The CFTC approved final rules enhancing protections afforded customers and customer funds held by futures commission merchants (“FCMs”) and derivatives clearing organizations (“DCOs”). The final rule includes new requirements as to “residual interests” as described in the attached memorandum.
See: Amendments to the Rule Text; Commissioner O’Malia’s Opening Statement; Commissioner Wetjen’s Statement; Chairman Gensler’s Statement of Support on Customer Protections; Commissioner O’Malia’s Statement of Dissent; Commissioner Chilton’s Statement of Support; Chairman Gensler’s Statement of Support on OCR Reports.
See also: Commentary on the Residual Interest Proposal by Professor Pirrong.
Click here for a summary of the meeting and final rule by Delta Strategy Group.