The Commodity Futures Trading Commission has approved final amendments to several of its rules relating to the oversight of trading facilities, including exempt commercial markets (ECMs) such as the IntercontinentalExchange. Under the amended rules, the Director of the Division of Enforcement and his designees may issue “special calls” to an ECM for information. Although ECMs operate pursuant to a qualified exemption from the Commodity Exchange Act, the CFTC has authority to issue special calls to an ECM for information, including in connection with antifraud and antimanipulation investigations.
The CFTC also adopted several other rule changes applicable to registered trading facilities. These amendments clarify procedures for listing, clearing and/or implementing contracts and rules and clarify when a registered entity and its contracts and rules will be considered “dormant” under the CFTC’s rules. The rule changes also expand the authority of a registered trading facility to implement emergency rules without action by its full governing board.