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Notice I-13-14

May 30, 2013

Effective Date of Amendments to NFA Financial Requirements Section 16 and the Related Interpretive Notice to Include Cleared Swaps Customer Collateral

Effective July 1, 2013, the requirements of NFA Financial Requirements Section 16 and the related interpretive notice entitled NFA Financial Requirements Section 16: FCM Financial Practices and Excess Segregated Funds/Secure Amount/Cleared Swaps Customer Collateral Disbursements will apply to FCMs holding cleared swaps customer collateral (itself or at a permitted depository), including but not limited to the following:

  • Maintaining written policies and procedures regarding the maintenance of its target residual interest in its cleared swaps customer collateral accounts;

  • Approval and notice requirements related to withdrawing, transferring or otherwise disbursing collateral from any cleared swaps customer collateral accounts that exceed 25% of the FCM's residual interest in the cleared swaps customer collateral based upon the most current daily cleared swaps customer collateral calculation made pursuant to CFTC Regulation 22.2(g);

  • Providing monthly notification (beginning with the July 31, 2013 monthly filing) of whether any depository used to hold cleared swaps customer collateral during the month is an affiliate of the FCM;

  • Providing semi-monthly (on the 15th and last business day of the month) information on the dollar amount of cleared swaps customer collateral held in cash and each permitted investment identified in CFTC Regulation 1.25(a); and the identity of each depository holding cleared swaps customer collateral and the dollar amount held at each depository (which firms are currently submitting pursuant to NFA Financial Requirements Section 8); and

  • Providing daily, by noon of each business day, the daily cleared swaps customer collateral calculation (which firms are currently submitting pursuant to NFA Financial Requirements Section 8).

FCMs holding cleared swaps customer collateral should review NFA Financial Requirements Section 16 and the related interpretive notice to ensure that the firm fully understands its obligations under these requirements with respect to cleared swaps customer collateral.

If you have any questions on these requirements, please contact James Denk, Manager, Compliance at (jdenk@nfa.futures.org or 312-781-1450) or Valerie O'Malley, Associate Director, Compliance (vomalley@nfa.futures.org or 312-781-1290).

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