Title 17
SECTION 151.6
151.6 Position visibility.
§ 151.6 Position visibility.(a) Visibility levels. A person holding or controlling positions, separately or in combination, net long or net short, in Referenced Contracts that equal or exceed the following levels in all months or in any single month (including the spot month), shall comply with the reporting requirements of paragraphs (b) and (c) of this section:
| (1) Visibility Levels for Metal Referenced Contracts | |
| (i) Commodity Exchange, Inc. Copper (HG) | 8,500 |
| (ii) Commodity Exchange, Inc. Gold (GC) | 30,000 |
| (iv) Commodity Exchange, Inc. Silver (SI) | 8,500 |
| (v) New York Mercantile Exchange Palladium (PA) | 1,500 |
| (vi) New York Mercantile Exchange Platinum (PL) | 2,000 |
| (2) Visibility Levels for Energy Referenced Contracts | |
| (i) New York Mercantile Exchange Light Sweet Crude Oil (CL) | 50,000 |
| (ii) New York Mercantile Exchange Henry Hub Natural Gas (NG) | 50,000 |
| (iii) New York Mercantile Exchange New York Harbor Gasoline Blendstock (RB) | 10,000 |
| (iv) New York Mercantile Exchange New York Harbor No. 2 Heating Oil (HO) | 16,000 |
(b) Statement of person exceeding visibility level. Persons meeting the provisions of paragraph (a) of this section, shall submit to the Commission a 401 filing in the form and manner provided for in § 151.10. The 401 filing shall contain the following information, by Referenced Contract:
(1) A list of dates, within the applicable calendar quarter, on which the person held or controlled a position that equaled or exceeded such visibility levels; and
(2) As of the first business Tuesday following the applicable calendar quarter and as of the day, within the applicable calendar quarter, in which the person held the largest net position (on an all months combined basis) in excess of the level in paragraph (a) of this section:
(i) Separately by futures, options and swaps, gross long and gross short futures equivalent positions in all months in the applicable Referenced Contract(s) (using economically reasonable and analytically supported deltas) on a futures-equivalent basis; and
(ii) If applicable, by commodity referenced price, gross long and gross short uncleared swap positions in all months basis in the applicable Referenced Contract(s) futures-equivalent basis (using economically reasonable and analytically supported deltas).
(c) 404 filing. A person that holds a position in a Referenced Contract that equals or exceeds a visibility level in a calendar quarter shall submit to the Commission a 404 filing in the form and manner provided for in § 151.10, and it shall contain the information regarding such positions as described in § 151.5(c) as of the first business Tuesday following the applicable calendar quarter and as of the day, within the applicable calendar quarter, in which the person held the largest net position in excess of the level in all months.
(d) Alternative filing. With the express written permission of the Commission or its designees, the submission of a swaps or physical commodity portfolio summary statement spreadsheet in digital format, only insofar as the spreadsheet provides at least the same data as that required by paragraphs (b) or (c) of this section respectively may be substituted for the 401 or 404 filing respectively.
(e) Precedence of other reporting obligations. Reporting obligations imposed by regulations other than those contained in this section shall supersede the reporting requirements of paragraphs (b) and (c) of this section but only insofar as other reporting obligations provide at least the same data and are submitted to the Commission or its designees at least as often as the reporting requirements of paragraphs (b) and (c) of this section.
(f) Compliance date. The compliance date of this section shall be sixty days after the term “swap” is further defined under the Wall Street Transparency and Accountability Act of 2010. A document will be published in the Federal Register establishing the compliance date.