Page 47 - 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

DCOs in Regulation 39.13(g)(8)(iii). Regulation 1.44 will also permit FCMs, whether

clearing or non-clearing, to treat the separate accounts of a single customer as

accounts of separate entities for purposes of the new margin adequacy requirement,

and will set forth risk-mitigating requirements, based on the no-action conditions in

Letter 19-17 and similar proposed requirements in the Commission’s proposals, with

which such FCMs must comply in applying separate account treatment.

The final rule also amends Regulations 1.3, 1.17, 1.20, 1.32, 1.58, 1.73, 22.2,

30.2, 30.7, and 39.13 to facilitate implementation of Regulation 1.44 and to correct

certain inconsistencies identified in the Commission’s existing regulations.

The final rule makes modifications in light of comments received, including with

respect to:

? Proposed requirements related to the treatment of separate accounts of an

FCM customer for purposes of certain capital treatment requirements under

Regulation 1.17.

? Proposed definitions of certain terms in Regulation 1.44.

? Proposed requirements related to a separate account meeting the “one

business day margin call” standard, concerning meeting margin calls during
foreign banking holidays and untimely payment of margin due to certain

administrative errors or operational constraints.

? A proposed requirement related to the consistent application of separate

account treatment.

The compliance date for FCMs that are members of a DCO as of the date of

publication of the final rule in the Federal Register is 180 days after such date of

publication, while the compliance date for all other FCMs is 365 days after such date

of publication.

https://www.cftc.gov/PressRoom/PressReleases/9027-24

33