2:25-cv-575-APG-BNW MOTION HEARING - ROUGH DRAFT - DO NOT CITE!!!
14 unclear. I think they have ten days to decide whether to initiate review, and then once they initiate review, it's a 90-day review period. I'll confirm with co-counsel, but I believe that's correct. THE COURT: I won't split hairs with you, but my understanding reading the statute is that that 10-day review period applies to rules that are proposed. There's a 90-day provision that's set forth in 7 U.S.C. 7a-2(c)(5)(C)(iv) that gives 90 days once they commence their review proceeding. MR. HAVEMANN: I will get clarity on that, yes. THE COURT: And that's confirmed in 17 CFR 40.11(c). Regardless, you're not -- switching gears slightly, you're saying this -- you're not saying this is a commodity, correct? MR. HAVEMANN: So I want to make sure that I am precise in my answer. I think one of the definitions of "commodity" in the CEA is as follows: It is -- one type of commodity is an occurrence, extent of an occurrence, or contingency that is beyond the control of the parties to the relevant contract, agreement, or transaction and associated with a financial, commercial, or economic consequence. That's 7 U.S.C. 1a(19). And so I think that I want to make sure we preserve all arguments, and I think that there is certainly an argument that that qualifies as a commodity, but as I understand it, the easiest way to think about these contracts is as swaps.
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UNITED STATES DISTRICT COURT Judy K. Moore, RMR, CRR
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