The Code of Federal Regulations of the United States of America

(e) Whenever any Commission employee whose appointment, employment or dismissal is to be the subject of a meeting or portion of meeting closed to the public pursuant to § 147.3(b) requests in writing to the Commission that the Commission open that meeting or portion of meeting, the Commission shall open that meeting or portion of meeting to the public.

(f) Within one day of any vote taken pursuant to paragraphs (b), (c) or (d) of this section, the Commission shall make publicly available a written copy of that vote reflecting the vote of each Commissioner on the question. If the Commission determines by a vote taken pursuant to paragraphs (b), (c) or (d) of this section that a portion of a meeting is to be closed to the public, the Commission shall, within one day of such vote, make publicly available a full written explanation of its action closing the portion of the meeting together with a list of all persons expected to attend the meeting and their affiliations, except to the extent that such information is exempt from disclosure under the provisions of § 147.3(b).

(g) Before any meeting or portion of a meeting may be closed pursuant to § 147.3(b), the Commission's General Counsel shall publicly certify that, in his or her opinion, the meeting or portion of meeting may be closed to the public, and shall state each relevant exemptive provision.

(h) Written copies of votes to close meetings and written explanations of Commission actions closing portions of meetings to the public required to be made publicly available by paragraph (f) of this section shall be available for public inspection in the offices of the

FOI, Privacy and Sunshine Acts compliance staff, Office of the Secretariat, Commodity Futures Trading Commission, 2033 K Street, NW., Washington, D.C. 20581.

(i) A copy of the certification of the Commission's General Counsel required by paragraph (g) of this section, together with a statement from the presiding officer at any meeting closed, in whole or in part, pursuant to § 147.3(b), setting forth the time and place of the meeting, and the persons present, shall be retained by the Commission and, except to the extent that such information is exempt from disclosure under the provisions of § 147.3(b), shall be available for public inspection in the offices of the FOI, Privacy and Sunshine Acts compliance staff, Office of the Secretariat, Commodity Futures Trading Commission, 2033 K Street, NW., Washington, D.C. 20581.

[42 FR 13704, Mar. 11, 1977, as amended at 45 FR 26955, Apr. 22, 1980]

§ 147.6 Special procedure for closing certain meetings.

(a) Any meeting or portion of meeting that may properly be closed to the public pursuant to § 147.3(b)(4), (8), (9)(i), (9)(ii) or (10), or any combination thereof, may be closed if a majority of Commissioners votes by recorded vote at the beginning of such meeting, or portion thereof, to close the exempt portion or portions of the meeting.

(b) The provisions of § 147.4, and of § 147.5(a), (b), (c), (d), (e), (f) and (h) shall not apply to any portion of a meeting to which paragraph (a) of this section is applied. The provisions of § 147.5(g) and (i) shall apply to any such portions of meetings.

(c) A written copy of all votes taken pursuant to paragraph (a) of this section reflecting the vote of each Commissioner on the question shall be made available for public inspection in the offices of the FOI, Privacy and Sunshine Acts compliance staff, Office of the Secretariat, Commodity Futures Trading Commission, 2033 K Street, NW., Washington, D.C. 20581.

(d) The Commission shall, except to the extent that such information is

exempt from disclosure under the provisions of § 147.3(b), make public announcement at the earliest practicable time of the time, place, and subject matter of any portion of a meeting to which paragraph (a) of this section is applied. Such public announcement shall be provided, to the extent practicable, through the Commission's

public calendar as described in § 147.4(d)(1), and by the Commission's Office of the Secretariat as set forth in § 147.4(d)(2).

[42 FR 13704, Mar. 11, 1977, as amended at 45 FR 26955, Apr. 22, 1980]

§ 147.7 Maintenance of transcripts, recordings and minutes of closed meetings.

(a) The Commission shall make and maintain a complete transcript or electronic recording adequate to record fully the proceedings of each meeting or portion of meeting closed to the public, except as provided in paragraph (b) of this section.

(b)(1) In the case of each meeting or portion of meeting closed to the public pursuant to § 147.3(b)(8), § 147.3(b)(9)(i), § 147.3(b)(9)(ii) § 147.3(b)(10), or any combination thereof, the Commission shall make and maintain either a complete transcript or recording as described in paragraph (a) of this section, or a set of minutes.

