Federal Register / Vol. 72, No. 170 / Tuesday, September 4, 2007 / Rules and Regulations 50645 

1 54 FR 806 (January 10, 1989) (‘‘Original Order’’). 

2 64 FR 50248 (September 16, 1999) 

(‘‘Supplemental Order’’). In December 1999, SIMEX 

merged with the Stock Exchange of Singapore to 

form a holding company named the Singapore 

Exchange Limited (‘‘SEL’’). SIMEX was renamed 

SGX and currently operates two exchanges as a 

wholly-owned subsidiary of SEL. The first market, 

called SGX–DT, is dedicated to trading financial 

futures and option contracts. The second market, 

called JADE, is the result of a joint venture with the 

Chicago Board of Trade, Inc., to trade commodity 

futures and option contracts. 

3The term ‘‘foreign futures or foreign options 

customer’’ means any person located in the U.S., its 

territories or possessions, who trades in foreign 

futures or foreign options. 

4The term ‘‘non-U.S. exchange’’ refers to a 

foreign board of trade which is defined in 

Commission Regulation 1.3(ss), 17 CFR 1.3(ss) as: 

Any board of trade, exchange or market located 

outside the United States, its territories or 

possessions, whether incorporated or 

unincorporated, where foreign futures or foreign 

options transactions are entered into. Thus, 

contracts that are traded on a market that has been 

designated as a contract market pursuant to section 

5 of the Commodity Exchange Act (‘‘Act’’) are not 

within the scope of this Order. 

5Letter dated November 30, 2006, from Arul 

Ramiah, Head, Regulatory Policy for SEL, to 

Ananda K. Radhakrishnan, Director, Division of 

Clearing and Intermediary Oversight. 

6See, e.g., 71 FR 40395 (July 17, 2006) 

(authorizing members of the Sydney Futures 

Exchange (‘‘SFE’’) to solicit and accept orders from 

U.S. customers for otherwise permitted transactions 

on all non-U.S. and non-Australian exchanges 

where such members are authorized by the 

regulations of the SFE to conduct futures business 

for customers). 

7 64 FR at 50251. 

Plain Language 

Section 722 of the Gramm-LeachBliley Act (12 U.S.C. 4809) requires the 

Agencies to use ‘‘plain language’’ in all 

final rules published after January 1, 

2000. OTS believes that the final rule 

containing the extension is presented in 

a clear and straightforward manner. 

List of Subjects in 12 CFR Part 585 

Administrative practice and 

procedure, Holding companies, 

reporting and recordkeeping 

requirements, savings associations. 

Authority and Issuance 

■ For the reasons in the preamble, OTS 

is amending part 585 of chapter V of 

title 12 of the Code of Federal 

Regulations as set forth below: 

PART 585—PROHIBITED SERVICE AT 

SAVINGS AND LOAN HOLDING 

COMPANIES 

■ 1. The authority citation for 12 CFR 

part 585 continues to read as follows: 

Authority: 12 U.S.C. 1462, 1462a, 1463, 

1464, 1467a, and 1829(e). 

■ 2. Revise § 585.100(b)(2) introductory 

text to read as follows: 

§ 585.100 Who is exempt from the 

prohibition under this part? 

* * * * * 

(b) Temporary exemption. * * * 

* * * * * 

(2) This exemption expires on March 

1, 2008, unless the savings and loan 

holding company or the person files an 

application seeking a case-by-case 

exemption for the person under 

§ 585.110 by that date. If the savings and 

loan holding company or the person 

files such an application, the temporary 

exemption expires on: 

* * * * * 

Dated: August 28, 2007. 

By the Office of Thrift Supervision. 

John M. Reich, 

Director. 

[FR Doc. E7–17459 Filed 8–31–07; 8:45 am] 

BILLING CODE 6720–01–P 

COMMODITY FUTURES TRADING 

COMMISSION 

17 CFR Part 30 

Foreign Futures and Options 

Transactions 

AGENCY: Commodity Futures Trading 

Commission. 

