Legal notes

✍ Scribed by Ronald J. Horowitz

• Book ID: 102217530
• Publisher: John Wiley and Sons
• Year: 1983
• Tongue: English
• Weight: 149 KB
• Volume: 3
• Category: Article
• ISSN: 0270-7314
• DOI: 10.1002/fut.3990030211

✦ Synopsis

n January 11, 1983, President Reagan signed H.R. 5447 and the Futures 0 Trading Act of 1982 became law. Leighton W. Lang, Vice President of the Futures Industry Association, has provided us with factual details of the bill and the following summary focuses on the major provisions:

AUTHORIZATION AND JURISDICTION

The bill extends the CFTC's authorization through September 30, 1986, and clarifies its jurisdiction over futures contracts and options on futures contracts based on a group or index of securities (stock index futures). Before approving pending applications for stock index futures or options thereon, however, the CFTC would be required to consult with the SEC. For applications submitted to the CFTC after December 8, 1982, the SEC would have power to disapprove the contract if it believed the proposed new contract did not meet requirements set under the bill.