http://www.washingtonwatch.com/bills info@washingtonwatch.com http://www.pjdoland.com/chai/?v=0.1 http://www.washingtonwatch.com/bills/history/110_HR_5768.html?rev=34194 <p>H.R. 5768 would amend the Commodity Exchange Act to provide the Commodity Futures Trading Commission authority over off-exchange retail foreign currency transactions.</p> <h2 id="toc0"> Detailed Summary </h2> <p>CFTC Improvement Act of 2008 - Amends the Commodity Exchange Act to revise Commodity Futures Trading Commission (CFTC) jurisdiction over certain agreements, contracts, and transactions in retail foreign currency.</p> <p>Extends coverage to certain future commissions merchants (and affiliated persons) and retail foreign exchange dealers. Requires them to register with the CFTC in order to solicit or accept orders from any person that is not an eligible contract participant in connection with such agreements, contracts, or transactions.</p> <p>Directs the CFTC to maintain a liaison with the Department of Justice to coordinate civil and criminal investigations and prosecutions of violations of the Act.</p> <p>Revises the prohibition against contracts designed to defraud or mislead. Declares that the requirements of such prohibition do not obligate any person, in connection with a transaction, to disclose to another person in the transaction any nonpublic information that may be material to the market price, rate, or level of the commodity or transaction, except as necessary to make any statement to such other person not misleading in any material respect.</p> <p>Increases: (1) the civil penalty for market manipulation to $1 million, or triple the monetary gain for each such violation; and (2) the criminal penalty for market manipulation from five to ten years imprisonment</p> <p>Authorizes appropriations for the CFTC through FY2013.</p> <p>Requires the agencies represented on the President's Working Group on Financial Markets to work to ensure that the Securities and Exchange Commission (SEC), and the CFTC, have taken the actions to permit: (1) by September 30, 2008, risk-based portfolio margining for security options and security futures products; and (2) by June 30, 2008, the trading of futures on certain security indexes by resolving issues related to foreign security indexes.</p> <p>Sets forth standards applicable to significant price discover contracts, including: (1) price linkage; (2) arbitrage; (3) core principles applicable to significant price discovery contract; and (4) daily publication of trading information.</p> <p>Subjects to CFTC (large trader) reporting and recordkeeping requirements any significant price discovery contract traded or executed on an electronic trading facility.</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc1"> Status of the Legislation </h2> <p>Latest Major Action: 11/19/2008: Referred to House subcommittee. Status: Referred to the Subcommittee on General Farm Commodities and Risk Management.</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc2"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc3"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 34194@http://www.washingtonwatch.com Thu, 20 Nov 2008 06:38:42 EST http://www.washingtonwatch.com/bills/history/110_HR_5768.html?rev=25107 <p>H.R. 5768 would amend the Commodity Exchange Act to provide the Commodity Futures Trading Commission authority over off-exchange retail foreign currency transactions.</p> <h2 id="toc4"> Detailed Summary </h2> <p>CFTC Improvement Act of 2008 - Amends the Commodity Exchange Act to revise Commodity Futures Trading Commission (CFTC) jurisdiction over certain agreements, contracts, and transactions in retail foreign currency.</p> <p>Extends coverage to certain future commissions merchants (and affiliated persons) and retail foreign exchange dealers. Requires them to register with the CFTC in order to solicit or accept orders from any person that is not an eligible contract participant in connection with such agreements, contracts, or transactions.</p> <p>Directs the CFTC to maintain a liaison with the Department of Justice to coordinate civil and criminal investigations and prosecutions of violations of the Act.</p> <p>Revises the prohibition against contracts designed to defraud or mislead. Declares that the requirements of such prohibition do not obligate any person, in connection with a transaction, to disclose to another person in the transaction any nonpublic information that may be material to the market price, rate, or level of the commodity or transaction, except as necessary to make any statement to such other person not misleading in any material respect.</p> <p>Increases: (1) the civil penalty for market manipulation to $1 million, or triple the monetary gain for each such violation; and (2) the criminal penalty for market manipulation from five to ten years imprisonment</p> <p>Authorizes appropriations for the CFTC through FY2013.</p> <p>Requires the agencies represented on the President's Working Group on Financial Markets to work to ensure that the Securities and Exchange Commission (SEC), and the CFTC, have taken the actions to permit: (1) by September 30, 2008, risk-based portfolio margining for security options and security futures products; and (2) by June 30, 2008, the trading of futures on certain security indexes by resolving issues related to foreign security indexes.</p> <p>Sets forth standards applicable to significant price discover contracts, including: (1) price linkage; (2) arbitrage; (3) core principles applicable to significant price discovery contract; and (4) daily publication of trading information.</p> <p>Subjects to CFTC (large trader) reporting and recordkeeping requirements any significant price discovery contract traded or executed on an electronic trading facility.</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc5"> Status of the Legislation </h2> <p>Latest Major Action: 4/10/2008: Referred to House committee. Status: Referred to the Committee on Agriculture, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc6"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc7"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 25107@http://www.washingtonwatch.com Fri, 06 Jun 2008 18:31:50 EDT http://www.washingtonwatch.com/bills/history/110_HR_5768.html?rev=21793 <p>H.R. 5768 would amend the Commodity Exchange Act to provide the Commodity Futures Trading Commission authority over off-exchange retail foreign currency transactions.</p> <h2 id="toc8"> Detailed Summary </h2> <p>(Log in to edit the wiki and be the first to provide a detailed summary of the bill!)</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc9"> Status of the Legislation </h2> <p>(Log in to edit the wiki and be the first to update the status of the bill!)</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc10"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc11"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 21793@http://www.washingtonwatch.com Fri, 11 Apr 2008 18:30:16 EDT http://www.washingtonwatch.com/bills/history/110_HR_5768.html?rev=21794 <p>H.R. 5768 would amend the Commodity Exchange Act to provide the Commodity Futures Trading Commission authority over off-exchange retail foreign currency transactions.</p> <h2 id="toc12"> Detailed Summary </h2> <p>(Log in to edit the wiki and be the first to provide a detailed summary of the bill!)</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc13"> Status of the Legislation </h2> <p>Latest Major Action: 4/10/2008: Referred to House committee. Status: Referred to the Committee on Agriculture, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc14"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc15"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 21794@http://www.washingtonwatch.com Fri, 11 Apr 2008 18:30:16 EDT