[Code of Federal Regulations]
[Title 17, Volume 1]
[Revised as of April 1, 2006]
From the U.S. Government Printing Office via GPO Access
[CITE: 17CFR30.10]

[Page 337-338]
 
              TITLE 17--COMMODITY AND SECURITIES EXCHANGES
 
             CHAPTER I--COMMODITY FUTURES TRADING COMMISSION
 
PART 30_FOREIGN FUTURES AND FOREIGN OPTIONS TRANSACTIONS--Table of 
Contents
 
Sec.  30.10  Petitions for exemption.

    (a) Any person adversely affected by any requirement of this part 
may file a petition with the Secretary of the Commission, which petition 
must set

[[Page 338]]

forth with particularity the reasons why that person believes that he 
should be exempt from such requirement. The Commission may, in its 
discretion, grant such an exemption if that person demonstrates to the 
Commission's satisfaction that the exemption is not otherwise contrary 
to the public interest or to the purposes of the provision from which 
exemption is sought. The petition will be granted or denied on the basis 
of the papers filed. The petition may be granted subject to such terms 
and conditions as the Commission may find appropriate.
    (b) Any foreign person that files a petition for an exemption under 
this section shall be eligible for such an exemption notwithstanding its 
presence in the United States through U.S. bank branches or divisions 
if, in conjunction with a petition for confirmation of relief granted 
under an existing Commission order issued pursuant to this section, it 
complies with the following conditions:
    (1) No U.S. bank branch, office or division will engage in the 
trading of futures or options on futures within or from the United 
States, except for its own proprietary account;
    (2) No U.S. bank branch, office or division will refer any foreign 
futures or foreign options customer to the foreign person or otherwise 
be involved in the foreign person's business in foreign futures or 
foreign option transactions;
    (3) No U.S. bank branch, office or division will solicit any foreign 
futures or foreign option business or purchase or sell foreign futures 
or foreign option contracts on behalf of any foreign futures or foreign 
option customers or otherwise engage in any activity subject to 
regulation under this part or engage in any clerical duties related 
thereto. If any U.S. division, office or branch desires to engage in 
such activities, it will only do so through an appropriate Commission 
registrant;
    (4) The foreign person will maintain outside the United States all 
contract documents, books and records regarding foreign futures and 
foreign option transactions;
    (5) The foreign person and each of its U.S. bank branches, offices 
or divisions agree to provide upon request of the Commission, the 
National Futures Association or the U.S. Department of Justice, access 
to their books and records for the purpose of ensuring compliance with 
the foregoing undertakings and consent to make such records available 
for inspection at a location in the United States within 72 hours after 
service of the request; and
    (6) Although it will continue to engage in normal commercial 
activities, no U.S. bank branch, office or division of the foreign 
person will establish relationships in the United States with the 
applicant's foreign futures or foreign option customers for the purpose 
of facilitating or effecting transactions in foreign futures or foreign 
option contracts.

[52 FR 28998, Aug. 5, 1987, as amended at 69 FR 49803, Aug. 12, 2004]