Commodity Futures Trading Commission December 2009 – Federal Register Recent Federal Regulation Documents
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Revised Adjusted Net Capital Requirements for Futures Commission Merchants and Introducing Brokers
The Commodity Futures Trading Commission (``Commission'') is amending its regulations that prescribe minimum adjusted net capital requirements for futures commission merchants (``FCMs'') and introducing brokers (``IBs''). The amendments: increase the required minimum dollar amount of adjusted net capital that an IB must maintain from $30,000 to $45,000; increase the required minimum dollar amount of adjusted net capital that an FCM must maintain from $250,000 to $1,000,000; amend the computation of an FCM's margin-based minimum adjusted net capital requirement to incorporate into the calculation customer and noncustomer positions in over-the-counter derivative instruments that are submitted for clearing by the FCM to derivatives clearing organizations (``DCOs'') or other clearing organizations (``cleared OTC derivative positions''); specify capital deductions for FCM proprietary cleared OTC derivative positions based on the deductions required by the Commission's regulations for FCM proprietary positions in exchange-traded futures contracts and options contracts; and amend the FCM capital computation to increase the applicable percentage of the total margin-based requirement for futures, options and cleared OTC derivative positions in noncustomer accounts to eight percent.
Electronic Filing of Financial Reports and Notices
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is amending certain of its regulations in connection with electronic filing of financial reports and related notices. The amendments broaden the language in the Commission's regulations applicable to electronic filings of financial reports to clarify that, to the extent a futures commission merchant (``FCM'') submits a Form 1- FR to the Commission electronically, it may do so using any user authentication procedures established or approved by the Commission. The amendments also permit registrants to electronically submit filings in addition to financial reports, including an election to use a non- calendar fiscal year, requests for extensions of time to file uncertified financial reports and ``early warning'' notices required under Commission regulations. In connection with the filing of financial reports, the amendments specify, consistent with other requirements and existing practice, that a statement of income and loss is included as a required part of the non-certified 1-FR filings for FCMs and introducing brokers (``IBs''). The amendments also require more immediate, but less prescriptive, documentation regarding a firm's capital condition when a firm falls below its required minimum adjusted net capital. Finally, the final regulations include several other minor amendments to correct certain outdated references and to make other clarifications to existing regulations.
Agency Information Collection Activities: Notice of Intent To Renew Collection 3038-0017, Market Surveys
The Commodity Futures Trading Commission (CFTC) is announcing an opportunity for public comment on the proposed collection of certain information by the agency. Under the Paperwork Reduction Act of 1995 (PRA), 44 U.S.C. 3501 et seq., Federal agencies are required to publish notice in the Federal Register concerning each proposed collection of information, and to allow 60 days for comment in response to the notice. This notice solicits comments on requirements relating to information collected to assist the Commission in the prevention of market manipulation.
Operation, in the Ordinary Course, of a Commodity Broker in Bankruptcy
The Commodity Futures Trading Commission (the ``Commission'') proposes amending its regulations (17 CFR Chapter 1, hereinafter, the ``Regulations'') regarding the operation of a commodity broker in bankruptcy, in order to permit the trustee in such bankruptcy to operate, with the written permission of the Commission, the business of such commodity broker in the ordinary course, including the purchase or sale of new commodity contracts on behalf of the customers of such commodity broker under appropriate circumstances, as determined by the Commission.
Agency Information Collection Activities Under OMB Review
In compliance with the Paperwork Reduction Act (44 U.S.C. 3501 et seq.), this notice announces that the Information Collection Request (ICR) abstracted below has been forwarded to the Office of Management and Budget (OMB) for review and comment. The ICR describes the nature of the information collection and its expected costs and burden; it includes the actual data collection instruments [if any].
Final Model Privacy Form Under the Gramm-Leach-Bliley Act
The OCC, Board, FDIC, OTS, NCUA, FTC, CFTC, and SEC (the ``Agencies'') are publishing final amendments to their rules that implement the privacy provisions of Subtitle A of Title V of the Gramm- Leach-Bliley Act (``GLB Act''). These rules require financial institutions to provide initial and annual privacy notices to their customers. Pursuant to Section 728 of the Financial Services Regulatory Relief Act of 2006 (``Regulatory Relief Act'' or ``Act''), the Agencies are adopting a model privacy form that financial institutions may rely on as a safe harbor to provide disclosures under the privacy rules. In addition, the Agencies other than the SEC are eliminating the safe harbor permitted for notices based on the Sample Clauses currently contained in the privacy rules if the notice is provided after December 31, 2010. Similarly, the SEC is eliminating the guidance associated with the use of notices based on the Sample Clauses in its privacy rule if the notice is provided after December 31, 2010.
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