The Commodity Futures Trading Commission issued final rules increasing the default maximum amount of equity security futures products that designated contracts may approve in expiring contracts to 25,000 (100-share) contracts from the current default level of 13,500 contracts. The CFTC also modified the criteria DCMs should employ to set higher position limits and accountability levels (i.e., rely principally on estimated deliverable supply evaluated at least semiannually) and amended the time such limits and levels should be in place. Position limits may also be applied by DCMs either to net or one side of the market positions. Separately, the CFTC generally eliminated its rules that articulated procedures for adopting new and amending or repealing existing Commission regulations. The CFTC said such existing rules were redundant of provisions in the Administrative Procedures Act. Over the dissent of two commissioners – Dan Berkovitz and Rostin Behnam – the CFTC also approved changes to the Volcker Rule. Among other things, the final rules adopt a three-tiered approach for compliance programs, matching more onerous requirements to banking organizations with the greatest amount of trading assets and liabilities, and  exclude from prohibitions from proprietary trading underwriting and market making-related activities, risk-mitigating hedging, and trading by foreign banking entities solely outside the United States. (Click here for a summary of the amendments by the Federal Deposit Insurance Company dated August 20, 2019 and here for a copy of the final rules.)