---
kind: "section"
citation: "17 C.F.R. § 40.4"
title: "17"
number: "40.4"
heading: "Amendments to terms or conditions of enumerated agricultural products."
url: "https://uscodex.org/cfr/17/40.4"
---

# §40.4. Amendments to terms or conditions of enumerated agricultural products.

- (a) Notwithstanding the provisions of this part, a designated contract market must submit for Commission approval under the procedures of [§ 40.5](/cfr/17/40.5.md), prior to its implementation, any rule that, for a delivery month having open interest, would materially change a product's term or condition, as defined in [§ 40.1](/cfr/17/40.1.md), of a contract for future delivery in an agricultural commodity enumerated in section 1a(9) of the Act, or of an option on such a contract or commodity.
- (b) The following rules or rule amendments are not material and are not required by this section to be submitted for Commission approval under the procedures of [§ 40.5](/cfr/17/40.5.md):
  - (1) Rules or rule amendments that are enumerated in [§ 40.6(d)(2)](/cfr/17/40.6.md?p=d-2) may be implemented without prior approval or certification, provided that they are implemented pursuant to the notification procedures of [§ 40.6(d)](/cfr/17/40.6.md?p=d);
  - (2) Rules or rule amendments that are enumerated in [§ 40.6(e)(2)](/cfr/17/40.6.md?p=e-2) may be implemented without prior approval or certification or notification as permitted pursuant to [§ 40.6(e)](/cfr/17/40.6.md?p=e);
  - (3) Rules or rule amendments governing trading hours may be implemented without prior approval, provided that they are implemented pursuant to the procedures of sect; 40.6(a);
  - (4) Rules or rule amendments that are required to comply with a binding order of a court of competent jurisdiction, or a rule, regulation or order of the Commission or of another Federal regulatory authority, may be implemented without prior approval, provided that they are implemented pursuant to the procedures of [§ 40.6(a)](/cfr/17/40.6.md?p=a); or
  - (5) **Any rule or rule amendment—**
    - (i) The text of which has been submitted pursuant to the procedures of [paragraph (b)(5)](#b-5) of this section and [§ 40.6(a)](/cfr/17/40.6.md?p=a) at least ten business days prior to its implementation and that has been labeled “Non-Material Agricultural Rule Change;”
    - (ii) For which the designated contract market has provided an explanation as to why it considers the rule “non-material,” and any other information that may be beneficial to the Commission in analyzing the merits of the entity's claim of non-materiality including, if applicable, a copy of a previously approved rule or rule amendment that is, in substance, the same as the non-material rule or rule amendment; and
    - (iii) With respect to which the Commission has not notified the contract market during the review period that the rule appears to require or does require prior approval under this section.

## Notes

### Amendments

[89 FR 88624, Nov. 7, 2024]

### Authority

Authority: 7 U.S.C. 1a, 2, 5, 6, 7, 8 and 12, as amended by Titles VII and VIII of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Pub. L. 111-203, 124 Stat. 1376 (2010).

### Source

Source: 76 FR 44790, July 27, 2011, unless otherwise noted.

### Amendments

[89 FR 88624, Nov. 7, 2024]