Exemption of Debt Obligations Issued by the European Union Under the Securities Exchange Act of 1934 for Purposes of Trading Futures Contracts on Those Securities

The Commission is proposing an amendment to Rule 3a12-8 under the Securities Exchange Act of 1934 to designate debt obligations issued by the European Union as “exempted securities” for the purposes of marketing and trading futures contracts on those securities in the United States or to U.S. persons. The proposed amendment would subject futures contracts on European Union debt obligations to the exclusive jurisdiction of the CFTC, consistent with the regulatory treatment of futures on the debt obligations of several European Union member states currently listed in the Rule, while preserving the Commission’s jurisdiction over the underlying debt securities.