17 Commodity and Securities Exchanges 1 2000-04-01 2000-04-01 false DESIGNATION OF AND CONTINUING COMPLIANCE BY CONTRACT MARKETS 5 PART 5 Commodity and Securities Exchanges COMMODITY FUTURESTRADING COMMISSION Pt. 5 PART 5—DESIGNATION OF AND CONTINUING COMPLIANCE BY CONTRACT MARKETS Sec. 5.1 Fast-track designation review. 5.2 Dormant contracts. 5.3 Listing contracts for trading by exchange certification. Appendix A to Part 5—Guideline No. 1; Interpretive Statement Regarding Economic and Public Interest Requirements for Contract Market Designation Appendix B to Part 5—Schedule of Fees Appendix C to Part 5—Internal Procedure Regarding Period for Response By Exchanges Appendix D to Part 5—Internal Procedure Regarding Period for Public Comment Appendix E to Part 5—Information That a Foreign Board of Trade Should Submit When Seeking No-Action Relief to Offer and Sell, to Persons Located in the United States, a Futures Contract on a Foreign Securities Index Traded on That Foreign Board of Trade Authority:

7 U.S.C. 6(c), 6c, 7, 7a, 8 and 12a.
§ 5.1 Fast-track designation review.

(a) Cash-settled contracts. Boards of trade seeking designation as a contract market under sections 4c, 5, 5a, and 6 of the Act, and regulations thereunder, shall be deemed to be designated as a contract market under section 6 of the Act ten days after receipt by the Commission of the application for designation, unless notified otherwise within that period, if:

(1) The board of trade labels the submission as being submitted pursuant to Commission rule 5.1—Fast Track Ten-Day Review;

(2)(i) The application for designation is for a futures contract providing for cash settlement or for delivery of a foreign currency for which there is no legal impediment to delivery and for which there exists a liquid cash market; or

(ii) For an option contract that is itself cash-settled, is for delivery of a foreign currency which meets the requirements of paragraph (a)(2)(i) of this section or is to be exercised into a futures contract which has already been designated as a contract market;

(3) The application for designation is for a commodity other than those enumerated in section 1a(3) of the Act or subject to the procedures of section 2(a)(1)(B) of the Act;

(4) The board of trade currently is designated as a contract market for at least one contract which is not dormant within the meaning of this part;

(5) The submission complies with the requirements of Appendix A of this part—Guideline No. 1 and § 1.61 of this chapter;

(6) The board of trade does not amend the terms or conditions of the proposed contract or supplement the application for designation, except as requested by the Commission or for correction of typographical errors, renumbering or other such nonsubstantive revisions, during that period; and

(7) The board of trade has not instructed the Commission in writing during the review period to review the application for designation under the usual procedures under section 6 of the Act.

(b) Contracts for physical delivery. Boards of trade seeking designation as a contract market under sections 4c, 5, 5a, and 6 of the Act, and regulations thereunder, shall be deemed to be designated as a contract market under section 6 of the Act forty-five days after receipt by the Commission of the application for designation, unless notified otherwise within that period, if:

(1) The board of trade labels the submission as being submitted pursuant to Commission rule 5.1—Fast Track Forty-Five Day Review;

(2) The application for designation is for a commodity other than those subject to the procedures of section 2(a)(1)(B) of the Act;

(3) The board of trade currently is designated as a contract market for at least one contract which is not dormant within the meaning of this part;

(4) The submission complies with the requirements of Appendix A of this part—Guideline No. 1 and § 1.61 of this chapter;

(5) The board of trade does not amend the terms or conditions of the proposed contract or supplement the application for designation, except as requested by the Commission or for correction of typographical errors, renumbering or other such nonsubstantive revisions, during that period; and

(6) The board of trade has not instructed the Commission in writing during the forty-five day review period to review the application for designation under the usual procedures under section 6 of the Act.

(c) Notification of extension of time. The Commission, within ten days after receipt of a submission filed under paragraph (a) of this section, or forty-five days after receipt of a submission filed under paragraph (b) of this section, may notify the board of trade making the submission that the review period has been extended for a period of thirty days where the designation application raises novel or complex issues which require additional time for review. This notification will briefly specify the nature of the specific issues for which additional time for review is required. Upon such notification, the period for fast-track review of paragraphs (a) and (b) of this section shall be extended for a period of thirty days.

