st Street NW., Washington, DC 20581
Phone: 202 418-5260
Fax: 202 418-5527

RIN: 3038-AB23
_______________________________________________________________________
```

```

[April 27, 1998 (Volume 63, Number 80)]
[Unified Agenda]
From the Federal Register Online via GPO Access [frwais.access.gpo.gov]
[DOCID:ua27ap98_046-6]

[Page 22920]

COMMODITY FUTURES TRADING COMMISSION (CFTC)            Final Rule Stage

_______________________________________________________________________

4057. <bullet> FUTURES-STYLE MARGINING OF COMMODITY OPTIONS

Priority:  Substantive, Nonsignificant

Unfunded Mandates: Undetermined

Legal Authority:  7 USC 2a; 7 USC 6b; 7 USC 6c; 7 USC 12a

CFR Citation:  17 CFR 1.55; 17 CFR 33.7; 17 CFR 33.4(a)(2)

Legal Deadline: None

Abstract: The Commission is proposing to repeal Commission Regulation
33.4(a)(2) which requires the full, up-front payment of commodity
option premiums. The effect of the repeal would be to permit the
futures-style margining of commodity options traded on regulated
futures exchanges. Futures-style margining offers several potential
benefits over the current margining system including the possibility
for more efficient cash flows across markets.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/19/97                    62 FR 66569
NPRM Comment Period End         02/02/98
Final Action                    05/00/98

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Thomas Smith, Attorney-Advisor, Division of Trading and
Markets, Commodity Futures Trading Commission, Three Lafayette Centre,
1121 21st Street NW., Washington, DC 20581
Phone: 202 418-5495
Fax: 202 418-5536
Email: [email protected]

RIN: 3038-AB25
_______________________________________________________________________
```

```

[April 27, 1998 (Volume 63, Number 80)]
[Unified Agenda]
From the Federal Register Online via GPO Access [frwais.access.gpo.gov]
[DOCID:ua27ap98_046-9]

[Page 22921]

COMMODITY FUTURES TRADING COMMISSION (CFTC)            Final Rule Stage

_______________________________________________________________________

4060. <bullet> REQUESTS FOR EXEMPTIVE, NO-ACTION AND INTERPRETATIVE
LETTERS

Priority:  Info./Admin./Other

Legal Authority:  7 USC 7a(j); 7 USC 12a

CFR Citation:  17 CFR 140.99

Legal Deadline: None

Abstract: The Commission has proposed a rule to establish procedures
for requesting issuance by Commission staff of exemptive, no-action and
interpretative letters. The proposed rule would require all such
requests to be in writing, setting forth all material facts, relevant
authorities and public policy bases for the relief or guidance
requested. Requestors would certify to accuracy of the facts and
undertake to update following material changes. No requests based on
hypothetical circumstances or made on behalf of unnamed persons would
be granted. Commission staff would have discretion to grant or deny
requests without explanation.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            01/22/98                     63 FR 3285
NPRM Comment Period End         03/22/98
Final Action                    07/00/98

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Christopher W. Cummings, Special Counsel, Division of
Trading and Markets, Commodity Futures Trading Commission, Three
Lafayette Centre, 1155 21st Street NW., Washington, DC 20581
Phone: 202 418-5545
Fax: 202 418-5547
Email: [email protected]

RIN: 3038-AB28
_______________________________________________________________________
```

```

[April 27, 1998 (Volume 63, Number 80)]
[Unified Agenda]
From the Federal Register Online via GPO Access [frwais.access.gpo.gov]
[DOCID:ua27ap98_046-3]

[Page 22919]

COMMODITY FUTURES TRADING COMMISSION (CFTC)            Final Rule Stage

_______________________________________________________________________

4054. PROHIBITION ON VOTING BY INTERESTED MEMBERS




Priority:  Other Significant

Legal Authority:  7 USC 7a(a)(17)

