CFTC modifies filing and reporting requirements applicable to FCMs and IBs

The 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 Finally, the final regulations include several other minor amendments to correct certain outdated references and to make other clarifications to existing regulations.

Effective Date: January 4, 2010.

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