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| section_id ▼ | title_number | title_name | chapter | subchapter | part_number | part_name | subpart | subpart_name | section_number | section_heading | agency | authority | source_citation | amendment_citations | full_text |
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| 10:10:1.0.1.1.1.1.8.1 | 10 | Energy | I | 1 | PART 1—STATEMENT OF ORGANIZATION AND GENERAL INFORMATION | A | Subpart A—Introduction | § 1.1 Creation and authority. | NRC | [52 FR 31602, Aug. 21, 1987, as amended at 56 FR 29407, June 27, 1991] | (a) The Nuclear Regulatory Commission was established by the Energy Reorganization Act of 1974, as amended, Pub. L. 93-438, 88 Stat. 1233 (42 U.S.C. 5801 et seq. ). This Act abolished the Atomic Energy Commission and, by section 201, transferred to the Nuclear Regulatory Commission all the licensing and related regulatory functions assigned to the Atomic Energy Commission by the Atomic Energy Act of 1954, as amended, Pub. L. 83-703, 68 Stat. 919 (42 U.S.C. 2011 et seq. ). These functions included those of the Atomic Safety and Licensing Board Panel. The Energy Reorganization Act became effective January 19, 1975 (E.O. 11834). (b) As used in this part: Commission means the five members of the Nuclear Regulatory Commission or a quorum thereof sitting as a body, as provided by section 201 of the Energy Reorganization Act of 1974, as amended. NRC means the Nuclear Regulatory Commission, the agency established by title II of the Energy Reorganization Act of 1974, as amended, comprising the members of the Commission and all offices, employees, and representatives authorized to act in any case or matter. | ||||
| 10:10:1.0.1.1.1.1.8.2 | 10 | Energy | I | 1 | PART 1—STATEMENT OF ORGANIZATION AND GENERAL INFORMATION | A | Subpart A—Introduction | § 1.3 Sources of additional information. | NRC | [52 FR 31602, Aug. 21, 1987, as amended at 53 FR 43419, Oct. 27, 1988; 53 FR 52993, Dec. 30, 1988; 54 FR 53313, Dec. 28, 1989; 57 FR 1639, Jan. 15, 1992; 63 FR 15740, Apr. 1, 1998; 64 FR 48947, Sept. 9, 1999; 67 FR 67097, Nov. 4, 2002; 70 FR 69421, Nov. 16, 2005; 79 FR 75737, Dec. 19, 2014; 80 FR 45842, Aug. 3, 2015; 80 FR 74977, Dec. 1, 2015] | (a) A statement of the NRC's organization, policies, procedures, assignments of responsibility, and delegations of authority is in the Nuclear Regulatory Commission Management Directives System and other NRC issuances, including local directives issued by Regional Offices. Letters and memoranda containing directives, delegations of authority and the like are also issued from time to time and may not yet be incorporated into the Management Directives System, parts of which are revised as necessary. Copies of the Management Directives System and other delegations of authority are available for public inspection and copying for a fee at the NRC Public Document Room, One White Flint North, 11555 Rockville Pike (first floor), Rockville, Maryland 20852-2738, and at each of NRC's Regional Offices. Information may also be obtained from the Office of Public Affairs or from Public Affairs Officers at the Regional Offices. (b) Commission meetings are open to the public, as provided by the Government in the Sunshine Act, unless they fall within an exemption to the Act's openness requirement and the Commission also has determined that the public interest requires that those particular meetings be closed. Information concerning Commission meetings may be obtained from the Office of the Secretary. (c) Information regarding the availability of NRC records under the Freedom of Information Act and Privacy Act of 1974 may be obtained from the Office of the Chief Information Officer. NRC's regulations are published in the Federal Register and codified in Title 10, Chapter 1, of the Code of Federal Regulations. They may be viewed electronically at the NRC Web site, http://www.nrc.gov/reading-rm/doc-collections/cfr/. Final opinions made in the adjudication of cases are published in “Nuclear Regulatory Commission Issuances,” and are available on a subscription basis from the National Technical Information Service, 5301 Shawnee Road, Alexandria, VA 22312. | ||||
| 10:10:1.0.1.1.1.1.8.3 | 10 | Energy | I | 1 | PART 1—STATEMENT OF ORGANIZATION AND GENERAL INFORMATION | A | Subpart A—Introduction | § 1.5 Location of principal offices and regional offices. | NRC | [67 FR 67097, Nov. 4, 2002; 67 FR 70835, Nov. 27, 2002, as amended at 67 FR 77652, Dec. 19, 2002; 68 FR 75389, Dec. 31, 2003; 70 FR 69421, Nov. 16, 2005; 71 FR 15007, Mar. 27, 2006; 72 FR 49148, Aug. 28, 2007; 73 FR 5711, Jan. 31, 2008; 73 FR 30457, May 28, 2008; 75 FR 21980, Apr. 27, 2010; 76 FR 72084, Nov. 22, 2011; 77 FR 39903, July 6, 2012; 79 FR 75757, Dec. 19, 2014; 87 FR 20696, Apr. 8, 2022] | (a) The principal NRC offices are located in the Washington, DC, area. Facilities for the service of process and documents are maintained in the State of Maryland at 11555 Rockville Pike, Rockville, Maryland 20852-2738. The agency's official mailing address is U.S. Nuclear Regulatory Commission, Washington, DC 20555-0001. The locations of NRC offices in the Washington, DC, area are as follows: (1) One White Flint North Building, 11555 Rockville Pike, Rockville, Maryland 20852-2738. (2) Two White Flint North Building, 11545 Rockville Pike, Rockville, Maryland 20852-2738. (3) Three White Flint North Building, 11601 Landsdown Street, North Bethesda, Maryland 20852. (b) The addresses of the NRC Regional Offices are as follows: (1) Region I, U.S. NRC, 475 Allendale Road, Suite 102, King of Prussia, PA 19406-1415. (2) Region II, USNRC, 245 Peachtree Center Avenue, NE., Suite 1200, Atlanta, GA 30303-1257. (3) Region III, USNRC, 2443 Warrenville Road, Suite 210, Lisle, IL 60532-4352. (4) Region IV, US NRC, 1600 E. Lamar Blvd., Arlington, TX 76011-4511. | ||||
| 10:10:1.0.1.1.1.2.10.10 | 10 | Energy | I | 1 | PART 1—STATEMENT OF ORGANIZATION AND GENERAL INFORMATION | B | Subpart B—Headquarters | § 1.26 [Reserved] | NRC | ||||||
| 10:10:1.0.1.1.1.2.10.11 | 10 | Energy | I | 1 | PART 1—STATEMENT OF ORGANIZATION AND GENERAL INFORMATION | B | Subpart B—Headquarters | § 1.27 Office of Congressional Affairs. | NRC | [57 FR 1639, Jan. 15, 1992] | The Office of Congressional Affairs— (a) Advises the Chairman, the Commission, and NRC staff on all NRC relations with Congress and the views of Congress toward NRC policies, plans and activities; (b) Maintains liaison with Congressional committees and members of Congress on matters of interest to NRC; (c) Serves as primary contact point for all NRC communications with Congress; (d) Coordinates NRC internal activities with Congress; (e) Plans, develops, and manages NRC's legislative programs; and (f) Monitors legislative proposals, bills, and hearings. | ||||
| 10:10:1.0.1.1.1.2.10.12 | 10 | Energy | I | 1 | PART 1—STATEMENT OF ORGANIZATION AND GENERAL INFORMATION | B | Subpart B—Headquarters | § 1.28 Office of Public Affairs. | NRC | [57 FR 1639, Jan. 15, 1992] | The Office of Public Affairs— (a) Develops policies, programs, and procedures for the Chairman's approval for informing the public of NRC activities; (b) Prepares, clears, and disseminates information to the public and the news media concerning NRC policies, programs, and activities; (c) Keeps NRC management informed on media coverage of activities of interest to the agency; (d) Plans, directs, and coordinates the activities of public information staffs located at Regional Offices; (e) Conducts a cooperative program with schools; and (f) Carries out assigned activities in the area of consumer affairs. | ||||
| 10:10:1.0.1.1.1.2.10.13 | 10 | Energy | I | 1 | PART 1—STATEMENT OF ORGANIZATION AND GENERAL INFORMATION | B | Subpart B—Headquarters | § 1.29 Office of International Programs. | NRC | [57 FR 1639, Jan. 15, 1992] | The Office of International Programs— (a) Advises the Chairman, the Commission, and NRC staff on international issues; (b) Recommends policies concerning nuclear exports and imports, international safeguards, international physical security, nonproliferation matters, and international cooperation and assistance in nuclear safety and radiation protection; (c) Plans, develops, and manages international nuclear safety information exchange programs and coordinates international research agreements; (d) Obtains, evaluates, and uses pertinent information from other NRC and U.S. Government offices in processing nuclear export and import license applications; (e) Establishes and maintains working relationships with individual countries and international nuclear organizations, as well as other involved U.S. Government agencies; and (f) Assures that all international activities carried out by the Commission and staff are well coordinated internally and Government-wide and are consistent with NRC and U.S. policies. | ||||
| 10:10:1.0.1.1.1.2.10.7 | 10 | Energy | I | 1 | PART 1—STATEMENT OF ORGANIZATION AND GENERAL INFORMATION | B | Subpart B—Headquarters | § 1.23 Office of the General Counsel. | NRC | [52 FR 31602, Aug. 21, 1987, as amended at 56 FR 29407, June 27, 1991; 65 FR 59272, Oct. 4, 2000] | The Office of the General Counsel, established pursuant to section 25 of the Atomic Energy Act of 1954, as amended— (a) Directs matters of law and legal policy, providing opinions, advice, and assistance to the agency with respect to all of its activities; (b) Reviews and prepares appropriate draft Commission decisions on public petitions seeking direct Commission action and rulemaking proceedings involving hearings, monitors cases pending before presiding officers and reviews draft Commission decisions on Atomic Safety and Licensing Board decisions and rulings; (c) Provides interpretation of laws, regulations, and other sources of authority; (d) Reviews the legal form and content of proposed official actions; (e) As requested, provides the agency with legal advice and opinions on acquisition matters, including agency procurement contracts; placement of work at Department of Energy national laboratories; interagency agreements to acquire supplies and services; and grants and cooperative agreements. Prepares or concurs in all other interagency agreements, delegations of authority, regulations; orders; licenses; and other legal documents and prepares legal interpretations thereof; (f) Reviews and directs intellectual property (patent) work; (g) Represents and protects the interests of the NRC in legal matters and in court proceedings, and in relation to other government agencies, administrative bodies, committees of Congress, foreign governments, and members of the public; and (h) Represents the NRC staff as a party in NRC administrative hearings. | ||||
| 10:10:1.0.1.1.1.2.10.8 | 10 | Energy | I | 1 | PART 1—STATEMENT OF ORGANIZATION AND GENERAL INFORMATION | B | Subpart B—Headquarters | § 1.24 Office of Commission Appellate Adjudication. | NRC | [56 FR 29407, June 27, 1991] | The Office of Commission Appellate Adjudication— (a) Monitors cases pending before presiding officers; (b) Provides the Commission with an analysis of any adjudicatory matter requiring a Commission decision (e.g., petitions for review, certified questions, stay requests) including available options; (c) Drafts any necessary decisions pursuant to the Commission's guidance after presentation of options; and (d) Consults with the Office of the General Counsel in identifying the options to be presented to the Commission and in drafting the final decision to be presented to the Commission. | ||||
| 10:10:1.0.1.1.1.2.10.9 | 10 | Energy | I | 1 | PART 1—STATEMENT OF ORGANIZATION AND GENERAL INFORMATION | B | Subpart B—Headquarters | § 1.25 Office of the Secretary of the Commission. | NRC | [52 FR 31602, Aug. 21, 1987, as amended at 63 FR 15741, Apr. 1, 1998; 69 FR 2233, Jan. 14, 2004] | The Office of the Secretary of the Commission— (a) Provides general management services to support the Commission and to implement Commission decisions; and advises and assists the Commission and staff on the planning, scheduling, and conduct of Commission business including preparation of internal procedures; (b) Prepares the Commission's meeting agenda; (c) Manages the Commission Staff Paper and COMSECY systems; (d) Receives, processes, and controls Commission mail, communications, and correspondence; (e) Maintains the Commission's official records and acts as Freedom of Information administrative coordinator for Commission records; (f) Codifies Commission decisions in memoranda directing staff action and monitors compliance; (g) Receives, processes, and controls motions and pleadings filed with the Commission; issues and serves adjudicatory orders on behalf of the Commission; receives and distributes public comments in rulemaking proceedings; issues proposed and final rules on behalf of the Commission; maintains the official adjudicatory and rulemaking dockets of the Commission; and exercises responsibilities delegated to the Secretary in 10 CFR 2.303 and 2.346; (h) Administers the NRC Historical Program; (i) Integrates office automation initiatives into the Commission's administrative system; (j) Functions as the NRC Federal Advisory Committee Management Officer; and (k) Provides guidance and direction on the use of the NRC seal and flag. | ||||
| 10:10:1.0.1.1.1.2.11.14 | 10 | Energy | I | 1 | PART 1—STATEMENT OF ORGANIZATION AND GENERAL INFORMATION | B | Subpart B—Headquarters | § 1.31 Office of the Chief Financial Officer. | NRC | [63 FR 15741, Apr. 1, 1998] | The Office of the Chief Financial Officer— (a) Oversees all financial management activities relating to NRC's programs and operations and provides advice to the Chairman on financial management matters; (b) Develops and transmits the NRC's budget estimates to the Office of Management and Budget (OMB) and Congress; (c) Establishes financial management policy including accounting principles and standards for the agency and provides policy guidance to senior managers on the budget and all other financial management activities; (d) Provides an agencywide management control program for financial and program managers that establishes internal control processes and provides for timely corrective actions regarding material weaknesses that are disclosed to comply with the Federal Manager's Financial Integrity Act of 1982; (e) Develops and manages an agencywide planning, budgeting, and performance management process; (f) Develops and maintains an integrated agency accounting and financial management system, including an accounting system, and financial reporting and internal controls; (g) Directs, manages, and provides policy guidance and oversight of agency financial management personnel activities and operations; (h) Prepares and transmits an annual financial management report to the Chairman and the Director, Office of Management and Budget, including an audited financial statement; (i) Monitors the financial execution of NRC's budget in relation to actual expenditures, controls the use of NRC funds to ensure that they are expended in accordance with applicable laws and financial management principles, and prepares and submits to the Chairman timely cost and performance reports; (j) Establishes, maintains, and oversees the implementation of license fee polices and regulations; and (k) Reviews, on a periodic basis, fees and other charges imposed by NRC for services provided and makes recommendations for revising those charges, as appropriate. | ||||
| 10:10:1.0.1.1.1.2.12.15 | 10 | Energy | I | 1 | PART 1—STATEMENT OF ORGANIZATION AND GENERAL INFORMATION | B | Subpart B—Headquarters | § 1.32 Office of the Executive Director for Operations. | NRC | [54 FR 53314, Dec. 28, 1989, as amended at 59 FR 63882, Dec. 12, 1994. Redesignated and amended at 63 FR 15741, Apr. 1, 1998; 67 FR 3585, Jan. 25, 2002; 70 FR 69421, Nov. 16, 2005; 73 FR 5711, Jan. 31, 2008; 78 FR 34247, June 7, 2013; 79 FR 75737, Dec. 19, 2014; 80 FR 74978, Dec. 1, 2015; 84 FR 65643, Nov. 29, 2019] | (a) The Executive Director for Operations (EDO) reports for all matters to the Chairman, and is subject to the supervision and direction of the Chairman as provided in Reorganization Plan No. 1 of 1980. (b) The EDO supervises and coordinates policy development and operational activities in the following offices: The Office of Nuclear Reactor Regulation, the Office of Nuclear Material Safety and Safeguards, the Office of Nuclear Regulatory Research, the Office of Nuclear Security and Incident Response, and the NRC Regional Offices; and the following staff offices: The Office of Enforcement, the Office of Administration, the Office of the Chief Information Officer, the Office of Investigations, the Office of Small Business and Civil Rights, the Office of the Chief Human Capital Officer, and other organizational units as shall be assigned by the Commission. The EDO is also responsible for implementing the Commission's policy directives pertaining to these offices. (c) The EDO exercises powers and functions delegated to the EDO under the Reorganization Plan No. 1 of 1980, this chapter, or otherwise by the Commission or Chairman, as appropriate. The EDO has the authority to perform any function that may be performed by an office director reporting to the EDO. | ||||
| 10:10:1.0.1.1.1.2.13.16 | 10 | Energy | I | 1 | PART 1—STATEMENT OF ORGANIZATION AND GENERAL INFORMATION | B | Subpart B—Headquarters | § 1.33 Office of Enforcement. | NRC | [70 FR 69422, Nov. 16, 2005] | The Office of Enforcement— (a) Develops policies and programs for enforcement of NRC requirements; (b) Manages major enforcement action; (c) Assesses the effectiveness and uniformity of Regional enforcement actions; and (d) Manages the NRC allegation program. | ||||
| 10:10:1.0.1.1.1.2.13.17 | 10 | Energy | I | 1 | PART 1—STATEMENT OF ORGANIZATION AND GENERAL INFORMATION | B | Subpart B—Headquarters | § 1.34 Office of Administration. | NRC | [63 FR 15741, Apr. 1, 1998, as amended at 70 FR 69422, Nov. 16, 2005; 83 FR 30287, June 28, 2018] | The Office of Administration— (a) Develops and implements agencywide contracting policies and procedures; (b) Develops policies and procedures and manages the operation and maintenance of NRC offices, facilities, and equipment; (c) Plans, develops, establishes, and administers policies, standards, and procedures for the overall NRC security program; and (d) Manages the NRC Management Directives Program and provides translation services. | ||||
