Industry Oversight
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Submitting Designated Contract Market or Derivatives Transaction Execution Facility Rules and Rule Amendments
Trading Organization Rules that Must be Submitted to the CFTC
Most requirements imposed by a designated contract market (DCM) or a derivatives transaction execution facility (DTEF) on its members—and amendments to those requirements—meet the definition of a “rule” under the CFTC’s regulations.
Under the definition in CFTC Regulation 40.1(h), “rule” includes:
any constitutional provision, article of incorporation, bylaw, rule, regulation, resolution, interpretation, stated policy, term and condition, trading protocol, agreement or instrument corresponding thereto, in whatever form adopted, and any amendment or addition thereto or repeal thereof, made or issued by a DCM or DTEF or by the governing board thereof or any committee thereof.
A written self-certification of new rules or rule amendments must be filed with the CFTC by close of business on the Commission’s business day preceding the Commission’s business day on which the rule is to be implemented. CFTC Regulation 38.4 and CFTC Regulation 40.6 set forth the procedures for rule self-certification filings.
Requests for rule approval may be submitted prior to, concurrently with, or subsequent to a self-certification filing, as described in CFTC Regulation 40.5 and CFTC Regulation 38.4(a).