CFR Citation:  17 CFR 1.69

Legal Deadline: None

Abstract: The regulation will implement the provisions of section 217
of the Futures Trading Practices Act of 1992, which require contract
markets to adopt rules to avoid conflicts of interest in deliberations
and voting by members of the governing board and disciplinary and other
oversight committees. The rulemaking will define the relationships
between a named party in interest and a member of the governing board
or committee that would require abstention from deliberations and
voting. The rulemaking will also provide guidelines on situations that
would require a member to abstain from voting on a significant action
because of a substantial financial interest in the outcome of the vote,
based on positions held personally or at an affiliated firm, as well as
on other matters addressed by the statute. The action potentially
impacts the selection and composition of contract market governing
boards and committees.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            01/23/98                     63 FR 3492
NPRM Comment Period End         02/22/98
Final Action                    05/00/98

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: David P. Van Wagner, Special Counsel, Division of
Trading and Markets, Commodity Futures Trading Commission, 1155 21st
Street NW., Washington, DC 20581
Phone: 202 418-5481

RIN: 3038-AB03
_______________________________________________________________________
```

```

[April 27, 1998 (Volume 63, Number 80)]
[Unified Agenda]
From the Federal Register Online via GPO Access [frwais.access.gpo.gov]
[DOCID:ua27ap98_046-7]

[Page 22920]

COMMODITY FUTURES TRADING COMMISSION (CFTC)            Final Rule Stage

_______________________________________________________________________

4058. <bullet> ACCOUNT IDENTIFICATION FOR ELIGIBLE BUNCHED ORDERS

Priority:  Substantive, Nonsignificant

Legal Authority:  7 USC 7; 7 USC 7a; 7 USC 7b; 7 USC 8; 7 USC 12a; 7
USC 12c

CFR Citation:  17 CFR 1.35

Legal Deadline: None

Abstract: The proposed amendment would permit certain customer orders
(eligible orders) to be placed on a regulated futures exchange without
individual customer account identification either at the time of order
placement or at the time of report of execution. The proposal would
exempt from existing order ticket customer account identification
requirements bunched orders and/or futures option orders placed by a
regulated investment manager on behalf of consenting eligible customer
accounts as part of its management of a portfolio also containing
instruments which are either exempt from regulation pursuant to the
Commission's regulations or excluded from regulation under the
Commodity Exchange Act. The proposal would permit eligible orders to be
allocated to the included customer accounts no later than the end of
the day on which the order is executed.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            01/07/98                      63 FR 395
NPRM Comment Period End         03/09/98
Final Action                    10/00/98

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Duane C. Andresen, Special Counsel, Division of Trading
and Markets, Commodity Futures Trading Commission, Three Lafayette
Centre, 1155 21st Street NW., Washington, DC 20581
Phone: 202 418-5490
Fax: 202 418-5536
Email: [email protected]

RIN: 3038-AB26
_______________________________________________________________________
```

```

[April 27, 1998 (Volume 63, Number 80)]
[Unified Agenda]
From the Federal Register Online via GPO Access [frwais.access.gpo.gov]
[DOCID:ua27ap98_046-4]

[Page 22919-22920]

COMMODITY FUTURES TRADING COMMISSION (CFTC)            Final Rule Stage

_______________________________________________________________________

4055. ACCOUNT IDENTIFICATION FOR ORDERS SUBMITTED ON BEHALF OF MULTIPLE
CUSTOMER ACCOUNTS

Priority:  Substantive, Nonsignificant

Legal Authority:  7 USC 7; 7 USC 7a; 7 USC 7b; 7 USC 8; 7 USC 12a; 7
USC 12c

CFR Citation:  17 CFR 1.35

Legal Deadline: None

Abstract: These rule amendments permit consolidated futures orders for
multiple accounts to be placed and executed on contract markets without
individual customer identification at time of entry or execution.
Depending on the accounts, the person placing the order would identify
accounts and either pre-file an allocation plan or certify certain
facts.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/03/93                    58 FR 26270
NPRM Comment Period End         06/17/93
Final Action                    11/00/98
Final Action Effective          12/00/98

