Study of the Commodity Exchange Act and the Commission's Rules and Orders Governing the Conduct of Registrants Under the Act. Pursant to Section 125 of the Commodity Futures Modernization Act of 2000

摘要

The Commodity Futures Modernization Act of 2000 ('CFMA')1 requires the Commodity Futures Trading Commission ('CFTC' or 'Commission') to conduct a study of the Commodity Exchange Act ('Act')2 and the Commissions rules3 and orders governing the conduct of registrants under the Act.4 This report responds to the CFMAs requirement that the Commission submit a report on the results of its study to the Committee on Agriculture of the House of Representatives and the Committee on Agriculture, Nutrition and Forestry of the Senate. Pursuant to the CFMA, the study was to be completed by December 21, 2001 (one year from the date of enactment of the CFMA). In response to requests from industry groups, the Commission petitioned Congress to extend the statutory deadline for the study. Congressional leaders responded by extending the deadline to June 21, 2002, stating that 'the volume and complexity of recent regulatory initiatives have greatly strained the varied resources that are necessary to complete a meaningful study.' The study must address: (1) the core principles and interpretations of acceptable business practices that the Commission has adopted or intends to adopt to replace provisions of the Act and rules thereunder, and the extent to which these changes have been or may be made pursuant to the Commission's exemptive authority under Section 4(c) of the Act; (2) the rules that the Commission has determined must be retained and the reasons therefor; and (3) the regulatory functions that the Commission performs that can be delegated to a registered futures association and the regulatory functions that the Commission has determined must be retained and the reasons therefor. The CFMA directed the Commission to solicit the views of the public as well as Commission registrants, registered entities,6 and registered futures associations in conducting its study.