Exemption of the Securities of the Federative Republic of Brazil, the Republic of Argentina, and the Republic of Venezuela Under the Securities Exchange Act of 1934 for Purposes of Trading Futures Contracts on Those Securities

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The Commission proposes for comment an amendment to Rule 3a12- 8 (``Rule'') that would designate debt obligations issued by the Federative Republic of Brazil (``Brazil''), the Republic of Argentina (``Argentina''), and the Republic of Venezuela (``Venezuela'') (collectively the ``Proposed Countries'') as ``exempted securities'' for the purpose of marketing and trading of futures contracts on those securities in the United States. The amendment is intended to permit futures trading on the sovereign debt of the Proposed Countries. This change is not intended to have any substantive effect on the operation of the Rule.