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Federal Register/Vol. 85, No. 114/Friday, June 12, 2020

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Federal Register/Vol. 85, No. 114/Friday, June 12, 2020 35820 Federal Register / Vol. 85, No. 114 / Friday, June 12, 2020 / Proposed Rules List of Subjects in 14 CFR Part 71 COMMODITY FUTURES TRADING Mail: Send to Christopher Kirkpatrick, COMMISSION Secretary of the Commission, Airspace, Incorporation by reference, Commodity Futures Trading Navigation (air). 17 CFR Part 3 Commission, Three Lafayette Center, 1155 21st Street NW, Washington, DC The Proposed Amendment RIN 3038–AE46 20581. In consideration of the foregoing, the Exemption From Registration for Hand Delivery/Courier: Same as Mail Federal Aviation Administration Certain Foreign Persons Acting as above. proposes to amend 14 CFR part 71 as Commodity Pool Operators of Offshore Please submit your comments using follows: Commodity Pools only one of these methods. To avoid possible delays with mail or in-person PART 71—DESIGNATION OF CLASS A, AGENCY: Commodity Futures Trading deliveries, submissions through the B, C, D, AND E AIRSPACE AREAS; AIR Commission. CFTC Comments Portal are encouraged. TRAFFIC SERVICE ROUTES; AND ACTION: Notice of proposed rulemaking; All comments must be submitted in REPORTING POINTS reopening of comment period. English, or if not, accompanied by an English translation. Comments will be SUMMARY: The Commodity Futures ■ 1. The authority citation for part 71 posted as received to https:// Trading Commission (Commission) is continues to read as follows: comments.cftc.gov. You should submit proposing to amend the conditions in only information that you wish to make Authority: 49 U.S.C. 106(f), 106(g); 40103, Commission regulation 3.10(c) under publicly available. If you wish the 40113, 40120; E.O. 10854, 24 FR 9565, 3 CFR, which a person located outside of the Commission to consider information 1959–1963 Comp., p. 389. United States engaged in the activity of that may be exempt from disclosure a commodity pool operator (CPO; each § 71.1 [Amended] under the Freedom of Information Act person located outside of the United (FOIA), a petition for confidential ■ 2. The incorporation by reference in States a non-U.S. CPO) in connection treatment of the exempt information 14 CFR 71.1 of FAA Order 7400.11D, with commodity interest transactions on may be submitted according to the Airspace Designations and Reporting behalf of persons located outside the procedures established in § 145.9 of the Points, dated August 8, 2019 and United States (collectively, an offshore Commission’s regulations.1 effective September 15, 2019, is commodity pool or offshore pool) would The Commission reserves the right, amended as follows: qualify for an exemption from CPO but shall have no obligation, to review, registration and regulation with respect Paragraph 6009 Colored Federal Airways. pre-screen, filter, redact, refuse or to that offshore pool. Specifically, remove any or all of your submission * * * * * through amendments to Commission from https://comments.cftc.gov that it regulation 3.10(c), the Commission is A–1 [Amended] may deem to be inappropriate for proposing that non-U.S. CPOs may From Abbotsford, BC Canada NDB, to publication, such as obscene language. claim an exemption from registration All submissions that have been redacted Victoria, BC Canada NDB, Sandspit, BC, with respect to its qualifying offshore Canada, NDB 96 miles 12 AGL, 102 miles 35 or removed that contain comments on commodity pools, while maintaining the merits of the rulemaking will be MSL, 57 miles 12 AGL, via Sitka, AK, NDB; another exemption from registration, 31 miles 12 AGL, 50 miles 47 MSL, 88 miles retained in the public comment file and relying on an exclusion, or registering as will be considered as required under the 20 MSL, 40 miles 12 AGL, Ocean Cape, AK, a CPO with respect to the operation of ° Administrative Procedure Act and other NDB; INT Ocean Cape NDB 283 and Orca other commodity pools. The Bay, AK, NDB 106° bearings; Orca Bay NDB; applicable laws, and may be accessible Commission is also proposing to add a under FOIA. From Takotna River, AK, NDB; 24 miles 12 safe harbor by which a non-U.S. CPO of AGL, 53 miles 55 MSL; 51 miles 40 MSL, 25 an offshore commodity pool may rely FOR FURTHER INFORMATION CONTACT: miles 12 AGL, North River, AK, NDB; 17 upon the proposed exemption in Joshua B. Sterling, Director, (202) 418– miles 12 AGL, 89 miles 25 MSL, 17 miles 12 Commission regulation 3.10(c) if they 6056, [email protected], Amanda Lesher AGL, to Fort Davis, AK, NDB. Excluding that satisfy enumerated factors related to the Olear, Deputy Director, (202) 418–5283, airspace within Canada. operation of the offshore commodity [email protected], or regarding Section III * * * * * pool. Additionally, the Commission is of this Notice of Proposed