17 CFR 22.1 - Definitions.

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There is 1 rule appearing in the Federal Register for 17 CFR 22. View below or at eCFR (GPOAccess)
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§ 22.1 Definitions.
For the purposes of this part:
Cleared Swap. This term refers to a transaction constituting a “cleared swap” within the meaning of section 1a(7) of the Act.
(1) This term shall exclude any swap (along with money, securities, or other property received to margin, guarantee, or secure such a swap) that, pursuant to a Commission rule, regulation, or order, is (along with such money, securities, or other property) commingled with a commodity future or option (along with money, securities, or other property received to margin, guarantee, or secure such a future or option) that is segregated pursuant to section 4d(a) of the Act.
(2) This term shall include any trade or contract (along with money, securities or other property received to margin, guarantee, or secure such a trade or contract), that
(i) Would be required to be segregated pursuant to section 4d(a) of the Act, or
(ii) Would be subject to § 30.7 of this chapter, but which is, in either case, pursuant to a Commission rule, regulation, or order (or a derivatives clearing organization rule approved in accordance with § 39.15(b)(2) of this chapter), commingled with a swap (along with money, securities, or other property received to margin, guarantee, or secure such a swap) in an account segregated pursuant to section 4d(f) of the Act.
Cleared Swaps Customer. This term refers to any person entering into a Cleared Swap, but shall exclude:
(1) Any owner or holder of a Cleared Swaps Proprietary Account with respect to the Cleared Swaps in such account; and
(2) A clearing member of a derivatives clearing organization with respect to Cleared Swaps cleared on that derivatives clearing organization. A person shall be a Cleared Swaps Customer only with respect to its Cleared Swaps.
Cleared Swaps Customer Account. This term refers to any account for the Cleared Swaps of Cleared Swaps Customers and associated Cleared Swaps Customer Collateral that:
(1) A futures commission merchant maintains on behalf of Cleared Swaps Customers (including, in the case of a Collecting Futures Commission Merchant, the Cleared Swaps Customers of a Depositing Futures Commission Merchant) or
(2) A derivatives clearing organization maintains for futures commission merchants on behalf of Cleared Swaps Customers thereof.
Cleared Swaps Customer Collateral. (1) This term means all money, securities, or other property received by a futures commission merchant or by a derivatives clearing organization from, for, or on behalf of a Cleared Swaps Customer, which money, securities, or other property:
(i) Is intended to or does margin, guarantee, or secure a Cleared Swap; or
(ii) Constitutes, if a Cleared Swap is in the form or nature of an option, the settlement value of such option.
(2) This term shall also include accruals, i.e., all money, securities, or other property that a futures commission merchant or derivatives clearing organization receives, directly or indirectly, which is incident to or results from a Cleared Swap that a futures commission merchant intermediates for a Cleared Swaps Customer.
Cleared Swaps Proprietary Account. (1) This term means an account for Cleared Swaps and associated collateral that is carried on the books and records of a futures commission merchant for persons with certain relationships with that futures commission merchant, specifically:
(i) Where such account is carried for a person falling within one of the categories specified in paragraph (2) of this definition, or
(ii) Where ten percent or more of such account is owned by a person falling within one of the categories specified in paragraph (2) of this definition, or
(iii) Where an aggregate of ten percent or more of such account is owned by more than one person falling within one or more of the categories specified in paragraph (2) of this definition.
(2) The relationships to the futures commission merchant referred to in paragraph (1) of this definition are as follows:
(i) Such individual himself, or such partnership, corporation or association itself;
(ii) In the case of a partnership, a general partner in such partnership;
(iii) In the case of a limited partnership, a limited or special partner in such partnership whose duties include:
(A) The management of the partnership business or any part thereof;
(B) The handling, on behalf of such partnership, of:
(1) The Cleared Swaps of Cleared Swaps Customers or
(2) The Cleared Swaps Customer Collateral;
(C) The keeping, on behalf of such partnership, of records pertaining to
(1) the Cleared Swaps of Cleared Swaps Customers or
(2) the Cleared Swaps Customer Collateral; or
(D) The signing or co-signing of checks or drafts on behalf of such partnership;
(iv) In the case of a corporation or association, an officer, director, or owner of ten percent or more of the capital stock of such organization;
(v) An employee of such individual, partnership, corporation or association whose duties include:
(A) The management of the business of such individual, partnership, corporation or association or any part thereof;
(B) The handling, on behalf of such individual, partnership, corporation, or association, of the Cleared Swaps of Cleared Swaps Customers or the Cleared Swaps Customer Collateral;
(C) The keeping of records, on behalf of such individual, partnership, corporation, or association, pertaining to the Cleared Swaps of Cleared Swaps Customers or the Cleared Swaps Customer Collateral; or
(D) The signing or co-signing of checks or drafts on behalf of such individual, partnership, corporation, or association;
(vi) A spouse or minor dependent living in the same household of any of the foregoing persons;
(vii) A business affiliate that, directly or indirectly, controls such individual, partnership, corporation, or association; or
(viii) A business affiliate that, directly or indirectly, is controlled by or is under common control with, such individual, partnership, corporation or association. Provided, however, that an account owned by any shareholder or member of a cooperative association of producers, within the meaning of section 6a of the Act, which association is registered as a futures commission merchant and carries such account on its records, shall be deemed to be a Cleared Swaps Customer Account and not a Cleared Swaps Proprietary Account of such association, unless the shareholder or member is an officer, director, or manager of the association.
Clearing Member. This term means any person that has clearing privileges such that it can process, clear and settle trades through a derivatives clearing organization on behalf of itself or others. The derivatives clearing organization need not be organized as a membership organization.
Collecting Futures Commission Merchant. A futures commission merchant that carries Cleared Swaps on behalf of another futures commission merchant and the Cleared Swaps Customers of the latter futures commission merchant, and as part of carrying such Cleared Swaps, collects Cleared Swaps Customer Collateral.
Commingle. To commingle two or more items means to hold such items in the same account, or to combine such items in a transfer between accounts.
Depositing Futures Commission Merchant. A futures commission merchant that carries Cleared Swaps on behalf of its Cleared Swaps Customers through another futures commission merchant and, as part of carrying such Cleared Swaps, deposits Cleared Swaps Customer Collateral with such futures commission merchant.
Permitted Depository. This term shall have the meaning set forth in § 22.4 of this part.
Segregate. To segregate two or more items is to keep them in separate accounts, and to avoid combining them in the same transfer between two accounts.
[77 FR 6371, Feb. 7, 2012, as amended at 77 FR 66334, Nov. 2, 2012]

