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pose of operating his business and will continue to be used for such purpose.

(ii) Except as provided in paragraphs (a)(3), (h) and (i) 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, concurrently with the filing of such application file either:

(A) A Form 1-FR 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

(B) A Form 1-FR as of a date not more than 45 days prior to the date on which such report is filed and a Form 1-FR certified by an independent public accountant in accordance with $ 1.16 as of a date not more than 1 year prior to the date on which such report is filed, or

(C) A guarantee agreement. Each person filing in accordance with paragraphs (a)(2)(ii) (A) or (B) of this section 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.

(3)(i) The provisions of paragraph (a)2) of this section do not apply to any person succeeding to and continuing the business of another futures commission merchant. Each such person who files an application for registration as a futures commission merchant and who is not so registered in that capacity at the time of such filing must file a form 1-FR as of the first monthend following the date on which his registration is approved. Such report must be filed with the National Futures Association, the Commission and the designated self-regulatory organization, if any, not more than 45 days after the date for which the report is made.

(ii) The provisions of paragraph (a)(2) of this section do not apply to any person succeeding to and continuing the business of another introducing broker.

(A) Each such person who succeeds to and continues the business of an introducing broker which was not oper

ating pursuant to a guarantee agreement, or which was operating pursuant to a guarantee agreement and was also a securities broker or dealer, at the time of succession, who files an application for registration as an introducing broker, and who is not so registered in that capacity at the time of such filing, must file with the National Futures Association either a guarantee agreement with his application for registration or a Form 1-FR as of the first monthend following the date on which his registration is approved. Such Form 1-FR must be filed not more than 45 days after the date for which the report is made.

(B) Each such person who succeeds to and continues the business of an introducing broker which was operating pursuant to a guarantee agreement and which was not also a securities broker or dealer at the time of succession, who files an application for registration as an introducing broker, and who is not so registered in that capacity at the time of such filing, must file with the National Futures Association either a guarantee agreement or a Form 1-FR with his application for registration. If such person files a Form 1-FR with his application for registration, such person must also file a Form 1-FR, certified by an independent public accountant, as of the date registration is granted. The Form 1-FR certified by an independent public accountant must be filed with the National Futures Association not more than 45 days after the date for which the report is made.

(b) Filing of financial reports. (1) Except as provided in paragraphs (b)(3), (h) and (i) of this section, and except for an introducing broker operating pursuant to a guarantee agreement which is not also a securities broker or dealer, each person registered as a futures commission merchant or an introducing broker must file a Form 1-FR for each fiscal quarter of each fiscal year unless the registrant elects pursuant to paragraph (e)(2) of this section to file a Form 1-FR for each calendar quarter of each calendar year. Each Form lFR must be filed no later than 45 days after the date for which the report is made: Provided, however, That any

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Form 1-FR which must be certified by an independent public accountant pursuant to paragraph (b)(2) of this section must be filed no later than 90 days after the close of each registrant's fiscal year.

(2) The Form 1-FR filed pursuant to paragraph (b)(1) of this section as of the close of the registrant's fiscal year must be certified by an independent public accountant in accordance with § 1.16. A registrant who has elected to file its Forms 1-FR for each calendar quarter of each calendar year pursuant to paragraph (e)(2) of this section, must nonetheless file a Form 1-FR SO certified as of the close of such registrant's fiscal year.

(3) The provisions of paragraphs (b)(1) and (b)(2) of this section may be met by any person registered as a futures commission merchant or as an introducing broker who is a member of a designated self-regulatory organization and conforms to minimum financial standards and related reporting requirements set by such designated self-regulatory organization in its bylaws, rules, regulations, or resolutions and approved after the effective date of these regulations by the Commission pursuant to section 4f(2) of the Act and § 1.52: Provided, however, That each such registrant shall promptly file with the Commission a true and exact copy of each financial report which it files with such designated self-regulatory organization.

(4) Upon receiving written notice from any representative of the National Futures Association, the Commission or any self-regulatory organization of which it is a member, an applicant or registrant, except an applicant for registration an introducing broker which has filed concurrently with its application for registration a guarantee agreement and which is not also a securities broker or dealer, must, monthly or at such times as specified, furnish the National Futures Association, the Commission or the self-regulatory organization requesting such information a Form 1FR or such other financial information as requested by the National Futures Association, the Commission or the self-regulatory organization. Each such Form 1-FR or such other infor

mation must be furnished within the time period specified in the written notice, and in accordance with the provisions of paragraph (c) of this section.

(c) Where to file reports. The reports provided for in this section will be considered filed when received by the regional office of the Commission nearest the principal place of business of the registrant (except that a registrant under the jurisdiction of the Commission's Western Regional Office must file such reports with the Southwestern Regional Office) and by the designated self-regulatory organization, if any; and reports required to be filed by this section by an applicant for registration will be considered filed when received by the National Futures Association and by the regional office of the Commission nearest the principal place of business of the applicant (except that an applicant under the jurisdiction of the Commission's Western Regional Office must file such reports with the Southwestern Regional Office): Provided, however, That information required of a registrant pursuant to paragraph (b)(4) of this section need be furnished only to the self-regulatory organization requesting such information and the Commission, and that information required of an applicant pursuant to paragraph (b)(4) of this section need be furnished only to the National Futures Association and the Commission.

