cfr_sections
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11 rows where part_number = 48 and title_number = 17 sorted by section_id
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| section_id ▼ | title_number | title_name | chapter | subchapter | part_number | part_name | subpart | subpart_name | section_number | section_heading | agency | authority | source_citation | amendment_citations | full_text |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 17:17:2.0.1.1.7.0.1.1 | 17 | Commodity and Securities Exchanges | I | 48 | PART 48—REGISTRATION OF FOREIGN BOARDS OF TRADE | § 48.1 Scope. | CFTC | The provisions of this part apply to any foreign board of trade that is registered, required to be registered, or applying to become registered with the Commission in order to provide its identified members or other participants located in the United States with direct access to its electronic trading and order matching system. | |||||||
| 17:17:2.0.1.1.7.0.1.10 | 17 | Commodity and Securities Exchanges | I | 48 | PART 48—REGISTRATION OF FOREIGN BOARDS OF TRADE | § 48.10 Additional contracts. | CFTC | (a) Generally. A registered foreign board of trade that wishes to make an additional futures, option or swap contract available for trading by identified members or other participants located in the United States with direct access to its electronic trading and order matching system must submit a written request prior to offering the contracts from within the United States. Such a written request must include the terms and conditions of the additional futures, option or swap contracts and a certification that the additional contracts meet the requirements of § 48.8(c), if applicable, and that the foreign board of trade and the clearing organization continue to satisfy the requirements and conditions of registration. The foreign board of trade can make available for trading by direct access the additional contracts ten business days after the date of receipt by the Commission of the written request, unless the Commission notifies the foreign board of trade that additional time is needed to complete its review of policy or other issues pertinent to the additional contracts. A registered foreign board of trade may list for trading by direct access an additional futures or option contract on a non-narrow-based security index pursuant to the Commission certification procedures set forth in § 30.13(d) and appendix D to part 30 of this chapter. (b) Option contracts on previously approved futures contracts. (1) If the option is on a futures contract that is not a linked contract, the option contract may be made available for trading by direct access by filing with the Commission no later than the business day preceding the initial listing of the contract: (i) A copy of the terms and conditions of the additional contract and (ii) A certification that the foreign board of trade and the clearing organization continue to satisfy the conditions of its registration. (2) If the option is on a futures contract that is a linked contract, the option contract may be made available for trading by direct access by filing with… | |||||||
| 17:17:2.0.1.1.7.0.1.11 | 17 | Commodity and Securities Exchanges | I | 48 | PART 48—REGISTRATION OF FOREIGN BOARDS OF TRADE | § 48.11 Delegation of authority. | CFTC | [82 FR 28769, June 26, 2017] | (a) The Commission hereby delegates, until it orders otherwise, to the Director of the Division of Market Oversight, or such other employee or employees as the Director may designate from time to time, the authority: (1) In § 48.7, to request additional information and documentation in connection with an application for registration; (2) In § 48.9(a)(1), to notify a registered foreign board of trade that it or the clearing organization has failed to satisfy any registration requirements or conditions for registration; (3) In § 48.9(c), to request that a registered foreign board of trade file with the Commission a written demonstration, containing such supporting data, information, and documents, in such form and manner and within such timeframe as the Commission may specify, that the foreign board of trade or clearing organization is in compliance with the registration requirements and/or conditions for registration; and (4) In § 48.10, to notify a foreign board of trade whether additional time is needed for staff to complete its review of policy or other issues pertinent to the additional contracts, or that the contract can be made available for trading by direct access. (b) The Director of the Division of Market Oversight may submit to the Commission for its consideration any matter which has been delegated in this section. (c) Nothing in this section prohibits the Commission, at its election, from exercising the authority delegated in this section. | ||||||