(2) When the Commission elects to keep minutes under paragraph (b)(1) of this section, the minutes shall fully and clearly describe all matters discussed at the closed meeting or closed portion thereof, and shall provide a full and accurate summary of any actions taken, and the reasons therefor, including a description of each of the views expressed on any item, and a record of any roll call vote taken which reflects the vote of each Commissioner on the question. All documents considered in connection with any actions taken shall be identified in such minutes.

§ 147.8 Public availability of transcripts, recordings and minutes of closed meetings.

(a) The Commission shall make promptly available to the public, in the offices of the FOI, Privacy and

Sunshine Acts compliance staff, Office of the Secretariat, Commodity Futures Trading Commission, 2033 K Street, NW., Washington, D.C. 20581, the transcript, electronic recording or set of minutes of the discussion of any item on the agenda of any closed meeting or closed portion thereof (as required by § 147.7), or of any item of the testimony of any witness received at such meeting or portion thereof, except for such item or items of such discussion or testimony that are determined, in accordance with the procedure set forth in paragraph (b) of this section, to contain information which may be withheld under § 147.3(b).

(b)(1) All determinations made pursuant to paragraph (a) of this section that items of discussion or testimony reflected in transcripts, recordings or sets of minutes of closed meetings or closed portions thereof are exempt from disclosure pursuant to § 147.3(b), shall be made by the Assistant Secretary of the Commission for FOI, Privacy and Sunshine Acts compliance after due consultation with the Office of the Commission's General Counsel and the Director of any affected staff division.

(2) Any person who objects to any determination made pursuant to paragraph (b)(1) of this section may seek Commission review of that determination by filing with the Commission's Office of the Secretariat a brief written statement that review is sought which contains a concise statement of the reasons why the determination should be set aside.

(c) The Commission shall maintain a complete verbatim copy of the transcript, a complete electronic recording or a complete copy of the minutes of each meeting or portion of a meeting closed to the public, which are made in accordance with § 147.7(a)

§ 147.7(b), for a period of at least two years after such meeting or portion of meeting, or until one year after the conclusion of any Commission proceeding with respect to which the meeting or portion thereof was held, whichever occurs later.

[42 FR 13704, Mar. 11, 1977, as amended at 45 FR 26955, Apr. 22, 1980]

§ 147.9 Requests for copies of transcripts, recordings or minutes of closed meetings.

(a) Copies of a transcript transcription of an electronic recording or set of minutes disclosing the identity of each speaker, which are publicly available pursuant to § 147.8(a), shall be furnished to any person at the actual cost of duplication or transcription pursuant to the schedule of fees set forth in 17 CFR 145.9b (a)(3), (a)(4), (a)(5), (a)(7), (d) and (e).

(b) Requests for copies of transcripts, transcriptions of electronic recordings or sets of minutes as described in paragraph (a) of this section shall be made either in person, by telephone, or by mail addressed to the FOI, Privacy and Sunshine Acts compliance staff, Office of the Secretariat, Commodity Futures Trading Commission, 2033 K Street, NW., Washington, D.C. 20581.

[42 FR 13704, Mar. 11, 1977, as amended at 45 FR 26955, Apr. 22, 1980]

§ 147.10 Interpretation of this part with other provisions.

(a) Nothing in this part shall be interpreted as: (1) Expanding or limiting the present rights of any person under Part 145 of this Title (implementing the provisions of the Freedom of Information Act, 5 U.S.C. 552), except that the exemptions set forth in § 147.3(b) of this part shall govern in the case of any request made pursuant to Part 145 to copy or inspect the transcripts, recordings or sets of minutes described in this part; or

(2) Authorizing the Commission to withhold from any person any record, including transcripts, recordings or sets of minutes required by this part, which is otherwise accessible to such individual under Part 146 of this Title (implementing the provisions of the Privacy Act, 5 U.S.C. 552a).

(b) The requirements of Chapter 33 of Title 44, United States Code (with respect to the disposal of records), shall not apply to the transcripts, recordings and minutes described in this Part.

PART 150-LIMITS ON POSITIONS

Sec.

150.1 Limits on position in grain for future delivery.

150.2 Limits on position in cotton for future delivery.

150.3 Limits on position in rye for future delivery.

150.4 Limits on position in soybeans for future delivery.

150.5 Limits on position in eggs for future delivery.

150.10 Limits on position in potatoes for future delivery.

150.11 Limits on position in corn for future delivery.

150.12 Limits on position in wheat for future delivery.

AUTHORITY; Secs. 4a and 8a(5), Commodity and Exchange set, 7 U.S.C. 6a and 12a (5) (1976).