| 10:10:1.0.1.1.1.2.13.18 | 10 | Energy | I | 1 | PART 1—STATEMENT OF ORGANIZATION AND GENERAL INFORMATION | B | Subpart B—Headquarters | § 1.35 Office of the Chief Information Officer. | NRC | [70 FR 69422, Nov. 16, 2005, as amended at 80 FR 74978, Dec. 1, 2015] | The Office of the Chief Information Officer— (a) Plans, directs, and oversees the NRC's information resources, including technology infrastructure and delivery of information management services, to meet the mission and goals of the agency; (b) Provides principal advice to the Chairman to ensure that information technology (IT) is acquired and information resources across the agency are managed in a manner consistent with Federal information resources management (IRM) laws and regulations; (c) Assists senior management in recognizing where information technology can add value while improving NRC operations and service delivery; (d) Directs the implementation of a sound and integrated IT architecture to achieve NRC's strategic and IRM goals; (e) Monitors and evaluates the performance of information technology and information management programs based on applicable performance measures and assesses the adequacy of IRM skills of the agency; (f) Provides guidance and oversight for the selection, control and evaluation of information technology investments; (g) Provides oversight and quality assurance for the design and operation of the Licensing Support Network (LSN) services and for the completeness and integrity of the LSN database, ensures that the LSN meets the requirements of 10 CFR part 2, subpart J, concerning the use of the LSN in the Commission's high-level waste licensing proceedings, and provides technical oversight of DOE in the design, development, and operation of the LSN; and (h) Plans, recommends, and oversees the NRC's Information Technology (IT) Security Program consistent with applicable laws, regulations, management initiatives, and policies; (i) Provides principal advice to the NRC on the infrastructure, as well as the programmatic and administrative aspects of cybersecurity; (j) Establishes NRC-wide cybersecurity guidelines; (k) Guides security process maturity, as well as formulating and overseeing the cybersecurity program budget; and (l) Ensures NRC-wide integration, direction, an… | ||||
| 10:10:1.0.1.1.1.2.13.19 | 10 | Energy | I | 1 | PART 1—STATEMENT OF ORGANIZATION AND GENERAL INFORMATION | B | Subpart B—Headquarters | § 1.36 Office of Investigations. | NRC | [54 FR 53315, Dec. 28, 1989] | The Office of Investigations (OI)— (a) Conducts investigations of licensees, applicants, their contractors or vendors, including the investigation of all allegations of wrongdoing by other than NRC employees and contractors; (b) Maintains current awareness of inquiries and inspections by other NRC offices to identify the need for formal investigations; (c) Makes appropriate referrals to the Department of Justice; (d) Maintains liaison with other agencies and organizations to ensure the timely exchange of information of mutual interest; and (e) Issues subpoenas where necessary or appropriate for the conduct of investigations. | ||||
| 10:10:1.0.1.1.1.2.13.20 | 10 | Energy | I | 1 | PART 1—STATEMENT OF ORGANIZATION AND GENERAL INFORMATION | B | Subpart B—Headquarters | § 1.37 Office of Small Business and Civil Rights. | NRC | [52 FR 31602, Aug. 21, 1987, as amended at 59 FR 63882, Dec. 12, 1994] | The Office of Small Business and Civil Rights— (a) Develops and implements an effective small and disadvantaged business program in accordance with the Small Business Act, as amended, and plans and implements NRC policies and programs relating to equal employment oppportunity and civil rights matters as required by the Equal Employment Opportunity Commission (EEOC) and the Office of Personnel Management (OPM); (b) Ensures that appropriate consideration is given to Labor Surplus Area firms and Women Business Enterprises, and conducts an outreach program aimed at contractors desiring to do business with NRC; (c) Maintains liaison with other Government agencies and trade associations; (d) Coordinates efforts with the Director, Division of Contracts, and Directors of other affected offices; (e) Develops and recommends for approval by the Executive Director for Operations, NRC policy providing for equal employment opportunity in all aspects of Federal personnel practice; (f) Develops, monitors, and evaluates the agency's equal employment opportunity efforts and affirmative action programs to ensure compliance with NRC policy; (g) Serves as the principal contact with local and national public and private organizations to facilitate the NRC equal opportunity program; and (h) Coordinates all efforts pertaining to small and disadvantaged business utilization and equal employment opportunity with Office Directors and Regional Administrators. | ||||
| 10:10:1.0.1.1.1.2.13.21 | 10 | Energy | I | 1 | PART 1—STATEMENT OF ORGANIZATION AND GENERAL INFORMATION | B | Subpart B—Headquarters | § 1.38 [Reserved] | NRC | ||||||
| 10:10:1.0.1.1.1.2.13.22 | 10 | Energy | I | 1 | PART 1—STATEMENT OF ORGANIZATION AND GENERAL INFORMATION | B | Subpart B—Headquarters | § 1.39 Office of the Chief Human Capital Officer. | NRC | [52 FR 31602, Aug. 21, 1987, as amended at 63 FR 15742, Apr. 1, 1998; 78 FR 34247, June 7, 2013] | The Office of the Chief Human Capital Officer— (a) Plans and implements NRC policies, programs, and services to provide for the effective organization, utilization, and development of the agency's human resources; (b) Provides labor relations and personnel policy guidance and supporting services to NRC managers and employees; (c) Provides training, benefits administration, and counseling services for NRC employees; (d) Collects, analyzes, and provides data on the characteristics, allocation, utilization, and retention of NRC's workforce; (e) Provides staffing advice and services to NRC managers and employees; and (f) Provides executive resources management and organizational and managerial development services to the NRC. | ||||
| 10:10:1.0.1.1.1.2.13.23 | 10 | Energy | I | 1 | PART 1—STATEMENT OF ORGANIZATION AND GENERAL INFORMATION | B | Subpart B—Headquarters | §§ 1.40-1.41 [Reserved] | NRC | ||||||
| 10:10:1.0.1.1.1.2.14.24 | 10 | Energy | I | 1 | PART 1—STATEMENT OF ORGANIZATION AND GENERAL INFORMATION | B | Subpart B—Headquarters | § 1.42 Office of Nuclear Material Safety and Safeguards. | NRC | [79 FR 75737, Dec. 19, 2014, as amended at 80 FR 74978, Dec. 1, 2015; 83 FR 30287, June 28, 2018; 88 FR 57875, Aug. 24, 2023] | (a) The Office of Nuclear Material Safety and Safeguards (NMSS) is responsible for regulating activities that provide for the safe and secure production of nuclear fuel used in commercial nuclear reactors; the safe storage, transportation, and disposal of low-level and high-level radioactive waste and spent nuclear fuel; the transportation of radioactive materials regulated under the Atomic Energy Act of 1954, as amended (the Act); and all other medical, industrial, academic, and commercial uses of radioactive isotopes. The NMSS ensures safety and security by implementing a regulatory program involving activities including licensing, inspection, assessment of environmental impacts for all nuclear material facilities and activities, assessment of licensee performance, events analysis, enforcement, and identification and resolution of generic issues. The NMSS leads, manages, and facilitates rulemaking activities for new, advanced, and operating power reactors, as well as non-power utilization facilities; nuclear materials, including production of nuclear fuel used in commercial nuclear reactors, as well as storage, transportation, and disposal of high-level radioactive waste and spent nuclear fuel, and the transportation of radioactive materials regulated by the NRC. (b) The Office of Nuclear Material Safety and Safeguards— (1) Develops and implements NRC policy for the regulation of: Uranium recovery, conversion, and enrichment; fuel fabrication and development; transportation of nuclear materials, including certification of transport containers and reactor spent fuel storage; safe management and disposal of spent fuel and low-level and high-level radioactive waste; and medical, industrial, academic, and commercial uses of radioactive isotopes; (2) Has lead responsibility within NRC for domestic and international safeguards policy and regulation for fuel cycle facilities, including material control and accountability; (3) Plans and directs NRC's program of cooperation and liaison with States, local governments… | ||||
| 10:10:1.0.1.1.1.2.14.25 | 10 | Energy | I | 1 | PART 1—STATEMENT OF ORGANIZATION AND GENERAL INFORMATION | B | Subpart B—Headquarters | § 1.43 Office of Nuclear Reactor Regulation. | NRC | [70 FR 69422, Nov. 16, 2005, as amended at 72 FR 49470, Aug. 28, 2007; 88 FR 57876, Aug. 24, 2023] | The Office of Nuclear Reactor Regulation— (a) Develops, promulgates and implements regulations and develops and implements policies, programs, and procedures for all aspects of licensing, inspection, and safeguarding of— (1) Manufacturing, production, and utilization facilities, except for those concerning fuel reprocessing plants and isotopic enrichment plants; (2) Receipt, possession, and ownership of source, byproduct, and special nuclear material used or produced at facilities licensed under 10 CFR parts 50, 52, and 54; (3) Operators of such facilities; (4) Emergency preparedness at such facilities; and (5) Contractors and suppliers of such facilities. (b) Identifies and takes action regarding conditions and licensee performance that may adversely affect public health and safety, the environment, or the safeguarding of nuclear reactor facilities; (c) Assesses and recommends or takes action regarding incidents or accidents; (d) Provides special assistance as required in matters involving reactor facilities exempt from licensing; (e) Provides guidance and implementation direction to Regional Offices on reactor licensing, inspection, and safeguards programs assigned to the Region, and appraises Regional program performance in terms of effectiveness and uniformity; and (f) Performs other functions required for implementation of the reactor licensing, inspection, and safeguard programs. | ||||
| 10:10:1.0.1.1.1.2.14.26 | 10 | Energy | I | 1 | PART 1—STATEMENT OF ORGANIZATION AND GENERAL INFORMATION | B | Subpart B—Headquarters | § 1.44 [Reserved] | NRC | ||||||
| 10:10:1.0.1.1.1.2.14.27 | 10 | Energy | I | 1 | PART 1—STATEMENT OF ORGANIZATION AND GENERAL INFORMATION | B | Subpart B—Headquarters | § 1.45 Office of Nuclear Regulatory Research. | NRC | [52 FR 31602, Aug. 21, 1987, as amended at 63 FR 69544, Dec. 17, 1998] | The Office of Nuclear Regulatory Research— (a) Plans, recommends, and implements programs of nuclear regulatory research, standards development, and resolution of generic safety issues for nuclear power plants and other facilities regulated by the NRC; (b) Coordinates research activities within and outside the agency including appointment of staff to committees and conferences; and (c) Coordinates NRC participation in international standards-related activities and national volunteer standards efforts, including appointment of staff to committees. | ||||
| 10:10:1.0.1.1.1.2.14.28 | 10 | Energy | I | 1 | PART 1—STATEMENT OF ORGANIZATION AND GENERAL INFORMATION | B | Subpart B—Headquarters | § 1.46 Office of Nuclear Security and Incident Response. | NRC | [70 FR 69422, Nov. 16, 2005, as amended at 72 FR 28450, May 21, 2007] | The Office of Nuclear Security and Incident Response— (a) Develops overall agency policy and provides management direction for evaluation and assessment of technical issues involving security at nuclear facilities, and is the agency safeguards and security interface with the Department of Homeland Security (DHS), the Department of Energy (DOE), other agencies; and the international activities related to the security of radioactive material and nuclear facilities; (b) Develops, in participation with domestic and international agencies, foreign policy guidance and provides international assistance in nuclear security and safeguards; (c) Develops emergency preparedness policies, regulations, programs, and guidelines for nuclear facilities; (d) Provides technical expertise regarding emergency preparedness issues and interpretations; and (e) Develops and directs the NRC program for response to incidents, and is the agency emergency preparedness and incident response interface with the DHS, the Federal Emergency Management Agency (FEMA) and other Federal agencies. | ||||
| 10:10:1.0.1.1.1.2.14.29 | 10 | Energy | I | 1 | PART 1—STATEMENT OF ORGANIZATION AND GENERAL INFORMATION | B | Subpart B—Headquarters | § 1.47 NRC Regional Offices. | NRC | Each Regional Administrator executes established NRC policies and assigned programs relating to inspection, enforcement, licensing, State agreements, State liaison, and emergency response within Regional boundaries set out in § 1.5(b) of this part. | |||||
| 10:10:1.0.1.1.1.2.8.1 | 10 | Energy | I | 1 | PART 1—STATEMENT OF ORGANIZATION AND GENERAL INFORMATION | B | Subpart B—Headquarters | § 1.11 The Commission. | NRC | [52 FR 31602, Aug. 21, 1987, as amended at 57 FR 1639, Jan. 15, 1992; 59 FR 63882, Dec. 12, 1994] | (a) The Nuclear Regulatory Commission, composed of five members, one of whom is designated by the President as Chairman, is established pursuant to section 201 of the Energy Reorganization Act of 1974, as amended. The Chairman is the principal executive officer of the Commission, and is responsible for the executive and administrative functions with respect to appointment and supervision of personnel, except as otherwise provided by the Energy Reorganization Act of 1974, as amended, and Reorganization Plan No. 1 of 1980 (45 FR 40561); distribution of business; use and expenditures of funds (except that the function of revising budget estimates and purposes is reserved to the Commission); and appointment, subject to approval of the Commission, of heads of major administrative units under the Commission. The Chairman is the official spokesman, as mandated by the Reorganization Plan No. 1 of 1980. The Chairman has ultimate authority for all NRC functions pertaining to an emergency involving an NRC Licensee. The Chairman's actions are governed by the general policies of the Commission. (b) The Commission is responsible for licensing and regulating nuclear facilities and materials and for conducting research in support of the licensing and regulatory process, as mandated by the Atomic Energy Act of 1954, as amended; the Energy Reorganization Act of 1974, as amended; and the Nuclear Nonproliferation Act of 1978; and in accordance with the National Environmental Policy Act of 1969, as amended, and other applicable statutes. These responsibilities include protecting public health and safety, protecting the environment, protecting and safeguarding nuclear materials and nuclear power plants in the interest of national security, and assuring conformity with antitrust laws. Agency functions are performed through standards setting and rulemaking; technical reviews and studies; conduct of public hearings; issuance of authorizations, permits, and licenses; inspection, investigation, and enforcement; evaluation of operating exp… | ||||
| 10:10:1.0.1.1.1.2.8.2 | 10 | Energy | I | 1 | PART 1—STATEMENT OF ORGANIZATION AND GENERAL INFORMATION | B | Subpart B—Headquarters | § 1.12 Office of the Inspector General. | NRC | [54 FR 53313, Dec. 28, 1989] | The Office of the Inspector General— (a) Develops policies and standards that govern NRC's financial and management audit program; (b) Plans, directs, and executes the long-range, comprehensive audit program; (c) Conducts and reports on investigations and inquiries, as necessary, to ascertain and verify the facts with regard to the integrity of all NRC programs and operations; (d) Investigates possible irregularities or alleged misconduct of NRC employees and contractors; (e) Refers suspected or alleged criminal violations concerning NRC employees or contractors to the Department of Justice; (f) Reviews existing and proposed legislation and regulations for their impact on economy and efficiency in the administration of NRC's programs and operations; (g) Keeps the Commission and the Congress fully and currently informed, by means of semiannual and other reports, about fraud, abuse, and other serious deficiencies in NRC's programs and operations; and (h) Maintains liaison with audit and inspector general organizations and other law enforcement agencies in regard to all matters relating to the promotion of economy and efficiency and the detection of fraud and abuse in programs and operations. | ||||
| 10:10:1.0.1.1.1.2.9.3 | 10 | Energy | I | 1 | PART 1—STATEMENT OF ORGANIZATION AND GENERAL INFORMATION | B | Subpart B—Headquarters | § 1.13 Advisory Committee on Reactor Safeguards. | NRC | The Advisory Committee on Reactor Safeguards (ACRS) was established by section 29 of the Atomic Energy Act of 1954, as amended. Consisting of a maximum of 15 members, it reviews and reports on safety studies and applications for construction permits and facility operating licenses; advises the Commission with regard to hazards of proposed or existing reactor facilities and the adequacy of proposed reactor safety standards; upon request of the Department of Energy (DOE), reviews and advises with regard to the hazards of DOE nuclear activities and facilities; reviews any generic issues or other matters referred to it by the Commission for advice. The Committee, on its own initiative, may conduct reviews of specific generic matters or nuclear facility safety-related items. The ACRS conducts studies of reactor safety research and submits reports thereon to the U.S. Congress and the NRC as appropriate. | |||||
| 10:10:1.0.1.1.1.2.9.4 | 10 | Energy | I | 1 | PART 1—STATEMENT OF ORGANIZATION AND GENERAL INFORMATION | B | Subpart B—Headquarters | § 1.15 Atomic Safety and Licensing Board Panel. | NRC | [52 FR 31602, Aug. 21, 1987, as amended at 85 FR 65661, Oct. 16, 2020] | The Atomic Safety and Licensing Board Panel, established pursuant to section 191 of the Atomic Energy Act of 1954, as amended, conducts hearings for the Commission and such other regulatory functions as the Commission authorizes. The Panel is comprised of any number of Administrative Judges (full-time and part-time), who may be lawyers, physicists, engineers, and environmental scientists; and Administrative Law Judges, who hear antitrust, civil penalty, and other cases and serve as Atomic Safety and Licensing Board Chairmen. The Chief Administrative Judge develops and applies procedures governing the activities of Boards, Administrative Judges, and Administrative Law Judges and makes appropriate recommendations to the Commission concerning the rules governing the conduct of hearings. The Panel conducts all licensing and other hearings as directed by the Commission primarily through individual Atomic Safety and Licensing Boards composed of one or three Administrative Judges. Those boards are designated by either the Commission or the Chief Administrative Judge. | ||||
| 10:10:1.0.1.1.1.2.9.5 | 10 | Energy | I | 1 | PART 1—STATEMENT OF ORGANIZATION AND GENERAL INFORMATION | B | Subpart B—Headquarters | § 1.18 [Reserved] | NRC | ||||||
