CFTC amends Part 30 rules on the sale of foreign futures and derivatives to US customers - 25 June 2019

The CFTC unanimously approved a proposed rule to its Part 30 exemption program. The part 30 exemption program gives US customers increased access to foreign futures trading markets; people located outside the U.S., who are subject to a comparable regulatory framework in the country in which they are located, may seek an exemption from the application of certain CFTC regulations, including those with respect to registration. However, the issue with the program is the CFTC can terminate the exemption relief granted on its own motion. The proposed amendment will codify the CFTC’s authority to terminate exemption relief issued to foreign firms by declaring three circumstances under which the CFTC can terminate exemption relief. The commission can terminate relief should it determine any of the following:

1) there has been a material change or omission in the facts and circumstances relating to how the relief was granted that demonstrate that the standards forming the basis for such relief are no longer met

2) the continued exemptive relief would not be in the public interest

3) the information-sharing arrangements no longer support exemptive relief. However, the amended regulation does not provide a specific course of action should the CFTC determine that exemptive relief is no longer warranted. 

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