The Office of International Affairs (OIA) operates under the Office of the Chairman at the Commodity Futures Trading Commission. OIA enhances the Commission’s ability to meet challenges posed by the globalization of financial markets by compiling information on the applicable law and procedure in various jurisdictions; coordinating U.S. information sharing requirements pertaining to futures and options oversight and regulation; supporting Commission staff in promoting U.S. interests in international fora; and in aiding foreign regulators in the pursuit of their mandates when inter-jurisdictional issues involving the U.S. arise.

OIA CONTACT INFORMATION

Office of International Affairs
Commodity Futures Trading Commission
Three Lafayette Centre
1155 21st Street, N.W.
Washington, DC 20581

Telephone: (202) 418-5645
Facsimile: (202) 418-5548

Email OIA: Office of International Affairs

ANSWERS TO COMMONLY ASKED QUESTIONS

OIA has compiled the answers to many frequently asked questions in a document entitled Answers to Commonly Asked Questions linked below. This document answers questions that non-U.S. persons might want to know regarding the regulatory work of the CFTC and can serve as a rough guide for foreign persons attempting to find pertinent information on the Commission's website.

 »    Answers to Commonly Asked Questions (PDF) (updated August 17, 2004)

INTERNATIONAL INITIATIVES

The CFTC participates in and observes a wide range of international initiatives. These initiatives (listed below) enhance international supervisory cooperation and emergency procedures; establish concrete standards of best practices that set international benchmarks for regulation of futures and derivatives markets; encourage improved transparency in those markets; improve the quality and timeliness of international information sharing; and encourage jurisdictions around the world to remove any legal or practical obstacles to achieving these goals.

U.S. Access to Foreign Products

The CFTC receives numerous inquiries concerning what products traded on foreign futures and options exchanges may be offered or sold in the United States. In general, properly registered or exempt persons may offer or sell most foreign exchange-traded futures and commodity option products in the United States without additional approvals. Special procedures do apply, however, to the offer and sale of stock index and foreign government debt products, subject to regulation under the Commodity Exchange Act. For more information, see the CFTC Backgrounder: Foreign Instrument Approvals and Exemptions. For information on foreign stock index or sovereign debt products not covered by this Backgrounder and on how to qualify such investments for sale in the United States, contact the CFTC Office of General Counsel.

Sales of Foreign Products to U.S. Customers

The CFTC often receives inquiries regarding who may offer and sell foreign products to U.S. customers. Under Part 30 of the CFTC's regulations (17 CFR Part 30), anyone who offers or sells a foreign futures or options contract to a U.S. customer must be registered under the Commodity Exchange Act in the appropriate capacity, unless specifically exempted from such registration requirement. Foreign brokers in certain jurisdictions can apply to the National Futures Association (NFA) to offer foreign futures and options to U.S. customers under a Rule 30.10 exemption. For information on how to apply for Part 30 relief and on firms that are exempt from registration, contact the NFA Information Center, between 8 a.m. and 5 p.m. Central Time, at (800) 621-3570 or (312) 781-1410. General information on Rule 30.10 and a list of foreign regulatory or self-regulatory authorities that have been granted or have applied for Rule 30.10 relief are provided in the CFTC Backgrounder: Regulatory and Self-Regulatory Authorities That Have Received Exemptions Under CFTC Rule 30.10. Firms that are exempt under Rule 30.10 may offer and sell only foreign products to U.S. customers.

Registration and Disciplinary History

For information on the registration status of firms and individuals, access the BASIC (Background Affiliation Status Information Center) service maintained by the National Futures Association (NFA). You also may contact the NFA Information Center, between 8 a.m. and 5 p.m. Central Time, at (800) 621-3570 or (312) 781-1410.

For information on the disciplinary history of brokers and other commodity professionals, access BASIC, contact the NFA Information Center at either of the above telephone numbers, or call NFA’s Disciplinary Information Access Line (DIAL), between 8 a.m. and 5 p.m. Central Time, at (800) 676-4NFA.

Training Seminar for Foreign Market Authorities

Each year, generally in October, the CFTC organizes a one-week training seminar in Chicago, Illinois for foreign regulators and exchange representatives. The seminar introduces attendees to the full scope of the Commission's regulatory program, including hands-on workshop opportunities in computer trade practice and financial surveillance, as well as to broader policy issues. The seminar continues to evolve as we adapt it to the diverse needs of participants and current regulatory interest. The agenda for the 2003 training seminar:

»     CFTC International Regulators Training Seminar Agenda 2003

If you would like more information on the October seminar or wish to be placed on the mailing list for notification of upcoming seminars, please contact the OIA at (202)418-5645.

International Links

Please note that the following are links to websites created and maintained by other organizations. These organizations post information on international developments and also sometimes post consultative drafts in an effort to obtain public comment on certain documents. The CFTC does not necessarily endorse the views expressed on these websites and does not guarantee the accuracy or completeness of any information presented on these websites.

»     International Organization of Securities Commissions (IOSCO). The CFTC often collaborates on IOSCO activities helping to pursue U.S. foreign policy objectives internationally and to cultivate international standards and mutual respect among financial market regulators. The site contains a list of IOSCO members (including contact persons, addresses and telephone numbers) and a library of public documents relating to issues relevant for securities regulators internationally. Especially of note is IOSCO's collection of Memoranda of Understandings (MOUs). For more information on MOUs, see the CFTC Backgrounder: The CFTC: An Active Partner in Global Cooperation Through Information-Sharing with Other Financial Regulators.

»     Bank for International Settlements (BIS).The BIS is an international organization which fosters cooperation among central banks and other agencies in pursuit of monetary and financial stability. This international financial institution prepares many publications relevant to financial services including but not limited to securities and derivatives markets.

»     International Monetary Fund (IMF). The IMF is an international organization of 184 member countries. It was established to promote international monetary cooperation, exchange stability, and orderly exchange arrangements; to foster economic growth and high levels of employment; and to provide temporary financial assistance to countries to help ease balance of payments adjustment. Additional information on foreign markets may be found in the IMF country member databases: the Special Data Dissemination Standard provides information about economic and financial data disseminated by member countries that subscribe to the SDDS; and the Reports on Observance of Standards and Codes (ROSCs) summarizes the extent to which countries observe certain internationally recognized standards.

»     The Committee of European Securities Regulators (CESR). CESR is an independent Committee regrouping senior representatives from national public authorities competent in the field of securities. CESR's mandate includes: improving coordination among European Securities Regulators; acting as an advisory group to assist the European Commission, in particular in its preparation of draft implementing measures in the field of securities; and, ensuring more consistent and timely day to day implementation of Community legislation in the Members States.

OIA PUBLICATIONS

The Office of International Affairs and its staff often publish works related to capital markets issues, and more specifically to derivative or contract markets. The views and opinions held in these documents are not officially endorsed by the Commission and its staff unless otherwise noted; they do often, however, contain insightful analyses of the issues relating to futures and options oversight and regulation both domestically and internationally. The following is a list of some of the more recent works OIA has undertaken: