COMMITTEE ON FuTURES 

& DERIVATIVES REGULATION 

MICHAEL S. SACKHEIM 

CHAIR 

787 SEVENTH AVENUE 

FLOOR19 

NEWYORK,NY 10019 

Phone: (212) 839-5503 

Fax: (212) 839-5599 

msackheim@sidley.com 

DAVID A. FORM 

SECRETARY 

787 Sr::VENTH A VENUE 

FLOOR20 

NEWYORK,NY 10019 

Phone: (212) 839-5394 

Fax: (212) 839-5599 

dform@sidley.com 

September 4, 2007 

David A. Stawick, Secretary 

NEW YORK 

CITY BAR 

Commodity Futures Trading Commission 

1155 2151 Street, NW 

Washington, D.C. 20581 

COMMENT .. 

•. ~. 

~ 

• 

0 

-r, 

n 

a 

-q 

__, 

fi=i 

(.!') 

f"'"'i 

() 

::0 

rr1 

~ ::::0 

> __, 

Re: Proposal Regarding the tennination of Associated Person and Principals of Futures 

Commission Merchants. Introducing Brokers, Commodity Trading Advisors, Commodity Pool 

Operators and Leverage Transaction Merchants 

Dear Mr. Stawick: 

,:: ......... ; ~-:·~·1 

-o 

I 

...c: 

-c 

2: 

-F.= 

.c: 

co 

The Committee on Futures and Derivatives Regulation (the "Committee") ofthe New York City 

Bar Association (the ''Association") is pleased to provide comments on the Commission's abovereferenced proposal to modify registration requirements, published on August 14,2007, 72 F.R. 

45392 ff. (the "Proposal"). 

The Association is an organization of over 22,000 lawyers. Most ofits members practice in the 

New York City area. However, the Association also has members in nearly every state and over 

50 countries. The Committee consists of attorneys knowledgeable in tlie regulation of futures 

contracts and other derivative instruments and ex~rienced in the representation of futures 

industry registrants. It has a history of publishing reports analyzing regulatory issues critical to 

the futures industry and related activities. The Committee's interest in the Proposal arises from 

?.:J 

•.::-)P1 

~~(") , m ;-1< 

0m 

CJ 
its potential effect on virtually all registrants under the Commodity Exchange Act, as amended. 

The Committee appreciates the opportunity to comment on the Proposal. 

The Committee supports the proposal to amend Commission rules 3.12 and 3.31 to extend the 

. period of time in which a registrant must report terminations of an associated person's or a 

principal's affiliation with the registrant. Extending the period for such filings will harmonize 

Commission requirements with those of the Financial Industry Regulatory Authority, so that 

those firms with dual registrations in the securities brokerage and futures industries will be 

subject to a single deadline for termination filings. As noted in the Proposal~ it would also 

permit additional time for review of the contents of termination notices by multiple parties. The 

Committee does not see any adverse effects on investors or the industry in adopting the Proposal 

as proposed, and encourages the Commission to adopt it promptly. 

Very truly yours, 

~~-/2. ~ MichaelS. Sackheim 

Chairman 

2 

-·-·--- ·-··-. -·-·---------------------------------------
Tammy Botsford 

Christopher Bowen 

Louis Fox Burke 

Jan Paul Bruynes 

Maria Chiodi 

Ian Cuillerier 

New York City Bar Association 

Committee on Futures & Derivatives Regulation 

Michael Sackheim, Chair 

David Form, Secretary 

Robert M . McLaughlin 

Richard A. Miller 

Charles R. Mills 

Craig Stephen Deardorff** 

Elodie A. Fleury 

M. Shadee Nicholes 

Cami1le L. Orme 

Donna M. Parisi 

Ernest T . Patrikis 

Allan Rooney 

Joshua B. Rovine 

James M . Sanders 

Howard Schneider 

Timothy P. Selby 

Lisa A. Shemie 

Geoffrey B . Goldman 

Joyce M. Hansen 

Douglas E. Harris 

Joyce Hansen~ 

Audrey R. Hirschfeld 

Jason Jurgens 

Gary Edward KaJbaugh 

David Harlan Kaufman 

Dennis Anthony Klejna 

David Kozak* 

Steven Lofchie 

Adjunct Members 

Conrad G. Bahlke 

Robert F. Klein 

CindyW. Ma 

Rita Molesworth 

Stephen Jay Obie~ 

Edmund R. Schroeder 

Steven F. Selig 

Lore C . Steinhause~ 

Lauren Ann Teigland-Hunt 

Andris Jonas Vizbaras 

Barbara B. Wierzynski 

* Chair and Member of Subcommittee that drafted this comment letter. 

* * Member of Subcommittee that drafted this commentletter. 

~ This member of the Committee did not participate in this comment letter. 

~These Adjunct Members did not participant in this comment letter. 

3