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CHAPTER COMMODITY FUTURES TRADING

COMMISSION

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[Reserved]
General regulations under the Commodity Exchange Act
Official seal.
Rules of practice
Rules relating to investigations
Rules relating to reparation proceedings
Public rulemaking procedures
Rules relating to suspension or disbarment from appearance and

practice
Reports General provisions
Reports by contract markets
Reports by futures commission merchants and foreign brokers
Reports by traders
Reports by merchants, processors, and dealers
Reports by members of contract markets
Special calls for information from futures commission merchants,

foreign brokers, and members of contract markets
Fraud in connection with commodity transactions
Regulation of commodity option transactions
Delivery period required
Organization, functions, and procedures of the Commission
Commission records and information
Records maintained on individuals
Open Commission meetings
Limits on positions and trading
Trading standards
Arbitration or other dispute settlement procedures

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PART 0-[RESERVED]

PART 1- GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT

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

REGISTRATION 1.7 Registration required of futures com

mission merchants. 1.8 Registration required of floor brokers. 1.9 Registration as one type of person not

included in registration es any

other type of person. 1.10 Application for registration and i

nancial reports. 1.10[Reserved] 1.10b Applications for registration of asso

ciated persons. 1.100 Applications for registration of com

modity trading advisors. 1.100 Applications for registration of com

modity pool operators. 1.11 Registration fees; form of remittance. 1.13 Deposit of registration fee; fee not

subject to refund after registration. 1.14 Deficiencies, inaccuracies, and

changes, to be reported. 1.15 Changes requiring new registration. 1.17 Minimum inancial requirements. 1.18 Records for and relating to financial

reporting and monthly computa

tion. PROHIBITEM TRADING IN COMMODITY OPTIONS 1.19 Prohibited trading in "puts" and

"calls" in commodities. CUSTOMERS' MONEY, SECURITIES, AND PROPERTY 1.20 Customers' money, securities, and

property to be segregated and sep

arately accounted for. 1.21 Oare of money and equities accruing

to customer. 1.22 Uso of money, securities, or property

of customer 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 customers' funds. 1.26 Deposit of obligations purchased with

customers' funds. 1.27 Record of investments. 1.28 Appraisal of obligations purchased

with customers' funds. 1.29 Incroment or interest rosulting from

investment of customers' funds. 1.30 Loans by futures commission mer

chants; treatment of proceods.

RECORD KEEPING 1.31 Books and records; koeping and in

spection.

Sec. 1.32 Segregated account; dally computa.

tion and record. 1.83 Monthly statement for customer and

record of customer's position in each

future. 1.33& Controlled accounts. 1.34 Monthly record, “point balance". 1.38 Records of cash commodity and fu

tures transactions. 1.36 Record of securities and property re

ceived from customers. 1.87 Customer's name, address, and oc

cupation recorded; record of guar

antor or controller of account. 1.88 Execution of transactions. 1.39 Simultaneous buying and selling or

ders of different principals; execution of, for and botwoon principals.

MISCELLANEOUS 1.40 Crop, market information lottors, ro

ports; copios required. 1.41 Contract market rules, submission of

rules to Commission, exemption of temporary emergency rules and certain operational and Administrative

rules, emergencies. 1.41& Delegation of authority to the Execu

tive Director and the Director of the Division of Trading and Mar

kets. 1.42 Delivery notice; Aling of copy. 1.43 Information required concerning

warehouses, depositories, and other

similar entities. 1.44 Records and reports of warohouses,

depositories, and other simallar on

tities; Visitation of promisos. 1.45 Delivery of commodities conforming

to United States standards. 1.48 Application and closing out of off

setting long and short positions. 1.48 Hodging anticipated requiromonts for

processing or manufacturing or livestock and poultry production under $ 1.3(z) (4) of the regulations under

the Act. 1.80 Filing of information by contract

markets. 1.51 Contract Market Program for Enforce

ment. 1.53 Enforcement of contract market by

laws, rules, regulations and resolu

tions. 1.54 Contract market rules submitted to

and approved or not disapproved by

the Secretary of Agriculture. 1.60 Pending legal proceedings.

AUTHORITY: Sec. 8a, 49 Stat. 1500, AS amended, 88 Stat. 1392; 7 U.S.C. 12a, unless otherwise noted.

SOURCE: 41 FR 8194, Jan. 21, 1976, unless otherwise noted.

