80 FR 10022 - Position Limits for Derivatives and Aggregation of Positions
COMMODITY FUTURES TRADING COMMISSION Federal Register Volume 80, Issue 37 (February 25, 2015)
Federal Register Volume 80, Issue 37 (February 25, 2015)
| Page Range | 10022-10026 | |
| FR Document | 2015-03834 |
[Federal Register Volume 80, Number 37 (Wednesday, February 25, 2015)] [Proposed Rules] [Pages 10022-10026] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-03834] ======================================================================= ----------------------------------------------------------------------- COMMODITY FUTURES TRADING COMMISSION 17 CFR Parts 1, 15, 17, 19, 32, 37, 38, 140, and 150 RIN 3038-AD99; 3038-AD82 Position Limits for Derivatives and Aggregation of Positions AGENCY: Commodity Futures Trading Commission. ACTION: Notice of proposed rulemaking; provision of Table 11a; and reopening of comment periods. ----------------------------------------------------------------------- SUMMARY: On December 12, 2013, the Commodity Futures Trading Commission (``Commission'') published in the Federal Register a notice of proposed rulemaking (the ``Position Limits Proposal'') to establish speculative position limits for 28 exempt and agricultural commodity futures and options contracts and the physical commodity swaps that are economically equivalent to such contracts. On November 15, 2013, the Commission published in the Federal Register a notice of proposed rulemaking (the ``Aggregation Proposal'') to amend existing regulations setting out the Commission's policy for aggregation under its position limits regime. The Commission's Energy and Environmental Markets Advisory Committee has scheduled a public meeting to be held on February 26, 2015, which will consider, among other matters, exemptions for bona fide hedging positions. In conjunction with the meeting of the Commission's Energy and Environmental Markets Advisory Committee, the Commission will post an agenda and associated materials, if any, on the Commission's Web site; additionally, access to a video webcast of the meeting will be added to the Web site. In addition, and in connection with the meeting, the Commission is providing counts of the unique persons over percentages of the 28 proposed position limit levels (currently provided in Table 11 of the Position Limits Proposal based on counts from the period of January 1, 2011, to December 31, 2012 period) in a new table, Table [[Page 10023]] 11a, based on counts from the period of January 1, 2013, to December 31, 2014. To provide commenters with a sufficient period of time to respond to questions raised and points made at the Energy and Environmental Markets Committee meeting, as well as to provide an opportunity to comment on Table 11a, the Commission will reopen the comment periods for an additional 30 days. The Commission is providing notice that comments may be made on the issues addressed at the meeting or in the associated materials posted to the Commission's Web site, as they pertain to energy commodities. Furthermore, comments may be made on Table 11a, showing counts of the unique persons over percentages of the 28 proposed position limit levels based on counts from the period of January 1, 2013, to December 31, 2014. DATES: The comment periods for the Aggregation Proposal published November 15, 2013, at 78 FR 68946, and for the Position Limits Proposal published December 12, 2013, at 78 FR 75680, will reopen on February 26, 2015, and will close on March 28, 2015. ADDRESSES: You may submit comments, identified by RIN 3038-AD99 for the Position Limits Proposal or RIN 3038-AD82 for the Aggregation Proposal, by any of the following methods:Agency Web site: http://comments.cftc.gov; Mail: Christopher Kirkpatrick, Secretary of the Commission, Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st Street NW., Washington, DC 20581; Hand Delivery/Courier: Same as Mail, above; or Federal eRulemaking Portal: http://www.regulations.gov. Follow instructions for submitting comments. Please submit your comments using only one method. All comments must be submitted in English, or if not, accompanied by an English translation. Comments will be posted as received to http://www.cftc.gov. You should submit only information that you wish to make available publicly. If you wish the Commission to consider information that may be exempt from disclosure under the Freedom of Information Act, a petition for confidential treatment of the exempt information may be submitted under Sec. 145.9 of the Commission's regulations (17 CFR 145.9). The