Commodity Futures Reparations Claims (78.004)
Program
78.004 Commodity Futures Reparations Claims
Federal Agency
COMMODITY FUTURES TRADING COMMISSION
Authorization
Commodity Exchange Act, as amended; Commodity Futures Trading Commission Act, Public Law 93-463; Futures Trading Act of 1978, Public Law 95-405; Futures Trading Act of 1982, Public Law 97- 444; Futures Trading Act of 1986, Public Law 99-641; Futures Trading Practices Act of 1992, Public Law 102-546; Commodity Futures Modernization Act of 2000, Public Law 106-554.
Program Number
78.004
Last Known Status
Active
Objectives
To respond to customer complaints and inquiries and to provide a forum for hearing and ruling on reparations complaints against registrants regarding monetary damages resulting from violation of the Commodity Exchange Act or regulations.
Types of Assistance
Investigation of Complaints.
Uses and Use Restrictions
Customer complaints are an important source of information about possible violations and assist the Commodity Futures Trading Commission in its enforcement and regulatory functions. Persons who believe they may have been cheated or defrauded in their trading transactions should advise the Commission so that it may take appropriate action. The Commission also provides a customer reparations forum where monetary awards may be directed to any person who can prove damage received as a result of violation of the Commodity Exchange Act in dealing with persons or companies registered with the Commission. Information on future trading is also available to the general public upon request.
Eligibility Requirements
Applicant Eligibility
Market users and the general public can submit customer complaints or inquiries. Reparations complaints may be received from market users stating a claim for damages as a result of violations of the Commodity Exchange Act or regulation thereunder by a person or firm registered under the Act.
Beneficiary Eligibility
General public.
Credentials/Documentation
Reparations complaints must be proved by the complainant and must meet requirements for filing specified by Commission regulations.
Application and Award Process
Preapplication Coordination
None. This program is excluded from coverage under E.O. 12372.
Application Procedure
Customer complaints and inquiries may be made by letter or telephone, to the Office of Proceedings-Complaints Section. Reparations complaints must be written verified statements as specified by Commission regulations and must be submitted to the Washington, DC office of the Commission.
Award Procedure
Not applicable.
Deadlines
Reparations claims must be filed within 2 years after the cause of action accrues.
Range of Approval/Disapproval Time
Appeals
Under certain circumstances appeals may be filed.
Renewals
Not applicable.
Assistance Considerations
Formula and Matching Requirements
Not applicable.
Length and Time Phasing of Assistance
Not applicable.
Post Assistance Requirements
Reports
Not applicable.
Audits
Not applicable.
Records
Not applicable.
Program Accomplishments
The Commission estimates accepting 200 reparations complaints in fiscal year 2001, and 210 reparations complaints in fiscal year 2002.
Financial Information
Account Identification
95-1400-0-1-376.
Obligations
(Salaries and Expenses) FY 02 $62,761,000; FY 03 est $67,850,000; and FY 04 est $70,400,000.
Range and Average of Financial Assistance
Not applicable.
Regulations, Guidelines and Literature
Commodity Exchange Act as amended 7 U.S.C. - Regulations under the Commodity Exchange Act (CFR Title 17, Chapter 1), Reparations Literature (no charge).
Related Programs
None.
Information Contacts
Regional or Local Office
See address Appendix IV of the Catalog.
Headquarters Office
Office of the Executive Director, Office of Proceedings, Commodity Futures Trading Commission, 3 Lafayette Center, 1155 21st Street, NW., Washington, DC 20581. Telephone: (202) 418-5250.
Web Site Address
Examples of Funded Projects
None.
Criteria for Selecting Proposals
None.