ACTION: Amended Supplemental Order 

for Expanded Relief. 

SUMMARY: The Commodity Futures 

Trading Commission (‘‘Commission’’) is 

issuing an Amended Supplemental 

Order authorizing members of 

Singapore Derivatives Trading Ltd 

(‘‘SGX’’), formerly known as Singapore 

International Monetary Exchange Ltd 

(‘‘SIMEX’’), to solicit and accept orders 

from U.S. customers for otherwise 

permitted transactions on all non-U.S. 

exchanges where such members are 

authorized by the laws of Singapore to 

conduct futures business for customers. 

The Amended Supplemental Order is 

issued pursuant to Commission 

Regulation 30.10, which permits the 

Commission to grant an exemption from 

certain provisions of Part 30 of the 

Commission’s regulations, and 

supersedes the Commission’s prior 

Supplemental Order dated September 9, 

1999. 

EFFECTIVE DATE: September 4, 2007. 

FOR FURTHER INFORMATION CONTACT: 

Lawrence B. Patent, Deputy Director, or 

Andrew Chapin, Special Counsel, 

Division of Clearing and Intermediary 

Oversight, at (202) 418–5430, 

Commodity Futures Trading 

Commission, Three Lafayette Centre, 

1155 21st Street, NW., Washington, DC 

20581. Electronic mail: lpatent@cftc.gov 

or achapin@cftc.gov. 

SUPPLEMENTARY INFORMATION: The 

Commission has issued the following 

Order: 

Amended Supplemental Order 

Granting Expanded Relief Pursuant to 

Commission Regulation 30.10 for 

Otherwise Permitted Transactions on 

All Non-U.S. Exchanges Where Firms 

Designated by the Singapore 

Derivatives Trading Ltd Are Authorized 

by Exchange Regulations To Conduct 

Futures Business for Customers, Subject 

to Certain Conditions 

On December 30, 1988, the 

Commission issued an Order granting 

relief under Regulation 30.10 

authorizing designated members of SGX 

to solicit and accept orders from 

customers located in the U.S. for 

otherwise permitted transactions on the 

Exchange.1 On September 9, 1999, the 

Commission issued a Supplemental 

Order expanding the relief to include 

otherwise permitted transactions on 

Eurex Deutschland.2 By letter dated 

November 30, 2006, SEL petitioned the 

Commission on behalf of SGX to amend 

the Supplemental Order to permit 

members designated by SGX to solicit 

and accept orders from foreign futures 

and options customers 3 for otherwise 

permitted transactions on all non-U.S. 

exchanges 4 where Exchange Members 

are authorized by Singapore law to 

conduct futures and options business 

for customers, subject to SGX and SGX 

Members’ continued compliance with 

the terms of the Original Order and with 

certain specified conditions.5

On occasion, the Commission has 

issued Regulation 30.10 orders and/or 

supplemental orders that permitted 

members of an exchange with 

confirmation of Regulation 30.10 relief 

to trade on behalf of U.S. customers on 

other authorized or designated 

exchanges outside the jurisdiction of the 

Regulation 30.10 recipient.6 To ensure 

that U.S. customers receive adequate 

protection for transactions 

intermediated by non-U.S. persons on or 

subject to the rules of a foreign exchange 

located outside the jurisdiction of a 

Regulation 30.10 recipient, the 

Commission requires the jurisdiction to 

which the Regulation 30.10 order is 

directed to demonstrate that such 

transactions will be regulated as if they 

were executed on an exchange located 

within the recipient’s jurisdiction.7 To 

make this demonstration, the Regulation 

30.10 recipient must: (1) Prohibit its 

regulatees or members from 

intermediating otherwise permitted 

transactions for U.S. customers on 

unapproved foreign exchanges as set 


rmajette on PROD1PC64 with RULES
50646 Federal Register / Vol. 72, No. 170 / Tuesday, September 4, 2007 / Rules and Regulations 

8 Id. at n.20. See, e.g., 67 FR 30785 (May 8, 2002) 

(authorizing members of Eurex Deutschland 

(‘‘Eurex’’) to solicit and accept orders from U.S. 

customers for otherwise permitted transactions on 

all non-U.S. exchanges where such members are 

authorized by Eurex regulations and German law to 

conduct futures business for customers). 

