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GAO-12-865R 1 (2012-07-03)

handle is hein.gao/gaobadowq0001 and id is 1 raw text is: GAO Accountability * Integrity * Reliability United States Government Accountability Office Washington, DC 20548 B-323618 July 3, 2012 The Honorable Debbie Stabenow Chairwoman The Honorable Pat Roberts Ranking Member Committee on Agriculture, Nutrition, and Forestry United States Senate The Honorable Frank D. Lucas Chairman The Honorable Collin C. Peterson Ranking Member Committee on Agriculture House of Representatives Subject: Commodity Futures Trading Commission: Core Principles and Other Requirements for Designated Contract Markets Pursuant to section 801 (a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Commodity Futures Trading Commission (Commission), entitled Core Principles and Other Requirements for Designated Contract Markets (RIN: 3038-AD09). We received the rule on June 19, 2012. It was published in the Federal Register as a final rule on June 19, 2012. 77 Fed. Reg. 36,612. The final rule applies to the designation and operation of contract markets, and implements the Dodd-Frank Act's new statutory framework that, among other things, amends section 5 of the Commodity Exchange Act (CEA) concerning designation and operation of contract markets, and adds a new CEA section 2(h)(8) to mandate the listing, trading, and execution of certain swaps on designated contract markets. Enclosed is our assessment of the Commission's compliance with the procedural steps required by section 801 (a)(1)(B)(i) through (iv) of title 5 with respect to the rule. Our review of the procedural steps taken indicates that the Commission complied with the applicable requirements. GAO-12-865R

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