On September 16, the Commodity Futures Trading Commission (CFTC) unanimously approved 1) a final rule on security futures product (SFP) position limits and position accountability for (Final Rule); and 2) a proposed rule on public rulemaking procedures (Proposed Rule).

The Final Rule would, among other changes, amend the position limit rules applicable to SFPs by increasing the default maximum level of equity SFP position limits that designated contract markets may set.

The Proposed Rule would amend part 13 of the CFTC’s regulations by eliminating the provisions that set forth the procedures for formulating, amending or repealing rules or regulations. The CFTC believes that it is unnecessary to codify the rulemaking process in a CFTC regulation due to the Administrative Procedure Act governing the CFTC’s rulemaking process. Comments on the Proposed Rule must be submitted no later than 30 days following publication of the Proposed Rule in the Federal Register.

The text of the Final Rule and the Proposed Rule are available here.