Rulemaking, Frank Fisanich, Chief Counsel, (202) G–7 [Removed] proposing to permit certain U.S. control affiliates of a non-U.S. CPO to 418–5949, [email protected], Division * * * * * contribute capital to such CPO’s of Swap Dealer and Intermediary Oversight, Commodity Futures Trading G–11 [Removed] offshore pools as part of the initial Commission, Three Lafayette Centre, * * * * * capitalization without rendering the non-U.S. CPO ineligible for the 1155 21st Street NW, Washington, DC Issued in Washington, DC, on June 3, 2020. exemption from registration under 20581. Scott M. Rosenbloom, Commission regulation 3.10. SUPPLEMENTARY INFORMATION: Acting Manager, Rules and Regulations DATES: Comments must be received on I. Background Group. or before August 11, 2020. [FR Doc. 2020–12700 Filed 6–11–20; 8:45 am] ADDRESSES: Section 1a(11) of the Commodity You may submit comments, 2 BILLING CODE 4910–13–P identified by RIN 3038–AE46, by any of Exchange Act (CEA or Act) defines the the following methods: term ‘‘commodity pool operator’’ as any CFTC Comments Portal: http:// comments.cftc.gov. Select the ‘‘Submit 1 17 CFR 145.9. Commission regulations referred to herein are found at 17 CFR Chapter I (2019). Comments’’ link for this rulemaking and 2 See 7 U.S.C. 1, et seq. (2019). The CEA and the follow the instructions on the Public Commission’s regulations are accessible through the Comment Form. Commission’s website, https://www.cftc.gov. VerDate Sep<11>2014 16:40 Jun 11, 2020 Jkt 250001 PO 00000 Frm 00009 Fmt 4702 Sfmt 4702 E:\FR\FM\12JNP1.SGM 12JNP1 jbell on DSKJLSW7X2PROD with PROPOSALS Federal Register / Vol. 85, No. 114 / Friday, June 12, 2020 / Proposed Rules 35821 person 3 engaged in a business that is of must determine that the agreements, 3. The commodity interest transaction the nature of a commodity pool, contracts, or transactions undertaken by is submitted for clearing through a investment trust, syndicate, or similar the exempt CPO should not require registered futures commission form of enterprise, and who, with registration and that the exemption from merchant.16 respect to that commodity pool, solicits, registration would be consistent with A person acting in accordance with accepts, or receives from others, funds, the public interest and the Act.10 The the 3.10 Exemption remains subject to securities, or property, either directly or Commission must further determine the antifraud provisions of CEA section through capital contributions, the sale of that the agreement, contract, or 4o,17 but is otherwise not required to stock or other forms of securities, or transaction will be entered into solely comply with those provisions of the otherwise, for the purpose of trading in between appropriate persons and that it CEA or Commission regulations commodity interests.4 CEA section will not have a material adverse effect applicable to any person registered in 1a(10) defines a ‘‘commodity pool’’ as on the ability of the Commission or any such intermediary capacity or persons any investment trust, syndicate, or contract market to discharge its required to be so registered.18 The 3.10 similar form of enterprise operated for regulatory or self-regulatory duties Exemption provides that it is available the purpose of trading in commodity under the Act.11 The term ‘‘appropriate to non-U.S. CPOs whose activities, in interests.5 CEA section 4m(1) generally person’’ as used in section 4(c) includes connection with any commodity interest requires each person who satisfies the a commodity pool formed or operated transaction executed bilaterally or made CPO definition to register as such with by a person subject to regulation under on or subject to the rules of any the Commission.6 With respect to CPOs, the Act.12 The Commission has designated contract market or swap the CEA also authorizes the previously interpreted the clause execution facility, are confined to acting Commission, acting by rule or ‘‘subject to regulation under the Act’’ as on behalf of offshore commodity regulation, to include within or exclude including persons who are exempt from pools.19 This exemption was first from the term ‘‘commodity pool registration or excluded from the adopted in 2007 and was based on a operator’’ any person engaged in the definition of a registration category.13 long-standing no-action position business of operating a commodity pool Part 3 of the Commission’s regulations articulated by the Commission’s Office if the Commission determines that the governs the registration of of General Counsel in 1976.20 rule or regulation will effectuate the intermediaries engaged in, inter alia, the In adopting the final rule amending purposes of the CEA.7 offering and selling of, and the Commission regulation 3.10, the Additionally, CEA section 4(c), in provision of advice concerning, all Commission agreed with commenters relevant
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