[Code of Federal Regulations]
[Title 17, Volume 1]
[Revised as of April 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 17CFR38.4]

[Page 410-411]
 
              TITLE 17--COMMODITY AND SECURITIES EXCHANGES
 
             CHAPTER I--COMMODITY FUTURES TRADING COMMISSION
 
PART 38--DESIGNATED CONTRACT MARKETS--Table of Contents
 
Sec. 38.4  Procedures for listing products and implementing contract market rules.

    (a) Request for Commission approval of rules and products. (1) An 
applicant for designation, or a designated contract market, may request 
that the Commission approve under section 5c(c) of the Act, any or all 
of its rules and subsequent amendments thereto, including both 
operational rules and the terms or

[[Page 411]]

conditions of products listed for trading on the facility, prior to 
their implementation or, notwithstanding the provisions of section 
5c(c)(2) of the Act, at anytime thereafter, under the procedures of 
Secs. 40.5 or 40.3 of this chapter, as applicable. A designated contract 
market may label a product in its rules as, ``Listed for trading 
pursuant to Commission approval,'' if the product and its terms or 
conditions have been approved by the Commission and it may label as, 
``Approved by the Commission,'' only those rules that have been so 
approved.
    (2) Notwithstanding the forty-five day review period for voluntary 
approval under Secs. 40.3(b) and 40.5(b) of this chapter, the operating 
rules and the terms and conditions of products submitted for voluntary 
Commission approval under Sec. 40.3 or Sec.  40.5 of this chapter that 
have been submitted at the same time as an application for contract 
market designation or an application under Sec. 38.3(a)(2) to reinstate 
the designation of a dormant contract market as defined in Sec. 40.1 of 
this chapter, or while one of the foregoing is pending, will be deemed 
approved by the Commission no earlier than the facility is deemed to be 
designated or reinstated.
    (b) Self-certification of rules and products. Rules of a designated 
contract market and subsequent amendments thereto, including both 
operational rules and the terms or conditions of products listed for 
trading on the facility, not voluntarily submitted for prior Commission 
approval pursuant to paragraph (a) of this section must be submitted to 
the Commission with a certification that the rule, rule amendment or 
product complies with the Act or rules thereunder pursuant to the 
procedures of Secs. 40.6 and 40.2 of this chapter, as applicable. 
Provided, however, any rule or rule amendment that would, for a delivery 
month having open interest, materially change a term or condition of a 
contract for future delivery in an agricultural commodity enumerated in 
section 1a(4) of the Act, or of an option on such a contract or 
commodity, must be submitted to the Commission prior to its 
implementation for review and approval under Sec. 40.4 of this chapter.
    (c) An applicant for designation, or a designated contract market, 
may request that the Commission consider under the provisions of section 
15(b) of the Act any of the contract market's rules or policies, 
including both operational rules and the terms or conditions of products 
listed for trading.

[66 FR 42277, Aug. 10, 2001, as amended at 67 FR 62878, Oct. 9, 2002]