Code of Federal Regulations Title 17 - Commodity and Securities Exchanges
Title 17 of the Code of Federal Regulations (CFR): Commodity and Securities Exchanges governs the regulations related to U.S. financial markets, specifically commodities trading, securities markets, and related institutions. It contains the rules established and enforced by federal regulatory agencies such as the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
📘 Overview of Title 17 – Commodity and Securities Exchanges
This title is divided into chapters, each representing a regulatory body or a specific area of jurisdiction. Below is a breakdown of its structure:
🔹 Chapter I — Commodity Futures Trading Commission (CFTC)
Parts 1 – 199
Regulates commodity futures, options, and swaps markets
Key topics include:
Registration of futures commission merchants (FCMs), introducing brokers (IBs), and swap dealers
Position limits and speculative position reporting
Margin requirements for uncleared swaps
Business conduct standards for swap dealers
Enforcement procedures and sanctions
🔍 Examples:
Part 1 – General Regulations under the Commodity Exchange Act
Part 4 – Commodity Pool Operators and Commodity Trading Advisors
Part 39 – Derivatives Clearing Organizations
🔹 Chapter II — Securities and Exchange Commission (SEC)
Parts 200 – 399
Regulates securities markets, broker-dealers, investment advisers, public companies, mutual funds, etc.
🔍 Key Parts:
Part 210 – Regulation S-X (Form and content of financial statements)
Part 229 – Regulation S-K (Non-financial disclosure)
Part 230 – Regulation D (Exempt offerings), Regulation A
Part 240 – Regulation 10b-5 (Anti-fraud rules), Regulation SHO (Short sales)
Part 275 – Rules under the Investment Advisers Act of 1940
Part 276 – Interpretive Releases
🔹 Chapter IV — Department of the Treasury
Parts 400 – 499
Covers U.S. Treasury’s regulation of Government Securities Dealers and Brokers
Implements the Government Securities Act (GSA)
✅ Purpose of Title 17 CFR
Ensure integrity, transparency, and stability in financial and commodity markets
Protect investors from fraud and manipulation
Standardize disclosure and reporting
Regulate conduct of financial professionals and firms
📑 Example Use Cases:
A hedge fund seeking to understand its registration obligations under CFTC rules
A publicly listed company preparing SEC filings
A broker-dealer ensuring compliance with Regulation Best Interest
A fintech startup checking securities exemptions under Regulation D
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