Commission reserves the right, but shall have no obligation, to review, pre-screen, filter, redact, refuse or remove any or all of your submission from http://www.cftc.gov that it may deem to be inappropriate for publication, such as obscene language. All submissions that have been redacted or removed that contain comments on the merits of the rulemaking will be retained in the public comment file and will be considered as required under the Administrative Procedure Act and other applicable laws, and may be accessible under the Freedom of Information Act. FOR FURTHER INFORMATION CONTACT: Stephen Sherrod, Senior Economist, Division of Market Oversight, (202) 418-5452, [email protected]; or Riva Spear Adriance, Senior Special Counsel, Division of Market Oversight, (202) 418-5494, [email protected]; Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st Street NW., Washington, DC 20581. SUPPLEMENTARY INFORMATION: I. Background The Commission has long established and enforced speculative position limits for futures and options contracts on various agricultural commodities as authorized by the Commodity Exchange Act (``CEA'').\1\ The part 150 position limits regime \2\ generally includes three components: (1) the level of the limits, which set a threshold that restricts the number of speculative positions that a person may hold in the spot-month, individual month, and all months combined,\3\ (2) exemptions for positions that constitute bona fide hedging transactions and certain other types of transactions,\4\ and (3) rules to determine which accounts and positions a person must aggregate for the purpose of determining compliance with the position limit levels.\5\ The Position Limits Proposal generally sets out proposed changes to the first and second components of the position limits regime and would establish speculative position limits for 28 exempt and agricultural commodity futures and option contracts, and physical commodity swaps that are ``economically equivalent'' to such contracts (as such term is used in CEA section 4a(a)(5)).\6\ The Aggregation Proposal generally sets out proposed changes to the third component of the position limits regime.\7\ --------------------------------------------------------------------------- \1\ 7 U.S.C. 1 et seq. \2\ See 17 CFR part 150. Part 150 of the Commission's regulations establishes federal position limits on futures and option contracts in nine enumerated agricultural commodities. \3\ See 17 CFR 150.2. \4\ See 17 CFR 150.3. \5\ See 17 CFR 150.4. \6\ See Position Limits for Derivatives, 78 FR 75680 (Dec. 12, 2013). \7\ See Aggregation of Positions, 78 FR 68946 (Nov. 15, 2013). --------------------------------------------------------------------------- The Commission published the Position Limits Proposal and the Aggregation Proposal separately because it believes that the proposed amendments regarding aggregation of positions could be appropriate regardless of whether the Position Limits Proposal is finalized.\8\ If the Aggregation Proposal is finalized first, the modifications would apply to the current position limits regime for futures and option contracts on nine enumerated agricultural commodities. If the Position Limits Proposal is subsequently finalized, the modifications in the Aggregation Proposal would apply to the position limits regime for 28 exempt and agricultural commodity futures and options contracts and the physical commodity swaps that are economically equivalent to such contracts. --------------------------------------------------------------------------- \8\ See id. at 68947. --------------------------------------------------------------------------- In order to provide interested parties with an opportunity to comment on the Aggregation Proposal during the comment period on the Position Limits Proposal, the Commission extended the comment period for the Aggregation Proposal to February 10, 2014, the same end date as the comment period for the Position Limits Proposal.