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COMMODITY FUTURES TRAD. COM'N v. FRANKWELL BULLION

Nos. 95-16977, 95-17298.

99 F.3d 299 (1996)

COMMODITY FUTURES TRADING COMMISSION, Plaintiff-Appellant, and Commissioner of Corporations of the State of California, Plaintiff, v. FRANKWELL BULLION LIMITED; Frankwell Investment Services Inc.; Maywell Investment Services, Inc.; Frankwell Investment Services (Texas) Inc.; Frankwell Management Service (New York) Inc., Defendants-Appellees. Thomas Taylor, III, Receiver. COMMODITY FUTURES TRADING COMMISSION, Plaintiff-Appellant, v. FRANKWELL BULLION LIMITED; Frankwell Investment Services Inc.; Maywell Investment Services, Inc.; Frankwell Investment Services (Texas) Inc.; Frankwell Management Service (New York) Inc., Defendants-Appellees.

United States Court of Appeals, Ninth Circuit.

Decided October 29, 1996.

Attorney(s) appearing for the Case

Jay L. Witkin, Deputy General Counsel, and James T. Kelly, Assistant General Counsel, Commodity Futures Trading Commission, Washington, D.C., for plaintiff-appellant.

Paul S. Schmidtberger and Gary L. Benton, Coudert Brothers, San Francisco, California, for defendants-appellees.

Mark D. Young, Kirkland & Ellis, Washington, DC, James T. Malysiak, Freeman, Freeman & Salzman, Chicago, Illinois, and Kenneth M. Raisler, Sullivan & Cromwell, New York City, for amici.

Before: CHOY, CANBY and FERNANDEZ, Circuit Judges.

CHOY, Circuit Judge:

Plaintiff-appellant Commodity Futures Trading Commission ("CFTC") appeals the summary judgment granted in favor of defendant-appellee Frankwell Bullion, Ltd. and its affiliates ("Frankwell"). The district court held that Frankwell was exempted from the jurisdiction of the CFTC by the so-called "Treasury Amendment" to the Commodity Exchange Act ("CEA") because it was not a "board of trade" within the meaning of that amendment. We affirm that ruling...

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