CFTC Proposes to Expand Registration Exemption for Foreign-Based Intermediaries

January 16th, 2008
Alex

US: Commodity Futures Trading Commission (CFTC)
“The Commodity Futures Trading Commission (CFTC) has proposed Regulation 3.10(c)(4) that would permit certain foreign firms to introduce institutional U.S. customers to registered Futures Commission Merchants (FCMs) in connection with trading on U.S. exchanges, without having to register as an introducing broker (IB).
“The IB registration exemption would be limited to those foreign firms that are affiliated with a registered FCM and that have already obtained exemptive relief from the Commission pursuant to Regulation 30.10. The exempt foreign affiliate would not be permitted to solicit any U.S. customers for trading on U.S. markets nor handle any U.S. customer funds for trading on U.S. markets. In addition, any participating FCM would be required to acknowledge that it would be jointly and severally liable for any violations of the Commodity Exchange Act or the Commission's regulations committed by the foreign affiliate in connection with those activities, even if another FCM ultimately submitted the trade for clearing….”
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