| 10:10:1.0.1.1.1.2.9.6 | 10 | Energy | I | 1 | PART 1—STATEMENT OF ORGANIZATION AND GENERAL INFORMATION | B | Subpart B—Headquarters | § 1.19 Other committees, boards, and panels. | NRC | [52 FR 31602, Aug. 21, 1987, as amended at 54 FR 53314, Dec. 28, 1989; 68 FR 75389, Dec. 31, 2003; 79 FR 75737, Dec. 19, 2014] | Under section 161a. of the Atomic Energy Act of 1954, as amended, the Commission may establish advisory bodies to make recommendations to it. Currently, four committees are in existence. (a) The Advisory Committee on Medical Uses of Isotopes (ACMUI) was established by the Atomic Energy Commission in July 1958. The ACMUI, composed of physicians and scientists, considers medical questions referred to it by the NRC staff and renders expert opinions regarding medical uses of radioisotopes. The ACMUI also advises the NRC staff, as requested, on matters of policy regarding licensing of medical uses of radioisotopes. (b) The Licensing Support Network Advisory Review Panel (LSNARP) was established by the Commission on October 3, 1989, pursuant to 10 CFR 2.1011(e) of the Commission's regulations. The LSNARP provides advice to the Commission on the design, development, and operation of the Licensing Support Network (LSN) an electronic information management system for use in the Commission's high-level radioactive waste (HLW) licensing proceeding. Membership consists of those interests that will be affected by the use of the LSN, and selected Federal agencies with expertise in large-scale electronic information systems. The individual representatives of these interests and agencies possess expertise in management information science and in managing records of the Commission's licensing process for the HLW repository. | ||||
| 10:10:1.0.1.1.1.3.15.1 | 10 | Energy | I | 1 | PART 1—STATEMENT OF ORGANIZATION AND GENERAL INFORMATION | C | Subpart C—NRC Seal and Flag | § 1.51 Description and custody of NRC seal. | NRC | (a) Pursuant to section 201(a) of the Energy Reorganization Act of 1974, the Nuclear Regulatory Commission, has adopted an official seal. Its description is as follows: An American bald eagle (similar to that on the Great Seal of the United States of America) of brown and tan with claws and beak of yellow, behind a shield of red, white, and blue, clutching a cluster of thirteen arrows in its left claw and a green olive branch in its right claw, positioned on a field of white, with the words “United States Nuclear Regulatory Commission” in dark blue encircling the eagle. The eagle represents the United States of America and its interests. (b) The Official Seal of the Nuclear Regulatory Commission is illustrated as follows: (c) The Secretary of the Commission is responsible for custody of the impression seals and of replica (plaque) seals. | |||||
| 10:10:1.0.1.1.1.3.15.2 | 10 | Energy | I | 1 | PART 1—STATEMENT OF ORGANIZATION AND GENERAL INFORMATION | C | Subpart C—NRC Seal and Flag | § 1.53 Use of NRC seal or replicas. | NRC | (a) The use of the seal or replicas is restricted to the following: (1) NRC letterhead stationery; (2) NRC award certificates and medals; (3) Security credentials and employee identification cards; (4) NRC documents, including agreements with States, interagency or governmental agreements, foreign patent applications, certifications, special reports to the President and Congress and, at the discretion of the Secretary of the Commission, such other documents as the Secretary finds appropriate; (5) Plaques—the design of the seal may be incorporated in plaques for display at NRC facilities in locations such as auditoriums, presentation rooms, lobbies, offices of senior officials, on the fronts of buildings, and other places designated by the Secretary; (6) The NRC flag (which incorporates the design of the seal); (7) Official films prepared by or for the NRC, if deemed appropriate by the Director of Governmental and Public Affairs; (8) Official NRC publications that represent an achievement or mission of NRC as a whole, or that are cosponsored by NRC and other Government departments or agencies; and (9) Any other uses as the Secretary of the Commission finds appropriate. (b) Any person who uses the official seal in a manner other than as permitted by this section shall be subject to the provisions of 18 U.S.C. 1017, which provides penalties for the fraudulent or wrongful use of an official seal, and to other provisions of law as applicable. | |||||
| 10:10:1.0.1.1.1.3.15.3 | 10 | Energy | I | 1 | PART 1—STATEMENT OF ORGANIZATION AND GENERAL INFORMATION | C | Subpart C—NRC Seal and Flag | § 1.55 Establishment of official NRC flag. | NRC | The official flag is based on the design of the NRC seal. It is 50 inches by 66 inches in size with a 38-inch diameter seal incorporated in the center of a dark blue field with a gold fringe. | |||||
| 10:10:1.0.1.1.1.3.15.4 | 10 | Energy | I | 1 | PART 1—STATEMENT OF ORGANIZATION AND GENERAL INFORMATION | C | Subpart C—NRC Seal and Flag | § 1.57 Use of NRC flag. | NRC | (a) The use of the flag is restricted to the following: (1) On or in front of NRC installations; (2) At NRC ceremonies; (3) At conferences involving official NRC participation (including permanent display in NRC conference rooms); (4) At Governmental or public appearances of NRC executives; (5) In private offices of senior officials; or (6) As the Secretary of the Commission otherwise authorizes. (b) The NRC flag must only be displayed together with the U.S. flag. When they are both displayed on a speaker's platform, the U.S. flag must occupy the position of honor and be placed at the speaker's right as he or she faces the audience, and the NRC flag must be placed at the speaker's left. | |||||
| 10:10:1.0.1.1.1.3.15.5 | 10 | Energy | I | 1 | PART 1—STATEMENT OF ORGANIZATION AND GENERAL INFORMATION | C | Subpart C—NRC Seal and Flag | § 1.59 Report of violations. | NRC | In order to ensure adherence to the authorized uses of the NRC seal and flag as provided in this subpart, a report of each suspected violation of this subpart, or any questionable use of the NRC seal or flag, should be submitted to the Secretary of the Commission. | |||||
| 14:14:1.0.1.1.1.0.1.1 | 14 | Aeronautics and Space | I | A | 1 | PART 1—DEFINITIONS AND ABBREVIATIONS | § 1.1 General definitions. | FAA | [Doc. No. 1150, 27 FR 4588, May 15, 1962] | As used in this chapter, unless the context requires otherwise: Administrator means the Federal Aviation Administrator or any person to whom he has delegated his authority in the matter concerned. Aerodynamic coefficients means non-dimensional coefficients for aerodynamic forces and moments. Air carrier means a person who undertakes directly by lease, or other arrangement, to engage in air transportation. Air commerce means interstate, overseas, or foreign air commerce or the transportation of mail by aircraft or any operation or navigation of aircraft within the limits of any Federal airway or any operation or navigation of aircraft which directly affects, or which may endanger safety in, interstate, overseas, or foreign air commerce. Aircraft means a device that is used or intended to be used for flight in the air. Aircraft engine means an engine that is used or intended to be used for propelling aircraft. It includes turbosuperchargers, appurtenances, and accessories necessary for its functioning, but does not include propellers. Airframe means the fuselage, booms, nacelles, cowlings, fairings, airfoil surfaces (including rotors but excluding propellers and rotating airfoils of engines), and landing gear of an aircraft and their accessories and controls. Airplane means an engine-driven fixed-wing aircraft heavier than air, that is supported in flight by the dynamic reaction of the air against its wings. Airport means an area of land or water that is used or intended to be used for the landing and takeoff of aircraft, and includes its buildings and facilities, if any. Airship means an engine-driven lighter-than-air aircraft that can be steered. Air traffic means aircraft operating in the air or on an airport surface, exclusive of loading ramps and parking areas. Air traffic clearance means an authorization by air traffic control, for the purpose of preventing collision between known aircraft, for an aircraft to proceed under specified traffic conditions within controlled airspace. Air t… | |||||
| 14:14:1.0.1.1.1.0.1.2 | 14 | Aeronautics and Space | I | A | 1 | PART 1—DEFINITIONS AND ABBREVIATIONS | § 1.2 Abbreviations and symbols. | FAA | [Doc. No. 1150, 27 FR 4590, May 15, 1962] | In this chapter: AFM means airplane flight manual. AGL means above ground level. ALS means approach light system. APU means auxiliary power unit. ASR means airport surveillance radar. ATC means air traffic control. ATS means Air Traffic Service. CAMP means continuous airworthiness maintenance program. CAS means calibrated airspeed. CAT II means Category II. CMP means configuration, maintenance, and procedures. DH means decision height. DME means distance measuring equipment compatible with TACAN. EAS means equivalent airspeed. EFVS means enhanced flight vision system. Equi-Time Point means a point on the route of flight where the flight time, considering wind, to each of two selected airports is equal. ETOPS means extended operations. EWIS , as defined by § 25.1701 of this chapter, means electrical wiring interconnection system. FAA means Federal Aviation Administration. FFS means full flight simulator. FM means fan marker. FSTD means flight simulation training device. FTD means flight training device. GS means glide slope. HIRL means high-intensity runway light system. IAS means indicated airspeed. ICAO means International Civil Aviation Organization. IFR means instrument flight rules. IFSD means in-flight shutdown. ILS means instrument landing system. IM means ILS inner marker. INT means intersection. LDA means localizer-type directional aid. LFR means low-frequency radio range. LMM means compass locator at middle marker. LOC means ILS localizer. LOM means compass locator at outer marker. M means mach number. MAA means maximum authorized IFR altitude. MALS means medium intensity approach light system. MALSR means medium intensity approach light system with runway alignment indicator lights. MCA means minimum crossing altitude. MDA means minimum descent altitude. MEA means minimum en route IFR altitude. MEL means minimum equipment list. MM means ILS middle marker. MOCA means minimum obstruction clearance altitude. MRA … | |||||
| 14:14:1.0.1.1.1.0.1.3 | 14 | Aeronautics and Space | I | A | 1 | PART 1—DEFINITIONS AND ABBREVIATIONS | § 1.3 Rules of construction. | FAA | [Doc. No. 1150, 27 FR 4590, May 15, 1962, as amended by Amdt. 1-10, 31 FR 5055, Mar. 29, 1966; FAA-2023-1275, Amdt. No. 1-78, 89 FR 92483, Nov. 21, 2024] | (a) In this chapter, unless the context requires otherwise: (1) Words importing the singular include the plural; (2) Words importing the plural include the singular; and (3) Words importing the masculine gender include the feminine. (b) In this chapter, the word: (1) Shall is used in an imperative sense; (2) May is used in a permissive sense to state authority or permission to do the act prescribed, and the words “no person may * * *” or “a person may not * * *” mean that no person is required, authorized, or permitted to do the act prescribed; and (3) Includes means “includes but is not limited to”. | |||||
| 15:15:1.1.1.1.2.0.1.1 | 15 | Commerce and Foreign Trade | 1 | PART 1—THE SEAL OF THE DEPARTMENT OF COMMERCE | § 1.1 [Reserved] | DOC | |||||||||
| 15:15:1.1.1.1.2.0.1.2 | 15 | Commerce and Foreign Trade | 1 | PART 1—THE SEAL OF THE DEPARTMENT OF COMMERCE | § 1.2 Description and design. | DOC | (a) The Act of February 14, 1903 (32 Stat. 825, as amended) (15 U.S.C. 1501), which established the Department of Commerce, provided that “The said Secretary shall cause a seal of office to be made for the said department of such device as the President shall approve, and judicial notice shall be taken of the said seal.” On April 4, 1913, the President approved and declared to be the seal of the Department of Commerce the device which he described as follows: Arms: Per fesse azure and or, a ship in full sail on waves of the sea, in chief proper; and in base a lighthouse illumined proper. Crest: The American Eagle displayed. Around the Arms, between two concentric circles, are the words: Department of Commerce United States of America Arms: Per fesse azure and or, a ship in full sail on waves of the sea, in chief proper; and in base a lighthouse illumined proper. Crest: The American Eagle displayed. Around the Arms, between two concentric circles, are the words: (b) The design of the approved seal is as shown below. Where necessitated by requirements of legibility, immediate comprehension, or clean reproduction, the concentric circles may be eliminated from the seal on publications and exhibits, and in slides, motion pictures, and television. In more formal uses of the seal, such as on letterheads, the full, proper rendition of the seal shall be used. (c) The official symbolism of the seal shall be the following: The ship is a symbol of commerce; the blue denotes uprightness and constancy; the lighthouse is a well-known symbol representing guidance from the darkness which is translated to commercial enlightenment; and the gold denotes purity. The crest is the American bald eagle denoting the national scope of the Department's activities. (The above is a modification of the original symbolism issued with the President's approval of the seal, made necessary by changes in the functions of the Department.) | ||||||||
| 15:15:1.1.1.1.2.0.1.3 | 15 | Commerce and Foreign Trade | 1 | PART 1—THE SEAL OF THE DEPARTMENT OF COMMERCE | § 1.3 [Reserved] | DOC | |||||||||
| 17:17:1.0.1.1.1.0.1.1 | 17 | Commodity and Securities Exchanges | I | 1 | PART 1—GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT | § 1.1 [Reserved] | CFTC | ||||||||
| 17:17:1.0.1.1.1.0.1.2 | 17 | Commodity and Securities Exchanges | I | 1 | PART 1—GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT | § 1.2 Liability of principal for act of agent. | CFTC | The act, omission, or failure of any official, agent, or other person acting for any individual, association, partnership, corporation, or trust, within the scope of his employment or office, shall be deemed the act, omission, or failure of such individual, association, partnership, corporation, or trust as well as of such official, agent, or other person. | |||||||
| 17:17:1.0.1.1.1.0.1.3 | 17 | Commodity and Securities Exchanges | I | 1 | PART 1—GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT | § 1.3 Definitions. | CFTC | [41 FR 3194, Jan. 21, 1976] | Words used in the singular form in the rules and regulations in this chapter shall be deemed to import the plural and vice versa, as the context may require. The following terms, as used in the Commodity Exchange Act, or in the rules and regulations in this chapter, shall have the meanings hereby assigned to them, unless the context otherwise requires: Agricultural commodity. This term means: (1) The following commodities specifically enumerated in the definition of a “commodity” found in section 1a of the Act: Wheat, cotton, rice, corn, oats, barley, rye, flaxseed, grain sorghums, mill feeds, butter, eggs, Solanum tuberosum (Irish potatoes), wool, wool tops, fats and oils (including lard, tallow, cottonseed oil, peanut oil, soybean oil and all other fats and oils), cottonseed meal, cottonseed, peanuts, soybeans, soybean meal, livestock, livestock products, and frozen concentrated orange juice, but not onions; (2) All other commodities that are, or once were, or are derived from, living organisms, including plant, animal and aquatic life, which are generally fungible, within their respective classes, and are used primarily for human food, shelter, animal feed or natural fiber; (3) Tobacco, products of horticulture, and such other commodities used or consumed by animals or humans as the Commission may by rule, regulation or order designate after notice and opportunity for hearing; and (4) Commodity-based indexes based wholly or principally on underlying agricultural commodities. Associated person. This term means any natural person who is associated in any of the following capacities with: (1) A futures commission merchant as a partner, officer, or employee (or any natural person occupying a similar status or performing similar functions), in any capacity which involves (i) The solicitation or acceptance of customers' orders (other than in a clerical capacity) or (ii) the supervision of any person or persons so engaged; (2) An introducing broker as a partner, officer, employee, or agent (or any natural p… | ||||||
| 17:17:1.0.1.1.1.0.1.4 | 17 | Commodity and Securities Exchanges | I | 1 | PART 1—GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT | § 1.4 Electronic signatures, acknowledgments and verifications. | CFTC | [77 FR 66320, Nov. 2, 2012] | For purposes of complying with any provision in the Commodity Exchange Act or the rules or regulations in this Chapter I that requires a swap transaction to be acknowledged by a swap dealer or major swap participant or a document to be signed or verified by a customer of a futures commission merchant or introducing broker, a retail forex customer of a retail foreign exchange dealer or futures commission merchant, a pool participant or a client of a commodity trading advisor, or a counterparty of a swap dealer or major swap participant, an electronic signature executed by the customer, retail forex customer, participant, client, counterparty, swap dealer, or major swap participant will be sufficient, if the futures commission merchant, retail foreign exchange dealer, introducing broker, commodity pool operator, commodity trading advisor, swap dealer, or major swap participant elects generally to accept electronic signatures, acknowledgments or verifications or another Commission rule permits the use of electronic signatures for the purposes listed above; Provided, however, That the electronic signature must comply with applicable Federal laws and other Commission rules; And, Provided further, That the futures commission merchant, retail foreign exchange dealer, introducing broker, commodity pool operator, commodity trading advisor, swap dealer, or major swap participant must adopt and use reasonable safeguards regarding the use of electronic signatures, including at a minimum safeguards employed to prevent alteration of the electronic record with which the electronic signature is associated, after such record has been electronically signed. | ||||||
