| Notice 592 November 18, 2008 Notification of Proposed Amendments to COMEX By-law 402(F) Article 4, Section 402, Subpart (F) of the COMEX By-laws currently provides that subcommittees or panels of the Facilities, Membership, Business Conduct and Adjudication Committees be comprised of 70% COMEX Members and 30% NYMEX Members. This subsection is proposed to be amended to: 1) harmonize the names of the disciplinary committees with their CME/CBOT counterparts; 2) eliminate the Facilities Committee; and 3) require a simple majority rather than 70% (of the members appointed to subcommittees or panels of the COMEX Membership, Business Conduct and Probable Cause committees) to be COMEX Division Members. The proposed modification of the By-law requires that a majority of the Exchange Members appointed to a panel be COMEX Division Members, which preserves COMEX Member participation in disciplinary matters involving COMEX Members but allows for more flexibility in constituting the panels. The proposed amendments, which are included below, affect a “Special Matter” under the terms of the COMEX By-Laws. Accordingly, COMEX Division Members have fifteen (15) 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 (CFTC). PROPOSED AMENDMENTS TO COMEX BY-LAW 402(F) Section 402. POWERS OF COMMITTEES * * * (F) So long as open outcry trading continues to exist in the COMEX Division,
a majority of the Exchange members
appointed to subcommittees or panels
of the |