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Federal Register / Vol. 86, No. 20 / Tuesday, February 2, 2021 / Rules and Regulations
7803

Violations occurring on or after 11/02/2015
U.S. Code citation
Civil monetary penalty description
Penalty amount in 2020 final rule 12

CPIU
multiplier
New adjusted penalty amount
Civil Monetary Penalty Imposed by the Commission in an Administrative Action 7 U.S.C. 9 Section 6c of the Commodity Exchange Act.
7 U.S.C. 13a Section 6b of the Commodity Exchange Act.

For any person other than a registered entity 1.

Non-Manipulation or Attempted Manipulation.

$168,142

1.01182

$170,129

For any person other than a registered entity 1.
For a registered entity 1 or any of its directors, officers or employees.

Manipulation or Attempted Manipulation.
Non-Manipulation or Attempted Manipulation.

1,212,866

1.01182

1,227,202

926,213

1.01182

937,161

For a registered entity 1 or any of its directors, officers or employees.

Manipulation or Attempted Manipulation.

1,212,866

1.01182

1,227,202

185,242

1.01182

187,432

1,212,866

1.01182

1,227,202

Civil Monetary Penalty Imposed by a Federal District Court in a Civil Injunctive Action 7 U.S.C. 13a1 Section 6c of the Commodity Exchange Act.

1 The
Any Person

Non-Manipulation or Attempted Manipulation.

Any Person

Manipulation or Attempted Manipulation.

term Registered Entity is defined in 7 U.S.C. 1a Section 1a of the Commodity Exchange Act.

The FCPIAA provides that any increase under the FCPIAA in a civil monetary penalty shall apply only to civil monetary penalties, including those whose associated violation predated such increase, which are assessed after the date the increase takes effect.13 Thus, the new CMP amounts established by this rulemaking shall apply to penalties assessed after January 15, 2021, for violations that occurred on or after November 2, 2015, the effective date of the FCPIAA amendment requiring annual adjustments, the 2015
Act.

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IV. Administrative Compliance A. Notice Requirement The FCPIAA specifically exempted from the Administrative Procedure Act APA the rulemakings required to implement annual inflation adjustments.14 This means that the public procedure the APA generally requiresnotice, an opportunity for comment, and a delay in effective dateis not required for agencies to issue regulations implementing the annual adjustment.15 The Commission further notes that the notice and comment procedures of the APA do not apply to this rulemaking because the Commission is acting herein pursuant to statutory language that mandates that the Commission act in a nondiscretionary matter.16
Section 6.
Section 4b2.
15 2020 OMB Guidance at 3.
16 Lake Carriers Assn v. E.P.A., 652 F.3d 1, 10
D.C. Cir. 2011.

B. Regulatory Flexibility Act The Regulatory Flexibility Act 17
requires agencies with rulemaking authority to consider the impact of certain of their rules on small businesses. A regulatory flexibility analysis is only required for rules for which the agency publishes a general notice of proposed rulemaking pursuant to section 553b or any other law.18
Because, as discussed above, the Commission is not obligated by section 553b or any other law to publish a general notice of proposed rulemaking with respect to the revisions being made to Rule 143.8, the Commission additionally is not obligated to conduct a regulatory flexibility analysis.
C. Paperwork Reduction Act The Paperwork Reduction Act of 1995
PRA,19 which imposes certain requirements on Federal agencies, including the Commission, in connection with their conducting or sponsoring any collection of information as defined by the PRA, does not apply to this rule. This rule amendment does not contain information collection requirements that require the approval of the Office of Management and Budget.
D. Consideration of Costs and Benefits Section 15a of the CEA 20 requires the Commission to consider the costs and benefits of its action before issuing
13 FCPIAA
14 FCPIAA

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18:21 Feb 01, 2021

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17 5

U.S.C. 601612.
U.S.C. 603a.
19 44 U.S.C. 3507d.
20 7 U.S.C. 19a.
18 5

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a new regulation. Section 15a of the CEA further specifies that costs and benefits shall be evaluated in light of five broad areas of market and public concern: 1 Protection of market participants and the public; 2
efficiency, competitiveness, and financial integrity of futures markets; 3
price discovery; 4 sound risk management practices; and 5 other public interest considerations.
The Commission believes that benefits of this rulemaking greatly outweigh the costs, if any. As the Commission understands, the statutory provisions by which it is making costof-living adjustments to the CMPs in Rule 143.8 were enacted to ensure that CMPs do not lose their deterrence value because of inflation. An analysis of the costs and benefits of these adjustments were made before enactment of the statutory provisions under which the Commission is operating, and limit the discretion of the Commission to the extent that there are no regulatory choices the Commission could make that would supersede the pre-enactment analysis with respect to the five factors enumerated in Section 15a of the CEA, or any other factors.
List of Subjects in 17 CFR Part 143
Civil monetary penalties, Claims.
For the reasons set forth in the preamble, the Commodity Futures Trading Commission amends part 143 of chapter I of title 17 of the Code of Federal Regulations as follows:

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