RegAlert2013-12-23 | CFTC Staff Letter 13-82Added · Updated
CFTC Staff Letter 13-82: No-Action Relief for Introducing Brokers from Financial Reporting and Capital Computation Requirements
The Division of Swap Dealer and Intermediary Oversight provides no-action relief to certain Introducing Brokers from specific financial reporting and capital computation requirements under Regulations 1.10 and 1.17. For IBs with commission receivables outstanding more than 30 days, the Division allows the exclusion of employee compensation liabilities from adjusted net capital computations if the related receivables are excluded from current assets and a written waiver agreement exists. Foreign Introducing Brokers not organized under U.S. laws may file financial statements prepared under International Financial Reporting Standards or local accounting principles instead of GAAP, subject to specific eligibility conditions. Additionally, IBs registered between October 1, 2013, and December 31, 2013, are exempt from filing a certified annual financial report for the fiscal year ending December 31, 2013, provided they file an unaudited report for that period.
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U.S. COMMODITY FUTURES TRADING COMMISSION
Three Lafayette Centre
1155 21st Street, NW, Washington, DC 20581
Telephone: (202) 418-5000
Facsimile: (202) 418-5521 www.cftc.gov
Division of Swap Dealer and
Intermediary Oversight
Gary Barnett
Director
CFTC Letter No. 13-82
No-Action
Division of Swap Dealer and Intermediary Oversight Re: Staff No-Action Position Regarding Introducing Brokers’ Compliance with Certain Financial Reporting and Capital Computation Requirements under Commodity Futures Trading Commission Regulations 1.10 and 1.17 Introduction The Commodity Exchange Act (the “Act”) 1 and the regulations of the Commodity Futures Trading Commission (the “Commission”) issued thereunder 2 impose various requirements on persons who are registered, or who are required to register, as introducing brokers (“IBs”). 3 In this letter, and as more fully discussed below, the Division of Swap Dealer and Intermediary Oversight (the “Division”) is providing no-action relief to certain IBs from compliance with specified financial reporting and capital computation requirements imposed by Regulations 1.10 and 1.17, respectively.
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Source: Commodity Futures Trading Commission — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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CFTC published 6 documents in the last 30 days. We email you each new one the day it's published.