\9\ --------------------------------------------------------------------------- \9\ See 79 FR 2394 (Jan. 14, 2014). --------------------------------------------------------------------------- Subsequent to publication of the Position Limits Proposal and the Aggregation Proposal, the Commission directed staff to schedule a June 19, 2014, public roundtable to consider certain issues regarding position limits for physical commodity derivatives. The roundtable focused on hedges of a physical commodity by a commercial enterprise, including gross hedging, cross-commodity hedging, anticipatory hedging, and the process for obtaining a non-enumerated exemption. Discussion included the setting of spot month limits in physical-delivery and cash-settled contracts and a conditional spot-month limit exemption. Further, the roundtable included discussion of: The aggregation exemption for certain ownership interests of greater than 50 percent in an owned entity; and aggregation based on substantially identical trading strategies. As well, the Commission invited comment on whether to provide parity for wheat contracts in non-spot month limits. In conjunction with the roundtable, staff questions regarding these topics were posted on the Commission's Web site. To provide commenters with a sufficient period of time to respond to questions raised and points made at the roundtable, the Commission published a document in the Federal Register on May 29, 2014 (79 FR 30762), reopening [[Page 10024]] the comment periods for the Position Limit Proposal and the Aggregation Proposal for three weeks, from June 12, 2014 to July 3, 2014. The Commission published a document in the Federal Register on July 3, 2014 (79 FR 37973), further extending the comment periods to August 4, 2014. The Commission's Agricultural Advisory Committee met on December 9, 2014. The agenda adopted for the meeting included consideration, among other matters, of two issues associated with the Position Limits rulemaking: Deliverable supply and exemptions for bona fide hedging positions. In conjunction with the meeting of the Commission's Agricultural Advisory Committee, the Commission posted questions and presentation materials on the Commission's Web site; additionally, access to a video webcast of the meeting was added to the Web site.\10\ To provide interested persons with a sufficient period of time to respond to questions raised and points made at the Agricultural Advisory Committee meeting, the Commission reopened both the Position Limit Proposal and the Aggregation Proposal for an additional 45-day comment period.\11\ --------------------------------------------------------------------------- \10\ Questions, presentation materials, and a video webcast have been made available at http://www.cftc.gov/PressRoom/Events/opaevent_aac120914. \11\ See 79 FR 71973 (Dec. 4, 2014). The Commission also provided notice and clarification that, in addition to commenting on the agenda issues noted in the December 4, 2014, Federal Register release providing notice of the reopened comment period, comments could be made on the issues addressed at the meeting or in associated materials posted to the Commission's Web site, as they pertained to agricultural commodities, including hedges of a physical commodity by a commercial enterprise; and the process for estimating deliverable supplies used in the setting of spot month limits, as each pertained to agricultural commodities. See also 80 FR 200 (Jan. 5, 2015). --------------------------------------------------------------------------- Comment letters received on the Position Limits Proposal are available at http://comments.cftc.gov/PublicComments/CommentList.aspx?id=1436. Comment letters received on the Aggregation Proposal are available at http://comments.cftc.gov/PublicComments/CommentList.aspx?id=1427. II. Reopening of Comment Period The Commission's Energy and Environmental Markets Advisory Committee has scheduled a meeting on February 26, 2015. The agenda adopted for the meeting includes consideration of exemptions for bona fide hedging positions. In conjunction with the meeting of the Commission's Energy and Environmental Markets Advisory Committee, the Commission will post associated materials on the Commission's Web site; additionally, access to a video webcast of the meeting will be added to the Web site. To provide interested persons with a sufficient period of time to respond to questions raised and points made at the Energy and Environmental Markets Advisory Committee meeting, the Commission is reopening both the Position Limit Proposal and the Aggregation Proposal for an additional 30-day comment period. The Commission is providing notice that, in addition to commenting on the agenda issues, comments may be made on the issues addressed at the meeting or in associated materials posted to the Commission's Web site, as they pertain to energy commodities, including hedges of a physical commodity by a commercial enterprise, as pertains to energy commodities. In addition, and in connection with the Energy and Environmental Markets Advisory Committee meeting, the Commission is providing counts of the unique persons exceeding the 28 proposed position limit levels (currently provided in Table 11 of the Positions Limits Proposal based on counts from the period of January 1, 2011, to December 31, 2012 period \12\) by certain specified percentages in a new table, Table 11a, based on counts from the period of January 1, 2013, to December 31, 2014. As was the case with Table 11, to provide the public with additional information regarding the number of large position holders in the past two calendar years, Table 11a provides counts of unique persons over 60, 80, 100, and 500 percent of the levels of the position limits proposed for 28 core referenced futures products.