OCC Comments on CFTC Proposed Rule 3038-AF21 Regulations to Address Margin Adequacy and to Account for the Treatment of Separate Accounts by Futures Commission Merchants

Megan M. Cohen
April 24, 2024
By Megan M. Cohen ,General Counsel and Corporate Secretary

The Options Clearing Corporation (“OCC") appreciates the opportunity to submit these comments to the Commodity Futures Trading Commission (“CFTC” or “Commission”) on the above-referenced proposal (“Proposal” or “Proposed Rules”) under the Commodity Exchange Act (“CEA”). The Proposal would define the conditions under which a futures commission merchant (“FCM”) could permissibly treat separate accounts of a single customer as accounts of separate legal entities for purposes of certain Commission regulations (“Separate Account Treatment”).

As detailed below, OCC supports the Proposal with a minor modification to clarify the responsibilities of a DCO whose members offer Separate Account Treatment.

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