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same commodity and/or option customer other than in commodities or commodity options traded throught the facilities of a contract market.

(47 FR 57007, Dec. 22, 1982)

other fees and charges, lawfully accruing in connection with such trades, contracts or commodity options: Provided, further, That customer funds may be invested in obligations described in § 1.25. (Approved by the Office of Management and Budget under control numbers 30380007, and 3038-0024) [46 FR 54518, Nov. 3, 1981, as amended at 46 FR 63035, Dec. 30, 1981)

8 1.21 Care of money and equities accru

ing to customers. All money received directly or indirectly by, and all money and equities accruing to, a futures commission merchant from any 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 commodity or option customer shall be considered as accruing to such commodity or option customer within the meaning of the Act and these regulations. Such money and equities shall be treated and dealt with as belonging to such commodity or option customer in accordance with the provisions of the Act and these regulations. Money and equities accruing in connection with commodity or option 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 commodity or option customers having open trades, contracts, or commodity option positions which if closed would result in a credit to such commodity or option customers.

$ 1.23 Interest of futures commission mer.

chant in segregated funds; additions

and withdrawals. The provision in section 4d(2) of the Act and the provision in $1.20(c) which prohibit the commingling of 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 customer funds segregated as required by the Act and these regulations and set apart for the benefit of commodity or option customers, nor shall such provisions be construed to prevent a futures commission merchant from adding to such segregated customer funds such amount or amounts of money from its own funds as it may deem necessary to insure any and all commodity or option customers' accounts from becoming undermargined at any time. The books and records of a future commission merchant shall at all times accurately reflect its interest in the segregated funds. A futures commission merchant may draw upon such segregated funds to its own order to the extent of its actual interest therein. Such withdrawal shall not result in the customer funds of one commodity and/or option customer being used to purchase, margin or carry the trades, contracts or commodity options, or extend the credit of any other commodity customer, option customer or other person. (Approved by the Office of Management and Budget under control numbers 30380007 and 3038-0024) (46 FR 54519, Nov. 3, 1981, as amended at 46 FR 63035, Dec. 30, 1981)

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8 1.24 Segregated funds; exclusions there.

from. Money held in a segregated account by a futures commission merchant shall not include: (a) Money invested in obligations or stocks of any clearing organization or in memberships in or obligations of any contract market; or (b) money held by any 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 commodity or option customers of such futures commission merchant.

(46 FR 54519, Nov. 3, 1981)

8 1.25 Investment of customer funds.

No futures commission merchant and no clearing organization shall invest customer funds except in obligations of the United States, in general obligations of any State or of any political subdivision thereof, or in obligations fully guaranteed as to principal and interest by the United States. Such investments shall be made through an account or accounts used for the deposit of customer funds and proceeds from any sale of such obligations shall be redeposited in such account or accounts. 146 FR 54519, Nov. 3, 1981)

sion merchant shall allow inspection of such obligations at any reasonable time by representatives of the Commission.

(b) Each clearing organization which invests money belonging or accruing to commodity or option customers of its clearing members in obligations described in $ 1.25 shall separately account for such obligations and segregate such obligations as belonging to such commodity or option customers. Such obligations, when deposited with a bank or trust company, shall be deposited under an account name which will clearly show that they belong to commodity or option customers and are segregated as required by the Act and these regulations. Each clearing organization upon opening such an account shall obtain and retain in its files an acknowledgment from such bank or trust company that it was informed that the obligations belong to commodity or option customers of clearing members and are being held in accordance with the provisions of the Act and these regulations. Such acknowledgment shall be retained in accordance with $ 1.31. Such bank or trust company shall allow inspection of such obligations at any reasonable time by representatives of the Commission.

or

(Approved by the Office of Management and Budget under control numbers 30380007 and 3038-0024) (46 FR 54519, Nov. 3, 1981, as amended at 46 FR 63035, Dec. 30, 1981)

$ 1.26 Deposit of obligations purchased

with customer funds. (a) Each futures commission merchant who invests customer funds in obligations described in $ 1.25 shall separately account for such obligations and segregate such obligations as belonging to such commodity option customers. Such obligations when deposited with a bank, trust company, clearing organization or another futures commission merchant, shall be deposited under an account name which clearly shows that they belong to commodity or option customers and are segregated as required by the Act and these regulations. Each futures commission merchant upon opening such an account shall obtain and retain in its files an acknowledgment from such bank, trust company, clearing organization of other futures commission merchant that it was informed that the obligations belong to commodity or option customers and are being held in accordance with the provisions of the Act and these regulations. Such acknowledgment shall be retained in accordance with $1.31. Such bank, trust company, clearing organization or other futures commis

8 1.27 Record of investments.