9 62 FR 47792, 47793 (September 11, 1997). 

10See, e.g., Sections 2(a)(1)(C), (D) and (E) of the 

Act. 

11Letter from Neo Boon Sim, Head, Market and 

Clearing Houses Division, MAS, to Ananda K. 

Radhakrishnan, Director, Division of Clearing and 

Intermediary Oversight, dated June 11, 2007. The 

Commission signed a bilateral Memorandum of 

Understanding (‘‘MOU’’) with MAS on May 16, 

2000 concerning Consultation, Co-operation and the 

Exchange of Information (concluded jointly with 

the U.S. Securities and Exchange Commission). In 

addition, MAS also is a signatory to the IOSCO 

Multilateral MOU. 

forth under local law, and must specify 

which exchanges are authorized by local 

law; (2) represent that regulatees or 

member firms with U.S. customers will 

comply with all the terms and 

conditions of the original Regulation 

30.10 Order with respect to transactions 

entered into on or subject to the rules of 

a foreign exchange located outside its 

jurisdiction; and (3) confirm that it has 

the authority and the ability to enforce 

its laws, rules and/or regulations with 

respect to those transactions to the same 

extent that it conducts such activities on 

an exchange located within its 

jurisdiction. The Regulation 30.10 

recipient also should specify in its 

application if there does not exist a 

specific statute or regulation setting 

forth a list of authorized or recognized 

exchanges.8

Upon due consideration, the 

Commission has determined to issue 

this Amended Supplemental Order 

permitting SGX Members to which 

Regulation 30.10 relief has been 

confirmed by the Commission or by the 

National Futures Association (‘‘NFA’’) 

to solicit and to accept orders from U.S. 

customers for otherwise permitted 

transactions in commodity futures and 

commodity options (including options 

on futures) on or subject to the rules of 

any non-U.S. exchange where such 

members are authorized by the laws of 

Singapore to conduct futures business 

for customers. 

The expanded Regulation 30.10 relief 

provided under this Amended 

Supplemental Order, however, is 

contingent on the SGX members’

continued compliance with the Original 

Order, and the SGX’s and SGX 

Members’ compliance with the 

following conditions: 

(1) SGX will carry out its compliance, 

surveillance and rule enforcement activities 

with respect to solicitations and acceptance 

of orders by designated Exchange Members of 

U.S. customers for futures and options 

business on all non-U.S. exchanges where 

such members are authorized by the laws of 

Singapore to conduct futures business for 

customers to the same extent that it conducts 

such activities in regard to SGX business; 

(2) SGX will cooperate with the 

Commission with respect to any inquiries 

concerning any activity which is the subject 

of this Amended Supplemental Order, 

including sharing the information specified 

in Appendix A to the Part 30 regulations, 17 

CFR Part 30, on an ‘‘as needed basis,’’ on the 

same basis as set forth in the Original Order; 

(3) Each SGX Member firm confirmed for 

relief under the Original Order seeking to 

engage in activities that are the subject of this 

Amended Supplemental Order must agree to 

provide the books and records related to such 

activities required to be maintained under 

the applicable SGX rules and laws in effect 

in Singapore on the same basis as set forth 

in the Original Order; 

(4) SGX members who apply for 

confirmation of Regulation 30.10 relief with 

the National Futures Association must 

provide and maintain a list of the foreign 

exchanges where they intend to engage in 

transactions on behalf of U.S. customers 

pursuant to relief granted by this Amended 

Supplemental Order and must agree to abide 

by the terms and conditions of the Original 

Order; and 

(5) SGX will continue to comply with the 

terms of the Original Order with respect to 

transactions effected for U.S. customers on 

SGX. 

