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customer at the time of such sale has a long position in the same future of the same commodity on the same market, shall on the same day apply such purchase or sale against such previously held short or long position, as the case may be, and shall promptly furnish such customer a purchase and sale statement, or account sale, showing the financial result of the transactions involved.

(b) Close-out against oldest open position. In all instances wherein the short or long position in such customer's account immediately prior to such offsetting purchase or sale is greater than the quantity purchased or sold, the futures commission merchant shall apply such offsetting purchase or sale to the oldest portion of the previously held short or long position: Except, that upon specific instructions from the customer the offsetting transaction shall be applied as specified by the customer without regard to the date of acquisition of the previously held position. Such instructions may also be accepted from any person who, by power of attorney or otherwise, actually directs trading in the customer's account unless the person directing the trading is the futures commission merchant (including any partner thereof), or is an officer, employee, or agent of the futures commission merchant. With respect to every such offsetting transaction that, in accordance with such specific insrtuctions, is not applied to the oldest portion of the previously held position, the futures commission merchant shall clearly show on the purchase and sale statement issued to the customer in connection with the transaction, that because of the specific instructions given by or on behalf of the customer the transaction was not applied in the usual manner, i.e., against the oldest portion of the previously held position. However, no such showing need be made if the futures commission merchant has received such specific instructions in writing from the customer for whom such an account is carried.

(c) In-and-out trades; day trades. Notwithstanding the provisions of paragraphs (a) and (b) of this section, this section shall not be deemed to require the application of purchases or sales closed out during the same day (commonly known as "in-and-out trades" or "day trades") against short or long positions carried forward from a prior date.

(d) Exceptions. The provisions of this section shall not apply to:

(1) [Reserved]

(2) Purchases or sales constituting "bona fide hedging transactions" as defined in section 4a (3) of the Commodity Exchange Act; nor

(3) Sales during a delivery period for the purpose of making delivery during such delivery period if such sales are accompanied by instructions to make delivery thereon, together with warehouse receipts or other documents necessary to effectuate such delivery.

(Sec. 5, 42 Stat. 1000, secs. 4g, 49 Stat. 1496; 7 U.S.C. 7, 6g) [13 F.R. 7834, Dec. 18, 1948, as amended at 31 F.R. 4590, Mar. 18, 1966; 34 F.R. 6479, Apr. 15, 1969]

§ 1.48 Hedging anticipated

requirements for processing or manufacturing under section 4a (3) (C) of the Commodity Exchange Act.

(a) Form and manner of reporting. Any person who desires to avail himself of the provisions of section 4a (3) (C) of the Commodity Exchange Act, and to acquire a long futures position in any commodity with respect to which trading and position limits established by the Commodity Exchange Commission, pursuant to section 4a of the act, shall be then in effect, shall, at least ten days prior to acquiring any position in excess of any such limit, file with the Commodity Exchange Authority, United States Department of Agriculture, Washington, D.C. 20250, a statement showing such person's unfilled anticipated requirements for processing or manufacturing for a specified operating period not in excess of one year. Such statement shall set forth in detail such person's unfilled anticipated requirements and explain the method of determination thereof, and shall include, but not be limited to, the following information:

(1) Annual requirements of such commodity for processing or manufacturing for the three fiscal years next preceding;

(2) Anticipated requirements of such commodity for processing or manufacturing for a specified operating period not in excess of one year;

(3) Inventory and forward purchases of such commodity, including quantity in process of manufacture and finished goods and byproducts (in terms of such commodity);

(4) Anticipated unfilled requirements of such commodity for processing or

manufacturing for a specified period not in excess of one year.

(b) Supplemental reports. Whenever such person's anticipated requirements as set forth in paragraph (a)(2) of this section or any statement supplemental thereto shall change, such person shall immediately file with the Commodity Exchange Authority a supplemental statement reporting and explaining such change. Such person shall also file with the Commodity Exchange Authority, at least once each year, a statement setting forth the information described in paragraph (a) of this section.

(c) Purchases and liquidation. All purchases of any commodity for future delivery pursuant to the provisions of section 4a (3) (C) of the act shall be made and liquidated in an orderly manner and in accordance with sound commercial practice. No such purchase shall be made or liquidated in a manner calculated to cause sudden or unreasonable fluctuations or unwarranted changes in the price of such commodity.

[21 F.R. 6913, Sept. 13, 1956]

NOTE: The reporting requirements of this regulation have been approved by the Bureau of the Budget in accordance with the Federal Reports Act of 1942.

