The Commodity Futures Trading Commission has adopted amendments to Part 3 of its regulations to codify its policies with respect to the registration obligations of foreign persons who solicit and accept orders for execution on U.S. markets on behalf of non-U.S. customers. As amended, Regulation 3.10 exempts from registration certain foreign firms that have only foreign customers and clear designated contract market business for such customers on an omnibus basis through a registered futures commission merchant, as well as foreign persons acting as introducing brokers, commodity trading advisors or commodity pool operators solely on behalf of foreign persons. The CFTC also amended Regulation 3.12 to exempt from registration as an associated person (AP) any individual located in the foreign branch office of a CFTC registrant that acts as an AP solely on behalf of non-U.S. customers.

 http://www.cftc.gov/stellent/groups/public/@lrfederalregister/documents/file/e7-22110a.pdf