Explanation The Code of Federal Regulations is a codification of the general nent rules published in the Federal Register by the Executive depar agencies of the Federal Government. The Code is divided into 50 represent broad areas subject to Federal regulation. Each title is chapters which usually bear the name of the issuing agency. Each further subdivided into parts covering specific regulatory areas. ISSUE DATES Each volume of the Code is revised at least once each calendal issued on a quarterly basis approximately as follows: Title 1 through Title 16................. Title 17 through Title 27.. Title 28 through Title 41............. Title 42 through Title 50............... as of as a The appropriate revision date is printed on the cover of each volum LEGAL STATUS The contents of the Federal Register are required to be judicially r U.S.C. 1507). The Code of Federal Regulations is prima facie evide text of the original documents (44 U.S.C. 1510). HOW TO USE THE CODE OF FEDERAL REGULATIONS. The Code of Federal Regulations is kept up to date by the individua the Federal Register. These two publications must be used together mine the latest version of any given rule. To determine whether there have been any amendments since th date of the Code volume in which the user is interested (in this cas 1979) the following two lists must be consulted: the "List of CFR S fected (LSA)" issued monthly and the "Cumulative List of Parts which appears daily in the Federal Register. These two lists will refe to the Federal Register page where he may find the latest amendm given rule. EFFECTIVE DATES Each volume of the Code contains amendments published in the Fe ister since the last revision of that volume of the Code. Source citatio regulations are referred to by volume number and page number of th Register and date of publication. Publication dates and effective dates ly not the same and care must be exercised by the user in detern actual effective date. In instances where the effective date is beyond date for the Code a note has been inserted to reflect the future effe Part 147 Open Commission meetings 150 Limits on positions and trading ...... 155 ....... 166 180 Trading standards .... Customer protection rules Arbitration or other dispute settlement proce dures..... 2 THIS TITLE Title 17-COMMODITY AND SECURITIES EXCHANGES is composed of The contents of this volume represent all current regulations iss Commodity Futures Trading Commission and the Securities and Commission as of April 1, 1979. The Code of Federal Regulations is published under the editorial Martha B. Girard, assisted by Pearl Einhorn. For this volum McGrant-English was Chief Editor, and Karen W. Stewart, Assoc AN INVITATION TO USERS OF THIS VOLUME The Office of the Federal Register, as publisher of the Code of Federal Regulations, is working with agencies to improve the regulations they issue. We invite you to help us in this effort by furnishing the following information: 1. Identify those regulations that you find hard to understand. (List Title, Part number and/or section number.) 2. Identify those regulations that you consider well written and easy to understand. (List Title, Part number and/or section number.) Include any other pertinent comments or suggestions. Send to: Director of the Federal Register National Archives and Records Service, GSA (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. (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 or secure any trades or contracts that result or may result therefrom and (2) shall include any person required to register as a futures commis 40-038 0-79--2 sion merchant under the Act by v of Part 32 of this chapter. (q) Member of a contract ma This term means and includes ind uals, associations, partnerships, c rations, and trusts owning or ho membership in, or admitted to r bership representation on, a con market or given members' tra privileges thereon. (r) Net equity. This term means credit balance which would be tained by combining the comm margin balance of any person with net profit or loss, if any, accruin the open trades or contracts of person. (s) Net deficit. This term means debit balance which would be obta by combining the commodity ma balance of any person with the profit or loss, if any, accruing on open trades or contracts of person. (t) Open contracts. This term m contracts of purchase or sale of commodity made by or for any pe on or subject to the rules of a boar trade for future delivery during a s ified month or delivery period wh have not been fulfilled by delivery offset by other contracts of sale purchase in the same commodity delivery month. (u) Person. This term includes i viduals, associations, partnerships, porations, and trusts. (v) [Reserved] (w) Secretary of Agriculture. term means the Secretary of Agri ture or any person to whom autho has heretofore lawfully been delega or to whom authority may herea lawfully be delegated to act in stead. (x) Floor trader. A member of a tract market who, on the excha floor, executes a future trade for own account or an account contro by him, or has such a trade made him. (y) Proprietary account. This t shall mean a commodity futures t ing account carried on the books records of an individual, a partners] corporation or other type associat (1) for one of the following persons |