(a) Each futures commission merchant which invests customer funds, and each clearing organization which invests customer funds of its clearing members' customers or option 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 so invested;

(4) A description of the obligations in which such investments were made; (5) The identity of the depositories or other places where such obligations are segregated;

(6) The date on which such investments were liquidated or otherwise disposed of and the amount of money received of such disposition, if any; and

(7) The name of the person to or through whom such investments were disposed of.

(b) Each 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; 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 obligations described in § 1.25. (Approved by the Office of Management and Budget under control numbers 30380007 and 3038-0024) (46 FR 54520, Nov. 3, 1981, as amended at 46 FR 63035, Dec. 30, 1981)

$ 1.30 Loans by futures commission mer.

chants; treatment of proceeds. Nothing in these regulations shall prevent a futures commission mer. chant from lending its own funds to commodity or option customers on securities and property pledged by such commodity or option customers, or from repledging or selling such securities and property pursuant to specific written agreement with such commodity or option customers. The proceeds of such loans used to purchase, margin, guarantee, or secure the trades, contracts, or commodity options of commodity or option customers shall be treated and dealt with by a futures commission merchant as belonging to such commodity or option customers, in accordance with and subject to the provisions of section 4d(2) of the Act and these regulations. (46 FR 54520, Nov. 3, 1981)

RECORDKEEPING

§ 1.28 Appraisal of obligations purchased

with customer funds. Futures commission merchants who invest customer funds in obligations described in $ 1.25 shall include such obligations in segregated accounts at values which at no time shall be greater than current market value, determined as of the close of the market on the last preceding market day. (46 FR 54520, Nov. 3, 1981)

$ 1.31 Books and records; keeping and in

spection. (a)(1) All books and records required to be kept by the Act or by these regulations shall be kept for a period of five years from the date thereof and shall be readily accessible during the first 2 years of the 5-year period. All such books and records shall be open to inspection by any representative of the Commission or the United States Department of Justice.

(2) A copy of any book or record required to be kept by the Act or by these regulations shall be provided, at the expense of the person required to keep the book or record, to a Commission representative upon the representative's request. Instead of furnishing a copy, such person may provide the original book or record for reproduction, which the representative may temporarily remove from such person's premises for this purpose. All copies or originals shall be provided promptly. Upon request, the Commission representative shall issue a receipt provided by such person for any copy or original book or record received. At the request of the Commission representative, such person shall, upon the return thereof, issue a re

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$ 1.32 Segregated account; daily computa

tion and record. Each futures commission merchant must compute as of the close of each business day:

(a) The total amount of customer funds on deposit in segregated accounts on behalf of commodity and option customers;

(b) The total amount of such customer funds required by the Act and these regulations to be on deposit in segregated accounts on behalf of such commodity and option customers; and

(c) The amount of the futures commission merchant's residual interest in such customer funds. Such computation must be completed prior to noon on the next business day and must be kept, together with all supporting data, in accordance with the requirements of g 1.31. (Approved by the Office of Management and Budget under control numbers 3038*0007 and 3038-0024) (46 FR 54520, Nov. 3, 1981, as amended at 46 FR 63035, Dec. 30, 1981)

ceipt for any copy or original book or record returned by the representative.

(b) Reproductions on microfilm may be substituted for hard copy as follows:

(1) Computer, accounting machine or business machine generated records may be immediately produced or reproduced on microfilm and kept in that form; other records may be immediately produced or reproduced on microfilm and kept in that form if prepared by any means from source documents which are retained in hard copy form for two years as provided in paragraph (b)(2) of this section;

(2) For all other books and records, microfilm reproductions thereof may be substituted for the hard copy for the final three years of the five-year period.