DEFINITIONS

lard, tallow, cottonseed oil, peanut oil, 8 1.1 Words in singular and plural

soybean oll, and all other fats and oils), form.

cottonseed meal, cottonseed, peanuts,

soybeans, soybean meal, livestock, liveWords used in the singular form in

stock products, and frozen concentrated the rules and regulations in this part

orange juice, and all other goods and shall be deemed to import the plural, and

articles, except onions as provided in vice versa, as the case may require. Pub. L. 85-839, and all services, rights § 1.2 Liability of principal for act of

and interests in which contracts for agent.

future delivery are presently or in the

future dealt in. The act, omission, or failure of any

(Sec. 2(a) (1), 88 Stat. 1396; 7 0.8.c. 2(1)) official, agent, or other person acting for any individual, association, partnership, (f) Commodity Exchange Act; the Act. corporation, or trust, within the scope These terms mean the Commodity Exof his employment or office, shall be change Act, as amended, 7 U.S.C. 1 et deemed the act, omission, or failure of seq. such individual, association, partnership, (g) (Reserved] corporation, or trust as well as of such (h) Contract Market. This term means official, agent, or other person.

a board of trade designated by the Com(Sec. 2, 42 Stat. 998; 7 U.S.C 4)

mission as a contract market under the

Commodity Exchange Act. 8 1.3 Definitions.

(1) Contract of sale. This term inThe following terms, as used in the cludes sales, purchases, agreements of Commodity Exchange Act, or in the rules sale or purchase and agreements to sell and regulations in this chapter, shall or purchase. have the meanings hereby assigned to (j) Controlled account. An account them, unless the context otherwise re- shall be deemed to be controlled by a quires:

person if such person by power of at(a) Board of Trade. This term means torney or otherwise actually directs tradany exchange or association, whether in- ing for such account. corporated or unincorporated, of persons (k) Customer; commodity customer. who shall be engaged in the business of These terms have the same meaning and buying or selling any commodity or re- refer to a customer trading in any comceiving the same for sale on consignment. modity named in the definition of com

(b) Business day. This term means any modity herein: Provided, however, An day other than a Sunday or holiday. In owner or holder of a proprietary acall notices required by the act or by the count as defined in paragraph (y) of rules and regulations in this chapter to this section shall not be deemed to be a be given in terms of business days the customer within the meaning of section rule for computing time shall be to ex- 4d of the Act, the regulations that impleclude the day on which notice is given ment sections 4d and 4f of the Act and and include the day on which shall take $ 1.35, and such an owner or holder of place the act of which notice is given. such a proprietary account shall other

(c) Clearing member. This term means wise be deemed to be a customer within any person who is a member of, or enjoys the meaning of the Act and $$ 1.37 and the privilege of clearing trades in his 1.46 and all other sections of these rules, own name through, the clearing organi- regulations and orders which do not imzation of a contract market.

plement sections 4d and 4f. (d) Clearing organization. This term (1) Delivery month. This term means means the person or organization which the month of delivery specified in a conacts as a medium for clearing transac- tract of sale of any commodity for tions in commodities for future delivery, future delivery. or for effecting settlements of contracts (m) [Reserved] for future delivery, for and between (n) Floor broker. This term means members of any board of trade.

any person who, in or surrounding any (e) Commodity. This term means and pit, ring, post, or other place provided includes wheat, cotton, rice, corn, oats, by a contract market for the meeting barley, rye, flaxseed, grain sorghums, of persons similarly engaged, shall purmillfeeds, butter, eggs, Irish potatoes, chase or sell for any other person any wool, wool tops, fats and oils (including 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 commission merchant under the Act by virtue of Part 32 of this chapter.

(g) 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 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 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. A member of a contract market who, on the exchange floor, executes a future trade for his own account or an account controlled by him, or has such a trade made for him.

(y) Proprietary account. This term shall mean a commodity futures trading account carried on the books and records of an individual, a partnership, corporation or other type association, (1) for one of the following persons, or (2) which is partially or jointly owned by one of the following persons:

(1) Such individual himself, or such partnership, corporation or association itself;

(1) In the case of a partnership, a general partner in such partnership;

(11) In the case of a limited partnership, a limited or special partner in such partnership whose duties include:

(A) The management of the partnership business or any part thereof,

(B) The handling of trades and/or funds of customers of such partnership,

(C) The keeping of records pertaining to trades and/or funds of customers of such partnership, or

(D) The signing or co-signing of checks or drafts on behalf of such partnership;

(iv) In the case of a corporation or association, an officer, director or owner of ten percent or more of the capital stock, of such organization;

(v) An employee of such individual, partnership, corporation or association whose duties include:

(A) The management of the business of such individual, partnership, corporation or association or any part thereof,

(B) The handling of trades and/or funds of customers of such individual, partnership, corporation or association.