\13\ Note that the 500 percent line is omitted from Table 11a for contracts where no person held a position over that level. The Commission notes that in addition to commenting on the agenda issues and on the issues addressed at the meeting or in associated materials posted to the Commission's Web site, as they pertain to energy commodities, comments may be made on Table 11a. --------------------------------------------------------------------------- \12\ See 78 FR 75680 at 75731 (Dec. 12, 2013). \13\ As is the case for Table 11, the Commission notes that Table 11a is presented using the proposed initial limit levels, without regard to alternatives presented in the proposed rule. See 78 FR at 75839 for the proposed initial limit levels for the spot month. The Commission also proposed alternatives methods for setting initial levels for the spot month. See FR at 75727-8. The proposed initial limit levels for the non-spot months are found at 78 FR 76787 (Dec. 19, 2013). The Commission also proposed an alternative method to establish higher initial limit levels in the non-spot months. See FR 78 at 75734. Table 11a--Unique Persons Over Percentages of Proposed Position Limit Levels, January 1, 2013, to December 31, 2014 ---------------------------------------------------------------------------------------------------------------- Unique persons over level --------------------------------------------------------------- Commodity type/core referenced Percent of Spot month futures contract level (physical- Spot month Single month All months delivery) (cash-settled) ---------------------------------------------------------------------------------------------------------------- Legacy Agricultural ---------------------------------------------------------------------------------------------------------------- CBOT Corn (C)................... 60 206 -- 12 25 80 147 -- 4 7 100 49 -- (*) 5 500 4 -- -- -- CBOT Oats (O)................... 60 (*) -- 11 12 80 (*) -- 6 8 100 -- -- (*) 5 CBOT Soybeans (S)............... 60 127 -- 14 18 80 90 -- 9 11 100 31 -- 6 9 500 9 -- -- -- CBOT Soybean Meal (SM).......... 60 53 -- 42 54 80 31 -- 12 19 [[Page 10025]] 100 16 -- 6 11 500 (*) -- -- -- CBOT Soybean Oil (SO)........... 60 82 -- 31 38 80 51 -- 10 18 100 18 -- 5 11 500 (*) -- -- -- CBOT Wheat (W).................. 60 39 -- 35 33 80 30 -- 12 17 100 10 -- 8 11 500 (*) -- -- -- ICE Cotton No. 2 (CT)........... 60 16 -- 15 22 80 10 -- 10 14 100 7 -- 8 10 500 4 -- -- -- KCBT Hard Winter Wheat (KW)..... 60 17 -- 32 39 80 7 -- 16 27 100 (*) -- 12 12 MGEX Hard Red Spring Wheat (MWE) 60 7 -- 33 36 80 4 -- 20 29 100 (*) -- 15 21 ---------------------------------------------------------------------------------------------------------------- Other Agricultural ---------------------------------------------------------------------------------------------------------------- CBOT Rough Rice (RR)............ 60 9 -- 6 5 80 7 -- 4 4 100 (*) -- (*) (*) CME Milk Class III (DA)......... 60 NA 5 (*) 26 80 NA 4 -- 15 100 NA (*) -- 10 CME Feeder Cattle (FC).......... 60 NA 113 8 14 80 NA 70 (*) 8 100 NA 28 -- 5 CME Lean Hog (LH)............... 60 NA 98 19 34 80 NA 74 8 24 100 NA 45 (*) 14 CME Live Cattle (LC)............ 60 51 -- 14 29 80 7 -- 7 16 100 5 -- (*) 8 ICUS Cocoa (CC)................. 60 4 -- 47 42 80 4 -- 38 30 100 (*) -- 21 21 ICE Coffee C (KC)............... 60 14 -- 30 32 80 10 -- 13 16 100 6 -- 8 11 500 (*) -- -- -- ICE FCOJ-A (OJ)................. 60 5 -- 7 7 80 5 -- 4 4 100 5 -- 4 4 ICE Sugar No. 11 (SB)........... 60 55 -- 41 39 80 42 -- 31 29 100 16 -- 21 22 500 (*) -- -- -- ICE Sugar No. 16 (SF)........... 60 5 -- 6 13 80 5 -- 6 11 100 4 -- 5 11 ---------------------------------------------------------------------------------------------------------------- Energy ---------------------------------------------------------------------------------------------------------------- NYMEX Henry Hub Natural Gas (NG) 60 187 236 (*) 7 80 142 205 (*) (*) 100 83 187 -- (*) 500 (*) 46 -- -- NYMEX Light Sweet Crude Oil (CL) 60 135 100 (*) 12 80 95 87 (*) 7 100 44 65 -- (*) 500 -- -- -- -- NYMEX NY Harbor ULSD (HO)....... 