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CFTC extends comment period on customer protections proposal by 30 days

Jan 14 2013 Compliance Complete news team

The Commodity Futures Trading Commission is extending the comment period on its plan to develop stronger protections for customer accounts in futures commission merchants. The comment period is extended from January 14 to February 15. The move comes after the National Futures Association, the self regulated body for the futures industry, asked the CFTC to extend the comment period for the proposal by 30 days. The proposal requires FCMs to electronically file monthly statements of their financial statements with the CFTC and impose more restrictions for FCMs withdrawing money from segregated customer accounts. The NFA said the CFTC should allow more time to consider the requirement that SROs should retain a "nationally recognized" accounting and auditing firm to assess whether their exams are effective. "NFA believes that additional time is necessary for all interested parties to evaluate the costs and benefits of the proposal, to provide meaningful comments on the proposal,

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