| 17:17:2.0.1.1.7.0.1.2 | 17 | Commodity and Securities Exchanges | I | 48 | PART 48—REGISTRATION OF FOREIGN BOARDS OF TRADE | § 48.2 Definitions. | CFTC | [76 FR 80698, Dec. 23, 2011, as amended at 89 FR 66208, Aug. 15, 2024] | For purposes of this part: (a) Foreign board of trade. Foreign board of trade means any board of trade, exchange or market located outside the United States, its territories or possessions, whether incorporated or unincorporated. (b) Foreign board of trade eligible to be registered. A foreign board of trade eligible to be registered means a foreign board of trade that satisfies the requirements for registration specified in § 48.7 and: (1) Possesses the attributes of an established, organized exchange, (2) Adheres to appropriate rules prohibiting abusive trading practices, (3) Enforces appropriate rules to maintain market and financial integrity, (4) Has been authorized by a regulatory process that examines customer and market protections, and (5) Is subject to continued oversight by a regulator that has power to intervene in the market and the authority to share information with the Commission. (c) Direct access. Direct access means an explicit grant of authority by a foreign board of trade to an identified member or other participant located in the United States to enter trades directly into the trade matching system of the foreign board of trade. (d) Linked contract. Linked contract means a futures, option or swap contract that is made available for trading by direct access by a registered foreign board of trade that settles against any price (including the daily or final settlement price) of one or more contracts listed for trading on a registered entity as defined in section 1a(40) of the Act. (e) Communications. Communications means any written or electronic documentation or correspondence issued by or on behalf of the Commission, the United States Department of Justice, or the National Futures Association. (f) Material change. Material change means a material change in the information provided to the Commission in support of an application for registration under this part. Subsequent to registration, material change also includes a material change in the operations of the foreign boa… | ||||||
| 17:17:2.0.1.1.7.0.1.3 | 17 | Commodity and Securities Exchanges | I | 48 | PART 48—REGISTRATION OF FOREIGN BOARDS OF TRADE | § 48.3 Registration required. | CFTC | (a) Except as specified in this part, it shall be unlawful for a foreign board of trade to permit direct access to its electronic trading and order matching system unless and until the Commission has issued a valid and current Order of Registration to the foreign board of trade pursuant to the provisions of this part. (b) It shall be unlawful for a foreign board of trade or the clearing organization to make false or misleading statements in or in connection with any application for registration under this part. | |||||||
| 17:17:2.0.1.1.7.0.1.4 | 17 | Commodity and Securities Exchanges | I | 48 | PART 48—REGISTRATION OF FOREIGN BOARDS OF TRADE | § 48.4 Registration eligibility and scope. | CFTC | [76 FR 80698, Dec. 23, 2011, as amended at 89 FR 66208, Aug. 15, 2024] | (a) Only foreign boards of trade eligible to be registered, as defined in § 48.2(b) of this part, are eligible for registration with the Commission pursuant to this part. (b) A foreign board of trade may apply for registration under this part in order to permit the members and other participants of the foreign board of trade that are located in the United States to enter trades directly into the trading and order matching system of the foreign board of trade, to the extent that such members or other participants are: (1) Entering orders for the member's or other participant's proprietary accounts; (2) Registered with the Commission as futures commission merchants and are submitting customer orders to the trading system for execution; (3) Registered with the Commission as a commodity pool operator or commodity trading advisor, or are exempt from such registration pursuant to § 4.13 or § 4.14 of this chapter, and are submitting orders for execution on behalf of a United States pool that the member or other participant operates or an account of a United States customer for which the member or other participant has discretionary authority, respectively, provided that a futures commission merchant registered with the Commission as such or a firm exempt from such registration pursuant to § 30.10 of this chapter acts as clearing firm and guarantees, without limitation, all such trades of the commodity pool operator or commodity trading advisor effected through submission of orders to the trading system; or (4) Registered with the Commission as introducing brokers and are submitting customer orders to the trading system for execution, provided that a futures commission merchant registered with the Commission as such or a firm exempt from such registration pursuant to § 30.10 of this chapter acts as a clearing firm and guarantees, without limitation, all trades of the introducing broker effected through submission of orders for United States customers to the trading system. | ||||||