(c) If such microfilm substitution for hard copy is made, the person required to keep such records shall:

(1) At all times have available for examination of his records facilities for immediate, easily readable projection of the microfilm and for producing easily readable facsimile enlargements;

(2) Arrange, index and file the films in such a manner as to permit the immediate location of any particular record; and

(3) Be ready at all times to provide, and immediately provide, at the expense of the person required to keep such records, any facsimile enlargement of such records which any representative of the Commission or United States Department of Justice may request. (Approved by the Office of Management and Budget under control numbers 30380007 and 3038-0022) (Secs. 4, 48, 4i, 5, 5a as amended, 42 Stat. 999 et seq., 49 Stat. 1491 et seq., 69 Stat. 535, 82 Stat. 28 et seq., 7 U.S.C. 6, 68, 6i, 7, 7a, 12a; secs. 4, 48, 41, 4n, 5, 5a and 8a of the Commodity Exchange Act, 7 U.S.C. 6, 6i, on, 7, 7a and 12a (1976), as amended by Pub. L. 95-405, 92 Stat. 865 et seq. (1978)) (41 FR 3194, Jan. 21, 1976, as amended at 46 FR 22, Jan. 2, 1981; 46 FR 63035, Dec. 30, 1981)

8 1.33 Monthly and confirmation state

ments. (a) Monthly statements. Each futures commission merchant must promptly furnish in writing to each commodity customer and to each option customer, 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 positions 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 customer:

(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 customer funds carried with the futures commission merchant; and

(iv) A detailed accounting of all financial charges and credits to the commodity customer's account during the monthly reporting period, including all customer funds received from or disbursed to the commodity customer and realized profits and losses; and

(2) For each option customer:

(i) All commodity options purchased, sold, exercised, or expired during the monthly reporting period, identified by underlying futures contract or underlying physical, strike price, transaction date, and expiration date;

(ii) The open commodity option positions carried for the option customer as of the end of the monthly reporting period, identified by underlying futures contract or underlying physical, strike price, transaction date, and expiration date;

(iii) All open commodity option positions marked to the market and the amount each such position is in the money, if any;

(iv) Any customer funds carried in the option customer's account; and

(v) A detailed accounting of all financial charges and credits to the option customer's account during the monthly reporting period, including all customer funds received from or disbursed to the option customer, premiums charged and received, and realized profits and losses.

(b) Confirmation statements. Each futures commission merchant must, not later than the next business day after any commodity futures or commodity option transaction, furnish:

(1) To each commodity customer, a written confirmation of each commodity futures transaction caused to be executed by it for the customer.

(2) To each option customer, a written confirmation of each commodity option transaction, containing at least the following information:

(i) The option customer's account identification number;

(ii) A separate listing of the actual amount of the premium, as well as each mark-up thereon, if applicable, and all other commissions, costs, fees and other charges incurred in connection with the commodity option transaction;

(iii) The strike price;

(iv) The underlying futures contract or underlying physical;

(v) The final exercise date of the commodity option purchased or sold; and

(vi) The date the commodity option transaction was executed.

(3) To each option customer, upon the expiration or exercise of any commodity option, a written confirmation statement thereof, which statement

hall include the date of such occur rence, a description of the option involved, and, in the case of exercise, the details of the futures or physical posi tion which resulted therefrom including, if applicable, the final trading date of the contract for future deliv ery underlying the option.

(4) Notwithstanding the provisions of paragraphs (b)(1) through (b)(3) of this section, a commodity futures or comr

odity option transaction that is caused to be executed for a commodity pool need be confirmed only to the operator of the commodity pool.

(c) Exemptions. The requirements of paragraphs (a)(1)(i), (a)(1)(ii), and (b)(1) of this section shall not apply to the following: (1) Any account carried for a person who is a member of any contract market; (2) any omnibus account carried for another futures commission merchant; and (3) any account containing only bona fide hedge positions, except that confirmations must be furnished to accounts containing only bona fide hedge positions.

(d) Controlled accounts. With respect to any account controlled by any person other than the commodity customer or option customer for whom such account is carried, each futures commission merchant shall:

(1) Promptly furnish in writing to such other person the information required by paragraphs (a) and (b) of this section;

(2) (Reserved)

(3) Promptly furnish in writing to such other person a copy of the state. ment required by $ 1.46: Provided, however, That the provisions of this paragraph (d) shall not apply to an account controlled by the spouse, parent or child of the customer for whom such account is carried.

(e) Recordkeeping. Each futures commission merchant shall retain, in accordance with $ 1.31, a copy of each monthly statement and confirmation required by this section.

(f) Introduced accounts. Each statement provided pursuant to the provi

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