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listing months for trading, adopt and receive Commission approval under Rule 1.41 of this chapter and section 5a(12) of the Act, rules, bylaws, regulations or resolutions required pursuant to this section. Boards of trade seeking designation as a contract market in options or futures shall submit rules, bylaws, regulations or resolutions pursuant to this section with their application for designation.
(d) Additional information. In addition to that information required to be submitted pursuant to paragraphs (a) and (b) of this section, each submission of a board of trade or contract market under this section shall include the following:
(1) A demonstration that such contract market has complied with the purpose and standards set forth in paragraph (a) of this section.
(2) Any bylaw, rule, regulation or resolution which provides for exemptions from limits proposed under paragraphs (a) and (b) of this section, including an exemption for bona fide hedging.
(3) Bylaws, rules, regulations or resolutions which provide for aggregation of option and/or futures positions of traders in conformity with paragraph (g) of this section.
(4) A description of the method of enforcement of option and/or future position limits, which shall include a description of the procedures by which contract markets will determine hedg. ing exemptions and the method of monitoring compliance with rules concerning bona fide hedging positions or any other exemptions.
(e) Exemptions. Speculative position limits adopted pursuant to this section shall not apply to any position acquired in good faith prior to the effective date of any bylaw, rule, regulation or resolution which specifies such limit or to a person that is registered as a futures commission merchant or as a floor broker under authority of the Act except to the extent that transactions made by such person are made on behalf of or for the account or benefit of such person. In addition to the express exemptions specified in this section, a contract market may provide and submit for Commission approval, such other ex
emptions from its position limits adopted pursuant to paragraphs (a) or (b) of this section, consistent with the purposes of this section.
(f) Existing contract market limits. Unless otherwise directed by the Commission, this rule shall not require a contract market to adopt or submit a bylaw, rule, regulation or resolution establishing speculative position limits if such contract market has previously adopted such a bylaw, rule, regulation or resolution which has been approved by the Commission pursuant to section 5a(12) of the Act, or which the contract market is required to enforce pursuant to Commission Rule 1.53.
(g) Aggregation. In determining whether any person has exceeded the limits established under paragraphs (a) and/or (b) of this section, all positions in accounts for which such person by power of attorney or otherwise directly or indirectly controls trading shall be included with the positions held by such person; such limits upon positions shall apply to positions held by two or more persons acting pursuant to an expressed or implied agreement or understanding, the same as if the positions were held by a single person.
(h) Justification of existing limits. Each contract market shall file with the Commission within 90 days of a request by the Commission, or within such longer period as the Commission may specify in its request, a written statement which justifies the existing level of position limits set by the contract market and the general exemptions provided therefrom.
(i) Manipulation and corners. Nothing in this section shall be construed to affect any provisions of the Act relating to manipulation or corners, to relieve any contract market or its governing board from responsibility under section 5(d) of the Act to prevent manipulation and corners. (Approved by the Office of Management and Budget under control number 30380022) [46 FR 50945. Oct. 16, 1981, as amended at 46 FR 63035, Dec. 30, 1981)
1.70 Notification of State enforcement
actions brought under the Commodity
Exchange Act. (a) Immediately upon instituting iny proceeding in any federal district ourt for violation of the Act or any ule, regulation or order thereunder igainst any person who is subject to suit pursuant to sections 6d(1)-(6) of che Act, the authorized state official of the state instituting the proceeding shall submit to the Commission a copy of the complaint filed in the proceeding, together with a written notice which:
(1) Indicates the names of parties to the proceeding;
(2) Indicates the provision of the Act or the rule, regulation or order thereunder which is alleged to have been violated. The complaint and written notice must be sent by first-class United States mail or personally delivered to the Secretary, Commodity Futures Trading Commission, 2033 K Street NW., Washington, D.C. 20581.
(b) Prior to instituting any proceeding in a state court for the alleged violation of any antifraud provisions of the Act or any antifraud rule, regulation or order thereunder against any person registered with the Commission who is subject to suit pursuant to the provisions of section 6d(8) of the Act, the authorized state official of the state intending to institute the proceeding shall submit to the Commission written notice which:
(1) Indicates the names of parties to the proposed proceeding;
(2) Indicates the provision of the Act or the rule, regulation or order thereunder which will be alleged to have been violated;
(3) Contains a brief statement of the facts on which the proposed action will be based. Except as provided in paragraph (c), this written notice must be sent by first-class United States mail or personally delivered to the Secretary, Commodity Futures Trading Commission, 2033 K Street NW., Washington, D.C. 20581 not less than 5 business days prior to instituting the proceeding in state court.
