[Code of Federal Regulations]
[Title 17, Volume 1]
[Revised as of April 1, 2007]
From the U.S. Government Printing Office via GPO Access
[CITE: 17CFR40.4]

[Page 449]
 
              TITLE 17--COMMODITY AND SECURITIES EXCHANGES
 
             CHAPTER I--COMMODITY FUTURES TRADING COMMISSION
 
PART 40_PROVISIONS COMMON TO CONTRACT MARKETS, DERIVATIVES TRANSACTION 
 
Sec.  40.4  Amendments to terms or conditions of enumerated agricultural 

contracts.

    (a) Designated contract markets must submit for Commission approval 
under the procedures of Sec.  40.5, prior to its implementation, any 
rule or rule amendment that, for a delivery month having open interest, 
would materially change a term or condition as defined in Sec.  40.1(i), 
of a contract for future delivery in an agricultural commodity 
enumerated in Section 1a(4) of the Act, or of an option on such a 
contract or commodity.
    (b) The following rules or rule amendments are not material changes 
and, except as provided in paragraph (b)(9) of this section, may be 
reported to the Commission pursuant to the provisions of Sec.  40.6(c):
    (1) Changes in trading hours;
    (2) Changes in lists of approved delivery facilities pursuant to 
previously set standards or criteria;
    (3) Changes to terms and conditions of options on futures other than 
those relating to last trading day, expiration date, option strike price 
delistings, and speculative position limits;
    (4) Reductions in the minimum price fluctuation (or ``tick'');
    (5) Changes required to comply with a binding order of a court of 
competent jurisdiction, or of a rule, regulation or order of the 
Commission or of another federal regulatory authority;
    (6) Corrections of typographical errors, renumbering, periodic 
routine updates to identifying information about approved entities and 
other such nonsubstantive revisions of a product's terms and conditions 
that have no effect on the economic characteristics of the product;
    (7) Fees or fee changes of less than $1.00 per contract;
    (8) Fees or fee changes that are $1.00 or more per contract and are 
established by an independent third party or are unrelated to delivery, 
trading, clearing or dispute resolution; and
    (9) Any other rule:
    (i) The text of which has been submitted for review to the Secretary 
of the Commission electronically in a format specified by the Secretary 
of the Commission, at least ten business days prior to its 
implementation and that has been labeled ``Non-Material Agricultural 
Rule Change;''
    (ii) For which the registered entity has provided an explanation as 
to why it considers the rule ``non-material,'' and any other information 
that may be beneficial to the Commission in analyzing the merits of the 
entity's claim of non-materiality; and
    (iii) With respect to which the Commission has not notified the 
contract market during the review period that the rule appears to 
require or does require prior approval under this section.

[71 FR 1969, Jan. 12, 2006]