As set forth in the Commission’s 

September 11, 1997 Order delegating to 

NFA certain responsibilities, the written 

representations set forth above shall be 

filed with NFA.9 Specifically, SGX 

Members applying for confirmation of 

Regulation 30.10 relief subsequent to 

the issuance of this Amended 

Supplementary Order must submit 

representations to NFA consistent with 

condition (3) of this Order, and the list 

of foreign exchanges required by 

condition (4), as well as representations 

required by the Original Order. SGX 

Member firms that currently operate 

under the Original Order will be 

deemed to have consented to condition 

(3) by effecting transactions pursuant to 

this Amended Supplemental Order. 

Each firm seeking relief hereunder has 

an ongoing obligation to notify NFA 

should there be a material change to any 

of the representations required in the 

firm’s application for relief, including 

any change in the list of foreign 

exchanges referred to in condition (4). 

The expanded Regulation 30.10 relief 

provided by this Amended 

Supplemental Order remains subject to 

the existing product restrictions under 

the Act and Commission regulations 

thereunder including those related to 

stock indices, foreign government debt 

and foreign security futures products.10

The expanded Regulation 30.10 relief 

provided under this Amended 

Supplemental Order also is contingent 

upon the continued compliance by the 

Monetary Authority of Singapore 

(‘‘MAS’’) with the terms and conditions 

of the information sharing arrangement 

with the Commission regarding the 

Regulation 30.10 activities of the SGX 

members.11

This Amended Supplemental Order is 

issued based on the information 

provided to the Commission and its 

staff. Any changes or material omissions 

may require the Commission to 

reconsider the authorization granted in 

this Amended Supplemental Order. 

List of Subjects in 17 CFR Part 30 

Commodity Futures, Commodity 

Options, Foreign Futures and Options. 

■ Accordingly, 17 CFR part 30 is 

amended as set forth below: 

PART 30—FOREIGN FUTURES AND 

FOREIGN OPTIONS TRANSACTIONS 

■ 1. The authority citation for part 30 

continues to read as follows: 

Authority: 7 U.S.C. 1a, 2, 4, 6, 6c and 12a, 

unless otherwise noted. 

Appendix C to Part 30—Foreign 

Petitioners Granted Relief From the 

Application of Certain of the Part 30 

Rules Pursuant to § 30.10 

* * * * * 

■ 2. The citation ‘‘Firms designated by 

the Singapore International Monetary 

Exchange Limited’’ is to be revised as 

follows: 

Firms designated by the Singapore 

Derivatives Trading Limited. 

* * * * * 

FR date and citation: [insert date of this 

release], 72 FR [insert number of page on 

which this release begins]. 

* * * * * 

■ 3. The following citations are to be 

added: 

Firms designated by the Taiwan 

Futures Exchange. 

FR date and citation: March 28, 2007, 

72 FR 14413. 

Firms designated by the Tokyo 

Commodity Exchange. 

FR date and citation: February 9, 

2006, 71 FR 6759. 

Firms designated by the Bolsa de 

Mercadorias & Futuros. 

FR date and citation: July 8, 2002, 67 

FR 45056. 

Firms designated by Eurex 

Deutschland. 

FR date and citation: May 8, 2002, 67 

FR 30785. 


rmajette on PROD1PC64 with RULES
Federal Register / Vol. 72, No. 170 / Tuesday, September 4, 2007 / Rules and Regulations 50647 

Issued in Washington, DC on August 24, 

2007. 

David Stawick, 

Secretary of the Commission. 

[FR Doc. E7–17195 Filed 8–31–07; 8:45 am] 

BILLING CODE 6351–01–P 


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