On January 22nd, the Division of Clearing and Intermediary Oversight responded to a request for guidance from the Joint Audit Committee as to investments of customer funds by futures commission merchants in corporate debt securities guaranteed by the FDIC under its Temporary Liquidity Guarantee Program ("TLGP"). DCIO's letter sets forth the conditions under which TLGP securities guaranteed by the FDIC may be considered permitted investments for customer segregated funds under Regulation 1.25, or customer secured amount funds under Regulation 30.7. The letter further specifies the necessary haircuts to FCM adjusted net capital under Regulation 1.17, and provides guidance to the Joint Audit Committee as to whether, and to what extent, Regulation 1.32 permits offsets of FCM customer account deficits against TLGP securities that a customer has deposited for its account with the FCM. CFTC Letter No. 10-01.