The Joint Audit Committee (JAC) has issued a regulatory alert reminding futures commission merchants (FCMs) of their obligation to make certain financial information available on their websites effective July 12 in accordance with Commodity Futures Trading Commission Regulation 1.55(o)(1). The JAC alert reminds FCMs that the requirement to post information for the most current 12-month period is a retroactive rolling requirement and provides the following additional guidance: 

  • An FCM must include its daily customer segregated, secured amount and cleared swaps statements for the period of July 11, 2013 through July 10, 2014. The use of summary schedules will not be permitted. 
  • A dually registered FCM/broker dealer will be required to include its month-end summary schedule of tentative net capital, net capital and excess net capital for the period of June 30, 2013 through May 31, 2014. An FCM-only firm will be required to include its month-end summary schedule of adjusted net capital, net capital and excess net capital for the same period. 
  • An FCM must include its year-end certified statement of financial condition, customer segregated, secured amount and cleared swaps statements and all related footnotes to the above schedules that are part of the FCM’s most recent certified annual report. The FCM is not required to include any other financial statements that are part of its annual report. 
  • An FCM must include its customer segregated, secured amount and cleared swaps statements that are part of its monthly unaudited Form 1-FR-FCM or FOCUS report for the period of June 30, 2013 through May 31, 2014, but is not required to include any other financial statements that are part of its monthly unaudited Form 1-FR-FCM or FOCUS reports.   

The JAC regulatory alert can be accessed here

Lyndsey Greenfield