CFTC Issues Correcting Amendments to Enhancing Customer Protections Rules (Fed. Reg.)

The CFTC issued corrections to the final rules, which became effective on January 13, 2014, enhancing the protections afforded to customers and customer funds. The corrections amend erroneous cross-references found in three sections of the final rules and, in one section, insert language that was in the proposed rulemaking.

Specifically, the CFTC corrected Rule 1.23 and Rule 30.7, which included erroneous cross-references to other CFTC Rules that do not exist or are incorrect.

Additionally, in CFTC Rule 30.7(d)(1), the CFTC added language to the final rules that it stated was contained in the proposed rulemaking and should have been included in the preamble to the final rules. The added language states that an FCM is not required to obtain an acknowledgement letter from a derivatives clearing organizing ("DCO") if the DCO maintains rules that have been submitted to the CFTC and provide for the segregation of customer funds in accordance with all relevant provisions of the CEA and CFTC Rules.

The corrections are effective on July 30, 2014.

See: 79 FR 44125.
Related news: Correction to CFTC's Enhancing Customer Protection Rule (Fed. Reg.) (May 12, 2014); CFTC Corrects Typo in Enhanced Customer Protection Rules (Fed. Reg.) (March 13, 2014); CFTC Publishes Final Rules Enhancing Customer Protections (Fed. Reg.) (November 14, 2013).