Community Exchange Act Amendments of 1996

TABLE OF CONTENTS:

Title I: Administration of Commodity Exchange Act

Title II: Treasury Amendment Clarification

Commodity Exchange Act Amendments of 1996 - Title I: Administration of Community Exchange Act - Amends the Commodity Exchange Act (CEA) to provide a conditional exemption for certain transactions involving professional markets.

Revises requirements for the designation of a board of trade as a contract market.

Revises the process for the submission and disapproval of contract market rules.

Revises provisions for regulation of audit trail requirements. Requires the Commodity Futures Trading Commission to prescribe an objective standard or methodology for establishing whether a contract market meets certain requirements for being able to determine, with reasonable accuracy, the time of contract execution, in increments of at most one minute in length. Sets forth criteria for the trade recordation data (including time stamps) that an audit trail system for a contract market shall rely on.

Establishes requirements for use of cost-benefit analysis.

Repeals specified provisions relating to Commodity Futures Trading Commission oversight and deficiency orders.

Title II: Treasury Amendment Clarification - Amends CEA to define board of trade, as it applies to transactions in or involving foreign currency, as any facility whereby standardized contracts are systematically marketed to retail investors.