Official Seal - Final Rule

Official Seal

SUPPLEMENTARY INFORMATION:

I. Discussion

Commission Regulation 2.1(a) provides a description of the Commission's seal. The Commission is revising Regulation 2.1(a) to adopt a new seal. The new seal has a navy background and depicts a stylized white American eagle and a navy and white shield emblazoned with 5 stripes and three stars beneath an arch of nine stars. The eagle is holding in its left talon an olive branch and in its right talon the scale of balanced justice, both in gold. These symbols are enclosed within two golden rings. Between the two rings, spanning the top, the words, in all capitals, "COMMODITY FUTURES TRADING COMMISSION", and, spanning the bottom, the words, in all capitals, "UNITED STATES OF AMERICA."

Commission Regulation 2.1(b) provides an illustration of the seal. The Commission is revising Regulation 2.1(b) to adopt a new image of the seal as illustrated below:

II. Related Matters

A. Notice Requirement

The Administrative Procedure Act ("APA")  ⁽¹⁾ requires federal agencies to publish a notice of proposed rulemaking and provide an opportunity for public comment before issuing a new rule. Rules are exempt from notice and comment if they are interpretive rules, general statements of policy, or rules of agency organization, procedure, or practice. ⁽²⁾ The Commission has determined that this exception applies. These amendments do not have any impact on the public and relate solely to agency organization, procedure and practice. Therefore, the provisions of the Administrative Procedures Act, which generally require notice or proposed rulemaking and provide other opportunities for public participation, are inapplicable.

B. Regulatory Flexibility Act

The Regulatory Flexibility Act ("RFA") requires federal agencies to consider whether the rules they propose will have a significant economic impact on a substantial number of small entities and, if so, to provide a regulatory flexibility analysis regarding the economic impact on those entities. ⁽³⁾ The Commission is obligated to conduct a regulatory flexibility analysis for any rule for which the agency publishes a general notice of proposed rulemaking pursuant to section 553(b) of the Administrative Procedure Act or any other law. ⁽⁴⁾ This rulemaking is excepted from the public rulemaking provisions of the Administrative Procedure Act. ⁽⁵⁾ Accordingly, the Commission is not required to conduct a regulatory flexibility analysis for this rulemaking.

C. Paperwork Reduction Act

The Paperwork Reduction Act ("PRA") imposes certain requirements on federal agencies in connection with their conducting or sponsoring any collection of information. ⁽⁶⁾ This rule does not contain a "collection of information," as defined in the PRA. Accordingly, the requirements imposed by the PRA are not applicable to this rule.

D. Cost-Benefit Considerations

Section 15(a) of the Commodity Exchange Act ("CEA") provides that, before promulgating a regulation under the CEA or issuing an order, the Commission shall consider the costs and benefits of the action of the Commission. ⁽⁷⁾ Section 15(a) further specifies that the costs and benefits shall be evaluated in light of five broad areas of market and public concern: (1) protection of market participants and the public; (2) efficiency, competitiveness, and financial integrity of the futures markets; (3) price discovery; (4) sound risk management practices; and (5) other public interest considerations. ⁽⁸⁾ The proposed revisions relate solely to agency organization, procedure, and practice. Therefore, the Commission finds that the considerations enumerated in section 15(a)(2) of the CEA are not applicable here.

For the reasons stated in the preamble, the Commodity Futures Trading Commission amends 17 CFR part 2 as follows:

PART 2-OFFICIAL SEAL

Appendix to Official Seal-Commission Voting Summary

On this matter, Chairman Selig voted in the affirmative. No Commissioner voted in the negative.

⁽¹⁾  5 U.S.C. 553 et seq.

⁽²⁾  5 U.S.C. 553(b)(3)(A).

⁽³⁾  5 U.S.C. 601 et seq.

⁽⁴⁾  5 U.S.C. 603(a).

⁽⁵⁾  5 U.S.C. 553(b)(3)(B).

⁽⁶⁾  5 U.S.C. 3501 et seq.

⁽⁷⁾  7 U.S.C. 19(a).

⁽⁸⁾  7 U.S.C. 19(a)(2).