(d) Notification of termination of fast-track procedures. During the fast-track review period provided under paragraphs (a) or (b) of this section, or of the thirty-day extension when the period has been enlarged under paragraph (c) of this section, the Commission shall notify the board of trade that the Commission is terminating fast-track review procedures and will review the proposed rule under the usual procedures of section 6 of the Act, if it appears that the proposed contract may violate a specific provision of the Act, regulation, or form or content requirement of Appendix A of this part. This termination notification will briefly specify the nature of the issues raised and the specific provision of the Act, regulation, or form or content requirement of Appendix A of this part that the proposed contract appears to violate. Within ten days of receipt of this termination notification, the board of trade may request that the Commission render a decision whether to approve the designation or to institute a proceeding to disapprove the proposed application for designation under the procedures specified in section 6 of the Act by notifying the Commission that the exchange views its application as complete and final as submitted.

(e) Delegation of authority. (1) The Commission hereby delegates, until it orders otherwise, to the Director of the Division of Economic Analysis or to the Director's delegatee, with the concurrence of the General Counsel or the General Counsel's delegatee, authority to request under paragraphs (a)(6) and (b)(5) of this section that the contract market amend the proposed contract or supplement the application, to notify a board of trade under paragraph (c) of this section that the time for review of a proposed contract term submitted for review under paragraphs (a) or (b) of this section has been extended, and to notify the contract market under paragraph (d) of this section that the fast-track procedures of this section are being terminated.

(2) The Director of the Division of Economic Analysis may submit to the Commission for its consideration any matter which has been delegated in paragraph (e)(1) of this section.

(3) Nothing in the paragraph prohibits the Commission, at its election, from exercising the authority delegated in paragraph (e)(1) of this section.

[62 FR 10440, Mar. 7, 1997]
§ 5.2 Dormant contracts.

(a) Definitions. For purposes of this section:

(1) The term dormant contract market means any commodity futures or option contract market:

(i) In which no trading has occurred in any future or option expiration for a period of six complete calendar months; or

(ii) Which has been certified by a board of trade to the Commission to be a dormant contract market.

(2) [Reserved]

(b) Listing of additional futures trading months or option expirations. No dormant contract market may list additional months or expirations for trading, or otherwise permit trading to recommence in such a dormant contract market, until such time as the Commission approves, pursuant to section 5a(a)(12)(A) of the Act and § 1.41(b) of these regulations, the bylaw, rule, regulation or resolution of the contract market submitted to the Commission pursuant to paragraph (c) of this section.

(c) Bylaw, rule, regulation or resolution to list additional trading months or expirations. (1) Any bylaw, rule, regulation or resolution of a contract market to list additional trading months or expirations in a dormant contract market or to otherwise recommence trading in such a contract market shall be submitted to the Commission under section 5a(a)(12)(A) of the Act and § 1.41(b) of these regulations.

(2) Each submission shall include the information required to be submitted pursuant to § 1.41(b) of these regulations and also shall:

(i) Clearly designate the submission as filed pursuant to Commission Rule 5.2.

(ii) Contain an economic justification for the listing of additional months or expirations in the dormant contract market, which shall include an explanation of those economic conditions which have changed subsequent to the time the contract became dormant and an explanation of how any new terms and conditions which are now being proposed by the contract market, or which have been proposed for an option market's underlying futures contract market, would make it reasonable to expect that the futures or option contract will be used on more than an occasional basis for hedging or price basing.

(d) Exemptions. No contract market shall be considered dormant until the end of sixty (60) complete calendar months:

(1) Following designation;

(2) Following notice to the contract market that the Commission has reviewed the economic purpose and the terms and conditions of the contract and has determined in its discretion to permit this exemption; or

(3) Following Commission approval of the contract market bylaw, rule, regulation, or resolution submitted pursuant to paragraph (c) of this section.

[51 FR 17473, May 13, 1986, as amended at 57 FR 20637, May 14, 1992; 59 FR 5316, Feb. 4, 1994]
§ 5.3 Listing contracts for trading by exchange certification.