| 17:17:1.0.1.1.1.0.1.5 | 17 | Commodity and Securities Exchanges | I | 1 | PART 1—GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT | § 1.6 Anti-evasion. | CFTC | [77 FR 48354, Aug. 13, 2012] | (a) It shall be unlawful to conduct activities outside the United States, including entering into agreements, contracts, and transactions and structuring entities, to willfully evade or attempt to evade any provision of the Commodity Exchange Act as enacted by Subtitle A of the Wall Street Transparency and Accountability Act of 2010 or the rules, regulations, and orders of the Commission promulgated thereunder ( Subtitle A ). (b) The form, label, and written documentation of an agreement, contract, or transaction, or an entity, shall not be dispositive in determining whether the agreement, contract, or transaction, or entity, has been entered into or structured to willfully evade as provided in paragraph (a) of this section. (c) An activity conducted outside the United States to evade as provided in paragraph (a) of this section shall be subject to the provisions of Subtitle A. (d) Notwithstanding the foregoing, no agreement, contract, or transaction structured as a security (including a security-based swap) under the securities laws (as defined in section 3(a)(47) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(47))) shall be deemed a swap pursuant to this section. | ||||||
| 17:17:1.0.1.1.1.0.1.6 | 17 | Commodity and Securities Exchanges | I | 1 | PART 1—GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT | § 1.7 Books and records requirements for security-based swap agreements. | CFTC | [77 FR 48354, Aug. 13, 2012] | (a) A person registered as a swap data repository under section 21 of the Commodity Exchange Act and the rules and regulations thereunder: (1) Shall not be required to keep and maintain additional books and records regarding security-based swap agreements other than the books and records regarding swaps required to be kept and maintained pursuant to section 21 of the Commodity Exchange Act and the rules and regulations thereunder; and (2) Shall not be required to collect and maintain additional data regarding security-based swap agreements other than the data regarding swaps required to be collected and maintained by such persons pursuant to section 21 of the Commodity Exchange Act and the rules and regulations thereunder. (b) A person shall not be required to keep and maintain additional books and records, including daily trading records, regarding security-based swap agreements other than the books and records regarding swaps required to be kept and maintained by such persons pursuant to section 4s of the Commodity Exchange Act and the rules and regulations thereunder if such person is registered as: (1) A swap dealer under section 4s(a)(1) of the Commodity Exchange Act and the rules and regulations thereunder; (2) A major swap participant under section 4s(a)(2) of the Commodity Exchange Act and the rules and regulations thereunder; (3) A security-based swap dealer under section 15F(a)(1) of the Securities Exchange Act of 1934 (15 U.S.C. 78o-10(a)(1)) and the rules and regulations thereunder; or (4) a major security-based swap participant under section 15F(a)(2) of the Securities Exchange Act of 1934 (15 U.S.C. 78o-10(a)(2)) and the rules and regulations thereunder. (c) The term security-based swap agreement has the meaning set forth in section 1a(47)(A)(v) of the Commodity Exchange Act. | ||||||
| 17:17:1.0.1.1.1.0.1.7 | 17 | Commodity and Securities Exchanges | I | 1 | PART 1—GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT | § 1.8 Requests for interpretation of swaps, security-based swaps, and mixed swaps. | CFTC | [77 FR 48354, Aug. 13, 2012] | (a) In general. Any person may submit a request to the Commission and the Securities and Exchange Commission to provide a joint interpretation of whether a particular agreement, contract, or transaction (or class thereof) is: (1) A swap, as that term is defined in section 1a(47) of the Commodity Exchange Act and the rules and regulations promulgated thereunder; (2) A security-based swap, as that term is defined in section 1a(42) of the Commodity Exchange Act and the rules and regulations promulgated thereunder; or (3) A mixed swap, as that term is defined in section 1a(47)(D) of the Commodity Exchange Act and the rules and regulations promulgated thereunder. (b) Request process. In making a request pursuant to paragraph (a) of this section, the requesting person must provide the Commission and the Securities and Exchange Commission with the following: (1) All material information regarding the terms of the agreement, contract, or transaction (or class thereof); (2) A statement of the economic characteristics and purpose of the agreement, contract, or transaction (or class thereof); (3) The requesting person's determination as to whether the agreement, contract, or transaction (or class thereof) should be characterized as a swap, a security-based swap, or both, ( i.e., a mixed swap), including the basis for such determination; and (4) Such other information as may be requested by the Commission or the Securities and Exchange Commission. (c) Request withdrawal. A person may withdraw a request made pursuant to paragraph (a) of this section at any time prior to the issuance of a joint interpretation or joint proposed rule by the Commission and the Securities and Exchange Commission in response to the request; provided, however, that notwithstanding such withdrawal, the Commission and the Securities and Exchange Commission may provide a joint interpretation of whether the agreement, contract, or transaction (or class thereof) is a swap, a security-based swap, or both ( i.e., a mixed swap). (d) Reque… | ||||||
| 17:17:1.0.1.1.1.0.1.8 | 17 | Commodity and Securities Exchanges | I | 1 | PART 1—GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT | § 1.9 Regulation of mixed swaps. | CFTC | [77 FR 48354, Aug. 13, 2012] | (a) In general. The term mixed swap has the meaning set forth in section 1a(47)(D) of the Commodity Exchange Act. (b) Regulation of bilateral uncleared mixed swaps entered into by dually-registered dealers or major participants. A mixed swap that is neither executed on nor subject to the rules of a designated contract market, national securities exchange, swap execution facility, security-based swap execution facility, or foreign board of trade; that will not be submitted to a derivatives clearing organization or registered or exempt clearing agency to be cleared; and where at least one party is registered with the Commission as a swap dealer or major swap participant and also with the Securities and Exchange Commission as a security-based swap dealer or major security-based swap participant, shall be subject to: (1) The following provisions of the Commodity Exchange Act, and the rules and regulations promulgated thereunder: (i) Examinations and information sharing: sections 4s(f) and 8 of the Commodity Exchange Act; (ii) Enforcement: sections 2(a)(1)(B), 4(b), 4b, 4c, 4s(h)(1)(A), 4s(h)(4)(A), 6(c), 6(d), 6c, 6d, 9, 13(a), 13(b), and 23 of the Commodity Exchange Act; (iii) Reporting to a swap data repository: section 4r of the Commodity Exchange Act; (iv) Real-time reporting: section 2(a)(13) of the Commodity Exchange Act; (v) Capital: section 4s(e) of the Commodity Exchange Act; and (vi) Position Limits: section 4a of the Commodity Exchange Act; and (2) The provisions of the Federal securities laws, as defined in section 3(a)(47) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(47)), and the rules and regulations promulgated thereunder. (c) Process for determining regulatory treatment for other mixed swaps —(1) In general. Any person who desires or intends to list, trade, or clear a mixed swap (or class thereof) that is not subject to paragraph (b) of this section may request the Commission and the Securities and Exchange Commission to issue a joint order permitting the requesting perso… | ||||||
| 17:17:1.0.1.1.1.0.2.10 | 17 | Commodity and Securities Exchanges | I | 1 | PART 1—GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT | § 1.11 Risk Management Program for futures commission merchants. | CFTC | [78 FR 68620, Nov. 14, 2013] | (a) Applicability. Nothing in this section shall apply to a futures commission merchant that does not accept any money, securities, or property (or extend credit in lieu thereof) to margin, guarantee, or secure any trades or contracts that result from soliciting or accepting orders for the purchase or sale of any commodity interest. (b) Definitions. For purposes of this section: (1) Business unit means any department, division, group, or personnel of a futures commission merchant or any of its affiliates, whether or not identified as such that: (i) Engages in soliciting or in accepting orders for the purchase or sale of any commodity interest and that, in or in connection with such solicitation or acceptance of orders, accepts any money, securities, or property (or extends credit in lieu thereof) to margin, guarantee, or secure any trades or contracts that result or may result therefrom; or (ii) Otherwise handles segregated funds, including managing, investing, and overseeing the custody of segregated funds, or any documentation in connection therewith, other than for risk management purposes; and (iii) Any personnel exercising direct supervisory authority of the performance of the activities described in paragraph (b)(1)(i) or (ii) of this section. (2) Customer means a futures customer as defined in § 1.3, Cleared Swaps Customer as defined in § 22.1 of this chapter, and 30.7 customer as defined in § 30.1 of this chapter. (3) Governing body means the proprietor, if the futures commission merchant is a sole proprietorship; a general partner, if the futures commission merchant is a partnership; the board of directors if the futures commission merchant is a corporation; the chief executive officer, the chief financial officer, the manager, the managing member, or those members vested with the management authority if the futures commission merchant is a limited liability company or limited liability partnership. (4) Segregated funds means money, securities, or other property held by a futures comm… | ||||||
| 17:17:1.0.1.1.1.0.2.11 | 17 | Commodity and Securities Exchanges | I | 1 | PART 1—GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT | § 1.12 Maintenance of minimum financial requirements by futures commission merchants and introducing brokers. | CFTC | [43 FR 39969, Sept. 8, 1978] | (a) Each person registered as a futures commission merchant or who files an application for registration as a futures commission merchant, and each person registered as an introducing broker or who files an application for registration as an introducing broker (except for an introducing broker or applicant for registration as an introducing broker operating pursuant to, or who has filed concurrently with its application for registration, a guarantee agreement and who is not also a securities broker or dealer), who knows or should have known that its adjusted net capital at any time is less than the minimum required by § 1.17 or by the capital rule of any self-regulatory organization to which such person is subject, or the minimum net capital requirements of the Securities and Exchange Commission if the applicant or registrant is registered with the Securities and Exchange Commission, must: (1) Give notice, as set forth in paragraph (n) of this section that the applicant's or registrant's capital is below the applicable minimum requirement. Such notice must be given immediately after the applicant or registrant knows or should have known that its adjusted net capital or net capital, as applicable, is less than minimum required amount; and (2) Provide together with such notice documentation, in such form as necessary, to adequately reflect the applicant's or registrant's capital condition as of any date on which such person's adjusted net capital is less than the minimum required; Provided, however, that if the applicant or registrant cannot calculate or otherwise immediately determine its financial condition, it must provide the notice required by paragraph (a)(1) of this section and include in such notice a statement that the entity cannot presently calculate its financial condition. The applicant or registrant must provide similar documentation of its financial condition for other days as the Commission may request. (b) Each person registered as a futures commission merchant, or who files an application for… | ||||||
| 17:17:1.0.1.1.1.0.2.12 | 17 | Commodity and Securities Exchanges | I | 1 | PART 1—GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT | § 1.13 [Reserved] | CFTC | ||||||||
| 17:17:1.0.1.1.1.0.2.13 | 17 | Commodity and Securities Exchanges | I | 1 | PART 1—GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT | § 1.14 Risk assessment recordkeeping requirements for futures commission merchants. | CFTC | [59 FR 66688, Dec. 28, 1994] | (a) Requirement to maintain and preserve information. (1) Each futures commission merchant registered with the Commission pursuant to Section 4d of the Act, unless exempt pursuant to paragraph (d) of this section, shall prepare, maintain and preserve the following information: (i) An organizational chart which includes the futures commission merchant and each of its affiliated persons. Included in the organizational chart shall be a designation of which affiliated persons are “Material Affiliated Persons” as that term is used in paragraph (a)(2) of this section, which Material Affiliated Persons file routine financial or risk exposure reports with the Securities and Exchange Commission, a federal banking agency, an insurance commissioner or other similar official or agency of a state, or a foreign regulatory authority, and which Material Affiliated Persons are dealers in financial instruments with off-balance sheet risk and, if a Material Affiliated Person is such a dealer, whether it is also an end-user of such instruments; (ii) Written policies, procedures, or systems concerning the futures commission merchant's: (A) Method(s) for monitoring and controlling financial and operational risks to it resulting from the activities of any of its affiliated persons; (B) Financing and capital adequacy, including information regarding sources of funding, together with a narrative discussion by management of the liquidity of the material assets of the futures commission merchant, the structure of debt capital, and sources of alternative funding; (C) Establishing and maintaining internal controls with respect to market risk, credit risk, and other risks created by the futures commission merchant's proprietary and noncustomer clearing activities, including systems and policies for supervising, monitoring, reporting and reviewing trading activities in securities, futures contracts, commodity options, forward contracts and financial instruments; policies for hedging or managing risks created by trading activities or sup… | ||||||
| 17:17:1.0.1.1.1.0.2.14 | 17 | Commodity and Securities Exchanges | I | 1 | PART 1—GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT | § 1.15 Risk assessment reporting requirements for futures commission merchants. | CFTC | [59 FR 66690, Dec. 28, 1994; 60 FR 13901, Mar. 15, 1995, as amended at 78 FR 68625, Nov. 14, 2013] | (a) Reporting requirements with respect to information required to be maintained by § 1.14. (1) Each futures commission merchant registered with the Commission pursuant to Section 4d of the Act, unless exempt pursuant to paragraph (c) of this section, shall file the following with the regional office with which it files periodic financial reports by no later than April 30, 1995, provided that in the case of a futures commission merchant whose registration becomes effective after December 31, 1994, such futures commission merchant shall file the following within 60 calendar days after the effective date of such registration, or by April 30, 1995, whichever comes later: (i) A copy of the organizational chart maintained by the futures commission merchant pursuant to paragraph (a)(l)(i) of § 1.14. Where there is a material change in information provided, an updated organizational chart shall be filed within sixty calendar days after the end of the fiscal quarter in which the change has occurred; and (ii) Copies of the financial, operational, and risk management policies, procedures and systems maintained by the futures commission merchant pursuant to paragraph (a)(l)(ii) of § 1.14. If the futures commission merchant has no such written policies, procedures or systems, it must file a statement so indicating. Where there is a material change in information provided, such change shall be reported within sixty calendar days after the end of the fiscal quarter in which the change has occurred. (2) Each futures commission merchant registered with the Commission pursuant to Section 4d of the Act, unless exempt pursuant to paragraph (c) of this section, shall file the following with the regional office with which it files periodic financial reports within 105 calendar days after the end of each fiscal year or, if a filing is made pursuant to a written notice issued under paragraph (a)(2)(iii) of this section, within the time period specified in the written notice: (i) Fiscal year-end consolidated and consolidating bala… | ||||||
| 17:17:1.0.1.1.1.0.2.15 | 17 | Commodity and Securities Exchanges | I | 1 | PART 1—GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT | § 1.16 Qualifications and reports of accountants. | CFTC | [43 FR 39970, Sept. 8, 1978, as amended at 46 FR 54516, Nov. 3, 1981; 46 FR 63035, Dec. 30, 1981; 48 FR 35284, Aug. 3, 1983; 49 FR 39526, Oct. 9, 1984; 52 FR 28995, Aug. 5, 1987; 53 FR 4612, Feb. 17, 1988; 69 FR 41426, July 9, 2004; 69 FR 49798, Aug. 12, 2004; 71 FR 5593, Feb. 2, 2006; 77 FR 66320, Nov. 2, 2012; 78 FR 68625, Nov. 14, 2013; 85 FR 57543, Sept. 15, 2020] | (a) Definitions— (1) Accountant's report. The term “accountant's report,” when used in regard to financial statements and schedules, means a document in which an independent licensed or certified public accountant indicates the scope of the audit (or examination) which he has made and sets forth his opinion regarding the financial statements and schedules taken as a whole or an assertion to the fact that an overall opinion cannot be expressed. When an overall opinion cannot be expressed, the reasons therefore must be stated. (2) Audit or examination. The terms “audit” and “examination,” when used in regard to financial statements and schedules, mean an examination of the statements and schedules by an accountant in accordance with generally accepted auditing standards for the purposes of expressing an opinion thereon. (3) Certified. The term “certified,” when used in regard to financial statements and schedules, means audited and reported upon with an opinion expressed by an independent certified public accountant or independent licensed public accountant. (4) Customer. The term “customer” means customer, as defined in §§ 1.3, and 30.7 customer, as defined in § 30.1 of this chapter. (b) Qualifications of accountants. (1) The Commission will recognize any person as a certified public accountant who is duly registered and in good standing as such under the laws of the place of his residence or principal office; Provided, however, that a certified public accountant engaged to conduct an examination of a futures commission merchant must be registered with the Public Company Accounting Oversight Board and must have undergone an examination by the Public Company Accounting Oversight Board, and may not be subject to a permanent or temporary bar to engage in the examination of public issuers or brokers or dealers registered with the Securities and Exchange Commission as a result of a Public Company Accounting Oversight Board disciplinary hearing. (2) The Commission will not recognize any certified publi… | ||||||
