Market Manipulation INGAA Comments 11-17-05

The Commission must apply its expertise and exercise discretion in applying securities and commodities law precedent to the industries it regulates. The Commission should explicitly adopt the elements and limitations applicable to the SEC’s Enforcement of Rule 10b-5, and adopt procedures for obtaining advice and guidance with respect to compliance with the statutes and regulations administered by the Commission.  Comments covered in this filing include:

A. In Applying Securities and Commodity Law Precedent to “Market Manipulation” in the Industries It Regulates, the Commission Must Recognize Pertinent Industry and Regulatory Regime Differences

B. The Commission Should Explicitly Adopt the Required Elements and Limitations Applicable to the SEC’s Enforcement of Rule 10b-5.

C. The Commission Should Establish a Mechanism for Obtaining Review of Proposed Actions to Avoid Inadvertent Violations