CFTC Commissioners proposed revisions to CFTC Public Rulemaking Procedures ("Part 13 Amendments") in its "Final Rule on Public Rulemaking." The amended procedures would do away with Part 13 regulations "that set forth the procedure for the formulation, amendment, or repeal of rules or regulations." As stated in the proposed regulation, "because the Administrative Procedure Act ("APA") governs the Commission's rulemaking process, the Commission believes that it is unnecessary to codify the rulemaking process in a Commission regulation. Part 13, as amended, will be comprised solely of the procedure for filing petitions for rulemakings as the APA does not address this process."
In addition, Commissioner Dan M. Berkovitz supported adding a web page to the CFTC website explaining how stakeholders and the general public can contribute to the rulemaking process through the statutorily mandated notice and the comment process.
Comments on the CFTC Notice of Proposed Rulemaking ("Public Rulemaking Procedures") must be submitted within 30 days of publication in the Federal Register.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.