| 17:17:1.0.1.1.1.0.2.16 | 17 | Commodity and Securities Exchanges | I | 1 | PART 1—GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT | § 1.17 Minimum financial requirements for futures commission merchants and introducing brokers. | CFTC | [43 FR 39972, Sept. 8, 1978] | (a)(1)(i) Except as provided in paragraph (a)(2)(i) of this section, each person registered as a futures commission merchant must maintain adjusted net capital equal to or in excess of the greatest of: (A) $1,000,000, Provided, however, that if the futures commission merchant also is a swap dealer, the minimum amount shall be $20,000,000; (B) The futures commission merchant's risk-based capital requirement, computed as the sum of: ( 1 ) Eight percent of the total risk margin requirement (as defined in § 1.17(b)(8) of this section) for positions carried by the futures commission merchant in customer accounts and noncustomer accounts; and ( 2 ) For a futures commission merchant that is also a registered swap dealer, two percent of the total uncleared swap margin, as that term is defined in paragraph (b)(11) of this section. (C) The amount of adjusted net capital required by a registered futures association of which it is a member; or (D) For securities brokers and dealers, the amount of net capital required by Rule 15c3-1(a) of the Securities and Exchange Commission (17 CFR 240.15c3-1(a)). (ii) A futures commission merchant that is registered as a swap dealer and has received approval to use internal models to compute market risk and credit risk charges for uncleared swaps must maintain net capital equal to or in excess of $100 million and adjusted net capital equal to or in excess of $20 million. (iii) Except as provided in paragraph (a)(2) of this section, each person registered as an introducing broker must maintain adjusted net capital equal to or in excess of the greatest of: (A) $45,000; (B) The amount of adjusted net capital required by a registered futures association of which it is a member; or (C) For securities brokers and dealers, the amount of net capital required by Rule 15c3-1(a) of the Securities and Exchange Commission (17 CFR 240.15c3-1(a)). (2)(i) The requirements of paragraph (a)(1) of this section shall not be applicable if the registrant is a member of a designated self-regulator… | ||||||
| 17:17:1.0.1.1.1.0.2.17 | 17 | Commodity and Securities Exchanges | I | 1 | PART 1—GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT | § 1.18 Records for and relating to financial reporting and monthly computation by futures commission merchants and introducing brokers. | CFTC | [48 FR 35288, Aug. 3, 1983, as amended at 49 FR 39530, Oct. 9, 1984; 62 FR 4641, Jan. 31, 1997; 69 FR 49800, Aug. 12, 2004; 71 FR 5594, Feb. 2, 2006] | (a) No person shall be registered as a futures commission merchant or as an introducing broker under the Act unless, commencing on the date his application for such registration is filed, he prepares and keeps current ledgers or other similar records which show or summarize, with appropriate references to supporting documents, each transaction affecting his asset, liability, income, expense and capital accounts, and in which (except as otherwise permitted in writing by the Commission) all his asset, liability and capital accounts are classified into either the account classification subdivisions specified on Form 1-FR-FCM or Form 1-FR-IB, respectively, or, if such person is registered with the Securities and Exchange Commission as a securities broker or dealer and he files (in accordance with § 1.10(h)) a copy of his Financial and Operational Combined Uniform Single Report under the Securities Exchange Act of 1934, Part II, Part IIA, or Part II CSE (FOCUS report) in lieu of Form 1-FR-FCM or Form 1-FR-IB, the account classification subdivisions specified on such FOCUS report, or categories that are in accord with generally accepted accounting principles. Each person so registered shall prepare and keep current such records. (b)(1) Each applicant or registrant must make and keep as a record in accordance with § 1.31 formal computations of its adjusted net capital and of its minimum financial requirements pursuant to § 1.17 or the requirements of the designated self-regulatory organization to which it is subject as of the close of business each month. Such computations must be completed and made available for inspection by any representative of the National Futures Association, in the case of an applicant, or of the Commission or designated self-regulatory organization, if any, in the case of a registrant, within 17 business days after the date for which the computations are made, commencing the first month end after the date the application for registration is filed. (2) An applicant or registrant that has filed … | ||||||
| 17:17:1.0.1.1.1.0.2.9 | 17 | Commodity and Securities Exchanges | I | 1 | PART 1—GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT | § 1.10 Financial reports of futures commission merchants and introducing brokers. | CFTC | [43 FR 39967, Sept. 8, 1978] | (a) Application for registration. (1) Except as otherwise provided, a futures commission merchant or an applicant for registration as a futures commission merchant, in order to satisfy any requirement in this part that it file a Form 1-FR, must file a Form 1-FR-FCM, and any reference in this part to Form 1-FR with respect to a futures commission merchant or applicant therefor shall be deemed to be a reference to Form 1-FR-FCM. Except as otherwise provided, an introducing broker or an applicant for registration as an introducing broker, in order to satisfy any requirement in this part that it file a Form 1-FR, must file a Form 1-FR-IB, and any reference in this part to Form 1-FR with respect to an introducing broker or applicant therefor shall be deemed to be a reference to Form 1-FR-IB. (2) (i) (A) Except as provided in paragraphs (a)(3) and (h) of this section, each person who files an application for registration as a futures commission merchant and who is not so registered at the time of such filing, must, concurrently with the filing of such application, file either: ( 1 ) A Form 1-FR-FCM certified by an independent public accountant in accordance with § 1.16 as of a date not more than 45 days prior to the date on which such report is filed; or ( 2 ) A Form 1-FR-FCM as of a date not more than 17 business days prior to the date on which such report is filed and a Form 1-FR-FCM certified by an independent public accountant in accordance with § 1.16 as of a date not more than one year prior to the date on which such report is filed. (B) Each such person must include with such financial report a statement describing the source of his current assets and representing that his capital has been contributed for the purpose of operating his business and will continue to be used for such purpose. (ii) (A) Except as provided in paragraphs (a)(3) and (h) of this section, each person who files an application for registration as an introducing broker and who is not so registered at the time of such filing, must, conc… | ||||||
| 17:17:1.0.1.1.1.0.3.18 | 17 | Commodity and Securities Exchanges | I | 1 | PART 1—GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT | § 1.19 Prohibited trading in certain “puts” and “calls”. | CFTC | [52 FR 28997, Aug. 5, 1987, as amended at 58 FR 68520, Dec. 28, 1993] | No futures commission merchant or introducing broker may make, underwrite, issue, or otherwise assume any financial responsibility for the fulfillment of, any commodity option except: (a) Commodity options traded on or subject to the rules of a contract market in accordance with the requirements of part 33 of this chapter; (b) Commodity options traded on or subject to the rules of a foreign board of trade in accordance with the requirements of part 30 of this chapter; or (c) For futures commission merchants, any option permitted under § 32.4 of this chapter, provided however, that a capital treatment for such options is referenced in § 1.17(c)(5)(vi). | ||||||
| 17:17:1.0.1.1.1.0.4.19 | 17 | Commodity and Securities Exchanges | I | 1 | PART 1—GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT | § 1.20 Futures customer funds to be segregated and separately accounted for. | CFTC | [78 FR 68627, Nov. 14, 2013, as amended at 79 FR 26832, May 12, 2014; 81 FR 53267, Aug. 12, 2016; 85 FR 4850, Jan. 27, 2020; 90 FR 7867, 7933, Jan. 22, 2025] | (a) General. A futures commission merchant must separately account for all futures customer funds and segregate such funds as belonging to its futures customers. A futures commission merchant shall deposit futures customer funds under an account name that clearly identifies them as futures customer funds and shows that such funds are segregated as required by sections 4d(a) and 4d(b) of the Act and by this part. A futures commission merchant must at all times maintain in the separate account or accounts money, securities and property in an amount at least sufficient in the aggregate to cover its total obligations to all futures customers as computed under paragraph (i) of this section. The futures commission merchant must perform appropriate due diligence as required by § 1.11 on any and all locations of futures customer funds, as specified in paragraph (b) of this section, to ensure that the location in which the futures commission merchant has deposited such funds is a financially sound entity. (b) Location of futures customer funds. A futures commission merchant may deposit futures customer funds, subject to the risk management policies and procedures of the futures commission merchant required by § 1.11, with the following depositories: (1) A bank or trust company; (2) A derivatives clearing organization; or (3) Another futures commission merchant. (c) Limitation on the holding of futures customer funds outside of the United States. A futures commission merchant may hold futures customer funds with a depository outside of the United States only in accordance with § 1.49. (d) Written acknowledgment from depositories. (1) A futures commission merchant must obtain a written acknowledgment from each bank, trust company, derivatives clearing organization, or futures commission merchant prior to or contemporaneously with the opening of an account by the futures commission merchant with such depositories; provided, however, that a written acknowledgment need not be obtained from a derivatives clear… | ||||||
| 17:17:1.0.1.1.1.0.4.20 | 17 | Commodity and Securities Exchanges | I | 1 | PART 1—GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT | § 1.21 Care of money and equities accruing to futures customers. | CFTC | [77 FR 66321, Nov. 2, 2012] | All money received directly or indirectly by, and all money and equities accruing to, a futures commission merchant from any derivatives clearing organization or from any clearing member or from any member of a contract market incident to or resulting from any trade, contract or commodity option made by or through such futures commission merchant on behalf of any futures customer shall be considered as accruing to such futures customer within the meaning of the Act and these regulations. Such money and equities shall be treated and dealt with as belonging to such futures customer in accordance with the provisions of the Act and these regulations. Money and equities accruing in connection with futures customers' open trades, contracts, or commodity options need not be separately credited to individual accounts but may be treated and dealt with as belonging undivided to all futures customers having open trades, contracts, or commodity option positions which if closed would result in a credit to such futures customers. | ||||||
| 17:17:1.0.1.1.1.0.4.21 | 17 | Commodity and Securities Exchanges | I | 1 | PART 1—GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT | § 1.22 Use of futures customer funds restricted. | CFTC | [78 FR 68631, Nov. 14, 2013, as amended at 80 FR 15509, Mar. 24, 2015] | (a) No futures commission merchant shall use, or permit the use of, the futures customer funds of one futures customer to purchase, margin, or settle the trades, contracts, or commodity options of, or to secure or extend the credit of, any person other than such futures customer. (b) Futures customer funds shall not be used to carry trades or positions of the same futures customer other than in contracts for the purchase of sale of any commodity for future delivery or for options thereon traded through the facilities of a designated contract market. (c)(1) The undermargined amount for a futures customer's account is the amount, if any, by which: (i) The total amount of collateral required for that futures customer's positions in that account, at the time or times referred to in paragraph (c)(2) of this section, exceeds (ii) The value of the futures customer funds for that account, as calculated in § 1.20(i)(2). (2) Each futures commission merchant must compute, based on the information available to the futures commission merchant as of the close of each business day, (i) The undermargined amounts, based on the clearing initial margin that will be required to be maintained by that futures commission merchant for its futures customers, at each derivatives clearing organization of which the futures commission merchant is a member, at the point of the daily settlement (as described in § 39.14 of this chapter) that will complete during the following business day for each such derivatives clearing organization less (ii) Any debit balances referred to in § 1.20(i)(4) included in such undermargined amounts. (3)(i) Prior to the Residual Interest Deadline, such futures commission merchant must maintain residual interest in segregated funds that is at least equal to the computation set forth in paragraph (c)(2) of this section. Where a futures commission merchant is subject to multiple Residual Interest Deadlines, prior to each Residual Interest Deadline, such futures commission merchant must maintain residual inter… | ||||||
| 17:17:1.0.1.1.1.0.4.22 | 17 | Commodity and Securities Exchanges | I | 1 | PART 1—GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT | § 1.23 Interest of futures commission merchant in segregated futures customer funds; additions and withdrawals. | CFTC | [78 FR 68632, Nov. 14, 2013, as amended at 79 FR 44126, July 30, 2014] | (a)(1) The provision in sections 4d(a)(2) and 4d(b) of the Act and the provision in § 1.20 that prohibit the commingling of futures customer funds with the funds of a futures commission merchant, shall not be construed to prevent a futures commission merchant from having a residual financial interest in the futures customer funds segregated as required by the Act and the regulations in this part and set apart for the benefit of futures customers; nor shall such provisions be construed to prevent a futures commission merchant from adding to such segregated futures customer funds such amount or amounts of money, from its own funds or unencumbered securities from its own inventory, of the type set forth in § 1.25 of this part, as it may deem necessary to ensure any and all futures customers' accounts from becoming undersegregated at any time. (2) If a futures commission merchant discovers at any time that it is holding insufficient funds in segregated accounts to meet its obligations under §§ 1.20 and 1.22, the futures commission merchant shall immediately deposit sufficient funds into segregation to bring the account into compliance. (b) A futures commission merchant may not withdraw funds, except withdrawals that are made to or for the benefit of futures customers, from an account or accounts holding futures customer funds unless the futures commission merchant has prepared the daily segregation calculation required by § 1.32 as of the close of business on the previous business day. A futures commission merchant that has completed its daily segregation calculation may make withdrawals, in addition to withdrawals that are made to or for the benefit of futures customers, to the extent of its actual residual financial interest in funds held in segregated futures accounts, adjusted to reflect market activity and other events that may have decreased the amount of the firm's residual financial interest since the close of business on the previous business day, including the withdrawal of securities held in segregated s… | ||||||
| 17:17:1.0.1.1.1.0.4.23 | 17 | Commodity and Securities Exchanges | I | 1 | PART 1—GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT | § 1.24 Segregated funds; exclusions therefrom. | CFTC | [77 FR 66322, Nov. 2, 2012] | Money held in a segregated account by a futures commission merchant shall not include: (a) Money invested in obligations or stocks of any derivatives clearing organization or in memberships in or obligations of any contract market; or (b) Money held by any derivatives clearing organization which it may use for any purpose other than to purchase, margin, guarantee, secure, transfer, adjust, or settle the contracts, trades, or commodity options of the futures customers of such futures commission merchant. | ||||||
| 17:17:1.0.1.1.1.0.4.24 | 17 | Commodity and Securities Exchanges | I | 1 | PART 1—GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT | § 1.25 Investment of customer funds. | CFTC | [76 FR 78798, Dec. 19, 2011, as amended at 77 FR 66322, Nov. 2, 2012; 78 FR 68633, Nov. 14, 2013; 86 FR 19419, Apr. 13, 2021; 90 FR 7867, Jan. 22, 2025] | (a) Permitted investments. (1) Subject to the terms and conditions set forth in this section, a futures commission merchant or a derivatives clearing organization may invest customer money in the following instruments (permitted investments): (i) Obligations of the United States and obligations fully guaranteed as to principal and interest by the United States (U.S. government securities); (ii) General obligations of any State or of any political subdivision thereof (municipal securities); (iii) Obligations of any United States government corporation or enterprise sponsored by the United States government (U.S. agency obligations); (iv) Interests in government money market funds as defined in § 270.2a-7 of this title, provided that the government money market funds do not choose to rely on the ability to impose discretionary liquidity fees consistent with the requirements of 17 CFR 270.2a-7(c)(2)(i)(government money market fund); (v) Interests in exchange-traded funds, as defined in 17 CFR 270.6c-11, which seek to replicate the performance of a published short-term U.S. Treasury security index composed of bonds, notes, and bills with a remaining maturity of 12 months or less, issued by, or unconditionally guaranteed as to the timely payment of principal and interest by, the U.S. Department of the Treasury (U.S. Treasury exchange-traded fund); and (vi) General obligations of Canada, France, Germany, Japan, and the United Kingdom (permitted foreign sovereign debt), subject to the following: (A) A futures commission merchant may invest in the permitted foreign sovereign debt of a country to the extent the futures commission merchant has balances in segregated accounts owed to its customers denominated in that country's currency; and (B) A derivatives clearing organization may invest in the permitted foreign sovereign debt of a country to the extent the derivatives clearing organization has balances in segregated accounts owed to its clearing members that are futures commission merchants denominated in that… | ||||||
