The Commodity Futures Trading Commission has proposed to adopt a regulatory exemption that would allow certain foreign firms to introduce institutional U.S. customers to registered futures commission merchants (FCMs) for trading on U.S. exchanges. The proposed exemption would be available solely to foreign affiliates of FCMs that have obtained an exemption from registration under Rule 30.10 of the CFTC’s foreign futures and foreign options rules, subject to the FCM agreeing to be jointly and severally liable for violations of the Commodity Exchange Act or CFTC regulations committed by its foreign affiliate. The foreign affiliate would not be allowed to solicit U.S. customers or handle U.S. customer funds for trading on U.S. markets. The CFTC proposal would codify a series of staff no-action letters that have granted similar relief on a case-by-case basis to the Part 30 affiliates of U.S. FCMs.