Specifically, the "Spot Month Limit" and "Net Futures Equivalent Limit" columns will contain more descriptive language to avoid confusion. Thus, further defining the spot month limit as "net" limit and adding "any one month/all months" to the net futures equivalent limit which is subject to position accountability. These changes would conform language to existing practice. In addition, the position limit exemption section for "Independently Controlled Positions" has been deleted. It was not Exchange policy to grant COMEX spot month exemptions for independent account controllers. Further, the COMEX Division's position accountability technically renders this section obsolete.
Finally, Rule 4.47 (h) 2 (i) contained a redundancy and was deleted, resulting in letters (j) and (k) to be changed to (i) and (j), respectively.
Proposed Rule 4.47 affects a "Special Matter" under the terms of the COMEX By-Laws. Accordingly, COMEX Division Members have ten (10) days to submit a petition signed by owners of at least 155 COMEX Division Memberships requesting a vote of the COMEX Division Members to disapprove the amendments, pursuant to the procedures set forth under COMEX By-Law 205(D). If a petition is not received, or if the amendment is not disapproved, it will be submitted to the Commodity Futures Trading Commission.
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