Federal Register - February 2, 2021
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Source: Federal Register
7802
Federal Register / Vol. 86, No. 20 / Tuesday, February 2, 2021 / Rules and Regulations
Issued in Des Moines, Washington, on January 27, 2021.
Suzanne Masterson, Manager, Transport Airplane Strategic Policy Section, Policy and Innovation Division, Aircraft Certification Service.
FR Doc. 202102139 Filed 2121; 8:45 am BILLING CODE 491013P
COMMODITY FUTURES TRADING
COMMISSION
17 CFR Part 143
RIN 3038AE97
Annual Adjustment of Civil Monetary Penalties To Reflect Inflation2021
Commodity Futures Trading Commission.
ACTION: Final rule.
AGENCY:
jbell on DSKJLSW7X2PROD with RULES
SUMMARY: The Commodity Futures Trading Commission Commission is amending its rule that governs the maximum amount of civil monetary penalties imposed under the Commodity Exchange Act CEA, to adjust for inflation. This rule sets forth the maximum, inflation-adjusted dollar amount for civil monetary penalties CMPs assessable for violations of the CEA and Commission rules, regulations and orders thereunder. The rule, as amended, implements the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended.
DATES: This rule is effective on February 2, 2021 and is applicable to penalties assessed after January 15, 2021.
FOR FURTHER INFORMATION CONTACT:
Edward J. Riccobene, Associate Chief Counsel, Division of Enforcement, at 202 4185327 or ericcobene@cftc.gov, Commodity Futures Trading Commission, 1155 21st Street NW, Washington, DC 20581.
SUPPLEMENTARY INFORMATION:
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I. Background The Federal Civil Penalties Inflation Adjustment Act of 1990 FCPIAA 1
requires the head of each Federal agency to periodically adjust for inflation the minimum and maximum amount of CMPs provided by law within the jurisdiction of that agency.2 A 2015
amendment to the FCPIAA 3 required agencies to make an initial catch-up adjustment to its civil monetary penalties effective no later than August 1, 2016.4 For every year thereafter effective not later than January 15th, the FCPIAA, as amended, requires agencies to make annual adjustments for inflation, with guidance from the Director of the Office of Management and Budget.5
II. Commodity Exchange Act Civil Monetary Penalties The following sections of the CEA
provide for CMPs that meet the FCPIAA
definition 6 and these CMPs are, 1 The FCPIAA, Public Law 101410 1990, as amended, is codified at 28 U.S.C. 2461 note. The FCPIAA states that the purpose of the FCPIAA is to establish a mechanism that shall 1 allow for regular adjustment for inflation of civil monetary penalties; 2 maintain the deterrent effect of civil monetary penalties and promote compliance with the law; and 3 improve the collection by the Federal Government of civil monetary penalties.
2 For the relevant CMPs within the Commissions jurisdiction, the Act provides only for maximum amounts that can be assessed for each violation of the Act or the rules, regulations and orders promulgated thereunder; the Act does not set forth any minimum penalties. Therefore, the remainder of this release will refer only to CMP maximums.
3 Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015, Public Law 11474, 129
Stat. 584 2015 2015 Act, title VII, Section 701.
4 FCPIAA Sections 4 and 5. See also, Adjustment of Civil Monetary Penalties for Inflation, 81 FR
41435 June 27, 2016.
5 FCPIAA Sections 4 and 5. See also, Executive Office of the President, Office of Management and Budget Memorandum, M2110, Implementation of Penalty Inflation Adjustments for 2021, Pursuant to the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015 Dec. 23, 2020 2020
OMB Guidance https www.whitehouse.gov/wpcontent/uploads/2020/12/M-21-10.pdf.
6 FCPIAA Section 32.
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therefore, subject to the inflation adjustment: Sections 6c, 6b, and 6c of the CEA.7
III. Annual Inflation Adjustment for Commodity Exchange Act Civil Monetary Penalties A. Methodology The FCPIAA annual inflation adjustment, in the context of the CFTCs CMPs, is determined by increasing the maximum penalty by a cost-of-living adjustment rounded to the nearest multiple of one dollar.8 Annual inflation adjustments are based on the percent change between the October Consumer Price Index for all Urban Consumers CPIU preceding the date of the adjustment, and the prior years October CPIU.9 In this case, the October 2020 CPIU 260.388/October 2019 CPIU 257.346 = 1.01182.10 In order to complete the 2021 annual adjustment, the CFTC must multiply each of its most recent CMP amounts by the multiplier, 1.01182, and round to the nearest dollar.11
B. Civil Monetary Penalty Adjustments Applying the FCPIAA annual inflation adjustment methodology results in the following amended CMPs:
7 7 U.S.C. 9, 13a1, 13b. Criminal authorities may also seek fines for criminal violations of the CEA
see 7 U.S.C. 13, 13c, 13d, 13e, and 13b. The FCPIA does not affect the amounts of these criminal penalties.
8 FCPIAA Sections 4 and 5.
9 FCPIAA Section 5b1.
10 The CPIU is published by the Department of Labor. Interested parties may find the relevant Consumer Price Index on the internet. To access this information, go to the Consumer Price Index Home Page at: http www.bls.gov/cpi/. Click the CPI Data/Databases heading, and select All Urban Consumers Current Series, Top Picks.
Then check the box for U.S. city average, All itemsCUUR0000SA0, and click the Retrieve data button.
11 FCPIAA Section 5a. See also, 2020 OMB
Guidance at 3.
12 Annual Adjustment of Civil Monetary Penalties to Reflect Inflation2020, 85 FR 1747 Jan. 13, 2020.
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