Intermediaries

Intermediary Guidance

The Division of Swap Dealer and Intermediary Oversight (DCIO) and its predecessors, the Division of Clearing and Intermediary Oversight and the Division of Trading and Markets, have issued advisories and interpretations regarding intermediaries’ operations and compliance with CFTC requirements.

CFTC staff also issues written guidance concerning the Commodity Exchange Act and the CFTC's regulations in the form of responses to requests for exemptive, no-action, and interpretative letters.

Advisories

Advisory, August 30, 2007: Concerning Retail Off-Exchange Foreign Currency Trading

Advisory, September 22, 2005: Concerning Registrants That Are Unable to Comply with Regulatory Requirements Due to the Damage Caused by Hurricane Katrina and Related Events

Advisory No. 02-01, November 4, 2002: Obligations under Commission Regulation 39.7

Advisory, March 2002: Concerning Foreign Currency Trading by Retail Customers

Advisory, September 2001: Concerning Registrants That Have Had Records Destroyed Due to the Damage to the World Trade Center and Surrounding Buildings on September 11

CFTC Advisory on Foreign Currency, February 5, 2001

Advisory, July 25, 1996: Responsibilities of Futures Commission Merchants and Relevant Depositories with Respect to Third Party Custodial Accounts

Advisory 18-96, April 11, 1996: Relief for Certain Registered CPOs from Rules 4.21, 4.22, and 4.23(a)(10) and (a)(11) and from the Location of Books and Records Requirement of Rule 4.23 with Respect to Offshore Commodity Pools

Advisory 10-96, March 6, 1996: Presentation of Past Performance of CPOs and CTAs in Excess of the Time Period Specified in Regulations 4.25 and 4.35

Advisory 95-44, April 20, 1995: Instant Filing Procedure for CPO and CTA Disclosure Documents

CFTC Advisory 93-13, February 12, 1993: Computation and Presentation of Rate-of-Return and Other Disclosures Regarding Partially Funded Accounts Managed by CTAs; superseded by NFA Compliance Rule 2-34, effective May 1, 2004 (see also 68 Fed. Reg. 42964 (July 21, 2003))

CFTC Advisory, February 27, 1991: Adjustments for Additions and Withdrawals to Computation of Rate of Return in Performance Records of CPOs and CTAs; superseded by Appendix B to Part 4 of the CFTC’s regulations

Financial and Segregation Interpretations

Financial and Segregation Interpretation No. 1, January 10, 1979: Safety Factors on Undermargined Accounts

Financial and Segregation Interpretation No. 2-1, December 15, 1993: Use of Customer's Funds for the Purchase of Obligations under Repurchase Agreements; superseded by revisions to CFTC Regulation 1.25, effective December 28, 2000

Financial and Segregation Interpretation No. 3-1, June 21, 2010: Interpretation Relating to Receivables Secured by Warehouse Receipts or Electronic Shipping Certificates or Secured by Commissions Withheld from Customer Account Executives (supersedes in its entirety Financial and Segregation Interpretation No. 3, May 9, 1979: Interpretation Relating to Secured Receivables)

Financial and Segregation Interpretation No. 4-1, July 29, 1985: Advisory Interpretation For Self-Regulatory Organization Surveillance Over Members' Compliance With Minimum Financial, Segregation, Reporting, and Related Recordkeeping Requirements

Interim Financial and Segregation Interpretation No. 4-2, August 20, 1999: Risk-Based Auditing

Financial and Segregation Interpretation No. 5, September 7, 1979: Interpretation Relating to Unsecured Accounts Receivable Included in "Current Assets"

Financial and Segregation Interpretation No. 6, February 8, 1980: Annual Report Required of Commodity Pool Operators

Financial and Segregation Interpretation No. 7-1, September 1997: Investment of Funds Representing a FCM's Residual Financial Interest in Customers' Segregated Funds (amended to conform to changes to the CFTC's segregation regulations adopted on July 28, 1997)

Financial and Segregation Interpretation No. 8, August 12, 1982: Proper Accounting, Segregation and Net Capital Treatment of Exchange Traded Option Transactions

Financial and Segregation Interpretation No. 9, November 23, 1983: Money Market Deposit Accounts and NOW Accounts; partially rescinded by amendment to CFTC Regulation 1.25, effective December 28, 2000; remains effective regarding money market deposit accounts. See 66 Federal Register 53513 (October 23, 2001).

Financial and Segregation Interpretation No. 10, May 23, 1984: Treatment of Funds Deposited in Safekeeping Accounts; superseded by Financial and Segregation Interpretation No. 10-1 (May 5, 2005)

Financial and Segregation Interpretation No. 11, May 10, 1988: Investments of Customer Regulated Commodity Funds Treatment of Due Bills Unsecured Receivables

Financial and Segregation Interpretation No. 12, November 21, 1988: Deposit of Customer Funds in Foreign Depositories; superseded by CFTC Regulation 1.49, effective March 6, 2003

Financial and Segregation Interpretation No. 13, May 15, 1991: Accounting for Checks Received from a Parent or an Affiliated Entity for Regulatory Compliance

Financial and Segregation Interpretation No. 14: Accounting for Deposits and Contractual Obligations between an FCM and Its Introducing Brokers and Associated Persons


Additional Financial Reporting Guidance:

Commodity Pool Annual Report Guidance

1-FR-FCM Instructions Manual

Guidance for FCMs and RFEDs

    For copies of advisories and interpretations not listed here, contact the Division of Clearing and Intermediary Oversight.