(c) Where it is impracticable to provide the Commission with written notice within the time period specified in paragraph (b), the authorized state official must inform the Secretary of the Commission by telephone at (202) 254-6314 as soon as practicable of the state's intent to institute a proceeding in state court and must send the written notice required in paragraph (b)(1)-(b)(3) via Telex or other similarly expeditious means of written communication to the Secretary, Commodity Futures Trading Commission, 2033 K Street NW., Washington, D.C. 20581 (TWX-710-822-9327) prior to instituting the proceeding in state court.
(d) Immediately upon instituting any proceeding in a state court pursuant to the provisions of section 6d(8) of the Act for alleged violation of any antifraud provisions of the Act or any antifraud rule, regulation or order thereunder, the authorized state official instituting the proceeding shall submit to the Commission a copy of the complaint filed in the proceeding. The copy of the complaint must be sent by first class U.S. mail or personally delivered to the Secretary, Commodity Futures Trading Commission, 2033 K Street NW., Washington, D.C. 20581.
(Secs. 60 and 8a of the Commodity Exchange Act (7 U.S.C. 12a and 13a-2, as amended)) [48 FR 49503, Oct. 26, 1983)
APPENDIX B-FEES FOR CONTRACT
MARKET RULE ENFORCEMENT REVIEWS AND FINANCIAL REVIEWS
(a) Within 60 days of the effective date of a final fee schedule for each fiscal year, each board of trade which has been designated as a contract market for at least one actively trading contract shall submit a check or money order, made payable to the Commodity Futures Trading Commission, to cover the Commission's actual costs in conducting contract market rule enforcement reviews and financial reviews.
(b) The Commission shall compute the fee for each board of trade by (1) taking the number of contracts in which the board of trade was designated as a contract market and in which at least one trade has taken
place during the previous fiscal year; (2) di- octagon and a blue outer octagon repviding that number by the number of con
resenting traditional futures contract tracts in which all boards of trade were des
trading pits. Around the outside of the ignated and in which at least one trade has
octagons are the words “Commodity taken place during the previous fiscal year; (3) taking the total trading volume of the
Futures Trading Commission” separatboard of trade for the preceding three fiscal
ed by two stars from the year “1975," years; (4) dividing that number by the total the first year of the Commission's extrading volume during that period for all istence. boards of trade to be charged a fee; (5) mul
(b) The Seal of the Commodity Futiplying that quotient by two; (6) adding the
tures Trading Commission is illustratquotient computed in (2) to the product computed in (5); (7) multiplying the sum
ed as follows: computed in (6) by a “multiplier" computed as follows: (a) For each board of trade of which the Commission completed a major rule enforcement review during the previous three fiscal years, obtain the actual average annual Commission costs of conducting rule enforcement and financial reviews of that board of trade during those years, (b) subtract $5,000 from each figure obtained in (a), (c) divide each difference computed in (b) by the sum computed in (6) above for the corresponding board of trade, and (d) use the smallest of the quotients computed in (c) as the “multiplier”; (8) adding $5,000 to the product computed in (7); and (9) rounding that sum down to the nearest multiple of $1,000.
(c) Checks should be sent to the attention of the Office of the Secretariat, Commodity Futures Trading Commission, 2033 K Street, NW., Washington, D.C. 20581. (Secs. 40, 5, 5a, 5b, 6b, 8 and 8a (7 U.S.C. 6c, 7, 7a, 7b, 13a, 12 and 12a); sec. 26, as amended by sec. 237 (7 U.S.C. 16a)) (50 FR 930, Jan. 8, 1985)
$ 2.2 Authority to affix seal. PART 2-OFFICIAL SEAL
(a) The following officials of the
Commodity Futures Trading CommisSec.
sion are authorized to affix the Seal to 2.1 Description.
appropriate documents and other ma2.2 Authority to affix seal. 2.3 Prohibitions against misuse of seal.
terials of the Commission for all purAUTHORITY: Sec. 2(a)(10) of the Commodi
poses including those authorized by 28 ty Exchange Act, as amended, 7 U.S.C. 4(i).