| 17:17:1.0.1.1.1.0.4.25 | 17 | Commodity and Securities Exchanges | I | 1 | PART 1—GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT | § 1.26 Deposit of instruments purchased with futures customer funds. | CFTC | [78 FR 68634, Nov. 14, 2013, as amended at 79 FR 26833, May 12, 2014; 90 FR 7869, Jan. 22, 2025] | (a) Each futures commission merchant who invests futures customer funds in instruments described in § 1.25, except for investments in government money market funds, shall separately account for such instruments as futures customer funds and segregate such instruments as funds belonging to such futures customers in accordance with the requirements of § 1.20. Each derivatives clearing organization which invests money belonging or accruing to futures customers of its clearing members in instruments described in § 1.25, except for investments in government money market funds, shall separately account for such instruments as customer funds and segregate such instruments as customer funds belonging to such futures customers in accordance with § 1.20. (b) Each futures commission merchant or derivatives clearing organization which invests futures customer funds in government money market funds, as permitted by § 1.25, shall separately account for such funds and segregate such funds as belonging to such futures customers. Such funds shall be deposited under an account name that clearly shows that they belong to futures customers and are segregated as required by sections 4d(a) and 4d(b) of the Act and by this part. Each futures commission merchant or derivatives clearing organization, upon opening such an account, shall obtain and maintain readily accessible in its files in accordance with § 1.31, for as long as the account remains open, and thereafter for the period provided in § 1.31, a written acknowledgment and shall file such acknowledgment in accordance with the requirements of § 1.20. In the event such funds are held directly with the government money market fund or its affiliate, the written acknowledgment shall be in the form as set out in appendix F or G to this part. In the event such funds are held with a depository, the written acknowledgment shall be in the form as set out in appendix C or D to this part. In either case, the written acknowledgment shall be obtained, provided to the Commission and designated… | ||||||
| 17:17:1.0.1.1.1.0.4.26 | 17 | Commodity and Securities Exchanges | I | 1 | PART 1—GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT | § 1.27 Record of investments. | CFTC | [46 FR 54520, Nov. 3, 1981, as amended at 46 FR 63035, Dec. 30, 1981; 62 FR 42401, Aug. 7, 1997; 65 FR 78013, Dec. 13, 2000; 70 FR 28204, May 17, 2005; 77 FR 66322, Nov. 2, 2012] | (a) Each futures commission merchant which invests customer funds, and each derivatives clearing organization which invests customer funds of its clearing members' customers, shall keep a record showing the following: (1) The date on which such investments were made; (2) The name of the person through whom such investments were made; (3) The amount of money or current market value of securities so invested; (4) A description of the instruments in which such investments were made, including the CUSIP or ISIN numbers; (5) The identity of the depositories or other places where such instruments are segregated; (6) The date on which such investments were liquidated or otherwise disposed of and the amount of money or current market value of securities received on such disposition, if any; and (7) The name of the person to or through whom such investments were disposed of; and (8) Daily valuation for each instrument and readily available documentation supporting the daily valuation for each instrument. Such supporting documentation must be sufficient to enable auditors to verify the valuations and the accuracy of any information from external sources used in those valuations. (b) Each derivatives clearing organization which receives documents from its clearing members representing investment of customer funds shall keep a record showing separately for each clearing member the following: (1) The date on which such documents were received from the clearing member; (2) A description of such documents, including the CUSIP or ISIN numbers; and (3) The date on which such documents were returned to the clearing member or the details of disposition by other means. (c) Such records shall be retained in accordance with § 1.31. No such investments shall be made except in instruments described in § 1.25. | ||||||
| 17:17:1.0.1.1.1.0.4.27 | 17 | Commodity and Securities Exchanges | I | 1 | PART 1—GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT | § 1.28 Appraisal of instruments purchased with customer funds. | CFTC | [58 FR 10953, Feb. 23, 1993, as amended at 65 FR 78013, Dec. 13, 2000] | Futures commission merchants who invest customer funds in instruments described in § 1.25 of this part shall include such instruments in segregated account records and reports at values which at no time exceed current market value, determined as of the close of the market on the date for which such computation is made. | ||||||
| 17:17:1.0.1.1.1.0.4.28 | 17 | Commodity and Securities Exchanges | I | 1 | PART 1—GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT | § 1.29 Gains and losses resulting from investment of customer funds. | CFTC | [78 FR 68637, Nov. 14, 2013] | (a) The investment of customer funds in instruments described in § 1.25 shall not prevent the futures commission merchant or derivatives clearing organization so investing such funds from receiving and retaining as its own any incremental income or interest income resulting therefrom. (b) The futures commission merchant or derivatives clearing organization, as applicable, shall bear sole responsibility for any losses resulting from the investment of customer funds in instruments described in § 1.25. No investment losses shall be borne or otherwise allocated to the customers of the futures commission merchant and, if customer funds are invested by a derivatives clearing organization in its discretion, to the futures commission merchant. | ||||||
| 17:17:1.0.1.1.1.0.4.29 | 17 | Commodity and Securities Exchanges | I | 1 | PART 1—GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT | § 1.30 Loans by futures commission merchants; treatment of proceeds. | CFTC | [78 FR 68637, Nov. 14, 2013] | Nothing in the regulations in this chapter shall prevent a futures commission merchant from lending its own funds to customers on securities and property pledged by such customers, or from repledging or selling such securities and property pursuant to specific written agreement with such customers. The proceeds of such loans used to purchase, margin, guarantee, or secure the trades, contracts, or commodity options of customers shall be treated and dealt with by a futures commission merchant as belonging to such customers, in accordance with and subject to the provisions of the Act and these regulations. A futures commission merchant may not loan funds on an unsecured basis to finance customers' trading, nor may a futures commission merchant loan funds to customers secured by the customer accounts of such customers. | ||||||
| 17:17:1.0.1.1.1.0.5.30 | 17 | Commodity and Securities Exchanges | I | 1 | PART 1—GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT | § 1.31 Regulatory records; retention and production. | CFTC | [82 FR 24486, May 30, 2017] | (a) Definitions. For purposes of this section: Electronic regulatory records means all regulatory records other than regulatory records exclusively created and maintained by a records entity on paper. Records entity means any person required by the Act or Commission regulations in this chapter to keep regulatory records. Regulatory records means all books and records required to be kept by the Act or Commission regulations in this chapter, including any record of any correction or other amendment to such books and records, provided that, with respect to such books and records stored electronically, regulatory records shall also include: (i) Any data necessary to access, search, or display any such books and records; and (ii) All data produced and stored electronically describing how and when such books and records were created, formatted, or modified. (b) Duration of retention. Unless specified elsewhere in the Act or Commission regulations in this chapter: (1) A records entity shall keep regulatory records of any swap or related cash or forward transaction (as defined in § 23.200(i) of this chapter), other than regulatory records required by § 23.202(a)(1) and (b)(1)-(3) of this chapter, from the date the regulatory record was created until the termination, maturity, expiration, transfer, assignment, or novation date of the transaction and for a period of not less than five years after such date. (2) A records entity that is required to retain oral communications, shall keep regulatory records of oral communications for a period of not less than one year from the date of such communication. (3) A records entity shall keep each regulatory record other than the records described in paragraphs (b)(1) or (b)(2) of this section for a period of not less than five years from the date on which the record was created. (4) A records entity shall keep regulatory records exclusively created and maintained on paper readily accessible for no less than two years. A records entity shall keep electronic regulato… | ||||||
| 17:17:1.0.1.1.1.0.5.31 | 17 | Commodity and Securities Exchanges | I | 1 | PART 1—GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT | § 1.32 Reporting of segregated account computation and details regarding the holding of futures customer funds. | CFTC | [66 FR 41133, Aug. 7, 2001, as amended at 68 FR 5551, Feb. 4, 2003; 77 FR 66323, Nov. 2, 2012; 78 FR 68637, Nov. 14, 2013; 90 FR 7870, 7934, Jan. 22, 2025] | (a) Each futures commission merchant must compute as of the close of each business day, on a currency-by-currency basis: (1) The total amount of futures customer funds on deposit in segregated accounts on behalf of futures customers; (2) The amount of such futures customer funds required by the Act and these regulations to be on deposit in segregated accounts on behalf of such futures customers; and (3) The amount of the futures commission merchant's residual interest in such futures customer funds. (b) In computing the amount of futures customer funds required to be in segregated accounts, a futures commission merchant may offset any net deficit in a particular futures customer's account against the current market value of readily marketable securities, less applicable deductions ( i.e., “securities haircuts”) as set forth in Rule 15c3-1(c)(2)(vi) of the Securities and Exchange Commission (17 CFR 240.15c3-1(c)(2)(vi)), held for the same futures customer's account. Futures commission merchants that establish and enforce written policies and procedures to assess the credit risk of commercial paper, convertible debt instruments, or nonconvertible debt instruments in accordance with Rule 240.15c3-1(c)(2)(vi) of the Securities and Exchange Commission (17 CFR 240.15c3-1(c)(2)(vi)) may apply the lower haircut percentages specified in Rule 240.15c3-1(c)(2)(vi) for such commercial paper, convertible debt instruments and nonconvertible debt instruments. The futures commission merchant must maintain a security interest in the securities, including a written authorization to liquidate the securities at the futures commission merchant's discretion, and must segregate the securities in a safekeeping account with a bank, trust company, derivatives clearing organization, or another futures commission merchant. For purposes of this section, a security will be considered readily marketable if it is traded on a “ready market” as defined in Rule 15c3-1(c)(11)(i) of the Securities and Exchange Commission (17 CFR 240.15c3-1(c)(1… | ||||||
| 17:17:1.0.1.1.1.0.5.32 | 17 | Commodity and Securities Exchanges | I | 1 | PART 1—GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT | § 1.33 Monthly and confirmation statements. | CFTC | [46 FR 54520, Nov. 3, 1981, as amended at 46 FR 63035, Dec. 30, 1981; 47 FR 57008, Dec. 22, 1982; 48 FR 1185, Jan. 11, 1983; 48 FR 35289, Aug. 3, 1983; 52 FR 28997, Aug. 5, 1987; 66 FR 53517, Oct. 23, 2001; 77 FR 66323, Nov. 2, 2012; 83 FR 7995, Feb. 23, 2018; 83 FR 30534, June 29, 2018] | (a) Monthly statements. Each futures commission merchant must promptly furnish in writing to each customer, and to each foreign futures or foreign options customer, as defined by § 30.1 of this chapter, as of the close of the last business day of each month or as of any regular monthly date selected, except for accounts in which there are neither open contracts at the end of the statement period nor any changes to the account balance since the prior statement period, but in any event not less frequently than once every three months, a statement which clearly shows: (1) For each commodity futures customer and foreign futures or foreign options customer position— (i) The open contracts with prices at which acquired; (ii) The net unrealized profits or losses in all open contracts marked to the market; and (iii) Any futures customer funds or foreign futures or foreign options secured amount, as defined by § 1.3, carried with the futures commission merchant. (2) For each commodity option position and foreign option position— (i) All commodity options and foreign options purchased, sold, exercised, or expired during the monthly reporting period, identified by underlying futures contract or underlying commodity, strike price, transaction date, and expiration date; (ii) The open commodity option and foreign option positions carried for such customer or foreign futures or foreign options customer as of the end of the monthly reporting period, identified by underlying futures contract or underlying commodity, strike price, transaction date, and expiration date; (iii) All open commodity option and foreign option positions marked to the market and the amount each position is in the money, if any; and (iv) Any related customer funds carried in such customer's account(s) or any related foreign futures or foreign options secured amount carried in the account(s) of a foreign futures or foreign options customer. (3) For each Cleared Swaps Customer position— (i) The Cleared Swaps, as § 22.1 of this chapter defines tha… | ||||||
| 17:17:1.0.1.1.1.0.5.33 | 17 | Commodity and Securities Exchanges | I | 1 | PART 1—GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT | § 1.34 Monthly record, “point balance”. | CFTC | [77 FR 66324, Nov. 2, 2012] | (a) With respect to commodity futures transactions, each futures commission merchant shall prepare, and retain in accordance with the requirements of § 1.31, a statement commonly known as a “point balance,” which accrues or brings to the official closing price, or settlement price fixed by the clearing organization, all open contracts of customers as of the last business day of each month or of any regular monthly date selected: Provided, however, That a futures commission merchant who carries part or all of customers' open contracts with other futures commission merchants on an “instruct basis” will be deemed to have met the requirements of this section as to open contracts so carried if a monthly statement is prepared which shows that the prices and amounts of such contracts long and short in the customers' accounts are in balance with those in the carrying futures commission merchants' accounts, and such statements are retained in accordance with the requirements of § 1.31. (b) With respect to commodity option transactions, each futures commission merchant shall prepare, and retain in accordance with the requirements of § 1.31, a listing in which all open commodity option positions carried for customers are marked to the market. Such listing shall be prepared as of the last business day of each month, or as of any regular monthly date selected, and shall be by put or by call, by underlying contract for future delivery (by delivery month) or underlying commodity (by option expiration date), and by strike price. | ||||||
| 17:17:1.0.1.1.1.0.5.34 | 17 | Commodity and Securities Exchanges | I | 1 | PART 1—GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT | § 1.35 Records of commodity interest and related cash or forward transactions. | CFTC | [77 FR 66324, Nov. 2, 2012, as amended at 77 FR 75541, Dec. 21, 2012; 80 FR 80255, Dec. 24, 2015; 82 FR 24487, May 30, 2017; 89 FR 78810, Sept. 26, 2024] | (a) Futures commission merchants, retail foreign exchange dealers, introducing brokers, and members of designated contract markets or swap execution facilities —(1) Futures commission merchants, retail foreign exchange dealers, and certain introducing brokers. Each futures commission merchant, retail foreign exchange dealer, and introducing broker that has generated over the preceding three years more than $5 million in aggregate gross revenues from its activities as an introducing broker, shall: (i) Keep full, complete, and systematic records (including all pertinent data and memoranda) of all transactions relating to its business of dealing in commodity interests and related cash or forward transactions, which shall include all orders (filled, unfilled, or canceled), trading cards, signature cards, street books, journals, ledgers, canceled checks, copies of confirmations, copies of statements of purchase and sale, and all other records, which have been prepared in the course of its business of dealing in commodity interests and related cash or forward transactions (for purposes of this section, all records described in this paragraph (a)(1)(i) are referred to as “ commodity interest and related records ”); (ii) If such person is a member of a designated contract market or swap execution facility, retain and produce for inspection all documents on which trade information is originally recorded, whether or not such documents must be prepared pursuant to the rules or regulations of either the Commission, the designated contract market or the swap execution facility (for purposes of this section, all records described in this paragraph (a)(1)(ii) are referred to as “ original source documents, ” and, together with commodity interest and related records, “ transaction records ”); and (iii) Keep all oral and written communications provided or received concerning quotes, solicitations, bids, offers, instructions, trading, and prices that lead to the execution of a transaction in a commodity interest and any rela… | ||||||