§ 1.49 Denial of trading privileges;

suspension or revocation of registration; employment in similar capacity. (a) Denial of trading privileges: During the effective period of any order of the Secretary of Agriculture denying trading privileges on contract markets to any person for a violation of the Commodity Exchange Act or the regulations thereunder involving cheating or fraud or manipulation or attempted manipulation of the price of any commodity in interstate commerce or for future delivery on or subject to the rules of a contract market, no futures commission merchant or member of a contract market shall knowingly employ such person in any capicity which involves the solicitation, acceptance, or execution of orders for the purchase or sale of any commodity for future delivery on or subject to the rules of a contract market, the execution of which would be prohibited by such order of the Secretary of Agriculture if made for the account of such person.

(b) Suspension or revocation of registration: During the effective period of any order of the Secretary of Agriculture

suspending or revoking the registration of any person as a futures commission merchant or floor broker for a violation of the Commodity Exchange Act or the regulations thereunder involving cheating or fraud or manipulation or attempted manipulation of the price of any commodity in interstate commerce or for future delivery on or subject to the rules of a contract market, no futures commission merchant or member of a contract market shall knowingly employ such person in any capacity which involves the solicitation, acceptance, or execution of orders for the purchase or sale of any commodity for future delivery on or subject to the rules of a contract market.

(c) The words "solicitation, acceptance, or execution of orders" as used in this section shall not include such functions as are customarily performed by a person employed by a futures commission merchant or member of a contract market as mail clerk, telephone clerk, messenger, or bookkeeper, or in a similar capacity, incident to the recording and transmitting of orders which are solicited, accepted, and executed by other persons.

(Secs. 4g, 6b, 49 Stat. 1491, as amended; 7 U.S.C. 6g, 9) [24 F.R. 8141, Oct. 8, 1959]

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(c) "Special Account" means any commodity futures account in which there is a reportable position.

(d) "Cash" or "spot", when used in connection with any commodity, refers to the actual commodity as distinguished from a futures contract in such commodity on a contract market.

(e) "Trader": This term means a person who, for his own account or for an account which he controls, makes transactions in commodity futures or has such transactions made.

[26 F.R. 2968, Apr. 7, 1961, as amended at 33 F.R. 8268, June 4, 1968]

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contracts which equal or exceed the quantity fixed for reporting in § 15.03, as specified in Part 18 of this chapter.

(d) Merchants, processors, and dealers in certain commodities who hold or control open contracts in such commodities which equal or exceed the quantity fixed for reporting in § 15.03, as specified in Part 19 of this chapter. A merchant, processor, or dealer who is also a trader is, in addition, subject to Part 18 of this chapter.

(e) Members of contract markets, as specified in Part 20 of this chapter.

(Sec. 5, 42 Stat. 1000, secs. 4g, 41, 49 Stat. 1496, as amended; 7 U.S.C. 7, 6g, 6i) [26 F.R. 2968, Apr. 7, 1961]

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[33 F.R. 8268, June 4, 1968, as amended at 34 F.R. 813, Jan. 18, 1969]

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[33 F.R. 8268, June 4, 1968, as amended at 34 F.R. 813, Jan. 18, 1969]

§ 15.04 Different types of futures contracts in the same commodity. Where there is trading in more than one type of futures contract in the same commodity for the same delivery month, the quantity of all such types of contracts for such month shall be combined for reporting purposes unless the Act Administrator determines otherwise. (Sec. 5, 42 Stat. 1000, secs. 4g, 41, 49 Stat. 1496, as amended; 7 U.S.C. 7, 6g, 61) [26 F.R. 2969, Apr. 7, 1961]

The reporting requirements contained herein have been approved by the Bureau of the Budget in accord with the Federal Reports Act of 1942 (44 U.S.C., Ch. 12).

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Sec.

16.02 Exemption of certain clearing members.

16.03 Errors or omissions.

AUTHORITY: The provisions of this Part 16 issued under sec. 8a, 49 Stat. 1500, as amended; 7 U.S.C. 12a, unless otherwise noted.

SOURCE: The provisions of this Part 16 appear at 26 F.R. 2969, Apr. 7, 1961, unless otherwise noted.

§ 16.00 Information to be furnished by clearing members.

Each clearing member of each contract market shall, on each business day, report the following information, separately for each contract market and for each future of each commodity, on the applicable series 00 form as specified in § 15.02 of this chapter:

(a) The total of all long open contracts and the total of all short open contracts carried by such clearing member at the beginning and at the end of the day covered by the report;

(b) The net position of such clearing member in such contracts at the end of the day covered by the report;

(c) The quantity of such contracts bought and the quantity sold during the day covered by the report; and

(d) The quantity of the commodity delivered and the quantity received in fulfillment of such contracts during the day covered by the report.