SOURCE: 44 FR 7127, Feb. 6, 1979, unless otherwise noted.

§ 150.1 Limits on position in grain for future delivery.

(a) Position limits. (1) The limit on the maximum net long or net short position which any one person may hold or control under contracts for future delivery for grains on or subject to the rules of any one contract market except as specifically authorized by paragraph (a)(2) of this section, is 2,000,000 bushels in any one future or in all futures combined.

(2) To the extent that the net position held or controlled by any person in all futures combined in any one grain on any one contract market is shown to represent spreading in the same grain between markets, the limit on net position in all futures combined set forth in paragraph (a)(1) of this section may be exceeded on such contract market, but in no case shall the excess result in a net position of more than 3,000,000 bushels in all futures combined nor more than 2,000,000 bushels in any one future.

(3) As used in this section, the word "grain" includes oats, barley, and flaxseed.

(b) Bona fide hedging. The foregoing limits upon position shall not be construed to apply to bona fide hedging transactions as defined in § 1.3(z) of this chapter.

(c) Manipulation; corners; responsibility of contract market. Nothing contained in this section shall be construed to affect any provisions of the Act relating to manipulation or corners, nor to relieve any contract market or its governing board from responsibility under section 5(d) of the Act

to prevent manipulation and

corners.

(d) Application of limits. The foregoing limits upon position shall be construed to apply to positions held by two or more persons acting pursuant to an expressed or implied agreement or understanding, the same as if the positions were held by, or the trading of the positions were done by, a single individual.

§ 150.2 Limits on position in cotton for future delivery.

(a) Position limit. The limit on the maximum net long or net short position which any one person may hold or control under contracts for future delivery for cotton on or subject to the rules of any one contract market is 30,000 bales in any one future or in all futures combined.

(b) Bona fide hedging; straddles. The foregoing limits upon position shall not be construed to apply to bona fide hedging transactions as defined in § 1.3(z) of this chapter, nor, except during the delivery month, the net positions in any one future to the extent that they are shown to represent straddles between cotton futures or markets.

corners.

§ 150.3 Limits on position in rye for future delivery.

(a) Position limit. The limit on the maximum net long or net short position which any one person may hold or control under contracts for future delivery for rye on or subject to the rules of any one contract market is 500,000 bushels in any one future or in all futures combined.

(b) Bona fide hedging. The foregoing limits upon position shall not be construed to apply to bona fide hedging tranactions as defined in § 1.3(z) of this chapter.

corners.

(d) Application of limits. The foregoing limits upon position shall be contrued to apply to positions held by two or more persons acting pursuant to an expressed or implied agreement or understanding, the same as if the positions were held by, or the trading of the positions were done, by, a single individual.

§ 150.4 Limits on position in soybeans for future delivery.

(a) Position limit. The limit on the maximum net long or net short positon which any one person may hold or control under contracts for future delivery for soybeans on or subject to the rules of any one contract market is 3,000,000 bushels in any one future or in all futures combined.

(b) Bona fide hedging. The foregoing limits upon position shall not be construed to apply to bona fide hedging transactions as defined in § 1.3(z) of this chapter.

§ 150.5 Limits on position in eggs for future delivery.

(a) Position limit. The limit on the maximum net long or net short position which any one person may hold or control under contracts for future delivery for eggs on or subject to the rules of any one contract market is 150 carlots in any one future or in all futures combined.

(b) Bona fide hedging. The foregoing limits upon position shall not be construed to apply to bona fide hedging transactions as defined in § 1.3(z) of this chapter.

§ 150.10 Limits on position in potatoes for future delivery.

(a) Position limit. The limit on the maximum net long or net short position which any one person may hold or control under contracts for future delivery for each separate type of potato, i.e., Round White of Russet Burbank, on or subject to the rules of any one contract market is 300 carlots in any one future and 350 carlots in all futures combined.

§ 150.11 Limits on position in corn for future delivery.

(a) Position limit. The limit on the maximum net long or net short position which any one person may hold or control under contracts for future delivery for corn on or subject to the rules of any one contract market is 3,000,000 bushels in any one future or in all futures combined.

(b) Bona fide hedging. The foregoing limits upon position shall not be construed to apply to bona fide hedging transactions as defined in § 1.3(z) of this chapter.

corners.

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