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6112 Federal Register / Vol. 62, No. 28 / Tuesday, February 11, 1997 / Rules and RegulationsSUPPLEMENTARY INFORMATION: OnDecember 13, 1996, FSIS published‘‘Fee Increase for Inspection Services’’(61 FR 65459). Although the preamblediscussion of the fee changes wascorrect, the regulatory amendmentswere incorrect. The regulation continuesto list the old fees. This notice correctsthis oversight.List of Subjects in 9 CFR Part 391Fees and charges, Meat inspection,Poultry products inspection.PART 391—FEES AND CHARGES FORINSPECTION SERVICESAccordingly, 9 CFR 391 is correctedby making the following correctingamendments:1. The authority citation for part 391continues to read as follows:Authority: 7 U.S.C. 138f; 7 U.S.C. 394,1622, and 1624; 21 U.S.C. 451 et seq.; 21U.S.C. 601–695; 7 CFR 2.18 and 2.53.2. Sections 391.2, 391.3, and 391.4 arerevised to read as follows:§ 391.2 Base time rate.The base time rate for inspectionservices provided pursuant to §§ 350.7,351.8, 351.9, 352.5, 354.101, 355.12, and362.5 shall be $32.88 per hour, perprogram employee.§ 391.3 Overtime and holiday rate.The overtime and holiday rate forinspection services provided pursuantto §§ 307.5, 350.7, 351.8, 351.9, 352.5,354.101, 355.12, 362.5, and 381.38 shallbe $33.76 per hour, per programemployee.§ 391.4 Laboratory services rate.The rate for laboratory servicesprovided pursuant to §§ 350.7, 351.9,352.5, 354.101, 355.12, and 362.5 shallbe $48.56 per hour, per programemployee.Done at Washington, DC, on February 5,1997.Thomas J. Billy,Administrator.[FR Doc. 97–3371 Filed 2–10–97; 8:45 am]BILLING CODE 3410–DM–PCOMMODITY FUTURES TRADINGCOMMISSION17 CFR Parts 15, 18 and 19Reports by Large Traders; CashPosition Reports in Grains (includingSoybeans) and CottonAGENCY: Commodity Futures TradingCommission.ACTION: Final rulemaking.SUMMARY: The Commodity FuturesTrading Commission (Commission) isamending Parts 15, 18 and 19 of theregulations under the CommodityExchange Act (‘‘Act’’), 17 CFR Parts 15,18 and 19 (1996). The amendments toPart 18 require that traders who holdreportable futures or option positionsfile the CFTC Form 40, ‘‘Statement ofReporting Trader,’’ only upon request bythe Commission or its designee. Theamendments to Parts 15 and 19 providethat monthly cash position reports arerequired only if a trader’s net long or netshort combined futures and futuresequivalent options position exceeds thelevels specified in rule 150.2. Theproposal to amend Parts 15, 18 and 19was included with a number of otherproposed amendments that primarilyconcerned option large trader reports.The Commission has determined toproceed with the changes to Parts 15, 18and 19 immediately and will considerthe remaining changes separately at alater time. Consideration of final ruleson those changes relating to optionsreporting are dependent, in part, on thecompletion of upgrades to theCommission’s computer system.EFFECTIVE DATE: April 14, 1997.FOR FURTHER INFORMATION CONTACT:Lamont Reese, Commodity FuturesTrading Commission, Division ofEconomic Analysis, Three LafayetteCentre, 1155 21st Street, N.W.,Washington, D.C. 20581.SUPPLEMENTARY INFORMATION:I. BackgroundOn July 18, 1996, the Commissionpublished a notice of proposedrulemaking in the Federal Register thataffects reports from large traders filedpursuant to rules 18.04 and 19.01(a)(1).See 61 FR 37409 (July 18, 1996). Theamendments to Parts 18 and 19 wereincluded with a number of otherproposed amendments to theCommission’s reporting rules thatprimarily concerned options large traderreports. Consideration of final ruleswith respect to option reporting isdependent, in part, on implementationof certain upgrades to the Commission’scomputer system.Under Commission rule 18.04, traderswho become reportable in futures mustfile a CFTC Form 40, ‘‘Statement ofReporting Trader,’’ within ten businessdays following the day that the trader’sposition equals or exceeds specifiedlevels. 1 Additional filings are required1 A reportable position is any open position heldor controlled by a trader at the close of business inany one futures contract of a commodity traded onany one contract market that is equal to or in excessto be made annually as specified in rule18.04(d). 17 CFR 18.04 (1996). Traderswho become reportable in options arerequired to file the Form 40 only inresponse to a special call by theCommission. The Form 40 requires thedisclosure of information aboutownership and control of futures andoption positions held by the reportingtrader as well as the trader’s use of themarkets for hedging.As explained in the Notice ofProposed Rulemaking, when an accountfirst becomes reportable in futures, thefutures commission merchant, clearingmember or foreign broker reporting theaccount files a CFTC Form 102 thatidentifies all persons having a tenpercent or more financial interest in theaccount and those persons who controlthe trading of the account. Although allpersons named on the Form 102 may beconsidered a ‘‘trader’’ according to theCommission’s definition, as a matter ofadministrative practice Commissionstaff has not initiated requests for initialand updated Form 40s from all suchtraders. Generally staff has taken actionagainst traders only if the traders hadfailed to respond to the staff’s writtenrequest. 61 FR 37414 (July 18, 1996). Inview of this, the Commission proposedto amend rule 18.04 to codify thispractice by requiring that traders fileForm 40s only in response to a specialcall and to delegate the authority tomake these calls to the Director of theDivision of Economic Analysis.With regard to Part 19, theCommission requires that personsowning or controlling futures positionsin commodities for which theCommission has established speculativelimits file reports concerning their longand short cash positions, i.e., stocks ofthe commodities owned and thequantity of their fixed-price purchaseand sale commitments. See 17 CFR Part19 (1996). These commodities includethe grains, the soybean complex andcotton. See 17 CFR Part 150 (1996). Theprimary purpose for these reports is todetermine if the futures and optionpositions of traders that exceed theCommission’s speculative limits qualifyas hedging as defined in section 1.3(z)of the Commission’s regulations.Although the speculative limits set forthin rule 150.2 apply to the net long or netshort combined futures and futuresequivalent option position of a trader,the Commission’s definition of areportable position contained in rule15.00 considers only the futuresposition to determine if a trader isreportable for purposes of reports filedof the quantities fixed by the Commission in § 15.03of the regulations, 17 CFR § 15.03 (1996).