FCM Relief from Certain Customer Fund Requirements
On June 26th, the Division of Swap Dealer and Intermediary Oversight of the Commodity Futures Trading Commission (the “CFTC”) extended to October 31, 2014 the previously issued time-limited, no-action relief granted to the Futures Industry Association, its member futures commission merchants (“FCMs”), and similarly situated FCMs for certain conditions associated with the receipt of customer funds by an FCM pursuant to Commission Regulations 1.20, 22.2 and 30.7. CFTC Letter No. 14-88.
On June 24th, the Wall Street Journal reported the House of Representatives has passed a bill that would limit the CFTC’s authority to regulate cross-border swap transactions. Cross -Border Limits.
On June 23rd, Reuters discussed a bill which would require the CFTC to study how it oversees the metals markets. Metal Oversight.