60 76 68 13 16 [[Page 10026]] 80 49 63 7 9 100 31 44 (*) 6 500 -- 5 -- -- NYMEX RBOB Gasoline (RB)........ 60 97 57 26 30 80 67 52 15 17 100 36 37 11 12 500 -- (*) -- -- ---------------------------------------------------------------------------------------------------------------- Metals ---------------------------------------------------------------------------------------------------------------- COMEX Copper (HG)............... 60 12 -- 61 62 80 9 -- 37 40 100 4 -- 29 30 COMEX Gold (GC)................. 60 13 -- 22 24 80 9 -- 14 14 100 5 -- 10 11 COMEX Silver (SI)............... 60 9 -- 34 32 80 4 -- 20 21 100 (*) -- 16 16 NYMEX Palladium (PA)............ 60 9 -- 12 13 80 5 -- 9 5 100 (*) -- 4 4 NYMEX Platinum (PL)............. 60 11 -- 29 29 80 7 -- 18 18 100 (*) -- 9 9 ---------------------------------------------------------------------------------------------------------------- Legend: * means fewer than 4 unique owners exceeded the level. -- means no unique owner exceeded the level. NA means not applicable.\14\ Both comment periods will reopen on February 26, 2015, and will close on March 28, 2015. --------------------------------------------------------------------------- \14\ Table notes: (1) Aggregation exemptions were not used in computing the counts of unique persons; (2) the position data was for futures, futures options and swaps that are significant price discovery contracts (SPDCs). Issued in Washington, DC, on February 19, 2015, by the Commission. Christopher J. Kirkpatrick, Secretary of the Commission. Note: The following appendix will not appear in the Code of Federal Regulations. Appendix to Position Limits for Derivatives and Aggregation of Positions Reopening of Comment Periods--Commission Voting Summary On this matter, Chairman Massad and Commissioners Wetjen, Bowen, and Giancarlo voted in the affirmative. No Commissioner voted in the negative. [FR Doc. 2015-03834 Filed 2-24-15; 8:45 am] BILLING CODE 6351-01-P
![10022 Federal Register / Vol. 80, No. 37 / Wednesday, February 25, 2015 / Proposed Rules
reimbursement of research and deny reinsurance, A&O subsidy and risk concluded, the NRS must be
development costs, maintenance costs, subsidy on the underlying FCIC resubmitted for review.
or user fees. reinsured policy for which such NRS Signed in Washington, DC, on February 13,
(n) For purposes of this section, rights policy was sold. 2015.
to, or obligations of, research and (1) If the NRS policy materially Brandon Willis,
development cost reimbursement, increases or shifts risk to the underlying Manager, Federal Crop Insurance
maintenance cost reimbursement, or policy or plan of insurance reinsured by Corporation.
user fees cannot be transferred from any FCIC. [FR Doc. 2015–03604 Filed 2–23–15; 8:45 am]
individual or entity unless specifically (i) An NRS policy will be considered BILLING CODE 3410–08–P
approved in writing by the Board. to materially increase or shift risk to the
(o) Applicants requesting underlying policy or plan of insurance
reimbursement for research and reinsured by FCIC if it creates an
development costs, maintenance costs, incentive for moral hazard such as a COMMODITY FUTURES TRADING
or user fees, may present their request financial incentive to increase the COMMISSION
in person to the Board prior to number or size of losses or, allows for
consideration for approval. 17 CFR Parts 1, 15, 17, 19, 32, 37, 38,
aggregate indemnities in excess of the 140, and 150
(p) Index-based weather plans of expected value of the insured
insurance are not eligible for commodity. RIN 3038–AD99; 3038–AD82
reimbursement from FCIC for (ii) The NRS must include language
maintenance costs or research and that clearly states no indemnity will be Position Limits for Derivatives and
development costs. Submitters of paid in excess of the initial value of the Aggregation of Positions
approved index-based weather plans of insured commodity. AGENCY: Commodity Futures Trading
insurance may collect user fees from (2) The NRS reduces or limits the Commission.
other approved insurance providers in rights of the insured with respect to the
accordance with Procedures Handbook ACTION: Notice of proposed rulemaking;
underlying policy or plan of insurance provision of Table 11a; and reopening of
17050—Approved Procedures for reinsured by FCIC. An NRS policy will
Submission of Index-based Weather comment periods.