(a) Notwithstanding the provisions of section 4(a)(1) of the Act or § 33.2 of this chapter, a board of trade may list for trading contracts of sale of a commodity for future delivery or commodity option contracts, if the board of trade:

(1) Is designated under sections 4c, 5, 5a(a) and 6 of the Act as a contract market in at least one commodity which is not dormant within the meaning of § 5.2 of this part;

(2) In connection with the trading of the contract complies with all requirements of the Act and Commission regulations thereunder applicable to designated contract markets, except for the requirement under section 5a(a)(12) of the Act and § 1.41(b) of this chapter that the terms and conditions of the contract be approved by the Commission;

(3) Files with the Commission at its Washington, DC, headquarters and the regional office having jurisdiction over it a copy of the contract's initial terms and conditions and a certification by the board of trade that the contract's initial terms and conditions neither violate nor are inconsistent with any provision of the Commodity Exchange Act or of the rules thereunder, and the filing is received no later than the close of business of the business day preceding the contract's initial listing;

(4) Files with the Commission at its Washington, DC, headquarters and the regional office having jurisdiction over it the text of each amendment to the contract terms and conditions (with deletions in brackets and additions underscored), a brief explanation of the amendment including a description of any substantive opposing views by members of the board of trade or others and a certification by the board of trade that the amendment neither violates nor is inconsistent with any provision of the Commodity Exchange Act or of the rules thereunder, and the filing is received no later than the close of business of the business day preceding the amendment's implementation;

(5) Implements amendments to the contract terms and conditions only in trading months having no open interest at the time of implementation; and

(6) Identifies the contract in its rules as listed for trading pursuant to exchange certification.

(b) The board of trade must enforce each bylaw, rule, regulation and resolution that relates to the terms or conditions of a contract listed for trading under this section.

(c) Contracts listed for trading pursuant to this section shall not be void or voidable as a result of:

(1) A violation by the board of trade of the provisions of this section; or

(2) Any Commission proceeding to disapprove designation under section 6 of the Act, to disapprove a term or condition under section 5a(a)(12) of the Act, to alter or supplement a term or condition under section 8a(7) of the Act, to amend the contract's terms or conditions under section 5a(a)(10) of the Act, to declare an emergency under section 8a(9) of the Act, or any other proceeding the effect of which is to disapprove, alter, supplement, or require a contract market to adopt a specific term or condition, trading rule or procedure, or to take or refrain from taking a specific action.

(d) Except as specified in paragraph (a) of this section and unless the context otherwise requires, the board of trade listing contracts, and the contracts listed, for trading under this section shall be subject to all of the provisions of the Act and Commission regulations thereunder which are applicable to a “board of trade,” “board of trade licensed by the Commission,” “exchange,” “contract market,” “designated contract market,” or “contract market designated by the Commission” as though those provisions were set forth in this section and included specific reference to contracts listed for trading pursuant to this section.

(e) The provisions of this section shall not apply to :

(1) A contract subject to the provisions of section 2(a)(1)(B) of the Act;

(2) A contract to be listed initially for trading that is the same or substantially the same as one for which an application for contract market designation under sections 4c, 5, 5a and 6 of the Act or § 5.1 of this part already was filed for Commission approval by another board of trade while the application is pending before the Commission;

(3) A contract to be listed initially for trading that is the same or substantially the same as one which is the subject of a pending Commission proceeding to disapprove designation under section 6 of the Act, to disapprove a term or condition under section 5a(a)(12) of the Act, to alter or supplement a term or condition under section 8a(7) of the Act, to amend terms or conditions under section 5a(a)(10) of the Act, to declare an emergency under section 8a(9) of the Act, or to any other proceeding the effect of which is to disapprove, alter, supplement, or require a contract market to adopt a specific term or condition, trading rule or procedure, or to take or refrain from taking a specific action.

[64 FR 66380, Nov. 26, 1999]
Pt. 5, App. E Appendix E—Information That a Foreign Board of Trade Should Submit When Seeking No-Action Relief to Offer and Sell, to Persons Located in the United States, a Futures Contract on a Foreign Securities Index Traded on That Foreign Board of Trade

A foreign board of trade seeking no-action relief to offer and to sell, to persons located in the U.S., a futures contract on a foreign securities index traded on that foreign board of trade should submit the following in English:

(1) The terms and conditions of the contract and all other relevant rules of the exchange and, if applicable, of the exchange on which the underlying securities are traded, which have an effect on the over-all trading of the contract, including circuit breakers, price limits, position limits or other controls on trading;

(2) Surveillance agreements between the foreign board of trade and the exchange(s) on which the underlying securities are traded;

(3) Information sharing agreements between the host regulator and the Commission or assurances of ability and willingness to share information with the Commission and assurances from the foreign board of trade of its ability and willingness to share information with the Commission, either directly or indirectly.

