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CFTC RIN: 3038-AC48 Publication ID: Fall 2008 
Title: Oversight of Trading on Regulated Commodity Futures and Options Exchanges and Exempt Commercial Markets 
Abstract: On June 18, 2008, Congress passed the CFTC Reauthorization Act of 2008, as part of the “Food, Conservation, and Energy Act of 2008.” This legislation adds, among other provisions, new section 2(h)(7) to the Commodity Exchange Act which is intended to increase federal oversight and regulation of exempt commercial markets (ECMs) in order to better detect and prevent manipulation that might affect the prices that customers, farmers and businesses pay for energy. The legislation accordingly creates new obligations for ECMs, and parallel new authorities for the Commission, when ECMs list contracts that the Commission determines to be significant price discovery contracts. The legislation requires that the Commission issue proposed regulations implementing new section 2(h)(7) no later than 180 days from enactment of the legislation. These regulations will, among other things, (1) establish procedures and develop standards under which the Commission will determine whether a contract serves a significant price discovery function; (2) delineate a timetable and procedure under which an ECM with a significant price discovery contract must come into compliance with newly applicable core principles; and (3) offer guidance with respect to acceptable practices for compliance with the core principles. 
Agency: Commodity Futures Trading Commission(CFTC)  Priority: Other Significant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Proposed Rule Stage 
Major: No  Unfunded Mandates: No 
CFR Citation: 17 CFR 36    17 CFR 38    17 CFR 40   
Legal Authority: 7 USC 2(h)(7)    Food, Conservation and Energy Act of 2008, PL 110-246, sec 13201, sec 13204   
Legal Deadline:
Action Source Description Date
NPRM  Statutory  Pursuant to the Food, Conservation and Energy Act of 2008, PL 110-246, Sec 13204  11/18/2008 
Timetable:
Action Date FR Cite
NPRM  11/00/2008    
NPRM Comment Period End  12/00/2008    
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Small Entities Affected: No  Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Agency Contact:
David P. Van Wagner
Chief Counsel, Division of Market Oversight
Commodity Futures Trading Commission
Three Lafayette Centre, 1155 21st Street NW,
Washington, DC 20581
Phone:202 418-5481
Email: dvanwagner@cftc.gov