| 17:17:1.0.1.1.1.0.5.35 | 17 | Commodity and Securities Exchanges | I | 1 | PART 1—GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT | § 1.36 Record of securities and property received from customers. | CFTC | [77 FR 66328, Nov. 2, 2012] | (a) Each futures commission merchant and each retail foreign exchange dealer shall maintain, as provided in § 1.31, a record of all securities and property received from customers or retail forex customers in lieu of money to margin, purchase, guarantee, or secure the commodity interests of such customers or retail forex customers. Such record shall show separately for each customer or retail forex customer: A description of the securities or property received; the name and address of such customer or retail forex customer; the dates when the securities or property were received; the identity of the depositories or other places where such securities or property are segregated or held; the dates of deposits and withdrawals from such depositories; and the dates of return of such securities or property to such customer or retail forex customer, or other disposition thereof, together with the facts and circumstances of such other disposition. In the event any futures commission merchant deposits with a derivatives clearing organization, directly or with a bank or trust company acting as custodian for such derivatives clearing organization, securities and/or property which belong to a particular customer, such futures commission merchant shall obtain written acknowledgment from such derivatives clearing organization that it was informed that such securities or property belong to customers of the futures commission merchant making the deposit. Such acknowledgment shall be retained as provided in § 1.31. (b) Each derivatives clearing organization which receives from members securities or property belonging to particular customers of such members in lieu of money to margin, purchase, guarantee, or secure the commodity interests of such customers, or receives notice that any such securities or property have been received by a bank or trust company acting as custodian for such derivatives clearing organization, shall maintain, as provided in § 1.31, a record which will show separately for each member, the dates when such … | ||||||
| 17:17:1.0.1.1.1.0.5.36 | 17 | Commodity and Securities Exchanges | I | 1 | PART 1—GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT | § 1.37 Customer's name, address, and occupation recorded; record of guarantor or controller of account. | CFTC | [77 FR 66328, Nov. 2, 2012] | (a) Each futures commission merchant, retail foreign exchange dealer, introducing broker, and member of a contract market shall keep a record in permanent form which shall show for each commodity interest account carried or introduced by it the true name and address of the person for whom such account is carried or introduced and the principal occupation or business of such person as well as the name of any other person guaranteeing such account or exercising any trading control with respect to such account. For each such commodity option account, the records kept by such futures commission merchant, introducing broker, and member of a contract market must also show the name of the person who has solicited and is responsible for each customer's account or assign account numbers in such a manner to identify that person. (b) As of the close of the market each day, each futures commission merchant which carries an account for another futures commission merchant, foreign broker (as defined in § 15.00 of this chapter), member of a contract market, or other person, on an omnibus basis shall maintain a daily record for each such omnibus account of the total open long contracts and the total open short contracts in each future and in each swap and, for commodity option transactions, the total open put options purchased, the total open put options granted, the total open call options purchased, and the total open call options granted for each commodity option expiration date. (c) Each designated contract market and swap execution facility shall keep a record in permanent form, which shall show the true name, address, and principal occupation or business of any foreign trader executing transactions on the facility or exchange. In addition, upon request, a designated contract market or swap execution facility shall provide to the Commission information regarding the name of any person guaranteeing such transactions or exercising any control over the trading of such foreign trader. (d) Paragraph (c) of this section shall … | ||||||
| 17:17:1.0.1.1.1.0.5.37 | 17 | Commodity and Securities Exchanges | I | 1 | PART 1—GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT | § 1.38 Execution of transactions. | CFTC | [46 FR 54523, Nov. 3, 1981, as amended at 46 FR 63035, Dec. 30, 1981] | (a) Competitive execution required; exceptions. All purchases and sales of any commodity for future delivery, and of any commodity option, on or subject to the rules of a contract market shall be executed openly and competitively by open outcry or posting of bids and offers or by other equally open and competitive methods, in the trading pit or ring or similar place provided by the contract market, during the regular hours prescribed by the contract market for trading in such commodity or commodity option: Provided, however, That this requirement shall not apply to transactions which are executed non-competitively in accordance with written rules of the contract market which have been submitted to and approved by the Commission, specifically providing for the non-competitive execution of such transactions. (b) Noncompetitive trades; exchange of futures, etc.; requirements. Every person handling, executing, clearing, or carrying trades, transactions or positions which are not competitively executed, including transfer trades or office trades, or trades involving the exchange of futures for cash commodities or the exchange of futures in connection with cash commodity transactions, shall identify and mark by appropriate symbol or designation all such transactions or contracts and all orders, records, and memoranda pertaining thereto. | ||||||
| 17:17:1.0.1.1.1.0.5.38 | 17 | Commodity and Securities Exchanges | I | 1 | PART 1—GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT | § 1.39 Simultaneous buying and selling orders of different principals; execution of, for and between principals. | CFTC | [41 FR 3194, Jan. 21, 1976, as amended at 46 FR 63035, Dec. 30, 1981; 47 FR 57008, Dec. 22, 1982; 56 FR 12344, Mar. 25, 1991; 59 FR 5525, Feb. 7, 1994; 77 FR 66329, Nov. 2, 2012] | (a) Conditions and requirements. A member of a contract market or a swap execution facility who shall have at the same time both buying and selling orders of different principals for the same swap, commodity for future delivery in the same delivery month or the same option (both puts or both calls, with the same underlying contract for future delivery or the same underlying commodity, expiration date and strike price) may execute such orders for and directly between such principals at the market price, if in conformity with written rules of such contract market or swap execution facility which have been approved by or self-certified to the Commission, and: (1)(i) When trading is conducted in a trading pit or ring, such orders are first offered openly and competitively by open outcry in such trading pit or ring (A) by both bidding and offering at the same price, and neither such bid nor offer is accepted, or (B) by bidding and offering to a point where such offer is higher than such bid by not more than the minimum permissible price fluctuation applicable to such futures contract or commodity option on such contract market, and neither such bid nor offer is accepted; or (ii) When in non-pit trading in swaps or contracts of sale for future delivery, bids and offers are posted on a board, such member: (A) Pursuant to such buying order posts a bid on the board and, incident to the execution of such selling order, accepts such bid and all other bids posted at equal to or higher than the bid posted by him; or (B) Pursuant to such selling order posts an offer on the board and, incident to the execution of such buying order, accepts such offer and all other offers posted at prices equal to or lower than the offer posted by him; (2) Such member executes such orders in the presence of an official representative of such contract market or swap execution facility designated to observe such transactions and, by appropriate descriptive words or symbol, clearly identifies all such transactions on his trading card or othe… | ||||||
| 17:17:1.0.1.1.1.0.6.39 | 17 | Commodity and Securities Exchanges | I | 1 | PART 1—GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT | § 1.40 Crop, market information letters, reports; copies required. | CFTC | [77 FR 66329, Nov. 2, 2012] | Each futures commission merchant, each retail foreign exchange dealer, each introducing broker, and each member of a contract market or a swap execution facility shall, upon request, furnish or cause to be furnished to the Commission a true copy of any letter, circular, telecommunication, or report published or given general circulation by such futures commission merchant, retail foreign exchange dealer, introducing broker, member or eligible contract participant which concerns crop or market information or conditions that affect or tend to affect the price of any commodity, including any exchange rate, and the true source of or authority for the information contained therein. | ||||||
| 17:17:1.0.1.1.1.0.6.40 | 17 | Commodity and Securities Exchanges | I | 1 | PART 1—GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT | § 1.41 Designation of hedging accounts. | CFTC | [86 FR 19419, Apr. 13, 2021] | (a) A futures commission merchant must provide an opportunity to each customer, when it first opens a futures account, foreign futures account or cleared swaps account with such futures commission merchant, to designate such account as a hedging account. The futures commission merchant must indicate prominently in the accounting records in which it maintains open trade balances whether, for each customer account, the account is designated as a hedging account. (b) A futures commission merchant may permit the customer to open an account as a hedging account only if it obtains the customer's written representation that the customer's trading of futures or options on futures, foreign futures or options on foreign futures, or cleared swaps (as applicable) in the account constitutes hedging as such term may be defined under any relevant Commission regulation or rule of any clearing organization, designated contract market, swap execution facility or foreign board of trade. (c) The requirements set forth in paragraphs (a) and (b) of this section do not apply to a futures commission merchant with respect to any commodity contract account that the futures commission merchant opened prior to May 13, 2021. The futures commission merchant may continue to designate as a hedging account any account with respect to which the futures commission merchant received written hedging instructions from the customer in accordance with former § 190.06(d) of this chapter. (d) A futures commission merchant may designate an existing futures account, foreign futures account or cleared swaps account of a particular customer as a hedging account, provided that it has obtained the representation set out in paragraph (b) of this section from such customer. | ||||||
| 17:17:1.0.1.1.1.0.6.41 | 17 | Commodity and Securities Exchanges | I | 1 | PART 1—GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT | § 1.42 Delivery accounts. | CFTC | [86 FR 19419, Apr. 13, 2021] | In connection with the making or taking of delivery of a commodity under a commodity contract whose terms require settlement via physical delivery, if a futures commission merchant facilitates or effects the transfer of the physical delivery property and payment therefor on behalf of the customer, and does so outside the futures account, foreign futures account or cleared swaps account in which the commodity contract was held, the futures commission merchant must do so in a delivery account, provided, however, that when the commodity subject to delivery is a security, a futures commission merchant may, consistent with any applicable regulatory requirements, do so in a securities account. | ||||||
| 17:17:1.0.1.1.1.0.6.42 | 17 | Commodity and Securities Exchanges | I | 1 | PART 1—GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT | § 1.43 Letters of credit as collateral. | CFTC | [86 FR 19419, Apr. 13, 2021] | A futures commission merchant shall not accept a letter of credit as collateral unless such letter of credit may be exercised, through its stated date of expiry, under the following conditions, regardless of whether the customer posting that letter of credit is in default in any obligation: (a) In the event that an order for relief under chapter 7 of the Bankruptcy Code or a protective decree pursuant to section 5(b)(1) of SIPA is entered with respect to the futures commission merchant, or if the FDIC is appointed as receiver for the futures commission merchant pursuant to 12 U.S.C. 5382(a), the trustee for that futures commission merchant (or, as applicable, FDIC) may draw upon such letter of credit, in full or in part, in accordance with § 190.04(d)(3) of this chapter. (b) If the letter of credit is passed through to a clearing organization, then in the event that an order for relief under chapter 7 of the Bankruptcy Code is entered with respect to the clearing organization, or if the FDIC is appointed as receiver for the clearing organization pursuant to 12 U.S.C. 5382(a), the trustee for that clearing organization (or, as applicable, FDIC) may draw upon such letter of credit, in full or in part, in accordance with § 190.04(d)(3) of this chapter. (c) A futures commission merchant shall not accept a letter of credit from a customer as collateral if it has any agreement with the customer that is inconsistent with this section. | ||||||
| 17:17:1.0.1.1.1.0.6.43 | 17 | Commodity and Securities Exchanges | I | 1 | PART 1—GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT | § 1.44 Margin adequacy and treatment of separate accounts. | CFTC | [90 FR 7934, Jan. 22, 2025] | (a) Definitions. These following definitions apply only for purposes of this section, except to the extent explicitly noted: Account means a futures account as defined in § 1.3, a Cleared Swaps Customer Account as defined in § 1.3, or a 30.7 account as defined in § 30.1 of this chapter. Business day has the meaning set forth in § 1.3, with the clarification that “holiday” has the meaning defined in paragraph (a) of this section. Holiday means Federal holidays as established by 5 U.S.C. 6103. One business day margin call means a margin call that is issued and met in accordance with the requirements of paragraph (f) of this section. Ordinary course of business means the operation of the futures commission merchant's business relationship with its separate account customer absent the occurrence of one or more of the events specified in paragraph (e) of this section. Separate account means any one of multiple accounts of the same separate account customer that are carried by the same futures commission merchant. Separate account customer means a customer for which the futures commission merchant has made the election set forth in paragraph (d) of this section. Undermargined amount for an account means the amount, if any, by which the customer margin requirements with respect to all products held in that account exceed the net liquidating value plus the margin deposits currently remaining in that account. For purposes of this definition, “margin requirements” shall mean the level of maintenance margin or performance bond required for the positions in the account by the applicable exchanges or clearing organizations. Market risk collateral haircuts based on Rule 15c3-1 of the Securities and Exchange Commission (17 CFR 240.15c3-1) and § 1.17(c)(5) shall be applied to the value of the margin deposits held by a futures commission merchant. With respect to positions for which maintenance margin is not specified, “margin requirements” shall refer to the clearing organization margin requirements applicable … | ||||||
| 17:17:1.0.1.1.1.0.6.44 | 17 | Commodity and Securities Exchanges | I | 1 | PART 1—GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT | § 1.45 [Reserved] | CFTC | ||||||||
| 17:17:1.0.1.1.1.0.6.45 | 17 | Commodity and Securities Exchanges | I | 1 | PART 1—GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT | § 1.46 Application and closing out of offsetting long and short positions. | CFTC | [41 FR 3194, Jan. 21, 1976] | (a) Application of purchases and sales. (1) Except with respect to purchases or sales which are for omnibus accounts, or where the customer or account controller has instructed otherwise, any futures commission merchant who, on or subject to the rules of a designated contract market: (i) Purchases any commodity for future delivery for the account of any customer when the account of such customer at the time of such purchase has a short position in the same future of the same commodity on the same market; (ii) Sells any commodity for future delivery for the account of any customer when the account of such customer at the time of such sale has a long position in the same future of the same commodity on the same market; (iii) Purchases a put or call option for the account of any customer when the account of such customer at the time of such purchase has a short put or call option position with the same underlying futures contract or same underlying commodity, strike price, expiration date and contract market as that purchased; or (iv) Sells a put or call option for the account of any customer when the account of such customer at the time of such sale has a long put or call option position with the same underlying futures contract or same underlying commodity, strike price, expiration date and contract market as that sold—shall on the same day apply such purchase or sale against such previously held short or long futures or option position, as the case may be, and shall, for futures transactions, promptly furnish such customer a statement showing the financial result of the transactions involved and, if applicable, that the account was introduced to the futures commission merchant by an introducing broker and the names of the futures commission merchant and introducing broker. (2) Any futures commission merchant or retail foreign exchange dealer who: (i) Engages in a retail forex transaction involving the purchase of any currency for the account of any retail forex customer when the account of such retail for… | ||||||