(d) Contents of financial reports. (1) Each Form 1-FR filed pursuant to this $ 1.10 which is not required to be certified by an independent public accountant must be completed in accordance with the instructions to the form and contain:

(i) A statement of financial condition as of the date for which the report is made;

(ii) A statement of changes in ownership equity for the period between the date of the most recent statement of financial condition filed with the Commission and the date for which the report is made;

(iii) A statement of the computation of the minimum capital requirements pursuant to $ 1.17 as of the date for which the report is made;

(iv) For a futures commission merchant only, a schedule of segregation

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requirements and funds on deposit in segregation as of the date for which the report is made; and

(v) In addition to the information expressly required, such further material information as may be necessary to make the required statements and schedules not misleading.

(2) Each Form 1-FR filed pursuant to this section which is required to be certified by an independent public accountant must be completed in accordance with the instructions to the form and contain:

(i) A statement of financial condition as of the date for which the report is made;

(ii) Statements of income (loss), changes in financial position, changes in ownership equity, and changes in liabilities subordinated to claims of general creditors, for the period between the date of the most recent certified statement of financial condition filed with the Commission and the date for which the report is made: Provided, That for an applicant filing pursuant to paragraph (a)(2) of this section the period must be the year ending as of the date of the statement of financial condition;

(iii) A statement of the computation of the minimum capital requirements pursuant to § 1.17 as of the date for which the report is made;

(iv) For a futures commission merchant only, a schedule of segregation requirements and funds on deposit in segregation as of the date for which the report is made;

(v) Appropriate footnote disclosures; and

(vi) In addition to the information expressly required, such further material information as may be necessary to make the required statements not misleading.

(3) The statements required by paragraphs (d)(2)(i) and (d)(2)(ii) of this section may be presented in accordance with generally accepted accounting principles in the certified reports filed as of the close of the registrant's fiscal year pursuant to paragraph (b)(2) of this section or accompanying the application for registration pursuant to paragraph (a)(2) of this section, rather than in the format specifically prescribed by these regulations: Pro

vided, the statement of financial condition is presented in a format as consistent as possible with the Form 1-FR and a reconciliation is provided reconciling such statement of financial condition to the statement of the computation of the minimum capital requirements pursuant to § 1.17. Such reconciliation must be certified by an independent public accountant in accordance with $ 1.16.

(4) Attached to each Form 1-FR filed pursuant to this section must be an oath or affirmation that to the best knowledge and belief of the individual making such oath or affirmation the information contained in the Form 1FR is true and correct. If the applicant or registrant is a sole propreitorship, then the oath or affirmation must be made by the proprietor; if a partnership, by a general partner; or if a corporation, by the chief executive officer or chief financial officer.

(e) Election of fiscal year. (1) An applicant wishing to establish a fiscal year other than the calendar year may do so by notifying the National Futures Association of its election of such fiscal year, in writing, concurrently with the filing of the Form 1FR pursuant to paragraph (a)(2) of this section, but in no event may such fiscal year end more than one year from the date of the Form 1-FR filed pursuant to paragraph (a)(2) of this section. A copy of such written notice must also be filed with the regional office of the Commission nearest the principal place of business of the applicant (except that an applicant under the jurisdiction of the Commission's Western Regional Office must file such a notice with the Commission's Southwestern Regional Office). An applicant which does not so notify the National Futures Association and the Commission will be deemed to have elected the calendar year as its fiscal year. A registrant must continue to use its elected fiscal year, calendar or otherwise, unless a change in such fiscal year is approved upon written application to the principal office of the Commission in Washington, D.C., and written notice of such change is given to the designated self-regulatory organization, if any.

(2) An applicant may elect to file its Form 1-FR for each calendar quarter in lieu of each fiscal quarter by notifying the National Futures Association of its election, in writing, concurrently with the filing of the Form 1-FR pursuant to paragraph (a)(2) of this section. A copy of such written notice must also be filed with the regional office of the Commission nearest the principal place of business of the applicant (except that an applicant under the jurisdiction of the Commission's Western Regional Office must file such a notice with the Commission's Southwestern Regional Office). A registrant wishing to change such election or to make such election other than concurrently with the filing of the Form 1-FR pursuant to paragraph (a)(2) of this section may do so only if such change or election is approved by the Commission upon written application to the principal office of the Commission in Washington, D.C., and written notice of such change is given to the designated selfregulatory organization, if any.

(f) Extension of time for filing reports. (1) In the event a registrant finds that it cannot file its report for any period within the time specified in paragraphs (b)(1) or (b)(4) of this section or $ 1.12(b) without substantial undue hardship, it may file with the principal office of the Commission in Washington, D.C., an application for an extension of time to a specified date which may not be more than 90 days after the date as of which the financial statements were to have been filed. The application must state the reasons for the requested extension and must contain an agreement to file the report on or before the specified date. The application must be received by the Commission before the time specified in paragraphs (b)(1) or (b)(4) of this section or $ 1.12(b) for filing the report. Notice of such application must be given to the designated selfregulatory organization, if any, concurrently with the filing of such application with the Commission. Within ten calendar days after receipt of the application for an extension of time, the Commission shall: (i) Notify the registrant of the grant or denial of the requested extension; or (ii) indicate to

the registrant that additional time is required to analyze the request, in which case the amount of time needed will be specified. (See § 1.16(f) for extension of the time for filing certified financial statements.)