(4) When applicable, information regarding foreign blocking statutes and their impact on the ability of United States government agencies to obtain information concerning the trading of such contracts; and

(5) Information and data denoted in U.S. dollars relating to:

(i) The method of computation, availability, and timeliness of the index;

(ii) The total capitalization, number of stocks (including the number of unaffiliated issuers if different from the number of stocks), and weighting of the stocks by capitalization and, if applicable, by price in the index;

(iii) Breakdown of the index by industry segment including the capitalization and weight of each industry segment;

(iv) Procedures and criteria for selection of individual securities for inclusion in, or removal from, the index, how often the index is regularly reviewed, and any procedures for changes in the index between regularly scheduled reviews;

(v) Method of calculation of the cash-settlement price and the timing of its public release;

(vi) Average daily volume of trading by calendar month, measured by share turnover and dollar value, in each of the underlying securities for a six month period of time and, separately, the daily volume in each underlying security for six expirations (cash-settlement dates) or for the six days of that period on which cash-settlement would have occurred had each month of the period been an expiration month; and

(vii) If applicable, average daily futures trading volume.

[64 FR 29224, June 1, 1999] Pt. 5, App. A Appendix A to Part 5—Guideline No. 1; Interpretative Statement Regarding Economic and Public Interest Requirements for Contract Market Designation (a) Application for Designation of Physical Delivery Futures Contracts

A board of trade shall submit:

(1) The rules setting froth the terms and conditions of the futures contract.

(2) A description of the cash market for the commodity on which the contract is based.

(i) The description may include, in addition to or in lieu of materials prepared by the board of trade, existing studies by industry trade groups, academics, governmental bodies or other entities, reports of consultants, or other materials which provide a description of the underlying cash market.

(ii) Where the same, or a closely related commodity, is already designated as a contract market which and is not dormant, the cash market description can be confined to those aspects relevant to particular term(s) or condition(s) which differ from such existing contract.

(3) A demonstration that the terms and conditions, as a whole, will result in a deliverable supply such that the contract will not be conducive to price manipulation or distortion and that the deliverable supply reasonably can be expected to be available to short traders and salable by long traders at its market value in normal cash marketing channels.

For purposes of this demonstration, provide the following information in chart or narrative form.

Contract Terms and Conditions Term or condition Exchange
  • proposal
    •  Rule number of identical approved provision, if any 1 Explanation as to consistency with, or reason for variance from cash market practice     1. Commodity characteristics (e.g., grade, quality, weight, class, growth, issuer, origin, maturity, source, rating, etc.) 2. Any quality differentials for nonpar deliveries, or lack thereof 3. Delivery points/region 4. Any locational differentials for nonpar deliveries, or lack thereof 5. Delivery facilities (type, number, capacity, ownership) 6. Contract size and/or trading unit 7. Delivery pack or composition of delivery units 8. Delivery instrument (e.g., warehouse receipt, shipping certificate, bill of lading) 9. Transportation terms (e.g., FOB, CIF, prepay freight to destination) 10. Delivery procedures 11. Delivery months 12. Delivery period and last trading day 13. Inspection/certification procedures (verification of delivery eligibility, any discounts applied for age) 14. Minimum price change (tick) equal to or less than cash market minimum price increment 15. Daily price limit provisions (note relationship to cash market price movements) DELIVERABLE SUPPLIES 2—ESTIMATE OF DELIVERABLE SUPPLIES FOR TRADING MONTH(S) WITH LOWEST SUPPLIES ESTIMATION METHODOLOGY 1 If an identical provision has been approved for a nondormant contract in the same commodity, there is no need to provide an explanation in the next column. 2 No estimate of deliverable supply is needed if a previously designated nondormant contract is trading. Also, no justification of the spot month limit is needed if the limit is the same as that approved by the Commission for an identical contract in that commodity (relative to the quantity or value of the identical contract). Where more than one contract is based on the same underlying commodity or instrument, positions should be combined for purposes of applying speculative limits.     Terms and Conditions Related to Speculative Limits Speculative limit Standard Level
  • (exchange rule)
    •      1. Spot month No greater than one-fourth of estimated deliverable supply 2. Nonspot individual month or all months combined (financial and energy contract) 5,000 contract 3. Nonspot individual month or all months combined (tangible commodity contracts) 1,000 contracts 4. Reporting level Equal to or less than levels specified in CFTC rule 15.03 5. Aggregation rule Same as CFTC rule 150.5(g) or previously approved language

    (4) As specifically requested, such additional evidence, information or data relating to whether the contract meets, initially or on a continuing basis, any of the specific requirements of the Act, including the public interest standard contained in Section 5(7) of the Act, and whether the contract reasonably can be expected to be, or has been, used for hedging and/or price basing on more than an occasional basis, or any other requirement for designation under the Act or Commission rules and policies.