U.S.C. 1733(b) (relating to authentiSOURCE: 41 FR 9552, Mar. 5, 1976, unless
cated copies of agency documents used otherwise noted.
as evidence): The Chairman and all
Commissioners, the General Counsel, 8 2.1 Description.
the Executive Director, the Directors Pursuant to section 2(a)(10) of the
of Divisions, and the Secretariat. Commodity Exchange Act, as amend
(b) The officials, named in paraed, 7 U.S.C. 4(i), the Commodity Fu
graph (a) of this section, except the tures Trading Commission has adopt
Secretariat, may redelegate, and aued an official seal (the "Seal"), the de
thorize redelegation of this authority. scription of which is as follows: (a) An American bald eagle in black
8 2.3 Prohibitions against misuse of seal. and white holding the scales of bal- (a) Fraudulently or wrongfully affixanced interests over a black and white ing or impressing the Seal to or upon wheel of commerce and a farmer's any certificate, instrument, document plow, also in black and white. These or paper or with knowledge of its symbols are enclosed with an inner red fraudulent character, or with wrongful
Subpart B— Temporary Licenses
or fraudulent intent, using, buying, procuring, selling or transferring to another any such paper is punishable under section 1017 of Title 18, U.S. Code.
(b) Falsely making, forging, counterfeiting, mutilating, or altering the Seal, or knowingly using a fraudulent or altered Seal or possessing any such Seal knowingly is punishable under section 506 of Title 18, U.S. Code.
3.40 Temporary licensing of applicants for
associated person registration. 3.41 Restrictions upon activities. 3.42 Termination. 3.43 Relationship to registration.
Subpart C-Denial, Suspension or Revocation
3.50 Service. 3.51 Withdrawal of application for regis
tration. 3.52 Notice of intent to deny registration
pursuant to section 8a(2) of the Act. 3.53 Determination by hearing officer. 3.54 Default. 3.55 Suspension and revocation of registra
tion pursuant to section 8a(2) of the Act. 3.56 Applicability of the Rules of Practice. 3.57 Proceedings under section 8a(2)(E) of
the Act. 3.58–3.59 (Reserved) 3.60 Authority to deny, condition, suspend,
revoke or place restrictions upon registration pursuant to section 8a(3) and (4)
of the Act. 3.61 Request for hearing. 3.62 Waiver of hearing. 3.63 Service of order issued by a Presiding
Subpart D-Notice Under Section 4k(5) of the
3.70 Notification of certain information re
garding associated persons.
Sec. 3.1 Definitions. 3.2 Registration processing by the National
Futures Association; notification and du
ration of registration. 3.3 Registration fees; form of remittance. 3.4 Registration in one capacity not includ
ed in registration in any other capacity. 3.5-3.9 (Reserved) 3.10 Registration of futures commission
merchants. 3.11 Registration of floor brokers. 3.12 Registration of associated persons of
futures commission merchants and in
troducing brokers. 3.12a-(T) “Transfer" of associated persons;
temporary exemption. 3.13 Registration of commodity trading ad
visors. 3.14 Registration of commodity pool opera
tors. 3.15 Registration of introducing brokers. 3.16 Registration of associated persons of
commodity trading advisors and com
modity pool operators. 3.17 Registration of leverage transaction
merchants. 3.18 Registration of associated persons of
leverage transaction merchants. 3.19 (Reserved) 3.20 Delegation of authority to deny regis
tration. 3.21 Exemption from fingerprinting re
quirement in certain cases. 3.22 Supplemental filings. 3.23-3.29 (Reserved) 3.30 Current address for purpose of deliv
ery of communications from the Com
mission. 3.31 Deficiencies, inaccuracies, and
changes, to be reported. 3.32 Changes requiring new registration;
addition of principals. 3.33 Withdrawal from registration.
Subpart E-Delegation and Reservation of
Authority 3.75 Delegation and reservation of author
ity. APPENDIX A-INTERPRETIVE STATEMENT WITH
RESPECT TO SECTION 8a(2)(C) AND (E)
COMMODITY EXCHANGE ACT AUTHORITY: 7 U.S.C. 2, 4, 4a, 60, 60, 6e, 6f, 6k, 6m, 6n, 6p, 12a, 13c, 16a, unless other. wise noted.
