Review of Commodity Futures Trading Commissions Discretion to Exempt Certain Tr
Review of Commodity Futures Trading Commissions Discretion to Exempt Certain Tr
Credit United States Congress House Committee On Agric
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74 / Tuesday. April 20. 1993 / NoUce« the requirement that participants be commenHal entities. Yet. The "commeidalitr" requ lre ineirt in the order is by and large uodeGned. MoreoTer, the Commission, has nerer recognized an exemption to its jurisdiction based solely on the "commerciality" of the participants, nor can I see any policy reason why commercial firms engaging in futures transactions should not have the basic protection of our anti&aud provisions. The "SophistJcatios" of Market Partic...ipants is Not a Vahd Basis for Providing oa Anti-Fraud Exemption II has beoi argued that because the participants in exempt energy transactions are "sopnislicated" institutional users or entities of high net worth. Ihey don't "need" CFTC anti- fraud protections. At the outset. T would note that if we are to rationalize exemptions from anti- fraud and other components of our regulatory scheme on the basis of the "sophistication" of market users, we might as well close our doors tomorrow, because approximately 98% of users of regulated, exchange-traded futures meet the eligibility rquirements of our swaps rule, and, these financial requirements are much higher than those in the order.
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