| 17:17:2.0.1.1.7.0.1.5 | 17 | Commodity and Securities Exchanges | I | 48 | PART 48—REGISTRATION OF FOREIGN BOARDS OF TRADE | § 48.5 Registration procedures. | CFTC | (a) A foreign board of trade seeking registration with the Commission pursuant to this part must electronically file an application for registration with the Secretary of the Commission at its Washington DC headquarters at FBOTapplications@cftc.gov. (b) A complete application for registration must include: (1) A completed Form FBOT and Form Supplement S-1, as set forth in the appendix to this part, or any successor forms, and all information and documentation described in such forms; and (2) Any additional information and documentation necessary, in the discretion of the Commission, to supplement the application including, but not limited to, documentation and information provided during the course of an on-site visit, as applicable, to the foreign board of trade, the clearing organization and the regulatory authority or authorities, to effectively demonstrate that the foreign board of trade and its clearing organization satisfy the registration requirements set forth in § 48.7. (c) An applicant for registration must identify with particularity any information in the application that will be subject to a request for confidential treatment and must provide support for any request for confidential treatment pursuant to the procedures set forth in § 145.9 of this chapter. (d) If, upon review, the Commission finds the application for registration to be complete, the Commission may approve or deny the application. In reviewing the application, the Commission will consider, among other things: (1) Whether the foreign board of trade is eligible to be registered as defined in § 48.2(b) and; (2) Whether the foreign board of trade and its clearing organization are subject to comprehensive supervision and regulation by the appropriate governmental authorities in their home country or countries that is comparable to the comprehensive supervision and regulation to which designated contract markets and derivatives clearing organizations are respectively subject under the Act, Commission regulations, and other applicabl… | |||||||
| 17:17:2.0.1.1.7.0.1.6 | 17 | Commodity and Securities Exchanges | I | 48 | PART 48—REGISTRATION OF FOREIGN BOARDS OF TRADE | § 48.6 [Reserved] | CFTC | ||||||||
| 17:17:2.0.1.1.7.0.1.7 | 17 | Commodity and Securities Exchanges | I | 48 | PART 48—REGISTRATION OF FOREIGN BOARDS OF TRADE | § 48.7 Requirements for registration. | CFTC | An applicant for registration must demonstrate that it and, where applicable, its clearing organization meet the following requirements. The registration requirements applicable to clearing organizations may alternatively be met by demonstrating that the clearing organization is registered and in good standing with the Commission as a derivatives clearing organization. The Commission, in its discretion, may request additional information and documentation in connection with an application for registration and an applicant for registration must provide promptly any such additional information or documentation. The Commission, in its discretion, also may impose additional registration requirements that the Commission deems necessary after appropriate notice and opportunity to respond. (a) Foreign Board of Trade and Clearing Membership: (1) The members and other participants of the foreign board of trade and its clearing organization are fit and proper and meet appropriate financial and professional standards; (2) The foreign board of trade and its clearing organization have and enforce provisions to minimize and resolve conflicts of interest; and (3) The foreign board of trade and its clearing organization have and enforce rules prohibiting the disclosure, both during and subsequent to service on a board or committee, of material non-public information obtained as a result of a member's or other participant's performance of duties as a member of their respective governing boards and significant committees. (b) The Automated Trading System: (1) The trading system complies with Principles for the Oversight of Screen-Based Trading Systems for Derivative Products developed by the Technical Committee of the International Organization of Securities Commissions, (2) The trade matching algorithm matches trades fairly and timely, (3) The audit trail captures all relevant data, including changes to orders, and audit trail data is securely maintained and available for an adequate time period, (4) Adequate and appropr… | |||||||
