Sec. 104. Futures commission merchant compliance
180 words·~1 min read·
/bill/114/s/2917/pcs/section-104A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 4d(a) of the Commodity Exchange Act ( 7 U.S.C. 6d(a) ) is amended— by redesignating paragraphs
(1)and
(2)as subparagraphs
(A)and (B), respectively, and indenting appropriately; by striking and all that follows through Sec. 4d. It shall be unlawful and inserting the following: It shall be unlawful ; and by adding at the end the following: Any rules or regulations requiring a futures commission merchant to maintain a residual interest in accounts held for the benefit of customers in amounts at least sufficient to exceed the sum of all uncollected margin deficits of the customers shall provide that a futures commission merchant shall meet the residual interest requirement as of the end of each business day calculated as of the close of business on the previous business day. . Section 4d(h) of the Commodity Exchange Act ( 7 U.S.C. 6d(h) ) is amended by striking Notwithstanding subsection (a)(2) and inserting Notwithstanding subsection (a)(1)(B) . Section 15(c)(3)(C) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78o(c)(3)(C) ) is amended by striking 4d(a)(2) and inserting 4d(a)(1)(B) .
Connectionstraces to 2
Traces to 2 documents
U.S. Code
- Dealing by unregistered futures commission merchants or introducing brokers prohibited; duties in handling customer receipts; conflict-of-interest systems and procedures; Chief Compliance Officer; rules to avoid duplicative regulations; swap requirements; portfolio margining accounts§ 6d
- Registration and regulation of brokers and dealers§ 78o
Citation graph
cites case law
Cites 2Cited by 0 across 0 sources