(2) In the event an applicant finds that it cannot file its report for any period within the time specified in paragraph (b)(4) of this section or $ 1.12(b) without substantial undue hardship, it may file with the National Futures Association an application for an extension of time to a specified date which may not be more than 90 days after the date as of which the financial statements were to have been filed. The application must state the reasons for the requested extension and must contain an agreement to file the report on or before the specified date. The application must be received by the National Futures Association before the time specified in paragraph (b)(4) of this section or $ 1.12(b) for filing the report. Notice of such application must be filed with the regional office of the Commission nearest the principal place of business of the applicant (except that an applicant under the jurisdiction of the Commission's Western Regional Office must file such a notice with the Commission's Southwestern Regional Office) concurrently with the filing of such application with the National Futures Association. Within ten calendar days after receipt of the application for an extension of time, the National Futures Association shall: (i) Notify the applicant of the grant or denial of the requested extension; or (ii) indicate to the applicant that additional time is required to analyze the request, in which case the amount of time needed will be specified.

(g) Nonpublic treatment of reports. (1) All of the Forms 1-FR filed pursuant to this section will be public: Provided, however, That if the statement of financial condition, the computation of the minimum capital requirements pursuant to $ 1.17, and the schedule (to be filed by a futures commission merchant only) of segregation requirements and funds on deposit in segregation are bound separately from the other financial statements (including the statement of income (loss)),

footnote disclosures and schedules of State, by any self-regulatory organizaForm 1-FR, trade secrets and certain tion of which the person filing such other commercial or financial informa- report is a member, by the National tion on such other statements and Futures Association in the case of an schedules will be treated as nonpublic applicant, and by any other person to for purposes of the Freedom of Infor- whom the Commission believes disclomation Act and the Government in sure of such information is in the the Sunshine Act and Parts 145 and public interest. Nothing in this para147 of this chapter.

graph (g) will limit the authority of (2) All of the copies of the Financial any self-regulatory organization to reand Operational Combined Uniform quest or receive any information relaSingle Report under the Securities Ex- tive to its members' financial condichange Act of 1934, Part II or Part tion. IIA, filed pursuant to paragraph (h) of (5) The independent accountant's this section will be public: Provided, opinion, the grain commission firm's however, That if the statement of fi- opinion, and a guarantee agreement nancial condition, the computation of filed pursuant to this section will be net capital, and the schedule (to be deemed public information. filed by a futures commission mer- (h) Filing option available to a fuchant only) of segregation require- tures commission merchant or an inments and funds on deposit in segrega- troducing broker which is also a secution are bound separately from the rities broker or dealer. Any applicant other financial statements (including or registrant which is registered with the statement of income (loss)), foot- the Securities and Exchange Commisnote disclosures and schedules of the sion as a securities broker or dealer Financial and Operational Combined may comply with the requirements of Uniform Single Report under the Se- this section by filing (in accordance curities Exchange Act of 1934, Part II with paragraphs (a), (b) and (c) of this or Part IIA, trade secrets and certain section) a copy of its Financial and other commercial or financial informa- Operational Combined Uniform Single tion on such other statements and Report under the Securities Exchange schedules will be treated as nonpublic Act of 1934, Part II or Part IIA, in lieu for purposes of the Freedom of Infor- of Form 1-FR: Provided, however, mation Act and the Government in That all information which is required the Sunshine Act and Parts 145 and to be furnished on and submitted with 147 of this chapter.

Form 1-FR is provided with such (3) All of the copies of the financial Report. report filed pursuant to paragraph (i) (i) Filing option available to an inof this section will be public: Provided, troducing broker or applicant for reghowever, That if the balance sheet and istration as an introducing broker the statement of the computation of which is also a country elevator. Any the minimum capital requirements introducing broker or applicant for pursuant to $ 1.17 are bound separate- registration as an introducing broker ly from the other financial state- which is also a country elevator but ments, footnote disclosures and sched- which is not also a securities broker or ules contained such financial dealer may comply with the requirereport, trade secrets and certain other ments of this section by filing (in accommercial or financial information cordance with paragraphs (a), (b) and on such other statements and sched- (c) of this section) a copy of a finanules will be treated as nonpublic for cial report prepared by a grain compurposes of the Freedom of Informa- mission firm which has been authortion Act and the Government in the ized by the Deputy Vice President of Sunshine Act and Parts 145 and 147 of the Commodity Credit Corporation of this chapter.

the United States Department of Agri(4) All information on such other culture to provide a compilation report statements, footnote disclosures and of financial statements of warehouseschedules will, however, be available men for purposes of Uniform Grain for official use by any official or em- Storage Agreements, and which comployee of the United States or any plies with the standards for independ

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