| 17:17:2.0.1.1.7.0.1.8 | 17 | Commodity and Securities Exchanges | I | 48 | PART 48—REGISTRATION OF FOREIGN BOARDS OF TRADE | § 48.8 Conditions of registration. | CFTC | [76 FR 80698, Dec. 23, 2011, as amended at 89 FR 66209, Aug. 15, 2024] | Upon registration under this part, and on an ongoing basis thereafter, the foreign board of trade and the clearing organization shall comply with the applicable conditions of registration set forth in this section and any additional conditions that the Commission deems necessary and may impose, in its discretion, and after appropriate notice and opportunity to respond. Such conditions could include, but are not limited to, additional conditions applicable to the listing of swap contracts. Continued registration is expressly conditioned upon satisfaction of these conditions. (a) Specified conditions for maintaining registration. (1) Registration Requirements: The foreign board of trade and its clearing organization shall continue to satisfy all of the requirements for registration set forth in § 48.7. (2) Regulatory Regime: (i) The foreign board of trade will continue to satisfy the criteria for a regulated market or licensed exchange pursuant to the regulatory regime described in its application and will continue to be subject to oversight by the regulatory authorities described in its application. (ii) The clearing organization will continue to satisfy the criteria for a regulated clearing organization pursuant to the regulatory regime described in the application for registration and will continue to be in good standing with the relevant regulatory authority. (iii) The laws, systems, rules, and compliance mechanisms of the regulatory regime applicable to the foreign board of trade will continue to require the foreign board of trade to maintain fair and orderly markets; prohibit fraud, abuse, and market manipulation and other disruptions of the market; and provide that such requirements are subject to the oversight of appropriate regulatory authorities. (3) Satisfaction of International Standards: (i) The foreign board of trade will continue to comply with the Principles for the Oversight of Screen-Based Trading Systems for Derivative Products developed by the Technical Committee of the International Or… | ||||||
| 17:17:2.0.1.1.7.0.1.9 | 17 | Commodity and Securities Exchanges | I | 48 | PART 48—REGISTRATION OF FOREIGN BOARDS OF TRADE | § 48.9 Revocation of registration. | CFTC | [76 FR 80698, Dec. 23, 2011, as amended at 89 FR 66209, Aug. 15, 2024] | (a) Failure to Satisfy Registration Requirements or Conditions: (1) If the Commission determines that a registered foreign board of trade or the clearing organization has failed to satisfy any registration requirements or conditions for registration, the Commission shall notify the foreign board of trade of such determination, including the particular requirements or conditions that are not being satisfied, and shall afford the foreign board of trade or clearing organization an opportunity to make appropriate changes to bring it into compliance. (2) If, not later than 30 days after receiving a notification under paragraph (a)(1) of this section, the foreign board of trade or clearing organization fails to make changes that, in the opinion of the Commission, are necessary to comply with the registration requirements or conditions of registration, the Commission may revoke the foreign board of trade's registration, after appropriate notice and an opportunity to respond, by issuing an Order Revoking Registration which sets forth the reasons therefor. (3) A foreign board of trade whose registration has been revoked for failure to satisfy a registration requirement or condition of registration may apply for re-registration 360 days after the issuance of the Order Revoking Registration if the deficiency causing the revocation has been cured or relevant facts and circumstances have changed. (b) Other events that could result in revocation. Notwithstanding § 48.9(a), revocation under these circumstances will be handled by the Commission as relevant facts or circumstances warrant. (1) The Commission may revoke a foreign board of trade's registration, after appropriate notice and an opportunity to respond, if the Commission determines that a representation made in the foreign board of trade's application for registration is found to be untrue or materially misleading or if the foreign board of trade failed to include information in the application that would have been material to the Commission's determination as to… |
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CREATE TABLE cfr_sections (
section_id TEXT PRIMARY KEY,
title_number INTEGER,
title_name TEXT,
chapter TEXT,
subchapter TEXT,
part_number TEXT,
part_name TEXT,
subpart TEXT,
subpart_name TEXT,
section_number TEXT,
section_heading TEXT,
agency TEXT,
authority TEXT,
source_citation TEXT,
amendment_citations TEXT,
full_text TEXT
);
CREATE INDEX idx_cfr_title ON cfr_sections(title_number);
CREATE INDEX idx_cfr_part ON cfr_sections(part_number);
CREATE INDEX idx_cfr_agency ON cfr_sections(agency);