Manning Stoller

Manning Stoller ("Stoller"), a registered account executive with a commodities brokerage firm, petitions for review of a decision and order entered in an administrative enforcement proceeding before the Commodity Futures Trading Commission (the "Commission"). The administrate complaint charged Stoller and others with engaging in "wash sales" in violation of section 4c(a)(A) of the Commodity Exchange Act (the "Act"), 7 U.S.C. § 6c(a)(A). The Commission found that Stoller had engaged in prohibited transactions, see In re Collins, [1986-87 Transfer Binder] Comm. Fut. L. Rep. (CCH) para. 22,982 (Apr. 6, 1986) (hereinafter Collins I), and subsequently clarified its opinion in response to a request by the Chicago Mercantile Exchange, see In re Collins, [1986-87 Transfer Binder] Comm. Fut. L. Rep. (CCH) para. 23,401 (Nov. 26, 1986) (hereinafter Collins II). For the reasons stated below, we grant Stollers petition and reverse the Commissions order.