On March 9th, the CFTC posted the Division of Clearing and Intermediary Oversight's guidance regarding the investment of customer funds by futures commission merchants in corporate debt securities guaranteed by the FDIC under its Temporary Liquidity Guarantee Program. The letter sets forth the conditions under which TLGP securities guaranteed by the FDIC may be permitted investments for customer segregated funds under Regulation 1.25 or customer secured amount funds under Regulation 30.7, and further specifies the necessary haircuts to FCM adjusted net capital under Regulation 1.17. The letter also provides guidance as to whether, and to what extent, Regulation 1.32 permits offsets of FCM customer account deficits against TLGP securities the customer has deposited for its account with the FCM. CFTC Letter No. 10-01.