Common use of Regulatory Flexibility Act Clause in Contracts

Regulatory Flexibility Act. The Regulatory Flexibility Act (‘‘RFA’’), 5 U.S.C. 601–611, requires that agencies, in proposing rules, consider the impact of those rules on small businesses. The Commission has previously established certain definitions of ‘‘small entities’’ to be used by the Commission in evaluating the impact of its rules on such entities in accordance with the RFA.16 In proposing these amendments to part 30, the Commission stated that they would affect foreign members of foreign boards of trade who perform the functions of an FCM, some of which may be foreign affiliates of U.S. FCMs. The Commission previously has determined that, based upon the fiduciary nature of the FCM/ customer relationships, as well as the requirement that FCMs meet minimum financial requirements, FCMs should be excluded from the definition of small entities. No comment was received regarding the impact of these amendments on small businesses.