[Code of Federal Regulations]
[Title 17, Volume 1]
[Revised as of April 1, 2002]
From the U.S. Government Printing Office via GPO Access
[CITE: 17CFR1.41a]

[Page 86-87]
 
              TITLE 17--COMMODITY AND SECURITIES EXCHANGES
 
             CHAPTER I--COMMODITY FUTURES TRADING COMMISSION
 
PART 1--GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT--Table of Contents
 
Sec. 1.41a  Delegation of authority to the Directors of the Division of Trading and Markets and the Division of Economic Analysis to process certain contract 
          market rules.

    (a) The Commission hereby delegates, until the Commission orders 
otherwise, the following authority to the Director of the Division of 
Trading and Markets and to the Director of the Division of Economic 
Analysis, to be exercised by either of such Directors or by such other 
employee or employees of the Commission under the supervision of such 
Directors as may be designated from time to time by the Directors:
    (1) Pursuant to Sec. 1.41(b) or Sec. 1.41(c), to determine whether 
to remit to a contract market and not accept for review any rule 
submitted pursuant to section 5a(a)(12)(A) of the Act and Sec. 1.41(b) 
or Sec. 1.41(c), where the Director determines that such rule submission 
does not comply with the form and content requirements set forth in 
Sec. 1.41(b);
    (2) Pursuant to Secs. 1.41(b) or 1.41(c) to determine, and to notify 
a contract market, that:
    (i) Pursuant to Sec. 1.41(b), a rule submitted pursuant to section 
5a(a)(12)(A) of the Act and Sec. 1.41(c) relates to terms and 
conditions, as defined in Sec. 1.41(a)(2);
    (ii) Pursuant to Sec. 1.41(c), a rule submitted pursuant to section 
5a(a)(12)(A) of the Act and Sec. 1.41(c) for implementation without 
Commission approval constitutes a rule that requires prior Commission 
approval pursuant to a specific section of the Act or Commission 
regulations;
    (3) Pursuant to Sec. 1.41(c) to determine, and to notify a contract 
market, that:
    (i) Rules submitted for implementation without Commission approval 
under Sec. 1.41(c) do not require prior Commission approval under 
section 5a(a)(12)(A) of the Act and Sec. 1.41(b) or Sec. 1.41(c) and 
that such rules may become effective prior to the expiration of the ten 
day period following the receipt of such rules by the Commission;
    (ii) Rules submitted for Commission approval under Sec. 1.41(c) do 
not require prior Commission approval under section 5a(a)(12)(A) of the 
Act and Sec. 1.41(b) or Sec. 1.41(c) and may be made effective at the 
expiration of the applicable review period;
    (iii) Rules submitted for Commission approval under Sec. 1.41(c) 
raise novel or complex issues, or are of major economic significance, 
and that the review period has been extended pursuant to 
Sec. 1.41(c)(1)(iii); and
    (4) Pursuant to Sec. 1.41(d), to determine whether to remit to a 
contract market any rule submitted pursuant to section 5a(a)(1) of the 
Act and Sec. 1.41(d), where the Director determines that such rule 
submission is not exempt from the provisions of section 5a(a)(12)(A) of 
the Act and Sec. 1.41(b) or Sec. 1.41(c).
    (5) Pursuant to Sec. 1.41(h) through (t) to determine:
    (i) Whether contract market rules submitted pursuant to section 
5a(a)(12) of the Act and the provisions of Sec. 1.41(h) through (t) 
comply with the provisions of Sec. 1.41(h) through (t), as applicable;
    (ii) To give notice that rules submitted pursuant to Sec. 1.41(k) 
through (t) comply with the provisions of Sec. 1.41(k) through (t), as 
applicable, and therefore shall be deemed approved prior to the end of 
the period specified in the applicable rule, commencing on the day the 
rule is received by the Commission at its Washington, DC headquarters;
    (iii) If contract market rules submitted pursuant to the provisions 
of Sec. 1.41(h) through (t) do not comply with the applicable provisions 
of these regulations, to notify the submitting contract market that such 
rules are therefore subject to the procedures specified in section 
5a(a)(12) of the Act and Sec. 1.41(b); and
    (iv) If contract market rules submitted pursuant to the provisions 
of Sec. 1.41(b) comply with any of the provisions of Sec. 1.41(h) 
through (t), to notify the contract market that such rules will be 
treated as if submitted pursuant to Sec. 1.41(h) through (t) as 
applicable.
    (b) The Director of the Division of Trading and Markets or the 
Director of the Division of Economic Analysis may submit to the 
Commission for its consideration any matter which has been delegated 
pursuant to paragraph (a) of this section.
    (c) Nothing in this section shall be deemed to prohibit the 
Commission, at

[[Page 87]]

its election, from exercising the authority delegated to the Director of 
the Division of Trading and Markets and the Director of the Division of 
Economic Analysis under this section.

[48 FR 49009, Oct. 24, 1983, as amended at 50 FR 30140, July 24, 1985; 
57 FR 27925, June 23, 1992; 59 FR 2290, Jan. 14, 1994; 59 FR 5525, 5526, 
Feb. 7, 1994; 62 FR 17701, Apr. 11, 1997]