Small Entities Affected: None

Government Levels Affected: None

Additional Information: Paragraph 1.35(a-1)(5) of the proposed
regulation was withdrawn effective June 9, 1997 and replaced by the
Commission's notice of Interpretation and Approval Order published in
the Federal Register on May 9, 1997. 62 FR 25470. Paragraph 1.35 (a-
1)(6) was withdrawn

[[Page 22920]]

effective January 7, 1998 and replaced with proposed paragraph 1.35 (a-
1)(5) in the Commission's proposed rule amendment published in the
Federal Register on January 7, 1998.

Agency Contact: Duane C. Andresen, Special Counsel, Division of Trading
and Markets, Commodity Futures Trading Commission, 1155 21st Street
NW., Washington, DC 20581
Phone: 202 418-5492

RIN: 3038-AB08
_______________________________________________________________________
```

```

[April 27, 1998 (Volume 63, Number 80)]
[Unified Agenda]
From the Federal Register Online via GPO Access [frwais.access.gpo.gov]
[DOCID:ua27ap98_046-10]

[Page 22921]

COMMODITY FUTURES TRADING COMMISSION (CFTC)           Completed Actions

_______________________________________________________________________

4061. DISTRIBUTION OF RISK DISCLOSURE STATEMENTS BY FUTURES COMMISSION
MERCHANTS AND INTRODUCING BROKERS




Priority:  Substantive, Nonsignificant

CFR Citation:  17 CFR 1.55; 17 CFR 1.65; 17 CFR 30.6; 17 CFR 33.7; 17
CFR 190.10

Completed:
________________________________________________________________________

Reason                            Date                      FR Cite

________________________________________________________________________

Final Action                    02/20/98                     63 FR 8566

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Thomas E. Joseph
Phone: 202 418-5448
Fax: 202 418-5536

RIN: 3038-AB24
[FR Doc. 98-5165 Filed 04-24-98; 8:45 am]
BILLING CODE 6351-01-F
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[April 27, 1998 (Volume 63, Number 80)]
[Unified Agenda]
From the Federal Register Online via GPO Access [frwais.access.gpo.gov]
[DOCID:ua27ap98_046-8]

[Page 22920-22921]

COMMODITY FUTURES TRADING COMMISSION (CFTC)            Final Rule Stage

_______________________________________________________________________

4059. <bullet> MAINTENANCE OF MINIMUM FINANCIAL REQUIREMENTS BY FUTURES
COMMISSION MERCHANTS AND INTRODUCING BROKERS

Priority:  Substantive, Nonsignificant

Legal Authority:  7 USC 6f; 7 USC 6g; 7 USC 12a(5)

CFR Citation:  17 CFR 1.12

Legal Deadline: None

Abstract: The Commission is proposing to require immediate notification
by a futures commission merchant to the Commission and its designated
self-regulatory organization when it knows or should know that it is in
an undersegregated or undersecured condition: i.e., the firm has
insufficient funds in accounts segregated for the benefit of customers
trading on U.S. contract markets or has insufficient funds set aside
for customers trading on no-U.S. markets to meet the firm's obligations
to customers. The Commission is also proposing to require immediate
notification of certain events pertaining to undercapitalization or
failure to satisfy margin calls, where notice is currently required
within 24 hours. The

[[Page 22921]]

Commission also proposes to codify a previous staff interpretation that
permits notices to be filed by facsimile in addition to telegraphic
means and to require telephonic notice as well.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            01/14/98                     63 FR 2188
NPRM Comment Period End         03/16/98
Final Action                    08/00/98

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Lawrence B. Patent, Associate Chief Counsel, Division
of Trading and Markets, Commodity Futures Trading Commission, Three
Lafayette Centre, 1155 21st Street NW., Washington, DC 20581
Phone: 202 418-5439

RIN: 3038-AB27
_______________________________________________________________________
```

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