The Division of Clearing and Intermediary Oversight (DCIO) of the Commodity Futures Trading Commission granted no-action relief from the customer consent requirements of Regulation 1.65(a) (notice of bulk transfers and disclosure obligations to customers) to a transferee firm where the transferor firm was believed to be undercapitalized. DCIO stated that, because of the exigent circumstances, granting relief would not be contrary to the public interest. Among other requirements, Regulation 1.65(a) provides that, prior to transferring a customer account to another futures commission merchant or introducing broker other than at the request of the customer, a futures commission merchant or introducing broker must obtain the customer’s specific consent to the transfer. In its no-action letter, DCIO noted that the CFTC recognized when it adopted Regulation 1.65(a) that the normal ten-business-day advance notice of bulk transfers would not be applicable in a financial emergency.