The Commodity Futures Trading Commission has proposed a series of rule amendments relating to exempt commercial markets (ECMs), contract markets and other trading facilities. Among other things, the CFTC is proposing to delegate to the Director of the Division of Enforcement the authority to issue special calls to ECMs for information relating to possible market manipulation or fraudulent conduct. The CFTC separately has proposed to conform the notice and approval requirements for “dormant” contracts and rules to those that otherwise apply to new contracts and rules that are listed or implemented by designated contract markets (DCMs) and derivatives clearing organizations (DCOs).
The proposed rules also would make clear that registered entities (DCMs, DCOs and the National Futures Association) are required to submit self-certified contracts and rules at least one full business day prior to implementation. Finally, the CFTC is proposing to permit duly authorized persons at a registered entity to declare an “emergency” in appropriate circumstances. The rule currently permits an emergency to be declared only by a registered entity’s governing board.