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CHAPTER 1-COMMODITY FUTURES

TRADING COMMISSION

Part
L

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10 11 12 13 14

Page General regulations under the Commodity Exchange Act.....

5 Official seal...

80 Registration ..............

81 Commodity pool operators and commodity trading advisors..............

116 Designation of and continuing compliance by contract markets.............

136 Contract market rules altered or supplemented by the Commission .....

141 Exchange procedures for disciplinary, summary, and membership denial actions.

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142 Rules relating to review of exchange disciplinary or other adverse action ....

149 Rules of practice.........

155 Rules relating to investigations .......

180 Rules relating to reparations ...........

184 Public rulemaking procedures

224 Rules relating to suspension or disbarment from appearance and practice ......

225 Reports-general provisions

228 Reports by contract markets.

233 Reports by futures commission merchants, mem

bers of contract markets and foreign brokers....... 237 Reports by traders

241 Reports by persons holding bona fide hedge posi

tions pursuant to $ 1.3(z) of this chapter and by

merchants, processors, and dealers in cotton 245 Reports by members of contract markets............. 247 Special calls ......

247 Fraud in connection with commodity transactions. 252 Leverage transactions .............

252 Regulation of commodity option transactions......... 283 Regulation of domestic exchange-traded commodity option transactions .....

293 Delivery period required

304

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20 21 30 31 32 33

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Part 140

3

143

3

144

145 146 147 148

Organization, functions, and procedures of the

Commission
Collection of claims owed the United States aris-

ing from activities under the Commission's ju

risdiction .....
Procedures regarding the disclosure of informa-

tion and the testimony of present or former of-
ficers and employees in response to subpoenas

or other demands of a court.......
Commission records and information
Records maintained on individuals
Open Commission meetings
Implementation of the Equal Access to Justice

Act in covered adjudicatory proceedings before

the Commission
Limits on positions
Trading standards
Customer protection rules .....
Registered futures associations ....
Arbitration or other dispute settlement proce-

dures ...........
Bankruptcy

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150 155 166 170 180

36 37 37 38 38

38 389

190

PART 1-GENERAL REGULATIONS

UNDER THE COMMODITY EX-
CHANGE ACT

DEFINITIONS

Sec. 1.36 Record of securities and property re

ceived from customers and option cus

tomers. 1.37 Customer's or option customer's

name, address, and occupation recorded; record of guarantor or controller of ac

count. 1.38 Execution of transactions. 1.39 Simultaneous buying and selling

orders of different principals; execution of, for and between principals.

Sec. 1.1 Words in singular and plural form. 1.2 Liability of principal for act of agent. 1.3 Definitions.

MISCELLANEOUS

MINIMUM FINANCIAL AND RELATED REPORTING

REQUIREMENTS 1.10 Financial reports of futures commis

sion merchants and introducing brokers. 1.11 (Reserved) 1.12 Maintenance of minimum financial re

quirements by futures commission mer

chants and introducing brokers. 1.13–1.15 (Reserved) 1.16 Qualifications and reports of account

ants. 1.17 Minimum financial requirements for

futures commission merchants and in

troducing brokers. 1.18 Records for and relating to financial

reporting and monthly computation by futures commission merchants and introducing brokers.

PROHIBITED TRADING IN COMMODITY OPTIONS 1.19 Prohibited trading in certain options.

CUSTOMERS' MONEY, SECURITIES, AND

PROPERTY 1.20 Customer funds to be segregated and

separately accounted for. 1.21 Care of money and equities accruing

to customers. 1.22 Use of customer funds restricted. 1.23 Interest of futures commission mer

chant in segregated funds; additions and

withdrawals. 1.24 Segregated funds; exclusions there

from. 1.25 Investment of customer funds. 1.26 Deposit of obligations purchased with

customer funds. 1.27 Record of investments. 1.28 Appraisal of obligations purchased

with customer funds. 1.29 Increment or interest resulting from

investment of customer funds. 1.30 Loans by futures commission mer

chants; treatment of proceeds.