(C) The keeping of records pertaining to trades and/or funds of customers of such individual, partnership, corporation or association, or

(D) The signing or co-signing of checks or drafts on behalf of such individual, partnership, corporation or association;

(vb) A spouse or minor dependent living in the same household of any of the foregoing persons;

(vii) A business affiliate that directly or indirectly controls such individual, partnership, corporation or association.

(vii) A business affiliate that, directly or indirectly is controlled by or is under common control with, such individual,

partnership, corporation or association.

Provided, however, That an account (1) Such person's unfilled anticipated owned by any shareholder or member of requirements for processing or manufaca cooperative association of producers, turing; within the meaning of sections 5(e) and (1) The bushel value equivalent of 6(a) of the Act, which association is corn reflecting such person's unfilled registered as a futures commission mer- anticipated requirements for seed corn chant and carries such account on its or sweet corn processing; records, shall be deemed to be a cus- (ul) The wheat equivalent of such tomer's account and not a proprietary person's unfilled anticipated requireaccount of such association, unless the ments of flour for baking; shareholder or member is an officer, di- (IV) The corn equivalent of such perrector or manager of the association. son's unfilled anticipated requirements

(z) Bona fide hedging transactions or of dry corn milling products for use in positions. These shall mean sales of, or further processing or manufacturing; short positions in, any commodity for (v) Such person's unfilled anticipated future delivery on or subject to the rules feeding requirements of corn, wheat, of any contract market made or held by oats, barley, flaxseed, grain sorghum, any persons to the extent that such sales rye, or soybean meal for the feeding of or short positions are offset in quantity Livestock or poultry or both; during a by the ownership or fixed-price purchase specified operating period not in excess of the same cash commodity by the same of one year. Transactions and positions person or, conversely, purchases of, or shall not be classified as hedging unless long positions in, any commodity for their bona fide purpose is to offset price future delivery on or subject to the rules risks incidental to commercial cash or of any contract market made or beld spot operations, and such positions are by any person to the extent that such established and liquidated in an orderly purchases or long positions are offset by manner and in accordance with sound fixed-price sales of the same cash com- commercial practices in conformity with modity by the same person. In addition, such regulations as may be prescribed there shall be included in the amount of pursuant to the Act, as amended. any commodity which may be hedged (aa) Associated person. This term by any person

means any person who (as provided in (1) With respect to agricultural com- section 4k of the Act) is associated with modities the amount of such commodity

any futures commission merchant or such person is raising, or in good faith

with any agent of a futures commission intends or expects to raise, within the

merchant as a partner, oficer, or emnext twelve months (eighteen months

ployee (or any person occupying a simi

lar status or performing similar funcfor cane sugar) on land which such per

tions), in any capacity which involves son owns or leases;

(1) the solicitation or acceptance of (2) Any amount of such commodity

customers' orders (other than in a clerthe sale of which for future delivery

ical capacity) or (2) the supervision of would be a reasonable hedge against any any person or persons so engaged. product or by-product of such commodity (bb) Commodity trading advisor. This owned or purchased at a fixed-price by term means any person who, for compensuch person or the purchase of which sation or profit, engages in the business for future delivery would be a rea- of advising others, either directly or sonable hedge against the fixed-price through publications or writings, as to sale of any product or by-product of the value of commodities or as to the such commodity by such person;

advisability of trading in any commodity (3) If such commodity is a product or

for future delivery on or subject to the by-product of another commodity, an

rules of any contract market, or who for amount of such product or by-product

compensation or profit, and as part of a

regular business, issues or promulgates the sale of which for future delivery

analyses or reports concerning commodiwould be a reasonable hedge against the

ties; but does not include (1) any bank ownership or fixed-price purchase by or trust company, (2) any newspaper resuch person of such other commodity of

porter, newspaper columnist, newspaper which it is a product or by-product; editor, lawyer, accountant, or teacher,

(4) An amount of such commodity the (3) any floor broker or futures commispurchase of which for future delivery sion merchant, (4) the publisher of any shall not exceed:

bona fide newspaper, news magazine, or

90-062-77--2

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