Title 17 published on 2013-04-01

The following are only the Rules published in the Federal Register after the published date of Title 17.

For a complete list of all Rules, Proposed Rules, and Notices view the Rulemaking tab.

  • 2013-11-14; vol. 78 # 220 - Thursday, November 14, 2013
    1. 78 FR 68506 - Enhancing Protections Afforded Customers and Customer Funds Held by Futures Commission Merchants and Derivatives Clearing Organizations
      GPO FDSys XML | Text
      COMMODITY FUTURES TRADING COMMISSION
      Final rule.
      Effective date: January 13, 2014. Compliance date: The applicable compliance dates are discussed in the section of the release titled “III. Compliance Dates.”
      17 CFR Parts 1, 3, 22, 30, and 140

Title 17 published on 2013-04-01

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 17 CFR 22 after this date.

  • 2013-11-14; vol. 78 # 220 - Thursday, November 14, 2013
    1. 78 FR 68506 - Enhancing Protections Afforded Customers and Customer Funds Held by Futures Commission Merchants and Derivatives Clearing Organizations
      GPO FDSys XML | Text
      COMMODITY FUTURES TRADING COMMISSION
      Final rule.
      Effective date: January 13, 2014. Compliance date: The applicable compliance dates are discussed in the section of the release titled “III. Compliance Dates.”
      17 CFR Parts 1, 3, 22, 30, and 140