| 17:17:1.0.1.1.1.0.6.46 | 17 | Commodity and Securities Exchanges | I | 1 | PART 1—GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT | §§ 1.47-1.48 [Reserved] | CFTC | ||||||||
| 17:17:1.0.1.1.1.0.6.47 | 17 | Commodity and Securities Exchanges | I | 1 | PART 1—GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT | § 1.49 Denomination of customer funds and location of depositories. | CFTC | [68 FR 5551, Feb. 4, 2003, as amended at 76 FR 44264, July 25, 2011; 77 FR 66330, Nov. 2, 2012] | (a) Definitions. For purposes of this section: (1) Money center country. This term means Canada, France, Italy, Germany, Japan, and the United Kingdom. (2) Money center currency. This term means the currency of any money center country and the Euro. (b) Permissible denominations of obligations. (1) Subject to the terms and conditions set forth in this section, a futures commission merchant's obligations to a customer shall be denominated: (i) In the United States dollar; (ii) In a currency in which funds were deposited by the customer or were converted at the request of the customer, to the extent of such deposits and conversions; or (iii) In a currency in which funds have accrued to the customer as a result of trading conducted on a designated contract market, to the extent of such accruals. (2)(i) A futures commission merchant shall prepare and maintain a written record of each transaction converting customer funds from one currency to another. (ii) A written record prepared under paragraph (b)(2)(i) of this section must include the date the transaction was executed, the currencies converted, the amount converted, and the resulting amount. (iii) The information required under paragraph (b)(2)(ii) of this section must be provided to the customer upon the customer's request. (c) Permissible locations of depositories. (1) Unless a customer provides instructions to the contrary, a futures commission merchant or a derivatives clearing organization may hold customer funds: (i) In the United States; (ii) In a money center country; or (iii) In the country of origin of the currency. (2) A futures commission merchant or derivatives clearing organization may hold customer funds outside the United States, in a jurisdiction that is not a money center country, or the country of origin of the currency only to the extent authorized by the customer, provided, that the futures commission merchant or derivatives clearing organization must make and maintain a written record of such authorization. Notwiths… | ||||||
| 17:17:1.0.1.1.1.0.6.48 | 17 | Commodity and Securities Exchanges | I | 1 | PART 1—GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT | §§ 1.50-1.51 [Reserved] | CFTC | ||||||||
| 17:17:1.0.1.1.1.0.6.49 | 17 | Commodity and Securities Exchanges | I | 1 | PART 1—GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT | § 1.52 Self-regulatory organization adoption and surveillance of minimum financial requirements. | CFTC | [78 FR 68638, Nov. 14, 2013, as amended at 83 FR 7995, Feb. 23, 2018; 84 FR 12892, Apr. 3, 2019] | (a) For purposes of this section, the following terms are defined as follows: (1) Examinations expert is defined as a Nationally recognized accounting and auditing firm with substantial expertise in audits of futures commission merchants, risk assessment and internal control reviews, and is an accounting and auditing firm that is acceptable to the Commission; and (2) Self-regulatory organization means a contract market (as defined in § 1.3) or a registered futures association under section 17 of the Act. The term “self-regulatory organization” for purpose of this section does not include a swap execution facility (as defined in § 1.3). (b)(1) Each self-regulatory organization must adopt rules prescribing minimum financial and related reporting requirements for members who are registered futures commission merchants or registered retail foreign exchange dealers. Each self-regulatory organization other than a contract market must adopt rules prescribing minimum financial and related reporting requirements for members who are registered introducing brokers. The self-regulatory organization's minimum financial and related reporting requirements must be the same as, or more stringent than, the requirements contained in §§ 1.10 and 1.17, for futures commission merchants and introducing brokers, and §§ 5.7 and 5.12 of this chapter for retail foreign exchange dealers; provided, however, that a self-regulatory organization may permit its member registrants that are registered with the Securities and Exchange Commission as securities brokers or dealers to file (in accordance with § 1.10(h)) a copy of their Financial and Operational Combined Uniform Single Report under the Securities Exchange Act of 1934 (“FOCUS Report”), Part II, Part IIA, or Part II CSE, as applicable, in lieu of Form 1-FR; provided, further, that such self-regulatory organization must require such member registrants to provide all information in Form 1-FR that is not included in the FOCUS Report Part II, Part IIA, or Part CSE provided by such … | ||||||
| 17:17:1.0.1.1.1.0.6.50 | 17 | Commodity and Securities Exchanges | I | 1 | PART 1—GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT | § 1.53 [Reserved] | CFTC | ||||||||
| 17:17:1.0.1.1.1.0.6.51 | 17 | Commodity and Securities Exchanges | I | 1 | PART 1—GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT | § 1.54 Contract market rules submitted to and approved or not disapproved by the Secretary of Agriculture. | CFTC | [45 FR 2314, Jan. 11, 1980] | Notwithstanding any provision of these rules, any bylaw, rule, regulation, or resolution of a contract market that was submitted to the Secretary of Agriculture pursuant or § 1.38(a) or § 1.39(a) of these rules, and was either approved by the Secretary or not disapproved by him, as of April 21, 1975, shall continue in full force and effect unless and until disapproved, altered or supplemented by or with the approval of the Commission. The adoption of this rule does not constitute approval by the Commission of any contract market bylaw, rule, regulation or resolution. | ||||||
| 17:17:1.0.1.1.1.0.6.52 | 17 | Commodity and Securities Exchanges | I | 1 | PART 1—GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT | § 1.55 Public disclosures by futures commission merchants. | CFTC | [43 FR 31890, July 24, 1978] | (a)(1) Except as provided in 1.65, no futures commission merchant, or in the case of an introduced account no introducing broker, may open a commodity futures account for a customer, other than for a customer specified in paragraph (f) of this section, unless the futures commission merchant or introducing broker first: (i) Furnishes the customer with a separate written disclosure statement containing only the language set forth in paragraph (b) of this section (except for nonsubstantive additions such as captions) or as otherwise approved under paragraph (c) of this section; Provided, however, that the disclosure statement may be attached to other documents as the cover page or the first page of such documents and as the only material on such page; and (ii) Receives from the customer an acknowledgment signed and dated by the customer that he received and understood the disclosure statement. (b) The language set forth in the written disclosure document required by paragraph (a) of this section shall be as follows: Risk Disclosure Statement The risk of loss in trading commodity futures contracts can be substantial. You should, therefore, carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should be aware of the following points: (1) You may sustain a total loss of the funds that you deposit with your broker to establish or maintain a position in the commodity futures market, and you may incur losses beyond these amounts. If the market moves against your position, you may be called upon by your broker to deposit a substantial amount of additional margin funds, on short notice, in order to maintain your position. If you do not provide the required funds within the time required by your broker, your position may be liquidated at a loss, and you will be liable for any resulting deficit in your account. (2) The funds you deposit with a futures commission merchant for trading futures positions are not protected by insurance in the event of… | ||||||
| 17:17:1.0.1.1.1.0.6.53 | 17 | Commodity and Securities Exchanges | I | 1 | PART 1—GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT | § 1.56 Prohibition of guarantees against loss. | CFTC | [46 FR 62844, Dec. 29, 1981, as amended at 48 FR 35291, Aug. 3, 1983] | (a) [Reserved] (b) No futures commission merchant or introducing broker may in any way represent that it will, with respect to any commodity interest in any account carried by the futures commission merchant for or on behalf of any person: (1) Guarantee such person against loss; (2) Limit the loss of such person; or (3) Not call for or attempt to collect initial and maintenance margin as established by the rules of the applicable board of trade. (c) No person may in any way represent that a futures commission merchant or introducing broker will engage in any of the acts or practices described in paragraph (b) of this section. (d) This section shall not be construed to prevent a futures commission merchant or introducing broker from: (1) Assuming or sharing in the losses resulting from an error or mishandling of an order; or (2) Participating as a general partner in a commodity pool which is a limited partnership. (e) This section shall not affect any guarantee entered into prior to January 28, 1982, but this section shall apply to any extension, modification or renewal thereof entered into after such date. | ||||||
| 17:17:1.0.1.1.1.0.6.54 | 17 | Commodity and Securities Exchanges | I | 1 | PART 1—GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT | § 1.57 Operations and activities of introducing brokers. | CFTC | [48 FR 35291, Aug. 3, 1983, as amended at 57 FR 23143, June 2, 1992; 77 FR 66330, Nov. 2, 2012] | (a) Each introducing broker must: (1) Open and carry each customer's account with a carrying futures commission merchant on a fully-disclosed basis: Provided, however, That an introducing broker which has entered into a guarantee agreement with a futures commission merchant in accordance with the provisions of § 1.10(j) must open and carry such customer's account with such guarantor futures commission merchant on a fully-disclosed basis; and (2) Transmit promptly for execution all customer orders to: (i) A carrying futures commission merchant; or (ii) A floor broker, if the introducing broker identifies its carrying futures commission merchant and that carrying futures commission merchant is also the clearing member with respect to the customer's order. (b) An introducing broker may not carry proprietary accounts, nor may an introducing broker carry accounts in foreign futures. (c) An introducing broker may not accept any money, securities or property (or extend credit in lieu thereof) to margin, guarantee or secure any trades or contracts of customers, or any money, securities or property accruing as a result of such trades or contracts: Provided, however, That an introducing broker may deposit a check in a qualifying account or forward a check drawn by a customer if: (1) The futures commission merchant carrying the customer's account authorizes the introducing broker, in writing, to receive a check in the name of the futures commission merchant, and the introducing broker retains such written authorization in its files in accordance with § 1.31; (2) The check is payable to the futures commission merchant carrying the customer's account; (3) The check is deposited by the introducing broker, on the same day upon which it is received, in a bank or trust company located in the United States in a qualifying account, or the check is mailed or otherwise transmitted by the introducing broker to the futures commission merchant on the same day upon which it is received; (4) For purposes of this paragraph (c… | ||||||
| 17:17:1.0.1.1.1.0.6.55 | 17 | Commodity and Securities Exchanges | I | 1 | PART 1—GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT | § 1.58 Gross collection of exchange-set margins. | CFTC | [90 FR 7937, Jan. 22, 2025] | (a) Each futures commission merchant which carries a futures, options on futures, or Cleared Swaps position for another futures commission merchant or for a foreign broker on an omnibus basis must collect, and each futures commission merchant and foreign broker for which an omnibus account is being carried must deposit, initial and maintenance margin on each position so carried at a level no less than that established for customer accounts by the rules of the applicable contract market or other board of trade. If the contract market or other board of trade does not specify any such margin level, the level required will be that specified by the relevant clearing organization. (b) If the futures commission merchant which carries a futures, options on futures, or Cleared Swaps position for another futures commission merchant or for a foreign broker on an omnibus basis allows a position to be margined as a spread position or as a hedged position in accordance with the rules of the applicable contract market, the carrying futures commission merchant must obtain and retain a written representation from the futures commission merchant or from the foreign broker for which the omnibus account is being carried that each such position is entitled to be so margined. (c) Where a futures commission merchant has established an omnibus account that is carried by another futures commission merchant, and the depositing futures commission merchant has elected to treat the separate accounts of a futures customer or a Cleared Swaps Customer as accounts of separate entities for purposes of § 1.44, the depositing futures commission merchant shall calculate the required initial and maintenance margin for purposes of paragraph (a) of this section separately for each such separate account. | ||||||
| 17:17:1.0.1.1.1.0.6.56 | 17 | Commodity and Securities Exchanges | I | 1 | PART 1—GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT | § 1.59 Activities of self-regulatory organization employees, governing board members, committee members, and consultants. | CFTC | [58 FR 54973, Oct. 25, 1993, as amended at 65 FR 47847, Aug. 4, 2000; 77 FR 66330, Nov. 2, 2012; 83 FR 7995, Feb. 23, 2018; 85 FR 4850, Jan. 27, 2020] | (a) Definitions. For purposes of this section: (1) Self-regulatory organization means a “self-regulatory organization,” as defined in § 1.3. (2) Governing board member means a member, or functional equivalent thereof, of the board of governors of a self-regulatory organization. (3) Committee member means a member, or functional equivalent thereof, of any committee of a self-regulatory organization. (4) Employee means any person hired or otherwise employed on a salaried or contract basis by a self-regulatory organization, but does not include: (i) Any governing board member compensated by a self-regulatory organization solely for governing board activities; or (ii) Any committee member compensated by a self-regulatory organization solely for committee activities; or (iii) Any consultant hired by a self-regulatory organization. (5) Material information means information which, if such information were publicly known, would be considered important by a reasonable person in deciding whether to trade a particular commodity interest on a contract market or a swap execution facility, or to clear a swap contract through a derivatives clearing organization. As used in this section, “material information” includes, but is not limited to, information relating to present or anticipated cash positions, commodity interests, trading strategies, the financial condition of members of self-regulatory organizations or members of linked exchanges or their customers, or the regulatory actions or proposed regulatory actions of a self-regulatory organization or a linked exchange. (6) Non-public information means information which has not been disseminated in a manner which makes it generally available to the trading public. (7) Linked exchange means: (i) Any board of trade, exchange or market outside the United States, its territories or possessions, which has an agreement with a contract market or swap execution facility in the United States that permits positions in a commodity interest which have been esta… | ||||||
| 17:17:1.0.1.1.1.0.6.57 | 17 | Commodity and Securities Exchanges | I | 1 | PART 1—GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT | § 1.60 Pending legal proceedings. | CFTC | [49 FR 17750, Apr. 25, 1984] | (a) Every contract market shall submit to the Commission copies of the complaint, any dispositive or partially dispositive decision, any notice of appeal filed concerning such decisions and such further documents as the Commission may thereafter request filed in any material legal proceeding to which the contract market is a party or its property or assets is subject. (b) Every futures commission merchant shall sumit to the Commission copies of any dispositive or partially dispositive decision for which a notice of appeal has been filed, the notice of appeal and such further documents as the Commission may thereafter request filed in any material legal proceeding to which the futures commission merchant is a party or its property or assets is subjects. (c) Every contract market shall submit to the Commission copies of the complaint, any dispositive or partially dispositive decision, any notice of appeal filed concerning such decisions and such further documents as the Commission may thereafter request filed in any material legal proceeding instituted against any officer, director, or other official of the contract market arising from conduct in such person's capacity as a contract market official and alleging violations of: (1) The act or any rule, regulation, or order thereunder; (2) the constitution, bylaws or rules of the contract market; or (3) the applicable provisions of state law relating to the duties of officers, directors, or other officials of business organizations. (d) Every futures commission merchant shall submit to the Commission copies of any dispositive or partially dispositive decision concerning which a notice of appeal has been filed, the notice of appeal, and such further documents as the Commission may thereafter request filed in any material legal proceeding instituted against any person who is a principal of the futures commission merchant (as that term is defined in § 3.1(a) of this chapter) arising from conduct in such person's capacity as a principal of the futures commission mer… |
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