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GAO-12-273R 1 (2011-12-05)

handle is hein.gao/gaobadojw0001 and id is 1 raw text is: GAO Accountability * Integrity * Reliability United States Government Accountability Office Washington, DC 20548 B-322766 December 5, 2011 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: Position Limits for Futures and Swaps 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 Position Limits for Futures and Swaps (RIN: 3038-AD17). We received the rule on November 16, 2011. It was published in the Federal Register as a final rule and interim final rule on November 18, 2011, with a stated effective date of January 17, 2012. 76 Fed. Reg. 71,626. The final rule establishes a position limits regime for 28 exempt and agricultural commodity futures and options contracts and the physical commodity swaps that are economically equivalent to such contracts. The rule also imposes aggregate position limits across different trading venues to contracts based on the same underlying commodity. In addition to developing position limits for these contracts, the rule implements a new statutory definition of bona fide hedging transactions, revises the standards for aggregation of positions, and establishes position visibility reporting requirements. The rule requires designated contract markets and swap execution facilities that are trading facilities to set position limits for exempt and agricultural commodity contracts and establish acceptable practices for position limits and position accountability rules in other commodities. GAO-12-273R

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