SOURCE: 45 FR 80491, Dec. 5, 1980, unless otherwise noted.
SOURCE: 45 FR 80491, Dec. 5, 1980, unless otherwise noted.
$ 3.1 Definitions.
(a) Principal. Principal means, with respect to an applicant for registration, a registrant or a person required to be registered under the Act or these regulations:
(1) Any person including, but not limited to, a sole proprietor, general partner, officer, director, branch office manager or designated supervisor, or person occupying a similar status or performing similar functions, having the power, directly or indirectly, through agreement or otherwise, to exercise a controlling influence over its activities which are subject to regulation by the Commission;
(2) Any holder or beneficial owner of ten percent or more of the outstanding shares of any class of stock; or
(3) Any person who has contributed ten percent or more of the capital.
(b) Current. As used in this subpart, a Form 8-R or Form 94 is current if, subsequent to the filing of that form and continuously thereafter, the registrant or principal has been either reg. istered or affiliated with a registrant as a principal.
(c) Sponsor. Sponsor means the futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator, or leverage transaction merchant which makes the certification required by $ 3.12, § 3.16, or $ 3.18 for the registration of an associated person of such sponsor. (Secs. 2(a)(1), 4, 4b, 40, 4d, 4e, 48, 4g, 4h, 4i, 4k, 4m, 4n, 40, 4p, 6, 8, 8a, 14, 15, 17 and 19 of the Commodity Exchange Act (7 U.S.C. 2 and 4, 6, 6b, 60, 60, 6e, 6f, 6g, 6h, 6i, 6k, 6m, 6n, 60, 6p, 8, 9, 9a and 13b, 12, 12a, 18, 19, 21 and 23 (1982); 5 U.S.C. 552 and 552b)) (49 FR 5521, Feb. 13, 1984, and 49 FR 8217, Mar. 5, 1984, as amended at 49 FR 39530, Oct. 9, 1984)
sion and the National Futures Association, may be filed with either the Commission or the National Futures Association if:
(1) A legible, accurate, and complete photocopy of that form, schedule, supplement, fingerprint card, or other document is filed simultaneously with the National Futures Association or the Commission, respectively, and
(2) Such photocopy contains an original signature and date in each place where such signature and date is required on the original form, schedule, supplement, fingerprint card, or other document.
(c) The Commission or the National Futures Association will notify the registrant, or the sponsor in the case of an applicant for registration as an associated person, if registration has been granted under the Act. If an applicant for registration as an associated person receives a temporary license in accordance with $ 3.40 of this part, the Commission or the National Futures Association may notify the sponsor only that a temporary license has been granted.
(d) The registration of each futures commission merchant, leverage transaction merchant and floor broker shall expire on the thirty-first day of March following the date on which registra. tion was granted.
(e) Any registration form, any schedule or supplement thereto, any fingerprint card or other document required by this part to be filed with the Na. tional Futures Association shall be deemed for all purposes to have been filed with, and to be the official record of, the Commission. (Secs. 2(a)(1), 4, 4b, 40, 4d, 4e, 48, 4g, 4h, 4i, 4k, 4m, 4n, 40, 4p, 6, 8, 8a, 14, 15, 17 and 19 of the Commodity Exchange Act (7 U.S.C. 2 and 4, 6, 66, 6c, 60, 6e, 61, 6g, 6h, 6i, 6k, 6m, 6n, 60, 6p, 8, 9, 9a and 13b, 12, 12a, 18, 19, 21 and 23 (1982); 5 U.S.C. 552 and 552b)) (48 FR 35291, Aug. 3, 1983, as amended at 49 FR 5522, Feb. 13, 1984; 49 FR 39530, Oct. 9, 1984)
$ 3.2 Registration processing by the Na
tional Futures Association; notification
and duration of registration. (a) Except as otherwise provided in any rule, regulation or order of the Commission, the registration functions of the Commission set forth in Subpart A and Subpart B of this part shall be performed by the National Futures Association.
(b) Notwithstanding any other provision of this part, the original of any registration form, any schedule or supplement thereto, any fingerprint card or other document required by this part to be filed with both the Commis
8 3.3 Registration fees; form of remit
tance. (a) Amount of fees—(1) Floor brokers. Each application for registration, or for renewal thereof, as a floor broker must be accompanied by a fee of $25.