1.40 Crop, market information letters, re

ports; copies required. 1.41 Contract market rules; submission of

rules to the Commission; exemption of

certain rules. 1.41a Delegation of authority to the Direc

tors of the Division of Trading and Markets and the Division of Economics and Education to process certain contract

market rules. 1.41b Delegation of authority to the Direc

tors of the Division of Trading and Markets and the Division of Economics and Education to approve certain contract

market rules. 1.42 Delivery notice; filing of copy. 1.43 Information required concerning

warehouses, depositories, and other

similar entities. 1.44 Records and reports of warehouses,

depositories, and other similar entities;

visitation of premises. 1.45 Delivery of commodities conforming

to United States standards. 1.46 Application and closing out of off-set

ting long and short positions. 1.47 Requirements for classification of pur

chases or sales of contracts for future delivery as bona fide hedging under

$ 1.3(z)(3) of the regulations. 1.48 Requirements for classification of

sales or purchases for future delivery as bona fide hedging of unsold anticipated production or unfilled anticipated requirements under $ 1.3(2)(2) (i)(B) or (ii)

(C) of the regulations. 1.50 Demonstration of continued compli

ance with the requirements for contract

market designation. 1.51 Contract market program for enforce

ment. 1.52 Self-regulatory organization adoption

RECORD KEEPING 1.31 Books and records; keeping and in

and surveillance of minimum financial

requirements. 1.53 Enforcement of contract market

bylaws, rules, regulations and resolu

tions. 1.54 Contract market rules submitted to

and approved or not disapproved by the Secretary of Agriculture.

spection. 1.32 Segregated account; daily computa

tion and record. 1.33 Monthly and confirmation statements. 1.34 Monthly record, “point balance”. 1.35 Records of cash commodity, futures,

and option transactions.

Sec. 1.55 Distribution of “Risk Disclosure State

ment” by futures commission merchants

and introducing brokers. 1.56 Prohibition of guarantees against loss. 1.57 Operations and activities of introduc

ing brokers. 1.58 Gross collection of exchange-set mar

gins. 1.60 Pending legal proceedings. 1.61 Speculative position limits. 1.70 Notification of state enforcement ac

tions brought under the Commodity Ex

change Act. APPENDIX A-[RESERVED) APPENDIX B-FEES FOR CONTRACT MARKET

Rule ENFORCEMENT REVIEWS AND FINAN

CIAL REVIEWS AUTHORITY: 7 U.S.C. 2, 4, 4a, 6, 6a, 6b, 60, 60, 6e, 6f, 6g, 6h, 61, 63, 6k, 61, 6m, 6n, 60, 7, 7a, 8, 12a, 13a, 13a-1, 19, and 21, unless otherwise noted.

SOURCE: 41 FR 3194, Jan. 21, 1976, unless otherwise noted.

DEFINITIONS

§ 1.1 Words in singular and plural form.

Words used in the singular form in the rules and regulations in this part shall be deemed to import the plural, and vice versa, as the case may require.

modity or receiving the same for sale on consignment.

(b) Business day. This term means any day other than a Sunday or holiday. In all notices required by the act or by the rules and regulations in this chapter to be given in terms of business days the rule for computing time shall be to exclude the day on which notice is given and include the day on which shall take place the act of which notice is given.

(c) Clearing member. This term means any person who is a member of, or enjoys the privilege of clearing trades in his own name through, the clearing organization of a contract narket.

(d) Clearing organization. This term means the person or organization which acts as a medium for clearing transactions in commodities for future delivery or commodity option transactions, or for effecting settlements of contracts for future delivery or commodity option transactions, for and between members of any contract market.

(e) Commodity. This term means and includes wheat, cotton, rice, corn, oats, barley, rye, flaxseed, grain sorghums, millfeeds, butter, eggs, Irish potatoes, wool, wool tops, fats and oils (including lard, tallow, cottonseed oil, peanut oil, soybean oil, and all other fats and oils), cottonseed meal, cotton. seed, peanuts, soybeans, soybean meal, livestock, livestock products, and frozen concentrated orange juice, and all other goods and articles, except onions as provided in Pub. L. 85-839, and all services, rights and interests in which contracts for future delivery are presently or in the future dealt in. (Sec. 2(a)(1), 88 Stat. 1395; 7 U.S.C. 2(1))

(f) Commodity Exchange Act; the Act. These terms mean the Commodity Exchange Act, as amended, 7 U.S.C. 1 et seg. (g) (Reserved)

(h) Contract market. This term means a board of trade designated by the Commission as a contract market under the Commodity Exchange Act or in accordance with the provisions of Part 33 of this chapter.

