Page 46 - 期货和衍生品行业监管动态（2024年12月刊）

期货和衍生品行业监管动态

期货佣金商作为衍生品清算机构会员的合规日期为最终规则在联邦公报发

布后的 180 天，而所有其他期货佣金商的合规日期为公布后的 365 天。

CFTC Approves Final Rule on Margin Adequacy, Treatment of Separate

Accounts of a Customer by Futures Commission Merchants (2024/12/20)

The Commodity Futures Trading Commission today announced a final rule to

implement requirements for futures commission merchants related to margin

adequacy and the treatment of separate accounts of a customer. The rule finalizes the

Commission’s proposal, published in the Federal Register in March, to codify the

no-action position in CFTC staff letter 19-17 regarding separate account treatment.

That staff letter, which was supplemented and extended by CFTC Staff Letters

20-28, 21-29, 22-11, 23-13, and 24-07, was jointly issued by the Division of Clearing

and Risk and the Division of Swap Dealer and Intermediary Oversight (now Market

Participants Division) on July 10, 2019. Letter 19-17 included a DCR staff no-action

position stating DCR would not recommend an enforcement action if a derivatives

clearing organization permits an FCM clearing member to treat the separate accounts

of a customer as accounts of separate entities for purposes of CFTC Regulation

39.13(g)(8)(iii), so long as the clearing member’s internal controls and procedures
require it to, and it in fact does comply with certain conditions.

In April 2023, the Commission published in the Federal Register its first

proposal to codify the no-action position of Letter 19-17. In this first proposal, the

Commission proposed to codify the no-action position of Letter 19-17 under its Part

39 DCO regulations, applicable to DCOs, and to their clearing FCMs through the

operation of DCO rules. In light of comments received, the Commission withdrew the

first proposal, and instead proposed requirements for separate account treatment in

Part 1, directly applicable to FCMs.

The final rule adopted Regulation 1.44, which will apply to all FCMs, with

respect to their customers, a margin adequacy requirement like the one applicable to

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