be considered to reduce or limit the
Plans of Insurance. rights of the insured with respect to the SUMMARY: On December 12, 2013, the
§ 400.713 Non-reinsured supplemental underlying policy or plan of insurance Commodity Futures Trading
(NRS) policy. if it alters the terms or conditions of the Commission (‘‘Commission’’) published
(a) Unless otherwise specified by underlying policy or otherwise in the Federal Register a notice of
FCIC, any NRS policy that covers the preempts procedures issued by FCIC. proposed rulemaking (the ‘‘Position
same agricultural commodity as any (3) The NRS disrupts the marketplace. Limits Proposal’’) to establish
policy reinsured by FCIC under the Act An NRS policy will be considered to speculative position limits for 28
must be provided to RMA to ensure it disrupt the marketplace if it encourages exempt and agricultural commodity
does not shift any loss under the FCIC planting more acres of the insured futures and options contracts and the
reinsured policy. Failure to provide commodity in excess of normal market physical commodity swaps that are
such NRS policy or endorsement to demand, adversely affects the sales or economically equivalent to such
RMA prior to its issuance shall result in administration of reinsured policies, contracts. On November 15, 2013, the
the denial of reinsurance, A&O subsidy undermines producers’ confidence in Commission published in the Federal
and risk subsidy on the underlying FCIC the Federal crop insurance program, or Register a notice of proposed
reinsured policy for which such NRS harms public perception of the Federal rulemaking (the ‘‘Aggregation
policy was sold. crop insurance program. Proposal’’) to amend existing
(b) Three hard copies, and an (4) The NRS is an impermissible regulations setting out the Commission’s
electronic copy in a format approved by rebate. An NRS may be considered to be policy for aggregation under its position
RMA, of the new or revised NRS policy an impermissible rebate if FCIC limits regime. The Commission’s Energy
and related materials must be submitted determines that the premium rates and Environmental Markets Advisory
at least 150 days prior to the first sales charged are insufficient to cover the Committee has scheduled a public
closing date applicable to the NRS expected losses and a reasonable reserve meeting to be held on February 26,
policy. At a minimum, examples that or it offers other benefits that are 2015, which will consider, among other
demonstrate how liability and generally provided at a cost. matters, exemptions for bona fide
indemnities are determined under (5) The NRS policy is conditioned hedging positions. In conjunction with
differing scenarios must be included. upon or provides incentive for the the meeting of the Commission’s Energy
(1) Hard copies of the NRS must be purchase of the underlying policy or and Environmental Markets Advisory
sent to the Deputy Administrator for plan of insurance reinsured by FCIC Committee, the Commission will post
Product Management (or successor), with a specific agent or approved an agenda and associated materials, if
USDA/Risk Management Agency, insurance provider. any, on the Commission’s Web site;
Beacon Facility Mail Stop 0812, 9240 (d) RMA will respond not less than 60 additionally, access to a video webcast
Troost Ave., Kansas City, MO 64131– days before the first sales closing date or of the meeting will be added to the Web
wreier-aviles on DSK5TPTVN1PROD with PROPOSALS
3055. provide notice why RMA is unable to site. In addition, and in connection with
(2) Electronic copies of the NRS must respond within the time frame allotted. the meeting, the Commission is
be sent to the Deputy Administrator for (e) NRS policies reviewed by RMA providing counts of the unique persons
Product Management (or successor) at will not need to be submitted for a five over percentages of the 28 proposed
DeputyAdministrator@rma.usda.gov. year period unless a change is made to position limit levels (currently provided
(c) RMA will review the NRS policy. the NRS or the underlying policy or the in Table 11 of the Position Limits
If any of the conditions found in loss ratio for the NRS policy exceeds Proposal based on counts from the
paragraphs (c)(1) through (5) of this 2.0. Once any changes are made to period of January 1, 2011, to December
section are found to occur, FCIC will either policy or the five year period has 31, 2012 period) in a new table, Table
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![10026 Federal Register / Vol. 80, No. 37 / Wednesday, February 25, 2015 / Proposed Rules
TABLE 11a—UNIQUE PERSONS OVER PERCENTAGES OF PROPOSED POSITION LIMIT LEVELS, JANUARY 1, 2013, TO
DECEMBER 31, 2014—Continued
Unique persons over level
Percent of
Commodity type/core referenced futures contract Spot month
level Spot month
(physical- Single month All months
(cash-settled)
delivery)
80 49 63 7 9
100 31 44 (*) 6
500 — 5 — —
NYMEX RBOB Gasoline (RB) ............................................. 60 97 57 26 30
80 67 52 15 17
100 36 37 11 12
500 — (*) — —
Metals
COMEX Copper (HG) .......................................................... 60 12 — 61 62
80 9 — 37 40
100 4 — 29 30
COMEX Gold (GC) .............................................................. 60 13 — 22 24
80 9 — 14 14
100 5 — 10 11
COMEX Silver (SI) ............................................................... 60 9 — 34 32
80 4 — 20 21
100 (*) — 16 16
NYMEX Palladium (PA) ....................................................... 60 9 — 12 13
80 5 — 9 5
100 (*) — 4 4
NYMEX Platinum (PL) ......................................................... 60 11 — 29 29
80 7 — 18 18
100 (*) — 9 9
Legend:
* means fewer than 4 unique owners exceeded the level.