(i) Contract of sale. This term includes sales, purchases, agreements of

$ 1.2 Liability of principal for act of

agent. The act, omission, or failure of any official, agent, or other person acting for any individual, association, partnership, corporation, or trust, within the scope of his employment or office, shall be deemed the act, omission, or failure of such individual, association, partnership, corporation, or trust as well as of such official, agent, or other person. (Sec. 2, 42 Stat. 998; 7 U.S.C. 4)

8 1.3 Definitions.

The following terms, as used in the Commodity Exchange Act, or in the rules and regulations in this chapter, shall have the meanings hereby assigned to them, unless the context otherwise requires:

(a) Board of Trade. This term means any exchange or association, whether incorporated or unincorporated, of persons who shall be engaged in the business of buying or selling any com

or

sale or purchase and agreements to sell or purchase.

(j) Controlled account. An account shall be deemed to be controlled by a person if such person by power of attorney or otherwise actually directs trading for such account.

(k) Customer; commodity customer. These terms have the same meaning and refer to a customer trading in any commodity named in the definition of commodity herein: Provided, however, An owner or holder of a proprietary account as defined in paragraph (y) of this section shall not be deemed to be a customer within the meaning of section 4d of the Act, the regulations that implement sections 4d and 4f of the Act and $ 1.35, and such an owner or holder of such a proprietary account shall otherwise be deemed to be a customer within the meaning of the Act and $ $ 1.37 and 1.46 and all other sections of these rules, regulations and orders which do not implement sections 4d and 4f.

(1) Delivery month. This term means the month of delivery specified in a contract of sale of any commodity for future delivery.

(m) [Reserved]

(n) Floor broker. This term means any person who, in or surrounding any pit, ring, post or other place provided by a contract market for the meeting of persons similarly engaged, shall purchase or sell for any other person any commodity for future delivery on or subject to the rules of any contract market and shall include any person required to register as a floor broker under the Act by virtue of Part 33 of this chapter.

(0) Future delivery. This term does not include any sale of a cash commodity for deferred shipment or delivery.

(p) Futures commission merchant. This term means:

(1) Individuals, associations, partnerships, corporations, and trusts engaged in soliciting or in accepting orders for the purchase or sale of any commodity for future delivery on or subject to the rules of any contract market and that, in or in connection with such solicitation or acceptance of orders, accepts any money, securities, or property (or extends credit in lieu thereof) to

margin, guarantee

secure any trades or contracts that result or may result therefrom; and

(2) Shall include any person required to register as a futures commission merchant under the Act by virtue of Part 32 or Part 33 of this chapter.

(q) Member of a contract market. This term means and includes individuals, associations, partnerships, corporations, and trusts owning or holding membership in, or admitted to membership representation on, a contract market or given members' trading privileges thereon.

(r) Net equity. This term means the credit balance which would be obtained by combining the commodity margin balance of any person with the net profit or loss, if any, accruing on the open trades or contracts or commodity option transactions of such person.

(s) Net deficit. This term means the debit balance which would be obtained by combining the commodity margin balance of any person with the net profit or loss, if any, accruing on the open trades or contracts or commodity option transactions of such person.

(t) Open contracts. This term means contracts of purchase or sale of any commodity made by or for any person on or subject to the rules of a board of trade for future delivery during a specified month or delivery period which have not been fulfilled by delivery nor offset by other contracts of sale or purchase in the same commodity and delivery month.

(u) Person. This term includes individuals, associations, partnerships, corporations, and trusts.

(v) (Reserved)

(w) Secretary of Agriculture. This term means the Secretary of Agriculture or any person to whom authority has heretofore lawfully been delegated or to whom authority may hereafter lawfully be delegated to act in his stead.

(x) Floor trader. This term means a member of a contract market who, on the floor of such contract market, executes a futures trade or a commodity option transaction for his own account or an account controlled by him, or has such a futures trade or commodity option transaction made for him.

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