(Sec. 5, 42 Stat. 1000, secs. 4g, 41, 49 Stat. 1496, as amended; 7 U.S.C. 7, 6g, 61)

§ 16.01 Time and place of filing reports.

If the clearing member is located in a city where the contract market involved in the reported transactions is located and where the Commodity Exchange Authority maintains an office, reports shall be filed with such office not later than 30 minutes before the official opening of the market on the following business day, except that reports with respect to cotton shall be filed not later than 30 minutes before the official opening of the market on the following business day or 9:30 a.m., local time, on such following business day, whichever is earlier. If the clearing member is located elsewhere, reports shall be mailed to the office of the Commodity Exchange Authority in the city where the contract market involved in the reported transactions is located, provided, that if there is no Commodity Exchange Authority office in such city the report shall be transmitted in ac

cordance with instructions of the Commodity Exchange Authority. All reports transmitted by mail must be postmarked not later than midnight of the day covered by the report. (Sec. 5, 42 Stat. 1000; 7 U.S.C. 7)

§ 16.02 Exemption of certain clearing

members.

The requirements of §§ 16.00 and 16.01 shall not apply to any clearing member of a contract market if, with respect to each clearing member, such contract market reports the above information to the Commodity Exchange Authority in a form and manner approved by the Act Administrator.

(Sec. 5, 42 Stat. 1000, secs. 4g, 41, 49 Stat. 1496, as amended; 7 U.S.C. 7, 6g, 61) § 16.03 Errors or omissions.

A clearing member who discovers any error or omission in any report which has been filed shall promptly inform the Commodity Exchange Authority with respect thereto.

(Sec. 5, 42 Stat. 1000; 7 U.S.C. 7)

PART 17-REPORTS BY FUTURES
MERCHANTS AND

COMMISSION
FOREIGN BROKERS

Sec. 17.00

17.01 17.02

Information to be furnished by futures commission merchants and foreign brokers.

Special Account designation and identification.

Place and time of filing reports. AUTHORITY: The provisions of this Part 17 issued under sec. 8a, 49 Stat. 1500, as amended; 7 U.S.C. 12a, unless otherwise noted.

SOURCE: The provisions of this Part 17 appear at 26 F.R. 2969, Apr. 7, 1961, unless otherwise noted.

§ 17.00 Information to be furnished by futures commission merchants and foreign brokers.

(a) Special Accounts; reportable positions. (1) Each futures commission merchant and each foreign broker, except a futures commission merchant or foreign broker who carries all accounts on a fully disclosed basis with a registered futures commission merchant, shall submit a report to the Commodity Exchange Authority for each business day with respect to all Special Accounts, including house accounts, carried by such futures commission merchant or foreign broker. Such report shall be

made on the appropriate series 01 form and shall show each reportable position, separately for each contract market and for each future, in such account as of the close of the market on the day covered by the report.

(2) A report covering the first day upon which a Special Account shows a reportable position shall also show the position in such future in such account on the preceding business day. A report showing the position in the particular future shall also be filed covering the first day when any account theretofore in Special Account status is no longer in such status.

(b) Interest in or control of several accounts. If any person holds or has a financial interest in or controls more than one account, all such accounts shall be considered by the futures commission merchant or foreign broker as a single account for the purpose of determining Special Account status and for reporting purposes, and the report shall separately show the combined long positions in each future on each contract market in all such accounts, and the combined short positions in each such future in all such accounts.

(Sec. 5, 42 Stat. 1000, sec. 4g, 49 Stat. 1496, as amended; 7 U.S.C. 7, 6g)

§ 17.01 Special Account designation and identification.

For the purpose of reporting, each futures commission merchant and each foreign broker shall assign a number to each Special Account and shall report such account only by such number. When a Special Account is reported for the first time, the futures commission merchant or foreign broker shall execute CEA Form 102, showing the information requested thereon, including the names and addresses of all persons known to have a financial interest in or control over the account to which the number has been assigned, and shall transmit the same with the report but in a separate sealed envelope marked "confidential". No account number shall be changed or assigned to another account without the prior approval of the Act Administrator. (Sec. 5, 42 Stat. 1000, sec. 4g, 49 Stat. 1496, as amended; 7 U.S.C. 7, 6g)

§ 17.02 Place and time of filing reports.

(a) Futures commission merchants— (1) Place of filing reports. The reports required to be filed by futures commission merchants under sections 17 and

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