H.R. 4626 would reauthorize and amend the Commodity Exchange Act to promote legal certainty, enhance competition, and reduce systemic risk in markets for futures and over-the-counter derivatives.

== Detailed Summary ==

<summary>
(LogCFTC Reauthorization Act of 2007 - Amends the Commodity Exchange Act to revise Commodities Futures Trading Commission (CFTC) jurisdiction over an agreement, contract, or retail transaction in foreign currency.

Extends coverage to edit the wikicertain future commissions merchants (and affiliated persons) and retail foreign exchange dealers. Requires them to register with the CFTC in order to: (1) solicit or accept orders from any person that is not an eligible contract participant in connection with such agreements, contracts, or transactions; (2) exercise discretionary trading authority (or obtain written authorization to do so) over any account for or on behalf of such a person; or (3) operate or solicit funds, securities, or property for any pooled investment vehicle that is not such an eligible contract participant.

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 firstcommodity or transaction, except as necessary to providemake any statement to such other person not misleading in any material respect.

Authorizes appropriations for the CFTC through FY2013.

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.

Subjects to CFTC jurisdiction certain agreements, contracts, or transactions that perform a detailed summarysignificant price discovery function in spite of the bill!)fact that they are conducted, on an electronic trading facility on a principal-to-principal basis solely between persons that are eligible commercial entities, in reliance on the general exemption for such agreements, contracts, and transactions (in the exempt commercial markets (ECMs)). <br>

Subjects to CFTC (large trader) reporting and recordkeeping requirements any significant price discovery contract traded or executed on an electronic trading facility.

Authorizes the CFTC to communicate to an electronic trading facility, with respect to a significant price discovery contract, the full facts concerning any transaction or market operation which, in the CFTC's judgment, disrupts or tends to disrupt any market, or is otherwise harmful or against the best interests of producers, consumers, or investors.
</summary>

<!--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. -->

== Status of the Legislation ==

<status>
(Log inLatest Major Action: 4/25/2008: Referred to House subcommittee. Status: Referred to edit the wikiSubcommittee on General Farm Commodities and be the first to update the status of the bill!)Risk Management.
</status>

<!-- 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. -->

== Points in Favor ==

(Log in to edit the wiki and be the first to show why the bill should pass!)
<!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! -->

== Points Against ==

(Log in to edit the wiki and be the first to show why the bill should not pass!)
<!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! -->