    (b) Application for Cash Settled Futures Contracts

    A board of trade shall submit:

    (1) The rules setting forth the terms and conditions of the proposed futures contract.

    (2) A description of the cash market for the commodity on which the contract is based.

    (i) The description may include, in addition to or in lieu of materials prepared by the board of trade, existing studies by industry trade groups, academics, governmental bodies or other entities, reports of consultants, or other materials which provide a description of the underlying cash market.

    (ii) Where the same, or a closely related commodity, is already designated as a contract market which is not dormant, the cash market description can be confined to those aspects relevant to particular term(s) or conditions(s) which differ from such existing contract.

    (3) A demonstration that cash settlement of the contract is at a price reflecting the underlying cash market, will not be subject to manipulation or distortion, and is based on a cash price series that is reliable, acceptable, publicly available and timely.

    For purposes of this demonstration, provide the following information in chart or narrative form.

    Contract Terms and Conditions Term or condition Rule number of identical approved provision, if any1 Explanation as to consistency with, or reason for variance from, cash market practice 1. Commodity characteristics (e.g., grade, quality, weight, class, growth, issuer, maturity, source, rating, etc.) 2. Delivery months, noting any cyclical variations in trading activity that may affect the potential for manipulating the cash settlement price 3. Last trading day 4. Contract size 5. Minimum price change (tick) 6. Daily price limit provisions, relative to cash market price movements 1 If an identical provision has been approved for a nondormant contract in the same commodity, there is not need to provide an explanation in the next column. Terms and Conditions Related to Cash Settlement Price Series Requirement Rule number of identical approved provision Explanation or justification 1. Where an independent third party calculate the cash settlement price series, evidence that the third party does not object to its use and provides safeguards against susceptibility to manipulation 2. Where board of trade generates cash settlement rice series, specifications of calculation procedure and safeguards in cash settlement process to protect against susceptibility to manipulation (e.g., if self-generated survey, polling sample representative of cash market, but with a minimum of 4 nontrading entities or 8 entities that trade for own account) 3. Procedure for, and timeliness of, dissemination to public 4. Evidence that price is reliable indicator of cash market values and acceptable for hedging Terms and Conditions Related to Speculative Limits Speculative limit Standard Level
  • (exchange rule)
    •      1. Spot month Must be no greater than necessary to minimize the potential for manipulation or distortion of the contract's or the underlying commodity's price 2. Nonspot individual month or all months combined (financial and energy contracts) 5,000 contracts 3. Nonspot individual month or all months combined (tangible commodity contracts) 1,000 contracts 4. Reporting level Equal to or less than levels specified in CFTC rule 15.03 5. Aggregation rule Same as CFTC rule 150.5(g) or previously approved language

    (4) As specifically requested, such additional evidence, information or data relating to whether the contract meets, initially or on a continuing basis, any of the specific requirements of the Act, including the public interest standard contained in Section 5(7) of the Act, and whether the contract reasonably can be expected to be, or has been, used for hedging and/or price basing on more than an occasional basis, or any other requirement for designation under the Act or Commission rules and policies.

    (c) Application for Option Contracts

    A board of trade shall submit:

    (1) The rules setting forth the terms and conditions of the proposed option contract.

    (2)(i) For options on futures contracts, the terms and conditions of the proposed or existing underlying futures contract.

    (2)(ii) For options on physical commodities:

    (A) A description of the cash market for the commodity on which the contract is based.

    (1) The description may include, in addition to or in lieu of material prepared by the board of trade: existing studies by industry trade groups, academics, governmental bodies or other entities; promotional or marketing materials prepared by or for the board of trade; reports of consultants; or other materials which provide a description of the underlying cash market.

    (2) Where the same, or a closely related commodity, is already designated and is not dormant, the cash market description can be confined to those aspects relevant to particular term(s) or condition(s) which differ from such existing contract.

    (B) Depending on the method of settling the option, the relevant chart for either a physical delivery or cash settled futures contract.

    (3) The following completed chart.

