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or associated person) who subsequently becomes a general partner, officer, director, or branch office manager of the registrant, or performs similar functions, or becomes any other controlling person of the registrant, shall promptly execute and file a form 8-R. Each form 8-R shall be filed in accordance with the instructions contained therein. Individuals who were previously required to submit biographical information on form 94 or who have filed a form 8-R as required by this section shall file a current form 8-R, upon request by the Commission.

(2) Except as provided in paragraph (a)(3) 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: (i) 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 (ii) 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. 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.

(3) 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 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 Commission and the designated self-regulatory organization, if any, not more than 45 days after the date for which the report is made.

(b) Filing of financial reports. (1) Except as provided in paragraph (b)(3) of this section, each person registered as a futures commission merchant 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 1FR must be filed no later than 45 days after the date for which the report is made: Provided, however, That any 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. This paragraph (b)(1) will be applicable to all fiscal quarters ending after the effective date of this section but in no event more than 90 days after such effective date.

(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 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 Com

mission or any self-regulatory organi-
zation of which it is a member, an ap-
plicant or registrant must, monthly or
at such times as specified, furnish the
Commission and the self-regulatory
organization, if any, requesting such
information with a form 1-FR and/or
such other financial information as re-
quested by the representative of the
Commission or the self-regulatory or-
ganization. Each such form 1-FR or
such other information must be fur-
nished within the time period speci-
fied in the written notice.

(c) Where to file reports. The reports
provided for in this § 1.10 will be con-
sidered filed when received by the re-
gional office of the Commission near-
est the principal place of business of
the applicant or registrant and by the
designated self-regulatory organiza-
tion, if any; Provided, however, That
information required of an applicant
or registrant pursuant to paragraph
(b)(4) of this section need be furnished
only to the self-regulatory organiza-
tion requesting such information and
the Commission.

(d) Contents of financial reports. (1)
Each form 1-FR fileá pursuant to this
§ 1.10 which is not required to be certi-
fied by an independent public account-
ant 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 condi-
tion filed with the Commission (or the
beginning of the fiscal quarter imme-
diately following the effective date of
this rule but in no event more than 90
days after such effective date) and the
date for which the report is made; (iii)
a statement of the computation of the
minimum capital requirements pursu-
ant to § 1.17 and a schedule of segrega-
tion requirements and funds on depos-
it in segregation, as of the date for
which the report is made; and (iv) in
addition to the information expressly
required, such further material infor-
mation as may be necessary to make
the required statements and schedules
not misleading.

(2) Each form 1-FR filed pursuant
to this 1.10 which is required to be
certified by an independent public ac
countant must be completed in accord
ance with the instructions to the form
and contain: (i) A statement of finan
cial condition as of the date for which
the report is made; (ii) statements o
income (loss), changes in financial po
sition, changes in ownership equity
and changes in liabilities subordinate
to claims of general creditors, for th
period between the date of the mos
recent certified statement of financia
condition filed with the Commissio
(or the beginning of the fiscal year im
mediately following the effective dat
of this rule but in no event more tha
1 year after such effective date) an
the date for which the report is mad
Provided, That for an applicant filin
pursuant to paragraph (a)(2) of th
section the period must be the yea
ending as of the date of the statemer
of financial condition; (iii) a statemer
of the computation of the minimu
capital requirements pursuant to § 1.1
and a schedule of segregation requir
ments and funds on deposit in segreg
tion, as of the date for which th
report is made; (iv) appropriate foo
note disclosures; and (v) in addition
the information expressly require
such further material information
may be necessary to make the r
quired statements not misleading.

(3) The statements required by par
graphs (d)(2)(i) and (d)(2)(ii) of th
section may be presented in accor
ance with generally accepted accoun
ing principles in the certified repor
filed as of the close of the registrant
fiscal year pursuant to paragrap
(b)(2) of this section or accompanyi
the application for registration purs
ant to paragraph (a)(2) of this sectio
rather than in the format specifical
prescribed by these regulations: Pr
vided, the statement of financial co
dition is presented in a format as co
sistent as possible with the form 1-F
and a reconciliation is provided reco
ciling such statement of financial co
dition to the statement of the comp
tation of the minimum capital requir
ments pursuant to § 1.17. Such reco
ciliation must be certified by an ind