— means no unique owner exceeded the level.
NA means not applicable.14
Both comment periods will reopen on DEPARTMENT OF HEALTH AND because the currently available data are
February 26, 2015, and will close on HUMAN SERVICES insufficient to classify it as GRASE and
March 28, 2015. not misbranded, and additional
Food and Drug Administration information is needed to allow us to
Issued in Washington, DC, on February 19,
2015, by the Commission.
determine otherwise.
21 CFR Part 310
Christopher J. Kirkpatrick, DATES: Submit either electronic or
[Docket Nos. FDA–2003–N–0196 (Formerly written comments on this proposed
Secretary of the Commission. 2003N–0233), FDA–1978–N–0018 (Formerly order by April 13, 2015. Sponsors may
Note: The following appendix will not 1978N–0038 and 78N–0038), and FDA–1996– submit written requests for a meeting
appear in the Code of Federal Regulations. N–0006 (Formerly 96N–0277)] with FDA to discuss this proposed order
Over-the-Counter Sunscreen Drug by March 27, 2015. See section VI for
Appendix to Position Limits for Products—Regulatory Status of the proposed effective date of a final
Derivatives and Aggregation of Enzacamene order based on this proposed order.
Positions Reopening of Comment ADDRESSES: You may submit comments
Periods—Commission Voting Summary AGENCY: Food and Drug Administration, by any of the following methods:
HHS.
On this matter, Chairman Massad and Proposed order; request for
ACTION: Electronic Submissions
Commissioners Wetjen, Bowen, and comments. Submit electronic comments in the
Giancarlo voted in the affirmative. No
SUMMARY: The Food and Drug following way:
Commissioner voted in the negative.
Administration (FDA or the Agency) is • Federal eRulemaking Portal: http://
[FR Doc. 2015–03834 Filed 2–24–15; 8:45 am] www.regulations.gov. Follow the
issuing a proposed sunscreen order
BILLING CODE 6351–01–P (proposed order) under the Federal instructions for submitting comments.
wreier-aviles on DSK5TPTVN1PROD with PROPOSALS
Food, Drug, and Cosmetic Act (the Written Submissions
FD&C Act), as amended by the
Sunscreen Innovation Act (SIA). The Submit written submissions in the
proposed order announces FDA’s following ways:
14 Table notes: (1) Aggregation exemptions were
tentative determination that • Mail/Hand delivery/Courier (for
not used in computing the counts of unique
enzacamene is not generally recognized paper submissions): Division of Dockets
persons; (2) the position data was for futures, as safe and effective (GRASE) and is Management (HFA–305), Food and Drug
futures options and swaps that are significant price misbranded when used in over-the- Administration, 5630 Fishers Lane, Rm.
discovery contracts (SPDCs). counter (OTC) sunscreen products 1061, Rockville, MD 20852.
VerDate Sep<11>2014 15:09 Feb 24, 2015 Jkt 235001 PO 00000 Frm 00019 Fmt 4702 Sfmt 4702 E:\FR\FM\25FEP1.SGM 25FEP1](https://thefederalregister.org/doc/80_FR_10059/page/5.svg)
Document Created: 2015-12-18 13:09:40
Document Modified: 2015-12-18 13:09:40
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Proposed Rules | |
| Action | Notice of proposed rulemaking; provision of Table 11a; and reopening of comment periods. | |
| Dates | The comment periods for the Aggregation Proposal published November 15, 2013, at 78 FR 68946, and for the Position Limits Proposal published December 12, 2013, at 78 FR 75680, will reopen on February 26, 2015, and will close on March 28, 2015. | |
| Contact | Stephen Sherrod, Senior Economist, Division of Market Oversight, (202) 418-5452, [email protected]; or Riva Spear Adriance, Senior Special Counsel, Division of Market Oversight, (202) 418-5494, [email protected]; Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st Street NW., Washington, DC 20581. | |
| FR Citation | 80 FR 10022 | |
| RIN Number | 3038-AD99 and 3038-AD82 | |
| CFR Citation | 17
CFR
1 17 CFR 140 17 CFR 15 17 CFR 150 17 CFR 17 17 CFR 19 17 CFR 32 17 CFR 37 17 CFR 38 |
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