    Terms and Conditions Criterion Applicable CFTC Rule (17 CFR) Standard Met by exchange rule number Justification for not meeting standard, or rule number of identical approved rule 1. Speculative limits 150.5 Combined net position in futures and options on a futures-equivalent basis at the futures position levels, with inter-month spread exemptions that are consistent with those of the futures contracts or consistent with Commission Rule 150.5(e) for underlying future 2. Aggregation rule 150.4 Same as Rule 150.5(g) or previously approved language 3. Reporting level 15.00(b)(2) 50 contracts or fewer 4. Strike prices (number listed & increments) 33.4(b)(1) Procedures for routine listing of strikes are specified and automatic, provisions for listing discretionary strikes are specified 5. Option expiration & last trading day 33.4(b)(2) Except for options on cash-settled futures contracts, expiration is not less than one business day before the earlier of the last trading day or the first notice day of the underlying future 6. Minimum tick 33.4(d) Equal to, or less than, the underlying futures tick 7. Daily price limit, if specified 33.4(d) Equal to, or greater than, the underlying futures price limit

    (4) As specifically requested, such additional evidence, information or data relating to whether the contract meets, initially or on a continuing basis, any of the specific requirements of the Act, including the public interest standard contained in Section 5(7) of the Act, or any other requirement for designation under the Act or Commission rules and policies.

    [64 FR 29221, June 1, 1999]     Pt. 5, App. B Appendix B to Part 5—Schedule of Fees

    (a) Applications for contract market designation. Each application for designation must be accompanied by a check or money order made payable to the Commodity Futures Trading Commission in an amount to be determined annually by the Commission and published in the Federal Register.

    (b) Checks and applications should be sent to the attention of the Office of the Secretariat, Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st Street, NW., Washington, DC 20581. No checks or money orders may be accepted by personnel other than those in the Office of the Secretariat.

    (c) Failure to submit the fee with an applications for designation as a contract market will result in return of the application. Fees will not be returned after receipt.

    (Secs. 4c(c), 5, 5a, and 8a(5) of the Commodity Exchange Act, 7 U.S.C. 6c(c), 7, 7a, and 12a(5); sec. 26 of the Futures Trading Act of 1978, 92 Stat. 877, 7 U.S.C. 16a (Supp. V 1981), as amended by sec. 237 of the Futures Trading Act of 1982, Pub. L. 97-444, 96 Stat. 2326 (Jan. 11, 1983); Independent Offices Appropriation Act of 1952, as amended by Pub. L. 97-258, 96 Stat. 1051 (Sept. 13, 1982)) [48 FR 38217, Aug. 23, 1983, as amended at 51 FR 21150, June 11, 1986; 52 FR 22635, June 15, 1987; 60 FR 49334, Sept. 25, 1995]     Pt. 5, App. C Appendix C to Part 5—Internal Procedure Regarding Period for Response By Exchanges

    (a) Response Period. The failure of an exchange to provide a substantially complete, substantive response within one year from the date of a written Commission notice of the material incompleteness of an application for contract market designation, or to supplement such an application within one year from the date of a voluntary agreement to do so, will be deemed to constitute the withdrawal of such an application. Such a withdrawal results in forfeiture of the designation application fee and terminates the Commission's statutory review period for that application. The applicable fee for designation applications will be waived for a period of one year from the date of the application's withdrawal where the withdrawn designation application, or a substantially identical application, is refiled within that period. A refiled designation application will be treated as a new application in all other respects.

    (b) Pending Applications. For all applications pending on the effective date of this procedure, requests for a further stay of the tolling period must be made by the governing board of the exchange within forty-five days prior to the expiration of a year from the date of the stay. Provided however, That in no event shall such a request be required before April 14, 1987. Such requests for a further stay should affirm the exchange's intention to complete the designation applications for which the stay is being requested. Such requests should be sent to the attention of the Office of the Secretariat, Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st Street, NW., Washington, DC 20581. Those pending applications for which no such request is received will be subject to the procedures contained in paragraph (a) of this appendix.

    [52 FR 1446, Jan. 14, 1987, as amended at 60 FR 49334, Sept. 25, 1995]     Pt. 5, App. D Appendix D to Part 5—Internal Procedure Regarding Period for Public Comment

    The Commission will seek public comment on applications for designation of futures and option contract markets by publishing a notice of availability of the terms and conditions of the proposed contract. Generally, the Commission will provide for a public comment period of thirty days on such applications for designation; provided, however, that the public comment period will be fifteen days for those applications submitted for review under the fast-track procedures of § 5.1(b) of this part. The Commission, or its delegatee under § 140.96 of this chapter, in its discretion, may publish for comment the notice of availability for such longer period as appropriate.

    [53 FR 30672, Aug. 15, 1988, as amended at 62 FR 10440, Mar. 7, 1997]