Significant Price Discovery Contracts on Exempt Commercial Markets

Document Headings Document headings vary by document type but may contain the following: the agency or agencies that issued and signed a document the number of the CFR title and the number of each part the document amends, proposes to amend, or is directly related to the agency docket number / agency internal file number the RIN which identifies each regulatory action listed in the Unified Agenda of Federal Regulatory and Deregulatory Actions See the Document Drafting Handbook for more details. Commodity Futures Trading Commission 17 CFR Parts 15, 16, 17, 18, 19, 21, 36, 40 RIN 3038-AC76 AGENCY: Commodity Futures Trading Commission. ACTION: Final Rules. SUMMARY: The Commodity Futures Trading Commission (“CFTC” or “Commission”) is promulgating final rules to implement those provisions of the CFTC Reauthorization Act of 2008 (“Reauthorization Act”)  [ 1 ] relating to exempt commercial markets (“ECMs”) on which significant price discovery contracts (“SPDCs”) are traded or executed. In addition to promulgating regulations mandated by the Reauthorization Act, the Commission also is amending existing regulations applicable to registered entities in order to clarify that such regulations are now applicable to ECMs with SPDCs. DATES: Effective Date: April 22, 2009. FOR FURTHER INFORMATION CONTACT: Susan Nathan, Senior Special Counsel, Division of Market Oversight, Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st Street, NW., Washington, DC 20581. Telephone: (202) 418-5133. E-mail: snathan@cftc.gov . SUPPLEMENTARY INFORMATION: I. Background A. Overview The Commodity Futures Modernization Act of 2000 (“CFMA”) amended the Commodity Exchange Act (“CEA” or the “Act”)  [ 2 ] to replace the Act's “one-size-fits-all” supervisory framework for futures trading with a multi-tiered approach to oversight of derivatives markets. The CFMA applies…